@Beaf
I purposely addressed my initial questions specificaly to mikeansy, as I would rather not entertain someone who has nothing else to contribute than festering ethnic sentiments. I expect that you will stay clear of such, and respond with sound arguments

Beaf:

No one is saying the banks[b] might not have had troubles.[/b]

Why the ambivalence? are you trying to cover your arse? The banks were either in distress or not. I dont see the 'might not have had troubles'. The figures presented by the CBN are either a  clear representation of the facts or conjured out of thin air. These fact needs to be established before the actions of the CBN can be fairly weighed, as that was the premise for the action.

I don't care about the Vanguard and care even less for Dayo Coker (an obvious insider). The issue is Sanusi and his agenda (or highly improbable lack off).

so what is sanusi's agenda? and what is the evidence in support of it? bearing in mind that you 'don't care about the vanguard'.

Sanusi's agbero methods just cannot convince any rational mind, they only raise goose bumps and intense suspicion. There are too many unanswered questions.

and are you now the spokes person for all rational minds? 
what are the many unanswered questions?

Heading the CBN is a delicate and sophisticated task suited to the most professional and calmest of heads.
Sanusi's methods have been nothing but an exercise in crudity that has only harmed our economy an further stressed an already tense polity.

This is the crux of the debate. It is too early to give a verdict before presenting the argument. The facts should be established  for the basis, reason and/or  effects of Sanusi's actions, before judging if it was detrimental. The mere fact that you 'feel' so, does not make it so. We need to establish which harm (if any) were caused by either of Sanusi actions and/or the wailing of the anti-sanusi camp.

There were countless errors in both names, designations and figures when the CBN released its list of criminals debtors. There can be nothing more embarrassing and unprofessional than an apex banking institution getting designations and figures wrong. Disgraceful.

The list is finite, so I will take your 'countless errors' as an hyperbole to try to emphasize your point. Yet, I would expect you to be able to point to at least 20 errors in the figures posted, before there can be any credibility to your assertion ( there are over 200 entities on the list, so a 10% requirement is quite low and more than fair IMO)

It speaks of shabby leadership; worse, it hints at darker and underhand tactics, like there is an agenda to work backwards and fit a situation on the banks.

Is this not taking things too far? Should the CBN governor have gone through the entire list in person to verify or are CBN staff no more human. Still the source of the debtor figures were the banks, CBN only (probably transcribed and) published the list. Errors in the list could, more or less, have  come from either CBN or the affected bank (with the latter being the more likely culprit).
All that being said, the gravity of the offense can only be ascertained after you have listed/pointed out sufficient errors as requested above.

As to the extent of the banks troubles (if there were any); it is impossible to believe a Central banks that gets figures on debtors so wrong that it has invoked a cloud of potential lawsuits.

potential lawsuits? so someone threatening to sue the CBN automatically means they are in the right?
How many of said potential lawsuits have since become actual? if any, has there been any judicial ruling(s) that point towards the CBN being in the wrong?
A ha! but then you clearly left open your exit door wide open, by your ambivalence in defining the banks troubles

Thing got to such an extreme that the Nigerian Bar and legal practitioners in their individual capacities felt uneasy enough to directly warn the CBN to keep within the law. The CBN is not the jungle.

The CBN was told to act within the law because some quarters raised objections to the CBN action. Yet the judiciary has not stated that the CBN acted illegally. Hence, the warning can be  deemed a false positive.

So much noise and fanfair was made over issues that would have been better dealt with by an application of wisdom. The question is why?

noise and fanfair? were the sacking not disclosed at a press conference? I dont recall the CBN throwing a party over the issue. Rather the noise has been coming from the camp of those who claim that sanusi has a 'hidden agenda'.

I expect an unravelling.

How soon would this happen?

If you are going to respond, I hope you would provide sound arguments, with supporting evidence, and not just conjectures which serve nothing but to alarm and misinform the innocent, and misrepresent the facts.

^
Biina, your opening line gives your game up.

Stop being funny and making it seem that every post is addressed to you (it wasn't).

You really don't need to deal with every post. Especially if abuse is your only "reasonable" argument.
If you are empty, simply say so and stop covering up with rudeness, you're only make yourself look foolish.

Why should I even engage with a fool who thinks that challenging sharia law in Nigeria is "festering ethnic sentiments"? Even a 2 year old knows that sharia is a system of laws not an ethnicity.

I'm here, laughing at you

[size=18pt]BANKO HARAM[/size]

Banking is evil

That is the phylosophy of our new cbn governor
no suprises given that he studied his own economics at sudan

sudan?!!!!!!!!!!

OYB_MEND:

[size=18pt]BANKO HARAM[/size]

Banking is evil

That is the phylosophy of our new cbn governor
no suprises given that he studied his own economics at sudan

sudan?!!!!!!!!!!

He studied sharia there.

Beaf:

^
Biina, your opening line gives your game up.

Stop being funny and making it seem that every post is addressed to you (it wasn't).

You really don't need to deal with every post. Especially if abuse is your only "reasonable" argument.
If you are empty, simply say so and stop covering up with rudeness, you're only make yourself look foolish.

Why should I even engage with a fool who thinks that challenging sharia law in Nigeria is "festering ethnic sentiments"? Even a 2 year old knows that sharia is a system of laws not an ethnicity.

I'm here, laughing at you

Being that your post was immediately after mine, and started of with issue I raised, I felt it was a response to my post. Apologies if I was mistaken.
If you feltI had insulted you, (while I dont see in what way I have done so), again I apologize.
As to the rest of your post, feel free to believe, and think, whatever lets you sleep at night.

interesting!

More revelations about the CBN exercise!!!

please check this out
https://www.nairaland.com/nigeria/topic-322184.0.html#msg4523360

What is the source of the above?

if we are taking about confidentiality are you saying that the shareholder (supposed to be part owners of the banks) are not supposed to know the true state of the bank which is described as being failed.
talking about public confidence , has been not gone down drastically, when rumours keep flying all over, which is better, people know the real truth, rather than allow rumour fly over,

in the Us, this banks were really bad because of the global economic meltdown, and the bank came out to admit that, so did they governement, but here in Nigeria, CBN makes a move, nobody is sure if the banks were really distress as claimed,
we need to start doing things right in this conuntry, the banking industry strives mainly on public confidence and if this is erroded we are just going to be expanding our problem,
i still want to believe the shareholders and the public should have an idea and the true situation of what is going on, there is no big deal if a bank is bad, it happend in developed countries and heaven didnt fall,
what we are saying is , let us know the situation of things, and how you are saving the situation, other than allowing rumours fly all over,
otherwise i want to believe there is still an hidden agenda

@dayo1401
You couldn't have said it better.

biina:

Being that your post was immediately after mine, and started of with issue I raised, I felt it was a response to my post. Apologies if I was mistaken.
If you feltI had insulted you, (while I dont see in what way I have done so), again I apologize.
As to the rest of your post, feel free to believe, and think, whatever lets you sleep at night.

The above is your reason for a blatantly dishonest personal attack?
Your apology is accepted.

THIS IS NOT FROM VANGUARD. This is from Guardian.

Audit exercise: 11 more banks in need of recapitalisation


CBN plans town hall meeting with shareholders
By Ade Ogidan, Business Editor
The financial examination report of Central Bank of Nigeria (CBN) may have found wanting, 11 of the 14 banks audited in the second phase of the current "cleansing" exercise, with a concomitant directive from the apex bank for their recapitalisation.

The development is coming on the heels of suspicion, distrust and alleged mischief that have become the operating words between the Central Bank of Nigeria (CBN) and shareholders of the banks.

There were strong indications yesterday that the 11 banks would raise funds from the bond market, even as moves from CBN suggested that some foreign investors were being encouraged to stake interest in the financial institutions.

One of the 11 banks, which has been recording operational losses in the last three months, has been asked by CBN to make further provision for N150 billion in its accounts, to address its bad debt loan portfolio.

The profile of the remaining 10 were said to be similar, with indications that some of their chief executive officers and directors would also be eased out of office soon.

Indeed, four of the five banks cleared in the first phase of the audit exercise were said to require further recapitalisation, over assessed dark spots in their respective books, which has now raised doubts over their well-being.

For instance, First Bank, where Sanusi, until few months ago, held sway as its chief executive officer, has secured approval to raise a N500 billion bond.

Analysts queried the sledgehammer slammed on the five troubled banks' directors, who were collectively alleged to be exposed to over N700 billion bad loans, when the five that were given clean bill were actually assessed to have over N900 billion non-performing loans in their books.

With relatively positive balance sheets being displayed by some of the banks with substantial foreign interests, Sanusi is expected to use a planned town hall meeting to persuade Nigerian shareholders to embrace the option of the financial institutions' shares to foreign investors.

Sources disclosed that Sanusi, who may soon embark on a reach-out mission to shareholders of the banks, plan to reel out the benefits that will accrue to them if the banks are sold and the financial devastation they will suffer if they decide otherwise.

The planned town hall meeting, the sources further stated, was a consequence of the opposition from various shareholders' groups to the take over of the banks by foreign investors, through the prompting of CBN. The foreign interests who are being suspected to be mere fronts to predetermined local groups.

Already, some shareholders of Oceanic Bank Plc, have dragged the CBN, its governor; Sanusi and three others before the Federal High Court in Lagos.

The case, filed by the shareholders' counsel, Ajibola Oluyede, accused the CBN of taking actions "detrimental to the interests of its Oceanic Bank shareholders and depositors." The other respondents are John Aboh, the current managing director of the bank, Cecilia Ibru, the former managing director, and Hayford Alile, chairman of the bank.

In the suit the shareholders are claiming that the CBN usurped the shareholders' power by sacking Mrs. Ibru and that no fund can be injected into the bank, in form of equities, until such a proposal is ratified by the shareholders at a duly convened general meeting.

Also, the applicants, citing Sections 102, 124, and 166 of the Companies and Allied Matters Act, are challenging the authority of the reconstituted Board of Directors of the bank to "offer for subscription, or sell and/or allot shares, stock or any form of securities in the Bank."

The applicants also want the court to decide whether the CBN and its governor can "acquire and or dispose of (by sale or otherwise) the interest of all the shareholders of the Bank, including restructuring of the Bank without the participation and consent of its shareholders."

Following the audit of the 10 banks, CBN cleared five of them. They are United Bank For Africa, First Bank, Diamond Bank, GTBank and Sterling Bank. It sacked the management of Oceanic Bank, Intercontinental Bank, Afribank, Finbank and Union Bank, on the strength of alleged non-performing loans of over N700 billion.

[url=http://www.ngrguardiannews.com/business/article01//indexn2_html?pdate=110909&ptitle=Audit%20exercise:%2011%20more%20banks%20in%20need%20of%20recapitalization]Source[/url]