yinkacrown:

Its okay sack.  But I think the manner the sack was executed is not the best.  

This change of management could have been done/managed in a much better way.  Right now, the people I pity the most are the marketers of these banks in question.  I wonder how the banking halls of these banks will look like next Monday morning,  full of customers who are eager to withdraw all thier money "before thier money goes with the banks".

I would have preferred a more stable approach.

Kobojunkie:

This move on the surface sounds pleasant BUT knowing how most of these things turn out in the case of Nigeria. I am not sure if to rejoice or start PANICKING at the moment. I mean Lamido is new but I wonder if Yar adua's government has any hand in this. I mean he was appointed by Yar adua and it is likely he might just be carrying out orders as we have seen many in the past do.

nex:

I thank God for everyone that has come here to speak the truth and those that were not well informed before but now know.

But the stubborn ones who resist knowledge in a Boko Haram style. Whether you like it or not, CBN has the right, and is doing It's duty.


I know one day Nairalanders will say the NNPC has no right to shut down any filling station even though they're selling explosive kerosene. After all, It's their own kerosene and the NNPC did not invest in them. So only their board of directors can decide if they should shut down or not. The NNPC can only write a letter.


See their head! I've never seen a land like Nigeria were people so vehemently rebuked their helpers.


That is how CBN warned Nigerians 2 years ago to stop patronising WONDER BANKS but Nigerians refused. When I posted against these wonder banks: insults, abuses, threats, attacks. Seun will delete those Wonder Bank ADs from Politics thread: accusations, distrust, suspicion.


When the wonder owners of those Ponzi schemes ran away with their money, the started crying that CBN should have shut down the banks rather than just warning them. They said denex should have talked to them like a brother rather than just condemning their investments. The claimed that Seun should have appealed to them on the issue rather than shouting it down on them. However where is the money today? Gone forever.


Now something similar is about to happen and the people that can help have come in their capacity to help. The soon-to-be victims are here again to tear us down. To tear the CBN down. God save Nigerians. The country is okay. It is the ignorance of a large percentage of the people that can drag this entire planet into a black hole.


FineCat and the rest of you, leave them. They have another lesson they want to learn. You just take necessary action to protect your finances them leave the fly that loves the dead body to enter the grave with it.

qkman:


As a crucial meeting between the the governor of Central Bank of Nigeria, Sanusi Lamido, and CEOs of the nation’s banks is ongoing, industry sources have disclosed to NEXT that the sack of CEOs and management staff of five major Nigerian banks is the “CBN now acting in its full capacity”.

“What has happened is that these banks have not kept to the stipulations of corporate governance. There is no bank that is not exposed, but these sacks are likely about gross marginal exposure, to just a few corporate entities and individuals,” disclosed one of our sources, a top executive with a new-generation bank.

Another disclosed that police officers are currently on the premises of headquarters of all five banks affected, showing the hard-line stance that the CBN has adopted over reviving the sector; “continued failure of regulation and risk management of the nation’s financial institutions and the effects on banks is at the front-burner of this meeting, which is why no representatives have been allowed.”

It was also revealed that CEO of Bank PHB, Francis Atuche, was one of several executives who hurriedly booked flights in and outside of the country to attend the meeting.

Advising shareholders not to panic, the bank official said that the Central Bank of Nigeria’s motives were well-intended.

“These bankers have most likely been sacked because the government plans to re-inject funds into the banks, and to do so, they will have to oversee its management until the bank is on its feet again. It could have been worse, had the mismanagement been allowed to snowball into the beginnings of a financial crisis quite like that seen in the West.”

He added that this situation was not an industry first. “You will recall that Wema bank had management and shareholders’ funds misappropriation issues and the CBN stepped in, put it in receivership temporarily until it stabilised. Why there is an uproar is the calibre of people, and top-tier banks involved. Sadly, anyone sacked will never work in a financial institution; that is the law.”

Confirming that calls had been made by concerned bankers and shareholders across the nation’s 23 banks on the need for the CBN to clarify the situation, our source said: “until the CBN makes a categorical and detailed statements explaining its actions and the consequences to the Nigerian public, developments like this can in no way help the stock market. I cannot confirm the actual values right now but shareholder value is decreasing even as we speak.”

No2Atheism:

I would suggest the Sanusi forces them to merge again, so as to further expose the incompetent ones amongst them and thus reduce the number of banks and bank branches in the country and thus at least create much more stable banks.

As far as am concerned there are too many banks, already.

It is sign of financial danger and problems for a so called bank to be in the business of selling recharge cards ( ), no matter how you paint it. Selling or forwarding or wholesaling recharge cards is not part of banking,

ehie007:

why didnt SOludo check this during his time,


after all theses banks were not really the big banks,

kokoA:

He is not a risk manager.

MrCrackles:

Good move by CBN. . . The banking sector needs a thorough sanitization. . .
The legality of the sacking exercise is questionable though!

spicy007:

to all you financial analysts and risk experts,
wot do you suggest if you had money in any of these banks?

A. wait patiently for the govt to pump in the 500bn rescue fund,, while praying to God to wade in
B. withdraw your hard-earned income in those banks and flee for your dear lives, rent a piggy bank and store it in your bedroom till this blows over
C. withdraw your money and put it in any of the other banks not YET affected

please respond

kokoA:

He is not a risk manager.

coolguyz:

@ jenju and crackles
its absolutely clear you are not conversant with the financial sector in nigeria and the laws governing the banks in nigeria.