Businessideas:

Save your energy for more productive contribution to this thread. Falana gave clear evidences and authoritative document released by the same CBN when it was under Soludo and instead of Soludo to show remorse and immediately join forces to recover the money,he started passing the Buck. It doesn't show a clear conscience and accountability. This is not a honorable conduct anywhere in the world.
It won't work. It was these kind of terrible decisions like that of Soludo that got us into this recession with all the proceeds from high oil prices frittered when we should have been saving for the rainy days like Saudi Arabia, UAE etc did.
Whoever is with our $7billion should be prosecuted and the money recovered!!

Just listen to your self

How can Soludo just share $7billion reserves to 14 banks??


Why would he do that?? Is he a shareholder in the banks or what??


And you think if he did that Sanusi wouldn't have exposed Him?? Sanusi that was going all over the place saying that $25billion was missing in NNPC

KingsCity:


Just listen to your self

How can Soludo just share $7billion reserves to 14 banks??


Why would he do that?? Is he a shareholder is the banks or what??


And you think if he did that Sanusi wouldn't have exposed HIm?? Sanusi that was going all over the place saying that $25billion was missing in NNPC

You are clearly preempting EFCC and the outcome of the investigation. While Sanusi has publicly declared that he's ready for a probe, Soludo is playing to the gallery

Businessideas:

You are clearly preempting EFCC and the outcome of the investigation. While Sanusi has publicly declared that he's ready for a probe, Soludo is playing to the gallery

If this is actually true then he borrowed the banks the money to save them and no one takes such money from d treasury without it been noticed so I believe there was sm type of approval to go ahead with this or a proper process. The only issue can be in it's recovery which is a continuous work of incoming CBN govs and not just soludos. Falana doesn't know what he's talking about.

Businessideas:

You are clearly preempting EFCC and the outcome of the investigation. While Sanusi has publicly declared that he's ready for a probe, Soludo is playing to the gallery

Just exercise patience, I trust Soludo to issue you people with a detailed response

Falana is simply seeking attention, nothing more


This is the same kind of spurious thrash he wrote about Okonjo -Iweala the other time. Since the madam issued him with a response, have you heard him mentioning Okonjo-Iweala again??

Bet why

Simeonnwabeks:
[s][/s]

I promise to donate a coffin when you finally kill yourself cos of afonja. I just pity your innocent kids cos they have a wicked and jobless bigot as a father.

Afonja wants to cry. Find somewhere private and do it like a man

St Soludo how market?

Soludo must return the money he stole. Pure and simple

I don't care in #falz voice

Businessideas:


Cecilia Ibru-led Oceanic Bank, Erastus Akingbola -led Intercontinental Bank and Pat Utomi 's Bank PHB are no more. It means three of these 14 banks had already packed up and only God knows how their own share of the loot would be traced.Yet these banks were trading with governments deposit until lately when TSA was introduced. So what exactly do Nigerian banks do?
Or how does one explain the case of Access Bank that actually "collected double portion " because they collected and inherited Intercontinental Bank's portion
Which bank inherited Oceanic Bank sef?

Ecobank acquired Oceanic Bank.

KingsCity:


The CBN also functions as the government's bank

The CBN is free to lend deposits kept with them if they so choose. No bank including the CBN is meant to just keep funds deposited with it in it's vaults. The simple reason being that idle cash produces nothing

So, what you are saying is that because CBN is government's bank as well as
bankers bank it can give out loans without making efforts to recover same?
We need to be rational and logical when analysing issues.

Businessideas:
According to proshare, the list of these 14 banks and their foreign partners are :

1. Black Rock Union Bank of Nigeria Plc

2. J.P. Morgan Chase Zenith Bank Plc

3. H.S.B.C First Bank of Nigeria Plc

4. BNP Paribas Intercontinental Bank Plc

5. UBS United Bank for Africa Plc

6. Credit Suisse IBTC Chartered Bank Plc

7. Morgan Stanley Guaranty Trust Bank plc

8. Fortis Bank PHB Plc

9. Investec Fidelity Bank Plc

10. ABN Amro Access Bank Plc

11. Cominvest Oceanic Bank Plc

12. ING Ecobank Plc

13. Bank of New York Stanbic Bank Plc

14. Crown Agents Diamond Bank Plc

https://www.proshareng.com/articles/MoneyIssues/CBN,-Nigerian-Banks,-Foreign-Reserves-and-the-Investor/1742

are this prefixes real?

popsonbj:


So, what you are saying is that because CBN is government's bank as well as
bankers bank it can give out loans without making efforts to recover same?
We need to be rational and logical when analysing issues.

Whose JOB is it to recover the loan? CBN or Soludo? If it's CBN's job, why then is the unlearned old man making a mess of his old age and little reputation?

You guys are just infinitely so iritating.

KingsCity:


People like Soludo have worked very hard to earn their reputation. You dont just come up with wild and spurious allegations based ignorance of basic principles of economics and financial management

Falana may be a brilliant lawyer but lawyers have be known to be bad with figures. Managing the CBN is not all about law but advanced financial management and which Falana is ill-educated on

The two of you should please cool down nah,Either you have nothing to loose or gain calling your names.

First its immoral for then CBN gov to lend out our collective wealth without the express approval of the legislators,which is the bases for argument of the first respondent.

Secondly,CBN institution which means is continuous ,i see no reason why the successor to SOLUDO cant aggressively pursue the recovery of such funds when it was evidence that it was approved illegally which is also the basis of the second respondence.

Two of you have a strong point........... but CBN,Politicians ( Legislators),the bankers,and even the career political appointee ( CBN )govs both present and past are all guilty of all this allegations even before been prosecuted.


Please lest sheath our sword

SamuelAnyawu:
Soludo remains the worst and most corrupt Governor in CBN. He sacked and retired several CBN staff at his will.


CBN staff remain loyal to Lamido Sanusi who promoted all staff when due and ensured the best welfare packages for them...


Ask any CBN staff about the two governors

Name spoiler

Businessideas:

Keep up with your ignorance and obscene mischief.You will soon tell the unbelievable story of how the ordinary CBN Act superceeds the country's national constitution.
It is abundantly clear that this is not about the functions of the CBN but a deliberate criminal attempt by someone to subvert due process in order to placate the 14 banks/suitcase bankers at the expense of the Nigerian people.
If you are a patriot and do not have anything to hide, you should join the call for the speedy recovery of this money with interest instead of playing at mischief.

dat means buhari shud be jailed for doling out monies inform of bailout to states that mismanaged fed allocation given to them all year round without seeking permission from the nat. Assembly.

[b]We need to clear some issues here before it gets muddled up

1. Nigeria foreign reserves are not kept in the vault of CBN, they are mostly deposited in many foreign banks but the cbn being the banker of government serves as the manager of the funds. If government needs forex, it will approach cbn, how cbn calls in the necessary deposits from foreign banks to pay government is the internal affairs of the cbn.

2. In lodging the forex with foreign banks, cbn is just like any other customers to those foreign banks

3. Soludo felt that since these foreign banks are banks like Nigeria banks and they use our money to do business and considering that the Nigeria banks had become bigger due to consolidation then, he made a policy that they too should become custodians of our foreign reserve like foreign banks but there should be a learning period under foreign banks for them. That was why local banks had to partner with foreign banks of their choice and the pilot scheme started with $7b in 2006.

4. The $7b was lodgements in banks not a loan. It is not that the banks will make a bullet repayment but the cbn would have been withdrawing over time just like any other customers. If you lodge money in a bank, you don't call it loan and you only withdraw at your discretion.

5. Foreign reserve is a fund not revenue. Revenue is derived from exports (of oil and others). That is what is shared by tiers of government. The cash backing in naira would have been provided by the cbn and spent by Nigeria then. There is nothing to retrieve from cbn again to be shared. If the cbn had failed to recover any of the lodgements, it would have made provision for such loss by now, but then, it is its loss, not loss of government revenue

6. Banks don't need approval of shareholders for treasury management just like cbn doesn't need approval from anybody (national assembly inclusive) on how, where and when to place/lodge the foreign reserve.[/b]

Businessideas:

Which bank inherited Oceanic Bank sef?

ecobank

fulaniHERDSman:
I have always known soludo is a no gooder. Bloody thief

You are really what your name is, illiterate

Businessideas:


http://www.premiumtimesng.com/news/top-news/211236-7-billion-i-wont-apologise-soludo-falana.html

Kai! our $7billn to 14 useless banks wher is d money?with such money banks are crying j asking 4 more?they hav not add any value 2 d economy?soludo u see yur life now?u hav a log in ya eye u want to remove saw dust frm others eyez.sound economist ma foot!

KingsCity:



Your problem same as Falana is ignorance.

Another function of the CBN is management of the country's external reserves


Reserves is different from revenues accruing to the CRF which the tiers of government are meant to share

I have an assignment for you: go learn about external reserves - how they come about and how they are managed

Give it up already, you lost this argument

God Bless u, guy

2n2k:
[b]We need to clear some issues here before it gets muddled up

1. Nigeria foreign reserves are not kept in the vault of CBN, they are mostly deposited in many foreign banks but the cbn being the banker of government serves as the manager of the funds. If government needs forex, it will approach cbn, how cbn calls in the necessary deposits from foreign banks to pay government is the internal affairs of the cbn.

2. In lodging the forex with foreign banks, cbn is just like any other customers to those foreign banks

3. Soludo felt that since these foreign banks are banks like Nigeria banks and they use our money to do business and considering that the Nigeria banks had become bigger due to consolidation then, he made a policy that they too should become custodians of our foreign reserve like foreign banks but there should be a learning period under foreign banks for them. That was why local banks had to partner with foreign banks of their choice and the pilot scheme started with $7b in 2006.

4. The $7b was lodgements in banks not a loan. It is not that the banks will make a bullet repayment but the cbn would have been withdrawing over time just like any other customers. If you lodge money in a bank, you don't call it loan and you only withdraw at your discretion.

5. Foreign reserve is a fund not revenue. Revenue is derived from exports (of oil and others). That is what is shared by tiers of government. The cash backing in naira would have been provided by the cbn and spent by Nigeria then. There is nothing to retrieve from cbn again to be shared. If the cbn had failed to recover any of the lodgements, it would have made provision for such loss by now, but then, it is its loss, not loss of government revenue

6. Banks don't need approval of shareholders for treasury management just like cbn doesn't need approval from anybody (national assembly inclusive) on how, where and when to place/lodge the foreign reserve.[/b]

2n2k:
[b]We need to clear some issues here before it gets muddled up

1. Nigeria foreign reserves are not kept in the vault of CBN, they are mostly deposited in many foreign banks but the cbn being the banker of government serves as the manager of the funds. If government needs forex, it will approach cbn, how cbn calls in the necessary deposits from foreign banks to pay government is the internal affairs of the cbn.

2. In lodging the forex with foreign banks, cbn is just like any other customers to those foreign banks

3. Soludo felt that since these foreign banks are banks like Nigeria banks and they use our money to do business and considering that the Nigeria banks had become bigger due to consolidation then, he made a policy that they too should become custodians of our foreign reserve like foreign banks but there should be a learning period under foreign banks for them. That was why local banks had to partner with foreign banks of their choice and the pilot scheme started with $7b in 2006.

4. The $7b was lodgements in banks not a loan. It is not that the banks will make a bullet repayment but the cbn would have been withdrawing over time just like any other customers. If you lodge money in a bank, you don't call it loan and you only withdraw at your discretion.

5. Foreign reserve is a fund not revenue. Revenue is derived from exports (of oil and others). That is what is shared by tiers of government. The cash backing in naira would have been provided by the cbn and spent by Nigeria then. There is nothing to retrieve from cbn again to be shared. If the cbn had failed to recover any of the lodgements, it would have made provision for such loss by now, but then, it is its loss, not loss of government revenue

6. Banks don't need approval of shareholders for treasury management just like cbn doesn't need approval from anybody (national assembly inclusive) on how, where and when to place/lodge the foreign reserve.[/b]

Yes but of course both Falana & Op are are too ignorant to understand these basics

And so they vent their ignorance on Soludo

KingsCity:
The SAN is obviously ignorant of the functions of the CBN

Key funtions of the CBN you learn in elementary economics : the CBN is both the banker's bank as well as the lender of last resort


Just like individuals can borrow from commercial banks, banks can borrow from the CBN


It is well within the functions of CBN to lend to commercial banks...it is character assasination to term it stealing as if Soludo collected the money and put it into his own pocket

If at all there is anything like that, the banks that borrowed the money should be asked to pay up with all the accummulated interests!

I think u need 2 go back 2 primary school again if u cannot read & comprehend,do u know cbn is also government banker,soludo took government money frm her reserve with an appropriation of d NASS & gav it to 14 useless bank some which hav disappeared frm existence.if it is china soludo head will b guilotined.

SharkTank:


Afonja wants to cry. Find somewhere private and do it like a man

Osu cannibal can never make sense.

fulaniHERDSman:
Soludo has a date with the warders at Kuje prison

Good for him. He supported the emergency of this regime that has brought nothing but hardship to the people of this country Nigeria.

2n2k:
[b]We need to clear some issues here before it gets muddled up

1. Nigeria foreign reserves are not kept in the vault of CBN, they are mostly deposited in many foreign banks but the cbn being the banker of government serves as the manager of the funds. If government needs forex, it will approach cbn, how cbn calls in the necessary deposits from foreign banks to pay government is the internal affairs of the cbn.

2. In lodging the forex with foreign banks, cbn is just like any other customers to those foreign banks

3. Soludo felt that since these foreign banks are banks like Nigeria banks and they use our money to do business and considering that the Nigeria banks had become bigger due to consolidation then, he made a policy that they too should become custodians of our foreign reserve like foreign banks but there should be a learning period under foreign banks for them. That was why local banks had to partner with foreign banks of their choice and the pilot scheme started with $7b in 2006.

4. The $7b was lodgements in banks not a loan. It is not that the banks will make a bullet repayment but the cbn would have been withdrawing over time just like any other customers. If you lodge money in a bank, you don't call it loan and you only withdraw at your discretion.

5. Foreign reserve is a fund not revenue. Revenue is derived from exports (of oil and others). That is what is shared by tiers of government. The cash backing in naira would have been provided by the cbn and spent by Nigeria then. There is nothing to retrieve from cbn again to be shared. If the cbn had failed to recover any of the lodgements, it would have made provision for such loss by now, but then, it is its loss, not loss of government revenue

6. Banks don't need approval of shareholders for treasury management just like cbn doesn't need approval from anybody (national assembly inclusive) on how, where and when to place/lodge the foreign reserve.[/b]

Please educate them ! People delving into areas they know nothing about.

Simeonnwabekss:

Osu cannibal can never make sense.

Don't address me that way. I'm not your father

SharkTank:



Don't address me that way. I'm not your father

Same crap from the cannibal. Please, don't eat me.

Simeonnwabekss:

Same crap from the cannibal. Please, don't eat me.

You no fit bele full me

SharkTank:



You no fit bele full me

Go eat your villagers as usual.