Sanusi has ignored our laws and adopted the motor park approach .

1- Chapter 4 Section 37 of the constitution states the following:
The privacy of citizens, their homes, correspondence, telephone conversations and telegraphic communications is hereby guaranteed and protected.

2- The Companies and Allied Matters Act (CAMA) recognises that in some cases the company may be unwilling or unable to pay its debts and consequently becomes insolvent, the law therefore provides various insolvency procedures.These procedures have not been followed.

3- Sanusi has failed to introduce a deposit guarantee scheme to protect private consumers and their deposits.

4- CBN have already admitted that their list of debtors had errors.

5- Sanusi has destroyed confidence in the entire finance sector in Nigeria.


This has nothing to do with ethnicity, his actions actions are laced with incompetence and malevolence. For conduct unbecoming of a central bank governor and akin to an agbero. Sanusi must Go!

I find his modus operandi quite questionable, its a shame he has disgraced the apex bank of the nation.I think it right that he himself be relieved of his duty as CBN governor.

SapeleGuy:

Sanusi has ignored our laws and adopted the motor park approach .

1- [s]Chapter 4 Section 37 of the constitution states the following:
The privacy of citizens, their homes, correspondence, telephone conversations and telegraphic communications is hereby guaranteed and protected[/s].

2- The Companies and Allied Matters Act (CAMA) recognises that in some cases the company may be unwilling or unable to pay its debts and consequently becomes insolvent, the law therefore provides various insolvency procedures.These procedures have not been followed.

3- Sanusi has failed to introduce a deposit guarantee scheme to protect private consumers and their deposits.

4- CBN have already admitted that their list of debtors had errors.

5- Sanusi has destroyed confidence in the entire finance sector in Nigeria.


This has nothing to do with ethnicity, his actions actions are laced with incompetence and malevolence. For conduct unbecoming of a central bank governor and akin to an agbero. Sanusi must Go!

Ah ah! so soon?
Abeg, let him finish what he started; some good might come out of it. However, I wouldn't be surprised if the end becomes disastrous.

Motor park approach suites a Motor park nation and citizens.

A nation like Nigeria does not adhere to the official rules we have people in place ready to frustrate the system be it lawyers, cabal, Judges, Ministers. In these situation the only thing that works is the element of surprise.

why did the poster not ask RIBADU those questions when he did ten times worse that Sanusi , Nigerians were hailing him for using extra-judiciary means because they felt the judiciary system is slow and ineffective.

What would have happened if sanusi allowed the 5 banks to continue to put CBN and other banks under stress by over-borrowing, and then finally crash. Just one of them crashing can bring down the whole financial system. And i suspect that if Sanusi did not act fast alone, the matter might have been resolved "the PDP family way" and Sanusi would have been powerless.

Do not forget, Sanusi could not be investigating the Banks and have the former management in place, they would confuse the whole figures and use the media to frustrate Sanusi. In some cases, you might even hear of "mysterious fire" gulping up the account section of the head offices and their server crashing at the same time. THIS IS NIGERIA.

So until someone can prove to me that Sanusi is pursuing a personal, political, ethnic or religious agenda, and show he is lying against the former managements, or even being selective in his operations, then i would withdraw my support for him. After all the courts are there (remember Savannah bank). Until then i support Sanusi 100%.

By not guaranteeing the hard earned deposits of average and honest nigerian, he is guilty of what he is accusing others. If the banks crash the people will still lose their money. The common man or woman is not protected.

I still ask the following questions;

1) why the rush?

2) Why didn't he wait for the audit of the 24 banks to be completed?

3) is he not giving undue advantage to the banks yet to be audited?

"Since the CBN action was taken, no foreign correspondent bank was willing to honour letters of credit from their Nigerian counterpart banks anymore the confidence built up by the era of consolidation has been frittered away over-night”

Sunny_bobo:

I still ask the following questions;

1) why the rush?

Because, waiting any longer would give the people involved (suspects), time to plan a counterattack, and they are very wealthy, have political clout, and control the media (almost all of them). They even have international connections.

Sunny_bobo:

2) Why didn't he wait for the audit of the 24 banks to be completed?

Because, one time factor as stated above. But more importantly, they are the ones over-borrowing from the central bank and other banks to meet their financial obligation,  putting stress on the inter-bank rates and interest rates in general. Also if all 24 were completed before taking action and it was found that a lot of them have breached public trust, it would be impossible to sanction them all without collapsing the entire system. Beside CBN would not be able to cope. Piece meal method is still the most practical approach, taking the severe cases first.

Sunny_bobo:

3) is he not giving undue advantage to the banks yet to be audited?

Maybe, but the health of the other banks is not as severe as the once axed, and their suspected misdemeanor is not as serious.

SapeleGuy:

By not guaranteeing the hard earned deposits of average and honest nigerian, he is guilty of what he is accusing others. If the banks crash the people will still lose their money. The common man or woman is not protected.

I wonder why you are blaming  you keep blaming Sanusi for not guaranteeing deposits, he had only been there for two months, why do you not go to anambra and ask soludo that question. Besides how do you guarantee deposits, when the banks do not give the CBN a true picture of their state of affairs, they cook up the books. That would be an avenue for dishonest banks to perpetuate fraud. He needs to clean up the system first.

Do not worry about foreign banks, they are just waiting for the dust to settle to know the true state of affairs, they will still be doing business with us. After all under the most repressive military regimes, they opened letters of credit, how about now when we are in a "democracy".

Sunny_bobo:

I still ask the following questions;

1) why the rush?

2) Why didn't he wait for the audit of the 24 banks to be completed?

3) is he not giving undue advantage to the banks yet to be audited?

1, the Previous governor introduced the bank auditors since last year or 2 years ago, he didnt do anything since


2, knowing nigerians some judas like those cbn officials sacked would have leaked the results and impending actions to their allies

3, banks yet to be audited are actually being audited, where do u want to move money to or from within the industry without the cbn knowing?
and all their previous 'provisions' cannot be deleted all of a sudden

every year these banks make 'provisions' here and there without actually trying to collect their money from debtors or restructuring their loans, they just pally and
allow the monebag to do the same to another banks


why are the banks just begging the president to help them collect their money this year or this month, what happened in the previous years? they didnt need the money?

Wirinet - There is no country where fraud does not exist. That fear should not stop Sanusi from say gauranteeing the first 10 million naira in all deposit accounts. Let him see how it was done in England.

Is it really worth it that international banks are no longer honouring letters of credit from nigerian banks. On that score alone his policy has failed. How long will it take for that confidence to return?

SapeleGuy:

Wirinet - There is no country where fraud does not exist. That fear should not stop Sanusi from say gauranteeing the first 10 million naira in all deposit accounts. Let him see how it was done in England.

Is it really worth it that international banks are no longer honouring letters of credit from nigerian banks. On that score alone his policy has failed. How long will it take for that confidence to return?

My guy how area, i am from waffi, so u be my broda.

Yes fraud exists in most countries, but the Nigerian case is exceptional. Other countries corruption does not have as much effect on the country is it is the case with us. Besides people caught in those other countries are actually punished when caught.

Do not worry, i am sure they are waiting for the new man to finish whatever he is doing. Also i am certain that they would deal with one or two banks like first bank.

wirinet:

My guy how area, i am from waffi, so u be my broda.

Yes fraud exists in most countries, but the Nigerian case is exceptional. Other countries corruption does not have as much effect on the country is it is the case with us. Besides people caught in those other countries are actually punished when caught.

Do not worry, i am sure they are waiting for the new man to finish whatever he is doing. Also i am certain that they would deal with one or two banks like first bank.

Wirinet - We hold our side. I troway salute.

The truth is EFCC can not make these people pay unless they are taken to court? You cannot have selective application of justice. If we are to move forward let us be fair and consistent. Mark my words you will begin to see businesses collapse as a result of this.

Finally, we need to wait and see who these banks will finally be sold to.

SapeleGuy:

Wirinet - We hold our side. I troway salute.

The truth is EFCC can not make these people pay unless they are taken to court? You cannot have selective application of justice. If we are to move forward let us be fair and consistent. Mark my words you will begin to see businesses collapse as a result of this.

Finally, we need to wait and see who these banks will finally be sold to.

The EFCC is asking them to make arrangement for payment or at least speak to their creditors, instead of just waving them away

The banks will nominate people to take over these businesses and if they are empty big building they will be auctioned of to recover their money
Its about time people get loans based on business plans they present rather than big belly politicians they know

_{do you really thing northerners are interested in running banks?}

nuzo:

Ah ah! so soon?
Abeg, let him finish what he started; some good might come out of it. However, I wouldn't be surprised if the end becomes disastrous.

Regardless of the outcome the CBN and the Financial Sector will come out of it weaker institution, thats not how any CBN Governor wants to start work in their first 6 months. Someone should rain in on this guy before he destroys other people's hard work.

His actions are too brash, while it might be help to have a hot head as EFCC chairman, we don't need hot heads in the Finance Sector because you might have other intentions but destroy the sector with how you prosecute those actions.

Ibrahim to CBN: Publish debts owed banks by MDAs, state govts

There appears to be no let up between the Central Bank of Nigeria and the alleged debtors of the five troubled banks whose names were published in an advertorial by the apex bank on Tuesday.

One of the debtors, Barrister Jimoh Ibrahim, has challenged the CBN to prove its fairness by publishing the full list of all debtors including debts owed the banks by Ministries, Departments and Agencies (MDAs) and the state governments.

Ibrahim, who was reacting to a statement by the CBN which ignored his threat to go to court to challenge the N14.7bn debt said to be owed Oceanic Bank by Global Fleet Industries Limited, said the CBN was being economical with the truth as it was yet to make the full disclosures of the ‘real’ debtors.

Insisting that he would still drag the CBN before the court for describing his debt as "non-performing" and publishing an inflated debt profile, Ibrahim said the bank should have admitted in its statement that it erred in not publishing the Reducing Balance as it affected his company.

The Group Managing Director of Global Fleet Industries said, "Now, the CBN has admitted that their figures are inaccurate. But they are still being economical with the truth.

"In my own case, my payments to Oceanic Bank were done before May 31, 2009 which is the cut off date of the CBN, according to the fresh statement it issued. Naturally, my payments ought to have reflected in the Reducing Balance which is slightly above N8bn.

"So, I will still go to court, sue the CBN and claim damages unless the CBN specifically retracts the figures published because the real debts, in my view, have not yet been published.

"We should stop this game of reducing some people’s debt on the basis of computer or typographical errors. Let the CBN publish the name of government departments and state governments that also owe the banks.

"And finally, the non-performing loans of First Bank and other banks cleared by Sanusi should be published."

Ibrahim also spoke on the directive that the affected debtors should go to the banks clarify the mix-up in figures.

"I have said it before that the CBN is not my regulator. I do not work under the CBN. The CBN ought to have directed the banks to come to us and reconcile with us. But it is commendable that, at least, the CBN has come to see the mistake and Nigerians now know the truth.

"I advise the CBN to publish the exact figures, the debtors and the amount. And Sanusi should not cover anybody because that is the only way to bring credibility into the entire exercise", he stated

I am with Jimoh Ibrahim on this one

Since Sanusi wants to run the CBN on the pages of the Newspaper, let it go full circle and lets see who blinks first.

If Sanusi Lamido does not release the full list then he should be ashamed of himself and everything he believes in.

I new the tide will soon turn but did not know it will happen this quickly

Financial Times and Guardian UK will soon desert Sanusi and he will realise who he truly answers to.

SapeleGuy:

Wirinet - There is no country where fraud does not exist. That fear should not stop Sanusi from say gauranteeing the first 10 million naira in all deposit accounts. Let him see how it was done in England.

Is it really worth it that international banks are no longer honouring letters of credit from nigerian banks. On that score alone his policy has failed. How long will it take for that confidence to return?

I believe up to N100,000 is guaranteed. Is that not the responsibility of NDIC to guarantee money and not that of the CBN ?

naijatoday:

I believe up to N100,000 is guaranteed. Is that not the responsibility of NDIC to guarantee money and not that of the CBN ?

I think you hit the nail on the head N100,000 is not even enough for 2 nights in a decent hotel, what type of deposit guarantee is that for peoples life savings.

SapeleGuy:

I think you hit the nail on the head N100,000 is not even enough for 2 nights in a decent hotel, what type of deposit guarantee is that for peoples life savings.

Is it not up to the banks to insure your money with the NDIC? I agree with you that N100,000 is to small.

Sanusi: I prefer sale of five troubled banks – The Nation

August 21, 2009 by Bunmi Awolusi

A rescue operation is on the way for the five troubled banks. The move includes selling them to stronger institutions, Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi said yesterday.

Sanusi, who spoke at a meeting of central bankers in Kinshasa, Democratic Republic of Congo (DRC), said: “I would rather have those banks valued properly and purchased by other banks.”

He added: “Then in the event of there being some resolution costs, finding a way of taking those costs and writing it over a long term, which would probably mean issuing some kind of bond over a 10- or 15-year period with National Assembly approval.”

It was not certain last night how the sector will receive Sanusi’s proposal.

But analysts argued that the suggestion may not go down well with bankers since the banks have not been declared insolvent.

The banks are: Oceanic International, Intercontinental, Finbank, Afribank and Union.

SapeleGuy:


Sanusi, who spoke at a meeting of central bankers in Kinshasa, Democratic Republic of Congo (DRC), said: “I would rather have those banks valued properly and purchased by other banks.”

See levels- Sanusi and some people wan reap where dem never sow. Wuruwuru.

Atimes I wonder if this is the way Sanusi has led First bank or is he been manipulated by some Northerners? The damage his reform or cleansing has done on our country's financial sector is enormous. Who know how long it will take us to redeem our image. He has just used few months to destroy the trust Prof. Soludo built many years back. I strongly support that he and YARADULL should gooooooooo!

Nigerians are very funny you people will wait till it get so bad before you take action.That is why you people will never progress.
You can see very clear but you prefare to turn the blind eye.
All you people can do is to complain.
Your attitude of sidon look will kill you people one day.
Animals in human skin.
You Nigerians are not worthy to be called humans.
You all are meant to be in the jungle swingging from trees like the monkeys you lots are no brainers.
You people are happy to see the downfall of people that have made something of there lives.
You know what they say what you wish others that is what will come to you.
When they turn all you shit heads to muslims and Nigeria has been islamatized then you will remmember that you were warned.

I see that the buffoons from Intercontinental and Oceanic Bank are back on Nairaland.

qblaze you have just shown that you are a stack illiterate with no brain at all.
Try to look ahead of your nose animal.
Even an aboki is better than you.
You think you can just come on line to write crap.
You are the bigger buffoon look at yourself in the mirror i bet you look like a buffoon.

Gold-mind:

Atimes I wonder if this is the way Sanusi has led First bank or is he been manipulated by some Northerners? The damage his reform or cleansing has done on our country's financial sector is enormous. Who know how long it will take us to redeem our image. He has just used few months to destroy the trust Prof. Soludo built many years back. I strongly support that he and YARADULL should gooooooooo!

so the CBN providing access to more funds to corrupt management builds trust, while sacking corrupt management destroys trust?
Thats an interesting point of view.

bombay:

qblaze you have just shown that you are a stack illiterate with no brain at all.
Try to look ahead of your nose animal.
Even an aboki is better than you.
You think you can just come on line to write crap.
You are the bigger buffoon look at yourself in the mirror i bet you look like a buffoon.

This is getting interesting.But that is a baboon and not a buffoon in the picture !

biina:

so the CBN providing access to more funds to corrupt management builds trust, while sacking corrupt management destroys trust?
Thats an interesting point of view.

I honestly don't know who convicted this management as corrupt

I don't know which court did that.

During consolidation, Bank of the North owed N43 billion, Soludo allowed debt cancellation to allow BON merge into the UNITY bank group.

-UNITY bank has not published its account since consolidation !!
-UNITY bank and has more non-performing loans than any other bank in Nigeria.
-UNITY bank was bailed out to the tune of N70bn, yet their MD was not sacked.

Sanusi why have you ignored UNITY bank?