CBN is to begin cracking down on all transactions over 250k in any bank in the country. Especially those with political names attached to them. Check the link for more info.     http://newsrss.bbc.co.uk/rss/newsonline_world_edition/africa/rss.xml

I think this is a very stupid move, it is time for Sanusi and his dumb boys to leave the bank alone and let them operate and allow money to flow into the economy.

Fhemmmy:

I think this is a very stupid move, it is time for Sanusi and his dumb boys to leave the bank alone and let them operate and allow money to flow into the economy.

What is wrong in that?

naijatoday:

What is wrong in that?

Is CBN the latest EFCC branch? Ain't they about regulating monetary affairs?

Very soon Sanusi will start hiring sniffer dogs to seek out drugs at MMA.

naijatoday:

What is wrong in that?

Sanusi is overstepping into boundaries that is not for the CBN.
He is busy worrying about who owes and who is not owing, meanwhile Niara is dropping by the day and biz is not favorable based on that, many people are dumping the shares of the banks and people are losing their jobs, what has he done so far?
He needs to get busy and do his jobs and leave the rest for the EFCC, at least that is why the EFCC was created

I think we can now safely assume that he's lost his marbles

i thought it was customary for large transactions to be monitored.

^ ^
. . .so 250k has suddenly become big money.

puskin:

^ ^
. . .so 250k has suddenly become big money.

I'm i the CBN .

that's their decision to make

bawomolo:

i thought it was customary for large transactions to be monitored.

no matter how customary it can get, is it the job of the CBN to monitor that?
where and when will Sanusi draws the line?

naijababe:

I think we can now safely assume that he lost his marbles

he has lost his mojo and he is now over doing it.
It is time for him to step back

Sanusi is goin' overboard.
Since when did the CBN duties include monitoring bank monetary transaction.

It is very difficult to enforce this CBN Directive,

there is a loophole in suspicious transaction reporting system where the battle in the crackdown against Politically exposed persons engaging in money laundering gets bogged down in the definition of the word ‘suspicious’.

see http://www.elombah.com/index.php?option=com_content&view=article&id=2093:loopholes-in-sanusis-cash-crackdown-on-politicians&catid=52:daniel-elombah&Itemid=73

Edoji:

It is very difficult to enforce this CBN Directive,

there is a loophole in suspicious transaction reporting system where the battle in the crackdown against Politically exposed persons engaging in money laundering gets bogged down in the definition of the word ‘suspicious’.

see http://www.elombah.com/index.php?option=com_content&view=article&id=2093:loopholes-in-sanusis-cash-crackdown-on-politicians&catid=52:daniel-elombah&Itemid=73

i thinnk u ave nail it in the head, it is about what is suspicious and what can be done to fix the loopholes . . . i am sure the govt wont wanna do anything to fix the loophole, cos they will be affected too.

@Fhemmy
Stop spreading FUD. The freefall of the Naira against the dollar and pound happened in Soludo's tenure, not under Sanusi's watch. I recall Soludo himself informing the national assembly that the move was deliberate.

In a country where we import goods and we have precious few non-oil exports, the guy let our Naira drop. Not good!

Fhemmy there is something more fundamental than the definition of suspicious. Its lack of identity system.
We live in a country where Aliko Dangote can decide to open a company and bank account using the names Ali Dangote. If the company goes bust Ali Dangote becomes a fictitious character that never existed anywhere and nobody can do much about it.

My problem with Sanusi is that he likes to talk tough without recognising the problems we have and how to deal with them. If Igwe Michael Obi decides to open an account as Mr Mike Obi, how will the computer be able to flag him as a royal father and as such a politically exposed person if Mr Mike Obi's account is used to transfer 250k?

What we need is for Sanusi to shut up, go behind the scene and liaise with the Internal Affairs Minister to create  a National Identity System that can withstand the challanges of the 21st century. So that if any individual approaches a Bank or CAC to open an account or company, they can only do so with idetifiable names they are known with in every other organisation and spheres of life.

This same issue is responsible for why James Ibori could successfully tell a court of law that he is not the James Obori that was once convicted. These are real problems that require cool and wise heads to set in motion strategies that can help us solve these problems not tough talk aimed aat self agrandisement.

Sanusi is gradually missing the focus. He better concentrate on his written script, because he has nothing to offer apart from that.

ud4u:

Sanusi is gradually missing the focus. He better concentrate on his written script, because he has nothing to offer apart from that.

He was never focused in the first place. The guy is just a loose cannon, with no idea of what to do with an economy unknown and unpredictable as that of Nigeria.
How can you investigate transactions from 250 thousand. Its so impossible. Loads of road side traders in all those our run down markets lodge much more than that amount in their banks daily.
The guy Sanusi is clueless. He has destroyed our fragile economy, now he is looking for ways to appease the average nigerian who thinks 250 thousand is a lot of money, by anooucing this impossible nonsense.

To be sincere, I would have preferred Sanusi as an EFCC Chairman. That job is more suitable for the guy. He isn't smart enough to be CBN Governor.

Can't you people read? The article on BBC says the IDENTITY of people transferring cash above 250k will be checked.
it can be as simple as checking your ID when making such transfers. In this case, there will be a list of people whose names will raise a red flag once they are entered in the system.
The BBC says this system has been adopted in many countries around world, especially since the Sept 11 attacks.

We get it - you don't like Sanusi either for being a northerner or for tarnishing the image built up by your tin god, Soludo. But learn to weigh the facts and read the frigging article correctly before talking.

And no matter what you people think, N250000 is a reasonably large sum of money. Put into perspective, in many areas of Nigeria, for 200k i could have you shot!

You whiners complain incessantly about Sanusi's intervention. What if he had done nothing and just ONE of those banks had gone under?

Love it or hate it but this measure has already been implemented. I personally experienced it last week and believe it or not if such measures (or similar ones) had been in place earlier we wouldn't have witnessed what's happening in the financial sector and its institutions now.

texxapette

We get it - you don't like Sanusi either for being a northerner or for tarnishing the image built up by your tin god, Soludo. But learn to weigh the facts and read the frigging article correctly before talking.

What you fail to realise is when you accuse someone of criticising Sanusi because he is a Northerner you are simply saying you support him because he is a Northerner.

Instead discussing issues you want to discuss prejudices.
This policy is aimed at people who are 'exposed to politics'
Computers work on Garbage-in-garbage-out. If the information you feed into a computer is tainted, you wont get much out of that process. In a country where there is no proper identity system, no list of people from any sphere of the society is credible let alone those of the elite.

So this is a case of instead of dealing with real issues, Sanusi prefers to talk tough. This new Sanusi idea will not achieve much.

This can't be true. Do you realize how many transactions are done daily that exceed that amount?

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Exactly my problem with Sanusi,'He concieves an idea and then rush to implement it with thorough research and consultation.This guy is just too mafian in his style.
At the end of the day the ordinary innocent Nigerian will bear the brunt of this haphazard policies Sanusi keeps spewing out.Does he know how many traders doing legitimate biz that lodge more than that amount of money before going to the cleaners with such a thoughtless policy.In a country that does have any database how can this work.of course,the computerz are going to work with the input i give them,if I told lies abt myself and distribute say 1mill with different names and data what then is the essence of this futile attempt.Obviously,Mr Sanusi is not a smart ass as he has been portrayed abeg.The guy just dey play to the gallery instead of doing his work.He's going to start compromising at some point,U will see,already there are reports that ETB has been given back to Adenuga,Tough guy indeed!

texazzpete:

Can't you people read? The article on BBC says the IDENTITY of people transferring cash above 250k will be checked.
it can be as simple as checking your ID when making such transfers. In this case, there will be a list of people whose names will raise a red flag once they are entered in the system.
The BBC says this system has been adopted in many countries around world, especially since the Sept 11 attacks.

We get it - you don't like Sanusi either for being a northerner or for tarnishing the image built up by your tin god, Soludo. But learn to weigh the facts and read the frigging article correctly before talking.

And no matter what you people think, N250000 is a reasonably large sum of money. Put into perspective, in many areas of Nigeria, for 200k i could have you shot!

You whiners complain incessantly about Sanusi's intervention. What if he had done nothing and just ONE of those banks had gone under?

you are wrong my brother,250k is nothing in 9ja today.do u know how many politicians we have in 9ja and how many millions they make daily?

i as a politician can use my cousin's account to do funny deals and CBN wouldnt know.so we should stop deceiving our selves over these.i hope this wont be an avenue to waste public funds on investigations.

if i say that man called SANUSI is goin CRAZY,i think am 100% RIGHT

mikeansy:

Fhemmy there is something more fundamental than the definition of suspicious. Its lack of identity system.
We live in a country where Aliko Dangote can decide to open a company and bank account using the names Ali Dangote. If the company goes bust Ali Dangote becomes a fictitious character that never existed anywhere and nobody can do much about it.

My problem with Sanusi is that he likes to talk tough without recognising the problems we have and how to deal with them. If Igwe Michael Obi decides to open an account as Mr Mike Obi, how will the computer be able to flag him as a royal father and as such a politically exposed person if Mr Mike Obi's account is used to transfer 250k?

What we need is for Sanusi to shut up, go behind the scene and liaise with the Internal Affairs Minister to create  a National Identity System that can withstand the challanges of the 21st century. So that if any individual approaches a Bank or CAC to open an account or company, they can only do so with idetifiable names they are known with in every other organisation and spheres of life.

This same issue is responsible for why James Ibori could successfully tell a court of law that he is not the James Obori that was once convicted. These are real problems that require cool and wise heads to set in motion strategies that can help us solve these problems not tough talk aimed aat self agrandisement.

Well said!

@texazzpete

I think you should read the quote above, that way you would understand why such system will not work in Nigeria.

it's all in line with his hidden agenda

dappssee:

This can't be true. Do you realize how many transactions are done daily that exceed that amount?

Exactly, Just doesnt make any sense to me.
I'd advise sanusi to start inward (Govt. Officials) before going outward anyway.

I'm yet to be convinced by any of his reforms so far.

for real, methinks Sanusi should take a rollar coaster ride to his village n stop disturbing us evriday with different issues about the banking sector

wats d idea or is it loss of idea or idleness? Sanusi should find something good to do jo.

I understand why there is so much hatred for Mallam Sanusi. What's wrong if ahead of elections he puts in place measures to check fraudulent withdrawals which are basically associated with money laundering in our Banks? This guy makes my day. I know some people are  angry because their salary and bogus  allowances have been slashed to align with the reality on ground; No wahale.But why just bring such hatred to the forum? Many look at the banking reform as if it were the only function which the CBN is carrying out. Have  those that love to hate Sanusi checked other areas like monetary policies and its general impart on our exchange rate, inflation, external reserve,  over the past few months to guage the perfomance of Sanusi?
These Sanusi critics should learn to understand facts, cross check it with the reality on ground, then begin to see if there is any better way to salvage the situation on groung. In my mind, I sincerely belief that Sanusi is doing his best. Some people just like criticizing for the sake of it.And i cant take away there freedom to do that. But I beg there languages should be moderated. And I'm sure some of them don't even understand a word of finance.
Okey

250k? them go check tire, i go transfer more than that today and i no be politician sef, hope dey no go de look for me too . Do they know how many politicians we have, by the way where de database dey? They should look for better things to do instead of wasting resources chasing shadows

'Politically exposed'

The regulations, published on the Central Bank of Nigeria (CBN) website, now require banks to report large movements of cash between accounts if one of them belongs to a "Politically Exposed Person".

POLITICALLY EXPOSED PEOPLE
Heads of State
State governors
Politicians and government officials
Local government chairmen
Senior executives of state owned corporations
Important political party officials
Judicial officers
Soldiers
Members of Royal Families
Anyone related to, or associated with, "Politically Exposed People"
These are defined as former heads of state, politicians, local government chairmen, court officials, soldiers and members of royal families.

Many "Politically Exposed People" are major shareholders or directors in Nigeria's banks.

Under the regulations, the identity of anyone making a transaction above 250,000 naira ($1651, £1013) must be checked.

The CBN has a list of "red flag" suspicious transactions that it says should trigger investigations.

But a BBC reporter in Nigeria says the people behind corruption and money-laundering in Nigeria will already be working out ways around the regulations.



This is targeted at Politicians only and not the common civilian/businessmen