PapaBROWNE.
Dont be a sophist, if you are an investor u can bear me a witness that the slump in Economy started a year b4 the global economic recession.  When the scoop started raising alarm over the world economy,there was that report from the Sahara news which unveil the pristine health of some Nigeria banks,  but the report was debunked by the then CBN boss, which it was the right thing to be done. Soludo is aware of the crisis in banking sector but  he deliberately stealth it, to avoid heavy repercussions on the economy.
If Malama Sanusi Lamido opined that the debtors or banks chiefs (or thiefs whatever you call them) to be excuted by gun shot or hanging is his opinion, as you are opining they should be handle like silver birds. So no big deal there. The man expresses his feelings personally i didnt see any crime on it.

Kobojunkie:

Bernie Madoff has been incarcerated for life, and he is probably someone's bitch in jail already. As for those who we have been praying for thunder and fire them, has any of them even slowed down their looting?

i was being sarcastic


if sanusi decides to publish some of the shadier shenanigans these CEOs got up to , that waht all these people calling for his head will be saying - God punish them and son on

I see you making a comparison with Madoff, either you don't know the truth or you're just trying to confuse people. The situations are not the same.
Nobody condones corruption.

Madoff was implicated, arrested, tried, and convicted, yet you want to compare him to people who have neither been tried, nor convicted. All we have is the same man who implicated them(and rightly so) going around town saying how the suspects deserve death. Sanusi should give the courts the chance to try and possibly convict these people, there is no need going around and continously trying to influence the public opinion and the jury.

^^^^

please spare us the BS

if madoff were a nigerian - he would probably never have been convicted - people like you would have been crowing about how the hausas want to take over his company, how the investigator is an incompetent with an agenda, how he has made money for so many people, how he has given jobs to so many people, etc

you will fire us with pseudo legal anaylses on how it is unconstitutional to prosecute him, etc

afterall, have any of those ponzi/hyip peeps in nigeria ever been prosecuted? and if they ever are - exepect naijaking and co in the front seats baying tribalism, agenda, unconstitutional

^^^^^^^
Sanusi is a very frustrated man right now for a lot of reasons.
First, his agenda is no more workable. Secondly, he has created a huge mess of the Nigerian economy and now the results are obvious as Fuel stations are beginning to have long queues and the economy is grounding as a result of lack of credit in the system.

It is in his frustrations that he opens his mouth boko haram style, knowing fully well that Nigerians(usually very slow people) would soon start asking questions about his actions and the resultant destruction it has caused the economy.

^^^^

one might wonder the zeal in your criticisms as for Sanusi approach!!

This man might have unravelled pro-active-catastrophe in the fiscal sector

one thing certain, these bitches and son of looters will begin to get it that it ain't business as usual hence play caution in the idiotism

I'm unapologetically pro-Sanusi, and I have argued endlessly, including on pages of newspapers, on my belief in the current banking reforms and the stupidity of the northern agenda claim. In fact I just finished reading his interview with Vanguard: http://www.vanguardngr.com/2009/10/24/clampdown-on-banks-god-would-not-have-forgiven-me-if-we-did-not-strike-—-sanusi-lamido-sanusi/comment-page-5/#comments

I'm however not impressed with this 'tie them to stake and shoot them' statement. I was driving to this place this morning when I saw that screaming headline in most newspapers frontpages as the vendors flashed the papers to me. What immediately came into my mind was nairaland: "Oh, why is Sanusi saying this? This is another debate that would have started on NL" Expectedly, I opened NL to see the topic already in second page.

Well, I think Sanusi went overboard saying that, but that has not diminished my belief in his sanitization drive.

Jarus:

I'm unapologetically pro-Sanusi, and I have argued endlessly, including on pages of newspapers, on my belief in the current banking reforms and the stupidity of the northern agenda claim. In fact I just finished reading his interview with Vanguard: http://www.vanguardngr.com/2009/10/24/clampdown-on-banks-god-would-not-have-forgiven-me-if-we-did-not-strike-—-sanusi-lamido-sanusi/comment-page-5/#comments

I'm however not impressed with this 'tie them to stake and shoot them' statement. I was driving to this place this morning when I saw that screaming headline in most newspapers frontpages as the vendors flashed the papers to me. What immediately came into my mind was nairaland: "Oh, why is Sanusi saying this? This is another debate that would have started on NL" Expectedly, I opened NL to see the topic already in second page.

Well, I think Sanusi went overboard saying that, but that has not diminished my belief in his sanitization drive.

Good comment.

see excerp from interview wey sanusi give:

We looked at the institutions and saw on their books huge non-performing loans and when we entered the institutions, we discovered that 75 per cent of the non-performing loans were given to the companies directly related to the CEOs of those institutions. We didn’t know that from outside.

Is that why a bank is set up? Is that why we raise capital? We raise those deposits so that we can give the money to our own companies. You can blame Soludo any which way you want but I can tell you that there was no way Soludo would have known that. We didn’t know until we went inside that company X was actually not different from the CEO of the bank. It was not until we had our people in the bank and we said let’s talk to the management of this company and you discover that they are nowhere to be found. It’s when you have an MD in the bank that you know this.

How did you give a company N5 billion and you don’t know where the company is, that is when you discover, and things start coming out and that[b] this company really was not different from the person approving the loans[/b].

sanisi na rascal, how him go  say de executives should be shot, were it not be for the rule of law? if de bolded part above na true, as we know they are, na life imprisonment dem deserve.

shooting dem no go help because dem no go dey rehabilitated. sanusi na wicked man for calling for execution. sanusi wicked pass de ceos wey dey responsible for all de nigerians wey lose their life savings due to irresponsible actions by these ceos.  if bank executive approve loan to a company which belongs to the said ceo, and the executive hid that fact by using a fictitious address for the said company, dat na financial crime, any which way you slice it.

wicked sanusi wey expose these attrocities don do too much harm to de banking indudtry. 

ndu_chucks:

see excerp from interview wey sanusi give:

sanisi na rascal, how him go say de executives should be shot, were it not be for the rule of law? if de bolded part above na true, as we know they are, na life imprisonment dem deserve.

shooting dem no go help because dem no go dey rehabilitated. sanusi na wicked man for calling for execution. sanusi wicked pass de ceos wey dey responsible for all de nigerians wey lose their life savings due to irresponsible actions by these ceos. if bank executive approve loan to a company which belongs to the said ceo, and the executive hid that fact by using a fictitious address for the said company, dat na financial crime, any which way you slice it.

wicked sanusi wey expose these attrocities don do too much harm to de banking indudtry.

Welcome.

naijaking1:

Welcome.

najiaking, i know say you understood de irony of my last post. no come here with ya wayo again, you wan begin imply say i tink say sanusi do harm to de banking industry, ko?

no help me bold any ting for my post, i know de trick wey you wan viciously unleash on my stance. i no go let you do am.

Mr Sanusi's utterance shows that he is realy frustrated with the way he has deepened and worsened the problem.
Sanusi is a religious extremist,he is just trying to be civil with the way he goes about the CBN job,if it was up to him,he will do exactly what he said,reminds me of Ahmedinejad of iran.
He can continue to decieve unsuspecting Nigerians that have not yet understood his antics, they deserve it anyway.Now he is getting bolder with his plans to nationalize those banks by displacing shareholders even though he had earlier on denied it.I have never seen a very unreliable CBN gov like Sanusi,he can't be trusted to do what he says,he acts on impulse and stupid idiosyncrasies,no wonder he wants to spill his guts.Until it's proved in the court of law which is the arbiter of the law,those CEOs are innocent,abeg he's just trying too hard to make nigerians hate those CEOs and believe his flawed approach.Sanusi is way over his head with this CBN job and is playing too much to the gallery.

rhymz:

Mr Sanusi's utterance shows that he is realy frustrated with the way he has deepened and worsened the problem.
Sanusi is a religious extremist,he is just trying to be civil with the way he goes about the CBN job,if it was up to him,he will do exactly what he said,reminds me of Ahmedinejad of iran.
He can continue to decieve unsuspecting Nigerians that have not yet understood his antics, they deserve it anyway.Now he is getting bolder with his plans to nationalize those banks by displacing shareholders even though he had earlier on denied it.I have never seen a very unreliable CBN gov like Sanusi,he can't be trusted to do what he says,he acts on impulse and stupid idiosyncrasies,no wonder he wants to spill his guts.Until it's proved in the court of law which is the arbiter of the law,those CEOs are innocent,abeg he's just trying too hard to make nigerians hate those CEOs and believe his flawed approach.Sanusi is way over his head with this CBN job and is playing too much to the gallery.

Speaking about attracting future investment into the country, when people who had previously invested in companies had been scr--ed up by Sanusi?

It is obvious that Sanusi is frustrated, but at the same time, he needs to be more professional and choose his language intelligently.
Respecting each other and respecting our country is everybody's responsibility.

Nigeria is a country and must be treated as such.

@Naijaking
My brother it's a real irony,imagine thesame FG that's seeking for foreign direct investment are the ones tactlessly telling foreignerz that our banks are bag of bones and the CEOs maning them deserve to be shot dead.
I realy doubt this man's expertise in even his own field,risk management.It does't make sense when U want to contain a problem U first of all cause a loud and uneccessary brouhaha that is capable of jeopardizing any gain U hope to achieve.what kind of Risk manager makes silly mistakes as to publish names of people who ve been servicing thier debts only to come back to issue another statement to exonerate them and blame the blunder on what was available to him,whatever happened to doing a thorough research b4 rushing out to claim nonsense,obviously,sanusi's erratic decisions lack thoroughness and he's angry that he has unwittingly created more problems than he can solve.It makes no sense to me when Sanusi claims transparency and makes effort to tell nigerians what they shouldn't know and do not need to know,it does't take the IQ of Albert Eistein to know that banking business thrives on trust and certain information should not reach the public.it's either Sanusi is up to sth and deliberately wants to destroy confidence and trust in these banks or he's incredibely stupid to think that giving every details of bank business including publishing names of debtors will bring any meaningful results.It's over 4months since he started his mafioso rampage on the industry,nothing positive has happened besides the usual mantra of sack and sue.He had better face the fundamental problems and leave the limelight for geniviev and co.

He was also accused of failing to give true and fair view of the state of the affairs of the bank to CBN by incorrectly importing N47.6 billion of commercial papers under the Expanded Discount Window in FinBank's statement of assets and liability.

According to EFCC, the offences are contrary to and punishable under Sections 28 (3) and 50 of the Banks and Other Financial Institutions Act (BOFIA) CAP B3, Laws of Nigeria, 2004.

The next to be put in the dock were Sebastian Adigwe; former MD of Africabank Plc, Mr Peter Ololo; and his company, Falcon Securities Ltd.

Adigwe was accused of granting loans of about N91 billion to Falcon Securities Ltd, Rehobet Assets Ltd, Kolvey Company Ltd and many others without adequate collateral contrary to the provisions of Failed Bank (Recovery of Debts) and Financial Malpractices in Bank Act, Cap F2 Laws of the Federation of Nigeria, 2004 and other offences punishable under the same law.

Other charges levelled against Adigwe were that he failed to keep proper books of accounts and classification of commercial papers as contingent liabilities of his bank.

He was also accused of failing to take reasonable steps to ensure the correctness of the bank's monthly return to CBN from October 2008 to May 2009.

The seven non-executive directors and members of Board of Directors of Intercontinental Bank, who were the third set to be arraigned on 18 count charges, were accused of colluding with the former managing director, Akingbola (now at large), to grant various credit running into over N36 billion to companies, in which they are also directors without security.

They were also accused of taking $10,000 as holiday allowance in contravention of the code of conduct for banks issued by CBN.

The bank directors were further accused of ensuring that the balance sheet of Intercontinental Bank did not give a true and fair view of the state of affairs of the bank with regards to the non-performing credit amounting to N87.6 billion.

For these, they were said to have committed an offence contrary to Section 28 (1) (2) of the Banks and Other Financial Institutions Act Cap B3 and Cap F2, Laws of the Federation, 2004 and punishable under Section 28 (3) (A) of the same Act.

Ibru, who was arraigned on a 25-count charge, was accused of granting bad loans running into over N12 billion.

Specifically, she was accused of granting a non-performing loan to seven companies and to one Ibru Edesiri Onateji without security contrary to the Bank's regulations.

She was also accused of granting over N25.5 billion without the approval of the apex bank contrary to the laid down procedures and thereby committing offence contrary to provisions of Failed Bank (Recovery of Debts) and Financial Malpractices in Bank Act, Cap F2 Laws of the Federation of Nigeria, 2004.

The last to be arraigned were Ebong of Union Bank and Henry Onyemem and Niyi Opeodu whose identities were not disclosed.

Ebong's major offence was that he allegedly granted loans of over N150 billion to several companies without collateral thereby committing offence contrary to provisions of Failed Bank (Recovery of Debts) and Financial Malpractices in Bank Act, Cap F2 Laws of the Federation of Nigeria, 2004.

However, the former CEO of Intercontinental Bank, Akingbola, could not be arraigned alongside others as he was said to be at large

Just curious to know wht he thinks should happen to known thieves like Ibori et-al.

@topic

Sanusi is kolo-mental

Sanusi should take things easy because power is transient.

aquita:

Sanusi should take things easy because power is transient.

In other words, Sanusi should have toed Soludo's line and turned a blind eye to all the shenanigans in the banking sector because 'power is transient'.

I wonder if you lot will EVER be honest enough to admit to yourselves that your antipathy towards Sanusi is simply due to his tribe. The same people condemning our 'greedy politicians' and advocating a 'rawlings solution' are the ones lambasting Sanusi.

Sanusi has done no wrong if he is refering to the CEOs of the troubled banks, they deserve everything that is coming their way now. These are common criminals that parade themselves as men n women of God, what the Bleep! They sit infront in prominent religious places and give us that stupid holier than thou attitude. They spend depositors money as if its their personal wealth, they give out loans to their cronies with no collateral once there is enough kick back for their pocket, if the loan is paid back or not is not important, what effort have they made to get back the bad loans before Sanusi's hammer? Have they taken anyone to court? And still some idiots and religoius blindos cry foul about boko haram when criminals suffer their wrong doings. What if the banks had gone under dont you know some depositors would have committed instant murder? Ehn ehn so now u know abi? Some Nigerians are just a bunch of emotional wrecks. Sanusi follow the law and carry go jare.

texazzpete:

In other words, Sanusi should have toed Soludo's line and turned a blind eye to all the shenanigans in the banking sector because 'power is transient'.

I wonder if you lot will EVER be honest enough to admit to yourselves that your antipathy towards Sanusi is simply due to his tribe. The same people condemning our 'greedy politicians' and advocating a 'rawlings solution' are the ones lambasting Sanusi.

This is where I also have problem with most of Sanusi critics. The only reason they criticize him is that he is from a 'gworo chewing, cattle-rearing tribe'. To them, nothing good can come from an 'awusa' man. If he had been from a tribe in the South, he would have called a fearless genius!

Imagine pple arent even talking about the evils of Soludo, how he covered this pot of mess until the whole shit came splashing us on the face, Soludo has done no wrong right? Even the polymer bribe deserve no mentioning shey? I just pray that one of you condemning Sanusi would have his or her life earning trapped in a failed bank then u would know what good Sanusi is doing us. Sanusi is no God and is bound to make errors like all mortals.

rhymz:

Mr Sanusi's utterance shows that he is realy frustrated with the way he has deepened and worsened the problem.
Sanusi is a religious extremist,he is just trying to be civil with the way he goes about the CBN job,if it was up to him,he will do exactly what he said,reminds me of Ahmedinejad of iran.
He can continue to decieve unsuspecting Nigerians that have not yet understood his antics, they deserve it anyway.Now he is getting bolder with his plans to nationalize those banks by displacing shareholders even though he had earlier on denied it.I have never seen a very unreliable CBN gov like Sanusi,he can't be trusted to do what he says,he acts on impulse and stupid idiosyncrasies,no wonder he wants to spill his guts.Until it's proved in the court of law which is the arbiter of the law,those CEOs are innocent,abeg he's just trying too hard to make nigerians hate those CEOs and believe his flawed approach.Sanusi is way over his head with this CBN job and is playing too much to the gallery.

I've noticed that most of the Nigerians opposed to Sanusi are bank workers or their dependents who are affected financially by sanusi's action. I only have one advise for them, GET USED TO IT!. The days of bogus salaries are long gone, all the banks are going to civil service pay structure soon. If anybody read the Sunday's vanguard, you will know that Sanusi is God-sent to the banking industry. Nigerian banking is filled with airheads.

Sanussi gas tried but it is uncalled for of him to prescribe death.A case of working out a hidden  script and preparing the ground for Islamic banking

Everybody is an expert.I wonder how many of these Sanusi bashers work in banks
or are lawyers. When it comes to NL, everybody becomes a guru. If you are abanker,
you have not arrived yet. You are yet to be appointed a branch manager and you cannot
therefore be in line for the CBN governors job. If you are in line, you do not know your onions,
you should have been given the job. Like him or hate him, he has a job to do and he is doing it.

If any of the accused is your relation, I understand. His statement had a caveat to the effect that
they should be hanged or shot if not for the rule of law. So what are we talking about? What these
guys have done is akin to daylight robbery. They have stolen the future of many investors and
sodomised the economy.

power they say corrupts absolutely while absolute power corrupts. at the and of his tenure we all will hear his own gist.

This guy must not be a Judge, else everybody will die

We still live in a society where opinoin can be freely expressed. Why all the noise about Mallam SLS.

He has freely expressed what he personaly feels. We should be mindful that he has more inside gist on the event than anyone else on this forum.
Also, if anyone in business has recently applied for assistance (loans, overdrafts, etc.) from our 'banks', the words will be harsher than that of Mallam SLS.

My take is: where is all this leading us as a nation.

Why wouldn't he shot them dead, as IBB, Obasanjo, Atiku and the rest of them has been shot dead.

I just discovered that he has not finished acting his script.

nyrol:

Imagine pple arent even talking about the evils of Soludo, how he covered this pot of mess until the whole shit came splashing us on the face, Soludo has done no wrong right? Even the polymer bribe deserve no mentioning shey? I just pray that one of you condemning Sanusi would have his or her life earning trapped in a failed bank then u would know what good Sanusi is doing us. Sanusi is no God and is bound to make errors like all mortals.

Dear, this thread is not for Soludo, you better post a topic on him and we will be there to answer you.