[font=Lucida Sans Unicode]Am sure azwil is nt 4rm nigeria or not a nigerian .
Cecilia ibru was in efcc office yday and was interrogated,the only person left is erastus of intercontinental bank.But the truth is that it will be crazy if erastus comes back to nigeria at this time cos the govt is just acting crazy.All the other former CEO's that have been with the EFCC since last week are still being detained without due recourse to their fundamental rights.
If the govt think, and is sure this men are guilty then they should just charge them to court instead of just being the prosecutor and the judge[/font]

I strongly believe Sanusi's action is not in the interest of the banks, It is in his and his fellow cohorts interest. And that invariably will not lead us to any progress. His decisions were too hasty and forcefull. If he meant well, then he should have followed due process,
He should stand up to the questions being asked.



May God save this country from self destruction.
    Amen

:-x

Sanusi is acting on written script, lets watch and see the event unfold

This is the same Vanguard just 2 days ago said 2 deputy governors were fired . But it has been confirmed they were never deputy governors just board members. And the 2 will not be retuning not because they agreed or disagreed with the board but because the whole board of the CBN with the exception of Tunde Lemo will be changed.

@AWIZL, I've been followin ur analysis cautiously but am beginning to loose my respect for u. We r in democracy and in this thread everyone has d rite to express his or her opinion and just because u didn't agree wit someone doesn't mean u should use abusive word in convincing that person. Thanks.

Unless we declare what we really want as a country, we shall continue chasing shadows-
Sanusi is right,,,,,,no he is wrong
EFCC is right,,,,,,,,no EFCC is wrong
Hail Ribadu,,,,,,,,,no crucify him
Rule of law is good,,,,,,,baba go-slow,
etc, etc, etc, ,,,,,,,,,,


What do we really want?

Group plots takeover of five top banks
BANKING CRISIS: FOR THE RECORDS, Headlines Aug 26, 2009 (VANGUARD)
By Omoh Gabriel & Emeka Mamah
LAGOS — LAGOS— Vanguard , your best-read newspaper, 23 March 2009, did a world exclusive on alleged plot by a group of individuals to take over five banks in the country.

Two weeks ago, the new Central Bank of Nigeria Governor, Mallam Sanusi Lamido Sanusi sacked the chief executives and boards of five banks, therefore confirming our scoop of March 23.
The story:ANTI-CONSOLIDATION forces have regrouped with the hope of dismantling the structures and forcing a takeover of the top five banks in the country, Vanguard can now reveal. The grand plan by the group is to cause panic and uncertainty in the industry and make the target banks look unsafe for depositors
Meantime, indications emerged yesterday that the Federal Government may announce the names of a new Governor of the Central Bank (CBN) and the Auditor-General of the Federation (AGF) in April just a few weeks before the tenure of the incumbents run out.
However, the Arewa Consultative Forum (ACF) has expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to make public information on causes of the development as well as the scale of the crisis.

The Exclusive report on the present banking crisis shown here as published by VANGUARD March 23, 2009.
Vanguard investigations revealed that the aim of the anti-consolidation forces is to cause loss of public confidence in the banking industry and compel the Federal Government to move in by injecting funds. Further, they ultimately plan to instigate government to take equity holdings in the targeted banks.
Vanguard gathered that the group at work is made up of former bank owners who lost out during the consolidation exercise, a powerful clique in the present government, and some aggrieved persons in three of the six geopolitical zones in the country who felt left out in the consolidation exercise.
Presidency sources disclosed that those who felt left out in the consolidation exercise are up in arms to recoup what they felt they lost during Obasanjo years.
Part of the plans hatched by the group is to ensure that the incumbent Governor of the Central Bank, Professor Chukwuma Soludo, does not get a second term. The plan is also to ensure that whatever gains consolidation recorded are discredited.
This, it was learnt, was meant to force the President to act quickly in the matter of appointment of a successor to Soludo as they anticipate that the president’s slow move may scuttle their dreams and cause the renewal of Soludo’s re-appointment for a second term.
The group’s second game plan is to make Nigerian banks look unsafe in the eye of the banking public. Part of the game is to spread rumours that some banks are unsound and are on the verge of collapse. They send out text messages to individuals and account holders passing wrong information on their target banks. At the moment, the group’s target is one of the high-flying new generation banks where they have sent out several messages.
New CBN Gov, Auditor-General to emerge April
The tenure of the CBN Governor, Professor Chukwuma Soludo and Auditor-General of the Federation, Mr. O. R. Ejenavi from Delta State will lapse in May 2009.
Naming nominees for the top jobs, according to a presidency source, will afford the Senate ample opportunity to work on them before they assume office.
While Soludo will complete his first term in office as CBN governor by May 29, Ejenavi will be due for retirement on age grounds on May 18.
However, among those being considered for the position of CBN governor include the Minister of National Planning, Dr Shamsuddeen Usman from Kano, who was a former Finance minister and deputy governor at the apex bank; another former CBN deputy governor, Obadiah Mailafia from Nassarawa, Mallam Isa Hayatudeen from Borno, a former managing director of FSB International Bank, incumbent Managing Director of First Bank, Mallam Sanusi Lamido Sanusi, also from Kano, and Mallam Falalu Bello from Kaduna, Managing Director, Unity Bank.
But the most touted name so far is that of Mallam Isa Yuguda, the Bauchi State governor who won election on the platform of the All Nigeria peoples Party, ANPP, but defected to the ruling PDP last week. Yuguda is also an in-law of President Umaru Yar’Adua. Yuguda was also a former Managing Director of Inland Bank, a legacy bank in post-consolidation FinBank.
Past CBN governors include late Dr. Clement Isong (Akwa-Ibom), Alhaji Adamu Ciroma (Yobe); Mr. Ola Vincent (Lagos), late Alhaji Abdulkadir Ahmed (Bauchi); Mr. Paul Ogwuma (Abia), Dr. Joseph Sanusi (Ondo) and the current Professor Charles Soludo (Anambra).
It was also gathered that strict obedience to civil service rules will be observed in the appointment of a new Auditor General for the Federation going by the constitutional provision.
Section 86 Subsection 1 of the 1999 constitution states: “the Auditor-General for the Federation shall be appointed by the President on the recommendation of the Federal Civil Service Commission, subject to the confirmation of the Senate.”
That of the CBN may be determined by other factors, mostly political considerations which are at the pleasure of the President without recourse to the commission.
The most senior director in the office of the Auditor-General currently is Mr. Ogunsina G.F from Ekiti State who may be appointed unless there is political maneuvering. Having been a director since 2004, it may not be smooth sailing for Ogunsina because, there is another senior civil servant Mr. Osonuga T. A. from Ogun State who was promoted a director in 2007 and is being propelled by other forces to occupy the office.
It’s unfortunate top 5 banks are targeted, says official
A CBN official who spoke on condition of anonymity said that it is unfortunate that top five banks are the target. The banks, he said, are sound. The CBN had mistaken in the past the ongoing move as de-marketing by competitors in the banking industry, saying it is unhealthy competition.
The group is using this means to make depositors panic and undertake massive withdrawal of funds from the targeted banks in an attempt to cause liquidity problem in the bank. In that state they hope to cause a take over by the government which may buy a stake in the bank and later sell to members of the privileged group who may be appointed in the interim into the board of the banks.
Arewa worries over liquidity problem
However, the Arewa Consultative Forum (ACF) expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to inform the people the cause of the development as well as the scale of the crisis.
ACF said that the commercial banks must have obviously lent too much money to people who either invested them in buying stocks or in the importation of petroleum products in the country, but are unable to repay such loans.
A statement signed by the National Publicity Secretary of the Forum, Mr. Anthony Sani however blamed the CBN for enquiring “into the volume of the so-called toxic assets of the commercial banks while refusing to tell Nigerians how or why in the first place, the banks found themselves in trouble.
The statement reads “The Working Committee of the National Executive Council of the Arewa Consultative Forum (ACF) held its meeting at its national headquarters in Kaduna on Tuesday, the 17th of March 2009. In attendance were all National officers of the ACF drawn from the 19 northern states and the Federal Capital Territory (FCT). General IBM Haruna, the Chairman presided.
“Among other things, the meeting reviewed and discussed a number of issues and other troubling developments in the country. At the end, it resolved to issue the following statement.
“The ACF deliberated on the rapidly deteriorating liquidity situation in the banking industry and observed that Nigerians are feeling increasingly frustrated by the failure of the Central Bank of Nigeria (CBN) to disclose the true the true nature and the scale of the crisis.
“Even members of the National Assembly, despite their best efforts, have been unable to get to the truth of the matter.
According to Arewa consultative forum “All that seem obvious is that our commercial banks had lent out too much money to too many people who had invested them in stocks or petroleum importation but who are now unable to pay back. Beyond that, the public has no clear idea as how or why the loans were given and on what terms.”

becos if they dont they will be rubbished this is nigeria,wake up man ,why are u so biased

nigeria

If care is not taken this will get out hand.person whom were assumed is right will turn out to be wrong.

Lamido Sanusi has done the right thing. Akingbola's open letter to Yar'Adua in Guardian on 13th August was enough grounds for his sack.

The only snag here now is that the crooked bankers forced Sanusi's hand at the last minute so he might have overlooked some of the more delicate aspects of the law in carrying out these reforms. Therein lie the loopholes that will guarantee Akingbola & Co's escape from possible jail term.

Nigeria: Group Plots Takeover of Five Top Banks


Omoh Gabriel and Emeka Mamah

23 March 2009

ANTI-CONSOLIDATION forces have regrouped with the hope of dismantling the structures and forcing a takeover of the top five banks in the country, Vanguard can now reveal.

The grand plan by the group is to cause panic and uncertainty in the industry and make the target banks look unsafe for depositors.

Meantime, indications emerged yesterday that the Federal Government may announce the names of a new Governor of the Central Bank (CBN) and the Auditor-General of the Federation (AGF) in April just a few weeks before the tenure of the incumbents run out.

However, the Arewa Consultative Forum (ACF) has expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to make public information on causes of the development as well as the scale of the crisis.

Vanguard investigations revealed that the aim of the anti-consolidation forces is to cause loss of public confidence in the banking industry and compel the Federal Government to move in by injecting funds. Further, they ultimately plan to instigate government to take equity holdings in the targeted banks.

Vanguard gathered that the group at work is made up of former bank owners who lost out during the consolidation exercise, a powerful clique in the present government, and some aggrieved persons in three of the six geopolitical zones in the country who felt left out in the consolidation exercise.

Presidency sources disclosed that those who felt left out in the consolidation exercise are up in arms to recoup what they felt they lost during Obasanjo years.

Part of the plans hatched by the group is to ensure that the incumbent Governor of the Central Bank, Professor Chukwuma Soludo, does not get a second term. The plan is also to ensure that whatever gains consolidation recorded are discredited. This, it was learnt, was meant to force the President to act quickly in the matter of appointment of a successor to Soludo as they anticipate that the president's slow move may scuttle their dreams and cause the renewal of Soludo's re-appointment for a second term.

The group's second game plan is to make Nigerian banks look unsafe in the eye of the banking public. Part of the game is to spread rumours that some banks are unsound and are on the verge of collapse. They send out text messages to individuals and account holders passing wrong information on their target banks. At the moment, the group's target is one of the high-flying new generation banks where they have sent out several messages.

New CBN Gov, Auditor-General to emerge April

The tenure of the CBN Governor, Professor Chukwuma Soludo and Auditor-General of the Federation, Mr. O. R. Ejenavi from Delta State will lapse in May 2009.

Naming nominees for the top jobs, according to a presidency source, will afford the Senate ample opportunity to work on them before they assume office.

While Soludo will complete his first term in office as CBN governor by May 29, Ejenavi will be due for retirement on age grounds on May 18.

However, among those being considered for the position of CBN governor include the Minister of National Planning, Dr Shamsuddeen Usman from Kano, who was a former Finance minister and deputy governor at the apex bank; another former CBN deputy governor, Obadiah Mailafia from Nassarawa, Mallam Isa Hayatudeen from Borno, a former managing director of FSB International Bank, incumbent Managing Director of First Bank, Mallam Sanusi Lamido Sanusi, also from Kano, and Mallam Falalu Bello from Kaduna, Managing Director, Unity Bank.

But the most touted name so far is that of Mallam Isa Yuguda, the Bauchi State governor who won election on the platform of the All Nigeria peoples Party, ANPP, but defected to the ruling PDP last week. Yuguda is also an in-law of President Umaru Yar'Adua. Yuguda was also a former Managing Director of Inland Bank, a legacy bank in post-consolidation FinBank.

Past CBN governors include late Dr. Clement Isong (Akwa-Ibom), Alhaji Adamu Ciroma (Yobe); Mr. Ola Vincent (Lagos), late Alhaji Abdulkadir Ahmed (Bauchi); Mr. Paul Ogwuma (Abia), Dr. Joseph Sanusi (Ondo) and the current Professor Charles Soludo (Anambra).

It was also gathered that strict obedience to civil service rules will be observed in the appointment of a new Auditor General for the Federation going by the constitutional provision.

Section 86 Subsection 1 of the 1999 constitution states: "the Auditor-General for the Federation shall be appointed by the President on the recommendation of the Federal Civil Service Commission, subject to the confirmation of the Senate." That of the CBN may be determined by other factors, mostly political considerations which are at the pleasure of the President without recourse to the commission.

The most senior director in the office of the Auditor-General currently is Mr. Ogunsina G.F from Ekiti State who may be appointed unless there is political maneuvering. Having been a director since 2004, it may not be smooth sailing for Ogunsina because, there is another senior civil servant Mr. Osonuga T. A. from Ogun State who was promoted a director in 2007 and is being propelled by other forces to occupy the office.

It's unfortunate top 5 banks are targeted, says official

A CBN official who spoke on condition of anonymity said that it is unfortunate that top five banks are the target. The banks, he said, are sound. The CBN had mistaken in the past the ongoing move as de-marketing by competitors in the banking industry, saying it is unhealthy competition.

The group is using this means to make depositors panic and undertake massive withdrawal of funds from the targeted banks in an attempt to cause liquidity problem in the bank. In that state they hope to cause a take over by the government which may buy a stake in the bank and later sell to members of the privileged group who may be appointed in the interim into the board of the banks.

Arewa worries over liquidity problem

However, the Arewa Consultative Forum (ACF) expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to inform the people the cause of the development as well as the scale of the crisis.

ACF said that the commercial banks must have obviously lent too much money to people who either invested them in buying stocks or in the importation of petroleum products in the country, but are unable to repay such loans.

A statement signed by the National Publicity Secretary of the Forum, Mr. Anthony Sani however blamed the CBN for enquiring "into the volume of the so-called toxic assets of the commercial banks while refusing to tell Nigerians how or why in the first place, the banks found themselves in trouble.

The statement reads "The Working Committee of the National Executive Council of the Arewa Consultative

Forum (ACF) held its meeting at its national headquarters in Kaduna on Tuesday, the 17th of March 2009. In attendance were all National officers of the ACF drawn from the 19 northern states and the Federal Capital Territory (FCT). General IBM Haruna, the Chairman presided.

"Among other things, the meeting reviewed and discussed a number of issues and other troubling developments in the country. At the end, it resolved to issue the following statement.

"The ACF deliberated on the rapidly deteriorating liquidity situation in the banking industry and observed that Nigerians are feeling increasingly frustrated by the failure of the Central Bank of Nigeria (CBN) to disclose the true the true nature and the scale of the crisis.

"Even members of the National Assembly, despite their best efforts, have been unable to get to the truth of the matter.

According to Arewa consultative forum "All that seem obvious is that our commercial banks had lent out too much money to too many people who had invested them in stocks or petroleum importation but who are now unable to pay back. Beyond that, the public has no clear idea as how or why the loans were given and on what terms."

https://www.nairaland.com/nigeria?topic=312881.msg4434171#msg4434171

Vanguard republished this today.
Now look at the tribune story below.

Union Bank, Intercontinental, 3 others may be acquired
Gbola Subair, Abuja - 27.08.2009

THE five troubled banks, Union Bank, Intercontinental Bank, Afribank, FinBank and Oceanic Bank, may cease to exist as the Central Bank of Nigeria (CBN) wants them taken over by other banks in a recapitalisation plan to be unfolded in London on Friday.

A CBN source told the Nigerian Tribune that the apex bank governor, Mr. Lamido Sanusi, preferred the ailing banks being taken over by other banks rather than setting up an asset management company to take over the non-performing loans.

To ensure that other banks take over the ailing banks, the apex bank source said the banks would be valued properly by a consortium of valuers to ensure that they were not undervalued.

Friday’s meeting with international banks, lenders and rating agencies, according to the apex bank would also be used to discuss the recent N420 billion bailout for the five banks.

Sanusi will be accompanied by the new management teams of Afribank, FinBank, Intercontinental Bank, Oceanic Bank and Union Bank.

The CBN had, on August 14, 2009, injected N420 billion into the five banks and sacked their managing directors and the executive directors over what it described as weak and unethical management, which left the banks very weakly capitalised to the point of collapse.

In injecting the bailout, the apex bank said the capital injection was only a temporary measure and that the institutions would be run as ongoing concerns until new investors could be found to recapitalise and take them over.

However, this intention of the CBN may pitch the CBN against the shareholders of these banks who have vowed to resist any takeover of the banks through the backdoor.

http://www.tribune.com.ng/27082009/news/news3.html

Something is fishy!

The problem I have with most of us Nigerians is that; we are too quick to celebrate the failures or downfall of successful people. This is partly due to poverty and largely due to the "bring him down mentality" embeded in the black man. I have followed Lamido Sanusi's interviews way before he became the CBN chief. Though I admire his intellectual fecundity, i have strong reservation on this journey he has decided to undertake for reasons i will explicitly state.
The Governor was very at home with this slogan; "big banks dont necessarily mean healthy banks" and for crying out loud which banks are the supposed big banks in the country at the moment?
I will start by making reference to a vangaurd publication on the 23rd of march 2009 with the caption; GROUP PLANS TO TAKEOVER TOP 5 BANKS IN THE COUNTRY. This report came out way before Sanusi became the CBN Governor. The report outlined explicitly the method to be employed in this malicious take over bid. Exactly 5 months after this report, 5 relatively strong banks were hit. You caused panic in the system as most customers are not very enlightened to understand what injection of funds is all about. All they know is that; this bank is shaky go and remove your money. Haba mallam, you should have thought out a better way to do this crude surgery. You approved the financials of one of the banks, the biggest of the 5 by my estimation a month before this your crude operation. What made you approve the result in the first instance? where you sleeping? dreaming or drinking?

Why should banks be punished for helping the economy grow? Oil importation, public private partnership, loans and advances e.t.c is what we are punishing these executives for. If there was no sinister motive or rather, a script that is been acted out, why is Sanusi in such a hurry? Is the banking reform more important than the perpetual darkness most Nigerians are used to these days? Why 5 banks? Why not all the banks at once? What is the criteria for selecting these 5 out of the rest? Was it done alphabetically or how? I was nuseated when a group lauded the action without seeking clarifications on why what was been done. I learnt some top executives in the CBN who disagreed with the crude tactics where sacked for voicing out. How long will this country continue to kill herself and then turn around to blame the undertaker for not making enough coffins?

Without apologies, i want to state categorically that; there is no amount of propaganda that will convince me that there is no sinster motive behinde all of these. Oceanic was growing too fast, cecillia was becoming too much of a hand full and then intercontinental was growing beyound their myopic estimation and the only way they could handle "us" was to conduct a major operations while the patient was fully awake! Nigerians should stop this habit of always celebarting the downfall of the rich and begin to ask question. Someday, posterity will judge this crude action, either in this life or hereafter but we must speak and talk at the same time!

Sanusi may be a risk expert, but he is not the most intelligent human being in the financial sector. I admire him, but in this regard, I could have done a better job!!! Why not set up a risk commitee and give the banks a time frame to recover the loans with a strong caveat if they fail to. Ask them the basis on which they granted these loans and all that. Find out if these loans are really performing or not. Nigerians can see how everybody is coming out to dispute figures!! A symptom of a hurried job. Banking sector reforms or any other reform for that matter should always be carried out with CAUTION!!!! This country is very sensitive to little changes. I will continue to update this report, untill Nigerians wake up to realise wat has hit them.

THE ONLY NIGERIAN I RESPECT SOO MUCH HAS NOT SPOKEN, PROFESSOR WOLE SOYINKA! UNTILL HE SPEAKS, I,

MAY POSTERITY NEVER FORGIVE THEM WHO SEEK TO BRING OTHERS DOWN!

Many have voiced the same concern Omo. Calm down. Do you work with IBPlc?

Permit me to write, but awzil is one abysmally unwise person I have ever read for quite sometime now. How on God's earth can you look at an issue with one eye? Nobody is saying there are no issues in the financial services industry, yeah there are. Merill Lynch had issues, AIG had issues, Lehman bros had issues, but yet did you ever hear or read that Ben Bernanke of the US Fed Reserve Bank sack anybody? Lehman bros went under and many other corporations had large scale issues and nobody got involved in such massive sacking. Awzil has shown he is not a student of Finance or Economics and he should not run his pen or keyboard on a forum like this with wanton ignominy and unrestrained ignorance. We all know of the bail out plan for big corporations in the US. Nobody sacked anybody because they focused on the crux of the issue which SLS is exactly not doing!

For a man of reason and intellect, you will understand that these hurried measures are strange in the field of Economics or Administration.

What is the definition of a special test?

The CBN Governor has the right to test banks as he pleases.

if Sanusi takes over this banks through the back door it will be criminal and the takeovers will not last

anybody who invest will be a fool because these new banks can only last as far as Sanusi is in office

That those bank chiefs fled might be an indication of guilt on one hand, but there's also the fact that they might realise they were being witch-hunted and knowing the country they're in and the powerful people gunning for their humiliation, probably had no faith in the system and in fair rules and procedures being followed if they were apprehended.So they ran.

A banker friend was telling me that sure, those five were probably guilty of the stuff alleged but, he said, so is every single bank chief in the Nigerian banking industry. Their activities are the norm. Why begin and end with just those five?

If the 5 Bank MD's can be removed on ground of mismanagement,then I think our darling Mr president should have been long removed, as Nigeria as a whole is being mismanaged. ASSU are on strike,the Niger Delta Crisis is still rocking, Kidnapping and abduction is at large, power outage is predominant, corruption never ceases. For crying out loud, this issue of sacking these MDs is just a way of diverting and distracting the public attention away from the failed 7 POINTS AGENDA of MR PRESIDENT, should we call this the 8TH AGENDA or what.

I don't know why they are embarassing and humiliating these people who have suffered and laboured to contribute to this economy like this.This is all political.Sanusi might have been doing the right thing but he's doing it in a very crude,wrong and uncivilised way. can someone please tell the house the need for urgency in declaring these banks for sale when you just injected N420Billion into them and you assured the depositors that their money are safe,this is way too quick a decision to make.

Anyway as far as am concerned, Nigeria is a failed state,maybe we need to call back on the British to come and re-colonise us as we are not yet capable of effectively running our state.

rhymz:

My Opinion about this whole brouhaha is that Sanusi has taken the right decision by sacking these erring CEOs & their management.However,i have a problem with the timing and the manner he is going about it.We all know his selection to be the CBN governor was contentious,there were also a lot of questions about his suitability for the job,all these are enough to put pressure on him to do sth,hence the need to carve a niche for himself and prove his critics wrong.Now, looking at it from this view point,I think Sanusi should ve exercised more caution,a bit of restraint and more finesse in the anouncement of the sack of these bunch due to the following reasons:
1.People will suspect a foul play in the way he rushed to anounce the results & sack of these CEOs,afterall,only 10 of the 23 banks have been audited why not wait to complete and do a thorough job before the anouncement.Why was it so urgent that he could not wait to finish the remaining 13 before getting sensational.Did he want to score some cheap political points? Or was he trying to tell Nigerians that he was a tough,no-nonsense guy unlike his predecessor without minding the effect this will ve on the confidence of our banking sector which brings me to reason 2.
2.This hasty anouncement which lacked tact & skillful timing amounts to a double-speak by Sanusi when he refuted the news by a foreign news magazine that alleged that almost all nigerian banks were not sound.Perhaps,he wanted to douse any panick from depositors when he refuted that report,I wonder why he did't tow this same line before rushing out to anounce the insolvency level of these 5 banks knowing fully well that this might erode the already bastardized confidence in the banking sector and the economy at large.What exactly is the difference between that foreign report and his hasty & tactless anouncement?Nigerians are still trying to recuperate from the stock market crash and he as a CBN gov thought the best way he could help was to be brazen in his effort to sanitize the system without taking precautions if the public can withstand his style of sanitization.He claims that the FG has already provided #400bill to cushion the effects on this 5 banks,I ve reservations about the authenticity of that claim but I will overlook it and assume it was true but can that stop an already panicked depositors who ve heared your anouncement and want to withdraw all his money from these banks.
In conclusion, I think Sanusi should be very carefull not to get a boomerang!   

this is one of my numerous posts with regards to this issue.Am happy ppl are begining to see through sanusi's smokescreen.

British recolonisation lol. Brainless dropouts and greed-mad mental incompetents are mostly running the country so, whaddya expect I ask ya? It's alarming to read that some group has been planning to take over tfive banks banks months ago, and for this to happen. Too fast, like the agenda has a deadline. Those people poured sweat and blood into their companies and employ hundreds of people; you sack them,humiliate them,and are auctioning off their banks,all in the space of two weeks! Madness. Nigeria no be country. Na Nollywood film.

rhymz:

Just like I have been arguing since Lamido for reasons best known to him rushed to anounce the sack of these CEOs and further plunge into details of how insolvent thier banks were and almost even declared them bankrupt,obviously,this decision does't look like it was well thought out.Now there are reports that these 5 banks might need up 1trillion due to thier indebtedness both to the CBN and other banks.The question that comes to mind is,what if they discover at the end of the audit exercise that more banks are deeply insolvent?Yes,he was able to decipher the insolvency symptoms from these five banks due to the fact that they accounted for more than 80% of the EDW and the inter-bank market but are these enough guarantees to conclude that the remaining 13 banks won't throw up another shocker?He must have underestimated the extent of the problem to think that anouncing the overhaul of the managements and injecting a mere #400bill into these 5 banks will solve the problem,I guess he now realizes that the problem goes far beyond risk management.For instance,according to report,one of the banks almost immediately exhuasted it's own share of the #420bill,it was reported that the said bank was owing CBN #60bill and other banks #70bill,one just wonders if sanusi and his team did a thorough audit of these banks before rushing out cos obviously they ve been caught unawares.Another question which many of us re not asking is where are these funds coming from?I mean this is a government that is still deadlocked with ASUU over funds talking about saving 5 privately owned banks with #1trillion.Besides,does the national assembly know about this?Is this mystery money coming from Yaradua's or Lamido's pockets?If it's from our reserves then I want to believe it's not a CBN solo project,the merits and demerits of releasing this huge amount will ve to be debated at the national assembly and this might take time,my gues is the banks will have to wait.
I believe Sanusi should ve been a bit patient and do a thorough auditing on all the 23 banks,work out less fatal modalities for solving this problem especially in these areas:formulate laws that make it almost impossible to indulge in bad corporate governance etc,root out the bad eggs in the CBN that ve hitheto given pass marks to these banks even when it was glaringly clear that they were gravely distressed,go after the crooks that have collected huge non-servicing loans from these banks without making any attempts to pay back,evaluate the actual extent of the problem so as to know how much fund to be mobilised to solve the problem and then finally, systematically depose of the management team of the failing banks.This way,his sanitization exercise will be more effective and ppl won't ve any insinuations but with his present mafia style,which makes the situation more about him, there's so much to read into it and they re very strong arguements.God help this country,Sanusi to me,does luk like he has the wit of a CBN governor,he thinks he can be successful without the same ppl he is tryin to fight.The guy is not thorough at all.Rist mgtment my ass. 

this is another of my numerous posts with regards to this issue when this whole gragra started.

@azwil,u er a blind IDIOT.@Agaba123,u er very observant,I saw dat page on PUNCH on thursday d 27th.Lamido sa nusi is simply being a frontman to d ANTI-CONSOLIDATION group.Lyk some people has said this is a movie series,Sanusi has acted hos own sript very,very well.As time goes by,everyone will come d realisation dat dis man simply wants to sell these banks n complete his premeditated agenda.May God help Nigeria.AMEN!!!!!!!!!

@ awizl, i think u r very subjective in ur thinking and reasoning! am not surprised u engage in abusive and unethical language against ur fellow citizens who are simply expressing there opinion about what they feel strongly about like u just did. like the thread reads, we have not heard the last of this matter!

if you ask me, i do not have issues with removal of the CEOs, but i do have issues with wat led to it! is due process followed? why the haste in the action, and how will selling off the banks to other investors guarrantee non repitition of the saga. those are real issues. timeliness of Sanusi's action leaves much to be desired. this like every other Nigerian issues will play out like drama. this is just act one scene one of season one! lets all stay tuned as the drama unfolds!

Nigeria is a jungle nothing really works or follow due process all action taken by government in Nigeria is not as a result of protecting the public its is always in the interest of a few individuals we all know this.

Nobody can convince me that there isin't a third hand playing these out somewhere

The Northern Clique are bent on destroying the wealth of the few Southerners who have taken the pain start their Banking business from the scratch to the present enviable position. They want to resuscitate the Northern Monopoly on Bureau de Change. Nigerian economy has witnessed total downturn under their manipulation. What a pity for the whole economy to be in hands of these people. Muktar is Finance Minister, Usman is National Planning Minister, Sanusi is CBN Governor. It is very clear that there is a Northern Agenda.
The sacking of the 5 CEOs was done in haste as if playing a script as was observed. Why not carry out investigation on all the Banks before the hurried sacking of the CEOs? I believe candidly that they are enemies of Recapitalization regime.

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Hey guys, nice one. But, it seems u guys have suddenly 4gotten that the whole world is crying of GLOBAL FINANCIAL MELTDOWN. This crisis alone is capable of running a country aground. Even Barrack Obama's bail out fund is also shaky at the moment. Critics have began to fault it. Hence, Sanusi's bail out fund to these banks may not make any solution at the end. Ok, if it does for the five banks, what about the 14 others undergoing examination? maybe CBN or FGN would help in covering the shits because they wont have the second chance to release bail out fund as the NA will not approve of it. Remember, FGN is running a deficit budget at the moment. HMMMMMMMMMMMMM, i am affraid things may worsen soon. Noops! i am not a doom prophet nor pesimist. Just being realistic here.

Sanusi goofed by rushing to the press to announce their sack and 400billion bail out fund to caution the run on the banks. One would have expected him to wait until after the common year end by Dec. 2009 which would simply expose these banks and then have good reasons to nail them. Afterall, bank stress test was conducted in US but they never caused such ripples as we have here. Too much egocentrism was applied perhaps to make or announce a new name on the block.

Come to think of it, when these banks were releasing bumper figures as profit and dolling out mouth watering dividends to shareholders nobody raised alarm. Maybe, their shareholders thought they printed money and paid them. Off course not. They invested into these businesses that have now been infected with the GLOBAL FINANCIAL CRISIS. HIGH RISK!HIGH RETURNS! vise versa. Pls, Sanusi & FGN temper justice with mercy. The manager that has been performing has suddenly become a "CRIMINAL" HABA!!!!!!!!!!! You can bail out the situation without necessarily causing panic in the industry/ Country. At most, six months is enough to come out of this shit with the necessary aparatus of the state like EFCC, POLICE, NDIC AND Recovery Agents just like they are already doing. WE MAKE NOISE TOO MUCH THATS WHY WE HAVE DERAILED AND COUNTRIES LIKE GHANA, BOTSWANA etc are on the front burner. WE NEED NOT ONLY RECOVERING THESE DEBTS BUT NATIONAL REBIRTH.

Pls, let me rest my case.

GOD BLESS NIJA.

The level of semi-illetracy in Nigeria is alarming

these five banks are rock solid. there is no crisis whatsoever. i can not be deceived.