Lamido Sanusi, governor, Central Bank of Nigeria (CBN), Tuesday vowed he will resign his appointment if his recent actions taken to salvage the banking industry were found to be fundamentally faulty. But Sanusi accepted that there could be minor errors in the process which has attracted wide criticisms as well as commendation but insisted that the decisions of the apex bank were necessary for the Nigerian financial system and the economy in general.
Sanusi, who has been summoned to appear before the House of Representatives this morning, disclosed this while responding to questions from journalists after the 210th meeting of the Monetary Policy Committee of the CBN during which decision were also taken to retain the Monetary Policy Rate at six percent and maintain interest rate corridor at +/_ 2 percent around the MPR.
Also at the meeting, an Approval-In-Principle was endorsed for the establishment of an “Asset Purchase Facility Fund” that would undertake to buy over the debts of these banks and chase these debts for an interest.
Sanusi said the CBN and the Ministry of Finance jointly considered the modalities for setting up the APF Fund for effective liquidity injection and credit easing targeted at specific areas of the economy.
“Now, we are human beings, are we above making mistakes? No! If there was a mistake and a fundamental error as a governor of CBN, I will take personal responsibility and I have to resign, I will resign but I have no doubt in my mind that if I look at a bank and see that that the bank is heading towards failure, I have the responsibility of the Nigerian people to take whatever action I consider appropriate.

I can't understand what he's trying to say.
Or, is he trying to say that he did not know what he did in the first place?

Still wish him the best.

thats wat happens when you try to distinguish your self form the tuds in Nigeria,
Don't tell me SOLUDO was not aware of the failing banks, but he was smart enof not to get into troubles bigger than expected, same thing happened to Ribadu and same will happen to DORA.
sighs, GOOD PEOPLE, great nation

The man acted very recklessly, now just a couple of months into his tenure, we're hearing about his possible resignation for "fundamental" errors.

"The new Ribadu". . . Na so!

but this banks did not fail now. they only had bad debts in their books

That means we have fold our hands and watch him,
After creating much disaster to the banking sector he will then resign.
Someone can sense some atom of lack of confidence even in his own approach.
lets watch and see no be Nigeria?

By this singular declaration by Sanusi to resign if his actions are fundamentally wrong, I see sincerity in Sanusi to revamp the ailing banks. However, I smell some serious backyard politics to rubbish him just like it happened to those before him who attempted straightening some ugly side of the country. I know nigerians like it to be biz as usual. I can't believe that some untouchables can be touched in this damn country. I am perplexed to see owed funds returning into the bank coffers, stealthily. This is unbelievable in Naija! It is my candid opinion that Mr President give him the necessary support to cleanup the mess in the banking sector, as this could be used as the lauch pad to pursue the anti-corruption war. This is a great opportunity to fight corruption. Apart from the allegation that Sanusi wants to sell the ownership of these banks to foreigners, which I pray he shouldn't, I doff my hat for his actions so far. Kudos Sanusi!

How can he resign? No not at all.
He has to face the consequences of the mess he has created. Who will then inherit the mess!
He cannot create a mess and just resign like that. The is the highest form of irresponsibility.
After he would have cost the economy hundreds of thousands of jobs and closed the few businesses left, then he will just resign?
Naaaah! Not like that!

jamace:

By this singular declaration by Sanusi to resign if his actions are fundamentally wrong, I see sincerity in Sanusi to revamp the ailing banks. However, I smell some serious backyard politics to rubbish him just like it happened to those before him who attempted straightening some ugly side of the country. I know nigerians like it to be biz as usual. I can't believe that some untouchables can be touched in this damn country. I am perplexed to see owed funds returning into the bank coffers, stealthily. This is unbelievable in Naija! It is my candid opinion that Mr President give him the necessary support to cleanup the mess in the banking sector, as this could be used as the lauch pad to pursue the anti-corruption war. This is a great opportunity to fight corruption. Apart from the allegation that Sanusi wants to sell the ownership of these banks to foreigners, which I pray he shouldn't, I doff my hat for his actions so far. Kudos Sanusi!

You truly believe this to be true in a country where most of the politics have at one time or another made the same declaration?

You truly believe this to be true in a country where most of the politics have at one time or another made the same declaration?

Yes, I do. I see in him the quality of forthrightness (a man of his words).

That means he would be resigning very soon.

Send his arrsss to jail if he ever resigns. Useless ahlmajiri northerner trying to destroy what Southerners tried so hard to build. Nonsense!!!

Bialegend:

Send his arrsss to jail if he ever resigns. Useless ahlmajiri northerner trying to destroy what Southerners tried so hard to build. Nonsense!!!

What did we build? Dodgy banks with dodgy management.

My people, let me confess again that I doff my hat for this Sanusi of a man. Can you believe that about Seventy Six Billion Naira (#76b) has been repaid by debtors within this short period? This confirms that only iron hand can rescue Nigeria from all the messes (political, social, economic, religious etc) it is in. Kudos Sanusi!

hey

Dont know the guy too much, however, that is the talk of a champion, willing to put his appointment on the line, if he has made a booboo

jamace:

My people, let me confess again that I doff my hat for this Sanusi of a man. Can you believe that about Seventy Six Billion Naira (#76b) has been repaid by debtors within this short period? This confirms that only iron hand can rescue Nigeria from all the messes (political, social, economic, religious etc) it is in. Kudos Sanusi!

I don't know which is worse, Sanusi's action, or your shameless, tribalistic, and sycophantic praise singing.

He doesn't need to resign, he needs to be fired and prosecuted for abuse of his office

[b]I don't know which is worse, Sanusi's action, or your shameless, tribalistic, and sycophantic praise singing.[/b]He doesn't need to resign, he needs to be fired and prosecuted for abuse of his office

Hmmnn. My friend, you have missed the point completely. Well, I am in support of his efforts to make the debtors to service their debts, however, I am not in support of giving the banks to foreign investors.

Naijaking, could you please enlighten me, for instance, on how Sanusi abused his office? Thanks.

Why is this man talking like a Politician? Leave matter jare. He is just tryig to tell you all he is in the good light.

jamace:


Hmmnn. My friend, you have missed the point completely. Well, I am in support of his efforts to make the debtors to service their debts, however, I am not in support of giving the banks to foreign investors.

Naijaking, could you please enlighten me, for instance, on how Sanusi abused his office? Thanks.

He has made himself the prosecutor, judge, and jury. Unless you have not been following the recent events in Nigeria banking sector, then you would be excused for not knowing that Sanusi is abusing his office-- looking at himself as a cross breed between military dictator Abacha and stupid and uninformed Yar'dua.

Many of the claims he has made against the banks have already turned out to be false. He has even admitted that though there might have been "small mistakes" here and there, but that his mission was called for.

Small mistakes? when some innocent people are languishing in jail? Ans shareholders are about to loose everything?

Don't worry about the amount realized so far from debtors---- ask yourself, where's the money coming from? It's from other banks, that have not yet been exposed. Even the FG owes these banks big time. Nobody supports corrupt debtors, but you don't go and 'steal people's banks because of that.

Time will take that Sanusi is either an uniformed fool, or a pure religio-ethnic bigot bent on carrying out a hidden agenda.

i am begining to smell a fish

He has made himself the prosecutor, judge, and jury. Unless you have not been following the recent events in Nigeria banking sector, then you would be excused for not knowing that Sanusi is abusing his office-- looking at himself as a cross breed between military dictator Abacha and stupid and uninformed Yar'dua.

Many of the claims he has made against the banks have already turned out to be false. He has even admitted that though there might have been "small mistakes" here and there, but that his mission was called for.

Small mistakes? when some innocent people are languishing in jail? Ans shareholders are about to loose everything?

Don't worry about the amount realized so far from debtors---- ask yourself, where's the money coming from? It's from other banks, that have not yet been exposed. Even the FG owes these banks big time. Nobody supports corrupt debtors, but you don't go and 'steal people's banks because of that.

Time will take that Sanusi is either an uniformed fool, or a pure religio-ethnic bigot bent on carrying out a hidden agenda.

Ok. Let us wait on time to reveal the truth.