naijaking1:

This type of question makes me wonder where you have been. Please read many other Nigerian newspapers, not just Dailytrust. Soon, you will ask for evidence to show that Sanusi fired bank CEOs?

If a position/statement is in dispute, the right thing to do is provide evidence to back up your claims, but seems you would rather we take your word (or the words of your comrades) for it.
If you dont have anything to backup the position, simply say so or dont say anything at all, instead you are making ad hominem comments.

Now, you're comparing apples with oranges. Why compare thieves with enterpreneurs?
You still haven't understood the basic terminology used to convict ENRON operatives, and you continue to display your ignorance shamelessly. Nobody goes to jail for poor morality, that action also must have broken some legal codes to be actionable.

'entrepreneurs'! The sacked executives were thieves.

When you're done reading your koran up-side-down maybe you'll understand my point

If you don't know how this morality argment started, please go back a few pages. Just like Sanusi, you contradict yourself every step of the way

You should take heed to your own advice.

Now, you're comparing apples with oranges. Why compare thieves with enterpreneurs?

in your book, i doubt if there is any difference - going by the absurdities you've been posting here

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.

Why am i beginning to like you?

[b]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? Grin[/b]

@ texazzpete

i think i preferred the bloated books and assets turned liabilities that created the statistics that ''of every 5 Nigerians with GOOD jobs, 3 is a banker"
i think im also comfortable with when my bankers abroad had confidence in my bank's bloated books which facillitated my buisness in turn.

listen, Nigeria is a country i define as one which the leaders lack ideas while the Led remain confused.

Sanusi was never appointed as financial sanitation Gov. he was to IMPROVE the Economy, since he has failed so far, i still don't understand why the senate is not asking for his resignation

jp philips:

@ texazzpete

i think i preferred the bloated books and assets turned liabilities that created the statistics that ''of every 5 Nigerians with GOOD jobs, 3 is a banker"
i think im also comfortable with when my bankers abroad had confidence in my bank's bloated books which facillitated my buisness in turn.

listen, Nigeria is a country i define as one which the leaders lack ideas while the Led remain confused.

Sanusi was never appointed as financial sanitation Gov. he was to IMPROVE the Economy, since he has failed so far, i still don't understand why the senate is not asking for his resignation

and your definition of improving the economy is by doctoring accounts and acting illegally just to appear profitable. You sound like some Nigerians who feel the quality of a school is measured by its school uniform
Please read up on the role of the CBN before you make comments on related issues.

I am disappointed in Sanusi Lamido. . . .

He comes across as crass and unenlightened,about the functions of the Central bank governor

Core Northerners in nigeria should stop pulling Nigeria back. . .we dont have anytime to loose

Since this so called administration came into power it has achieved nothing,yet sanusi has the guts to castigate SOLUDO

He should first of all talk of the sham that is Yar adua and his kleptomaniac GOVT

I bet he is tongue-tied on that one, NONSENSE

Am not trying to be anti Sanusi but I think those who lost their jobs in his "sanitation excercise" do not have much love for him. There are very few jobs available and, IMO, Sanusi has just added to Nigeria's criminal population cos some of those laid off workers WILL turn to crime. How does that help our nearly nonexistent economy? Am not saying he should have let any form of rot in any of the banks continue, but surely there must be a better, less destructive (if I may use that term) way to get it done. IMO, he acted in too much haste to get people's approval (which he had initially) but support for his theories have dwindled since the negative effects of his reforms became apparent. He wasn't appointed to mud sling his predecessor. He should leave the prosecutions to the relevant outfits. If he finds anything illegal Soludo has done, he should charge him to court or let the efcc handle it. All these verbal gunshots have added NOTHING to our economy.

People should be sincere and diligent enough to read the actual speech, before passing judgment on what Sanusi said or did not say.
The guy did not accuse Soludo of illegal practices and only cited the lapses in CBN supervision under soludo's tenure. This he did when elucidating the problems that hit the Nigerian economy and the banking sector, and it would be disingenuous for him to have given the CBN a passmark contrary to the truth just because he wasn't in charge at the time,

@ biina

Guy, I think you are a confusionist! Maybe your problem is that you don't understand english. When Sanusi kept emphasizing that something happened during Soludo's era and that the Governor at that time watched heplessly as they happened, what in your dumb opinion is he did he mean?

You seem to enjoy antagonizing everyone on this forum just because you enjoy the benefit of being faceless. You better go and look for work!!!!!

Our poeple have one story which I want to share with us:
A Piglet asked the mother one day why the mother's mouth is twisted and the mother Pig replied by telling the Piglet that one day same question would be asked to the Piglet.

Sanusi might be doing well now but he should not aggrandize himself at the cost of Soludo. Let him perform his scene now he's on stage.

Sanusi please concentrate on your KPIs and allow Nemesis to judge Soludo if need be.

Soludo has never claimed to have been a Saint.

Me sef:

@ biina

Guy, I think you are a confusionist! Maybe your problem is that you don't understand english. When Sanusi kept emphasizing that something happened during Soludo's era and that the Governor at that time watched heplessly as they happened, what in your dumb opinion is he did he mean?

You seem to enjoy antagonizing everyone on this forum just because you enjoy the benefit of being faceless. You better go and look for work!!!!!

If someone failed in his duties, he simply failed in his duties. There is no 2-way about it. It does not in anyway mean the person was corrupt, but then that would be difficult for you to comprehend, as you have no opinion of your own and can only hurl personal insults.

Soludo failed in the supervision of the banks and that is why Sanusi had to take the actions he did. If his motives are being questioned in the public forum by you and your likes, Sanusi has the right to defend himself and his actions by bringing to light the failings that created the problems he is trying to solve. But you would rather he keep quiet so that you can keep peddling your rumors.

I agree that Sanusi may not be a saint either and the worst of the shortcomings of his tenure may not be exposed until it ends but for someone to come up and post rubbish on this thread that Soludo was ignorant of the evils going on in the banks just because he wasnt their CEOs is nothing short of pathetic. The primary responsibity of Central banks the world over is regulation & supervision such that depositors' faith in the system is preserved. In this regard, Soludo failed woefully.

biina:

If someone failed in his duties, he simply failed in his duties. There is no 2-way about it. It does not in anyway mean the person was corrupt, but then that would be difficult for you to comprehend, as you have no opinion of your own and can only hurl personal insults.

Soludo failed in the supervision of the banks and that is why Sanusi had to take the actions he did. If his motives are being questioned in the public forum by you and your likes, Sanusi has the right to defend himself and his actions by bringing to light the failings that created the problems he is trying to solve. But you would rather he keep quiet so that you can keep peddling your rumors.

Man, you are a partial judge! You seem to be hell bent on hammering on Soludo's failures. Sanusi also failed in aggravating a worsening economy by his actions. How about that? Have you heard of the near N100b un-collaterized loan approved by Sanusi while he was FBN MD? The same offence for which he's hell bent on hanging Madam Ibru? You see, it is so easy to find fault! Let the guy just mind his business and face the job he's paid to do squarely and stop parading himself as a messiah of some sort.

If Sanusi feels strongly about the weakness in banking supervision, how come he has not overhauled the whole of banking supervision department of the CBN as he hastily did with the Bank CEOs? At least those examiners were sent to banks to examine their books during soludo's time and the same guys are still there now. In fact, Banking Supervision was reporting to the Deputy Governor - Tunde Lemo and he's still there now. How come Sanusi has not pushed for his replacement? CBN is just like NNPC or any other government parastatal or agency where corruption hold sway and that cannot be blamed on Soludo. It is an endemic problem in the Nigerian public service.

My guy, all this thing is politics. Sanusi is suffering from inferiority complex and obviously intimidated by Soludo's large footprint in CBN.

Me sef:

Man, you are a partial judge! You seem to be hell bent on hammering on Soludo's failures. Sanusi also failed in aggravating a worsening economy by his actions. How about that? Have you heard of the near N100b un-collaterized loan approved by Sanusi while he was FBN MD? The same offence for which he's hell bent on hanging Madam Ibru? You see, it is so easy to find fault! Let the guy just mind his business and face the job he's paid to do squarely and stop parading himself as a messiah of some sort.

If  Sanusi as MD of FBN acted inappropriately and wasnt penalized, you can only hold Soludo and his CBN team responsible for it. You cannot hold Sanusi responsible for not catching himself retroactively. More importantly, giving out un-collaterized loans is not a crime in itself if due process was followed, and it was not just a tool to embezzle money from the bank.

If Sanusi feels strongly about the weakness in banking supervision, how come he has not overhauled the whole of banking supervision department of the CBN as he hastily did with the Bank CEOs? At least those examiners were sent to banks to examine their books during soludo's time and the same guys are still there now. In fact, Banking Supervision was reporting to the Deputy Governor - Tunde Lemo and he's still there now. How come Sanusi has not pushed for his replacement? CBN is just like NNPC or any other government parastatal or agency where corruption hold sway and that cannot be blamed on Soludo. It is an endemic problem in the Nigerian public service.

I have said this before, that no matter the failings of Soludo, Lemo should also have been held responsible for the supervisory failures of the CBN. Even if Soludo had hampered his genuine efforts at supervision (which I doubt), he should have been honest enough to resign. While I do not approve of retaining Lemo in his current office, the CBN governor has no authority to fire a deputy governor, who  (like the governor) are appointed by the president and approved by the senate, and can only be removed by the president unless found guilty of professional misconduct. I hold the senate responsible for approving him for a second tenure. Since Lemo's reappointment  was carried out simultaneously with Sanusi's appointment, I doubt he could have influenced it much.

Still, Sanusi has restructured the CBN to make it more effective and I wont be surprised if the reorganization is followed by personnel changes. see http://www.businessdayonline.com/index.php?option=com_content&view=article&id=8999:cbn-in-self-cleansing-gives-impetus-to-sector-reforms&catid=1:latest-news&Itemid=18

My guy, all this thing is politics. Sanusi is suffering from inferiority complex and obviously intimidated by Soludo's large footprint in CBN.

and how do you know this?
Stick to the facts and leave out the personal evaluations. You should avoid the sycophancy and look at the facts and figures, being devoid of ethnic bias.

Me sef:

@ biina

Guy, I think you are a confusionist! Maybe your problem is that you don't understand english. When Sanusi kept emphasizing that something happened during Soludo's era and that the Governor at that time watched heplessly as they happened, what in your dumb opinion is he did he mean?

You seem to enjoy antagonizing everyone on this forum just because you enjoy the benefit of being faceless. You better go and look for work!!!!!

I can assure you that anyone making an on-the-spot comparison of your contribution to this topic as against biina's will easily come to the inescapable conclusion that he occupies a far higher rung on the IQ ladder than yourself.

I don't know what you mean by 'antagonizing', but biina's restraint has been admirable in this argument. Whether you agree with him or not, i think he is one to watch on nairaland.

Me sef:

just because you enjoy the benefit of being faceless.

Explain what this means. So if you knew his name and location you'd head over there and beat him abi?

paddy_lo:

I am disappointed in Sanusi Lamido. . . .

He comes across as crass and unenlightened,about the functions of the Central bank governor

Core Northerners in nigeria should stop pulling Nigeria back. . .we dont have anytime to loose

Since this so called administration came into power it has achieved nothing,yet sanusi has the guts to castigate SOLUDO

He should first of all talk of the sham that is Yar adua and his kleptomaniac GOVT

I bet he is tongue-tied on that one, NONSENSE

I am shocked but happy to read your comment   .  .  I remember vividly our debate with respect to Sanusi's clean up duty . The CBN governor is confused, he has obviously crippled the only moving sector of our economy, but trust a typical Nigeria he would never surrender and accept defeat SANUSI would rather point fingers . .

I think that sanusi should come of age, he should be natured a little and stop all this childish altitude of his. Even if soludo did not do fine let him sanusi make corrections and stop kidding with a whole CBN or else let him resign. Oh he taught the CBN job is a bed of roses, unfortunatly for him the CBN is the hardest, it takes a full man to be there. Yes it is for MEN not for the opposite. Again he should remember that "he who the fire dies in his hand is the one that quenched the fire" shifting blames to soludo will take him no where cos when soludo was there he never pointed fingers to anyone but to his job,

yeswecan:

I am shocked but happy to read your comment   .  .  I remember vividly our debate with respect to Sanusi's clean up duty . The CBN governor is confused, he has obviously crippled the only moving sector of our economy, but trust a typical Nigeria he would never surrender and accept defeat SANUSI would rather point fingers . .

I never believe that an ABOKI will remain ABNKI even in the upper house until i see this one on track suit. Is it not time for him to resign and in back to his village and start to rear animals because i know that he sabi that one well well. Abeg nobi him fault chaa

I am shocked but happy to read your comment   .  .  I remember vividly our debate with respect to Sanusi's clean up duty . The CBN governor is confused, he has obviously crippled the only moving sector of our economy, but trust a typical Nigeria he would never surrender and accept defeat SANUSI would rather point fingers . .

Seriously i am just disappointed with how northerners are bent on turning back the hands of time in nigeria
It hurts cause when u are living outside Nigeria,u want to only hear good news
but all u hear is bad news from northern Nigeria

My take is that sanusi should focus on his job and quit the yapping
he should know that he is a part of a GOVT that is seen as FAILED by majority of Nigerians
therefore he cannot exonerate himself

If he want factories to be sited in the North he should know that these incessant incidents of riots will make that impossible
who wants to build a factory that will be burnt down tomorrow by some illiterate

we have no time to loose,other nations are moving ahead no time for recriminations
he should just put his head down,develop a blueprint,and have yardsticks to measure progress
if its not working ditch the plan and get a new one

so yes i gave sanusi the benefit of the doubt before,but i cannot do so any longer
his master yaradua has done more harm to nigeria than SOLUDO ever did
matter of fact soludos policies put Nigerian banks on the map

Lets hope sanusi has a clue on how to effectively run a reserve bank other than facilitating an ISLAMIC bank!!

Yes it is easy to criticise
name everything in history including the various stimulus packages, people will criticize it.

Sanusi has bigger problems.
Apart from being criticized by many Nigerians, he is indirectly being criticized by the Ministry of Finance.
Who are in effect questioning his judgements even while he is still in office.
Im beginning to loose confidence in the guys abilities.

His released blueprint have been condemned as incoherent, lacking intellectual content an immeasurable without any clearly defined targets.
Also his plans have been lambasted my many as mainly being a continuation of Soludos.

Group faults CBN's new reform blueprint for banks

The Renaissance Professionals, which has relentlessly canvassed alternative solutions for an enduring and strong banking industry has picked holes in the recent banking reforms blueprint announced by the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, which it described as an after-thought.

According to the CBN governor, the blueprint is anchored on four pillars, namely: Enhancing the quality of banks; enhancing financial stability; enabling healthy financial sector evolution; and ensuring financial sector contributes to real economy.

But picking holes in the blueprint, the Renaissance Professionals berated the governor for announcing what should normally guide his actions, seven months into "his widely publicised and largely dramatised reforms, and noted that it has no timelines and expected outcomes because it is "made up of four lines."

[b]Challenging the CBN governor on the first issue in the blueprint, that is, enhancing the quality of banks, the group noted that it is ambiguous because it fails to outline the parameters to measure the quality of banks.

More importantly, the group tasked him for doing the opposite of what he wishes to accomplish, accusing him of engineering a crisis that has forced the cream of Nigerian companies to seek loans abroad, citing the cases of Dangote Group, which recently paid off its loans to Nigerian banks only to approach Standard Bank of South Africa for a $350 million loan, and Eterna Oil Plc that is seekingN1.2 billion from the Japanese bond market.

The Group claimed that before the CBN governor "created crises for Nigerian banks, the smallest Nigerian Bank had a guaranteed foreign credit line. Now, no

Nigerian bank can get the smallest foreign credit line without a CBN guarantee, a clear indication of how much confidence has dropped in the Nigerian banking system under the CBN Governor, Mallam Sanusi Lamido Sanusi." [/b]

Drawing a parallel to how Ben Bernanke, the Chairman of Federal Reserve Bank, USA handled the American banking crisis, the group posited that the CBN governor hardly understands the term "financial stability"

According to the group, Ben Bernanke moved to save the American financial system with clear understanding that saving the system is more important than killing the bankers that Americans generally agree caused the crisis with the uncontrolled lending to the mortgage sector of the American economy, by announcing a capital assistance program for banks.

Renaissance Professionals noted that in the capital injection into the banking system, not one bank Managing Director was sacked in America despite the fact that most of the banks were on the verge of collapse due largely to reckless lending in the subprime loans market.

Bernanke did not go on TV to say that Bank MDs were thieves and that the banks were on the verge of collapse. Ben did not take pages of newspaper adverts rubbishing the cream of the American entrepreneurial class because they could not repay their loans to the banks that were in trouble.

He did not threaten to seize the banks from its shareholders or threaten to shoot bank MDs for risking depositors' funds. Bernanke knew that maintaining financial stability mainly rests on confidence in the banking system.

The group regretted that faced with a stock market bubble as CBN Governor without a blue print or a well thought plan, the CBN Governor deliberately closed the expanded discount window opened by his predecessor to provide temporary liquidity relief to banks in need of temporary liquidity support without providing alternatives funding outlet for these banks. It was like removing the lifeboat from a drowning man without providing him with anything to hang onto.

Conversely, the group pointed out that a man who understood Financial Stability like Bernanke faced with similar challenge of banks facing temporary liquidity challenges injected fresh capital without drama, guaranteed the banks' capital raising exercise from private investors, set up the troubled asset relief fund to buy off troubled assets off banks' balance sheets and set up the consumer and business lending initiative to help small businesses repay their loans to banks. The driving goal for Bernanke was financial stability not personal vendetta.

The group, finally advised that financial stability is not the creation of crisis for some banks to the detriment of the financial system; and is not the chasing of genuine bank

non-performing assets on banks' books.

http://www.ngrguardiannews.com/business/article02/indexn2_html?pdate=240210&ptitle=Group%20faults%20CBN's%20new%20reform%20blueprint%20for%20banks

Sanusi, Utomi(beneficiary of non-performing loans) and Renaissance Professionals

For some months now, a group known as Renaissance Professionals has been on the offensive, trying to show that the Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, is unsuitable to occupy the apex job of the nation’s financial empire. These people see virtually all the measures Sanusi is taking to sanitize the banking industry as disastrous. Although I sometimes read their advertorials, I took particular interest in the one of The Guardian, Feb. 10, 2010, p. 11, captioned “CBN Governor: A Bull Fighter or A Bull in China Shop?” So many others have been published ever since.

From the frequency of their full-page advertorials, this group is certainly one of men and women of deep-pockets. I am beginning to wonder if the millions of naira they are expending cannot be put to a better and more altruistic use. It is not that what they are writing is worthless or inconsequential. In fact, the authorities concerned, especially the Economic and Financial Crimes Commission (EFCC), should take deep interest and action concerning the allegations leveled against CBN Deputy Governor Dr. Tunde Lemo.

Of equal importance is the unresolved matter of the current MD/CEO of Bank PHB, Mr. Cyril Chukwumah, who, from newspaper reports, typifies some of the continuing looting practices of indicted bank chiefs. As the Rennaisance Professionals rightly recalled from reports, Mr. Chukwumah has been accused of a range of greedy and selfish measures taken by him since he took over from Mr. Atuche. These should be investigated.

Notwithstanding the merits of some of these allegations, most of the issues these faceless people are addressing are, strictly speaking, internal to what I may conveniently name here as the banking club. Mr. Sanusi is seen as rocking their club’s boat.
Evidently, the Renaissance Professionals and Professor Pat Utomi are on the same side concerning their disapproval of the Sanusi administration. The advertorial about Sanusi being a bull in a china shop listed a dozen points lifted from Utomi’s latest book, Business Angel as a Missionary: Reflections of Economic Growth Activist.

An excerpt of this book was published in the Sunday Guardian of 7th Feb., 2010 upon which the Professionals relied. The summary of what Utomi is arguing in the book is that Lamido Sanusi’s style is a far cry from what obtains in the more advanced economies such as England and the USA. But the advertorial does not do justice to Utomi’s presentation which I found more subtle in the author’s characteristic style of presentation.

Style apart, the advert writers and Utomi are clearly professional soul mates. As a Nigerian who has observed the disclosures of the reckless and criminal looting of our bank chiefs, as well as what Sanusi has done so far, I believe his attackers are on the wrong path. Besides, we cannot, in all fairness, compare Sanusi with Bank of England’s Leigh Pemberton or America’s Federal Reserve’s Ben Bernanke or the latter’s predecessors such as Alan Greenspan or Paul Volcker. Our respective circumstances are different. What Sanusi blew open in Nigeria and the rot therein is out of proportion with the kind of failures in the banking world of Europe and America.

Drastic situations require extraordinary measures. Sanusi has the kind of revolutionary temperament we witnessed in the former EFCC chairman, Nuhu Ribadu. This disposition is also true of most of our social reform activists, including the late Gani Fawehinmi, Femi Falana, Wole Soyinka and, indeed, the silent majority that is now on the precipice of violent explosion over the unbridled looting in the country by highly placed officers. When Sanusi said that public execution, as obtains in China and elsewhere, is the ideal punishment for grand economic and financial felony, many agreed with him.
The reason Sanusi’s temperament is irritating to high stakeholders in the banking industry is because the man is clearly an outsider.

He does not seem to be the greedy type. To label him as ‘a strong man’, as Utomi did, and to remind us that what Africa needs are strong institutions, not strong men (Obama in Accra) somehow suggests that the ideal Central Bank governor should be complacent. Both Obama and Utomi are wrong on this. Nations need both strong institutions and strong men, though one is not oblivious of the strong man in terms of dictatorial tendencies. Regulatory bosses such as Sanusi’s predecessor, Prof. Chukwuma Soludo, a world class economist, cheerfully made policies to please bank owners and then relaxed to enjoy whatever largesse the bankers could offer, dinners and more tangible perks. So, his cerebral credentials notwithstanding, he was simply a club player.
Look at the kind of monsters bred by the system he bequeathed the nation, among them a woman that sat over N500billion in personal fortune and a man that stockpiled N346billion. As they ‘enjoyed’, their companies tottered under mind-boggling toxic assets and incredible debts. Are we to believe that Professor Utomi, the Renaissance Professionals, Cecilia Ibru and Erastus Akingbola are on the same side? Who are the financiers of their wasteful campaign?

To suggest that Sanusi should have used baby-gloves in punching the monsters he found in the Nigerian banking jungle is absurd. What he should be commended for is for knowing when to halt further punches for the sake of the industry’s survival. I personally believe that if the CBN governor had persisted in making further disclosures and arresting more offenders, those who obtained the grace to retire and even serving ones would have had serious cases to answer. It is, of course, not fair to halt mid-way, but the very nature of banking makes it a corruption-prone industry, with no ‘business angels.’

The most objectionable trait of liberal capitalism is usury. Banking may be a necessary contraption for national and international commerce but credit and interest took over as money-lending became a global affair. The Jews who dominate global finance started the modern money business as we now know it from the earliest centuries. The Bible records how Jesus chased out money dealers and others from the vicinity of the Temple in Jerusalem. After the destruction of Jerusalem in A.D.70, the Pharisees dispersed into the Diaspora and, in due course, became money lenders in Europe, parts of Asia and later America. All these can be treated in another article, but it was Jewish money lenders such as the Rothschild family in the late 18th Century that began lending money to kings and governments, funding wars (sometimes both sides) and it was this lending to potentates that formed the foundation of central banking. It has never been a people-oriented devise. Banking, both central and commercial, is an elitist mechanism.

Today, Jewish families continue to dominate world trade and finance, using various cartels and cabals, including Freemasonry. There is hardly any bank that does not have the long hands of Masons controlling it. At a higher level, this makes banking a closed shop. Only those within know what is going on inside. The interest extorted from borrowers of money is exorbitant and disproportionate. Imagine that the countries of Latin America paid $400 billion on $80billion principal between 1970 and 1980. At the micro-level, the same unreasonable interest rates prevail. Apply all that to a country like Nigeria where the banks are not interested in manufacture and agriculture. By the nature of their trade, bankers and financiers produce no wealth at all. They thrive on credit and interest.

When Sanusi’s attackers end their weekly advertorials with the line, “Nigerians, our future is at stake, we deserve an answer”, I think they should narrow it down to the banking club. (not Nigerians, but bankers). The majority of Nigerians subsist outside the system and have no voice or stake in the affairs of our banks. Justice, in Nigeria and the world at large, will come the day banking is shorn of high credit and interest designed to enrich a few. Our interests do not coincide at all with those of bankers since we are exploited and cheated by the banks.

http://www.sunnewsonline.com/webpages/opinion/2010/mar/03/opinion-03-03-2010-002.htm

mikeansy, what do you think about the above article?

Prof. Chukwuma Soludo, a world class economist, cheerfully made policies to please bank owners and then relaxed to enjoy whatever largesse the bankers could offer, dinners and more tangible perks. So, his cerebral credentials notwithstanding, he was simply a club player.

The above is a criminal allegation and if the writer of this article had any shred of seriousness in him as a human being he would launched a case against Soludo at the court as any responsible citizen should do.

The last time I checked he has not. This tells you how ridiculous and half-baked he is.

mikeansy:

The above is a criminal allegation and if the writer of this article had any shred of seriousness in him as a human being he would launched a case against Soludo at the court as any responsible citizen should do.

The last time I checked he has not. This tells you how ridiculous and half-baked he is.

you also claimed in one of your thread that sanusi amongst other things printed notes without senate approval, but just this week the senate or is it natonal assembly had a second reading of the CBN's AMC bill, and why aren't those whose name appeared on the debtors list suing the CBN governor

listed a dozen points lifted from Utomi’s latest book, Business Angel as a Missionary: Reflections of Economic Growth Activist.

them dey even try sell book on the pages on newspaper

Dis Guy:

you also claimed in one of your thread that sanusi amongst other things printed notes without senate approval, but just this week the senate or is it natonal assembly had a second reading of the CBN's AMC bill, and why aren't those whose name appeared on the debtors list suing the CBN governor
them dey even try sell book on the pages on newspaper

I think the bit in bold is something people need to explore. Is he spending money and seeking Senate approval in retrospect? If that is what he is doing then that is an a example of the very sharp practice that Sanusi claims he wants to stop.

mikeansy:

I think the bit in bold is something people need to explore. Is he spending money and seeking Senate approval in retrospect? If that is what he is doing then that is an a example of the very sharp practice that Sanusi claims he wants to stop.

Actually the question is 'does he need senate approval to lend money on the short term to the banks as a subordinated debt in the tier 2 capital of the banks' cos that is what he did and the banks are to repay the loans.  I seriously doubt it, unless there is an upper limit that needs executive approval to exceed.

The AMC is a different issue, and is an entity that would buy the toxic assets (at below value of course) from the banks, and at the worst, the sale of those bad debts to the AMC will make money available for the banks to pay their CBN debts. Given the rate of debt recovery,  they might not need money from the AMC for the repayment. The AMC is a long term solution and will likely create a market for stand alone collection agencies.

ndu_chucks:

Sanusi, Utomi(beneficiary of non-performing loans) and Renaissance Professionals

mikeansy, what do you think about the above article?

Unfortunately, you forgot to include the author of this article.
In basic logic classes, this article would typically be classified as diversionary, ie. rebutting and dwelling on everything else except the idea expressed in the original article.
Not one word was said about the serious finacial concerns about the original article, yet the author went to extra lenght to attack the Renaissaince Professionals. Then he associated them with Prof. Utomi, then began to mercilessly attack utomi. Then he attacked Jews-biblically and historical, then he took a detour into christianity.
So sad, like the proverbial used-car sales man, he would rather tell you about his wife, your wife, his house, garden, dogs and cats than tell you the price of the car, no matter how many things you ask.
Next time you have people defending Sanusi, maybe they should  just stick to the issues raised. If our businessmen like Dangote is going overseas to borrow money, it means the interest he's paying also goes overseas. Sanusi defenders should for instance respond to such claims. If not, they should simply accept that the Kano prince is a fraud who knows nothing about real banking, talkless of wealth creation.

1. The position of CBN Governor is not elective, I doubt Sanusi is on a popularity contest (though sometimes you wonder)

2. Sometimes what is right is not popular & what is popular is not right

3. Whatever Sanusi did right or wrong doesn't detract from the fact that the banking sector was in a critical state and abuses (some "allegedly" criminal & mind boggling in implication) had been committed

4. In economics, its called cycles; representing the wisdom that all things revert to the mean. The bigger the bubble, the more painful the correction that succeeds it hence the gale of job losses and severely reduced economic activity in recent times.  If we're going to embrace capitalism and its goodies, we should be ready for its downside. Sanusi or not, in a recession, there are job losses and other generally unpalatable effects.

5. behind every move in life, there is an agenda, even Jesus had one. Its not the agenda but the end result that matters. From where i'm standing, Sanusi's agenda (whatever it is) hasnt turned out too badly, side effects notwithstanding.

6. Sanusi is a human being, prone to bouts of human failing, even as CBN Governor; on the scale, I'd say Sanusi has not done too badly, ceteris paribus.

7. On the face of it, i doubt the CBN needs to seek approval of the legislature for most of its actions. (exactly why Soludo did not seek anyone's approval before announcing his restructuring of the naira campaign, bad political move though). Then again, the law might say differently, but its not likely, time elapsed considered.

insideview:

1. The position of CBN Governor is not elective, I doubt Sanusi is on a popularity contest (though sometimes you wonder)

2. Sometimes what is right is not popular & what is popular is not right

3. Whatever Sanusi did right or wrong doesn't detract from the fact that the banking sector was in a critical state and abuses (some criminal & mind boggling) had been committed

4. In economics, its called cycles; representing the wisdom that all things revert to the mean. The bigger the bubble, the more painful the correction that succeeds it hence the gale of job losses and severely reduced economic activity in recent times. If we're going to embrace capitalism and its goodies, we should be ready for its downside. Sanusi or not, in a recession, there are job losses and other generally unpalatable effects.

5. behind every move in life, there is an agenda, even Jesus had one. Its not the agenda but the end result that matters. From where i'm standing, Sanusi's agenda (whatever it is) hasnt turned out too badly, side effects notwithstanding.

6. Sanusi is a human being, prone to bouts of human failing, even as CBN Governor; on the scale, I'd say Sanusi has not done too badly, ceteris paribus.

7. On the face of it, i doubt the CBN needs to seek approval of the legislature for most of its actions. (exactly why Soludo did not seek anyone's approval before announcing his restructuring of the naira campaign, bad political move though). Then again, the law might say differently, but its not likely.

In logic, they say that if your premise is a fallacy, your whole arguemnt based on that false premise is also a fallacy. Nobody has been convicted of any crime as you ignorantly stated on your third point. Everybody, Ibru, Akingbola have been accused; accusation my friend does not equal conviction, except in the books of Sanusi.
Yes Sanusi alleged many finacial improprieties, but as time goes on, nobody, not even some of his most ardent supporters believe the man is totally cordinated, and for you to use his wild allegations to as a foundation of your arguemnt is an insult to our intelligence.
For you information, the CBN has a right to rule fincial mismangement, but it doesn't have the powers to convict people of crimes. No court has convicted anybody of crimes yet.

naijaking1:

In logic, they say that if your premise is a fallacy, your whole arguemnt based on that false premise is also a fallacy. Nobody has been convicted of any crime as you ignorantly stated on your third point. Everybody, Ibru, Akingbola have been accused; accusation my friend does not equal conviction, except in the books of Sanusi.
Yes Sanusi alleged many finacial improprieties, but as time goes on, nobody, not even some of his most ardent supporters believe the man is totally cordinated, and for you to use his wild allegations to as a foundation of your arguemnt is an insult to our intelligence.
For you information, the CBN has a right to rule fincial mismangement, but it doesn't have the powers to convict people of crimes. No court has convicted anybody of crimes yet.

Was not making and argument my friend, i seek to convince no one. was stating a personal opinion (or a series of). If they convince, added bonus; if not, well, too bad.

be that as it may,  I may have erred when i stated criminal activity had been committed. It should have read "alleged" criminal activity. (but then again; IBB, Ibori, Abacha, and a sundry list; their crimes are "alleged" aren't they?)

As to Sanusi's not being co-ordinated, "let him who is innocent cast the first stone". He's human, we all are.

The bottomline is this

1. What was the state of the financial sector in the twilight of Soludo's tenure?
2. Given what we know today, both fact & fiction, would we rather that Sanusi had maintained the status quo?
3. At the time Soludo's consolidation was being implemented, the early phases, was the consensus general that it was the way forward?

Ps.
1. Have changed my post to read "alleged"
2.

naijaking1:

Yes Sanusi alleged many finacial improprieties, but as time goes on, nobody, not even some of his most ardent supporters believe the man is totally cordinated, and for you to use his wild allegations to as a foundation of your arguemnt is an insult to our intelligence.

"our intelligence"?. Is'nt that a bit of an encompassing generalisation?

^^^^
Thank you, the only difference between many Sanusi supporters and critics is simple: the former had come to accept Sanusi's explanations that a financial armeggedon was about to occur save for his timely arrival. Using this false or questionable premise, he sought reasons(excuses) for most of his illegal or vindictive actions.
Critics like me believe the opposite. No matter how bad the situation of our banks at the twilight hours of Soludo, things are demonstrable worse 1 year after Sanusi took over, and there is no indication that it will get better.
And even if Sanusi had found things to be bad, how does he correct it by taking to singing to the media and eroding the confidence of our banking industry?
Many believe Sanusi's rants and raves are simple childish ways of deflecting attention away from his own inadequacies as a banker.

naijaking1:

^^^^
Thank you, the only difference between many Sanusi supporters and critics is simple: the former had come to accept Sanusi's explanations that a financial armeggedon was about to occur save for his timely arrival. Using this false or questionable premise, he sought reasons(excuses) for most of his illegal or vindictive actions.
Critics like me believe the opposite. No matter how bad the situation of our banks at the twilight hours of Soludo, things are demonstrable worse 1 year after Sanusi took over, and there is no indication that it will get better.
And even if Sanusi had found things to be bad, how does he correct it by taking to singing to the media and eroding the confidence of our banking industry?
Many believe Sanusi's rants and raves are simple childish ways of deflecting attention away from his own inadequacies as a banker.

This is the flaw in your position. You have no definitive position on the status of the banking sector at the time Sanusi took over, and thus you cannot judge if his actions were appropriate. You cannot say something is 'demonstrable worse', if you dont know how bad it was in the first place, else what is the basis of your comparison?

When you are ready to make a clear statement (back with facts and figures) on the virility of the banks as at May 2009, only then can you comment on the best way forward and whether Sanusi's actions were right or wrong.