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CBN Sacks CEOs And Management Of Five Banks - Business (7) - Nairaland

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Economic Crisis: Five Banks’ Profit Drop By N54bn / Five Banks Lose N312m To Cbn’s Sanctions / Cbn Sacks Ceos And Management Of Five Nigerian Banks (2) (3) (4)

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Re: CBN Sacks CEOs And Management Of Five Banks by Fhemmmy: 6:26pm On Aug 14, 2009
Tudór:

Well, well, well. . . . See the way sanusi brutally axed the incompetent CEO's. . . . A degree in sharia law does have it benefits i must say. . . . cheesy

hahahahahaha.
Except that thieves like IBB still living in Minna in a mansion and yet he is a Muslim
Re: CBN Sacks CEOs And Management Of Five Banks by naso2(m): 6:27pm On Aug 14, 2009
TEE ZERO:

For crying out loud, CBN just bailed out the banks. It only makes sense to put its own managers in charge.

Yes you are correct, my concern/doubts has to do with the calibre of men  he has appointed to oversee these banks.

For  instance funke osibodu  (mbc bank & Ecobank), Nebolisa Ara (fidelity bank) are  former executives  with very  questionable records bothering on integrity .

Besides I hope Funke will not be overwhelmed by the size of Union bank?
Re: CBN Sacks CEOs And Management Of Five Banks by TEEZERO(m): 6:27pm On Aug 14, 2009
Let's not desecrate the thread now. Please.
Re: CBN Sacks CEOs And Management Of Five Banks by Fhemmmy: 6:28pm On Aug 14, 2009
na_so:

Yes you are correct, my concern/doubts has to do with the calibre of men  he has appointed to oversee these banks.

For  instance funke osibodu  (mbc bank & Ecobank), Nebolisa Ara (fidelity bank) are  former executives  with very  questionable records bothering on integrity .

Besides I hope Funke will not be overwhelmed by the size of Union bank?  


I am sure he will drop the axe on them too, if needs be
Re: CBN Sacks CEOs And Management Of Five Banks by TEEZERO(m): 6:29pm On Aug 14, 2009
I doubt if he is afraid of taking needful decisions
Re: CBN Sacks CEOs And Management Of Five Banks by omoabike: 6:31pm On Aug 14, 2009
Guys that have doubted the reasons for and the legality of the CBN move may have valid points for having such thoughts. However I think we need to kind of look at this issue from another perspective.
In Nigeria, most things that we see usually mean more than we think. We Nigerians as every human beings on earth are sentimental people hence our skepticism most times when events are unfolding in front of us.  A case in point is the current debate on healthcare reform in the United states, the Republicans and their supporters are vehemently against any kind of reform because some of their biggest donors are the health insurance companies who feels the reform may affect their profitability. These companies have bankrolled conservative media to continue to mobilize the conservative political base against the reforms.
Based on lies and manipulation of facts the conservative media led by Fox News have been able to energized and mobilized people to disrupt town hall meetings by legislators to explain the reforms to their constituents.
This is not different from the ethnic and religious dimension introduced into Sanusi's appointment.
These bankers are the real oligarchs we have in Nigeria as they are the one advancing loans to politicians to  contest elections and other sundry stupid reasons. The issue now is that the money they were mismanaging is not theirs but belongs to you and I and the numerous market women, civil servants and artisans all over Nigeria who save money with them and buy their shares. So they do deserved to be sacked and must definitely be prosecuted as they are economic saboteurs.
I believe most of us do not care where CBN governor comes from if it means our deposits and investments in these banks are save . I personally believe these clique in the banking sector were the one fanning the ember of the ethnic and religious connotations to Sanusi's appointment then because they know where the guy stands on the issue of risk management and corporate governance.
I am not a banker but a search online would have directed anybody who cares to some of the guy's write up as far back as 2005 so I believe this guy is known to them hence the reason why they were vehemently against his appointment. The fact that Soludo was willing to advance loans to them that were not announced to the public also explain why they wanted him to continue as the CBN governor.
I believe this Sanusi guy is a committed fellow but I am also skeptical about the Yaradua government which is a corrupt one allowing him to carry out this to the logical end that would benefit Nigerians and the economy.
Re: CBN Sacks CEOs And Management Of Five Banks by naso2(m): 6:34pm On Aug 14, 2009
Fhemmmy:

I am sure he will drop the axe on them too, if needs be

I hope so, but I doubt.
Re: CBN Sacks CEOs And Management Of Five Banks by Fhemmmy: 6:36pm On Aug 14, 2009
na_so:

I hope so, but I doubt.

By then, will be almost time for Sanusi to be replaced and the Yar"idiot to leave office
Re: CBN Sacks CEOs And Management Of Five Banks by Gbawe: 6:37pm On Aug 14, 2009
Fhemmmy:

I am sure he will drop the axe on them too, if needs be

Indeed . it is important for us to know that most men/women in any nation of the world can be corrupt. It is the existence of an efficient and punitive system of crime prevention and detection that keeps the crime 'urge' to a minimum in advanced nations . This is opposed to  Nigeria where the rich and powerful routinely go unpunished for serious crimes to the extent that criminal behaviour is now the norm everywhere. If Sanusi is effective in bringing his mentality of uprightness to bear on our banking sector (unlike how Soludo frolicked freely with banking bosses when he should be their regulator ) then most bank bosses will understand that they must behave or face grave consequences . Simple .
Re: CBN Sacks CEOs And Management Of Five Banks by Kobojunkie: 6:38pm On Aug 14, 2009
MrCrackles:


My friend sharrap, what do you know?
All i said was the legality was questionable. . . And at first i didnt realise the banks had benefitted from "bail out funds"
"Mr Bernanke", na u sabi!


Exactly, if not for the BAIL OUT, I doubt the CBN has that right at all.  But from the report, it seems the BAIL OUT has YET to happen? Or am I wrong? I mean it is part of the agreement that the CBN can choose to do this BEFORE injecting BAILING OUT THE BANKS, I think it might be considered legal.
Re: CBN Sacks CEOs And Management Of Five Banks by Fhemmmy: 6:42pm On Aug 14, 2009
Gbawe:

Indeed . it is important for us to know that most men/women in any nation of the world can be corrupt. It is the existence of an efficient and punitive system of crime prevention and detection that keeps the crime 'urge' to a minimum in advanced nations . This is opposed to  Nigeria where the rich and powerful routinely go unpunished for serious crimes to the extent that criminal behaviour is now the norm everywhere. If Sanusi is effective in bringing his mentality of uprightness to bear on our banking sector (unlike how Soludo frolicked freely with banking bosses when he should be their regulator ) then most bank bosses will understand that they must behave or face grave consequences . Simple .

I agree with you, however, since we lack knowledge or the govt lacks in prevention, then, we have to at least give these new CEOs a chance.
Re: CBN Sacks CEOs And Management Of Five Banks by naso2(m): 6:46pm On Aug 14, 2009
Abeg who get the power to remove the stocke exchange woman sef. make the person do quick now.

REVIVAL IS HERE
Re: CBN Sacks CEOs And Management Of Five Banks by Fhemmmy: 6:47pm On Aug 14, 2009
However, i wish Sanusi will do something about how Dangote was elected as the president of NSE
Re: CBN Sacks CEOs And Management Of Five Banks by CrudeOil2(m): 6:48pm On Aug 14, 2009
Their sack was very reasonable. Especially Akingbola of Intercontinental bank, he is an unrepentant conman.
Re: CBN Sacks CEOs And Management Of Five Banks by CrudeOil2(m): 6:52pm On Aug 14, 2009
Sanusi has no authority to remove Dangote. Only the SEC has such power.
Re: CBN Sacks CEOs And Management Of Five Banks by Fhemmmy: 6:54pm On Aug 14, 2009
Crude Oil:

Sanusi has no authority to remove Dangote. Only the SEC has such power.

I totally agree with that, but i will like to hear his view on it.
Re: CBN Sacks CEOs And Management Of Five Banks by TEEZERO(m): 6:55pm On Aug 14, 2009
Wondering why the woman would have to wait till she gets removed. Her time seemed to have been up a while back. Now, this is a digression.
Re: CBN Sacks CEOs And Management Of Five Banks by omoabike: 6:55pm On Aug 14, 2009
I must commend everybody that have contributed to this thread so far.
I am impressed by the lack of name calling and abuse that I have kind of come to attribute to Nairaland and most Nigerian online forum.
Good job guys
Re: CBN Sacks CEOs And Management Of Five Banks by Nobody: 6:56pm On Aug 14, 2009
Fhemmmy:

However, i wish Sanusi will do something about how Dangote was elected as the president of NSE

Na wa o. Very soon you will call Sanusi to remove Maurice Iwu.
Re: CBN Sacks CEOs And Management Of Five Banks by Gbawe: 6:57pm On Aug 14, 2009
Fhemmmy:

I agree with you, however, since we lack knowledge or the govt lacks in prevention, then, we have to at least give these new CEOs a chance.

That is what I am saying also. My point is that Sanusi can show that it will not be 'business as usual' clearly enough so that rogue CEO's either reform or ship out. Letting folks know that crime will not go unpunished is paramount otherwise even good men and women will , in an overtly criminal environment  , act like criminals.
Re: CBN Sacks CEOs And Management Of Five Banks by Fhemmmy: 6:59pm On Aug 14, 2009
Jarus:

Na wa o. Very soon you will call Sanusi to remove Maurice Iwu.

I just wanna here his view on it, bush man grin tongue

Gbawe:

That is what I am saying also. My point is that Sanusi can show that it will not be 'business as usual' clearly enough so that rogue CEO's either reform or ship out. Letting folks know that crime will not go unpunished is paramount otherwise even good men and women will , in an overtly criminal enviroment  , act like criminals.

Well said
Re: CBN Sacks CEOs And Management Of Five Banks by Nobody: 7:01pm On Aug 14, 2009
I just hope Yar'adua gives Sanusi free hands to operate.
Re: CBN Sacks CEOs And Management Of Five Banks by TEEZERO(m): 7:01pm On Aug 14, 2009
Interesting too, that quite a number of our news media now can update their websites as news breaks. Got alerts from The Nation as the sack occurred, and much later, as the acting appointments were made. Have also followed the news on NEXT, BusinessDay and The Nation's websites. Not to forget that we are also engaging here in real-time discussions on the developing story. It is heart-warming.
Re: CBN Sacks CEOs And Management Of Five Banks by Gbawe: 7:10pm On Aug 14, 2009
Jarus:

I just hope Yar'adua gives Sanusi free hands to operate.

Likewise but I fear that UMY will cave in to pressure the minute Sanusi threatens the interest of his close pals. Sanusi criticised Yar Adua's unwieldy 7-point agenda immediately he was confirmed as CBN Governor so I am optimistic he is not interested in playing politics with his role as CBN Governor. I am just not at ease with Yar Adua. He was good buddies with El Rufai and Ribadu after both played significant roles in his emergence. Now he hounds them with a passion. I hope similar fate will not befall Sanusi. Yar Adua is not an enabler in my humble opinion. I hope I am proven wrong.
Re: CBN Sacks CEOs And Management Of Five Banks by nex(m): 7:14pm On Aug 14, 2009
CBN is in the right. With or without bail out, the Bank can sack the management of the bank.
Re: CBN Sacks CEOs And Management Of Five Banks by Fhemmmy: 7:14pm On Aug 14, 2009
Gbawe:

Likewise but I fear that UMY will cave in to pressure the minute Sanusi threatens the interest of his close pals. Sanusi criticised Yar Adua's unwieldy 7-point agenda immediately he was confirmed as CBN Governor so I am optimistic he is not interested in playing politics with his role as CBN Governor. I am just not at ease with Yar Adua. He was good buddies with El Rufai and Ribadu after both played significant roles in his emergence. Now he hounds them with a passion. I hope similar fate will not befall Sanusi. Yar Adua is not an enabler in my humble opinion. I hope I am proven wrong.

Time will tell
Re: CBN Sacks CEOs And Management Of Five Banks by Donmeca(m): 7:23pm On Aug 14, 2009
The report is thru and we xpect huge panic bt I want to also state dat d situation doesn't call for such. Meanwhile, Cbn also injecte N400bn into dz banks. The sack is primarily due 2 their xposure to marginal loans, a consequent of the gloabal fin crises esp the NSE.
Re: CBN Sacks CEOs And Management Of Five Banks by safariman(m): 7:23pm On Aug 14, 2009
We have read so far that CBN has the right to sack these guys.  One needs to be careful however that when a govt. agency runs a commercial for profit org. such as banks,  the incentive to be innova.  Afterall, one of banks job is to manage risks/protect depositors' money.
I have worked at CBN, commercial banks and now at an overseas bank and I can assure you guys, CBN too needs serious  reform
Re: CBN Sacks CEOs And Management Of Five Banks by babalawo(m): 7:24pm On Aug 14, 2009
Today the three ties of Government shared a total of =N=354 B for the month of July,    now  we use =N=400B to bail out  5 banks!

My glossary defines a bailout as  a resue by the government or another entity of an irresponsible person or entity arising from a failure to follow rules or take reasonable precautionary steps.
.
Re: CBN Sacks CEOs And Management Of Five Banks by Finecat(m): 7:25pm On Aug 14, 2009
I am almost sure Erastus Akingbola will be arrested soon. This is the second time intercontinental is getting bailed out this year. Inter was secretly bailed out by Soludo sometimes in March and they kept it secrect to avoid a run on the bank. Come monday, i expect a lot of customers withdrawing their money from these banks. Folks, we have just witnessed a new style of bank distress in Naija. I very much doubt the claim by CBN that they pumped N400B into these banks, they made that statement just to calm depositors who are liable to panic. The fact is Nigeria Govt. itself is broke, the downward trend of oil price has spelled doom for the Govt. They couldn't even pay the states well and they claim to inject N400B into these banks, i don't know who they are fooling.
Re: CBN Sacks CEOs And Management Of Five Banks by Fhemmmy: 7:26pm On Aug 14, 2009
I wont be surprised and that will be the beginning of more wahala for the economy that is already shaky
Re: CBN Sacks CEOs And Management Of Five Banks by Btzzk: 7:30pm On Aug 14, 2009

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