naijaking1:

Now, you're talking. Just imagine the speaker being introduced as the Oxford educated Speaker of our House of rep--- cool.
You got it right.We have almost successfully passed through the World wide recession until Sanusi came on the scene.
You bet, the ones questionning his intellectual capabilities are those Sanusi praise-singers.

are you kidding me?
after all the cool introduction, how different has he been from Etteh the hair dresser?

you think Oxford degree on its own will fight inflation and set monetary policies?
Did Soludo attend Harvard?

mbulela:

in case you are intersted.
i find this an unbiased report.

http://proshareng.com/admin/upload/reports/100_days_after_Report_-_Proshare_251109.pdf

I looked through your link, it doesn't contradict the original article in any way.

mbulela:

are you kidding me?
after all the cool introduction, how different has he been from Etteh the hair dresser?

you think Oxford degree on its own will fight inflation and set monetary policies?
Did Soludo attend Harvard?

You're bent on relative comparison of Soludo with Sanusi, I'm more interested in Sanusi's qualification(experience, academic background, advanced degrees) as a way to show he was never the best man for this job. There are many people from the north, east and west with better qualifications.

naijaking1:

You got it right.We have almost successfully passed through the World wide recession until Sanusi came on the scene.

Yes, Sanusi had to do what Soludo refused to do, when the rest of the world were dealing with economic recession Soludo kept telling us our economy would not be affected with world finacial crises. Some of ud paid dearly because we believed him.

Sanusi is just another twit trying to be different. His flaws will soon be obvious.

Why defend someone who is so obviously an area boy? Sanusi came in wielding powers from military decrees (power to remove CEO's). . . In a civilian era!
If the banking industry was like the wild west, the thing to do would have been to gradually introduce regulations through the right channels, not through the press and certainly, not by having both the CBN and EFCC publish embarrassingly wrong debtor details (where in the World is such done?). Not stopping there, firing off his mouth that bank CEO's needed to be executed!! . . .CBN governor?

Sanusi wouldn't have made it to that position if he was not a Kano prince. If the position had to be zoned to the North, I can bet that there are a 1001 Northern candidates who are much better qualified and have the right temperament and worldview; not the sort posessed by our lord "academic" in primitive disciplines.

Shame.

^^^^^
you are attempting to throw away the baby with the bath water.

^
If you read what I wrote again, you'll see that there never was any baby.

mbulela:

^^^^^
you are attempting to throw away the baby with the bath water.

are u of the opinion that he was the best man for the job as at the period of the screening?

fine, oxford antecedent may not give u the best of skill require to manage our kind of banking sector!

did he get there on merit or had the full backing of the northern elites that wanted the cbn chief originate from their domain?

the truth is sanusi is more of a activist than a cbn governor, am also a comrade, the doctrine of socialism teaches that u must not agree that whoever u are criticizing has done anything right so that he will not relax

jimmysho:

fine, oxford antecedent may not give u the best of skill require to manage our kind of banking sector!

did he get there on merit or had the full backing of the northern elites that wanted the cbn chief originate from their domain?

unfortunately i do not participate in ethnic discussions on this forum, so i am unable to answer that question.

His rapid promotion FBN tells it all. He's just another political dog to be used in dealing with erring people. Immediately he fails to listen to the Masters, he would be hung. His holier than thou attitude can't be rated with Tafa Balogun nor N. Ribadu. Our political system knows how to kick ass when need be. Hope he won't return to Kano as a pauper when pdp is ready for him.

mbulela:

unfortunately i do not participate in ethnic discussions on this forum, so i am unable to answer that question.

friend, should i be silent when my neighbour commit incest against his daugher all in the name that i do not practice such sacrilegious act? I dont believe in tribal sentiments , ve stopped posting for long due to ethnic tendencies of some of us in NL but we must be objective in all regard even when the subject under discussion is hitting a bad spot in our body

Too bad  all you losers and haters can't do much on this matter. Nairaland sweet oh. Seun we thank you.

Nairaland is such a big receptacle for the likes of naijaking and co. I wonder where they could have been ejaculating this toxic

prejudice and hate they have in their balls. And they have no asses so they are not even in a position to be kicked. Is it

it because they have no Cambridge certificate?

^
Low blows now?
De man na our CBN gov, so we get right to criticise am (except we are just furniture in our own land). I don't need a Cambridge (or any other) degree to do that.

While I will not place too much emphasis on qualifications, I will not disregard it either. Being grounded in an Ivy league university guarantees access to knowledge but does not guarantee the acquisition of knowledge.
The absence of advanced degrees does not also point to lack of knowledge.

U see am a practical person.
Where did Sanusi get the macro/micro economic exposure professionally to run the CBN. If he did how did he fare and most importantly how is he faring so far.
Sanusi will only be judged by how much the banking sector is doing compared to before he took over.

some pple see criticism from the lens of pull him down whereas it is just a tool for whoever is in the seat of authority to review his decision and do the appropriate thing without delay

Sanusi is a roughneck dealing in matters way above his head with agbero methods. If he is claiming that there has been mismanagement, does the solution lie in employing dynamite and stupidity?

Very true.
Stupidity mixed with personal vendetta and a hidden sectional agenda is indeed a catastrphic combination

citizenY:

Too bad all you losers and haters can't do much on this matter. Nairaland sweet oh. Seun we thank you.

Nairaland is such a big receptacle for the likes of naijaking and co. I wonder where they could have been ejaculating this toxic

prejudice and hate they have in their balls. And they have no asses so they are not even in a position to be kicked. Is it

it because they have no Cambridge certificate?

Wouldn't it be nice to say something in response to article of this chief who has rightly castigated Sanusi in very obvious terms? No, you're going to go after the person who merely brought the information to N/L.
This is the usual Nigerian technique of chasing the shadow everytime, blame the journalist for reporting the news, kill the messanger for delivering a message, yet you have no substance in your idiotic parambulations.
Why don't you say the chief was wrong and why? Why don't you say that Sanusi has not irreversibly hurt the banking industry, you can't, because you just don't know.

For all the academic qualifications of Soludo, what did he achieve?apart from aiding and abating the present ruin Sanisi is facing now?

more importantly, where was he when Soludo was acting like a showbiz star and hugging the headlines with these banking cowboys while the industry was dying and in ruins.
He joined the crooks in peddling lies and half truths to convince us that all is well with the industry whlie it was not.
Now you develop hypertension and begin to stutter at every mention of Sanusi.

@mbulela
i find your impugning of soludos achievement in the nigerian banking sector very dishonest

soludo was the best thing that happened to nigerias economy and its banks in the last 30yrs or so

before him we had banks that engaged in only rent(economic) seeking acivities,and not any kind of lending activities to the real sector

how do u think nigerias economy soared at an unprecedented rate btw 2002 and 2008,to become the second largest in africa?

and just so u know,bernanke also had a meltdown happen under his watch,i dont see him being replaced do u?

central bankers cannot prevent a recession from happening

they can only manage the outcome,and soludo was doing a good job managing the outcome of the recession in the banking and financial sector of nigerias economy,before sanusi showed up

so stop blaming soludo for the crisis.

by the way nigeria will still grow at 4-5% this yr,while other emerging markets like south africa are in recession. .south african growth this yr is projected at negative 2%
(-2%)
i dont think nigerian banks would have been resilient enough to withstand the shock of this crisis if not for soludo

now as for sanusi, having watched the dude now for close to 4months
all i can say is that he has the right idea,but is going about it in the wrong approach

the right thing he has done is inject capital,do some form of stress testing which he has completed
and allow the banks to raise more capital on their own,which he has granted banks like ETB and some others

in my opinion the wrong thing he did was sacking the bank mds unilaterally,and thereby spooking investors
even here in the U.S,that didnt happen with all the problems with citi,bank of america and other banks
now if there was fraud involved,he should have let the EFCC proceed with investigations,and let the board demand a resignation
that is how it is done
he could also have done well to give the banks more forebearance,rather than this countercyclical marking down of books that is going on now

havin said all that i believe we have hit the bottom and are ready to bounce back
i am personally inclined to invest in banks like oceanic and UBa AS LONG AS we can get some clarity from the CBN
on how further recapitalization should proceed

hate those who built the house of sand with their bogus lies and deception.
I still wonder what Ndi Okereke is doing in NSE?

@mbubela

surely u dont assign blame to the head of the NYSE for the markets being down close to 40% last yr

why do u blame Ndi Okereke for the decline in Nigerian stocks,or is there some other charges u are levelling against her we dont know about?

naijaking1:

You bet, the ones[b] questionning his intellectual capabilities are those Sanusi praise-singers.[/b]

How sure are you

MrCrackles:

How sure are you

Just read the previous posts.

The greatest evil of Sanusi is his arrogant disposition toward what he claimed to be bank reform. As a CBN governor, your word shake the economy of the nation. You ought to speak less, work more, edify business people, build confidence in the business circle, create enably atmosphere for investments. And not create atmosphere of chaos, uncertainty and depression.
He should have work on stimulus package and create a fund to buy-back the loss caused by exposure of banks to stocks. He should have encouraged the government to pay local debt and encourage small and medium scale industry to create job. He came in at a time when even the smartest in the economy world are confounded by the impact of global economic crisis, he ought not to add to the woes.
He is grossly incompetent, no doubt. He is a talkative and a tribalist.

Alxmyr:

He is grossly incompetent, no doubt. He is a talkative and a tribalist.  

Grossly incompetent? I d take that is a typo. . .

Alxmyr:

He should have encouraged the government to pay local debt and encourage small and medium scale industry to create job.  

And how are we sure he didnt encourage the Govt

MrCrackles:

Grossly incompetent? I d take that is a typo. . .
And how are we sure he didnt encourage the Govt

Even Stevie Wonder could see the man is quite incompetent as a banker, not to talk of as a CBN governor. You could disagree with the chief in the original article, but that would be your opinion, and it wouldn't be right. Sanusi is a better politician than a banker----my opinion.

What i don't get in all of this is this:

- If he had the power to print money to bailout the banks, why did he go ahead to pump in the money directly into banks in a way that still does not solve the problem of debt owed the banks by government, does not solve the problem of debt owed contractors by government and in a way that starts raising eye-brows in terms of ownership issues of the banks.

1. Why did he not print the money and coordinate with the finance minister so that Government can use the money to pay the local debts instead of bailing out the banks.

2. Use the money to also pay people owed by government who in turn owe the banks.

3. Then after government has paid the banks what they owe them and also after government has paid the people they owe. The CBN governor can then go ahead to sanitise the banking industry.

So you see that fact that the above 3 points could have been followed but were not followed but instead he implemented a means whereby ownership of the banks become an issue makes it all smell and look like HE has an ulterior motive for his actions. He did not have to bailout the banks, he could have coordinated with the finance minister such that the money is directly and immediately used to settle the debts owed the banks and contractors by government.

THE ISSUE IS IF IT SMELLS LIKE A RAT, TALKS LIKE A RAY, WALKS LIKE A RAT . . . THEN THE MOST OBVIOUS EXPLANATION IS THAT ITS A RAT.

Vanguard reported (almost like a prophecy) what Sanusi is currently doing.
Sanusi himself seems to be doing some of the things reported almost like a fufillment of prophecy.

When did it become part of the job of the Central Bank Governor to start looking for buyers for Banks that are private property (even if the owners and directors were corrupt).

Above all I still maintain that:

UNITY BANK IS NOT A SAINT EITHER HENCE HOW COME IT WAS SPARED.

ABOVE ALL, THE MORE YOU LOOK AT IT, THE MORE YOU REALISE THAT CBN'S ACTIONS UNDER SANUSI TENURE LOOKS, SMELLS AND FEELS AND INDICATES TO ME THAT HE IS IMPLEMENTING ANOTHER AGENDA OTHER THAN THE INTEREST OF NIGERIA AND THE NIGERIAN ECONOMY.


[size=14pt]I AM MIGHT BE WRONG IN MY ASSESSMENT AND STATEMENTS I ADMIT[/size]


ITS JUST THAT MY SUSPICION OF SANUSI FOR BEING A FULANI, MY SUSPICION OF HIM BEING A NORTHERNER, MY SUSPICION OF HIM BEING A MUSLIM, COUPLED WITH THE ANTECEDENTS OF NORTHERNERS AS REGARDS TO NIGERIAN HISTORY MAKES ME VERY VERY SUSPICIOUS OF HIS ACTIONS.

naijaking1:

Even Stevie Wonder could see the man is quite incompetent as a banker, not to talk of as a CBN governor. You could disagree with the chief in the original article, but that would be your opinion, and it wouldn't be right. Sanusi is a better politician than a banker----my opinion.

Fair enough. . . .You are entitled to your "biased" opinion Naijaking
To call Sanusi a grossly incompetent banker is absolute bonkers in my opinion. . .
Some people have been clouded by daft sentiments hence the bias towards the man
Sanusi is seasoned, has a good track record, competent and off a decent pedigree. . . .If ya haters dont like it, suc.k a thumb!
He's definitely capable of leading CBN

If he had the power to print money to bailout the banks, why did he go ahead to pump in the money directly into banks in a way that kind makes the government part owners of the bank.

he didnt just print money,the naira is equivalent to $4bln or so that was injected,u cant just print money without the dollar backup,else it leads to inflation
so basically he injected $4bln dollars into the banks

Why did he not print the money and coordinate with the finance minister so that Government can use the money to pay the local debts instead of bailing out the banks.

that is probably outside his authority,like here in the US the treasury deals with budgets and fiscal issues,while bernanke of the fed deals with the banks and monetary policy
i believe that the issue of paying local debts is a budgetary issue,perhaps the national assembly would have liked to be involved also,since it would be in form of supplemental budget,if it wasnt in the 2009 budget to pay back local debt

Use the money to also pay people owed by government who in turn owe the banks.

see my answer above

Then after government has paid the banks what they owe them and also after government has paid the people they owe. The CBN governor can then go ahead to sanitise the banking industry.

govt moves very slow,even here in the u.s,am sure they would have to verify contractors and how much is owed and all that
sanusi probably felt he needed to act fast and be decisive,which is a good thing

So you see that fact that the above 3 points could have been followed but were not followed but instead he implemented a means whereby ownership of the banks become an issue makes it all smell and look like HE has an ulterior motive for his actions. He did not have to bailout the banks, he could have coordinated with the finance minister such that the money is directly and immediately used to settle the debts owed the banks and contractors by government.

THE ISSUE IS IF IT SMELLS LIKE A RAT, TALKS LIKE A RAY, WALKS LIKE A RAT . . . THEN THE MOST OBVIOUS EXPLANATION IS THAT ITS A RAT.

i dont see or smell any rat,again if there is lack of confidence in a banking system,the Central bank has to act fast
u are in the U.K or so u claim,so u should know that the autrhorities there had to inject capital directly into northern rock,RBS and other institutions
and not concoct,some kind of round about way of paying contractors first. .there is no luxury or time for that

Vanguard reported (almost like a prophecy) what Sanusi is currently doing.
Sanusi himself seems to be doing some of the things reported almost like a fufillment of prophecy.

When did it become part of the job of the Central Bank Governor to start looking for buyers for Banks that are private property (even if the owners and directors were corrupt).

i believe what the CBN is trying to do now is look for private individuals/entities that are willing to capitalize the banks,so they can withdraw the equity they put in
over here in the U.S most of the banks that the govt invested in are raising new capital to pay back the govt
that i believe is what sanusi is talking about,anyway everyone is watching so lets see what happens

Above all I still maintain that:

UNITY BANK IS NOT A SAINT EITHER HENCE HOW COME IT WAS SPARED.

ABOVE ALL, THE MORE YOU LOOK AT IT, THE MORE YOU REALISE THAT SANUSI SIMPLY LEAVES LOOKS, SMELLS AND FEELS AND INDICATES THAT HE IS IMPLEMENTING ANOTHER AGENDA OTHER THAN THE INTEREST OF NIGERIA AND THE NIGERIAN ECONOMY.

i do not see any agenda,ETB was also spared and allowed to re-capitalize
if the bank capital ratios are seriously depleted,then u are talking of serious capital that needs to be raised to meet basel II capital ratio adequacys
for oceanic it may be as high as $1bln,(depending on the writedowns they take)that is no mean feat,about #150bln
again we are all watching,lets wait and see what happens instead of getting all hysterical