Nigeria where everything is politicized, no exceptions

presido1:

And the politics continues. We shall see the end.

Gbam!!!

It is easier to be a PhD holder in Nigeria (like Soludo and Sanusi) than to have common sense. Soludo inadvertently helped to destroy/weaken the stock market with is bank recapitalization experiment now Sanusi wants to destroy the banks (or some banks) with his own experiment. Helpless Nigeria is been used as a Guinea Pig.

zoraro:

now Sanusi wants to destroy the banks (or some banks) with his own experiment.

Sanusi wasn't the one that recklessly gave out billions of Naira in bad debts. He was not the one that ran Oceanic Bank et al to the brink of disaster.
He's even the one that approved an extremely generous bail out package for the banks perhaps without following due process. How exactly did you come about your conclusion?

What do we call this statement by Peterside-Harlotry(adultery). Sleeping with d current governor/government.

Jarus:

When the likes of Atedo Peterside or Fola Adeola talks, you listen.

London School of Economics-trained Atedo is the father of investment banking in Nigeria. He laid the foundation for what is now known to be a booming investment banking in Nigeria.

He has the whole economy in his head.
One of the most respected CEO in Nigeria.
Atedo endorsement is a major boost to Sanusi's reforms. 

Oga why are we talking as if we are not  nigerians, so because its Atedo peterside he cannot be faulted? So the statement he just made you think will strenghten the confidence of foreigners in our banking system abi?

london sch of economics my foot. Is Atedo  more intelligent/schooled than Ebitimi Banigo(the godfather of banking) , havard trained guru, formost investment banker that ran All states trust bank aground?

All the investment banking talk by IBTC largely had to do with margin trading in the stock market .  When others got the trick , their(ibtc) profits thinned out massively , all the rest is history.

We have seen people like rufus giwa that was generally accepted as an  exceptional leader/industrialist until the veil was lifted and he left the scene in shame.

So oga I will appraise everyone's statement objectively and not based on  sentiments.

Discrediting d monumental achievement of prof soludo wil get sanusi n his cohorts no wher.wot kind of introduction is dis?3weeks old sanusi?time wil judge him of course!

na_so:


Oga why are we talking as if we are not  nigerians, so because its Atedo peterside he cannot be faulted? So the statement he just made you think will strenghten the confidence of foreigners in our banking system abi?

london sch of economics my foot. Is Atedo  more intelligent/schooled than Ebitimi Banigo(the godfather of banking) , havard trained guru, formost investment banker that ran All states trust bank aground?

All the investment banking talk by IBTC largely had to do with margin trading in the stock market .  When others got the trick , their(ibtc) profits thinned out massively , all the rest is history.

We have seen people like rufus giwa that was generally accepted as an  exceptional leader/industrialist until the veil was lifted and he left the scene in shame.

So oga I will appraise everyone's statement objectively and not based on  sentiments.

I guess Sanusi's critics can refer to Atedo's comment as the South South Agenda.

Oga, this is not about education but character. Character is something many Nigerians do not understand. Atedo objected to the consolidation based on facts, he brought it to the open. he was over ruled by Soludo, went ahead with merging with Chartered. while other CEOs were thinking of how to become gods and displaying obscene wealth, he stayed true to his cause, merged with Stanbic which brought in capital, processes etc. ask your banker friends if they won't like to work for Stanbic.

back to the issues,we shouldn't follow Sanusi like mumu but let's be objective. I don't see why Sanusi cannot go to london for investors. that's the world's financial center. and let's face it, there are no rich men in Nigeria. they are crooks that made money from stealing our oil wealth or bank debtor's. so who are the Nigerians that will buy the bank, is it Dangote, Otedola, Ovia etc?

'Hasty rise = hasty fall'.soludo over-rushed his policies and that is exactly naijas problem.long term planning and gradual implimentation is a major key to lasting economic development and stability.soludo had good ideas but implemented them in a haste thereby giving false impression of miraculous growth.sanusi i'm afraid seem to be following thesame pattern but from different angle.

jacobs123:


I guess Sanusi's critics can refer to Atedo's comment as the South South Agenda.

Far from it my guy. Atedo is my Ijaw brother but we have to be honest. This his summary of Soludo's term is grossly unfair.

jacobs123:


Oga, this is not about education but character. Character is something many Nigerians do not understand. Atedo objected to the consolidation based on facts, he brought it to the open. he was over ruled by Soludo, went ahead with merging with Chartered. while other CEOs were thinking of how to become gods and displaying obscene wealth, he stayed true to his cause, merged with Stanbic which brought in capital, processes etc. ask your banker friends if they won't like to work for Stanbic.

Atedo was not the only one that opposed consolidation infact the voices against consolidation seemed louder than the consolidation proponents.


However even before Soludo, banking visionaries like Benard Longe of FBN in his plan for "The big One" stated the need to strenghten the capital Base of banks in the mould of Soludo's consolidation.

Now years after we all know that consolidation was the right thing at that time. Consolidation or not , we saw scores of corrupt CEOs in banking even before consolidation. If the bad loans and insider dealings are true then that is the problem , not consolidation.


The problem was weak oversight activities of the CBN and corrupt officials of the NSE/SEC that made the market look like pools staking.

I will support Sanusi's moves whenever I am convinced about his fairness and professionalism in always looking at the big picture and not a seeming "special script".

The only banker i will ever listen to is Mr. Atedo Peterside.
i will have to analyse his comments critically.
I do not trust any member of the Nigerian elite but if i must give my ears to the comments of any of them, it will be Mr. Peterside.
He is no sycophant, neither is he an empty head.

ok, we hear you, atedo. mind you though this man you're praising now
has his own agenda which is not exactly in the interest of the whole
country.i'd be selective with my words until his real mission becomes
clear, if i were you.

CBN-Induced Banking Crisis- A Solution – by Bayo Adeyinka
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At the risk of sounding like a broken record, I wish to reiterate that this current crisis which is totally uncalled for was induced by SLS, the CBN Governor. Events are now turning out to show his actions were not well thought out. You don't solve a problem by creating a bigger problem!

Now, a bigger mess has been created which will take nothing less than 4 years to clean up (quote me). A great crisis of confidence has been generated both in Nigeria and outside. Aside the flight to safety (where customers withdraw their deposits from banks that are perceived to be weak and take them to seemingly stronger banks) in Nigeria , Nigerian banks in other African countries have witnessed panic withdrawals or unusually desperate enquiries on their health. It is a boomerang effect. The gains of the past 5 years have been eroded with a single hare-brained statement!

Having realised his gross school-boy errors, SLS has now embarked on a clean-up assignment to foreign countries, trying to clean up the mess. Foreign banks have withdrawn credit lines. Letters of credits that have been opened by importers and guaranteed by foreign correspondent banks are at risk. Banks have been witnessing recall of transferred funds. Simply put, an import-dependent economy like Nigeria is in deep trouble. Credibility of Nigerian banks have been impaired. The issue is now beyond 5 so-called banks. ALL BANKS ARE NOW AT RISK.

What is basically a civil matter and could be resolved within the ambit of sense and the law courts have been turned into a show-boating event by the EFCC, which has suddenly woken up from stupor. I pray no cheque is written in the name of THE FEDERAL GOVT like Madam Waziri said because it will simply be re-looted by the recovered Abacha loot. Pray, an EFCC that couldn't do anything to Ibori and Kalu had to relocate to Lagos with 100 operatives. Is the EFCC a debt recovery agency? I wonder why a total expose was not done including publishing government agencies and parastatals who are owing!!! You can be sure the public sector is a greater culprit!

It beats me why the Board of these banks couldn't have been called succintly and shown the audit results (if any) and encouraged to show the CEOs the door through board removals that will seem like an action carried out in a normal course of business! Was Soludo not aware there were issues? Yes he was. That was why he made room for the Expanded Window for them to borrow to get into shape again. He knew the nation could not afford any imposion! To me, that is a more matured way of handling what could turn out to be an economic suicide. What is more apalling is that there will be loss of jobs, or what else do you expect to happen to banks that are unable to sustain their business? They will want to cut down on costs to remain afloat and the very first consideration will be to prune number of staff. So much for Sanusinomics!

What are the immediate solutions to this perennial banking crisis?

1. The 5 banks' shareholders should immediately sue the CBN for an illegal take-over of their banks. The N100b each shared to those banks does not empower the CBN to appoint CEOs for the banks. I am happy Ibru and Akingbola have already challenged this action in court.

2. The office of the CBN Governor must be split into two. The CBN Governor, as the office is, is too powerful. In most developed countries (e.g. UK and the US ), the HM Treasury and the FSA (Financial Services Authority) are different bodies. The Reserve Bank regulates the monetary policies for the government while the FSA regulates the banks and other financial institutions including mortgage banks and insurance companies. The Central Bank should only be concerned with stuffs like inflation, interest rates and control of money in circulation. Full stop. The Other body should be concerned with regulating banks and the body will comprise of selected people from the financial sector, academia, etc. That is what can guarantee independence and ensure there are no conflicts of interest. I know it is the National Assembly that can change the CBN Act and we have a long way to go with those snoring senators and bumbling representatives.

3. There must be an imbibing of corporate governance in our institutions. Internal auditors must be empowered to blow the whistle when unethical practices are seen or perceived. They must have a reporting line to the Board and not the MD or their managers.

Bayo Adeyinka

http://www.huhuonline.com/index.php?option=com_content&view=article&id=276:cbn-induced-banking-crisis-a-solution--by-bayo-adeyinka-&catid=77:personal-tech&Itemid=177

Atedo Peterside did not act in a mature manner with that introductory remark.

The problem we have with most of our institutions in Nigeria is lack of continuity. Each newly appointed official would not see anything good in policy and approach of his predecessor but to look for ways and manners to discredit and rubbish whatever programme that was in place. Lamido Sanusi was part of the banking industry in Nigeria while Soludo was Governor. Didn't Sanusi have the right to air his opinion about what was going on in the industry then? Why wait till he became Governor before blowing the lid and exposing these toxic loans? I bet he knew what was going on then.
Mind you, I really support what he was doing about the five banks but that doesn't mean that Soludo should be pacified completely. To advance the financial standing of this country among the international community the statement Atedo Peterside was making in the London Financial District will not help. You cannot just go the outside world to wash your dirty clothes. What he should be doing is to give credit to where credit belongs by ascertaining the benefits and achievements of Soludo's banking consolidations that has given some confidence to the capital base standings of our banking institutions . He should also be assuring the international community that we have just got another competent risk manager to continue where Soludo stopped. Financial world is a very sensitive world, any unguided utterances could spell a doom for Nigeria. Our Central Bank Governors whether past or present should be portrayed as very competent people and not as morons

The problem we have with most of our institutions in Nigeria is lack of continuity.

you are right but in some cases like the present one you just can't continue hiding the fact these banks have problems. even bankers were complaining about this margin loan and liquidity issues. by the way, does any one remember Sanusi's comment that these problematic banks are one the causes of high interest rates. how does high interest rate help me and you?


Each newly appointed official would not see anything good in policy and approach of his predecessor but to look for ways and manners to discredit and rubbish whatever programme that was in place. Lamido Sanusi was part of the banking industry in Nigeria while Soludo was Governor. Didn't Sanusi have the right to air his opinion about what was going on in the industry then? Why wait till he became Governor before blowing the lid and exposing these toxic loans? I bet he knew what was going on then.

Sanusi's opinion was well known in the banking world and they tried everything to make sure he didn't become CBN Governor. People aired their opinion like Atedo alluded to but Soludo ran the CBN like a czar. I don't exactly have problems with running it as a czar especially in a country like Nigeria but you also have to take responsibility for the s, t that comes after Why do you think people like Gabriel Omoh of the VANGUARD newspaper have been running a smear campaign on him since March.

Mind you, I really support what he was doing about the five banks but that doesn't mean that Soludo should be pacified completely. To advance the financial standing of this country among the international community the statement Atedo Peterside was making in the London Financial District will not help. You cannot just go the outside world to wash your dirty clothes. What he should be doing is to give credit to where credit belongs by ascertaining the benefits and achievements of Soludo's banking consolidations that has given some confidence to the capital base standings of our banking institutions . He should also be assuring the international community that we have just got another competent risk manager to continue where Soludo stopped. Financial world is a very sensitive world, any unguided utterances could spell a doom for Nigeria.

I agree that Atedo should have praised Soludo a bit 'cos I think he was a man for his time but that doesn't mean he lied against him. he can as well choose not to praise him. by the way, you talk of the international community like they are some kind of novice, they know the whole story of what is going on in the banks. you think people will just bring their money based on what you Nigerians say. I don't agree that he washed any dirty linen in public, did he lie at any time or tell us what we didn't know. Soludo was heavily compromised and it was obvious to every one. he didn't behave like a regulator in any way after the consolidation but was always chummy with these crooks. Banking is all about conservatism, it's people's money not your money.


Our Central Bank Governors whether past or present should be portrayed as very competent people and not as morons

This is the same attitude that keeps us where we are. when people are morons let's tell them what they are. George Bush was a slowpoke, did we not know or hear about it from Americans? by the way, Soludo was not a slowpoke but character wise, i won't advise any young man/woman to look up to him.

The whole discourse about Sanusi's action has gotten so sentimental that we've lost sight of the issues. if we give the banks to foreigners, what's the big deal about it, does any one really think NIgeria is in control of it's destiny. it's when some people are losing out that we bring sentiments. if the northerners buy the banks, what is the problem with that, how has the bank helped the south. if the banks are owned by northerners, they still have to employ competent nigerians or they will be out of business.

meanwhile there is another issue brewing in the civil service and I think Nigerians have to start paying attention to Oransoye's reform which the SGF is trying to sabotage. we need to focus on issues in Nigeria and forget all these big men that turn their wars into our own world wars.

Jaybee2412:

The problem we have with most of our institutions in Nigeria is lack of continuity. Each newly appointed official would not see anything good in policy and approach of his predecessor but to look for ways and manners to discredit and rubbish whatever programme that was in place. Lamido Sanusi was part of the banking industry in Nigeria while Soludo was Governor. Didn't Sanusi have the right to air his opinion about what was going on in the industry then? Why wait till he became Governor before blowing the lid and exposing these toxic loans? I bet he knew what was going on then.
Mind you, I really support what he was doing about the five banks but that doesn't mean that Soludo should be pacified completely. To advance the financial standing of this country among the international community the statement Atedo Peterside was making in the London Financial District will not help. You cannot just go the outside world to wash your dirty clothes. What he should be doing is to give credit to where credit belongs by ascertaining  the benefits and achievements of Soludo's banking consolidations that has given some confidence to the capital base standings of our banking institutions . He should also be assuring the international community that we have just got another competent risk manager to continue where Soludo stopped. Financial world is a very sensitive world, any unguided utterances could spell a doom for Nigeria. Our Central Bank Governors whether past or present should be portrayed as very competent people and not as morons

Saunsi was one of the people that criticized Soludo publicly. His opinion was well known and he was one of the few executives that was not hiding behind "anonymous executive" in the newspaper when he criticized Soludo and the CBN.

Watch the interview with CNBC, this interview was done few weeks before his name started showing up in newspapers as candidate for CBN Governor. He talked about lack of disclosure, etc


https://www.youtube.com/watch?v=cOj4Vq6S20A

now that's my boss!

@Jacobs2412,
Sanusi has never hidden his opinions on the way CBN were running things, to the dissatisfaction of the Ibrus that were benefiting from CBN's laxity. Ever heard that Ibru and co raised 2.5b to stop Sanusi's candidature?

Sanusi stopped criticizing CBN when his name came up as possible successor to Soludo. And of course, morality demanded that, lest he be seen as campaigning for himself.

Sanusi is one person that will tell anybody anything to his face.

all this long sermon na make sanusi and Effc no investigate that ur bank abi which way brs

atedo, watch your back! you may be next in jail!

If Atedo's bank deserves the axe, I'm sure Sanusi will not hesitate to reach for his axe.

But like Fola Adeola built for GTB, I'm sure Atedo is another play-only-by-the-rule CEO that has built strong corporate governance in his IBTC.

Atedo may not be as strict as Sanusi, but he too doesn't  joke with ethics. I remember when he interviewed me one on one about 3 yrs ago, strictly business, merit-driven and he exuded brilliance.

@Jarus,

Omatek, a Fola Adeola chaired company made the CBN debtors list.

Chairman is a non executive position, has little say on operational activities. Hold Florence and her executives responsible. Moreso, Fola's appointment as Chair is just to give the coy reputation.

Chairman is a non executive position, has little say on operational activities. Hold Florence and her executives responsible. Moreso, Fola's appointment as Chair is just to give the coy reputation.

actually,

i think its more than that

na only gtb de buy omatek computers, as far as i know

texazzpete:

Sanusi wasn't the one that recklessly gave out billions of Naira in bad debts. He was not the one that ran Oceanic Bank et al to the brink of disaster.
He's even the one that approved an extremely generous bail out package for the banks perhaps without following due process. How exactly did you come about your conclusion?

1. He's the one that has created a crisis of confidence in the banking system.

2. If Nigeria was a civilized country his action would have brought the government down. (How did the government get 400 billion naira to give to the banks without National assembly's approval.)

3. I guess, you've not seen the Vanguard's report that was made five months ago detailing what Mr Sanusi just did.

4. He seem to be the only one that thinks that the five banks were going to collapse sooner than later. (If he can give the other banks up till the end of September before doing anything about them, why not this five banks also.)

Jarus:

Sanusi is one person that will tell anybody anything to his face.

That describes a person who doesn't have common sense.

Atedo Peterside should have focussed on the merits of the Soludo's tenure, it's called PR.

His opening statement equates to a man pointing to his father's house with his left hand.

You'll never find a western representative say something detrimental to the interest of their country.

smasher1:

What do we call this statement by Peterside-Harlotry(adultery). Sleeping with d current governor/government.

Too many Nigerian elites are too self-centered.

I don't know why this useless thread is in front page.More annoying is the reckless and stupid postings by people. .
I like the link and comment posted by Ekwere.It was the only sensible post.Jarus was so annoying

@Jarus,

But Nigeria is a country where people make serious decisions based solely on reputation. People still see Atedo as the leader of Stanbic IBTC even though he has moved on to the role of chairman. I believe that a chairman should intervene when the executive directors depart from the company's core vision. They shouldn't get huge cheques for just showing up in the newspapers.

Everyone who had followed events in the banking sector pre-consolidation knows that Atedo Peterside put up a strong fight against the consolidation policy since it was going to erode one man ownership of banks.

@ Jarus

U have been jumping from one thread to the other promoting sanusi and his actions but you have not been able to give us an answer as to why every action sanusi has taken so far is in tandem with what Vanguard reported five months ago and more than two months before Sanusi was appointed (maybe Vanguard now has Primate Olabayo as a reporter). untill you provide an answer to the above, I will never take ur view on the babking crisis serious. I'm even begining to suspect you to be a PA to sanusi!!

and what is so prophetic about the Vanguard article?
-  That soludo will not get a second term, when no CBN governor has done so in recent times, and after his brushes with the president was almost certain to be replaced
- Anyone privy to the state of things in the EDW could easily deduce that these five banks were in trouble, as they were constantly borrowing from other banks, without paying it back since October 2008
- That the CBN would have to take action against them else the collapse the entire sector. Even Soludo would have acted against them if he was reappointed. He likely feigned ignorance so as not to hinders his chances of a second term as governor.
- Given the size of the banks involved (and the recent court rulings on Savannah issue) , that the CBN would have no choice but to inject funds into this bank.
- That the banks would have to be transitioned into a new management (and possibly ownership where needed) to recover the CBN funds and move the banks forward as a going concern
- Given the distribution of wealth in Nigeria, it is highly likely that some of the investor might come from the north (afterall they are like half of the country).

Yet some people simply ignore the failings of the prophecy like
- The top 5 banks are targeted, yet the banks affected are not the top 5 banks as claimed by the article
- The group were supposed to force the banks into liquidity problem by depositor withdrawing their money, yet said 5 banks are in trouble because the have been borrowing from other banks without repayment, lost money because they invested heavily in stocks and oil & Gas, and because they have huge amounts of loans that they have failed to collect on, but rather doctored their books. Their failure is their own handiwork, and not because of some text messages sent by some group
- The government was supposed to take equity in the banks, yet the CBN has not done so. The funds injected were tier 2, which is essentially like an insurance policy, and not tier 1 which could have been termed has buying equity in  the company.

Short of the coincident number 5, the rest is malleable for anyone gullible enough

Though that Nigerians cant reason on facts and figures is not surprising, else how would one explain the thriving throng of false prophets, fake pastors, and crooked imams.