@Jarus,

Omatek says that Fola Adeola resigned as a director when the company got listed.

Sunny_bobo:

@ 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 your view on the babking crisis serious. I'm even begining to suspect you to be a PA to sanusi!!

I have provided answers to that many times in the several threads on this topic, if you bothered to read my previous posts.
As I am now, I'm even writing an article, titled SANUSI'S REFORMS: A TALE OF TWO PREDICTIONS for publication in national dailies, solely to counter that article.

I'm not Sanusi's PA. I have never met him. I first heard his name around August 2008 when he was announced as replacement for Jacob Moyo Ajekigbe as FBN GMD, but I've been on NL since 2007. I only believe he's doing the right thing, at least for now, that is why I have taken it upon myself to defend him. Once I realize he's going astray I'll be teh first to criticize him on NL and on pages of newspapers. Count me out of sycophancy.

Jarus:

I have provided answers to that many times in the several threads on this topic, if you bordered to read my previous posts.
As I am now, I'm even writing an article, titled SANUSI'S REFORMS: A TALE OF TWO PREDICTIONS for publication in national dailies, solely to counter that article.

I'm not Sanusi's PA. I have never met him. I first heard his name around August 2008 when he was announced as replacement for Jacob Moyo Ajekigbe as FBN GMD, but I've been on NL since 2007. I only believe he's doing the right thing, at least for now, that is why I have taken it upon myself to defend him. Once I realize he's going astray I'll be teh first to criticize him on NL and on pages of newspapers. Count me out of sycophancy.

i am watching you o.
many have gone that way.

biina:

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.

gbam!!

Sunny_bobo:

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 your view on the babking crisis serious. I'm even begining to suspect you to be a PA to sanusi!!

@Jarus

I think you should just leave these people alone. You cannot convince some Nigerians that these MDs are crooks even with facts. The Vanguard report being talked about is not a prophecy but what every body knew Sanusi will do if he becomes MD and they used vanguard reporter Gabriel Omoh as one of the guys that will do the hatchet job yet they failed but they won't give up. These crooks bribed those in the Presidency to support Soludo's second term that at a time those guys had to ask where the money was coming from. sources say this money was up to 2.5bn in bribes. By the way, for anyone who believes Nigerian papers hook line and sinker, the truth is that most stories are paid stories even those tagged "investigative journalism". Personally I don't see vanguard as a genuine newspaper.

If they knew Sanusi was coming after them why didn't they sit up.

I still shudder how foolish we are as Nigerians. we always look at everything from a conspiracy theory and can hardly analyse and dissect issues in a sensible way. is it any surprise that we dumped colonialism by the white for colonialism by the elites and the rich.

I know friends and worshippers of Akingbola and Ibru can't just believe that their gods are not invincible afterall.

I'm not a friend of Atedo but he willingly relinquished his bank to Stanbic while Akingbola, Ibru chose to sit as MD of dying banks.

time shall tell

As some of you might be aware, when Governor Lamido Sanusi's predecessor in office - Professor Charles Soludo (an economist) was appointed in 2004, my disagreement with him on policy was so vehement that I chose to go public with it. In a published letter to him dated 12 July 2004, which appeared in The Guardian Newspaper on 21 July 2004, I pointed out that, on banking consolidation, Governor Joseph Sanusi (1999 -2004, Soludo's predecessor) did "too little too late" and that his approach was "frustrating but not dangerous". I then cautioned that in my opinion Governor Charles Soludo's approach/actions translated into ", trying to do far too much and far too soon" and that we might therefore be ", swinging from one extreme to another and that is very dangerous". As we all know, throughout his tenure, Professor Charles Soludo appeared to be pushing Nigerian banks to expand aggressively both domestically and internationally.

A few months after the advent of the current global financial crisis it became evident to all those who were discerning that a handful of Nigerian banks were in trouble. At the very least, they were guilty of bad judgement. Some say that two or three of these banks grew too big too fast and were simply destined to implode. Whatever be the case, it was clear that they had misread the severity of the economic downturn and the collapse of asset and commodity prices (including the Nigerian stock market index and crude oil prices) and had lent large sums of money to people (including some insiders) who did not have a semblance of a business plan. Their loan losses were so significant that they became clearly illiquid and became increasingly reliant on Government "life-support" via continued reliance on CBN's expanded discount window. Weak risk management and lopsided corporate governance practices did not help either.

The Emperor had no clothes on, but CBN under Charles Soludo insisted that he was fully clothed and, indeed, threatened sanctions against any Bank CEO whose staff dared to make reference to this "open secret" that the capital of a handful of Nigerian banks was almost completely eroded. They called this "de-marketing" of the competition and even turned the clock back on greater financial disclosure and transparency.

Perhaps Governor Soludo was seeking a second term for himself before seeking clothes for the naked emperors?

Enter Mr Sanusi Lamido Sanusi a seasoned and knowledgeable economist and professional banker/risk manager with impeccable credentials, including, notably, integrity and a penchant for telling the truth at all times - hence his bias towards full disclosure and transparency.

I make this declaration publicly and without any hesitation because Lamido is a man I have known for over 35 years. We are both economists and professional bankers and our paths have crossed repeatedly over the years. Lamido is intelligent, bold, courageous, independent, straightforward, honest and humble.

I believe Lamido's recent actions have also helped to provide the spark to President Umaru Yar 'Adua's Presidency. Our President must, of course, take the credit for having the foresight to appoint Lamido and for backing him on this important rescue mission because as we all know, DOING NOTHING WAS NO LONGER AN OPTION.

Ladies and gentlemen, I present Mr Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria.

Jeeze!
I've not seen so much barefaced boot licking in a looooooong time

Governor Charles Soludo's approach/actions translated into ", trying to do far too much and far too soon"

I can't believe this.
So Sanusi is the one taking his time to do things at a sedate pace?

we heard all this before. not impressed at all!

As for me, I think its too early to start praising Sanusi. In fact Sanusi's current torrent of policies worry me.
1. He just printed N400 billion naira which he pumped into the economy. Has he considered the effect of this action on inflation, especially considering his policy objective of attaining a single-digit inflation.
2. The Federal Government has announced that it would stop subsidzing fuel cost by November 2009. The current apprehension in the banking system would not likely encourage banks to lend to the oil marketers which might create scarcity. I see NLC going up in arms if this happens, I hope it would not create a problem for the economy.
3. Many foreigners are questioning the seemingly unlimited powers of the CBN to fire bank chiefs without any due process. I hope this would not even discourage the foreign investors.
4. He has had to make and reverse polices immediately which suggests that he's in a hurry to create an impression. In such a hurry, he might not properly chew up a policy before spitting it out. Hope he's fully considering the effect of the barrage of policies he is churning out.
5. I'm worried about herd effect. The bank's crowding into the equity market significantly contributed to its going burst. Now it's time to crowd into the bond market and crash it - First bank = N500b, UBA = N500b, Diamond = N200b, e.t.c

I think it's very pathetic and reeks of propaganda the way Peterside slated Soludo all in the aim of sucking up to Sanusi. As far as I'm concerned "he who is without sin let him cast the first stone". Whilst Soludo has his shortcomings (don't we all), he will also be remembered for what he did in terms of consolidation. In my opinion I don't think Soludo's presentation - albeit well presented - would have enhanced our international profile, as a matter of fact the whole situation in Giddyland is likely to give international investors itchy feet. It remains to be seen what sort of skeletons might crawl out of Soludo's cupboard!

yes. the same way they're knocking soludo now is how they will knock out sanusi
when he leaves the scene. we know them!

As the drama unfold, Nigerians will get to the root and true essence of Lamido's reform. His approach in my opinion show no expertise.there ought tu be a better approach to the whole exercise. Peterside is an investor who simple wants a fare share of Lamido's, 'regime' HE IS SIMPLY DRYCLEANING A MAN WHO ACT RASHLY AND THINK LATER.

yes. the man is all huff and puff!