The Nigerian banks have not historically been the fuel of economic growth or econ. development, we are a cash society

the economy is in trouble.

safariman:

The Nigerian banks have not historically been the fuel of economic growth or econ. development, we are a cash society

We are cash society and when u sending money to abroad to use ur cash to buy those things, i guess, u email the money there?

Abi o?

IFELEKE:

the economy is in trouble.

You just now figuring that out?? Didn't i predict this late last year. Sanusi is bringing a new era into banking and most bankers will run away from the job when the guy finish his reform. No bank in Naija is sound!!

Yes, you email the money through EFT or electronic funds transfer, Many Nigerian banks have correspondence bank abroad.  Economy growth foster through when commercial banks when they take prudent risks
To stay on topic, and on record, while is within the law, I am not in favour of the head of CBN firing CEOs of commercial banks. Rather, I would like the board of directors to function as it should.  For criminal offences, I would rather have EFCC handle

safariman:

Yes, you email the money through EFT or electronic funds transfer, Many Nigerian banks have correspondence bank abroad.  Economy growth foster through when commercial banks when they take prudent risks
To stay on topic, and on record, while is within the law, I am not in favour of the head of CBN firing CEOs of commercial banks. Rather, I would like the board of directors to function as it should.  For criminal offences, I would rather have EFCC handle

Why using the banks at all, u could have put the money into you CD rom and just attach it to the mail now.
The banking system is so important to the growth of any nation.

@Fhemmmy
I totally agree with you that the banking industry is very important in any economic of any country. My point was Nigerian banks have not been the catalyst of that growth. It is very hard for any common businessman in Nigeria to obtain financing and many live on overdraft. Without financing by banks, who has the money to do big projects

yea right ! no way this is true .

safariman:

@Fhemmmy
I totally agree with you that the banking industry is very important in any economic of any country. My point was Nigerian banks have not been the catalyst of that growth. It is very hard for any common businessman in Nigeria to obtain financing and many live on overdraft. Without financing by banks, who has the money to do big projects

OK, i agree with yu on that one that getting loan from Nigerian banks is a waste of time to even try, cos the interest sef will kill your dream and biz, and the run around is not even worth it, so u have a point there

safariman:

Yes, you email the money through EFT or electronic funds transfer, Many Nigerian banks have correspondence bank abroad.  Economy growth foster through when commercial banks when they take prudent risks
To stay on topic, and on record, while is within the law, I am not in favour of the head of CBN firing CEOs of commercial banks. Rather, I would like the board of directors to function as it should.  For criminal offences, I would rather have EFCC handle

@ safariman
 
I think the isue of the CBN firing the irreponsible boards  of banks shouls be laid to rest-since U said ur not in favour.
Its just that in Nigeria  we do not see institutions we see individuals and that is a lot of problem.For the records
the management of CBN sacked the board of 5 banks- we should not try to personalise institutions in the country.U should knw that in some countries the business of banking is entirely in the hands of the government - due to the sensitivity of  banking in any economy.
It cast serious aspersion on ur claims to have worked in commercial banks,as well as on the regulatory side !!!!

safariman:

Yes, you email the money through EFT or electronic funds transfer, Many Nigerian banks have correspondence bank abroad.  Economy growth foster through when commercial banks when they take prudent risks
To stay on topic, and on record, while is within the law, I am not in favour of the head of CBN firing CEOs of commercial banks. Rather, I would like the board of directors to function as it should.  For criminal offences, I would rather have EFCC handle

hmm u sound like a beneficiary

@babalawo
From what I read and from the subject topic, I thought it was the CEO that were sacked and not the board.  I am in favor of CBN dimissing the entire board if they are not doing their job

Fhemmmy:

OK, i agree with yu on that one that getting loan from Nigerian banks is a waste of time to even try, cos the interest sef will kill your dream and biz, and the run around is not even worth it, so u have a point there

Nigerian banks are not only banks but banking groups. All of them have business concerns like communication, agric, trans oil and gas, insurance, even
pfa's, importation and so on. So how can they lend u money to compete with them? They don't wanty be put out of biz?

Can you imagine what panic this will cal 'morrow when this news get to the news media?? I expect a run on these banks come monday.

Finecat:

You just now figuring that out?? Didn't i predict this late last year. Sanusi is bringing a new era into banking and most bankers will run away from the job when the guy finish his reform. No bank in Naija is sound!!

uhmm. . .lemme sleep over this.

@No2Atheism
No, I am not a beneficiary.  I am able to see things from a little bit different perspective.  I have been at CBN, First Bank and now at a bank overseas.

IFELEKE:

uhmm. . .lemme sleep over this.

Yeah sleep over it, just make sure is the long one. Yeye bank worker !!

We need more Sanusis in this country. Long Live Sanusi, Long live the republic

For those still in doubt on the powers of the CBN, as provided for in BOFIA, the CBN Governor responds :

", Consequently, having reviewed all the reports of the examiners and the comments of the Directors and Deputy Governors, I am satisfied that these 5 institutions are in a grave situation and that their Management have acted in a manner detrimental to the interest of their depositors and creditors. Therefore, in exercise of my powers as contained in Sections 33 and 35 of the Banks and other Financial institutions Act 1991, as amended, and after securing the consent of the Board Directors of the CBN. I hereby remove the Managing Directors and the Executive Directors of the following banks from office with effect from Friday, August 14, 2009.
1.
Afribank Plc
2.
Intercontinental Bank Plc
3.
Union Bank of Nigeria Plc
4.
Oceanic International Bank Plc
5.
FinBank Plc
These persons forthwith cease to be directors and officers of their respective banks."

@ Finecat,

Your comments are at best , of no substance!

Finecat:

Can you imagine what panic this will cal 'morrow when this news get to the news media?? I expect a run on these banks come monday.

The news already hit all the relevant organs of the mass media; and it did very shortly after the decision was made pubic. And for at least two of those banks, it was certain that the management had to face some death-dealing music. But panic selling? Who'll be buying? These banks are broker than broke. . . Monday 'll tell. Any big investor worth their salt would've picked these up; several analysts did. And it's been well-known Nigerian banks have been sick for a long time. Soludo exposed some of the underbelly. Now, Sanusi - a credit/risk man - is ripping open the rotten flesh of that underbelly. It's not going to be pretty; the stink will remain.
.

Been trying to google up the names of the new CEOs to see their backgrounds. Nothing really outstanding. Not that I was expecting anything outstanding considering the people we haeve in government anyways.

What I would do if I had a lot of money is to buy up safer currencies, there is going to be some run on the Naira very soon. Much harder than the end of last year/ early this year.

Monetary sector in Naija is experiencing what other countries had last year, of course our own case is another case

 

Donmeca:

Nigerian banks are not only banks but banking groups. All of them have business concerns like communication, agric, trans oil and gas, insurance, even
pfa's, importation and so on. So how can they lend u money to compete with them? They don't wanty be put out of biz?

Well said, however, it is better they come clean to the masses then.

dearie:

@ Finecat,

Your comments are at best , of no substance!

Another banker, you guys are so easy to recognize. Always naive and lack analogy. It must be suck being you now.

Finecat:

Another banker, you guys are so easy to recognize. Always naive and lack analogy. It must be suck being you now.

haaaaaaaaaaaaaaaa
easy oh

Finally the CEOs and Executive Directors that have hitherto been systematically stealing depositors and shareholders' money by sharing money among themselves in the form of loan which they will later fraudulently claim to be bad debts to the banks, have met their waterloo. I be live this is a step forward towards sanitizing the banking sector and restoring investors and depositors confidence again. I hope is going to be a continuous process and will also extend to other banks that are found wanting of any mishap.

One more thing I will actually love Sanusi to do is to investigate the rationale behind excessive, unnecessary and unexplainable deductions and charges some of these banks do. One of the banks known for this fraudulent and evil activity with headquarters in Marina, charges you for almost everything and funny enough without any genuine reason. I guess they even charge you for going into the banking premises, hall, Ac's etc

Something urgent ought to be done and this should be wholestic and sincere and absolutely devoid of any witchunting or victimization and politics.

This is a great decision only few people would not have hesitated to take. Sanusi did a great job. When SLS hinted of the bank audit exercise, I knew a lot of abracadabras going on in banks would be blown open but I never knew it could get to the extent of sacking these super CEOs. We only hope that Yar'adua will give Sanusi free hands. The man is a strict disciplinarian and a complete no-nonsense man. Sacking his colleagues is no small decision. Akingbola tried to stop him by prevailing on Obj but to no avail.

It was an open secret that all was not yet well with our banks.  I'm not canvassing for any bank, but if there is any bank I can vouch for it's cleanness(or at least near-cleanness) it has to be GTB, that is if the strong corporate governance built by Fola Adeola has not collapsed.

All these Intercontinental and Oceanic banks will now let us hear words on their market leadership noises, while the rating institutions that have been awarding both of them Nigeria's best banks will now know that there is more to it than those cooked results.

Now First Bank will easily lead the market by miles, and with strong warning to Zenith, it will also thread softly.

With this, Sanusi has won more fans. I can't wait to read the analyses and commentaries of newspaper columnists and analysts in the next two weeks.

First bank all the way/
i am sure their own time will come too and sooner or later, there will be some axe up their a$$

Hmmn, I pray this will translate to better deal for the banking community.

Observator:

Hmmn, I pray this will translate to better deal for the banking community.

Amen to dat

A big lesson for other CEO's.