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Nairaland Forum / Nairaland / General / Politics / Where Is Soludo's Banks Reform? (1207 Views)
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Where Is Soludo's Banks Reform? by landis(m): 10:42am On Jul 29, 2008 |
Businesses under siege as banks increase lending rate A quiet increase in interest rate on loans is being implemented by banks in a move that will further stifle the real sector already reeling from the debilitating effects of poor power supply. So where is the reform of SOLUDO? It is clear that increased CAPITAL base does not translate to any BENEFIT to the people or improved the economy. what a country!!! |
Re: Where Is Soludo's Banks Reform? by samorijack(m): 11:25am On Jul 29, 2008 |
I'd like to know the capital projects these banks are funding? the consolidation is a good thing in principle but I think it was rushed and not effectively implemented. Bank PHB's funding,UK education for those who meets their reqirements and interest rates, is quite ingenious but really has nothing to do with development. Soludo got it wrong |
Re: Where Is Soludo's Banks Reform? by landis(m): 11:41am On Jul 29, 2008 |
samorijack: exactly. we dont need to shore-up capital base so that foreign firms can buy into our banks. Their view is to make profit as quick as possible while our view is to grow and develop all facet of our economy. we should rather have level playing field with clear rules and openess. We should have seen 10 projects in each state, that are financed by the banks to grow the economy |
Re: Where Is Soludo's Banks Reform? by lucabrasi(m): 2:34pm On Jul 29, 2008 |
soludos reforms are benefitting a cartel of the banking executives and fleecing the average nigerian of their hard earned money,can you imagine a sector where banks give figures as their net income without stringent verifications?so someone like subomi balogun or ovia can just say thy made 40 billion and juggle documents around to reflect this,who is going to compel them to be transparent when they contributed to politicians campaign expenses and help them to launder their money abroad |
Re: Where Is Soludo's Banks Reform? by landis(m): 2:49pm On Jul 29, 2008 |
who is going to compel them to be transparent when they contributed to politicians campaign expenses and help them to launder their money abroad you have VALID point there. All the money that were taken abroad was actually WITHDRAWN from Nigeria Bank accounts. Where are these faceless Banks? How come we never hear about them? What documents are submitted before these Banks transfers $BILLION out of Nigeria's economy. what role did CBN plays in all this since 1999? |
Re: Where Is Soludo's Banks Reform? by lucabrasi(m): 3:01pm On Jul 29, 2008 |
the role cbn played is coming out in bits and pieces now that we r seeing soludo is not the wonder boy we thought he was, most of the banks dont get found out here but untill they transact business over seas, they were even inflating profits and pushing their shares to double or tripple what its worth while raking in the profit,we are starting to know them we know about ovia,elumelu e.t.c |
Re: Where Is Soludo's Banks Reform? by McKren(m): 3:24pm On Jul 29, 2008 |
what is your alternative solution?? Its not enough to criticize without offering an alternate solution. Consolidation is a good thing, we can work harder to make sure it leaves its true intentions which include providing low cost loans to SMEs and banking security. We also must remember that this policy can not work alone and needs some national identity system to succeed. Others who should put their heads together to make this policy work are not doing that e.g. Nigeria's planning minister has spent more time dragging down the CBN governor than working to help this policy work for all Nigerians. |
Re: Where Is Soludo's Banks Reform? by landis(m): 3:35pm On Jul 29, 2008 |
@McKren, We also must remember that this policy can not work alone and needs some national identity system to succeed. agreed, so why Soludo embark on something which needs basic infrastructure to successed? That said. Without Local Govt; national identity system cannot work because they are the one close to the people; they keep addresses, birth, death records etc. But same Govt Soludo works, and had worked for,are busy trampling on Local Govt elections which further weakens their capacity. |
Re: Where Is Soludo's Banks Reform? by McKren(m): 4:19pm On Jul 29, 2008 |
I dont think any sane Nigerian regrets having his money in the bank and knowing that he can practically go to sleep because the bank can not fail or disappear into tin air. agreed, so why Soludo embark on something which needs basic infrastructure to successed? With all due respect I am shocked to hear someone criticizing the CBN governor for even making an attempt. I guess the alternative would have been to sit back and do nothing because the National planning minister and Internal affairs minister have refused to do their job. I dont think it is Soludo's fault that these guys have not got the drive he has got. Countries who succeeded did so by running government as a closed system, and most things depends on others to succeed. As a country with so much problems to solve we should exert our energy calling up on those doing nothing to better our lives not tearing down those who are attempting to make a difference. |
Re: Where Is Soludo's Banks Reform? by lucabrasi(m): 5:06pm On Jul 29, 2008 |
the banking reform is a laudable idea only if it works,the problem with nigeria has never been ideas to move the nation foward but implementing it without abuse, you talk about people saving their money in the banks and going to sleep,is that the sole job of a bank?? its only in our country that you will run an account for years without default and you still dont have acess to loans without collateral,while some big man who knws the bank manager will collect 1 billion bribe,give the bank manager 100million and they all vanish into thin air, hwo many subsistence farmers,sole traders,one man busness e.t.c has all these banks helped out,go check the interests they charge on atm withdrawals,current account charges e.t.c and you ll see its daylight robbery, al soludo and his ilk did was to give us consolidation/reforms and its attendant short term benefits for us to part with our money,buy over inflated shares e.t.c and then use the other hand to leave us high and dry, look at the senate and house of reps committee on banking and other financial whaever,do you see them probing anybody?in the face of this magnitude of financial disaster?a friend of mine's mum already knew of the impending disaster from a source in the stock exchange since last year and all her shared were sold between october and december last year |
Re: Where Is Soludo's Banks Reform? by McKren(m): 5:24pm On Jul 29, 2008 |
Lucabrasi We are saying the same thing Banks in Manchester can give u loan without collateral or even credit card because they can trace and profile you through a credit scoring system. They can verify the information about the address you give against what is held on National record. Reason being because their is a National record, there is an identity system. Why don't we have an identity or adress system in Nigeria?? because NPC commission and Internal Affairs are not living to this promise. They are not even starting from somewhere Banks are not charity organisations, they can't give loans to people they don't know or they can't trace. |
Re: Where Is Soludo's Banks Reform? by Nobody: 6:16pm On Jul 29, 2008 |
Which point are these guys trying to make here; that bank consolidation by Soludo has done more harm than good to the masses or that it's his job to make the national ID system work? Foolish Nigerians. |
Re: Where Is Soludo's Banks Reform? by lucabrasi(m): 6:19pm On Jul 29, 2008 |
i agree with you,but im saying that the banks in nigeria are happy to keep on ripping these same pople off yet when it comes to living up to their promises they remember that there s no way of tracing people, let me give you an example,how come micro finance works in india and other african contries even though they cant trace them and theres no data base?same as malawi,and other african countries i agree with you that the governmental agencies saddled with the responsibilities are busy playing politics with their jobs and not doing a thorough job but lets be honest,the banks are not doing their jobs,look at the nollywood industry,we know its high risk bt how come the banks are not giving them loans,after all hollywood started with loans from banks, these banks ar happy to take their money yet wont advance them funds, yet when it comes to festivals and the likes they will drop 15/20million, |
Re: Where Is Soludo's Banks Reform? by lucabrasi(m): 6:21pm On Jul 29, 2008 |
nuzo:i believe the bank consolidation was not followed through and that nigerians were duped by soludo and the rest of the banking institution with the support of the stock exchange |
Re: Where Is Soludo's Banks Reform? by landis(m): 6:21pm On Jul 29, 2008 |
McKren: that bank consolidation by Soludo has done more harm than good to the masses That it has not done anything and will not do anything for the masses so long the basics are missing. Rather, the banks are busy advertising on CNN etc. Exactly. This is where he would have channel his energy by encouraging the President to ensure this basics-infrastructure exist. Money is about trust and what is trust if I cannot confirm that you are what you said are. The whole stuff is a 'system' not one-man race to show he has ideas. It is a team work, everything working in unity of purpose. You will agree without that no matter your idea, it is going to fall flat sooner or later as no 'system capacity' to sustain it. But this is Nigeria, everyone is just there to show their individual EGO. |
Re: Where Is Soludo's Banks Reform? by Nobody: 6:43pm On Jul 29, 2008 |
Are you suggesting he starts doing the work of the internal affairs commission or he should just relax and wait for the ever sleeping ministers? |
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