http://www.thisdayonline.com/nview.php?id=171311


over to you Ag Goodluck.

Recently, the former Minister of State for Finance, Remi Babalola, told Sanusi that the Federal Government would like to see the blueprint on the banking reforms. The government’s demand, analysts said, emanated from the seeming confusion Sanusi’s conflicting pronouncements have caused

A typical example of bad reforms is the new directive that bank\'s should not operate ATMs outside their branches,this is one of the dumbest regulation in the banking world.Some un.informed Nigerians thought that would protect them against ATM fraud

ALISTAIR DARLING is the Chancellor of the British Exchequer. He is the British equivalent of Nigeria's Lamido Sanusi, Governor of the Central Bank of Nigeria. Confronted with the challenge of stabilizing the British banking sector in the wake of the global financial crisis in the last quarter of 2008, Darling decided that a better approach was to handle the situation quietly, obviously in order not to undermine public confidence in the country's financial system.

A critical examination of his approach has become imperative against the backdrop of the controversies that have trailed the actions taken by the CBN Governor Lamido Sanusi when confronted with a similar challenge here, as was Mr. Darling in Britain.

Asked by The Telegraph what he did in the wake of the crisis to save the British banking system from collapse, the Chancellor of the Exchequer said:

"There were many days when I knew that unless the Bank (of England) was making [covert] interventions [such as the secret loans of £61.6 billion to HBOS and the Royal Bank of Scotland], then literally banks would have had to shut their doors and cash machines would have been switched off. People should be in no doubt that the world banking system was on the brink of collapse in October 2008.

How sad of  you

You didnt quote Former ministers of Finance
You didnt quote Experience Bank managers
You didnt quote Business owner or manufacturers
You didnt even quote 'weekend' Harvard Business alumni

you are quoting a Security Adviser a Mallam that didn't go to a 'top school abroad' 
A farmer owner who cant get loans over the phone like before

Disguy, sorry to let you know. that mallam is the NSA, so you have little or no information, he does. it has been well documented all over and annoyingly so, that there is a glut in the economy. i speak from real life experience. not quoting the same people who praised soludo. I tried getting some capital from some banks and i know where it pinches.

Dont get me wrong, it was not his fault, good intentions alright very bad approach. actions were dictated by anger and no matter what happens we aint going nowhere till late 2011. I have to add he doesnt have a blue print and some of his recently introduced measures are ridiculous e.g Universal banking, ATM etc etc

Dis Guy:

How sad of  you

You didnt quote Former ministers of Finance
You didnt quote Experience Bank managers
You didnt quote Business owner or manufacturers
You didnt even quote 'weekend' Harvard Business alumni

you are quoting a Security Adviser a Mallam that didn't go to a 'top school abroad' 
A farmer owner who cant get loans over the phone like before

So you think the highly sensitive office of the NSA will not be getting feeds from seasoned economists/bankers? You seem not to understand how uncertainties in the economy can by extension transmute to serious security concerns for government.

May I ask, do you think these different sources you have some trust in, would hand SLS a better score when they sit down to appraise his policies so far?

sartorius:

http://www.thisdayonline.com/nview.php?id=171311


over to you Ag Goodluck.

Recently, the former Minister of State for Finance, Remi Babalola, told Sanusi that the Federal Government would like to see the blueprint on the banking reforms. The government’s demand, analysts said, emanated from the seeming confusion Sanusi’s conflicting pronouncements have caused

A typical example of bad reforms is the new directive that bank\'s should not operate ATMs outside their branches,this is one of the dumbest regulation in the banking world.Some un.informed Nigerians thought that would protect them against ATM fraud

ALISTAIR DARLING is the Chancellor of the British Exchequer. He is the British equivalent of Nigeria's Lamido Sanusi, Governor of the Central Bank of Nigeria. Confronted with the challenge of stabilizing the British banking sector in the wake of the global financial crisis in the last quarter of 2008, Darling decided that a better approach was to handle the situation quietly, obviously in order not to undermine public confidence in the country's financial system.

A critical examination of his approach has become imperative against the backdrop of the controversies that have trailed the actions taken by the CBN Governor Lamido Sanusi when confronted with a similar challenge here, as was Mr. Darling in Britain.

Asked by The Telegraph what he did in the wake of the crisis to save the British banking system from collapse, the Chancellor of the Exchequer said:

"There were many days when I knew that unless the Bank (of England) was making [covert] interventions [such as the secret loans of £61.6 billion to HBOS and the Royal Bank of Scotland], then literally banks would have had to shut their doors and cash machines would have been switched off. People should be in no doubt that the world banking system was on the brink of collapse in October 2008.

Rubbish. Rubbish at its peak.

Governor Central Bank of Nigeria = Bank of England
Sanusi Lamido Sanusi = Mervyn King
Minister of Finance = Chancellor de Exchequer
Babalola = Darling


Why won't you just get your facts right before starting your ridiculous assertions.

^^^
LOL

I have long stopped this Sanusi issue. Let him do all he wants. Another will come and tell us the earth will quake.

One of the problem that is holding Nigeria down is Leadership. Our leaders think the only way to be relevant is to rubbish the previous guy - then whatever he does now becomes the standards.

The only problem I have with Sanusi is the manner he carried out his actions. People lost confidence in the market/economy when he kept pressing the alarm button. I hope he amends.

Arkison, within Sartorious' submission is a valid point and that is the apparent disconnect between Babalola, Sanusi and other stakeholders. There is no plan beyond the initial gra gra and noise making.

If a bank collapses, only your first N50,000 is protected. This level was set in 1988. Surely this needs reviewing upwards.

Deposit protection in Cyprus is £90,000 and the UK is £50,000

SapeleGuy:

Arkison, within Sartorious' submission is a valid point and that is the apparent disconnect between Babalola, Sanusi and other stakeholders. There is no plan beyond the initial gra gra and noise making.

If a bank collapses, only your first N50,000 is protected. This level was set in 1988. Surely this needs reviewing upwards.

Deposit protection in Cyprus is £90,000 and the UK is £50,000

Im not an Economist and I have little interest in Economy of numbers. But what I do care is, when someone is making an arguement, he should be consistent, straightforward and get all his facts right. He is trying to back his assertions with an example from England and then he jumble off his facts. He also went ahead to make interjections in Darlings statements from Telegrah :

"There were many days when I knew that unless the Bank (of England) was making [covert] interventions [such as the secret loans of £61.6 billion to HBOS and the Royal Bank of Scotland], then literally banks would have had to shut their doors and cash machines would have been switched off. People should be in no doubt that the world banking system was on the brink of collapse in October 2008.


The intervensions by the UK Treasury was not covert. It was publicily announce before it was made. So why put words in Mr Darling mouths?

He is free to argue for or against Sanusi's actions, but he should get his fact rights.

Is this Gusau guy for real? If he has valid criticisms of CBN operations shouldn't he address it to Sanusi through official channels instead of talking carelessly at a public forum.

ziddy:

Is this Gusau guy for real? If he has valid criticisms of CBN operations shouldn't he address it to Sanusi through official channels instead of talking carelessly at a public forum.

Nigerians have this culture of expressing political supremacy at every slight opportunity. Mr Gusau is an adviser to the president and should direct his opinions to the President.

Gusua is only creating uncertainty for the Nigeria economy,he is a presidential adviser and the way he have been threatening the new ministers on how they should make policies citing some treat to national security issues is also alarming too,he should advise is boss the acting president and stop creating another office of the AG under the name of a senior security adviser.in my opinion.

Kalamaya:

Gusua is only creating uncertainty for the Nigeria economy,he is a presidential adviser and the way he have been threatening the new ministers on how they should make policies citing some treat to national security issues is also alarming too,he should advise is boss the acting president and stop creating another office of the AG under the name of a senior security adviser.in my opinion.

See trouble! Is his approach different from Sanusi's way of operations.

Is it not the sanusi that
- Does all the possible press conferences
- Releases names of debtors on TV/Newspapers
- Lambaste Nigerian Banks from London
- etc.

Perhaps its better to speak to him in his language. I pray he does what is best - because it affects us all. Moreover its our economy - we have no other.

Gusau has rightfully acknowledged that the policies of Sanusi = Economic Terrorism.

It is within his remit as NSA to alert us all to traditional and non traditional threats.
Greece and to a lesser degree Iceland are examples of what can happen if economic planners are left unchecked.

SapeleGuy:

Gusau has rightfully acknowledged that the policies of Sanusi = Economic Terrorism.

It is within his remit as NSA to alert us all to traditional and non traditional threats.
Greece and to a lesser degree Iceland are examples of what can happen if economic planners are left unchecked.

You, Beaf, Paddy lo, and other people are some of the few honest Nigerians who have been brave enough to call a spade a spade, despite the well organized confusion created by paid agents, ethnic and religious supporters of Sanusi. While I can't congratulate anybody just because of our earlier position on Sanusi has almost been vindicative by the NSA, it's reassuring to note that all the things we've argued about our economy for the past 8 months have been sadly verified at the highest intelligence office of the land.

na_so:

So you think the highly sensitive office of the NSA will not be getting feeds from seasoned economists/bankers? You seem not to understand how uncertainties in the economy can by extension transmute to serious security concerns for government.

May I ask, do you think these different sources you have some trust in, would hand SLS a better score when they sit down to appraise his policies so far?

#

Not necessarily but they would have said so by now Ngozie passed through without saying much- she has nothing to lose, Why is it left to a politician/business man to say this? why isnt the whole country with all the prof saying this in the open perhaps because they know something needs to be done

naijaking1:

You, Beaf, Paddy lo, and other people are some of the few honest Nigerians who have been brave enough to call a spade a spade, despite the well organized confusion created by paid agents, ethnic and religious supporters of Sanusi. While I can't congratulate anybody just because of our earlier position on Sanusi has almost been vindicative by the NSA, it's reassuring to note that all the things we've argued about our economy for the past 8 months have been sadly verified at the highest intelligence office of the land.

so the ministry of finance, national planning, all the economic prof in the land are scared of sanusi?

if it were possible to blame the global recession on Sanusi you guys will probably chip that in too!!

Recently, the former Minister of State for Finance, Remi Babalola, told Sanusi that the Federal Government would like to see the blueprint on the banking reforms. The government’s demand, analysts said, emanated from the seeming confusion Sanusi’s conflicting pronouncements have caused

A typical example of bad reforms is the new directive that bank\'s should not operate ATMs outside their branches,this is one of the dumbest regulation in the banking world.Some un.informed Nigerians thought that would protect them against ATM fraud

Bad reforms that was agreed and signed by all the bankers pre-Sanusi era??
Why are the bank not complaining
i swear this country is weird-- are the CEO really scared of Sanusi cos they don't seem to be complaining

What is the opinion of CIBN, ICAN, etc etc stop posting about anonymous analyst

Dis Guy:

Bad reforms that was agreed and signed by all the bankers pre-Sanusi era??
Why are the bank not complaining
i swear this country is weird-- are the CEO really scared of Sanusi cos they don't seem to be complaining

What is the opinion of CIBN, ICAN, etc etc stop posting about anonymous analyst

Yes, I agree. This country is weird, because of people like you
Just go back and review all your groundless support for Sanusi since he came into office.

No because of people like you more like!

Someone made a one line comment, no stats, no details nothing! yet swallow the words like some student

The effect of the recession worldwide - More regulation, credit squeeze, govt back loans, job losses

How exactly is that different from the situation in Nigeria? perhaps some people still believe the recession is not affecting the country!

In other parts where people are angry at the regulators and bankers for excess greed, we in nigeria are angry at the regulators for not allowing the status quo