Ok, I dont know who to side because they both sound right and intelligent. I think I will just go across ethnic lines and side with Aganga.

Soludo na fooooool

I hope say these three Sanusi, Soludo, and Aganga no dey play all of us wayo

SapeleGuy:

Superb analysis from Charles. It will not go unnoticed that this was a direct assessment of Sanusi's abject failure in office. Sanusi lost the country 62% in Foreign Direct Investment. For that alone he should be sacked.

It is sad that they have chosen the most hallowed of turfs - our economy to wage a proxy war on Soludo and other enterprising Nigerians.

I am lost  - Please excuse my limited fiscal knowledge

what is the use  of FDI when bank executives where helping themselves to the masses deposits or running ponzi share schemes.  I suspect the influx of FDI relies and depends on stable banks

 In a more sane environments the whole lot including soludo would be jail.

alj harem:

mumu of mumu.s how does this relaye to tinubu in any form or way

You are the only cow on NL that doesn't know Gbawe is an ACN boy and Tinubu is his oga. Every single word he says on NL is for the benefit of ACN and Tinubu.
Dude, go back to running after goats. Whats the name of that your village again?

blacksta:

I am lost - Please excuse my limited fiscal knowledge

what is the use of FDI when bank executives where helping themselves to the masses deposits or running ponzi share schemes. I suspect the influx of FDI relies and depends on stable banks

In a more sane environments the whole lot including soludo would be jail.

Is Ponzi somebody name? yes or no?

In what country did the Ponzi scheme occur?

Is the Federal Reserve Chairman of that country in Jail? yes or no?

Or does the said country not qualify as your decent country with rule of law?

This is why I say you guys just throw about diatribes you have no clue about.

Proper etiquette would have told Aganga not to trash his predecessor. He doesn't have to agree with his predecessor, but that does not mean he has the moral authority to trash another man's record.

Proper etiquette would have told Aganga not to trash his predecessor. He doesn't have to agree with his predecessor, but that does not mean he has the moral authority to trash another man's record. 

 


I[b] am afraid Soludo is not his predecessor but his subordinate, it is like a VC in a UNI getting involve in a squabble between 2 lectureres. This fight is between Sanusi and Soludo, and not Aganga and Soludo. Aganga is what Yoruba's call "agbaya[/b]"

PDP should not jail Mr. Soludo because of his political inclination. He has right to associate with anybody he likes.

Let me ask, since this banking issues with the likes of Cecilia and co, can be related to the Madoff scam and the US bank collapse, can someone point me to where either Alan Greenspan or Ben Bernanke has been committed to jail or are on trial!

I am at a loss why some like Aganga are advocating that Soludo should be in jail, rather I'd sent the clueless Aganga to stay with OPC and explain to them how he helped fritter away up to $15B in One year! Let him explain his economics to people without food.

McKren:

Is Ponzi somebody name? yes or no?

In what country did the Ponzi scheme occur?

Is the Federal Reserve Chairman of that country in Jail? yes or no?

Or does the said country not qualify as your decent country with rule of law?

This is why I say you guys just throw about diatribes you have no clue about.

My guy, Thank you o! A lot of people just are moved by the bandwagon effect without understanding the issues. They assume that using the buzz words imply that someone is knowledgeable and thus must be believed. So 5 bank execs were found to be stealing money, thus the CBN governor should be jailed. I am at a loss to belief such reasoning.

Beaf:

You are the only cow on NL that doesn't know Gbawe is an ACN boy and Tinubu is his oga. Every single word he says on NL is for the benefit of ACN and Tinubu.
Dude, go back to running after goats. Whats the name of that your village again?

i do not care if gbawe is an acn boy

there is no acn in this topic

moreover, did i tell you i have am from a village

beef, you are as stupi.d as the cow your meat was made from

McKren:

Gbawe

Do you know who Soludo's likes are in serious Nations? Mervin King and Ben Bernanke.

Are they in Jail? NO!!!!!!!!!!!!!!!!
They are still heading their various reserve banks sorting out the problem.

You guys can victimise Soludo all you like, but he still remains a Prince of Economics.

It is not a crime to want to see your country and fatherland do well, keep faith in that dream no matter the amount of obstacles put in your way. Soludo has made 2 unsuccessful attempts into politics, those in my view are simply 2 self inflicted injury to our Nation's progress by the political class.

Here is a man who goes to sleep everyday thinking only one thing, how to make the world around him a better place. And folks are here celebrating his shortcomings and enthroning medicrity.

I sorry for Nigeria.

Lets not start confusing issues. Mervin King and Bernanke did not perform their auditory and oversight functions badly to the extent that the bosses of many erstwhile respectable banks were openly defrauding depositors .  CEO's like Cecilia Ibru were abusing their position by lending billions , more or less open-ended, to cronies deliberately without recourse to risk assessment , collateral requirements , debt profiling, etc !!!!You cannot compare the brazen fraud Soludo presided over with what the CBN Governor of England and the USA monitored. The credit crunch is very different to the gigantic fraud-originated mess Sanusi had to clean up. A lot of the issues leading to the credit crunch was tied in with irresponsible (not fraudulent) lending in the mortgage industry- especially the sub-prime sector. In case you dont remember I will jog your memory about the cause of credit crunch:

http://www.timesonline.co.uk/tol/money/reader_guides/article4530072.ece

Years of lax lending inflated a huge debt bubble as people borrowed cheap money and ploughed it into property.

Lenders were free with their funds, especially in the US, where billions of dollars of so-called Ninja mortgages - no income, no job or assets - were sold to people with weak credit ratings (called sub-prime borrowers).

The barmy notion was that if they ran into trouble with their repayments rising house prices would allow them to remortgage their property.

It seemed a good idea when Central Bank interest rates were low; the trouble was it could not last.

Interest rates hit rock bottom in America in 2004 at just 1 per cent, but in June that year they began to rise. As interest rates jumped, US house prices started to fall and borrowers began to default on their mortgage payments sparking trouble for us all.

It was many ordinary Britons and Americans who benefitted from  readily available , if poorly scrutinised loans not (as in Nigeria's case) bank CEO's who 'lent' billions to themselves , through cronies,they deliberately intended to write-off thus completing the scam cycle. Considering that what our Banking CEO did in Nigeria was daylight robbery assisted by a lax , perhaps probably even complicit, CBN under Soludo I really don't see the merit of comparing Soludo's situation to that of Bernanke or King. let not forget that;

http://en.wikipedia.org/wiki/Central_bank

The primary function of a central bank is to provide the nation's money supply, but more active duties include controlling interest rates, and acting as a lender of last resort to the banking sector during times of financial crisis. It may also have supervisory powers, to ensure that banks and other financial institutions do not behave recklessly or fraudulently.

alj harem:

i do not care if gbawe is an acn boy

there is no acn in this topic

moreover, did i tell you i have am from a village

beef, you are as stupi.d as the cow your meat was made from

Ah ah!
Ok, what is the name of the rock your hamlet is underneath?

Akainzo:

My guy, Thank you o! A lot of people just are moved by the bandwagon effect without understanding the issues. They assume that using the buzz words imply that someone is knowledgeable and thus must be believed. So 5 bank execs were found to be stealing money, thus the CBN governor should be jailed. I am at a loss to belief such reasoning.

ol boy  - I am also at loss at your own reasoning.  

Please let us be objective and move away from ethnic based reasoning.

The questions i have for you.

1. Does CBN have an oversight function or not

2. was soludo aware of gross indiscipline happening at the mentioned banks  -  if he did what was his response.

3. If gross indiscipline was happening at the banks - why was Soludo not aware considering the mentioned banks constantly requested for short term loan from the cbn to shore up deposits.



Which ever you look at it  - I think Soludo was culpable and should be required to answer some questions

EzeUche_:

Proper etiquette would have told Aganga not to trash his predecessor. He doesn't have to agree with his predecessor, but that does not mean he has the moral authority to trash another man's record.

You mean Sanusi's predecessor, but you are right. Aganga brought this on himself, probably thought Soludo would take it on the chin and shut up. However, Soludo went way overboard with his reaction.
Lets watch how this will be resolved, cos Aganga is certainly not going to be caught further exchanging words with Soludo.

Right now, Soludo is a wounded lion, a politician without any constituency and one who has just lost heavily in the PDP primaries, so it might be best to leave him well alone. . . But you never know, some might just twist the shank further.

Knowledge without ideology is nothing - Nice one Kenifeh!

For all those asking for Soludo's head, I have just one question:
Why did the Hon. Finance Min. wake up 2 years after taking office to suddenly remember that "bye the way people like Soludo should be in jail" and after Soludo was identified as economic adviser to Atiku?
An honest, non-political, academic position wouldn't neccessarily be a knee-jerk reaction to Soludo's tenure during a proxy fight between Atiku and GEJ.

Both Soludo and Aganga lacked character even though brilliant. Aganga is even worse because we don't know what he stands for.

Beaf:

You mean Sanusi's predecessor, but you are right. Aganga brought this on himself, probably thought Soludo would take it on the chin and shut up. However, Soludo went way overboard with his reaction.
Lets watch how this will be resolved, cos Aganga is certainly not going to be caught further exchanging words with Soludo.

Right now, Soludo is a wounded lion, a politician without any constituency and one who has just lost heavily in the PDP primaries, so it might be best to leave him well alone. . . But you never know, some might just twist the shank further.

I don't see any other reasonable alternative for Soludo out there.

^
He shouldn't have replied. I've always been a Soludo fan as far as economics is concerned, but when it comes to politics he seems to cut the figure of a short tempered person, which isn't very good.

Akanbi_edu:

Both Soludo and Aganga lacked character even though brilliant. Aganga is even worse because we don't know what he stands for.

You are being very unfair to Aganga. He spent his professional life in the UK where the stiff upper lip is admired and you only hear from finacial bosses when the beans is burnt, but in Nigeria, he is expected to be vocal and boisterous. The man is very brilliant and good for Nigeria, but like a fish out of water.

Beaf:

^
He shouldn't have replied. I've always been a Soludo fan as far as economics is concerned, but when it comes to politics he seems to cut the figure of a short tempered person, which isn't very good.

You are being very unfair to Aganga. He spent his professional life in the UK where the stiff upper lip is admired and you only hear from finacial bosses when the beans is burnt, but in Nigeria, he is expected to be vocal and boisterous. The man is very brilliant and good for Nigeria, but like a fish out of water.

Am I supposed to be impressed with the bolded part? I never doubted his brilliance and the credentials blah blah I am merely doubting his character - those are not the same. The way he was dribbling up and down at the senate when faced with that common crook Omisore is an example.

blacksta:

ol boy  - I am also at loss at your own reasoning.  

Please let us be objective and move away from ethnic based reasoning.

The questions i have for you.

1. Does CBN have an oversight function or not

2. was soludo aware of gross indiscipline happening at the mentioned banks  -  if he did what was his response.

3. If gross indiscipline was happening at the banks - why was Soludo not aware considering the mentioned banks constantly requested for short term loan from the cbn to shore up deposits.

Which ever you look at it  - I think Soludo was culpable and should be required  to answer some questions

I am amazed at how you started attaching ethnicity to my comments, must be something you are used to. FYI, Soludo is from the SE and I am from the SW, and that is just to clear the air.

By your reasoning above, all the BoD of those 5 banks should be in jail, since they even hard direct supervisory roles over the CEOs than Soludo did. And by your reasoning since I am supposed to have oversight functions over my maiguard or house-boy, should any of them commit any atrocity, I should become liable. Pure unacceptable reasoning.

When Soludo did the consolidation, the banks obviously needed some short-term loan financing to ensure stability. Cecilia Ibru and co, simply took advantage of a situation that was put in place to ensure that stability of the whole sector. Ok, charge Soludo for Cecilia knowing that her limit is 2Billion, then breaking a loan of 10BN to 6 different smaller loans and then authorizing by herself. Do you begin to understand the futility of this stance!

And by the way, the short-term loan bust came up because Soludo had insisted that ALL banks have the same end-year. If not for that, the bubble would have just been passed from one bank to the other according to their financial year.  Sanusi came on board when the policy was being implemented and the banks of course couldn't pass it to other banks and thus it had to show in their books.
I do have a problem with many Nigerians thinking that the person that commissioned or declared open a skyscraper is the performer, forgetting that someone had conceived it, someone else allowed it to continue and that someone happen to be fortunate enough to be there when the 12 / 10 / 5/ 4 year project was been completed. And that is why you see our politicians always striving to commission even when it is not finished!

Beaf:

^
He shouldn't have replied. I've always been a Soludo fan as far as economics is concerned, but when it comes to politics he seems to cut the figure of a short tempered person, which isn't very good.

Are you for real?
For a fire-spitting-reactionary-reply-ready personality, you know better than to say Soludo shouldn't have replied when lies are been heaped upon him and his record

Ibime:

As for Aganga. . . I can't believe this same man set up the Nigerian Leadership Initiative 4 years ago for Nigerian professionals around the globe. Now he is in a leadership position, we find him to be just like the status quo. Soludo raised true points about Govt spending, and we expect a cogent response.

You captured my thoughts exactly.

I too followed NLI's activities a bit and I was curiously waiting to see how Aganga will fare in office -if only to use him as another excuse to judge those around me who believe their "containment" ideas can work without us radically overturning Nigeria's fundamentally flawed system-  

The jury is still out, but the arguments are not in Aganga's favour.

Also, I care little about the economic abracadabra here. I believe a brilliant theorist can always twist things in his favour and confuse the majority, but the integrity matters a lot to me all the same.

Soludo raised some damning points, I'll wait for Aganga's response. I doubt he will say anything further though and that will be very sad indeed.

I wish we can force them to debate for 12 hours with only two pure-water breaks, that will be so worth the amount we pay them for all those extra allowances.

Have not been able to know the gut soludo have to still open his already stinking mouth and spewn garbage on Nigerians. We all know how he Pile up Billions of Lies on our head on the Stability of our banks only for us to discover that Cecilia Ibru has embezzeled Hundreds of Billions of Naira even when soludo told us that their is no cause for alarm, only for cecilia ibru to Enter into Plea bargain which definitely means that the bank was not stable and the central bank governor as at the time has a question to answer. Soludo is no match for Aganga.

I wish we can force them to debate for 12 hours with only two pure-water breaks, that will be so worth the amount we pay them for all those extra allowances.

It would amount to dericltion of duty by Aganga to engage Soludo in a debate about the intricacies of the CBN. Since Soludo was not the Finance Minister during OBJ and Yaradua's time, I think and I believe Soludo been an ordinary CBN Governor could not be privvy of all transactional dealings of the Ministry of Finance.

By Challenging Aganga to a debate, what is Soludo hoping to achieve and debate on, is it his own negligence and over-sight at the CBN  or information he is not privvy to. To debate something you assume is different from debating something you know.

I cannot recall Soludo informing us in his peice that Ngozi Iweala has supplied him with all the inside wheeling and dealings the FG embarked on when she was in charge of the ministry of finance, or is Soludo hoping and banking on using hearsay or second-hand information as his basis for a debate.

Kilode?!:

You captured my thoughts exactly.

I too followed NLI's activities a bit and I was curiously waiting to see how Aganga will fare in office -if only to use him as another excuse to judge those around me who believe their "containment" ideas can work without us radically overturning Nigeria's fundamentally flawed system-  

The jury is still out, but the arguments are not in Aganga's favour.

Also, I care little about the economic abracadabra here. I believe a brilliant theorist can always twist things in his favour and confuse the majority, but the integrity matters a lot to me all the same.

Soludo raised some damning points, I'll wait for Aganga's response. I doubt he will say anything further though and that will be very sad indeed.

I wish we can force them to debate for 12 hours with only two pure-water breaks, that will be so worth the amount we pay them for all those extra allowances.

Priceless observation.  Brilliance , especially in the case of Nigeria, is nothing without integrity and a staunch committment to doing what is best for the majority. Brilliance matched with immorality can even be very dangerous because it may lead to ingenous exploitation of  existing system for personal aggrandizement. We have seen it many times in history. Gordon Browne (former UK PM) is a brilliant dude but I found  his morality in question when , as Chancellor , he failed to raise the stamp duty threshold , levied on property purchase, when property prices soared very rapidly in a matter of years while price had been stable , without large movements either way, for a lenghty period of time . This meant that , under Browne , most Britons had to pay stamp duty while previously , with houses prices stable, the threshold was deliberately set so that most Britons were not affected.  When the threshold was set at around £110,000 the intention was that most home buyers , especially cash-strapped first time buyers, would not be affected because most homes cost below the threshold. When the property boom happened and the national average moved beyond the £110,000 threshold Brown failed to show good ethics by moving the threshold up accordingly so that most Britons remain unaffected . He was too tempted by how , to the misery of many first time buyers, he was raking in billions yearly in stamp duty when previously the figure was in millions. Brown failed to do what was best for the majority and ensure more money remains in the pocket of Britons .

@knowall, Oh please let them fight dirty! I like public mudslinging battles, don't be such a spoil sport. . .

Maybe they will let slip on some illegal background deals too, who knows. . .

Posted by: Kenifeh

I can stake my head for Soludo anytime, anyday. But, we shouldnt attack personalities and forget issues. This is fundamental. The difference between Soludo and Sanusi is that while Soludo is an academic authority, Sanusi is an ideologue. Without ideology your knowledge come to zero.

Posted by: Ibime

Knowledge without ideology is nothing - Nice one Kenifeh!

lol I was thinking that Soludo is the one with THE ideology. Here is the definition of ideology:

Definition of IDEOLOGY
1
: visionary theorizing
2
a : a systematic body of concepts especially about human life or culture
b : a manner or the content of thinking characteristic of an individual, group, or culture
c : the integrated assertions, theories and aims that constitute a sociopolitical program


Soludo it is who envisioned a socio-political and economic position and role for Nigeria through the strategic initiative on the Naira by envisioning a Naira as the currency of reference in sub-saharan Africa. And he did not just theorize it, he put CONCRETE measures in place to achieve that, the main one being the building up of forex reserves and growing the size of Nigerian banks to enable them fund private investment. Essentially his ideology was to create a HUGE international confidence on the Nigerian economy and currency, which would make Nigeria an attractive destination for FDI.
The man wanted Nigeria to move from being a consumer economy to a producing economy. In fact under Soludo, Nigeria was actually growing in all sectors of the economy. Now our reserves are dwindling, as the so called risk reduction in the banks have scared away foreign investors. Nigeria is losing both reserves and FDI at a time of huge oil boom.

Was there a need for more risk management? Of course YES. But risk management is just ONE aspect of economic management. In fact it is even the job of the national assembly to create laws that regulate the sector.

As for this controversy, Soludo had to react, and I suspect he has come out to take on anybody to defend his records and ideas by having a televised debate. The best response Aganga or anyone in current team can give is to accept that debate.

Too many charlatans have played us for too long. It is time to separate the wheat from the chaff.

GBANGGGG!!!!!!!!!!!!!!!

Solu VS Gang


End of round one. Winner Solu!



Round two!!!!!!!!!!!!!

Fight!

Yes, sign me up

Ladies and Gentle meeeeeeen. On this corner is:
Aganga, weighing $250million!!!
On the other corner, we have Soludo, who weighs in at $249million

naijaking1:

Are you for real?
For a fire-spitting-reactionary-reply-ready personality, you know better than to say Soludo shouldn't have replied when lies are been heaped upon him and his record

Chineke me e!!
Life on NL is much different from life in the real World where I am the most introverted dude you'll ever see. Which kain fire-spitting?

In politics, one has to be calm and calculating in order to win all the time. Soludo needs to add calm to his arsenal, it doesn't tell well when he fires off such "let us fight" articles.

Akanbi_edu:

Am I supposed to be impressed with the bolded part? I never doubted his brilliance and the credentials blah blah I am merely doubting his character - those are not the same. The way he was dribbling up and down at the senate when faced with that common crook Omisore is an example.

No one is asking you to be impressed that Aganga has spent practically his entire professional life in the UK; in zeroing in on that, you missed the whole point, which is that he is in a different culture from the one he is accustomed to and is like a fish out of water.
The senate confrontation only served to illusterate that further where people like Aganga would be found exchanging words or raising their voices over their dead bodies.

I'm not taking Aganga's side in this, just pointing something that might make him react in ways that are strange to the rest of us and which we might percieve in negative ways.