agabaI23:

What can you say about the AFC investigation? Based on the present clamour for his removal from the northern Oligarchy.
What do you think is holding them from releasing the result of the investigation if it is damning as they claimed?

Are you really asking this question knowing full well we are still talking of Nigeria here?

agabaI23:

Why did they have to resort to elndu report and sahara to publish their finding?

Did they really resort to having the named outlets publish the story, or where those the only outlet's that went deep to find what they could about the matter, even if others were not willing to? Are you now accusing Sahara Report and Elendu of providing their readers with tainted news?

agabaI23:

I was thinking that this is the right time to nail him using the report? But they have kept the public in the dark.
Too many questions!

It could also be that they expected to find the opposite and are now delaying it all so as not to damage him, as that could potentially lead to more harm down the line. I mean we just read the EFCC now claims Ibori is no longer on their list. Are you sure it always is one way when it comes to Nigeria? Like I already stated, we could all sit and dream up what ifs or we could push for an investigation and hope we learn truth soon.

that just tells you that there is no such country as Nigeria. Its a damaging tribalistic setup.
Best option-trisect the country or go back to the 1960-70's.

I heard rumors that he might be replaced by the current MD/CEO of First Bank i.e sanusi sanusi.

Some1 should please confirm if its true.

Its naija!!!! just like sauce kid would say. politics no go allow the right people lead. Tell me what business Obj has with nigeria after his military regime. bros came back to rule as a civilian. like that was not enough then he tried to seek for a third term. who knows what he'll do after death. might seek for thesame office in the life after. Babangida was also trying to get back. Its high time these old men that killed our country give way to the obama generation.

Soludo is easily the best and most active CBN Governor Nigeria has ever had. Past CBN Governors were chosen from the pool of bank CEOs and the post was no more than the position of a CEO of a any other bank; in other words, it's regulatory role went not beyond on papers.
Soludo was brought from academics, and with experience in international financial consultancy, he changed the tradition. The era of bank CEOs seeing the CBN Guv as just one of them, thereby not taking serious his policies, was over.
Soludo was firmer. He came with fresh policies and implemented them to letter. He received death threats, yet he continued to do his job.
Soludo is one of teh finest Economist to have come out of this country. Let's not emphasize his academic credentials because that doesn't automatically translate to good performance outside of academics, but the man showed he has a very deep understanding of global economy more than his predecessors.

That bank consolidation is enough to knock off any criticism of Soludo. I wonder where our banks would have been today under this global meltdown if that policy had not been implemented.

From the accusations against Soludo I have read in recent time, especially those that border on politics, I'm beginning to believe he's not as saintly as I used to believe before, but even at that, the man will leave the office as Nigeria's most visible, and indeed, best CBN Governor.

That at least is a challenge to whoever is going to succeed him.

Jarus:

Soludo is easily the best and most active CBN Governor Nigeria has ever had. Past CBN Governors were chosen from the pool of bank CEOs and the post was no more than the position of a CEO of a any other bank; in other words, it's regulatory role went not beyond on papers.
Soludo was brought from academics, and with experience in international financial consultancy, he changed the tradition. The era of bank CEOs seeing the CBN Guv as just one of them, thereby not taking serious his policies, was over.
Soludo was firmer. He came with fresh policies and implemented them to letter. He received death threats, yet he continued to do his job.
Soludo is one of teh finest Economist to have come out of this country. Let's not emphasize his academic credentials because that doesn't automatically translate to good performance outside of academics, but the man showed he has a very deep understanding of global economy more than his predecessors.

That bank consolidation is enough to knock off any criticism of Soludo. I wonder where our banks would have been today under this global meltdown if that policy had not been implemented.

From the accusations against Soludo I have read in recent time, especially those that border on politics, I'm beginning to believe he's not as saintly as I used to believe before, but even at that, the man will leave the office as Nigeria's most visible, and indeed, best CBN Governor.

That at least is a challenge to whoever is going to succeed him.

God bless you.

I think the main issue here is a Govt incapable of making any decision including simple things as appointing personnel. Soludo's tenure will end next month and we are still speculating on who his replacement will be in such a sensitive post as CBN governor.

A serious administration would have announced his replacement so that transition is smooth. We dont even need a vacuum in the post of CBN governor during a economic crisis. Besides that it will end all this speculation.

Jarus:

Soludo is easily the best and most active CBN Governor Nigeria has ever had. Past CBN Governors were chosen from the pool of bank CEOs and the post was no more than the position of a CEO of a any other bank; in other words, it's regulatory role went not beyond on papers.
Soludo was brought from academics, and with experience in international financial consultancy, he changed the tradition. The era of bank CEOs seeing the CBN Guv as just one of them, thereby not taking serious his policies, was over.
Soludo was firmer. He came with fresh policies and implemented them to letter. He received death threats, yet he continued to do his job.
Soludo is one of teh finest Economist to have come out of this country. Let's not emphasize his academic credentials because that doesn't automatically  translate to good performance outside of academics, but the man showed he has a very deep understanding of global economy more than his predecessors.

That bank consolidation is enough to knock off any criticism of Soludo. I wonder where our banks would have been today under this global meltdown if that policy had not been implemented.

From the accusations against Soludo I have read in recent time, especially those that border on politics, I'm beginning to believe he's not as saintly as I used to believe before, but even at that, the man will leave the office as Nigeria's most visible, and indeed, best CBN Governor.

That at least is a challenge to whoever is going to succeed him.

How many of the prior CBN governors were under a democratic regime?
I don't see what the capitalization of a bank has to do with its survival under a global recession, or do you feel the likes of wachovia and city were under capitalized? I would rather look at its exposure.
Some seem to think that capitalization is a bullet proof vest for a bank.

lol

being an effective CBN Governor has nothing to do with the type of Government you have. Whether democratic, dictatorship or autocratic. A dumb fool will always be dumb.

China is not a model democracy but the Governor of people's bank of China is effective.

mikeansy:

lol

being an effective CBN Governor has nothing to do with the type of Government you have. Whether democratic, dictatorship or autocratic. A dumb fool will always be dumb.

China is not a model democracy but the Governor of people's bank of China is effective.

So China is under a dictatorial rule? while they may not be a model for 'your' democracy, they are not under a dictatorship, which existed for the better part of Nigeria's past.
The effectiveness of an appointed officer should always be evaluated in the context of the environment he operated in.

China not under dictatorship?

What is your understanding of dictatorship.

I do not gave anything against China's dictatorship, but China is certainly under a dictatorship.

this same soludo that you guys are bashing stabilized the Naira. before soludo, i remember N1 was over $200.

@ OMO IBO, the above statement is incorrect. Try comparing the naira to other currencies rather just the US dollar which fell againt all basket of currencies thanks to GW.
As far as I am concerned, Soludo should be removed (he's too close to the CEO's of the banks he's supposed to regulating for my liking) and don't believe the hype about our strong banks. Let's wait and see how many of them weather the recession first.

The poll above does not capture the situation

we are talking about whether his tenure will be renewed or not. That does not amount to a sack.

He is just concluding his contract

mikeansy:

China not under dictatorship?

What is your understanding of dictatorship.

I do not gave anything against China's dictatorship, but China is certainly under a dictatorship.

Which do you prefer
"dictatorship refers to an autocratic form of absolute rule by leadership unrestricted by law, constitutions, or other social and political factors within the state"
or
"A government controlled by one person or a small group of people"

So which do you think is applicable, and  to which of the 'Chinas' : PRC or Rep of China?

Nairaland is no substitute to education

Go research how the communist party of China is run by Chairman Mao, its role in Government.

Come back and tell me how democratic China is.

FYI: I have no problem with a dictatorship that thinks strategically for the success of its people, put food on the table and earns the respect of the world.

Democracy has it's own meanings in different countries. Canada's system of democracy is different from that of the US. In Canada if the minority government is ruling, the other parties can come together and sack the minority government and put any leader from the coalition parties in office. That can't happen in the US however they can impeach the president. Also the prime minister can be there for a very long time as long as he keeps winning elections and the people are happy with his government. They also have a governor general who is appointed by the queen of England. Democracy differs in different countries. Population is also a problem in China so funding an election can be expensive. What we have in Nigeria isn't democracy at all it's just by name not by practice. Chinese government and economy is way better than ours. They protest alot in China, do we in Nigeria?

mikeansy:

Nairaland is no substitute to education
Go research how the communist party of[b] China is run by Chairman Mao[/b], its role in Government.
Come back and tell me how democratic China is.
FYI: I have no problem with a dictatorship that thinks strategically for the success of its people, put food on the table and earns the respect of the world.

So I take it that you are referring to the PRC.

Unfortunately, the career in office of Chairman Mao is of little relevance to your assertion that china IS under a dictatorship, as the fellow died in 1976 (over 30yrs ago). Unless you are saying his ghost is still in office, you clearly have no idea of what you are talking about (of course admitting the former would make you delusional).

I do agree with you that NL is no substitute for 'good' education, and thus I 'm unwilling to give you a brief lecture on the system of governance of  the PRC (and how it differs from a dictatorship) but would rather advise you visit relevant websites and/or a library, to find facts to back up your earlier wrongful statement.

@kobo
l feel you. but the way U tackle this Soludo someone would think that U have a sure credible person that would wave a magic wand and solve all nigerian's economic woes. a person that will tighten the the regulatory strand on banks and banks chiefs _{as if that is possible}.
Just imagine what the country will be going thru now if banks were not recapitalised. rumours are everywhere that some banks are illiquid now, i wonder what would have happened if banks deposit were still around 2b naira.
Granted, Soludo is no saint but that does not mean we should rubbish completely. If yaraslow is not happy with him He should not renew his appointment _{AFTER HIS TENURE IS OVER} but not replacing B4 then
Somethings i yhink Nigerian have a bad attitude of running down people who have achieved a lot. THAT IS CRUEL

chuxy12:

@kobo
l feel you. but the way U tackle this Soludo someone would think that U have a sure credible person that would wave a magic wand and solve all nigerian's economic woes. a person that will tighten the the regulatory strand on banks and banks chiefs _{as if that is possible}.

Funny thing is I have not once posted that there is some credible person out there I trust to look into issues and fix things., not once. So I don’t think that should be raised in here given that I have made myself clear on that, from the beginning.

Now, given what we already know of Nigeria, should we now play favourites when it comes to getting justice for the people? With all the allegations out there, should we, because some have chosen to label him a genius , label him a no-go-area while we continue to shout that others who may have been accused of similar crimes, only not as intelligent, be brought down instead? Is that fair to the Nigerian people? Is that fair to our cause?

chuxy12:

Just imagine what the country will be going thru now if banks were not recapitalised. rumours are everywhere that some banks are illiquid now, i wonder what would have happened if banks deposit were still around 2b naira.

Well, recapitalization, as someone already pointed out earlier has never been failure-proof method of improving economies of any kind. You can wonder what would have happened if we had not recapitalized, what about wondering what if it had failed? The man made a move that turned out in some way to be a good one for the Nigerian economy, but I would not go as far as to label him a genius cause I am not sure I can with the information I have so far of the economy since his assumption of office back in 2004.

chuxy12:

Granted, Soludo is no saint but that does not mean we should rubbish completely. If yaraslow is not happy with him He should not renew his appointment _{AFTER HIS TENURE IS OVER} but not replacing B4 then
Somethings i yhink Nigerian have a bad attitude of running down people who have achieved a lot. THAT IS CRUEL

I am not the one “rubbishing” his name, but I do submit that if investigated and found guilty of allegations, his name will definitely be “rubbished”, but I hope it is because he is truly guilty.
As for his achievements, most all I have gotten so far is recapitalization and not much more. The man’s term is up, I believe, next month. If he is to go, then fine. Personally, I don’t think he has done an EXCEPTIONAL job as CBN governor. When compared to previous CBN governors, it would seem he has, but I would not deem him an EXCEPTIONAL governor and I have my reasons. So I am not shedding any tears for him. Neither am I here to lynch the dude, just wanted to understand what exactly this man has done to be called a GENIUS, is all.

The bank industry today has the biggest rate of employment in Nigeria,
The bank capital base today we all know.
For me I think he should be reward

Is retaining him going to be a reward
Many of us do not know the detail of his job functiions,  U can only access a man if u know what is expected of him. Information is like secrete in this part of the world.

I am indifferent

lets face it: never underestimate the phrase below!!!

obj bleeped cuz he was born a fool and slowpoke from ogun state!!

I mean if he hasnt got skeleton in his cupboard poeple like Rabadu that me u and u and u know that em he has committed himself by makin the rules; there so shouldnt break the same rules!!

yara^^ fufu na waste; absolutely waste

obj is a fool and a slowpoke; he thinks that payin up our 419 national debt is enough, but he failed to know that someone with national will and wisdom needed to suceed him after his tenure laspes!! he is so stupid to beleive by facin whiteman on hard talk makes him look wise

he is just a dump like an aged elephant, just like becomerich

@outlukbabe

However, from my own perspective, Soludo is Governor in the Era of prosperity. He could hardly use his intellects to for see problems and challenges.

So there was prosperity in Nigeria before Soludo take over as CBN Governor? Na wa for Nigerians o. why don't you look at the statistics. from a growth rates that oscilliate btw 2.5 and 3%, Soludo grew Nigeria's economy to the peak of 7.8% above the 7% MDG growth rate for developing countries. Now he's only good at managing prosperity. Maybe other CBN Govs of other affected economies elsewhere only knows how to manage prosperity and not recession.

SegzyJoe:


So there was prosperity in Nigeria before Soludo take over as CBN Governor? Na wa for Nigerians o. why don't you look at the statistics. from a growth rates that oscilliate btw 2.5 and 3%, Soludo grew Nigeria's economy to the peak of 7.8% above the 7% MDG growth rate for developing countries. Now he's only good at managing prosperity. Maybe other CBN Govs of other affected economies elsewhere only knows how to manage prosperity and not recession.

Only if some people can brush aside tribal sentiments and reason like the poster quoted.
Soludo has set a standard by his governance of the apex bank and what we need do now is to let him consolidate on that.

@kobo

Aside from recapitalizing our banks, he also grew our foreign reserve to over 60 billion before the meltdown.

This had also assisted in weathering the storm of the crisis.

Roughlen:

@kobo

Aside from recapitalizing our banks, he also grew our foreign reserve to over 60 billion before the meltdown.

This had also assisted in weathering the storm of the crisis.

You mean he CAUSED the oil Boom?? Weathering what crisis? The food crisis and the oil crisis in Nigeria most all of last year?

@kobo

He didn't cause the oil boom but he resisted the pressure from several quarters for him to fritter the foreign reserve away as many argued then that there was no need to be piling up so much foreign reserve.

When the price of crude oil crashed and our inflow of dollars depreciated remarkably it was the accumulated foreign reserve that was used to meet the demand for FX ( and is still being used) that resulted from the higher outflow else the Naira would have depreciated even worse than it did.

SegzyJoe:

@outlukbabe

However, from my own perspective, Soludo is Governor in the Era of prosperity. He could hardly use his intellects to for see problems and challenges.

So there was prosperity in Nigeria before Soludo take over as CBN Governor? Na wa for Nigerians o. why don't you look at the statistics. from a growth rates that oscilliate btw 2.5 and 3%, Soludo grew Nigeria's economy to the peak of 7.8% above the 7% MDG growth rate for developing countries. Now he's only good at managing prosperity. Maybe other CBN Govs of other affected economies elsewhere only knows how to manage prosperity and not recession.

erm, so Soludo engineered the rise in oil price from a low $22 per barrel to $147 per barrel?. Do I need to tell you that the growth in the GDP mentioned in your post was as result of the oil boom not the result of the economic wizardry of Soludo? Illiteracy or little-literacy is really doing our country a lot of harm.

Roughlen:

@kobo

He didn't cause the oil boom but he resisted the pressure from several quarters for him to fritter the foreign reserve away as many argued then that there was no need to be piling up so much foreign reserve.

When the price of crude oil crashed and our inflow of dollars depreciated remarkably it was the accumulated foreign reserve that was used to meet the demand for FX ( and is still being used) that resulted from the higher outflow else the Naira would have depreciated even worse than it did.

I cant remember anyone advising Soludo"to fritter the foreign reserve away" . What people were clamouring for was that the oil earnings be applied to rejuvenate the country's decayed infrastructures rather than being kept in the bank. An improved infrastructure, particularly regular power supply, would have helped to substantially improve our industrial productive base thereby diversifying the source of our foreign exchange earnings and also would have considerably reduced our import bill. The level of our foreign reserve is fast depleting (the actual level is now a state secret) and soon, particularly if the bust in the oil market continues much longer, we are going to have nothing to show for our huge earnings during the unprecedented oil boom and the fall in the exchange rate of the Naira against other currencies will get worse.

The foreign reserve is not the excess crude oil account hence it is not money meant to be spent but money already spent. The excess money realised from oil earnings are usually shared among the three tiers of Government and it is not within the supervisory purview of Soludo to determine what they do with it.

I quite agree with you that our foreign reserve is fast depleting and if the bust in the oil market continues much longer the Naira will be in trouble, however, shouldn't we be thankful that something was kept for these rainy days.

I apologize for not having responded before now. I do, however, see that @honda had taken time to respond to your post appropriately.

Roughlen:

The foreign reserve is not the excess crude oil account hence it is not money meant to be spent but money already spent.

What do you mean by this?

Roughlen:

The excess money realised from oil earnings are usually shared among the three tiers of Government and it is not within the supervisory purview of Soludo to determine what they do with it.

But according to you, he advised the government not to dip into that to fund development ?

Roughlen:

I quite agree with you that our foreign reserve is fast depleting and if the bust in the oil market continues much longer the Naira will be in trouble, however, shouldn't we be thankful that something was kept for these rainy days.

Isn’t the Naira already in trouble? I mean it is already about 200 to 1.