ndu_chucks:

@naijaking1 & mikeansy;  Given the passion with which you are attacking Sanusi, one would have thought you'd have had the guts to comment on this post https://www.nairaland.com/nigeria/topic-405869.0.html#msg5607155

One would have expected you to agree that the issues raised in that post by Sanus, are noteworthy, at the very least.  You conveniently ignored the post.

Something tells me that you, naijaking1, are either the personal physician/consultant of Cecelia's, you are her neighbor in DC, or may be named a co conspirator during her trial. Rakumin dajij.

The Courts and EFCC are already taking care of that issue and so no need to comment on that. But what I do know is that sending people to jail is not a macro-economic index. He will not be judged on the number of people he pulled down but the economy he creates relative to what he met.
If he thinks what will determine his success is tough-talk and number of people who he sends to jail then I must say the problem is bigger than I thought it was because it will become a case of Sanusi not even understanding his job description.

we have the police, efcc, icpc, ccb who it is their duty to fight corruption and abuse of office. If Sanusi thinks he can destroy the economy, put millions of Nigerians out of work, destroy confidence in economy and hope that history will judge him kindly merely because he sent Cecielia Ibru to jail then unfortunately he simply does not understand his job description.

http://www.divshare.com/direct/10625665-854.pdf

That is the full text of the speech, so I wonder how the writer of that article came up with his claims.

ok

naijaking1:

Interesting to see how folks who have no genuine point to add to the converstaion always quickly go personal.
Even if Utomi was named as a debtor, what has that got do with his professional opinion?
I mean professional opinion, because I doubt whether you, Sanusi, and other blind supporters on this forum understand that.
If you don't enough professional opinoin to counter his(Utomi) argument, there is no need to resort to cheap personal attacks and wild allegations to sway the public like Sanusi does all the time.

Professional opinion eh?

The bank's result published recently revealed a whopping loan loss provision of N232.16 billion, while its stock of non-performing loans stood at N415.11billion.
Bank PHB's net loss for the period under review stood at N438.65 billion.
http://allafrica.com/stories/201002230978.html


where was Utomi's professional opinion when the bank was wallowing in debt and publishing accounts like if all was well?

http://allafrica.com/stories/201002221635.html

Fitch predicts growth in Banks, Okays Sanusi's Reforms

Lagos — Fitch Ratings has expressed confidence in the governance structure of Nigerian banks, stressing that the initiatives of the Central Bank of Nigeria in that regard will achieve the desired objectives.

The global rating agency said in a report yesterday that "the Nigerian banking sector's historically weak corporate governance and limited accounting disclosures have begun to improve."

The Senior Director, Fitch's Financial Institutions Group, Anthony Walker, said "CBN's initiatives to improve corporate governance and overall levels of transparency should assist to further stabilise the Nigerian banking sector."

He added: "Investors will now begin to benefit from improved financial statement and periodical reporting disclosures, together with a common year-end for all Nigerian banks which will assist investors in assessing the risks within these institutions.

"At the same time, further improvements made to corporate governance regulations since the conclusion of the CBN's special examination have also been considered to be positive."

Fitch Ratings, however, noted that disclosure could be improved further, while urging the strengthening of non-executive directors in the Board of banks.

Following the conclusion of its special examination, the CBN sacked the managing directors and executive directors of eight banks it found to have violated governance principles and dragged their banks to distress conditions, among other infractions.

The CBN then injected N620 billion in the banks and commenced a restructuring process in areas such as governance, disclosures and risk management, all part of another round of banking reforms.

Fitch noted in the report that "most of the non-executive directors of these institutions have remained in place," adding, "Fitch considers this surprising given the apparent breakdown in corporate governance and risk management controls at the institutions."

A director in Fitch, Denzil De Bie said "one of the challenges that Nigeria will face, a feature of most emerging markets is the ability to find suitably qualified and experienced individuals to serve as non-executive directors."

"Although Nigerian regulations provide guidance on the structure and composition of board committees, the agency considers that the shortage of adequately qualified and experienced non-executive directors will continue to impact overall levels of corporate governance.

"Moving forward, Fitch believes it would be beneficial if bank compliance functions are strengthened and given a greater role in identifying and reporting corporate governance weaknesses to relevant Board committees and the CBN," it added.

biina:

Professional opinion eh?

The bank's result published recently revealed a whopping loan loss provision of N232.16 billion, while its stock of non-performing loans stood at N415.11billion.
Bank PHB's net loss for the period under review stood at N438.65 billion.
http://allafrica.com/stories/201002230978.html


where was Utomi's professional opinion when the bank was wallowing in debt and publishing accounts like if all was well?

those are sanusi's figures which we have no way to verify whether they were just made up just like some of the names and figures in the debtors list.

right now we have no reason to trust sanusi more than anyone else.

SOLUDO is a fraud , i agree, but
Sanusi is worst than a fraud.

mikeansy:

those are sanusi's figures which we have no way to verify whether they were just made up just like some of the names and figures in the debtors list.

right now we have no reason to trust sanusi more than anyone else.

Those were BankPHB's PUBLISHED figures - can't you read? Made up, my butt.

mikeansy:

right now we have no reason to trust sanusi more than anyone else.

And what reason do YOU have to trust Soludo more than anyone else? His grandiose 'africa-dubai-taiwan' campaign speeches during the last election in Anambra?
The only reason you're here making these allegations is because he's exposing Soludo's reluctance to oversee the banks properly during the latter days of his tenure as CBN governor.

ndu_chucks:

@naijaking1, Sanusi has the law on his side, I remember you all ranting about the illegality of Sanusi's actions. Sooner or later, your people will go to jail. Let's hope you've read about this. The usual suspects refused to publicize it in the newspapers they own:

This is not about me or you, and to an extent not even about Sanusi as a person; it all about our poor economy and financial system. The first time I listened to Sanusi, I knew right away that he was not the right man for this job of CBN governor, all the other later contributors have simply proved my point. While I hate to be vindicated in this manner, I challenge you to show that our financial system is any way better than Sanusi found it last year.

First, the messiah arrived, and to prove that he was a Divine intervention, he quickly accussed some people, tried them in the press, and of course had them in jail, and he's may still be preparing to shoot some of them for all sorts of unproven allegations.

Then, he attacked the shareholders, condenming some of them for trying to own a bank all by themselves(in a capitalist country?). Lately, he's begining to say that many of those shareholders actually didn't pay "real  money" for their shares---- who can't understand his next line of argument: because, you didn't pay real money, your equity is going to be taken away from you

I'm not working for Cecelia Ibru in any way, I'm one of the shareholders who have lost real money, thanks for Sanusi's stupidity, and he will never be forgiven.

Then, he turned to poor bank employees, and having them sacked in 10s of thousands.

Lets, not even talk of building confidence in the economy as Donald Duke and other renowned business people have said.
It's only in Nigeria that a person like Yar'dua could become president, Mansur the finance minister, and Sanusi the governor CBN, only in naija

Rewarding returns in Africa | Main | Exclusive Resort Villas at le Touesrokk »
Intercontinental Bank Gets Highest Global Rating in Nigeria

By Shanna | September 3, 2007

Intercontinental Bank Plc continues to receive accolades on its stellar performance and increasing domestic franchise from global rating agencies. Only last week, FitchRating, the globally acclaimed rating agency, upgraded the bank’s National Long-term rating to ‘A+’ from ‘A’ while affirming its National Short-term rating at ‘F1’Fitch equally assigned the bank, a Long-term Foreign Currency Issuer Default Rating, (IDR) ‘B+’ with a stable outlook, Short-term Foreign Currency, IDR ‘B’, Individual ’D’ and Support ‘4’ as well as a Support Rating Floor of ‘B+’.

The Fitch rating is in particular reference to the bank’s consistently outstanding performance in earnings, growth and capitalisation. The ratings, according to the internationally reputed rating agency, reflects the bank’s developing domestic franchise, consistent levels of earnings growth and above average levels of capitalisation.

The global rating, which is an acclaim of global confidence in the bank, is the best that any Nigerian bank has been assigned by Fitch. It is a vote of confidence in both the domestic and international investment potentials of the bank and engendering strong growth in patronage from both the private and public sector of the local and international economy. The rating, according to analysts, is the affirmation of the bank’s leading position in Nigeria, Africa and the world.

Only recently, in what is best described as extraordinary performance, The Banker magazine, a subsidiary of the Financial Times of London, in its 2007 edition of its TOP 1000 WORLD BANKS publication ranked Intercontinental, the biggest bank in Nigeria, fifth biggest in Africa and the 355th biggest bank in the world by first tier capital. This makes Intercontinental bank the first Nigerian bank to be rated among the world’s elite top 500 banks.

The Banker Magazine also ranked the bank as the second fastest growing bank in the world. It described Intercontinental Bank’s outstanding growth as symbolic of the massive impact of Nigeria’s banking reform. It noted that: “Nigeria’s Intercontinental bank reflects the huge consolidation and regulatory change that has taken place in Nigerian banking in the past two years,” adding that the bank rose by a record 522 places to be ranked at 355, with capital ballooning to $1277 million at the end of February 2007.”

The Fitch rating acknowledged the risks relating to the bank’s difficult operating environment and commended the bank for the exceptional performance in its profit after tax which increased by 104 per cent to N15.5 billion for the financial year ended February 2007.

Fitch noted that: “Intercontinental net after-tax earnings increased by 104 % to NGN15.5bn during FY07 on the back of strong growth that led to improvement in both net interest and non-interest income,” Fitch noted.

The international rating agency further expressed satisfaction with the bank’s Tier 1 capital adequacy ratio and the boosting of capitalisation by significant capital raising activities, which has positioned the bank as a strong and reliable financial institution within the Nigerian and international markets.

Intercontinental is one of the largest banks in Nigeria by system assets and capitalisation. The bank boasts of one of the highest returns on investment in the industry in the last 15 years. It has consistently paid dividend to its shareholders and issued bonus shares six times within the same period. In addition, shareholders of the bank have continued to enjoy huge capital gain on the bank shares. Between 2004 and 2006 the shares recorded capital gain of over 165 per cent.

Intercontinental Bank has consistently led the banking industry with managerial and financial accomplishments. The bank enjoys massive market support due to its avowed passion for excellent customer service delivery as encapsulated in the bank’s tagline: Happy Customer Happy Bank.

Topics: Africa's 100 Largest Listed Companies, Banking & Finance |

http://www.ainewswire.com/?p=161

This is Fitch rating for Intercontinental bank in 2007 which Sanusi now describes as house of fraud. So who is lying?

So forget theories and ratings lets talk about the realities

People have lost job since Sanusi came in, people have also lost confidence in the economy since Sanusi came in

All of these drags us back to what Donald Duke was saying which I posted above. It's all based on perception and Sanusi has simply destryed our economy.

naijaking1:

Interesting to see how folks who have no genuine point to add to the converstaion always quickly go personal.

naijaking1:

So, he's not a fool my brother, but just an outright politician operating in an environment manned by his fellow Katsina mafia folks, and with nobody to challenge him.

'Katsina mafia', does that fall under professional opinion too?

@mikeansy
Abeg make you tell them. How can this dude mastermind the sacking of thousands of nigerians, the total distrust of our banking industry by their foreign counterparts, and the total collapse of our once thriving financial sector; and still have people to praise him. It makes me wonder, on what index do Nigerians measure performance. The  man's job is to strengthen our financial sector and make decisions to boost our economy. Me thinks that even if soludo flawed in all of his policies, this dude just made him look like banking genius. I mean, with some of the arguments on this post, i cry for nigeria.

chosen04:

SOLUDO is a fraud , i agree, but
Sanusi is worst than a fraud.

because he is a northerner right?

mikeansy:

http://www.ainewswire.com/?p=161

This is Fitch rating for Intercontinental bank in 2007 which Sanusi now describes as house of fraud. So who is lying?

So forget theories and ratings lets talk about the realities

People have lost job since Sanusi came in, people have also lost confidence in the economy since Sanusi came in

All of these drags us back to what Donald Duke was saying which I posted above. It's all based on perception and Sanusi has simply destryed our economy.

were the fitch ratings not based on the doctored books of the bank? what is their rating now that we have a clearer picture of their position?

At a time when Sanusi was running around reporting our Banks to the world including his London road show. The following revelation came out from a more serious country where they understand the importance of investor confidence in the economy

HBOS and RBS received secret bank rescue loans

Mervyn King gives details on the emergency funding

The Bank of England has revealed for the first time that it lent Royal Bank of Scotland (RBS) and HBOS £61.6bn in emergency funding last autumn.

Bank governor Mervyn King told a committee of MPs it "was to prevent a loss of confidence spreading through the financial system as a whole".

The money was repaid in full by January this year, he added.

A spokesman for the prime minister said it was "a powerful reminder" of how the banking system had nearly collapsed.



It was also revealed that Chancellor Alistair Darling had agreed to underwrite any losses which the Bank may have made on the loans.

The Liberal Democrats have called on Mr Darling to explain to the House of Commons why the Treasury guarantees were kept secret.

Vince Cable, the party's Treasury spokesman, called it a "shocking cover-up".

Shadow Chancellor George Osborne said the revelations about the secret loans showed the need to reform the system of banking regulation.

"The scale of these loans raises the question of how Labour's tripartite regulatory structure allowed these banks to come so close to collapse in the first place, and underlines the need for fundamental reform to put the Bank of England back in charge," he said.

Secrecy

It is the first time that the central bank has detailed this support for the two institutions.


ANALYSIS
Hugh Pym, BBC
By Hugh Pym, chief economics correspondent

We may feel numbed these days when there is talk of the hundreds of billions of pounds in taxpayer support to the banks.

Even so, the revelation of these secret emergency loans to RBS and HBOS a year ago is breath-taking.

The Bank of England only felt it was safe to reveal this covert support now, once the ink was dry on longer-term bailout deals agreed with the banks a couple of weeks ago.

Lloyds shareholders were being asked to approve the takeover of HBOS. Yet they were not told about a Northern Rock-style cash bailout of HBOS.

The authorities argue that disclosing the loans would have caused greater disturbance to the whole system. But bank shareholders might well see it differently.

Mervyn King said the Bank was acting in its capacity as the lender of last resort.

The loans, which were given in October and November of 2008, were in addition to other financial support measures extended to the banks by the government.

The chairman of the Treasury Committee, John McFall, said that when he saw the amount there had been "a little bit of an intake of breath thinking how many universities, how many colleges, how many jobs you could support with this".

The Bank of England said it had carefully considered the public interest case for disclosure but decided that the assistance should only be revealed "once the Bank considers that the need for secrecy has ceased".

RBS has since signed up for the government's Asset Protection Scheme while Lloyds Banking Group - which took over HBOS - has announced plans to raise capital from its shareholders.

The BBC's chief economics correspondent Hugh Pym said that the £62bn of emergency loans were agreed just as shareholders were being asked to approve the takeover of HBOS. He suggested that shareholders might be unhappy at not being told earlier.

Profound challenges

Vince Cable: "Parliament and the public need to know what happened"

In his parliamentary testimony Mr King also discussed the wider UK economy, reiterating his view that the recovery was still in the early stages.

He told the Treasury Committee that the economy still faced "profound challenges".

Regarding the Bank's policy of quantitative easing - pumping money into the economy to try to boost lending by the commercial banks - Adam Posen, one of Mr King's colleagues on the Bank's Monetary Policy Committee (MPC), said he hoped the initiative was "coming to an end".

Earlier this month, the MPC voted to increase its quantitative easing programme by a further £25bn to £200bn.

However, minutes released subsequently showed a three-way split on the decision, with seven of the nine MPC members voting for it, one wanting a larger increase in the scheme, and one calling for no additional spending.

Mr King also told MPs that he did not think there was any "immediate risk" of the UK having a credit downgrade.

You will think since this revelations came out while Sanusi was junketting around the world destroying the reputation of our economy he will have a rethink? NO . . . . . . .  . marxists never have reality check. They act before thinking. Sanusi is in the wrong job.

texazzpete:

'Katsina mafia', does that fall under professional opinion too?

You're in denial
In a country of 36 states: the president, finance minister, economic advicer, minister of national planning, the CBN governor, director of customs, NNPC director all come from one state, and you can't see the mafia style government?
The CBN governor should have been called to order a long time ago if he did not belong to that mafia group.
Apparently, you can't even differential personal attack from relevant political comments

mikeansy:

http://www.ainewswire.com/?p=161

This is Fitch rating for Intercontinental bank in 2007 which Sanusi now describes as house of fraud. So who is lying?

So forget theories and ratings lets talk about the realities

The ratings work based on what the banks release - cooked up data in 2007. Enron did the same thing way back in the late nineties. Hell, Enron used to have a great rating, who knew what sins they were hiding until they went bust?
The post-enron reforms were tough, but they've ensured that things took a turn for the better. Ditto the CBN reforms.

mikeansy:

People have lost job since Sanusi came in, people have also lost confidence in the economy since Sanusi came in

All of these drags us back to what Donald Duke was saying which I posted above. It's all based on perception and Sanusi has simply destryed our economy.

Now, ask yourself one simple question; why are the banks letting people go? The simple answer is that they needed to cut down on superfluous staff to get back to profitability. The banks had become bloated with assets that had since turned into liabilites.

Now ask yourself who was the CBN Governor when this unhealthy bloating was taking place. Every savvy economics knows that when there's a bubble, there's a bust coming along soon enough. Now which CBN Governor failed to keep a closer eye on this artificial bubble?

The Banks are not charitable organizations. They have to make a profit to remain viable businesses. reducing cost is a clear way of doing that, and terminating staff they do not NEED is an easy way of doing that.

If Soludo had acted earlier and decisively to prevent the rot in the banking sector from spreading, none of these would have happened. But the man had one eye on governing your state, and gullible people like yourself nearly voted him in.
Good thing he lost, eh?  

biina:

were the fitch ratings not based on the doctored books of the bank? what is their rating now that we have a clearer picture of their position?

What you fail to realise is that there is no evidence that it is not the current CBN under Sanusi that is actually doctoring its records to support their convoluted and irrational policies.

But you know what? in the midst of this confusion as to who is wrong and who is right? the economy is hurting and people are loosing their jobs and this is a direct result of Sanusi's prefered approach to running the economy.

He should own his failures.

mikeansy:

At a time when Sanusi was running around reporting our Banks to the world including his London road show. The following revelation came out from a more serious country where they understand the importance of investor confidence in the economy


You will think since this revelations came out while Sanusi was junketting around the world destroying the reputation of our economy he will have a rethink? NO . . . . . . .  . marxists never have reality check. They act before thinking. Sanusi is in the wrong job.

And in how many of those countries did the near-collapse of the banking sector come about through greed and corruption on the part of their Bank chiefs. Or in how many of those did the CBN Governor turn a blind eye to all the warning signs in a bid to boost his political career?

Let Sanusi shut up his mouth because he has done more harm than good to this country

mikeansy:

What you fail to realise is that there is no evidence that it is not the current CBN under Sanusi that is actually doctoring its records to support their convoluted and irrational policies.

But you know what? in the midst of this confusion as to who is wrong and who is right? the economy is hurting and people are loosing their jobs and this is a direct result of Sanusi's prefered approach to running the economy.

He should own his failures.

And in that same measure there is no evidence that without Sanusi's interference, there would not have been an outright collapse of at least one of the Big Five banks.

And you know what that would have meant to the workforce and even the economy.
People are losing their jobs, yes, but even more would have lost their jobs. And worse, depositors may have lost their hard earned money. Simple as that.

bawomolo:

because he is a northerner right?

I dont get u at all.
This Soludo fraud cos he is from the East?

It has nothing to do with being a northerner.
A man who has always closed his eyes to the sins of his kinsmen should also learn to close his eyes to the sins of others.

Sanusi keeps telling us of how the probs of nigeria is not a northern thing, i also want him to know that the probs with the Banking sector is not any individual or group, its lack of good structure on ground.

Its obvious that Sanusi is even further destroying the already damaged structures on ground that could have helped the nation to come out of his meltdown stronger and better.

texazzpete:


And in that same measure there is no evidence that without Sanusi's interference, there would not have been an outright collapse of at least one of the Big Five banks.

And you know what that would have meant to the workforce and even the economy.
People are losing their jobs, yes, but even more would have lost their jobs. And worse, depositors may have lost their hard earned money. Simple as that.

[size=18pt]With a performance benchmark like that even a subsistence farmer can run the CBN.

Any failures you experience as a direct result of your bad policies you simply claim it would have been worse than that if not for you.[/size]

naijaking1:

Soludo never had 10 years

What was the marketcap of the NSE All share Index in 2006 and what was the market cap in April 2009.

I will tell you. . . April 2009 was lower than Jan 2006.

Should we laud "boom and bust" policies if they only bring us back to where we originally started?

In that, Im not implying that the consolidation exercise brought the bust, rather the failure of regulation caused the bust.

mikeansy:

Now they are telling us that our economy will stabilise in 10years time and their 'Risk management' will begin to bear fruits in 10years. My personal worry is not whether the economy will stabilise but what it is they want to stabilise. Because you can achieve stability in Niger Republic and can also achieve Stability in UK. The difference is the kind of economy you stabilise.

I will assume you are talking about our (2.) manufacturing sector and our (1.) stock market as opposed to our oil economy.


(1.) OK, so what are the trends in the stockmarket?




The above shows you that we made no gains from Jan 2006 (consolidation) to April 2009 (Before Sanusi).

This is not due to the failure of consolidation, but the failure of regulation.

Of course, the boom (and subsequent bust) only served to transfer money from the poor to a handful of mega-rich.



Now lets look at the manufacturing sector. . .


(2.) During Soludo's tenure, the rate of growth of manufacturing in Nigeria continued to fall year on year, despite the so-called confidence and loans given out by the banks.

If Sanusi is discouraging lending, what did the lending of banks under the previous regime add to our manufacturing sector?

I posit that those loans were handed out for economically-useless activities such as procurement of Government contracts (which will be carried out anyway, whether or not those loans are given) rather than real industry.

mikeansy:

You have to create an economy first before you risk manage it. otherwise you will have nothing to risk manage. Why Sanusi can not understand this simple concept is shocking. Our economy at the moment is hugely dependent on oil. Until we diversify we will continue to have a volatile economy and no amount of misguided IMF Textbook Risk Management Principles will change much. So the question is how do you diversify if banks are so scared to lend to Enterpreneurs?  

Yes, we do suffer from Dutch disease ever since the discovery of oil.


The character of Nigerian banks reflects the nature of the economy, which depends on the importation of semi- and finished goods, the export of raw materials, totally dilapidated infrastructures and an uneducated population. This has meant recurrent unemployment and the attendant mass poverty, which leads to an abysmally low purchasing power. This will be reflected in the rate of activities of the banks and their shareholder/customer base. To expect Nigerian banks to be more advanced than their economy will be daydreaming.

They have never lent to the real economy (under both Soludo and Sanusi) and they will never lend to the real economy until our Government as a whole pull their finger out their arse and attack our infrastructure problems. Nearly 900 companies fled Naija due to poor infrastructure last year alone.

Give these points, I am not concerned with having banks return to their former activities. Yes, I would prefer NSE market cap to only grow by 1% a year, than for them to fluctuate between Niger and UK levels every couple of years.

The growth of the stockmarket between 06 and 08 was a casino built on sand, and until you accept that, of course any return to normalcy will be confidence sapping to you.

I recognised the bubble in 2007 when I was looking for Naija stocks to buy, hence the subsequent dowturn is not disappointing to me. Rather, it was expected.

Such boom and bust indicates to me that the banking industry is a stand-alone industry. . . its value not being drawn from its business activities with other industries, rather its value is based on its casino operations.

My main argument to this is that how can a Sanusi who let[b] Unity Bank of the hook[/b] because they had high deposits. (Mostly by nothern state govenments) even though he admitted that they were not well capitalised with overbearing non-performing debts, turn around to say that Soludo had allowed some banks to shore up their capital base using depositor funds.

What is he smoking  
Or does he think we are all fools  

texazzpete:

And in how many of those countries did the near-collapse of the banking sector come about through greed and corruption on the part of their Bank chiefs. Or in how many of those did the CBN Governor turn a blind eye to all the warning signs in a bid to boost his political career?

I don't know in what bubble you have been for the last year, because you have never heard of the salaries, compensations, and stock options of mega banks like Chase and Citibank. You're begining to use the word "greed" like Sanusi, ie in a marxist/socialist slang. Greed is the motivation that drives capitalism, innovation, and even competition. While greed must be regulated and controlled, it can't be eliminated from human society--- a point socialist like Sanusi fail to understand.

You have not only joined the chorus of accusing Soludo of "turning a blind eye", but you have also assigned him a motive for his action. Like Sanusi and other incompetent hands, you must always look back to find some to blame. One year after taking office, when is his(Sanusi's) good work going to start bearing edible economic fruits?

naijaking1:

You're in denial
In a country of 36 states: the president, finance minister, economic advicer, minister of national planning, the CBN governor, director of customs, NNPC director all come from one state, and you can't see the mafia style government?
The CBN governor should have been called to order a long time ago if he did not belong to that mafia group.
Apparently, you can't even differential personal attack from relevant political comments

For the records, President - Katsina; Finance Minister - Kano; Economic Adviser - Katsina; National Planning - Kaduna; CBN Governor - Kano; Customs - Katsina; what does NNPC have to do with this?

Anyways, carry on.

mikeansy:

What you fail to realise is that there is no evidence that it is not the current CBN under Sanusi that is actually doctoring its records to support their convoluted and irrational policies.

But you know what? in the midst of this confusion as to who is wrong and who is right? the economy is hurting and people are loosing their jobs and this is a direct result of Sanusi's prefered approach to running the economy.

He should own his failures.

No evidence? Even Soludo knew those banks were having problems, or why do you think he created the EDW?
The bulk of the damage is from people spreading doom and gloom, and less from the actions of Sanusi. If Sanusi had failed to act, the sector would have eventually collapsed and we would have experienced another crisis like we did with the merchant banks/discount house saga.

It is disingenuous to say that there was no problem in the sector, as even Soluduo admitted as much when he took over office, and did little to nothing about it. The CBN has provided facts and figures which even the back executives have not countered.

If there was a problem, the next question would be on how best to effectively tackle it? I believe Sanusi's actions were the best way to deal with the problem. If you disagree, then come up with an alternative approach that would be at least as effective, but do not condemn Sanusi's actions when you fail to provide a superior alternative.

prettyG:

For the records, President - Katsina; Finance Minister - Kano; Economic Adviser - Katsina; National Planning - Kaduna; CBN Governor - Kano; Customs - Katsina; what does NNPC have to do with this?

Anyways, carry on.

Thanks for the correction. I forgot they call them the 3K mafia, Katsina, Kaduna, and Kano.
Still, what about the remaining 33 states

@mikeansy,
u have practically said and quoted every nigerian's view on CBN except mine.
in all, their views support the action of ur soludo and this same mass support ur soludo had during the opinion polls in anambra until the real election proved u and ur partners wrong.
the issue of soludo under obasanjo does not have theories that are far from us.
look at these issues and prove me wrong;
1. official and (illegal)legal banking prostitution. this took to the high in our banking sector in order for the banks to meet up the targets.
2. loots and looting - under obasanjo's regime, this bank consolidation which made the banks to paste notice of maximum deposits on a transaction in our banks were just mere write ups as no body was invited to explain his/her deposit in any of our banks and thereby created the widest rooms for our God forsaken politicians to loot us to death.
3. the emergence of sanusi exposed issues that had been in place even during the much hyped soludo/ribadu war on corruption.
4.the immediate decission and annointment of soludo as the pdp candidate in anambra by pdp showed the relationship between these criminal groups
5. apart from calling soludo a fraud which i know before now, what else has sanusi lied about?
6. the initial ideas of banks consolidations were to put an organised system or a way of institutionalising our banks but if we must say the truth or have a chat with a senior banker and find out if any of these banks are institutionalised as claimed. they are all tensed as houses built on sandy soil with the fear of falling any day.
personally, i do not know sanusi or his mission but his tesimonies against soludo and his father(obj) are just the known truths.

what soludo brought then was just a boom in the banking industry which made our banks pay like or  more than the oil companies then but later on, workers became weary of the things to come and we can agree here that the boom has come and gone hence salaries and jobs are no longer secured as they used to be.

^^^
Soludo, Soludo, Soludo
Did I miss where you said how Sanusi will move the economy forward
Isn't that important?

naijaking1:

I'm one of the shareholders who have lost real money, thanks for Sanusi's stupidity, and he will never be forgiven.

hahaha. . . my friend, dont lie to us. . . so it is only in August 2009 that you noticed you had lost money after 18 solid months of bull run under Soludo. . . this is the funniest sh@t I've heard this month.