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Nairaland Forum / Nairaland / General / Business / Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? (28662 Views)
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Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by naijaking1: 11:25pm On Jul 18, 2011 |
kbdrim: Every revolution begins with expression of ideas. By the time Nigerians are done with Sanusi, and Sanusi is done with exposing his ineptitude to Nigerians, everybody would have learnt a lesson, and the credit would go to people who exposed the truth. |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by nagoma(m): 11:29pm On Jul 18, 2011 |
@Katsumoto I am back from the weekend in my ancestral home in remote northern Nigeria. Internet is not a priority there until they have pipe born water and electricity. I was very angry with u for 2 reasons; 1. For the suggestion of desperation in your efforts to incite NL against SLS - especially with the latter tactics of appealing to people's emotions by pasting his old replies to more venomous writings and distorted offending stories against his values and his immediate community. 2. I was 100% convinced that you would not have the determination to make such sustained challenges if SLS was a southerner- even if you believed there was an issue in his appointment or activity. After all with the kind of insight you demonstrated in banking and finance you must have known or suspected corruption among those CEOs . But like Soludo you looked the other way.I never meant to insult anyone. As for Naijabebe , I like her very much and She knows it. Her literary work I commented on was actually superb ! I love the juvenilia style of Swift , certainly better than Orwell if she could sustain it. She however should chose another subject and not SLS because it will be termed and can be proved to be " Mallam bashing" - the pass time on NL. I would suggest Bode George or Tafa Balogun or custodians of Okija shrine or Baba himself - she already has his dossier. For the Naijabebe admirer- sorry ! Call me almajiri , call me Mallam , onye goro or anything u like I have a special attraction to her and I wil find out if she is available. From your endless soliloquy I gather that you were a biochemist before you got the permanent job of writing the SLS biography - I have some interest in biochemistry . Perhaps you will look up your old books and give me the ABC of it. |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by rhymz(m): 1:09am On Jul 19, 2011 |
When on March 23, 2009 Vanguard carried a report that anti-consolidation forces were regrouping to reverse the gains made by the banking industry, many dismissed the report. But when on August 14, 2009, Sanusi Lamido Sanusi announced his radical intervention into the banking system by removing with fanfare the executives of ailing banks; many Nigerians returned to the report and started circulating it. The report was written before the appointment of Sanusi Lamido Sanusi. Developments in the financial sector in the last two weeks have confirmed the veracityof the Vanguard report. Vanguard has nothing personal against the CBN or its Governor but that what is right should be done to make the economy better for all. If the CBN had taken Vanguard’s report seriously, it would not have found itself in the mess it is now as it was gathered last week from the usual reliable sources, that the management of the apex bank is looking for a way round the logjam secretly and has started consultations through third parties. Looking back, the report had said: “Anti-consolidation forces have regrouped with the hope of dissembling the banks and forcing a take-over of the top five banks in the country, Vanguard can now reveal. The grand plan by the group is to cause panic and uncertainty in the industry and make the target banks look unsafe for depositors. Their aim, Vanguard gathered, is to cause loss of public confidence in the banking industry and compel the Federal Government to move in by injecting funds. Further, they ultimately plan to instigate government to take equity holdings in the targeted banks. Vanguard investigations revealed that the group at work is made up of former bank owners who lost out during the consolidation exercise, a powerful clique in the present government, and some aggrieved persons in three of the six geo-political zones in the country who felt left out in the consolidation exercise.” The group’s second game plan is to make Nigerian banks look unsafe in the eyes of the banking public. They have perfected their game by spreading rumour that some categories of banks are unsound and are on the verge of collapse.” Two years down the line, the CBN management has not found a lasting solution to the Nigerian banking crisis, rather, by its continued inconsistencies in policy pronouncement, the much needed confidence in the system is completely eroded. By causing panic, those behind the banking crisis have made the eight rescued banks seem so worthless that nobody is ready to put his hard earned money into them. The CBN has seems to be aiding them by pronouncements. The apex bank took two full pages in the print media to show that the eight rescued banks were worthless and that if they did not recapitalise by September 30, it will be left with no choice but liquidate them. If this is not causing panic in the system, let someone tell me what panic is. Take a sample survey of the banking public, all you will hear is which bank is safe now? Erosion of public confidence is the order of the day. The CBN in an attempt to correct its mistake has staked uncertainty to the whole issue. It will no longer liquidate the banks after September 30th deadline for recapitalisation but will nationalise. The CBN by it own admission had reasoned that the option available to it was either to withdraw the licence of the banks and ask the financial undertaker, NDIC, to move in and liquidate the banks. Both options were dropped because of the implications for the economy. The CBN had told the world that nationalising the banks would have taken the nation back to the 1980s when the public sector owned substantial shares in banks and caused distress in the system as a result of non-performing loans. For the CBN to now come up with the same option it earlier told the world or considered not feasible is to say the least, a mark of confusion and a sign of lack of depth in the thinking and policy formulation at the CBN. This is dangerous for an economy that is seeking transformation. The CBN is an important arm of the government that statements and pronouncement from it is taken seriously in financial and economic circles. As it is, no serious-minded person will take the CBN words for it because down the line, it will have cause to change its mind This is what the former Minister of State for Finance, Mr. Remi Babalola described as ‘policy as the spirit leads’. Those who had backed the CBN in its reform agenda have abandoned it. It is simply groping in the dark not knowing what to do with the rescued banks, giving credence to the fact that those who hatched the plan may have left the CBN leadership in the cold. As it stands, the CBN has run out of ideas on how to resolve the banking crisis. All it should have done in the first instance was to ask the shareholders of these banks within a given time frame to recapitalise even if those indicted for wrong doings were excluded from the exercise. The right of first refusal if given to the shareholders would have stood the CBN out as fair and just. The failure to apply this principle under the guise that banking license is a privilege has prolonged the resolution of the crisis. With the lesson from Savannah Bank license revocation still fresh in the minds of Nigerians and the subsequent victory of the shareholders in court, it will be good and better for all Nigerians to sink their differences in this matter and hold a stakeholders’ meeting to agree on the formula for the recapitalisation of the rescued banks. The curious thing is that the rescued banks have a combined deposit of N3.06 trillion as at 2010 which is a source of worry to the CBN management that should the eight banks go under, the economy will not be able to absorb the loss nor is the Federal Government in any position to pay depositors. The Nigeria Deposit Insurance Corporation has provision for protecting small depositors and can only pay a maximum of N250, 000 per depositor. The CBN leadership should consider resigning their appointment for failure to resolve the banking crisis, keep quiet and let confidence return to the system, or allow shareholders recapitalise their banks instead of the present roller coaster he is doing with the economy. The expectation of the ordinary Nigerian was that after the Sanusi tsunami, the banks will be disposed to lending. Almost two years down the line, the situation is worse than when the CBN intervened in the system. Almost all the branch managers of banks across the country have suddenly become risk managers. No one is ready to finance any project. One of the banks’ branch managers last week owned up to the fact that the role of banks as financial intermediary has been put on hold in Nigeria in the last one and a half years. No bank manager is ready to stick out his neck or job in the name of granting facility. All projects have become risky and as a result, projects that should ordinarily get bank support are brushed aside thus aggravating the unemployment situation in the country. |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by naijaking1: 2:37am On Jul 19, 2011 |
nagoma: While not holding brief for Katsumoto, I like to disagree with your ascertion that critiscm of Sanusi is only based on his northern origin. If you had said so in 2009 when he was recently appointed and going through the senate confirmation, you might have been partially correct. But to come here and and argue that every criticsm of Sanusi more than 2 years in office is because he's a northerner is simply nonsense. His records speak for themselves, and teache a great lesson on why unqualified or mediocre people should never be saddled with vital offices no matter how much we want to reflect federal character. Don't worry about the "corrupt" CEOs. What about people who simply invested in our national companies, how do they fare with Sanusi in office? How about the poor bank workers? Remember that the senior staff union yesterday said that the arrival of Sanusi has been very detrimental to their success as wokers. Now, how about simple bank customers? As a bank customers, can you honestly say that you're having a better banking experience today than 2 years ago? These are the parameters with which Sanusi is being judged, and not because he's a northerner. However, if he had not been a northerner, he certainly wouldn't have dreamt about the job he now has. |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by Katsumoto: 4:19am On Jul 19, 2011 |
By Gbenga Ariyibi ADO-EKITI— THE Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has said the introduction of Islamic banking into our financial system was “necessitated by the effect of global meltdown that castrated the Nigerian financial system and slowed down the growth of the economy.” He, however, assured that Nigeria’s subscription to Islamic banking would revive the current downturn of the country’s economy. Sanusi pledged to dialogue with the leadership of the Christian Association of Nigeria, CAN, this week on the issue. The CBN governor, who was delivering a paper entitled: “Youth empowerment as a tool for sustainable development at the National Youth Service Corps, NYSC, Permanent Orientation Camp, Ise Ekiti, weekend, for the Batch B corps members, regretted that a lot of Nigerians might have been misinformed of the motive/importance of Nigeria’s subscription to the non interest banking, adding that the move has no religious coloration. In the speech delivered on his behalf by the Controller of the CBN, Ekiti State Branch, Mr Samuel Oladele Ogungbayi, the CBN governor said Islamic banking was just a product out of many that commercial banks operate. His words: “The non-interest banking framework was necessitated by the effect of global meltdown that castrated the Nigeria financial system and slowed down the growth of the economy. “Given the increasing number of requests from persons, banks and other financial institutions, the CBN has developed the guidelines for the regulation and supervision of institutions that intend to offer Islamic financial services “Islamic banking is one of the models of non-interest banking that provides financial services similar to conventional financial institutions save that it operates in accordance with the principles and rules of profit and loss sharing and the prohibition of interest charges. Sanusi further said some of the advanced countries like Britain and America operate Islamic banking, adding that other countries like Malaysia and Indonesia have already experienced rapid growth in Islamic banking by tapping from this huge fast growing industry. To meet with CAN leadership Sanusi assured that he was ready to meet with Christian leaders to educate them on Nigeria’s interest in investing in Islamic banking. The apex bank boss, however, reeled out some of the bank’s interventions in empowering the youths and the average businessman in the country, some of which according to him, include Trust Fund Model, TFM; Interest Drawback Programme, IDP; Micro Policy Framework for Nigeria and Small and Medium enterprises Finance. He charged corps members to be more pro-active and explore any of the opportunities offered by the CBN, saying they should not rely on salaried work. http://www.vanguardngr.com/2011/07/islamic-banking-necessitated-by-effect-of-global-meltdown-sanusi/ @ my e-stalker Yes I saw this on a thread opened by ekt bear. |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by chamber2(m): 5:17am On Jul 19, 2011 |
Sanusi deserves a Nobel Prize in Islamic Banking.He is now the John Maynard Keynes of our time 9ja get people o |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by ektbear: 5:27am On Jul 19, 2011 |
chamber2: lmao |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by rhymz(m): 6:41am On Jul 19, 2011 |
CBN Governor, Sanusi, Gave N1.56B Loan Without Collateral At First Bank! Sun Aug, 30 2009 By Tobi Smith As the ripple in the banking sector continue to escalate, more and more people are being caught in the dragnet.The Times of Nigeria can exclusively report that current CBN Governor, Sanusi Lamido, who is leading the effort to recover “non-performing” loans, gave a loan of N1.56B to publisher of Next Newspapers, Dele Olojede, without collateral as the Executive Director Of First Bank. Olojede was said to have borrowed the money last year when Central Bank of Nigeria (CBN) Governor, Lamido Sanusi, was First Bank Executive Director in charge of risk management. Many of the debtors have started repaying their loans to avoid being put on the next list of defaulters to be published by the EFCC. Olojede’s headache is said to be the fact that the EFCC is after debtors, whether their loans are performing or not. EFCC Chairman, Farida Waziri, recently told those raising eye-brows to pay first before complaining about the inclusion of their names on the debtors’ list. The EFCC disclosed last Wednesday that it had arrested an additional 24 executives and other debtors, bringing to 39 the number of those in its custody. Five bank MDs were sacked by the CBN on August 14, in part over alleged recklessness and financial mismanagement, which led to a debt profile of N1.1 trillion, given out mostly in loans without collateral. The MDs fired were Cecilia Ibru (Oceanic), Erastus Akingbola (Intercontinental), Sebastian Adigwe (Afribank), Barth Ebong (Union), and Okey Nwosu (Finbank). Except Akingbola, all are being detained by the EFCC, along with over 30 executives of the subsidiaries of the banks. They have all been granted bail, but have not met the stiff conditions. Akingbola is said to be on the run. Others grinding their noses against the cells of the EFCC include Samuel Adegbite, Toyin Phillips, Sani Adams, Bayo Dada, and Dayo Famoroti. They also include Henry Onyemen, Niyi Opeodo, and Peter Ololo. Waziri disclosed last Thursday that the EFCC has obtained a court order to detain the suspects beyond 48 hours, because their alleged offences are far beyond civil matters. She urged the judiciary to refrain from granting frivolous interlocutory injunctions to the debtors, whom she accused of “economic sabotage” who would not be allowed to escape with their loots. Olojede was said to have initially met Henry Imasekha last year to help him secure the loan from a new generation bank without success. “It was after then he approached Hakeem Bello-Osagie, former United Bank for Africa (UBA) Chairman, who introduced him to Sanusi,” the source recounted. Aside the loan, it was learnt that Bello-Osagie, Nasir el-Rufai (former Federal Capital Terrority Minister), and Nuhu Ribadu (former EFCC Chairman), invested in the newspaper. “Our main concern now is to ensure that First Bank’s name does not appear on the list of banks being owed. “We have sent people to Olojede to pay up before the EFCC gets wiser,” the source added. Link: http:// www.thetimesofnigeria.com/ Article.aspx?id=2140 |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by Akanbiedu(m): 7:54am On Jul 19, 2011 |
Sanusi was nominated by Yar'adua (Executive representing the overall interest of Nigerians), confirmed by the senate (Legislators representing our individual senatorial constituencies). So far nobody has challenged his appointment in a Law court meaning he has the support of our Laws (Judiciary). Only for "intellectuals" to create a whole subject about Sanusi's brilliance. Well, I will not be drawn into the debate because I know whatever the end of the debate is a reflection of US as a people. If you go for Brilliant, we are collectively brilliant and if you eventually settle for mediocre, it means we are all mediocres as a people. The joke is not on him but on all of us. So much for intellectualism and "book knowledge". |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by rhymz(m): 8:02am On Jul 19, 2011 |
chamber2:This guy is an airbag walahi, where did this REEtARDEEN get his economics degree. He must have been tutored by Sheiks, mullars and alfa at the University. This is a clear proof that Sanusi has become a joke of some sort. So Islamic banking is responsible for the economic successes in Indonasia and Malaysia? That's a new info that prolly only our talkative CBN Joker governor is privy to. . Lol. . I bet he wont say thesame thing for Iran and Pakistan, countries who make up to 50% of islamic banks concentration of the world. That claim is crap and a lame excuse that holds no water. So he now agrees that the Nigerian financial system was crippled by the global financial crisis. . .haha. . This CBN joker is so full of discordant tunes and double speak but a while ago he was busy telling everyone that the bank CEO were the sole cause of the financial problem. He hounded them for authorizing loans that according to him were not properly collaterized and for being too involved at the stock market to the extent of given her staff margine loans to trade on their own shares. Yeah, yeah, yeah. . The system was corrupt but what have you done thus far? Introduction of Islamic banking? Duh, are you high on Bin Laden's excreta? What has that got to do with a cup of garri in mushin market? Like seriously there are any real practical successes of Islamic banking besides the rhetorics from its proponents. This guy is a clueless BUM.that holds no water. So he now agrees that the Nigerian financial system was crippled by the global financial crisis. . .haha. . This CBN joker is so full of discordant tunes and double speak but a while ago he was busy telling everyone that the bank CEO were the sole cause of the financial problem. He hounded them for authorizing loans that according to him were not properly collaterized and for being too involved at the stock market to the extent of given her staff margine loans to trade on their own shares. Yeah, yeah, yeah. . The system was corrupt but what have you done thus far? Introduction of Islamic banking? Duh, are you high on Bin Laden's excreta? What has that got to do with a cup of garri in mushin market? Like seriously there are any real practical successes of Islamic banking besides the rhetorics from its proponents. This guy is a clueless BUM. |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by rhymz(m): 8:23am On Jul 19, 2011 |
Akanbi_edu:hmmmmm. . . I am being tempted to call you a retardeen as well, you take seriously that charede at the senate they call screening? Guy you make me laugh. Yaradua the lame duck nominated him and so what? What has that slowpoke ever done by himself except may be die. Look my man don't get me started o. . sanusi is a big time pretender who is trying to look smart, my dear. Behind all that talkative and brawn is a man that lacks real depth, he is all macho and gusto but no real substance. That man is not even fit to lace the shoes of his predecessor let alone wear them. stop being melo-dramatic and face the issues jare. ll screening? Guy you make me laugh. Yaradua the lame duck nominated him and so what? What has that slowpoke ever done by himself except may be die. Look my man don't get me started o. . sanusi is a big time pretender who is trying to look smart, my dear. Behind all that talkative and brawn is a man that lacks real depth, he is all macho and gusto but no real substance. That man is not even fit to lace the shoes of his predecessor let alone wear them. stop being melo-dramatic and face the issues jare. |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by Akanbiedu(m): 8:48am On Jul 19, 2011 |
rhymz: You know I actually expected a response like this. Yar'adua was rigged in Senate screening was charade Judiciary has been compromised blah blah blah. I don't believe IQ can be bought. |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by rhymz(m): 9:39am On Jul 19, 2011 |
Akanbi_edu:No need to pretend anymore, you have just exposed yourself as a Bonafide Slow poke that is only capable of melo-drama rather than face issues raised. What do you know abt I.Q? You wont even recognize it if it kicks you in the groin, stop bandying words you can barely understand or explain jare! You remind me of that slowpoke they call aljaherem |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by freepeople: 10:38am On Jul 19, 2011 |
Katsumoto: Hey Mr. Sanusi! That's haughty |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by manny4life(m): 1:12pm On Jul 19, 2011 |
Akanbi_edu: Brother, let me begin to explain to you the incompetence of all the system 1. Executive Branch: while I understand the politics behind this scheme of things, late former president Yar'adua did not live to see the incompetence to the full extent of this man. The man passed on a mid year into his term as president. The only person who could act and still is able to act is the president but forgive me when I call him a weakling who cannot discern between an attempted destructive chaos from a standard issue. So that leave the issue to the Legislative branch. 2. Legislative Branch: This is the bone and structure for democracy in all democratic societies. Even while the President is a soft minded or perhaps weakling, it begs me to ponder if the whole legislative representative are mute as well. I often ask why is it that Nigerians send representatives to the upper and lower chambers of the house and senate for their own protection to look out for them, yet they act numb like everything is ok. I think it's not because they don't know what to say, they are just as clueless like the person whom they want to challenge. Take for instance, in the U.S., the house and senate has different sub-committees, but in those committees, they are very knowledgeable about the very aspect they chair. Most of the members of the committee on Judicial ethics were lawyers and state attorney generals, committee on healthcare and social welfare are medical doctors, social workers et al, committee on budget and finance were analyst or have MBA's, worked for large corps or even chaired them, committee on foreign relations most have been on diplomatic missions at one time, they have the well known experience in that field, intelligence, most came from defense companies, authorized or signed off on defense projects et al and the list goes on. It shows that they know what they talking about. How can a member of the Nigerian National Assembly wanna query this man when they have no clue about finance and economy? It means this man can sell junk to them and they buy it hook, line and sinker. If an intelligent person, National Assembly member (NAM)who is versed in macroeconomics will know that Sanusi has veered off course, they will summon him to explain what are his duties and steps he has taken so far to fix them. For instance issue of stress test and recapitalization, the term stress test is just a bogus word for knowing the health of the company. If a NAM knows about banking, Sanusi can better explain why some banks could and could not recapitalize. He can further explain on the guidelines of his so-called stress test and how he came to assumption, and his final recommendations. I mean I can hypothetically assume a member and ask different questions. 3. Judiciary Branch: How can the Judiciary system has his support? The judiciary are independent of the system because they interpret the laws. What I question is why has bank CEO's, support and interest groups, small, mid-size and even large businesses, associations, organizations not sued the gov. to restrict him and let the court "temporarily" grant an injunction pending an administrative judicial review. I'm sure that will frustrate him and maybe then it will be a lil late for National Assembly to step into the issue, at least, they will withhold some of his powers pursuant to certain subsections of administrative and constitutional laws (RIGHT OF THE PEOPLE) which overrides that of the CBN Gov. |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by Pukkah: 8:41pm On Aug 05, 2011 |
Deep Sight: Good one. |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by Pukkah: 8:42pm On Aug 05, 2011 |
Nice thread Katsumoto. |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by AjanleKoko: 11:41pm On Aug 05, 2011 |
Well, SLS just revoked banking licenses of Afribank, Spring Bank, and Bank PHB. |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by olaolabiy: 1:59am On Aug 06, 2011 |
Please o. Not supporting Sanusi o. But, is this true about those banks? From Omaojo1: Some people don,t understand this no capital base phrase. |
Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by naijaking1: 2:02am On Aug 06, 2011 |
AjanleKoko: These bank have upto September 30 to recapitalize, I guess the big man just couldn't wait that long |
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