are u suggesting that so long as there is room for improvement then a predecessor was a failure?

Nigerians self.

Go and research what continuous improvement means and stop posting topics without giving opinions, just annoying headlines.

Go and research what continuous improvement means and stop posting topics without giving opinions, just annoying headlines


This is not continious improvement, this is a titanic shift, and sabotage cannot be ruled out.

Soludo's tenure has ended

its up to Sanusi to do with his tenure what he likes

History, Efficeincy of these Banks and the Banking industry as a whole, its effects on the economy will judge whether Sanusi is right or wrong. It should not be about what Soludo thinks or did not do. His tenure has passed and he left with flying colours in my book.

I also heard Sanusi is removing 'costly petrol subsidies'. We will see the impact as time goes. I understand IMF has already congratulated him on the policy. All I will say is we should have a CBN Governor able to think strategically of what is in Nigeria's economic interests regardless of what IMF thinks.

Petrol subsidies are not some kind of gift to Nigerians or some kind of socialist policy when there are options. Petrol Subsidies are inevitable. So long as our Government continues to export crude and import petrol, I think petrol subsidy is a moral responsibility. So long as our Government refuse to build enough refineries to cater for local petrol consumption, Government has no choice but to subsidise import.

But if Sanusi is taking those subsidies away, I hope he comes up with credible reasons than what his ecomics text books teaches him about free market economy.

Going forward his decisions and policies will be judged on how sound our economy is when he met them and how he left them not how they differ from those of Soludo's.

Soludo has done his bit and his name is forever written in gold for all fair analysts.

His tenure has passed and he left with flying colours in my book.


I dont think he left in flying colors if gross maladministration and dis-regard for banking rules and regualtion is surfacing 2 months to the end of his tenure. It simply means that he has not be doing his job. If these inadequecies were to come to the open 2 years after his tenure, he could be exempted not 2 months to the end of his tenure. He is culpable.


Soludo has done his bit and his name is forever written in gold for all fair analysts -

not in my book if u own a company and the managers have mis-managed all the funds, the company is now dithering on bankruptcy and insolvency, and Soludo is suppose to be the overall boss I dont think u will be too happy to write his name gold.

KnowAll:

I dont think he left in flying colors if gross maladministration and dis-regard for banking rules and regualtion is surfacing 2 months to the end of his tenure. It simply means that he has not be doing his job. If these inadequecies were to come to the open 2 years after his tenure, he could be exempted not 2 months to the end of his tenure. He is culpable.

not in my book if u own a company and the managers have mis-managed all the funds, the company is now dithering on bankruptcy and insolvency, and Soludo is suppose to be the overall boss I dont think u will be too happy to write his name gold.

Who cares what you think or what is in your book you bigoted dirty minded Nigerian!
Tomorrow, you will be the first to start a thread enjoining all nigerians to start a revolution. Why wouldnt I think that you will sabotage me with your dirty tribal mind?

KnowAll:

His tenure has passed and he left with flying colours in my book.


I dont think he left in flying colors if gross maladministration and dis-regard for banking rules and regualtion is surfacing 2 months to the end of his tenure. It simply means that he has not be doing his job. If these inadequecies were to come to the open 2 years after his tenure, he could be exempted not 2 months to the end of his tenure. He is culpable.


Soludo has done his bit and his name is forever written in gold for all fair analysts -

not in my book if u own a company and the managers have mis-managed all the funds, the company is now dithering on bankruptcy and insolvency, and Soludo is suppose to be the overall boss I dont think u will be too happy to write his name gold.

Note: I said for all fair minded analysts

you can conclude what you like.

This is how Yar'adua entered into office instead of trying to come up with good ideas, he spent more time sending signals of troubles, undermining OBJ through Ribadu, El-rufai and all of them. 2 years later we have not seen any progress yet.

There is no point getting into any kind of debate, the new CBN Governor controls the affairs of the CBN, he controls stats, performance figures etc. He can spin them into whatever he likes to support whatever agenda he has. But 2 years down the line we will not be talking about statistical projections anymore, we will be talking about results.

So lets wait and see.

Who cares what you think or what is in your book you bigoted dirty minded Nigerian!
Tomorrow, you will be the first to start a thread enjoining all nigerians to start a revolution. Why wouldnt I think that you will sabotage me with your dirty tribal mind?


I expected the one  way traffic thinking Igbo man to come out all guns blazing in support of his kins man earlier rather than this late, and true to my gut feeling they will always show up, face it man your guy cocked up and I am not against him because of his tribe, I am only pointing out his short comings which is hard for you to swallow because his from your tribe. The fact is he is a wealthy man now I dont suppose he is sharing his loot with you why let him off the hangman's noose. If he were a yoruba man I will attack him with the same venom.  You can ask your Mr moderator I posted somthing about Fashola and the Lagos Local Coucil development area, it was deleted 3 times. I am very objective.

KnowAll:

Who cares what you think or what is in your book you bigoted dirty minded Nigerian!
Tomorrow, you will be the first to start a thread enjoining all nigerians to start a revolution. Why wouldnt I think that you will sabotage me with your dirty tribal mind?


I expected the one  way traffic thinking Igbo man to come out all guns blazing in support of his kins man earlier rather than this late, and true to my gut feeling they will always show up, face it man your guy cocked up and I am not against him because of his tribe, I am only pointing out his short comings which is hard for you to swallow because his from your tribe. The fact is he is a wealthy man now I dont suppose he is sharing his loot with you why let him off the hangman's noose. If he were a yoruba man I will attack him with the same venom.  You can ask your Mr moderator I posted somthing about Fashola and the Lagos Local Coucil development area, it was deleted 3 times. I am very objective.

the fact that there are areas Soludo should have done better does not amount to total failure. He is about the most successful CBN Governor so far, if you disagree tell us who was better and why?

and BTW you are judging your argument on 5 Bank chiefs being fired, well I can tell you that that is the easy bit.
The difficult bit is how 'firing 5 banks chiefs simultaneously, holding an interview with FT of london suggesting that Nigerian Banks are in distress, and campaining that the only solution to reviving Nigerian economy is Foreign takeover of the only industry that seems to be doing just fine' will improve the economy.
with time we will not have the luxury of talking about signs, we will be talking about results.

so lets wait and see.

KnowAll:

I expected the one  way traffic thinking Igbo man to come out all guns blazing in support of his kins man earlier rather than this late, and true to my gut feeling they will always show up, face it man your guy cocked up and I am not against him because of his tribe, I am only pointing out his short comings which is hard for you to swallow because his from your tribe. The fact is he is a wealthy man now I dont suppose he is sharing his loot with you why let him off the hangman's noose. If he were a yoruba man I will attack him with the same venom.  You can ask your Mr moderator I posted somthing about Fashola and the Lagos Local Coucil development area, it was deleted 3 times. I am very objective.

Take it or leave it; I dont give a damn about soludo as an Igbo man. He was the Nigerian CBN gov and not Ndigbo cbn gov. And just like Ribadu and co, he sure must have had some shortcomings while he was the CBN governor, but it will take a good for nothing tribalist to conclude that Soludo was a failure.

nuzo:

Take it or leave it; I dont give a damn about soludo as an Igbo man. He was the Nigerian CBN gov and not Ndigbo cbn gov. And just like Ribadu and co, he sure must have had some shortcomings while he was the CBN governor, but it will take a good for nothing tribalist to conclude that Soludo was a failure.

you know the tactics here is the same used against el-rufai and Ribadu.

Aliyu Modibbo came into office attacking El-Rufai's records just so that he will set the standards for himself very low. we all know how Modibbo ended. Waziri took the same path too.

This is a sign of laziness. only lazy men set the bar so low for themselves.

I hope for the sake of Nigeria Sanusi does not go down this path.

but it will take a good for nothing tribalist to conclude that Soludo was a failure.


Tell Mr Moderator to post my stance on Fasholas LG develoment council, after reading that peice u will know where I stand in trying to sanitise our nation. To call me a bigot or tribalist is an unfortunate term in which I reserve my comment, I will not go down that line it sets the men from the boys in forums like this.

KnowAll:

but it will take a good for nothing tribalist to conclude that Soludo was a failure.


Tell Mr Moderator to post my stance on Fasholas LG develoment council, after reading that peice u will know where I stand in trying to sanitise our nation. To call me a bigot or tribalist is an unfortunate term in which I reserve my comment, I will not go down that line it sets the men from the boys in forums like this.

I don't think you did a good job with that when you suggested in your earlier post that folks who were Igbo will jump on the thread to defend Soludo, thereby suggesting that all who think Soludo succeeded do so because they are Igbo.

He is about the most successful CBN Governor so far, if you disagree tell us who was better and why?


I only know of 2 CBN bosses Soludo and Sanusi any other Governor under Military regimes have a gun to their temple and will only do as their master wishes.

KnowAll:

He is about the most successful CBN Governor so far, if you disagree tell us who was better and why?


I only know of 2 CBN bosses Soludo and Sanusi any other Governor under Military regimes have a gun to their temple and will only do as their master wishes.

well if that is what you think, then there is nothing to compare then, as Sanusi has no records yet. BTW Soludo was not CBN Governor from 1999 when Nigeria returned to democracy.

we can only wait.

But surely the man who tried to get Nigeria's banking operations up to speed with the 21st century was not a failure.

KnowAll:

Tell Mr Moderator to post my stance on Fasholas LG develoment council, after reading that peice u will know where I stand in trying to sanitise our nation. To call me a bigot or tribalist is an unfortunate term in which I reserve my comment, I will not go down that line it sets the men from the boys in forums like this.

Hope you are not mistaking me for another person because Ive always admired and encourage your passion for a waving change in Nigeria.
Having said that, I wouldnt shy away from the fact that you come across as a tribalist as seen in a few of your comments on nairaland.

Can you imagine it 2 months into the end of soludo's  tenure , kataka don burst .  Solodu did have his merits but it is looking like the disasters is going to outweigh his successes.

It will be a lie to deny that soludo did not know that banks were cooking books.  But i believe he could not stand up to these powerful executives

I don't think you did a good job with that when you suggested in your earlier post that folks who were Igbo will jump on the thread to defend Soludo, thereby suggesting that all who think Soludo succeeded do so because they are Igbo.

I am not against any objective crititism either for or against, what I am against is blatant support for what is clearly a deceit just because the person concerned is your kins man. I call it the Hutu/Tutsi anomaly which could be devastating to any society.

Aliyu Modibbo came into office attacking El-Rufai's records just so that he will set the standards for himself very low. we all know how Modibbo ended. Waziri took the same path too

It's a common strategy of Yaradua and most of his appointees. After terminating many of obj's programmes, what effective alternatives has he proffered? None. That's what happens when under-achievers replace effective leaders.

Sanusi's attempt at rubishing his predecesor's accomplishments has been quite obvious.  However, like someone stated earlier, firing executives is the easy bit. It's the results that'll count.

KnowAll:

I don't think you did a good job with that when you suggested in your earlier post that folks who were Igbo will jump on the thread to defend Soludo, thereby suggesting that all who think Soludo succeeded do so because they are Igbo.

I am not against any objective crititism either for or against, what I am against is blatant support for what is clearly a deceit just because the person concerned is your kins man. I call it the Hutu/Tutsi anomaly which could be devastating to any society.

I think you should check whether the issue here is your perception of what you think these folks are doing.

I doubt if any of these folks will celebrate the likes of Andy Ubah . . . . . because going by your standards they should.

Soludo's policies created an enabling environment for this 'so called' over borrowing to become more apparent. I say so called because gearing and leveraging are standard financial practice. It only becomes a problem when it goes wrong.

Is there a touch of 'Ribadu's Selective Justice' about this move? If these are the only 5 banks in trouble, then well done, if not please take similar measures with the rest.

KnowAll:

The unfortunate thing about the whole Soludo saga is, well I am not too sure we read that he is going to run for the Governorship of Anambra state under the banner of PDP, one is tempted to ask this question " Is this how the PDP treats one of its own", why was he encouraged to run for the Governorship when the FG will later pull the rug under his feet, they have just giving the opposition ammunition to fight their man. Is the PDP just a fluke .

not sure how this contributes to the argument about Soludo's records

I think the only thing clear here is your personal disdain for Soludo which you have every right to have. But to try to paint them as a widely held view is ridiculous.

Sanusi has started well but I do not think Soludo was a failure. Sanusi outperforming Soludo does not mean Soludo was a failure. In fact, everybody was unanimous dat Soludo floored his predecessors, bringing vibrancy to a position dat, hitherto, nobody other than bankers cared about. If not for Soludo's bringing of life to CBN governorship, the debate on who succeeded him would not av been dat intense. This will be anoda test 4 whoever is going to succeed Sanusi dat CBN guvship is no longer 4 d lily-livered. The whole nation is now interested. You must be seen working. You av to improve on ur predecessor's shortcomings.

I do not tink it is fair to castigate Soludo. His consolidatn exercise, weda we like it or not, was well timed and as we all see, led to a boom in the financial sector and d sector turned out to be the largest absorber of graduates.  Soludo was no doubt also aware dat  all was not well wt dese banks, but rather than visiting dem heavily, he exercised d option of secretly bailing dem out, but it did not work. It will be foolhardy of Sanusi to continue wt d secret bailing out, esp wen he realized dat dey were using unethical means to cover up. Let's leave Soludo rather than hold him responsible.

Like I argued in anoda thread, beyond academic  qualifications and even professional experience, the skill and attitude of a person is equally important in looking @ who's fit for a job. No-nonsense and zero tolerance for indiscipline and breach of ethics. That is who Sanusi is.  Sanusi is a fearless professional and a disciplinarian to fault. Even as ordinary AGM in UBA, he fought his state governor to standstill. A Phd in Economics and a Harvard cert will not do ds 4 u. This is wia I have problems wt dose dat argue dat Sanusi has no more dan Msc from ABU and dismissed him as incompetent.

As 4 dose arguing that this Sanusi shocker is a northern agenda, dey obviously know nothing about the man Lamido Sanusi. While I do not rule out the north having any agenda, the SLS I know is the last person dey can use to hatch dia agenda.I am too sure Lamido Sanusi will neva do d bidding of any ethnic group. They will rada remove him and put anoda person. This Sanusi can not be a pawn in any ethnic group's political chess game. Sanusi ranks in d  same level wt Gani Fawehinmi in my list of Nigerian personalities I can put my money on dia trustworthiness. I av said somewhere dat d Sanusi I know has d gut to resign if not given free hands to operate. I only hope the evil desire to keep his job will not make him deviate or bow to political pressure and compromise.

In fact, everybody was unanimous dat Soludo floored his predecessors, bringing vibrancy to a position dat, hitherto, nobody other than bankers cared about. If not for Soludo's bringing of life to CBN governorship, the debate on who succeeded him would not av been dat intense. This will be anoda test 4 whoever is going to succeed Sanusi dat CBN guvship is no longer 4 d lily-livered. The whole nation is now interested. You must be seen working. You av to improve on ur predecessor's shortcomings.


Unfortunately Soludo did not have any predecessor neither did the Nation have a central Bank in the real sense of it, or how else can one explained the over night closure of Society Generale and the bank's vault emptied by the Saraki family. To compare Soludo to whoever was supposed to be the CBN boss at the time is to belittle Soludo. Soludo can only be compared with Sanusi and Sanusi has started well by firing a huge salvo.

KnowAll:

In fact, everybody was unanimous dat Soludo floored his predecessors, bringing vibrancy to a position dat, hitherto, nobody other than bankers cared about. If not for Soludo's bringing of life to CBN governorship, the debate on who succeeded him would not av been dat intense. This will be anoda test 4 whoever is going to succeed Sanusi dat CBN guvship is no longer 4 d lily-livered. The whole nation is now interested. You must be seen working. You av to improve on ur predecessor's shortcomings.


Unfortunately Soludo did not have any predecessor neither did the Nation have a central Bank in the real sense of it, or how else can one explained the over night closure of Society Generale and the bank's vault emptied by the Saraki family. To compare Soludo to whoever was supposed to be the CBN boss at the time is to belittle Soludo. Soludo can only be compared with Sanusi and Sanusi has started well by firing a huge salvo.

what u dont realise is that this argument is floored

are u suggesting that there were no banks? no regulation? no monetary policy? before civilian Government?

Are u suggesting that countries like china where their democracy is less than perfect have no reserve bank?

Joseph Sanusi was CBN Governor untill 2003 before Soludo took over. so where do you get your argument from.

this thread is just for the purpose of isolating Soludo, his records and murdering it.

its of no use to people who wanna talk about economics.

By the way like I said, firing bank bosses is not much of an achievement . . . . . it gets even more questionable when 60% of those bank bosses were replaced by ex-FBN players a bank which happens to be from where Lamido Sanusi himself originated from.

Like I said, time will tell.

It is really annoying when people type in either short hand or capitals. I think it is disrespectful.

Two reason why some people might be happy with the firing:

1. To vindicate their earlier and continuing stances that Soludo was/is/will always be a failure no matter how well he might seem to have fared.

2. To see those big time CEOs go down not minding the timing and the after effects.

It was a good move with bad timing and poor style. However, Im happy with the guts Sanusi displayed while not hoping he did it for a personal agenda.

Topic.

Capital NOPE.

nuzo:

Two reason why some people might be happy with the firing:

1. To vindicate their earlier and continuing stances that Soludo was/is/will always be a failure no matter how well he might seem to have fared.

2. To see those big time CEOs go down not minding the timing and the after effects.

It was a good move with bad timing and poor style. However, Im happy with the guts Sanusi displayed while not hoping he did it for a personal agenda.

Is that combination possible?
The interventionist style displayed by Sanusi might not bode well for both the CBN and the private sector. If he was at an individual bank, such actions might be acceptable. The Naira fell 2% due to investor fears on Friday alone.

Soludo played a major role in building foreign confidence in Nigerian banks. Lets hope Sanusi does not kill it.

what u dont realise is that this argument is floored

are u suggesting that there were no banks? no regulation? no monetary policy? before civilian Government?

Are u suggesting that countries like china where their democracy is less than perfect have no reserve bank?

Joseph Sanusi was CBN Governor untill 2003 before Soludo took over. so where do you get your argument from.

this thread is just for the purpose of isolating Soludo, his records and murdering it.

its of no use to people who wanna talk about economics.

By the way like I said, firing bank bosses is not much of an achievement . . . . . it gets even more questionable when 60% of those bank bosses were replaced by ex-FBN players a bank which happens to be from where Lamido Sanusi himself originated from.

Like I said, time will tell.



You are employed as a London Bus driver to drive from point A to B, on your first day at the Bus depot you were handed the keys to your Bus, you opened the doors to your Bus, entered, adjusted the seat to your prefrence, notice a bit of dirt at the back seat of the Bus, did a quick clean out of the Bus, both inside and outside. Checked your time it is almost noon decided to have your sandwich and then read the Sun newspaper meanwhile all the time eyeing the sumptious page 3 girls steering back at you, her steer made u wonder wether she was really staring at you b4 you where brought back to reality by a knock on the door.  Seeing that the person on the door was an old lady who was enquiring if the bus was in operation. You quickly answered back in your brash harsh voice No!! No!!.  You now took the Bus round the corner from your depot parked and have good keep (sleep) only to report back to the depot at 5.00 pm to hand over the keys to the depot manager.

Using the above analogy would you say this gentleman accomplish his primary task which is driving the Bus from point A to Point B. The answer will be no, no.

Would you say the gentleman took possession of the Bus, the answer is yes, yes. The fact that he took possesion of the bus does not mean he acheive his primary goal which is driving from point A to B

Would you say Soludo occupied the CBN's  seat, of course yes,

did he supervise, regulate, and enforce banking rules and regualtion to the letter, the answer will be a Capital NO,

hence a very wide shift in policy by the current CBN Boss, it simply means due process was not adhered to and followed it has been seriously compromised.

You have to remember the CBN has other mundane task aside its regulatory duties these aspect of the job might have been giving more priority by Soludo. So it will be ill judge to say he was a total failure. But then you ask yourself that a boss who gives more priority to mundane task over  its core regulatory duties is such a boss fit to be labelled a financial genius or top dog in finance I think I beg to differ on that.

Soludo did well. Though I always criticized him, it was because I knew he could do much better but I guess he was trying to move at a pace which the economy could withstand.


At the time Soludo became Governor of the CBN, the state of Nigerian Banks was horrific. All the commercial banks did back then was round tripping of dollar/Naira to make billions.


They made withdrawal a nightmare, yet now ATMs everywhere.


Stories of people getting loans were fantasies from farfetched kingdoms. Today we see some loans and a lot of leases.

Bank services have become much better. Customer service et al.


In terms of the commercial banks, Soludo did the most he could. My problem with him is mostly his passion for printing and reprinting notes, minting millions of useless coins, trying to redenominate or redecimalize just like Ghana did which has lost them 50% value of everything they own. He didn't make public the cost of printing N20 polymer notes. He wanted to convert all our currency to polymer just before his tenure was up. And why in the name of Osun should any living being want to withdraw ATMs from public buildings?


The banks were far worse before Soludo came so he didn't actually fail in that aspect. The bankers wanted to fail, they planned to fail and they worked towards failure.


The blame goes to the shareholders who do not question what the bank does with their money. I removedug little money I had simply because my elder brother who was a GTB exec couldn't give me a decent enough explanation as to why they changed their brand colours. Besides they wanted me to provide collateral to get a loan less than N150 K meanwhile when I came to invest in shares worth more than N200 K in their bank, they didn't give me any collateral.


Nigerians are too docile for my liking. How can fund a company through purchase of shares and you cannot ask questions. Buying of shares is nothing different from voting how can you invest your money and not be proactive.