3 Of The 5 Bank Chiefs Arrested

events are gradually unfolding. I thought CBN should have completed the audit of all the banks before coming out with any decision. Well we are watching

Wow.This is another hit thread

U just spoke my mind.
I'm going 2watch dis MOVIE til d end.

hollandis,

Where do you think you're going?

Better stay here and suffer with us.

wtf is goin on with our dear country!!!!

No idea. Everyone is fed up with the way things are going right now. Siddon look syndrome pays compared to the Martyrdom road.

Grace to Grass

these five failed banks is an indictment on soludo.

 Na Today,  All we can do is to wait

  “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” - Warren Buffet

Finally. These guys were cooking the books like Ken Lay, Jeff Skilling, Bernie Ebbers and Bernard Madoff. They should be given life sentences to set an example and to deter this kind of future behavior. If the ministry of justice or the attorney general let this guys walk away, then this would confirm there incompetence.

Interesting Movie and Nice Characters too.

The point is, all of my life i have TRUSTED Cecelia Ibru (The Oceanic Bank Thief).

i posted an apt response to this comment on another thread without seeing this.
anybody that trusts or believes in any Nigerian elite is to be most pitied of all men.
always take with a grain of salt anything you read about them.
they are mostly hypocrites.
i read an interview and article on the Oceanic CEO on Mckinsey website on Thursday.
if you know about he world of corporate consulting, you will know that McKinsey and BCG are the biggest and most respected in the world.
seeing her being painted in such glowing terms and  talking big in the interview, i was just telling myself that i hope this is the entire story.
2 days later, the bubble burst.
i don't trust any of these people, not even Sanusi

Just like I have been arguing since Lamido for reasons best known to him rushed to anounce the sack of these CEOs and further plunge into details of how insolvent thier banks were and almost even declared them bankrupt,obviously,this decision does't look like it was well thought out.Now there are reports that these 5 banks might need up 1trillion due to thier indebtedness both to the CBN and other banks.The question that comes to mind is,what if they discover at the end of the audit exercise that more banks are deeply insolvent?Yes,he was able to decipher the insolvency symptoms from these five banks due to the fact that they accounted for more than 80% of the EDW and the inter-bank market but are these enough guarantees to conclude that the remaining 13 banks won't throw up another shocker?He must have underestimated the extent of the problem to think that anouncing the overhaul of the managements and injecting a mere #400bill into these 5 banks will solve the problem,I guess he now realizes that the problem goes far beyond risk management.For instance,according to report,one of the banks almost immediately exhuasted it's own share of the #420bill,it was reported that the said bank was owing CBN #60bill and other banks #70bill,one just wonders if sanusi and his team did a thorough audit of these banks before rushing out cos obviously they ve been caught unawares.Another question which many of us re not asking is where are these funds coming from?I mean this is a government that is still deadlocked with ASUU over funds talking about saving 5 privately owned banks with #1trillion.Besides,does the national assembly know about this?Is this mystery money coming from Yaradua's or Lamido's pockets?If it's from our reserves then I want to believe it's not a CBN solo project,the merits and demerits of releasing this huge amount will ve to be debated at the national assembly and this might take time,my gues is the banks will have to wait.
I believe Sanusi should ve been a bit patient and do a thorough auditing on all the 23 banks,work out less fatal modalities for solving this problem especially in these areas:formulate laws that make it almost impossible to indulge in bad corporate governance etc,root out the bad eggs in the CBN that ve hitheto given pass marks to these banks even when it was glaringly clear that they were gravely distressed,go after the crooks that have collected huge non-servicing loans from these banks without making any attempts to pay back,evaluate the actual extent of the problem so as to know how much fund to be mobilised to solve the problem and then finally, systematically depose of the management team of the failing banks.This way,his sanitization exercise will be more effective and ppl won't ve any insinuations but with his present mafia style,which makes the situation more about him, there's so much to read into it and they re very strong arguements.God help this country.

there is more than meet the eye.i smell a rat.

yes, hollandis, betrayal of trust is crime against humanity innocent people who have kept their hard earn money with them or bought shares in these companies based on figures they display and promises given now are let down. Last year alone, most pension funds lost about 30 - 40 % in value which means people might retire to nothing after contributing some percentages of their salaries into those funds for so many years. The realities of present situation is scary.

I reiterate,arguing over the internet is as useful as talking to a fenced post.GEDDIT?