To those saying I'm so blind about Sanusi that I never see anything wrong in him, I have never hidden my belief in Sanusi's reforms and this is well known, but unlike RP and some people here, I have pointed out areas Sanusi went off track like that misguided statement on shooting bank chiefs, using Atedo Peterside in the London roadshow, quickly releasing bank debtors list without accuracy check, etc. I criticized these acts not only on NL, but also on the pages of newspapers.


On the Kwara allegation, being from Kwara state myself, I have followed the state's political economy for some time, and I saw plain lies in RP's allegations, hence my putting pen to paper to reply them in something I was sure they lied. The Nation, Daily Trust, Leadership and NVS published the posers.

On the written off of Bukola Saraki's debt, I don't know anything about it except what was raised by RP, and I read Bukola himself's defence in another advertorial few days after RP's. I will not judge who is lying between RP and Bukola because I don't have enough facts. But on the Lai Alabi, Kwara farms stuffs, I know the whole story like the back of my palms, hence my replying RP.

I concluded the piece by telling RP that:
"I don’t have any problem with Renaissance professionals’ fault-finding mission as a fight back for one(or more) of their own that has gone with Hurricane Sanusi, at least it will keep the CBN governor on his toes and make him carefully watch his subsequent actions, but they should remember that the people reading them are not fools. We are people that also follow events independently and some of us cannot fold our arms and swallow their half-truths. If we must criticize, then we must do so with undistorted facts."



And care to read my latest on Sanusi, enter here: http://www.sunnewsonline.com/webpages/opinion/2010/mar/30/opinion-30-03-2010-002.htm

Well,

I just saw Sanusi on channels TV, i think the guys knows what hes is doing.

deor03:

Well,

I just saw Sanusi on channels TV, i think the guys knows what hes is doing.

Even Hitler appeared sane during his rallies fella! Its not the oratory and to-do-list that matters, but what is being done!
I must confess, i had earlier rooted for the Former forst bank MD but i must admit that his current policies are turning way out of line! too risk averse if you ask me, thereby stiffling the economy and putting further strain on the manufacturing sector!

Quote from naijaking
Please don't go repeating Sanusi's allegation, because almost 9 months into this diatribe, nobody has been convicted in any court of law, but many have been convicted in the press during Sanusi's many road shows.





I gues Ibori too should be left alone because afta 3yrs no one has bin able to get a conviction against him hence all allegations are mere allegations, same with all oda criminals dat hav robbed dis nation blind.
U are wrong 2 say dat only Sanusi saw rats, Oceanic nd Intercontinental always recruit corp members who served wit dem but in d year 2009 they didn't convert them Inter even slashed salaries as @ July 2008, started recruitin contract staf 4 50k per month to aggresively go 2 d streets to beg 4 money.
I was workin wit IBplc @ Feb 2008 b4 d Sanusi tsunami, marketers were asked to bring in cheques even if d cheques wld bounce, do u have any idea wat dis means or wat we were doin @ dat time, all they wanted was 2 use dose cheques 2 shore up deposit base @ yrend. Most customers of IBplc were not aware dat they were charged acc maintenance charges in Dec 2008 because we blocked alerts even charged customers 4 withdrawal bklet @ d same period ask any staff of IBplc only if they want 2 deny but all these are true and there were similar scenarios in Oceanic bank.
So d bank chiefs knew d rats were in d house but they didn't want 2 leave d house because d rats were their pets dat they used to steal fron their neighbours and Sanusi came there sacked them frm d house and sent in fumigators and d rats are dieing everywhere bringin about a lot of bad odour but soon the odour will be out and then there wld be a new lease of air.

marvix:

d rats are dieing everywhere bringin about a lot of bad odour but soon the odour will be out and then there wld be a new lease of air.

But some people are used to rotten smell and would advocate it is normal, so hence they can not smell the bad odour. To them, the rats look like delicious bush meat that they want to tuck into, never mind the smell, as long as it looks goodish.

@Biina
Quote

Thanks for exhibiting your religious bigotry and intolerance.BTW Islamic banking must have been introduced by 'Alhaji' Soludo with the licensing of Jaiz Bank International  

So, this so called Licensing of a jaiz bank international by Alhaji Soludo done in good faith without pulling down pillars while managing monetary affairs suppose to b a reason for Pastor mallam Sanusi Favor Sanusi for his hasty conquest, or is it an alibi?

biina:

Yes the rats were only seen by Sanusi yet
- Soludo created the EDW stating that some banks were having liquidity problems
- The MD of NDIC, after consulting with SEC, wrote a letter to the CBN to investigate the manipulation of stocks and exposure to the capital markets
- The finance minister followed up on same letter
- that no one has come up with counter figures that show that the 'rats' were fictitious

The banks were in trouble before Sanusi took office. Sanusi wasn't in office in 2008, when the banks became over exposed to the stock market and the market crashed, were exposed to oil & gas and the oil prices fell, or when their numerous debtors were defaulting on loans. All Sanusi did was make the banks reflect their true pictures in their statements, and those who were insolvent had funds injected to prop them up on the short term and their executives fired.

Now if you feel Sanusi should have left the banks with the false accounts and/or left the executives who had mismanaged the banks into insolvency (and were dragging the sector down with them via interbank lending), then please say so.

As to personality issues between Sanusi and the sacked CEOs, there is no evidence to suggest such. The de-marketing that was alluded to in the RP post started in 2008, before Sanusi became MD of FBN, and so he couldn't have been the instigator and hence had no reason to apologize to anyone over it. Yet, what was claimed to be de-marketing actually turned out to be true as Soludo created the EDW a few weeks later to bail out same banks. Soludo's efforts failed primarily because he left those executives in office and was simply pumping water into a leaking tank.

I take it that the 3 circumstances you listed above is an attempt to show that other people saw the "rat" too. Well they didn't. It's the amature hunter that screams "python, python" while others simply call the snake a cobra. What those people saw definitely was not the same thing your boy Sanusi saw in the banks.
Nobody would have denied that problems existed in our banks prior to Sanusi's arrival(just as it existed in every facet of Nigerian life), but only Sanusi and his supporters agree that the solution lied in creating a bigger problem than existed before.
Soludo probably knew that some problems existed, hence his creation of the EDW, and then possibly gradually solve the problems while maintaining confidence, intergrity, and confidence/jobs in the banks.
Have you not yet understood that the art of solving a problem without creating a bigger one is learned rather than inherited. It's like surgery, you have to remove the diseased tissue without whacking off the whole organ. Sanusi has not leant the art, and as the CBN governor there is little or no on-the-job-training.
Who would dare train a Kano prince?

Jarus:

To those saying I'm so blind about Sanusi that I never see anything wrong in him, I have never hidden my belief in Sanusi's reforms and this is well known, but unlike RP and some people here, I have pointed out areas Sanusi went off track like that misguided statement on shooting bank chiefs, using Atedo Peterside in the London roadshow, quickly releasing bank debtors list without accuracy check, etc. I criticized these acts not only on NL, but also on the pages of newspapers.


On the Kwara allegation, being from Kwara state myself, I have followed the state's political economy for some time, and I saw plain lies in RP's allegations, hence my putting pen to paper to reply them in something I was sure they lied. The Nation, Daily Trust, Leadership and NVS published the posers.

On the written off of Bukola Saraki's debt, I don't know anything about it except what was raised by RP, and I read Bukola himself's defence in another advertorial few days after RP's. I will not judge who is lying between RP and Bukola because I don't have enough facts. But on the Lai Alabi, Kwara farms stuffs, I know the whole story like the back of my palms, hence my replying RP.

I concluded the piece by telling RP that:
"I don’t have any problem with Renaissance professionals’ fault-finding mission as a fight back for one(or more) of their own that has gone with Hurricane Sanusi, at least it will keep the CBN governor on his toes and make him carefully watch his subsequent actions, but they should remember that the people reading them are not fools. We are people that also follow events independently and some of us cannot fold our arms and swallow their half-truths. If we must criticize, then we must do so with undistorted facts."

And care to read my latest on Sanusi, enter here: http://www.sunnewsonline.com/webpages/opinion/2010/mar/30/opinion-30-03-2010-002.htm

Thanks for your imput, especially on politically friendly newspapers. You earn my respect by acknowledging that at least some of Sanusi's moves have been wrong. Now the degree of deviation from norm remains contentious.

Naijaking u are not makin any sense at all, I guess u hav a personal issue wit SLS, spit it out let us know mayb we can sympathise wit u, instead of using this forum to settle personal scores.
The CBN gov is doin a good job u can't solve a prob witout causin oda probs, just lik ur scenario of a surgery, u can't remove d defective tissue witout openin up d patient and wen all is closed d patient is to be on some pain relievers which serves d purpose of relievin him of d pains of d operation

^^^^
It's going to be impossible to make any sense for you if your mind has been made up ab initio. I have already stated my personal grouse with Sanusi, but that not withstanding everyone had to give him benefit of doubt. Having stated my position against Sanusi, like many other people who would look at Nigerian their investment portfolios today and compare it to the days before Sanusi came on the scene, I do have a reason to be crossed at the man and his mediocrity.
However, many of you singing the praises of the man are either tribally or religiously aligned with him, or even paid agents of his so-called counter RP endevour. I have stated my position on this issue, many of you need to honestly state yours, because you're not just an innocent, unbiased, and informed supporter of the man, you need to do a full disclosure like I have done.
Simply stated, he made me loose money, I don't like him, because he's going to make me loose even more money at the rate he's going. Bank workers, sharholders, and customers that have been adversly affected by his actions are no more enthused about him than I am.

You have hopelessly misunderstood my surgery example, but opening the belly and removing a cancer is less painful than the cancerous tissues, but if you find a gastric cancer after a laparatomy, and you remove every organ neighboring the stomach- liver, spleen, duodenum, kidneys, pancreas, then your patient will die on the table or at best in the ICU.
The Nigerian banking system under Sanusi is in the ICU at the moment.

@naijaking a patient in ICU does not necesarily mean dat d doctor has done a bad job, and a case in d ICU is not completely hopeless, all d relatives of d patient can do is hope nd pray that d patient comes out alive.

If u hav taken time to read my post I neva praised d man, all I said is dat d man shld be allowed to do his job just like u won't go arguing wit a doc in surgery wen d patient is not urs even if u are a doc.

Dominoifet:

@Biina
Quote

Thanks for exhibiting your religious bigotry and intolerance.BTW Islamic banking must have been introduced by 'Alhaji' Soludo with the licensing of Jaiz Bank International  

So, this so called Licensing of a jaiz bank international by Alhaji Soludo done in good faith without pulling down pillars while managing monetary affairs suppose to b a reason for Pastor mallam Sanusi Favor Sanusi for his hasty conquest, or is it an alibi?

So now your position has changed when you are proved wrong?

When you thought (without checking your facts) that Sanusi was the one that did the licensing, then it is a Jihadist move and uncalled for. But when you were corrected that Soludo was the one, it was done in good faith?

Do you know the meaning of conjecture and the meaning of objectivity?

Dominoifet:

@Biina
So, this so called Licensing of a jaiz bank international by Alhaji Soludo done in good faith without pulling down pillars while managing monetary affairs suppose to b a reason for Pastor mallam Sanusi Favor Sanusi for his hasty conquest, or is it an alibi?

So Soludo licensing islamic banking was done in good faith, but you were criticising muslims earlier as goons and condemning 'sharia banking'?
Go and learn to be more tolerant of the religion of others, and not lest bigotry cloud your judgment, so much that you are making erroneous statements.
The actions of Sanusi are not based on religion, and only people who cant present sound arguments on the core banking issues make ad hominem refs

naijaking1:

I take it that the 3 circumstances you listed above is an attempt to show that other people saw the "rat" too. Well they didn't. It's the amature hunter that screams "python, python" while others simply call the snake a cobra. What those people saw definitely was not the same thing your boy Sanusi saw in the banks.
Nobody would have denied that problems existed in our banks prior to Sanusi's arrival(just as it existed in every facet of Nigerian life), but only Sanusi and his supporters agree that the solution lied in creating a bigger problem than existed before.
Soludo probably knew that some problems existed, hence his creation of the EDW, and then possibly gradually solve the problems while maintaining confidence, intergrity, and confidence/jobs in the banks.
Have you not yet understood that the art of solving a problem without creating a bigger one is learned rather than inherited. It's like surgery, you have to remove the diseased tissue without whacking off the whole organ. Sanusi has not leant the art, and as the CBN governor there is little or no on-the-job-training.
Who would dare train a Kano prince?

Now we have gone from rats to snakes?
Those 3 items I cited, and others like them, confirm Sanusi's statements about the state of the banks. You on the other hand have never provided any evidence to counter Sanusi's position, but only say it was false simply because you dont believe them to be true (talk about a circular argument). But seems you are now admitting (though I expect you to go back to your old ways soon) that there was a problem with the banks.

So now that you have accepted that their was a problem, which was created under Soludo's watch and that same Soludo failed to solve, what is your proposed solution that Sanusi should have applied. So that you dont go off track, lets restate Sanusi's primary actions
1. The banks were audited
2. The banks accounts were reconciled to reflect their true status e.g. provisioning for marginal loans
3. Those that were insolvent had their executives fired
4. loans were given to the insolvent ones to make them solvent for the short run
5. CBN advertised the list of debtors of the insolvent banks in a bid to help them recover some capital to improve the solvency

So which of these actions do you disagree with and what is your proposed viable alternative?

marvix:

@naijaking a patient in ICU does not necesarily mean dat d doctor has done a bad job, and a case in d ICU is not completely hopeless, all d relatives of d patient can do is hope nd pray that d patient comes out alive.

If u hav taken time to read my post I neva praised d man, all I said is dat d man shld be allowed to do his job just like u won't go arguing wit a doc in surgery wen d patient is not urs even if u are a doc.

The Nigerian banking system when Sanusi arrived was at the outpatient clinics, and occassionally admitted on the regular floors for hydration and pain management, but when Sanusi arrived, the system became critically ill requiring ICU admission. Right now the system is critical and what groups like RP is doing to drum into the heads of biased Nigerians like you that just like Nigerian Airlines, Shipping company, and NEPA all died natural deaths from mismanagement, our banking system should not be allowed to die, because of Sanusi.
If you allow the man to do "his job" wrongly and without a word of critisizm all in the name of ethnic or religious jingoism, then what use are to the nation?

biina:

So now that you have accepted that their was a problem, which was created under Soludo's watch and that same Soludo failed to solve, what is your proposed solution that Sanusi should have applied. So that you dont go off track, lets restate Sanusi's primary actions
1. The banks were audited
2. The banks accounts were reconciled to reflect their true status e.g. provisioning for marginal loans
3. Those that were insolvent had their executives fired
4. loans were given to the insolvent ones to make them solvent for the short run
5. CBN advertised the list of debtors of the insolvent banks in a bid to help them recover some capital to improve the solvency
So which of these actions do you disagree with and what is your proposed viable alternative?

Are you kidding me?
We have said over and over that Sanusi's approach belied his inexperience, immaturity, and possibly personal/ethnic agenda. No-one has doubted that everything was honky dory with the banks, but creating 12 more problems while trying to solve 3 problems is not the correct approach.

Remember, the 2 memebers of CBN board who disagreed and advised Sanusi to be more professional in his approach were hurriedly fired a few days after the first 5 CEOs were fired. These experienced board memebers adviced him to share his bad audit reports with the CEOs, give the CEOs time to correct any percieved deficiency/manipulation/over-lending, etc, and to approach the whole issue in a way that would not have resulted in lose of confidence in our banking system.

Instead, Sanusi got rid of what he saw as an opposition inside the CBN board, began a World wide road show to highlight how corrupt, criminal, and ineffective our banking system had been before he--- the messiah arrived.

So, you can see that it wasn't the problems with the banks that people detaste most, but Sanusi's retarded approach to those problems.

Naijaking wat part of my arguement is biased, allowing a man do his job has no conotation of bias, but insistin dat a man is wrong because he is a muslim frm Kano and sacked his erstwhile competitors who hav done wrong is to say d least bein biased.

Like u said, b4 Sanusi d bankin sector was in outpatient been managed, this management of a serious crisis in out patient mode could lead str 2 d untimely death of d patient, a new doc came in reviewed d patients condition and discovers dat d patients need an operation and shld be moved into d theatre. In this case can d relatives complain and if they choose they can take their patient elsewhere but it doesn't say d doc is bad.

Sanusi @ least saved d Nigerian banks frm wat happened in d US bankin sector are u just blind 2 c dat, I told u dat I worked wit IBplc and in Feb2008, we were pickin dud cheques frm customers infact we begged dem to write cheques dat won't clear and then we giv it instant value so dat our depositors base wld be high, also we were performin tricks makin non performin loans performin, I had 2 quit because Sanusi xposed the rot, but den I wld not just crucify him 4 dat, he saw 2 much madnes, naijaking pls leave ur narrow interest and look @ d biga pic, d day PHCN gets their acts right some legit bizmen wld lose big time, d day NNPC gets it acts rite a lot of dealers wld loose out on som biz deals and so on.

Allow d man 2 do his job if he kills d bankin sector it wld b ascribed 2 him and not u.

^^^
With all due respect to your personal experience as a banker, you'll agree that no matter the problem with our banks before Sanusi's arrival, those problems are bigger in size and dimension at the moment.
Leaving the man alone to sink our national financial system is certainly one approach, but another approach is to constantly tap him on the shoulder so that he doesn't rock the boat and get everybody drowned.

naijaking1:

Are you kidding me?
We have said over and over that Sanusi's approach belied his inexperience, immaturity, and possibly personal/ethnic agenda. No-one has doubted that everything was honky dory with the banks, but creating 12 more problems while trying to solve 3 problems is not the correct approach.

Remember, the 2 memebers of CBN board who disagreed and advised Sanusi to be more professional in his approach were hurriedly fired a few days after the first 5 CEOs were fired. These experienced board memebers adviced him to share his bad audit reports with the CEOs, give the CEOs time to correct any percieved deficiency/manipulation/over-lending, etc, and to approach the whole issue in a way that would not have resulted in lose of confidence in our banking system.

Instead, Sanusi got rid of what he saw as an opposition inside the CBN board, began a World wide road show to highlight how corrupt, criminal, and ineffective our banking system had been before he--- the messiah arrived.

So, you can see that it wasn't the problems with the banks that people detaste most, but Sanusi's retarded approach to those problems.

You admit that there was a problem, condemn Sanusi's actions, but cannot profer a viable alternative?

So who were these 'experienced' CBN board members that were 'fired' by Sanusi for disagreeing with him?

biina:

You admit that there was a problem, condemn Sanusi's actions, but cannot profer a viable alternative?

So who were these 'experienced' CBN board members that were 'fired' by Sanusi for disagreeing with him?

What did you expect? Logic or Conjectures?

Take a look at the history of his entire post on this thread and you would see it is all "Dem say" and unsubstantaited accusations. No facts, no back up, just accuse!

biina:

You admit that there was a problem, condemn Sanusi's actions, but cannot profer a viable alternative?

So who were these 'experienced' CBN board members that were 'fired' by Sanusi for disagreeing with him?

I take it that you have never heard about Prof. Akpan Ekpo, and Mrs Juliet Madubeze, or you just want to play your old 'show it to me' game?

http://allafrica.com/stories/200908170390.html

naijaking1:

I take it that you have never heard about Prof. Akpan Ekpo, and Mrs Juliet Madubeze, or you just want to play your old 'show it to me' game?

http://allafrica.com/stories/200908170390.html

I thought you said the directors were sacked by Sanusi for disagreeing with him?
Why then are you making reference to two non-executive directors whose initial 4 year terms were up and were not renewed. Did Sanusi sack Soludo as well? Seems you just wanted to misrepresent the truth again. FYI the CBN governor has no power over the appointment or removal of directors. Its under the purview of the presidency and senate.

Also, you claimed (no proof provided yet )that the directors disagreed with Sanusi were in the right, while the remaining 11 board members were in the wrong. Are you now claiming that those two directors know better than the rest of the CBN board?

What is to be achieved by showing the audit report to the CEOs?
Were they not already aware of the poor situation of their banks hence their need to continuously borrow money from the CBN?
Were they not the ones that mismanaged the banks into insolvency?
Have they not failed to  utilize the opportunity provided by the EDW and have only worsened the position of  the banks?
Showing the CEOs the audit report and giving them time would have only served to undermine the process of cleaning up the sector. They had the opportunity to turn things around via the EDW and failed to do so, and instead were busy hiding their non-performing loans. The executives knew the truth and what they were doing, and if they were ignorant, the more reason to fire them.

Sorry, I don't have access to all the newspapers for the past 9 months like you do, but everything I said are in the public domain.

naijaking1:

I take it that you have never heard about Prof. Akpan Ekpo, and Mrs Juliet Madubeze, or you just want to play your old 'show it to me' game?

http://allafrica.com/stories/200908170390.html

Why Two CBN Deputy Govs Lost Job
o ANAN Chief Faults CBN's Strategy
Intercontinental Recovers N4.8B
By Ade Ogidan and Godwin Ijediogor, Lagos and Simeon Nwakaudu, Makurdi
AS operators, regulators, customers and the public take stock of the fallout from the sacking of five banks chiefs, information reaching The Guardian indicated that the action did not actually enjoy the total backing of the apex bank's helmsmen.
A sharp disagreement was said to have emanated during meetings summoned to agree on the action, which saw five banks' chief executives lose their positions.
It was gathered that some of the apex bank's deputy governors opposed the move, its timing and motive.
But that might have cost the deputy governors, Mrs. Juliet Madubueze and Professor Akpan Ekpo, their own jobs, as they were dismissed from their positions to which they were appointed early this year, as recently reported, though the reports were silent on the real reasons for their removal.
As the dust began to settle during the week, fresh posers emerged as to whether the CBN actually followed due process in the banks chiefs' sack, especially following the apex bank's acknowledgement of some errors in the figures released, with many wondering why the announcement was rushed.
Most of the figures released by the CBN, as debts owed the banks have continued to be faulted.
In some cases, others described as non-performing have been discovered to be actually performing, although CBN rose sharply yesterday to say only it can determine whether a loan is performing or not.
Another critical issue is that of one of the banks insisted that CBN actually okayed its accounts, only to now make a U-turn.
In a related development, president of Association of National Accountants of Nigeria (ANAN), Mrs. Iyamida Gafa has faulted the manner the CBN has handled the crisis in the sector. She said the piecemeal approach adopted would favour the banks yet to be screened by the apex bank.
Addressing journalists at the Government House, Makurdi after a courtesy visit on the Benue State Deputy Governor, Mrs. Gafa stated that the CBN should have critically assessed all banks operating in the country and come out with a comprehensive report before making its findings known.
"The step taken by the CBN at present is a bit one-sided. The others which have not been given a clean bill of health, what becomes of them?" she queried.
She noted that it would be difficult to follow the procedures that the CBN would use in assessing the remaining banks, fearing that the process could be compromised, since action had already been taken on the five banks, whose chief executives and directors were sacked.
Mrs. Gafa said ANAN was not satisfied with the process adopted by the CBN, saying that the apex bank should have used a holistic approach, to provide a level playing field for all players in the industry.
The ANAN president called on accountants to play better roles as professionals to stabilise the economy. She added that if the external auditors of the affected banks had been playing their roles effectively, the rot in the banks would have been detected earlier.
She suggested that no auditing firm should be allowed to audit a company or bank for more than five years, saying a situation where some firms audit one institution for more than five years could lead to cover up and fraud.
Meanwhile, the new management of Intercontinental Bank Plc, one of the banks whose chief executive was sacked last Friday, said it had recovered N4.8 billion out of the N210.9 billion alleged non-performing loans.
Besides, the bank claimed not to have experienced any panic withdrawals, contrary to earlier expectations.
But the Acting Managing Director of the bank, Mr. Joseph Olusola Ajewole, was not forthcoming about the whereabouts of Mr. Lai Alabi, who was earlier announced as the acting managing director by the CBN governor, Sanusi Lamido Sanusi.
Ajewole, at a pres briefing in Lagos yesterday, affirmed the solvency of the bank, courtesy of the N100 billion CBN injected into it and rising customers' deposit level.
According to him, some good measure of success has been recorded in the bank's loan recovery exercise.
"I will like to inform you that we have recorded significant success in the area of debt recovery, as some of the delinquent debtors have started paying down. Many have visited us with satisfactory pay-down plans.
"We, therefore, use this opportunity to call on the remaining ones to come forward and honour their obligation to the bank, as it is not our plan to embarrass any customer. But we are out to replenish the liquidity stock of the bank, so that we will be able to do more business with them and effectively contribute our quota to the growth of our national economy."
He added: "The task of making the bank a favourite brand again has just begun and I can assure you that all hands are on deck to deliver results on all fronts. I have been encouraged seeing how the various levels of the bank's staff have risen to the challenges.
"I have seen a clear demonstration of commitment and determination from all the staff of the bank in managing the immediate fall-out of the CBN intervention.
Ajewole was evasive about Alabi's non-resumption of office, neither did he explain how he came on board as the helmsman in acting capacity.
He however debunked fears that Alabi was indisposed or yet to be cleared by the security agencies, insisting: "I am only here for a limited time. Alabi is currently not available and we cannot understandably allow a vacuum to be created. I can confirm to you that Alabi has accepted the offer of heading the bank. He is not indisposed, neither is he awaiting clearance from security agencies. But if you have any information contrary to this or can confirm his whereabouts, please tell us."
So far, only 10 banks have been audited, with CBN said not to have communicated its findings to any of them.
The comprehensive report might not be ready until October, when auditing of the remaining 14 banks would have been completed.
But sources at the apex bank said it was ready to roll out sanctions against those found culpable any moment from now, ranging from sack of the boards and top management of the effected banks to forced mergers.
The offences of the affected banks are mainly on bad loans and capital adequacy.
Some financial analysts said the CBN should make recommendations on resolution options and discuss with the Presidency and relevant authorities before implementation, due to sensitive nature of the issue.
They are of the view that banks that have closed the year before the audit commenced should be allowed to publish their accounts, since the audit is ongoing and continuous.
They equally call for resolution of all outstanding issues on non-performing loans within the current financial year through provision in interim results, as many banks are already doing, rather than forcing cumulative provision that would crash banks capital adequacy ratios. This, they noted, is to avoid negative insinuations that will trail a retroactive audit as working to an answer or witch-hunting.
Because of the sensitive nature of power supply in the country, financial observers urge that companies involved in power and oil should be exempted till December, so as not to jeopardise the seven-point agenda of the government, as stopping work will cause social chaos and fuel scarcity.
To many bankers, it appears strange to profit and loss accounting and Balance Sheet auditing to ask a bank to provide for a performing loan because the customers' account in another bank is not performing or ask a bank whose year, for instance, ended in December last year to provide for non-performing loans falling due in January this year.
They called for an orderly recovery, rather than disrupt the already ongoing process and probably give reasonable deadlines to reach certain threshold, fearing that some other debtors could disappear with the loans.
Rather than a take-over, they suggested that the owners of the banks should be given reasonable time to recapitalise, if it becomes necessary, insisting that forced merger has never worked anywhere in the world.
They stated that foreign governments supported their banks when they had problems and wondered why the case should be different in Nigeria, stressing that banking is more than risk management.

naijaking1:

Sorry, I don't have access to all the newspapers for the past 9 months like you do, but everything I said are in the public domain.

what do you need all the newspapers for?

The article you referenced clearly states

The President also approved the appointment of two additional members to the Board of the CBN. They are Mr. Stephen Oronsaye and Mr. Nebolisa Arah. Oronsaye, who is currently the Head of the Civil Service of the Federation, is to serve on the CBN board in his personal capacity and is to replace Prof. Akpan H. Ekpo (South-South Zone), while Arah who was the pioneer managing director of Fidelity Bank is to replace Mrs. Juliet Madubueze (South-East Zone).
The appointments of Mr. Samuel Olofin, Dahiru Muhammad and Joshua O. Omuya to the CBN board were also renewed by the President.
All the board appointments are subject to confirmation by the Senate.

But you earlier claimed that Sanusi 'fired' the board members because they disagreed with him

Seems you find it difficult to admit that you misrepresented the facts.

realmen:


Why Two CBN Deputy Govs Lost Job
o ANAN Chief Faults CBN's Strategy
Intercontinental Recovers N4.8B
By Ade Ogidan and Godwin Ijediogor, Lagos and Simeon Nwakaudu, Makurdi
AS operators, regulators, customers and the public take stock of the fallout from the sacking of five banks chiefs, information reaching The Guardian indicated that the action did not actually enjoy the total backing of the apex bank's helmsmen.
A sharp disagreement was said to have emanated during meetings summoned to agree on the action, which saw five banks' chief executives lose their positions.
It was gathered that some of the apex bank's deputy governors opposed the move, its timing and motive.
But that might have cost the deputy governors, Mrs. Juliet Madubueze and Professor Akpan Ekpo, their own jobs, as they were dismissed from their positions to which they were appointed early this year, as recently reported, though the reports were silent on the real reasons for their removal.

Further misrepresentation of the facts.

1. Prof. Akpan Ekpo, and Mrs Juliet Madubeze were non-executive directors of the CBN  and not deputy governors as claimed in the article
2. They had been appointed to the board of the CBN since 2005 and not 'earlier this year' as claimed by the article
3. Non-executive directors are appointed to a renewable 4 year term. The duo were not removed, but had come to the end of their tenure, and their tenures were not renewed. In fact , Prof. Akpan Ekpo was appointed as the Director General of West African Institute for Financial and Economic Management at the Central Bank of Nigeria Learning Centre

@realman
Thanks for the article, I know I have seen it before paraphrasing it in an earlier write-up

@biina
I don't expect you to tire-o, and shamelessly too.
You ask for names, you got, you ask for circumstances, you got it , I know that soon, you will ask for evidence that Soludo was replaced by biina Sanusi

In your profuse denial of events, you have simply forgotten to acknowledge that a wise ruler listens to both consenting and dissenting opinons. You can weave it anyway you want, it's obvious Sanusi's personal animosity trumps national interests. Are you surprised that the same 2 board members who adviced and insisted on due process are the same ones unable to renew their contracts?

Hello

Here is Another of Sanusis Mindless rants below. . . .

Budget 2010 not likely to succeed – Sanusi
Apr 4, 2010
*Says rescued banks are making profit
By Babajide Komolafe
Budget 2010 may not succeed because it is based on totally unrealistic oil price assumptions, Governor  of the Central Bank  of Nigeria, CBN, Mallam Lamido Sanusi, said yesterday.
Speaking on Channels Television, Sanusi said the CBN had advised the government to hedge its oil price with a view to minimising  the impact of  decline in crude oil prices.“Now we have proposed to government, and which again has not been done, why you don’t hedge your oil price. Let me give you an example, we have just passed a budget, that budget was based on an oil price of $67 per barrel, it is based on assumption of oil output of 2.3 billion barrels per day. The answer is its totally unrealistic.
“We have a problem huge problem in Nigeria at the present, the oil fields in Iraq are coming back to production in 2010, and we are going to have our OPEC quota reduced, and unless America bombs Iran you are not going to produce 2.3 million barrels a day, your quotas will be there and now that Obama has allowed oil firms to drill in the offshore of the United States, you are not going to get elevated oil prices for a long time. So we have already defined a budget that is likely not to succeed.
Now, the next step is to protect yourself and guarantee stability, monetary stability is to make a hedge. If you make it $67 per barrel, you have to hedge, Mexico has done it, and you can hedge half of your production at $37 per barrel so that whatever happens to the price of oil you will not be hit hard. Now in that way the excess crude account was a very good introduction by Central Bank because what it does is that it minimises the fluctuations in earnings.”
http://www.vanguardngr.com/2010/04/04/budget-2010-not-likely-to-succeed-sanusi/


To show that sanusi is mostly clueless, this is what experts are predicting for oil this year,
Note that oil has already hit $85/barrel
The world economy is picking up,the US economy just started adding jobs so more demand is coming
meanwhile if u follow the crude oil chart, any smart economist that adds the technicals and fundamentals of oil will know its heading for $100/barrel for this yr
and perhaps $120 next yr

Link,
Jeff Rubin, who called oil's rally, expects it to hit $100 this year
Jeff Rubin, an economist who correctly forecast that oil would reach $100, is predicting that it will hit that level again by the end of this year.

Mr Rubin, who was the chief economist at Canadian bank CIBC and published a book on the energy of economics last year, told Bloomberg News in an interview that "it’s safe to say that we’ll see triple-digit oil prices by the fourth quarter of this year."
The emerging economies of China and India will help drive demand for oil, according to Mr Rubin, who expects crude prices to reach $90 a barrel during the first quarter of this year.

Oil prices have jumped for the past 10 days as the cold weather sweeping the US, Europe and parts of Asia fuels demand for the commodity. It was trading at about $82 a barrel in early trading in New York.
Oil peaked at close to $147 a barrel in July 2008 and then tumbled sharply, falling to below $40 a barrel in early 2009, as the global downturn dented demand. Mr Rubin, who last year wrote “Why Your World is About to Get a Whole Lot Smaller”, expects oil to hit $200 by 2012.
“When we get into 2011 or 2012 and we start to deal with prices of $120 a barrel, $147 a barrel, $160 a barrel, that’s where I think at least the global economy becomes very challenged,” Mr Rubin told Bloomberg.
http://www.telegraph.co.uk/finance/financetopics/oilprices/6946923/Jeff-Rubin-who-called-oils-rally-expects-it-to-hit-100-this-year.html

So sanusi is basically calling for lower oil prices, whearas everything points to higher oil in the next 2yrs,
and to make it worse,he actually wants to spend money to hedge,thereby potentially capping our gains from higher oil
this is madness, and i hope Mr Aganga vetoes it. . . . .

Again i repeat, any textbook oil trader,will know its heading higher based on a study of the oil charts
and oil futures contracts. . it would do mister sanusi some good to study the charts

Nairaking1

It is obvious that you personal vendetta against Lamido Sanusi is because you lost money in the stock market, and looking for somebody to put the blame on. So as Sanusi is the most visible person, you pick him as an easy target.

Your attacks are ridiculous and sometimes borders on irrationality. (i notice i did not say psychotic). Please re-read some of your statements;

naijaking1:

Time will tell that when compared to Bart Ebong, Akingbola and Ibru, Sanusi with his post graduate degree in Islamic studies would turn out to be the charlatan in our banking system.

If you wonder the source of income for this group, then you totally underestimate the "hurt" inflicted on people by Sanusi. I lost millions of naira to his crazy quest for personal agenda, so it would be no big deal to spend a few more thousands in support of any group that seeks to make him accountable for his actions.
I can't wait to donate money to this RP group, hopefully they take Visa/Mastercard

You call Sanusi a charlatan, but he rose to the top of two biggest (privately owned) banks in Nigeria in a very short time. I did not realize Nigerian banks hire charlatans into top management positions.

I cannot fathom how Sanusi is to blame for your loss. If you think the stock market would be bullish till Jesus comes, then you had no business investing in the stock market. Stock market had been having a boom/bust cycle since time immemorial and all countries had experienced it. This is the first of such busts in Nigeria because the Nigerian Stock market is a very young market. The market will boom again and will burst again whether Sanusi is alive or dead.

Honestly, most Nigerians trading in the stock market are simply gambling, they have no ideas of trading principles, they buy stocks when prices are very high and hold onto it until it eventually crashes. Then they blame other people but themselves.

Nigerian banking stocks were overpriced due to insider trading and share manipulations, it was bound to find the right level as it eventually did.

naijaking1:

If you owned shares of Nigerian banks, if you invested to build some of these second generation banks, if you're even a lowly paid worker in a Nigerian bank as we speak, you'll understand that the "house has been burnt down"
Please don't go repeating Sanusi's allegation, because almost 9 months into this diatribe, nobody has been convicted in any court of law, but many have been convicted in the press during Sanusi's many road shows.

Don't talk about "stock manipulation and misdemeanour of bank CEOs", because thses are still merely allegations, and it's been shown that the man had a personal fish to fry with these people.
Let's wait for an independent body, ie the courts to thoroughly examine these cases and tell us whether the CEOs were the criminals or Sanusi was the criminal who has used his sacred big offices to settle small personal differences.

Just wait and see

You call share manipulations by the banks "mere allegations"?. There are some allegations that is visible as the sun. The price of these shares themselves is enough to show evidence of share manipulations. Technical analysis is able to discount all factors responsible for price, and any other component of price not accounted for would be attributed to other extraneous factors like insider trading and share manipulations. There was not way a share price of over N40 could be accounted for some bank shares, even in the hay days of the bull market.

If the house has been burned down as you alleged, then why are the banks still standing. The "burnt down banks are still operating and carrying out their daily business, Albeit under a Sanusi appointed management. Had anybody gone to the bank to request for their money and been turned down.

Sorry for your loss, but there is a popular adage in stock trading " Never Risk Money You Cannot Afford To Lose". You should have put your money in a savings account or fixed deposit account instead of investing it in the stock market.

If Sanusi is as bad and evil as you want us to believe, how come it is only a few people ( non professionals for that matter) that can see it.

Why has the Nigerian Stock Exchange not condemned Sanusi and Take issues with him?
What of the Nigerian Institute of Banker and even the Institute of Directors who are mainly top directors in Banks.
What about the other professional bodies, like ICAN and NIM?

why are they not vocal criticizing sanusi with the same venom as you and the Renaissance Professionals? I see interest - selfish interests.


My beef with Sanusi is that he gets too emotional and talks too much. Let him carry out his actions and allow people who feels aggrieved to go to court.

naijaking1:

@realman
Thanks for the article, I know I have seen it before paraphrasing it in an earlier write-up

Not surprising that you would remember an article filled with erroneous statements and falsehood.

@biina
I don't expect you to tire-o, and shamelessly too.
You ask for names, you got, you ask for circumstances, you got it , I know that soon, you will ask for evidence that Soludo was replaced by biina Sanusi

In your profuse denial of events, you have simply forgotten to acknowledge that a wise ruler listens to both consenting and dissenting opinons. You can weave it anyway you want, it's obvious Sanusi's personal animosity trumps national interests. Are you surprised that the same 2 board members who adviced and insisted on due process are the same ones unable to renew their contracts?

Hello

So you expect me to simply ignore your false statements?
You have now changed your position from Sanusi firing the executives, to accepting that their tenures were not renewed.
But you stick to your baseless statements that their contracts were not renewed by the president and senate, simply because they disagreed with Sanusi. Sanusi must  then have control over the presidency and Senate.

That they disagreed with Sanusi itself is yet to be substantiated. All you have is an article by someone who made such false statements as they being deputy governors and that they were only appointed this year. The article provides no verifiable references or witnesses. Even a statement from said directors, no matter how subjective, was not quoted.

A more reasonable and logical explanation is that the author noted that two members of the CBN board had left, assumed erroneously that they were deputy governors, and with the recent actions taken by the CBN, further assumed that they must have been removed for disagreeing with Sanusi. I cant blame the author though, since people like you are so blinded by your personal dislike for Sanusi that you gobble up such nonsense without a second thought.

You can keep deceiving yourself that Sanusi's actions are guided by personal issues with some bank executives, but please try not to preach such nonsense to others.

paddy_lo:

Here is Another of Sanusis Mindless rants below. . . .

Budget 2010 not likely to succeed – Sanusi
Apr 4, 2010
*Says rescued banks are making profit
By Babajide Komolafe
Budget 2010 may not succeed because it is based on totally unrealistic oil price assumptions, Governor  of the Central Bank  of Nigeria, CBN, Mallam Lamido Sanusi, said yesterday.
Speaking on Channels Television, Sanusi said the CBN had advised the government to hedge its oil price with a view to minimising  the impact of  decline in crude oil prices.“Now we have proposed to government, and which again has not been done, why you don’t hedge your oil price. Let me give you an example, we have just passed a budget, that budget was based on an oil price of $67 per barrel, it is based on assumption of oil output of 2.3 billion barrels per day. The answer is its totally unrealistic.
“We have a problem huge problem in Nigeria at the present, the oil fields in Iraq are coming back to production in 2010, and we are going to have our OPEC quota reduced, and unless America bombs Iran you are not going to produce 2.3 million barrels a day, your quotas will be there and now that Obama has allowed oil firms to drill in the offshore of the United States, you are not going to get elevated oil prices for a long time. So we have already defined a budget that is likely not to succeed.
Now, the next step is to protect yourself and guarantee stability, monetary stability is to make a hedge. If you make it $67 per barrel, you have to hedge, Mexico has done it, and you can hedge half of your production at $37 per barrel so that whatever happens to the price of oil you will not be hit hard. Now in that way the excess crude account was a very good introduction by Central Bank because what it does is that it minimises the fluctuations in earnings.”
http://www.vanguardngr.com/2010/04/04/budget-2010-not-likely-to-succeed-sanusi/


To show that sanusi is mostly clueless, this is what experts are predicting for oil this year,
Note that oil has already hit $85/barrel
The world economy is picking up,the US economy just started adding jobs so more demand is coming
meanwhile if u follow the crude oil chart, any smart economist that adds the technicals and fundamentals of oil will know its heading for $100/barrel for this yr
and perhaps $120 next yr

Link,
Jeff Rubin, who called oil's rally, expects it to hit $100 this year
Jeff Rubin, an economist who correctly forecast that oil would reach $100, is predicting that it will hit that level again by the end of this year.

Mr Rubin, who was the chief economist at Canadian bank CIBC and published a book on the energy of economics last year, told Bloomberg News in an interview that "it’s safe to say that we’ll see triple-digit oil prices by the fourth quarter of this year."
The emerging economies of China and India will help drive demand for oil, according to Mr Rubin, who expects crude prices to reach $90 a barrel during the first quarter of this year.

Oil prices have jumped for the past 10 days as the cold weather sweeping the US, Europe and parts of Asia fuels demand for the commodity. It was trading at about $82 a barrel in early trading in New York.
Oil peaked at close to $147 a barrel in July 2008 and then tumbled sharply, falling to below $40 a barrel in early 2009, as the global downturn dented demand. Mr Rubin, who last year wrote “Why Your World is About to Get a Whole Lot Smaller”, expects oil to hit $200 by 2012.
“When we get into 2011 or 2012 and we start to deal with prices of $120 a barrel, $147 a barrel, $160 a barrel, that’s where I think at least the global economy becomes very challenged,” Mr Rubin told Bloomberg.
http://www.telegraph.co.uk/finance/financetopics/oilprices/6946923/Jeff-Rubin-who-called-oils-rally-expects-it-to-hit-100-this-year.html

So sanusi is basically calling for lower oil prices, whearas everything points to higher oil in the next 2yrs,
and to make it worse,he actually wants to spend money to hedge,thereby potentially capping our gains from higher oil
this is madness, and i hope Mr Aganga vetoes it. . . . .

Again i repeat, any textbook oil trader,will know its heading higher based on a study of the oil charts
and oil futures contracts. . it would do mister sanusi some good to study the charts

Please embark on some research before you post. If you understand the very basic principle of the Markets, it states that the "behaviour of the markets can never be predicted" Anybody trying to predict the market is gambling. No body (not even T.B Joshua could have predicted that oil prices would fall from $140 to less than $40 dollars in less than three months. So NOBODY KNOWS WHERE OIL IS GOING. Else that person would become a billionaire in a very short time.

I am not exactly convinced yet about hedging our oil against future fluctuations of prices, but it is an option worth looking into. I would like to see a robust debate by our professionals.

A lot of companies and government use hedging to guard against fluctuations in prices. They hedge currencies, commodities and even financial instruments like bonds and interest rates.

The problem i see with hedging our oil is the unreliability of production due to the Niger Delta crisis and the spot market. Production cannot be guaranteed and priced would be hedged against a certain date. Also a lot of oil is sold in the volatile and highly corrupt spot market, thereby defeating the reason to hedge in the first place.

@paddy_lo
So Mexico that saved $5billion from hedging its oil prices last year, and is spending $1.2billion this year, must be quite stupid.  
You are so quick to take the words of Rubin like the Koran, without any reference to other sources. Here is someone who disagrees with Rubin http://www.thisismoney.co.uk/oil-predictions
Already one of Rubin's premises was that OPEC would increase production to meet increased demand, but OPEC on March 17 declined to make changes as demand has been 'sluggish'.
But the general idea behind edging is to trade returns for reduced volatility, something that is bad for a nations budget and expenditure. That there is no consensus on oil prices trends means increased volatility, and thus hedging is the right move. The only issues that needs to be addressed is what fraction of our production and at what price.