tkb417:

Ibime, who posted this?

lets assume, the unemployed grew by 30,000 and no customer has lost his/her deposit (Option A)

(Option b) 5-6 banks collapse and more than 100,000 staff got laid off cos the banks got liquidiated and billions of Naira lost in the trapped banks

i guess Option B is what most people here are clamouring for?

all these arm chair analysts wey cheat to pass JAMB coming here to chat opaks
na God go forgive una

Why all this uninformed ranting?
You think that they NSA doesn't know the difference between GNP and GDP?
Unfortunately, you have shown nothing to suggest that you have a clue either.
It's ok to be ignorant and stupid, but don't be loud about it.

naijaking1:

Why all this uninformed ranting?
You think that they NSA doesn't know the difference between GNP and GDP?
Unfortunately, you have shown nothing to suggest that you have a clue either.
It's ok to be ignorant and silly, but don't be loud about it.

If im ignorant, then the world bank President must be a retard

mister, appeal to common sense and stop farting unfounded conjectures up and down

If the NSA knows his economics like you claimed, he wont be found making silly comments on air

and i hope ure not a crown prince where semi literates are dining, if that is the case, stop responding to ma post cos i dont operate at such levels
are we clear?
LOL; dunderheads

"This is a major causal factor irrespective of the drop in the rates. And let us watch it! These excess funds are slowly finding their way into the stock exchange and gradually pressuring the prices upwards", Oluba warned. Akinsowon Dawodu, president, Financial Markets Dealers Association, said banks' actions may be based on their past experience, acknowledging that recent injections have made liquidity to be at aggregate level. He is optimistic that the second half of this year will experience improvement, saying that the current low exchange rates are not sustainable for the economy.

i bet comprehension is a prob

A Citibank treasurer made the comment in bold and i know hes not pro sanusi

Let the experts speak and not Gusau

Gusau seems to speak the mind of the present leadership, i dont know if he is personally convinced of what he said, let His subsequent actions proove he meant his words.

tkb417:

If im ignorant, then the world bank President must be a retard

mister, appeal to common sense and stop farting unfounded conjectures up and down

If the NSA knows his economics like you claimed, he wont be found making silly comments on air

and i hope ure not a crown prince where semi literates are dining, if that is the case, stop responding to ma post cos i dont operate at such levels
are we clear?
LOL; dunderheads

Mr. do you have a clue of what the subject matter being discussed here entails?. I bet you don't. While you are head bent on satisfying your sarcasm, I will advise you listen more to people like "Naijaking1" because he understands the complexity of fiscal policy implementation and its overall effect on the economy of our country to a reasonable extent.

Please go home son, let the elders discuss issues of national importance.

@Naijaking1,
I confer you with the honorable degree of "MAN WEY SABI"

Why are we even listening to this guy Gusau? Its like Sanusi having a press conference on national security

BlakkBoi:

Mr. do you have a clue of what the subject matter being discussed here entails?. I bet you don't. While you are head bent on satisfying your sarcasm, I will advise you listen more to people like "Naijaking1" because he understands the complexity of fiscal policy implementation and its overall effect on the economy of our country to a reasonable extent.

Please go home son, let the elders discuss issues of national importance.

@Naijaking1,
I confer you with the honorable degree of "MAN WEY SABI"

who is this?

LOL!

Funny how some dimwit under whose watch the security of Nigerian people has been known to be continuously threatened, thinks he can sit in an arm chair in Abuja and make credible arguments regarding the economy of the state, and more absurd is the fact that numerous Nairalanders in their low IQ state are quick to feed their pitiful mind with such garbage.

People continue to rant about how crude and ruthless Sanusi was in his electoral reforms, but are too dumb to take note of the fact that if and if the dude decided to fold his arms and pretend just like his predecessor {who fed us with such garbage that Nigeria is immune from a "global crisis} that everything is okay, the kind of crisis we might have witnessed would be have been  

It would be way better for the silly general to shut his hole[i] {something he's fond of calling a mouth}[/i] up and face more pressing security issues rather than spitting trash about a topic he knows absolutely nothing about.

The BIGGER thieves are back in government.

violent:

Funny how some dimwit under whose watch the security of Nigerian people has been known to be continuously threatened, thinks he can sit in an arm chair in Abuja and make credible arguments regarding the economy of the state, and more absurd is the fact that numerous Nairalanders in their low IQ state are quick to feed their pitiful mind with such garbage.

People continue to rant about how crude and ruthless Sanusi was in his electoral reforms, but are too dumb to take note of the fact that if and if the dude decided to fold his arms and pretend just like his predecessor {who fed us with such garbage that Nigeria is immune from a "global crisis} that everything is okay, the kind of crisis we might have witnessed would be have been

It would be way better for the silly general to shut his hole[i] {something he's fond of calling a mouth}[/i] up and face more pressing security issues rather than spitting trash about a topic he knows absolutely nothing about.

LOL

take it easy o This is NL

violent:

Funny how some dimwit under whose watch the security of Nigerian people has been known to be continuously threatened, thinks he can sit in an arm chair in Abuja and make credible arguments regarding the economy of the state, and more absurd is the fact that numerous Nairalanders in their low IQ state are quick to feed their pitiful mind with such garbage.

People continue to rant about how crude and ruthless Sanusi was in his electoral reforms, but are too dumb to take note of the fact that if and if the dude decided to fold his arms and pretend just like his predecessor {who fed us with such garbage that Nigeria is immune from a "global crisis} that everything is okay, the kind of crisis we might have witnessed would be have been  

It would be way better for the silly general to shut his hole[i] {something he's fond of calling a mouth}[/i] up and face more pressing security issues rather than spitting trash about a topic he knows absolutely nothing about.

Abi oo. He should come out plainly that Sanusi is affecting their source of campaign for the next general election.

Akanbi_edu:

Abi oo. He should come out plainly that Sanusi is affecting their source of campaign for the next general election.

My friend
thats the problem

The elections are here again and they need the banks to fund it
The trapped 44billion with Ibori is still there; Gusau and his cohorts need more to win elections

Na God go punish all them thieves

Sanusi Should Be Removed Now

Sanusi has already done tremendous damage to our banking industry, finances and economy. He should not be left to play the role of the President, Finance Minister and National Assembly, all with destructive results.

There were no serious wrongs or terminal defects in our banks before Sanusi. Soludo made provisions for the issue of liquidity problems some of the banks might experience. This was the establishment of Expanded Discount Window for any bank that has cash shortfall to go and take credit.

Sanusi came, ignore the discount window and went on his own to print money and gave it to some banks over and above what they needed at a time. He then disorganised their management. But these were not the minor operating wrongs of some of the banks.

Sanusi does not know or understand credit finance. Even as individuals or companies, you sometimes finance your business through your trade creditors as they grant you some days or months credit period before you could pay. Sometimes you get overdraft from your bank to tidy up for the short-time when you are cash strap.

The Expanded Discount Window was meant to be continuous for this to helping the banks that are in need of cash. It did not matter how often any Bank frequent the Expanded Discount Window. The CBN was funding it. It was not free. The banks pay interest on the overdraft or credit they take. The N620bn Sanusi poured out at a go, which was not all needed by the banks would have supplied the discount window for a long time while the banks continue their trade in earnest.

The wrongs of some bank chiefs such as the issues of lending, non-performing loans and collection would have been quietly sorted out even if some banks chief executives that actually infringe the laws were stepped down and perhaps prosecuted, while the business of the banks go on uninterrupted, adequate supervision system is put in place by the CBN to ensure the wrongs are not repeated.

Sanusi took it upon himself to constitute the President, Finance Minister and National Assembly, dictate what he personally wants, ignore the laws of the land, disorganised and destroyed the banks while Yar’Adua Government looks on. Jonathan should remove Sanusi now if he meant well for the banking industry, finances and the economy of the country.

Most of what Sanusi is dishing and forcing on the throat of the banks are not needed. We have Nigeria, her prosperity and image to protect.

@tkb417, i'v being going thru your points,  it s great, but what i think u're missing is SLS approch to doing a good thing. what if he had mandated the fired CEOs to publish the names of there debtors and as well help them realise there(the affected banks) money? don't you think it couldn't hav affected the economy.
another issue is that of unity bank, do u know that for 2 yrs b/4 the august last yr they don't hav published account, why are they not affeected?
Gasuo may not have professional background to say what he said but he has a point.
if he is right on track, then Agagu should have being pating his back, why is he backpadalling?

in my humble submission, i think he did right thing in a wrong appoach, due to "yet to be known motives"

What gives this mega-corrupt General the moral right to pontificate over this matter?

wyt:

@tkb417, i'v being going thru your points,  it s great, but what i think u're missing is SLS approch to doing a good thing. what if he had mandated the fired CEOs to publish the names of there debtors and as well help them realise there(the affected banks) money? don't you think it couldn't hav affected the economy.
another issue is that of unity bank, do u know that for 2 yrs b/4 the august last yr they don't hav published account, why are they not affeected?
Gasuo may not have professional background to say what he said but he has a point.
if he is right on track, then Agagu should have being pating his back, why is he backpadalling?

in my humble submission, i think he did right thing in a wrong appoach, due to "yet to be known motives"

Hi Wyt
Long time, yeah, your last line has always been my opinion
His intention for the economy is great and i personally dont like the way he went about his crusade
i have argued back and forth on this forum expressing my concerns with the way he has gone about the whole thing

but for some people to call the whole thing a charade, then something is wrong

As for Gusau, i think he shd be busy at the moment with matters under his portfolio. Sanusi and the rennaissance group will continue to fight to shape the economy for us. Gusau shd shut the hell up

Sanusi succedded in firing the people he had quarreled with

partiallity

Mr Gusau has just been named as one of the recipients of the Haliburton bribes. Jonathan should sack him. He is a threat to National Security.


@ Mikeansy,

SLS said he will resign if he fails, not if some cabal loses confidence in him. What makes you think the current administration is the final arbiter on whether his economics is good or not? They would have to sack him, not the other way round. . . . . he doesnt have to resign just because they may prefer wuruwuru style of business.

I wonder how some people reason on this esteemed forum. Gusau said the reform damaged the economy, Is it a lie? He said few banks were punished for what all banks seem to be doing, was he not saying the truth? Then what is all the hullaballo all about? I hear some people saying that the economy and the banks would have collapsed if Sanusi had not taken that ignoble step, who told you that Sanusi was saying the truth?

I always say Sanusi is a liar and a fraudster. Shey una hear wetin dey happen as per the 200bn loan that was meaant for Agric development. Sanusi gave loan (200bn) to farmers through first bank i.e he disbursed the money from CBN and gave first bank to give to farmers. After a little protest by the other commercial banks that only First bank should not hold the money, he asked first bank to give part of the money to UBA. This happened early last year. I know we all aware that they never gave these loans to the farmers. Can u imagine how much food and export 200bn would have provided if Sanusi had forced these banks to give these loans to the farmers?. Instead, he allowed these banks to keep this money and they traded with it. First bank and UBA lent out these money to other banks at interest. Early this year, when senators and other stakeholders started asking Sanusi where the money was, Sanusi said the money was with the banks and that he would withdrawal the money because proper due proccess has not yet been done on the farmers. HE SAID THIS AFTER HIS FORMER BANKS (UBA AND FIRST BANK) MUST HAVE ENJOYED FLOAT AND INTEREST OF NOT LESS THAN 30BN ON THE GOVERNMENT MONEY THAT IS MEANT FOR PROVIDING FOOD FOR US. This means that Sanusi never had the intention of giving the money to develop Agric, he lied and used the opportunity and gave free deposit money to UBA and First Bank. And you are saying these man is a saint that came to cleanse our society?

Watch out as you discover the over 100bn loan that First bank( under Sanusi as the risk manager) gave to an oil company in 2007. The loan is bad and they never provided for it.

kafanchan:

I wonder how some people reason on this esteemed forum. Gusau said the reform damaged the economy, Is it a lie? He said few banks were punished for what all banks seem to be doing, was he not saying the truth? Then what is all the hullaballo all about? I hear some people saying that the economy and the banks would have collapsed if Sanusi had not taken that ignoble step, who told you that Sanusi was saying the truth?

I always say Sanusi is a liar and a fraudster. Shey una hear wetin dey happen as per the 200bn loan that was meaant for Agric development. Sanusi gave loan (200bn) to farmers through first bank i.e he disbursed the money from CBN and gave first bank to give to farmers. After a little protest by the other commercial banks that only First bank should not hold the money, he asked first bank to give part of the money to UBA. This happened early last year. I know we all aware that they never gave these loans to the farmers. Can u imagine how much food and export 200bn would have provided if Sanusi had forced these banks to give these loans to the farmers?. Instead, he allowed these banks to keep this money and they traded with it. First bank and UBA lent out these money to other banks at interest. Early this year, when senators and other stakeholders started asking Sanusi where the money was, Sanusi said the money was with the banks and that he would withdrawal the money because proper due proccess has not yet been done on the farmers. HE SAID THIS AFTER HIS FORMER BANKS (UBA AND FIRST BANK) MUST HAVE ENJOYED FLOAT AND INTEREST OF NOT LESS THAN 30BN ON THE GOVERNMENT MONEY THAT IS MEANT FOR PROVIDING FOOD FOR US. This means that Sanusi never had the intention of giving the money to develop Agric, he lied and used the opportunity and gave free deposit money to UBA and First Bank. And you are saying these man is a saint that came to cleanse our society?

Watch out as you discover the over 100bn loan that First bank( under Sanusi as the risk manager) gave to an oil company in 2007. The loan is bad and they never provided for it.

Forgive my ignorance, but can you provide a link to the source of this?

If Sanusi will not stop his obsessive destruction of the banks and economy immediately,then he shouls resign and go rear cattle in his state,especially now that an official vote of no confidence has been passed on him

What exactly is going on here?

Gasau, a man heavily indicted in the Haliburton scandal made a statement and Nairalanders classified it as an "official vote of no confidence"?

Where the hell did that come from?

Gasau is not the "government" as falsely and blindly stated in an earlier post.

Jonathan has not complained neither has the senate raised any eyebrow, the fact that some dáft person said it does not make it official!

violent:


Forgive my ignorance, but can you provide a link to the source of this?

These things did not happen in a day, I am not following anybody's analysis. I think my brain is still strong enough to put things together and arrive at a conclusion. Anyway, dont tell me u didnt know that CBN disbursed 200bn last year for Agric and it was never used.

violent:

What exactly is going on here?

Gasau, a man heavily indicted in the Haliburton scandal made a statement and Nairalanders classified it as an "official vote of no confidence"?

Where the hell did that come from?

Gasau is not the "government" as falsely and blindly stated in an earlier post.

Jonathan has not complained neither has the senate raised any eyebrow, the fact that some dáft person said it does not make it official!

Dont lie here, dont lie like your mentor Sanusi. Which Gusau was named?

violent:

What exactly is going on here?

Gasau, a man heavily indicted in the Haliburton scandal made a statement and Nairalanders classified it as an "official vote of no confidence"?

Where the hell did that come from?

Gasau is not the "government" as falsely and blindly stated in an earlier post.

Jonathan has not complained neither has the senate raised any eyebrow, the fact that some dáft person said it does not make it official!

I don't think you have any clue the role of the NSA in any Governemt. By the way that there is a question of corruption against Gusau that no one has proven yet in a court of law does not strip him the right to comment on the economic security of Nigeria and his perception of where it is headed.

And if you think the speech by Gusau was designed to for the sake of Gusau talking also know that sometimes such occassion is used to alert the general public that Government is looking to change course on certain policy issues.

I can not emphasize this enough. There should be sepration of duties, if Sanusi thinks our society is too unfair and too corrupt. He should apply to be a  policeman or apply for EFCC. The job of the CBN Governor is not for hot heads who want to right all the wrongs of the world.

I am a passionate and unashamed defender of Nuhu Ribadu's anti-corruption drive but I also know that the same behaviours of Ribadu I supported from the EFCC Boss, I do not expect from the CBN Boss.
It can not be in the interest of our country to go on a london road show to tell the world tales of how everybody in the Business world in Nigeria is corrupt and then turn around to ask the same audience to come and invest in your country.

kafanchan:

Dont lie here, dont lie like your mentor Sanusi. Which Gusau was named?

Do some research my guy. . . . and please come back with link this time. . .

violent:

Gasau is not the "government" as falsely and blindly stated in an earlier post.

Jonathan has not complained neither has the senate raised any eyebrow, the fact that some dáft person said it does not make it official!

Dont be surprised that many in the administration are against Sanusi. . . he's stepped on a lot of toes with big interests . . . even if Jonathan is against SLS, he wouldnt say cos theres nothing he can do without rewriting the law. . . CBN is autonomous. . .

mikeansy:

It can not be in the interest of our country to go on a london road show to tell the world tales of how everybody in the Business world in Nigeria is corrupt and then turn around to ask the same audience to come and invest in your country.

You mean like Feds charge Goldman Sachs and Bear Stearns?

Na only una for Naija dey make a straightforward issue to be politically explosive, then come round and tell us that SLS is over-emphasizing fraud in the system. If someone was to uncover the true level of fraud in the system for you here, you would be here all day.

Rather than the government publicly critisizing Sanusi ( if that is the case) he should be admonished and advised to taper down his rheotics and dogma.
Changing the CBN governor after another 5 years is not advisable.
Dead yar'adua government had made that mistake with Soludo, we shouldn't do it again.

An economy should be run by an economic committee and not a single individual.

mikeansy:

I don't think you have any clue the role of the NSA in any Governemt. By the way that there is a question of corruption against Gusau that no one has proven yet in a court of law does not strip him the right to comment on the economic security of Nigeria and his perception of where it is headed.

And if you think the speech by Gusau was designed to for the sake of Gusau talking also know that sometimes such occassion is used to alert the general public that Government is looking to change course on certain policy issues.

I can not emphasize this enough. There should be sepration of duties, if Sanusi thinks our society is too unfair and too corrupt. He should apply to be a  policeman or apply for EFCC. The job of the CBN Governor is not for hot heads who want to right all the wrongs of the world.

I am a passionate and unashamed defender of Nuhu Ribadu's anti-corruption drive but I also know that the same behaviours of Ribadu I supported from the EFCC Boss, I do not expect from the CBN Boss.
It can not be in the interest of our country to go on a london road show to tell the world tales of how everybody in the Business world in Nigeria is corrupt and then turn around to ask the same audience to come and invest in your country.

I still don't get how the statement from the NSA about banking reforms show the government's position.

He wasn't authorized to speak on behalf of the president, and he's certainly not doing so on behalf of the Acting president, his duties are not directly related to banking reforms, so in many ways, it can only be assumed that he spoke for himself as opposed to what you said earlier that "The Government has passed a vote of no confidence on Sanusi".

The fact that Gusau does not like something does not necessarily mean "the government" doesn't like it.

As for the role of the NSA, his duties is to serve as a chief adviser to the President on National securities, and there is no way, under clear terms, that is office is involved in Banking issues.

Nigeria we hail thee
Anytime, anybody, anywhere dares say something uncomplementary about Sanusi, no matter how truthful, we have a long line of ragtag paid, ethnically biased, and religiously jingoistic fifth dimensioners pilling up personal, distracting, and false allegations against the person, what a shame

Anybody who doesn't know that the success of our banks, economy and financial health is security issue should simply go read a small book in sociology.

Today, even children's lunch program at US schools was declared a security issue, because it contains too much fat, and too much fat leads to obese children incapable of the physical requirements of joining the army, etc.

Gusau doesn't even need a degree in economic, because he should have top level economists in his office. If he is corrupt like the other people on the list, why don't we let the court swing into action.

violent:


I still don't get how the statement from the NSA about banking reforms show the government's position.

He wasn't authorized to speak on behalf of the president, and he's certainly not doing so on behalf of the Acting president, his duties are not directly related to banking reforms, so in many ways, it can only be assumed that he spoke for himself as opposed to what you said earlier that "The Government has passed a vote of no confidence on Sanusi".

The fact that Gusau does not like something does not necessarily mean "the government" doesn't like it.

As for the role of the NSA, his duties is to serve as a chief adviser to the President on National securities, and there is no way, under clear terms, that is office is involved in Banking issues.

Ok he was speaking on behalf of violent because violent is the employer of the NSA and ultimately the acting President told violent that Gusau's position does not represent that of the Presidency.

Banking issues are economic issues, and economic issues form part of a country's National Interests and as such are National Security Issues.

Go do some reasearch 'type into google, is economic security a National security concern'? read widely and come back to this debate then you will know how it concerns Gusau.

naijaking1:

Nigeria we hail thee
Anytime, anybody, anywhere dares say something uncomplementary about Sanusi, no matter how truthful, we have a long line of ragtag paid, ethnically biased, and religiously jingoistic fifth dimensioners pilling up personal, distracting, and false allegations against the person,  what a shame

Anybody who doesn't know that the success of our banks, economy and financial health is security issue should simply go read a small book in sociology.

Today, even children's lunch program at US schools was declared a security issue, because it contains too much fat, and too much fat leads to obese children incapable of the physical requirements of joining the army, etc.

Gusau doesn't even need a degree in economic, because he should have top level economists in his office. If he is corrupt like the other people on the list, why don't we let the court swing into action.

My concerns are not only about the issue raised, if you probably take a quick survey, you find a million people who have a million reason to want Sanusi out of office.

What i'm concerned however, is that a high ranking Security Adviser who has failed in his duties to curb events of crisis which has seen hundreds of Nigerian children sent to their early graves as well as address other pressing security issues, saw it fit to hand out condemnations on acts of banking risk management and fiscal policy in the country.

What more should we expect? Gusau will probably wake up tomorrow and write a detailed article on how interest rates issues or foreign exchange polices must be addressed?

Let's face it, this dude, in as much as he is a ranking officer in the government, has no business condemning another high profiled government official whose offices and functions are not directly related to his.

I have never been a fan of Sanusi, because of his extremist beliefs, however, i will be a hypocrite if i don't acknowledge the fact that his reforms are in the best interest of the country in the long run.  The dude simply saw a bubble, and he stopped it from expanding further