[b]I don’t have anything personal against Sanusi or his new reforms. He can publish the list of debtors, that is not my business but at least publish the exact debt with accurate figures that these people are owing as the regulator in this industry.

I don’t have a contractual agreement with the CBN,  I don’t bank with CBN and I didn’t borrow from the CBN and CBN is not my regulator. They are regulating the bank so they should collect their information from the bank.

I feel very bad especially in the wrong figures attached to some of the debtors. If accurate figures were published it would have been a different thing. For instance my bank wrote officially to us that we are owing them N8 billion, but the CBN claims we are owing N14 billion. I didn’t borrow from CBN nor do I have any contractual relationship with. But imagine the bank did not publish our huge deposits. We have deposits in the bank and other banks. In that bank if you net our deposit from the actual figure of N8 billion which they communicated to us, it would definitely reduce our indebtedness drastically. If Nigerians ask me why I owe N8 billion, I will publish what I used the money to do, which is to create 15, 000 jobs and buy so many enterprises. Not too long ago, we wrote a cheque of N25 billion to the Federal Government for some of the enterprises it sold to us. People should also understand that every loan that we took is secured, properly collateralised. By CBN regulation, it should be 150 per cent collateralisation. So, if the bank had achieved that, then what is the problem about taking loans? They can foreclose on my collaterals. What I am not happy about is the inaccurate figures credited to me.

It would be disastrous if he does not complete the auditing and publish the debtors of the remaining banks. There are many ways of going about it. Sanusi could have asked the CEOs to resign and report to the Economic and Financial Crimes Commission (EFCC) for investigation. He still could have achieved the same purpose. Then he would have got the time to go and do a thorough audit. You could do the audit and give them the report to defend themselves. If you are not satisfied, then you prosecute.

They are not the judiciary. CBN would have had a fantastic argument if only it had exercised some patience in compiling the debtors' list it published. The loan might not be performing in the opinion of the CBN, but it is the judiciary that can finally determine whether or not a loan is performing. There is no specific law in Nigeria that says a loan shall perform provided credit input every other day or whatever.


The new CBN is seemed to be so much in a hurry when it could have held meetings with the affected banks and probably with the highest debtors to determine the real positions on the ground before the publication. These debtors are also the largest depositors of cash in the banks. There was no need to be in a hurry. What are you in hurry…hurry for. Nobody is going to run away from Nigeria. My point is that if CBN had realised that some of the banks were not doing the right thing, the best thing to do is to go check thoroughly before accusing customers of defaulting in loan repayment, because it is possible for them to have wrong returns. Some banks could keep three accounts- one for the customer, one for CBN and one for the management. In that case, if CBN relies on the one given to it, there is no binding contract with the one they gave to the customer. So, there is a problem there. That is why we think that the principle of total disclosure, as canvassed by Sanusi, would have received the highest level of commendation, if there were patience in ascertaining what actually happened. But people are saying, 'oh, it is a marginal error.' How can it be a marginal error? A small error can make a plane to crash.[/b]

WHY IS JIMOH SO CONFUSED?

HE SAYS ONE THING BUT MEANS ANOTHER

The guy, apperently, likes hearing his own voice.