VP Summons Sanusi for Urgent Talks - Monday 281209

The Vice President has invited the Central Bank of Nigeria Governor, Sanusi Lamido Sanusi for emergency talks on the state of the financial sector.


This summons is coming on the heels of submissions made by the Federal Executive Council on the state of the economy and the attendant consequence and possible escalation to a security issue arising from the many unintended consequences that has continued to arise.


Proshare NI confirmed that the meeting will take place at 1400hrs on Monday, December 28, 2009.


Others to be in attendance are the Chief Economic Adviser to the President, Minister of Finance, his Minister of state, Minister for National Planning, and members of the Economic Monitoring team.


The concerns to be addressed include the widescale implications of developments in the banking sector and its attendant impact on the economy as a whole.


Recall that in the last two weeks the banking sector has witnessed and continues to witness significant amount of job losses (against a rising unemployment situation in the country), the consequence of criminalisation of bank borrowing and absence of or/and inability to extend credits to productive sectors of the economy, possible regulatory over-reach and constant negativity that has created a doom and gloom scenario on the market place.


The FEC is concerned that the action taken by the CBN Governor, with the consent of the government and approved by the President; may require execution clarification and deliberate impact-assessment reviews.
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All hail the doom and gloom Governor

Countries in the west did not get to where they are by talking down the economy and criminalising the banking sector.