solmars4re:

please can anyone help tell me how i can be able to open a US bank account as a Nigerian who live and do business in nigeria   

U can only open a bank account if you are resident in that country

otherwise what you are looking for is an offshore account through Nigerian banks

not very sure though as I don't live there, was just speaking from general knowledge

biina:

You have failed to answer the question asked, which was for you to substantiate your claim that 'the figures the "proof" was based on have turned out to be false?'

biina:

Please clarify what you mean by the 'proof' is false.
Have the bank executives come out with 'proof' of their innocence, or the corrected figures posted by the CBN not still serve as proof?
Or a few typos and numerical errors should be sufficient to sweep the failings under the carpet?
Please provide/point out the false figures that show that 'the figures the "proof" was based on have turned out to be false'

. . .A few typos and numerical errors . Only in Nigeria sha!
What more can I say? The question has been answered.

Beaf:

. . .A few typos and numerical errors . Only in Nigeria sha!
What more can I say? The question has been answered.

Here is the recent list from CBN as at August 18, 2009 http://cenbank.org/Out/publications/pressRelease/GOV/2009/ADVERTORIAL_18082009.pdf
You can compare it to the original list and tell us what has changed in the facts of the case.
Like I said, please substantiate your claims, and not just make baseless statements to pursue your position.

The Central bank of Nigeria has noted claims by some individuals on the published list of debtors/defaulters that the figures posted against them are not correct and threatened to go to court. The bank has also noted some typographical errors regarding the titles of some government officials and some companies and wish to comment as follows:
1.  The general public and all concerned should note that the list published is as at 31st May, 2009 and if any of the defaulters/debtors have made any repayments after that date, they should sort it out with the relevant bank.
2.  The title “Accountant General” under Intercontinental Bank Plc list, should read “Accountant General of Zamfara State” while the name “Delta State Government” under the Oceanic Bank list, should read “Delta Steel Company” The Central Bank of Nigeria regrets any inconvenience caused as a result of the typographical errors mentioned. Meanwhile, list of other debtors/defaulters is being compiled and will be published on an on-going basis.

Head Corporate Affairs,                           
Central Bank of Nigeria 
19th  August, 2009

[url]http://cenbank.org/OUT/PUBLICATIONS/PRESSRELEASE/GOV/2009/PRESS%20RELEASE%20190809.PDF[/url]

@Beaf
So please tell us what has been shown to be false

biina:

The Central bank of Nigeria has noted claims by some individuals on the published list of debtors/defaulters that the figures posted against them are not correct and threatened to go to court. The bank has also noted some typographical errors regarding the titles of some government officials and some companies and wish to comment as follows:
1. The general public and all concerned should note that the list published is as at 31st May, 2009 and if any of the defaulters/debtors have made any repayments after that date, they should sort it out with the relevant bank.
2. The title “Accountant General” under Intercontinental Bank Plc list, should read “Accountant General of Zamfara State” while the name “Delta State Government” under the Oceanic Bank list, should read “Delta Steel Company” The Central Bank of Nigeria regrets any inconvenience caused as a result of the typographical errors mentioned. Meanwhile, list of other debtors/defaulters is being compiled and will be published on an on-going basis.

Head Corporate Affairs,
Central Bank of Nigeria
19th August, 2009

[url]http://cenbank.org/OUT/PUBLICATIONS/PRESSRELEASE/GOV/2009/PRESS%20RELEASE%20190809.PDF[/url]

@Beaf
So please tell us what has been shown to be false

I am happy that you have poted something that says individuals have threatened to go to sue the CBN over the figures published.
If you can't see what is wrong with the above, there is little I can add.

If you people can remember a little while ago Cbn had to guarantee the interbank market. That was done to prevent these same 5 banks from collapse because the other banks would not have taken the risk to lend money to them, this proves the banks needed the money to solve the liquidity crisis they were experience. At this point Sanusi had a decision to make which are allow the banks to collapse, inject the capital into the banks and allow thesame people to carry on mismanaging them or inject capital and put new management in. I believe the decision Sanusi took is a no brainer, People should also remember that he said once the owners raise new capital themselves they can get their banks back.
 With regards to Efcc I think people are wrong to assume that they are after the bankers cause they gave out bad loans, Efcc are after them because they cooked their books and manipulated their share prices. Alot of the bad loans the bank gave to people to buy share were used to buy the bank own shares., when the stock market collapse instead of the banks to admit that they were in trouble and make provisions for the bad loans in their balance sheets they instead chose to lie about it.

So far, I approve Sanusi's actions, but I think it is way too early to tell what the real truth lies in all of these. I will approve his work even further if the following were to take place

-More oversight of these banks by CBN
-Seriously ammend BOFIA, (arrest of debtors etc)
-Stabilize and give confidence to the general public about our financial institutions
-Transparency
-Make the Banks have strong internal controls
-Reform and report insider lending practices


Where are the outside accountants on all of these giving blessing to their financial statement, which we all rely upon in stock trading

I have not seen any reason reasonable enough to make any support Sanusi.
1) He took a hasty decision anouncing the sack while he auditing other banks thereby making the affected Banks scape goats.
2)By that anouncement, he has created panic in the system and I bet everyone that in the next 5year, Oceanic, Intercontinental will still be suffering this blow.
As one man described it, Sanusi has just shown that he is an Aboki.

I have been reading people say Sanusi has created panic in the banking sector and all that stuff.

Are you people say the banking sectors was fine before now?

That the huge profit this banks were declaring when the capital market crashed and oil price dropped did not raise eyebrows, when this banks have admitted they have most of their investments in the Capital market and Oil and gas industry (to some extent real estate)

Is it not a problem when a bank limits the amount you can redraw from your account?

While I would say I approve of his motives, I definitely do not approve of his actions. I have got a few questions to this regard.
1. Sanusi's objective as he claims are by all accounts needed and commendable.
2. The manner he has gone about it to me have by all accounts been reckless, haphazard and destructive.
3. Where there other less damaging ways to deal with this issue apart from how he's gone about it ?
4. What were the true situation of the banks , were there insolvent ?
5. Are the actions of the bank MDs and their deptors criminal ? So much so to call in the EFCC and call for prosecution ?
6. Has he got enough evidence to prove allegations of fraud against the bank MDs and their debtors as this is the only way they can and should ever be prosecuted as criminals ?
7. Has he considered the Long term damages to Nigerian Economy and stock market and confidence in the banking sector, including investor confidence ?
8. Did banks like RBS, Nothern Rock, Citigroup, Bear Sterns, Merryl linch, lehman brothers,AIG etc have their executives charged or thrown in jail.
9. Will anyone agree with me that most of the bailouts done by western economies where done after approval from the legislature, with little or no details/disclosures about the liabilities   and toxic debts of these banks. Was there ever a name and shame campaign ?
10. None of these banks claimed insolvency, would it have killed sanusi to give them time and backing in recovering their non performing loans.
11. A loan is a contract between a lender and borrower. The terms of this contract are varied and complex. Including conditions for defaulting. How does the CBN arrive at a not performing loan ?

Well after what a certain analyst at described as a "Bull in a China Shop" action by Sanusi. I guess we haven't got any choice but to sit back and watch events unfold.
I predict that is going to be long. Suits and counter suits  against the CBN, EFCC and banks. An impasse that would last and would stunt the growth of our financial sector and possibly spread to other areas of our corporate sector. We will not notice it now, but just imagine you are a foreign investor possed with investing in Nigeria.

Well I predicted this. Sanusi is a man with strong personal qualities/ character/ethics. He has shown this for the world to see by going head on to enforce ethics in the banking sector.
Sanusi is also a man with relative little/insufficient experience and exposure as he is apparently clueless with little knowledge on the legal and macro-economic issues that lurk behind.
I am only warning but only time would tell.

The CBN has a statutory function to protect the banking sector and act in the best interest of Nigerians. The Board of the various banks acts only in the interest of its shareholders. He who pays the piper dictates the tune. Those saying the banks had no liquidity problems are just lying. CBN can't inject funds in the banks and allow the same people mismanage it. The debtors too have to pay up because the funds injected is to be recouped within a time frame. Up till now the total billions repaid is not up to 10% of the funds advanced. SANUSI has indeed done very well.

Beaf:

I am happy that you have poted something that says individuals have threatened to go to sue the CBN over the figures published.
If you can't see what is wrong with the above, there is little I can add.

so someone threatening to go to court means he is in the right?
Has said people gone to court?
Have the court ruled in their favor?
I ask again that you substantiate your claims that the figures published have been shown to be false.

Have you bothered to think on how CBN came up with the list of debtors?
Would there primary source not be the financial books of said banks?
If the latter is true, is it not plausible the errors in the CBN list are reflective of errors in the bank books?

I am not sure you have gone through the list, else I wonder what you have to say when

1. Two entities (ASCOT Offshore Nig. Ltd  and Rockson Engineering) owe Intercontinental Bank ₦82Bn of a total  of ₦211Bn in bad debts
2. Falcon Securities Ltd owes Afribank  ₦29.5Bn and 5 other entities also owe ₦10Bn+ debts each (totaling about  ₦75Bn) to result in about ₦105Bn of the total  ₦142Bn in bad debts.
3. Transnational Corp. Plc owes Union Bank  ₦31Bn of a total of ₦73.6Bn in bad debts.
4.  Notore Chemical Ind. Ltd (₦32Bn), Rahamaniya Global Resources Ltd. (₦28.6Bn), Falcon Securities Ltd (₦22Bn) which also owes Afribank a similar amount, Spark-West Steel Ind (₦18BN), Mid-Western Oil & Gas Coy Plc (₦24Bn), Global Fleet Ind. Ltd (₦15Bn), Circular Global Int. (₦13BN), and IMAD Oil &Gas Ltd ( ₦10Bn), account for about ₦162 of the ₦278Bn in Oceanic bad debts

and yet you are primarily concerned with if Ali was mistaken for Aliko
I think you have your priorities misplaced.

adigun101:

While I would say I approve of his motives, I definitely do not approve of his actions. I have got a few questions to this regard.
1. Sanusi's objective as he claims are by all accounts needed and commendable.
2. The manner he has gone about it to me have by all accounts been reckless, haphazard and destructive.
3. Where there other less damaging ways to deal with this issue apart from how he's gone about it ?
4. What were the true situation of the banks , were there insolvent ?
5. Are the actions of the bank MDs and their deptors criminal ? So much so to call in the EFCC and call for prosecution ?
6. Has he got enough evidence to prove allegations of fraud against the bank MDs and their debtors as this is the only way they can and should ever be prosecuted as criminals ?
7. Has he considered the Long term damages to Nigerian Economy and stock market and confidence in the banking sector, including investor confidence ?
8. Did banks like RBS, Nothern Rock, Citigroup, Bear Sterns, Merryl linch, lehman brothers,AIG etc have their executives charged or thrown in jail.
9. Will anyone agree with me that most of the bailouts done by western economies where done after approval from the legislature, with little or no details/disclosures about the liabilities and toxic debts of these banks. Was there ever a name and shame campaign ?
10. None of these banks claimed insolvency, would it have killed sanusi to give them time and backing in recovering their non performing loans.
11. A loan is a contract between a lender and borrower. The terms of this contract are varied and complex. Including conditions for defaulting. How does the CBN arrive at a not performing loan ?

Well after what a certain analyst at described as a "Bull in a China Shop" action by Sanusi. I guess we haven't got any choice but to sit back and watch events unfold.
I predict that is going to be long. Suits and counter suits against the CBN, EFCC and banks. An impasse that would last and would stunt the growth of our financial sector and possibly spread to other areas of our corporate sector. We will not notice it now, but just imagine you are a foreign investor possed with investing in Nigeria.

Well I predicted this. Sanusi is a man with strong personal qualities/ character/ethics. He has shown this for the world to see by going head on to enforce ethics in the banking sector.
Sanusi is also a man with relative little/insufficient experience and exposure as he is apparently clueless with little knowledge on the legal and macro-economic issues that lurk behind.
I am only warning but only time would tell.

God bless you Adigun

I take particular interest with the bits in bold

I don't understand the point of this media circus

mr ok:

sanusi is a big fool. there is something political about this whole mess. he should have completed the screening of the 24 banks before coming out with his plan. right now other banks will be covering their track.
by the way, why did'nt this stuff happen when soludu was there? with time, we will know the brain behind this and i know pdp will be involved

What is to be achieved by waiting to audit all 24 banks? to expect remaining banks to be covering their tracks is to allege their guilt without prove. Being a key player in the sector before his appointment, is it not expected that Sanusi knows the likely culprits, and has only started with the worst offenders?. The books for the basis of the audit are periodically submitted to the CBN, and there is little anyone can do to cover their tracks (than to possibly recover the said debts).

If the stuff did not happen when Soludo was there, (given that there is yet no evidence to contradict the figures published) there are two possible explanation: Soludo failed to catch it, or caught it and was complicit in hiding it.

Sanusi's execution might not have been perfect (though I dont see what is wrong with it), we should not waste time pursuing irrelevances and lose focus of the big picture. We complain that Nigeria is in a bad state, and when someone tries to clean up a part of it, instead of supporting him, Nigerians are busy criticizing him.

biina:

so someone threatening to go to court means he is in the right?

So whats the difference with an instituition making allegations, does that make them right?

As to the rest of your post, the CBN is expected to be 100% professional and beyond such basic errors.

Even if you or I made such fundamental errors in a matter of this magnitude, any reasonable person would question our ability to handle the situation correctly, in fact all reasonable people would doubt our conclusions.

Sanusi is over reaching himself. He is obviously confused now.

ALI DANGOTE is up to the task and has made some payment. The errors in that list pertain to names and not figures and have since been corrected so i don't see any point in your premise which is wrong. Wrong premise leads to wrong conclusions.

quote from mikeansy only one thing will be achieved from this process

the image of our Financial Sector will be severely damaged and it will take another 5years to restore it at least to what it was before Sanusi came in.

this is the danger here

instead going to the next level we will be working to restore our image after all this brutal politics

this seem to be the result of the fire brigade style of this sanusi of a person

Today, the naira weakened against the U.S. dollar even after the Central Bank of Nigeria (CBN) injected N400 billion into five troubled banks and dismissed their chief executives. foreign bankers have discontinued honouring letters of credit from their Nigerian counterparts, owing to the recent sacking of the management of five Nigerian banks by the Central Bank of Nigeria over issues bordering on poor corporate governance and a debilitating debt profile.
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”.
read ijeoma nwogwugwu,s story on the cbn audit report, a scoop she got on the recent sack mds before the news broke out, the conversation she had with sanusi on the report, the calls she made with the affected mds, before it all went public, and you all will know that this guy is worse than an abacha in pinstripe, planning to sell already, in less than a week, they only know how to destroy, this people, lets watch and see.

SANUSI is not confused. He has only made 2 publications since this whole debacle and has since got the blessings of his constituency of our commander in chief. Even the justice minister has released a statement commending his actions. The senate even in recess threw their weight behind him so also the house of assembly. The man is on track.

otokx:

ALI DANGOTE is up to the task and has made some payment. The errors in that list pertain to names and not figures and have since been corrected so i don't see any point in your premise which is wrong. Wrong premise leads to wrong conclusions.

No sir. There were errors in the figures as well. Are you saying someone who committed errors in the names could not make the same errors in figures as well? Your premise is faulty as well. So is it only about Ali Dangote? Femi Otedola, Jimoh Ibrahim and even Arumemi-johnson have all faulted the whole stuff.

adigun101:

While I would say I approve of his motives, I definitely do not approve of his actions. I have got a few questions to this regard.
1. Sanusi's objective as he claims are by all accounts needed and commendable.
2. The manner he has gone about it to me have by all accounts been[b] reckless, haphazard and destructive.[/b]

Please expantiaite on what makes his action haphazard and destructive

3. Where there other less damaging ways to deal with this issue apart from how he's gone about it ?

less damaging to who? the populace who have already had their money mismanaged?

4. What were the true situation of the banks , were there insolvent ?

It is not a question of insolvency but poor corporate governance and malpractices

5. Are the actions of the bank MDs and their deptors criminal ? So much so to call in the EFCC and call for prosecution ?

Their action would be criminal if there are proven personal/ulterior motives, and could simply have been due to incompetency on their part. Whichever is for thenEFCC to investigate and deal with accordingly. The CBN has done the right thing to remove them from office. The rest is up to the legal system

6. Has he got enough evidence to prove allegations of fraud against the bank MDs and their debtors as this is the only way they can and should ever be prosecuted as criminals ?

They are being investigated and not prosecuted. I doubt anyone has been formally charged to court over the matter. Again, this is a problem of the EFCC and not CBN. The CBN can only aid by providing requested documentations and records.

7. Has he considered the Long term damages to Nigerian Economy and stock market and confidence in the banking sector, including investor confidence ?

Long term damage from removing executives that have acted inappropriately? This is the kind of action that helps our credibility by showing that we are ready to deal effectively with executives found guilty of malpractices, and not the shameful handling of the haliburton saga.

8. Did banks like RBS, Nothern Rock, Citigroup, Bear Sterns, Merryl linch, lehman brothers,AIG etc have their executives charged or thrown in jail.

What is happening to Madoff? what happened to the Enron executives and Andersen staffs? People found guilty of corporate malpractice are usually charged and prosecuted.

9. Will anyone agree with me that most of the bailouts done by western economies where done after approval from the legislature, with little or no details/disclosures about the liabilities   and toxic debts of these banks. Was there ever a name and shame campaign ?

and so we should now handle Nigerians like Americans abi? How many top Nigerian have resigned from office simply to protect their name?

10. None of these banks claimed insolvency, would it have killed sanusi to give them time and backing in recovering their non performing loans.

The banks are free to recover the loans, but said executive who caused the problem in the first place should not be given the opportunity to worsen matters.

11. A loan is a contract between a lender and borrower. The terms of this contract are varied and complex. Including conditions for defaulting. How does the CBN arrive at a not performing loan ?

In simple terms, a loan is non-performing if the terms of said agreement are not being met.

Well after what a certain analyst at described as a "Bull in a China Shop" action by Sanusi. I guess we haven't got any choice but to sit back and watch events unfold.
I predict that is going to be long. Suits and counter suits  against the CBN, EFCC and banks. An impasse that would last and would stunt the growth of our financial sector and possibly spread to other areas of our corporate sector. We will not notice it now, but just imagine you are a foreign investor possed with investing in Nigeria.

Well I predicted this. Sanusi is a man with strong personal qualities/ character/ethics. He has shown this for the world to see by going head on to enforce ethics in the banking sector.
Sanusi is also a man with relative little/insufficient experience and exposure as he is apparently clueless with little knowledge on the legal and macro-economic issues that lurk behind.
I am only warning but only time would tell.

The analogy is wrong. Sanusi is not a bull, and the financial sector is definitely far from a China shop.

Your fanciful AGF and minister of Justice has never been known to be on the right side of history.

At first when i heard the news of the sacking, i was perplexed and lambasted Sanusi for undertaking this "surgical" clear out
as someone who has been investing on the stock exchange for some time, i knew d market was going to take a serious bashing again when it was just recovering

but looking at it now, I totally support Sanusi's actions and the disclosure of debtors,
Imagine people collecting loans with the intent of not paying and thinking its another national cake
their children attend Imperial College, UCL, Harvard, MIT etc, pop the biggest champagne, live in the nicest houses with me ( d ordinary man's money)


I also support EFCC arresting & prosecuting this people becos it is the language Nigerians understand

Peple who talk about AIG, Northern Rock, Merrill Lynch etc are comparing Apples with Oranges
In Nigeria, you have to go "Gung ho" or else you would be taken for a ride
I do not think people or business here in the UK take loans with the sole aim of not paying them off,


Its a shame that companies like Jite's Notore or Rockson Engineering would not service their loans or at least negotiate a payment plan

And those who say why did CBN sign off the Oceanic acounts, The accounts was an 18 month audit for the year ending december 2008 while the recent compiled list is as at May 09

And lastly, screw Cecilia Ibru for realeseing bumper quarterly Accounts only to give us "Dog" fooder at the year end when she knew what was going on all along, I hope she and her entire board rot in prison and from there transfer to the deepest part of HELL

@pcicero

There were no errors in the figures.

Beaf:

So whats the difference with an instituition making allegations, does that make them right?

As to the rest of your post, the CBN is expected to be 100% professional and beyond such basic errors.

Even if you or I made such fundamental errors in a matter of this magnitude, any reasonable person would question our ability to handle the situation correctly, in fact all reasonable people would doubt our conclusions.

Again what were the errors and what is their effect. The bottom line is that said banks have huge bad debts in several billions and as such the executives should be relieved of the posts.
You have definitely gotten your priorities wrong.

@Tmoni

even the dog food she wan give us she don collect am back

pcicero:

No sir. There were errors in the figures as well. Are you saying someone who committed errors in the names could not make the same errors in figures as well? Your premise is faulty as well. So is it only about Ali Dangote? Femi Otedola, Jimoh Ibrahim and even Arumemi-johnson have all faulted the whole stuff.

Could you please state the errors in the figures along with the correction.
So because people indicted by the list have claimed innocence, makes the position of said people the truth.
Have the banks involved come out to say the figures published were false?

Beaf:

So whats the difference with an instituition making allegations, does that make them right?

As to the rest of your post, the CBN is expected to be 100% professional and beyond such basic errors.

Even if you or I made such fundamental errors in a matter of this magnitude, any reasonable person would question our ability to handle the situation correctly, in fact all reasonable people would doubt our conclusions.

to debate Binna be like to debate dinning room table.

Central Bank of Nigeria Press Release :The Central bank of Nigeria has noted claims by some individuals on the published list of debtors/defaulters that the figures posted against them are not correct and threatened to go to court. The bank has also noted some typographical errors regarding the titles of some government officials and some companies and wish to comment as follows:

1.     The general public and all concerned should note that the list published is as at 31st May, 2009 and if any of the defaulters/debtors have made any repayments after that date, they should sort it out with the relevant bank.

2.     The title “Accountant General” under Intercontinental Bank Plc list, should read “Accountant General of Zamfara State” while the name “Delta State Government” under the Oceanic Bank list, should read “Delta Steel Company”


The Central Bank of Nigeria regrets any inconvenience caused as a result of the typographical errors mentioned. Meanwhile, list of other debtors/defaulters is being compiled and will be published on an on-going basis.
Head Corporate Affairs, Central Bank of Nigeria
19th August, 2009

CBN dey work on more than 2 months old record

mistyped names of debtors

then no get list of performing and non performing loans right

some of the figures no correct.

Binna chill ok!!! Nigeria belong to we all. Why CBN no fit wait untill them conclude thorough audit and compilation of report?

A CBN letter to the banks on the 18th of June said : RE Joint CBN/NDIC AD-HOC ASSIGNMENT

The letter reads in part “a team of CBN/NDIC bank examiners led by Mr X has been scheduled to carry out an Ad-Hoc Assignment in your bank. Please provide them with the necessary information that will enable them to promptly complete the assignment.”

The CBN officials said an ad-adoc assignment was different from a special examination. They disclosed that a special examination can only be conducted on a bank if there is a petition from within the bank to CBN, stating that there is a grave situation in the bank or that after CBN/NDIC examination, the report points to a deteriorating financial situation in the bank.

According to the officials, in that case, the CBN will write formally to the bank board, intimating it of its intention to do a special examination, detailing the areas and material facts to be provided. The examiners will move in to carry out the assignment.

After the examination, the report is compiled and a copy sent to the bank for it to study. Thereafter the CBN will schedule a meeting with the bank board to discuss the findings of the report of the examination and out line possible solutions. If it is the erosion of capital, the board will be asked to raise capital and given time frame to do so. All of these were not carried out this time around, the CBN officials said

Besides, the banks affected complained that the figure on non-performing loans they were being asked to provide for changed with each examination which gave rise to suspicion that something was fishing.

A letter written by one ofthe banks to CBN Director, Banking Supervision titled request for report of CBN examination read: “We observed Sir, that CBN and NDIC examiners have visited our bank several times between the months of February and July this year.

However, we have not received any official report on any of these examinations. We equally noticed that the figures and details of non-performing accounts to be provided for, change with each different list given to us and also different from the various exit interviews held with our management. …we shall therefore be very grateful Sir if we can receive the full examination report with details of accounts deemed non-performing for our review and response in keeping with your normal practice.” The letter was not responded to, they said.



http://www.vanguardngr.com/2009/08/26/cbn-never-conducted-special-exams-on-banks/


nigerians are very quick to judge, i understand theri frustation at our nearly failed state hence the PHD syndrome, we havent heard from the accused, they were not given an opportunity to defend these allegations, i think sanusi was careless in the handling of a very sensitive nature.

source of CBN memo from a newspaper is not valid in this court; try and show us the said memo from their website.

adigun101:

While I would say I approve of his motives, I definitely do not approve of his actions. I have got a few questions to this regard.
1. Sanusi's objective as he claims are by all accounts needed and commendable.
2. The manner he has gone about it to me have by all accounts been reckless, haphazard and destructive.
3. Where there other less damaging ways to deal with this issue apart from how he's gone about it ?
4. What were the true situation of the banks , were there insolvent ?
5. Are the actions of the bank MDs and their deptors criminal ? So much so to call in the EFCC and call for prosecution ?
6. Has he got enough evidence to prove allegations of fraud against the bank MDs and their debtors as this is the only way they can and should ever be prosecuted as criminals ?
7. Has he considered the Long term damages to Nigerian Economy and stock market and confidence in the banking sector, including investor confidence ?
8. Did banks like RBS, Nothern Rock, Citigroup, Bear Sterns, Merryl linch, lehman brothers,AIG etc have their executives charged or thrown in jail.
9. Will anyone agree with me that most of the bailouts done by western economies where done after approval from the legislature, with little or no details/disclosures about the liabilities   and toxic debts of these banks. Was there ever a name and shame campaign ?
10. None of these banks claimed insolvency, would it have killed sanusi to give them time and backing in recovering their non performing loans.
11. A loan is a contract between a lender and borrower. The terms of this contract are varied and complex. Including conditions for defaulting. How does the CBN arrive at a not performing loan ?

Well after what a certain analyst at described as a "Bull in a China Shop" action by Sanusi. I guess we haven't got any choice but to sit back and watch events unfold.
I predict that is going to be long. Suits and counter suits  against the CBN, EFCC and banks. An impasse that would last and would stunt the growth of our financial sector and possibly spread to other areas of our corporate sector. We will not notice it now, but just imagine you are a foreign investor possed with investing in Nigeria.

Well I predicted this. Sanusi is a man with strong personal qualities/ character/ethics. He has shown this for the world to see by going head on to enforce ethics in the banking sector.
Sanusi is also a man with relative little/insufficient experience and exposure as he is apparently clueless with little knowledge on the legal and macro-economic issues that lurk behind.
I am only warning but only time would tell.

You have spoken wisely. For this i would explain the difference between knowledge, wisdom and understanding

Knowledge is the facts, understanding is the ability to lift the meaning out of the facts and wisdom is knowing what to do next or as some would say the right application of knowledge.

Sanusi might have known the facts considering that he has been in the indusry for a while but has not taken the right steps

My advise is that he would have done the same thing in a different way. Creating less panic and achieving the same goal.

I sincerely hope (even if i doubt it) that he has the best interest of the Nigeria as a whole at heart