Dis Guy:

Okonji iweala?

Since becoming Acting President Jonny boy should come out n address nigerians so we can ask him categorically what he feels about CBN reforms- he has gone out of his way to be interviewed by CNN, he should honour naija journalists too so these vanguard cabal can let us breathe

mikeansy:

Domkat Bali? Resigned as Chief of defence staff

Wole Soyinka? Resigned as Road Safety Chairman

Ebitu Ukiwe? Resigned as number 2 to IBB

Okonjo Iweala? Resigned as Foreign Minister

Abubakar Rimi? Resigned as Governor of Kano after changing parties

Col. Abubakar Dangiwa Umar also resigned!!!!
All of these people resigned from office, why can't Sanusi ?

Sanusi is a wimp that is why he is unable to do the right thing and resign in the face of vote of no confidence. He should spare us his holy sermons. he is no good to anyone.

Mikeansy,
I need a refresher on your comments on the two bolded items.
You said Rimi resigned as governor of Kano. When did he resigned from office and which party did he changed to? Also, which office did Col Abubakar Umar resigned from?
As far as I know, Rimi was governor of Kano State during the Second Republic and was elected under the platform of Aminu Kano's PRP. Himself and Balarabe Musa of Kaduna State were elected into office as PRP card carrying governors. Rimi completed his term but Balarabe Musa was impeached by the State House of Assembly members whose majority was elected as NPN stalwarts.
Col Umar only resigned his commission from the Nigerian Army due to irreconciliable differences he had with Abacha stemming from the crisis of June 12th, 1993.  He wasn't holding any political appointment at the time. I stand to be corrected.

Rimi was co-founder in 1964 with the late Mallam Aminu Kano and other progressives of the Northern Elements Progressive Union (NEPU), which later became the People's Redemption Party (PRP). He was a member of the Constituent Assembly (1977–1978).[1] In December 1978 he was elected the PRP's Deputy National secretary at the party's first national convention in Lagos. He was a PRP candidate in the 1979 General elections.[2] Abubakar Rimi was elected to the governorship of the old Kano State as candidate for the PRP in the Nigerian Second Republic, a post he occupied from October 1979 – May 1983.[3]

His Cabinet was termed the "All Graduate Cabinet".[4] Alhaji Sule Hamma was appointed the SSG, Alhaji Abdullahi Aliyu Sumaila was Secretary of the Executive Council and Principal Secretary to the Governor, later serving as Rimi's Campaign Manager in the 1983 elections, and Sully Abu was Press Secretary to the Governor.[citation needed] He was said to be a liberal influence, promoting adult literacy and encouraging women to emerge from Purdah.[3] He abolished the unpopular haraji (personal tax) and jangali (cattle tax), relics of the colonial period when the British governed through the emirs in the North.[4] In 1980 he declared an annual worker's day. His suspension of the Emir of Kano led to riots in July 1981, followed by the killing of Rimi's political advisor Dr. Bala Mohammed.[1] During the upheavals the offices of Triumph Newspapers, Radio Kano and several ministries were burned down.[4]

In May 1983 Rimi fell out with his mentor Aminu Kano and moved from the People's Redemption Party (PRP) to the Nigerian People's Party (NPP) in preparation for the 1983 elections. He resigned from office and was replaced as governor by his deputy, Abdu Dawakin Tofa.[5]

http://en.wikipedia.org/wiki/Abubakar_Rimi

On the case of Dangiwa Umar you already explained the circumstances on his resignation and no need to duplicate.

Mind you what we are talking about here is whether Nigerians resign from anything. Regardless of the position they occupy these are examples of people who resigned in the past from position of authority for one reason or the other.

Why can't Sanusi be man enough to resign when Government no longer believe in his capability?

mikeansy:

Have u considered that the so called catastrophe that Sanusi inherited was amplified?

Some banks are saying they did not even need nor used the bailout money given to them.

Pat Utomi has said several times that the crisis in Bank PHB was exagerated.

lol. Your blind worship of Soludo will not allow you see reason.
Sanusi will not be removed any time soon.

Any lingering doubts of Vanguard's stand in this matter has been erased by this clearly biased article.

mikeansy:

Have u considered that the so called catastrophe that Sanusi inherited was amplified?

Some banks are saying they did not even need nor used the bailout money given to them.

Pat Utomi has said several times that the crisis in Bank PHB was exagerated.

Pat Utomi said?

My brother still works for PHB and aside from a 25% paycut, the bank laid off maybe 40% of its workforce and is closing down over 50 branches across the country. Yet their problems are not exaggerated?

texazzpete:

lol. Your blind worship of Soludo will not allow you see reason.
Sanusi will not be removed any time soon.

Any lingering doubts of Vanguard's stand in this matter has been erased by this clearly biased article.

You are the biggest fool in Nairaland.

Soludo left CBN close to 18months ago and is not running to be re-instated. Why you think every comment I make has anything to do with Soludo is beyond reason.

Just grow up and stop bitching like a little girl.

prettyG:

Pat Utomi said?

My brother still works for PHB and aside from a 25% paycut, the bank laid off maybe 40% of its workforce and is closing down over 50 branches across the country. Yet their problems are not exaggerated?

Why do you think those are not consequences of the current economic climate manufactured by the CBN under Sanusi?

That has been the story of most banks since Sanusi came in and criminalised traditional banking operations. The Banks are no longer in booming business and have to lay-off staff they dont need.

Quote

He dismissed the claim that his reforms in the banking industry were laced with ethnic agenda, describing it as insinuation being peddled by his detractors to rubbish his good intentions.


The road that leads to Hades is paved with good intentions.
Sanusi, u r on that road. Hurry pls, u r almost there. Why d fear?

I have always been a supporter of the reforms being undertaken by Sanusi - and I still am. What I am against are Sanusi's methods which created unnecessary panic, criminalisation of bank loans and lack of confidence in the system. Banks in the western world had similar issues, but they went about it in subtle ways, and yes some CEOs were sacked as well, but importantly to a large extent they did it without funfare and in a way that did not erode confidence in the banks and bankers - which unfortunately was not the case in Nigeria.

It does now seem that beyond the reforms themselves that are been pushed through, there was no strategic plan in place to take care of the fallout which should have been expected and a well though out stimulant package to mitigate the effect of the reforms. The US and UK govts. for instance had to pump in hundreds of billions of dollars directly into the economy to pull their economies out of the impending depression that would have devastated their economies. Meaning he either takes on-board a sound economist as an adviser or go and brush up on his macro (and micro) economics knowledge or do the honourable thing and bow out.

Beyond these, is an issue that has not been brought to the fore yet - most of the crop of bankers we have in Nigeria are completely bereft of ideas! Yes there are some banks doing things in oil and gas etc, but most, beyond lending to traders, oil importers, for FMCGs and margin loans (these being the main stay of most of the banks) are unable to come up with ingenious, viable and sustainable products and services that would engage and encourage businesses and entrepreneurs to explore activities and sectors of the economy that would have a multiplier effect, and grow the economy by exploiting the vast business and investment opportunities available in virtually all sectors within Nigeria. Infact some bankers in all their years in banking have not come across products or services that are applicable to other sectors of the economy apart from those mentioned above.

So, even if funds were made available, in all probability, these bankers would just stare at each other and scratch their heads wondering what to do in the absence of their hitherto easy peasy bread and butter 30 - 90 days loan shark and 'kalo kalo' operations.

^^
Hmmmm. I'm sure most pple against Sanusis reforms are not totally against reforms, but the way and manner mallam Sanusi is going about it is d main conflict. As if the banking system is some kind of Arabic school where the Alfa just comes in dictate and flogs 'awon omo-ile keu'. He sure got a degree in Islamic studies and he is practising it. Darn Taliban

texazzpete:

lol. Your blind worship of Soludo will not allow you see reason.
Sanusi will not be removed any time soon.

Any lingering doubts of Vanguard's stand in this matter has been erased by this clearly biased article.

If the article is false, then the Federal Government would have released a press statement to counter it. As it stands right now, the story remains true as it is written.
Sanusi is on his way out. And very very soon. And guess what, you can't do nothing about it!!

ADint:

Beyond these, is an issue that has not been brought to the fore yet - most of the crop of bankers we have in Nigeria are completely bereft of ideas! Yes there are some banks doing things in oil and gas etc, but most, beyond lending to traders, oil importers, for FMCGs and margin loans (these being the main stay of most of the banks) are unable to come up with ingenious, viable and sustainable products and services that would engage and encourage businesses and entrepreneurs to explore activities and sectors of the economy that would have a multiplier effect, and grow the economy by exploiting the vast business and investment opportunities available in virtually all sectors within Nigeria. Infact some bankers in all their years in banking have not come across products or services that are applicable to other sectors of the economy apart from those mentioned above.

So, even if funds were made available, in all probability, these bankers would just stare at each other and scratch their heads wondering what to do in the absence of their hitherto easy peasy bread and butter 30 - 90 days loan shark and 'kalo kalo' operations.

Dont mind them, what I learnt about banking when I bin small be say they advice on businesses, considering policies and interest and inflation rate. But now, ask a typical nigerian banker the current interest and lending rate, dem no go know, the only thing they know is when their salaries will be paid. Baggers.

So that banks will go back to their sleazy ways of doing business? There must be a correction in the system, if not now, then later. Greece is a good example

now let's face raw facts not sentiments. our bankers all ran mad a long time ago even before the consolidation exercise.
some people called bank ceo's took other people's money(deposits)- true or false
some directors where sharing depositors funds to cronies- true / false
some people would have cried in the end when these banks collapsed with their deposits and they're certainly not the rich people in this country- true or false
there was a bubble- margin loans etc- and it bust- true or false
corruption was rife in the nigerian corporate world, it was like a niger delta state- true or false
some banks have recently being publishing the truth in their annual reports, who made them stop the lies?
the nigerian economy has always being bad, i'm not aware of any improvements in the last 10 yrs
people are losing their jobs worldwide, it's not peculiar to bankers, the banks took more wifes than they could maintain, it's that simple. maybe all of us that run businesses should congest our working halls with the aim of reducing unemployment- frank foolishness
judging by the majority of comments on this thread, are nigerians a a group of dumb people?- you can guess the answer

i see no agenda in this actions. even if there is an agenda, if you're caught with your pants down in another man's bedroom with his wife, would you allege that their was an agenda to rape you in their house.
the only way we can change is to actually stop seeing things in north and south and look at the real issues, allegations and aims
evrybody should come clean
that stupid vanguard article was based on the inability to acces loans by a bunch of selfish nigerians. are you aware that most journalists are on some politician's pay? that certainly why they get shot in the end

Banks are closing branches instead of expanding, staff being laid off, general credit crunch, no money 4 biz men, declining economy, etc,
d question is: did all ds banks just happen to exceed their elastic limit?? At d same tym?? (Mind u ds banks were buildn new branches b4 sls came on board)Would it have happened under soludo ??

we are still watching

i think sanusi started well but somehow he has lost the plot

,I was shocked when a friend told me he was offered 5% interest rate on 20million naira by a major Naija bank!!

What has sanusi done to interest rates?

PapaBrowne:

If the article is false, then the Federal Government would have released a press statement to counter it. As it stands right now, the story remains true as it is written.
Sanusi is on his way out. And very very soon. And guess what, you can't do nothing about it!!

How many times have you ever seen the FG come out to discredit a report? If the report were true it would have been picked up by other newspapers. As it were na only Vanguard carry am, and we all know what they lost with the banking reforms.

funkybaby:

i think sanusi started well but somehow he has lost the plot

,I was shocked when a friend told me he was offered 5% interest rate on 20million naira by a major Naija bank!!

What has sanusi done to interest rates?

Actually low interest rates re the norm in more advanced parts of the world. Her in the UK the interest rate at the moment is 4.6%.

prettyG:

Actually low interest rates re the norm in more advanced parts of the world. Her in the UK the interest rate at the moment is 4.6%.

We must not copy everything they do in the west. We re not on d same level yet.
I even heard he d soon cancel giving of interest by banks. na wa o.
I think Sanusi is doin d right things, but human beings are more important than policies.
Unless they'd be for our future good.

ssumpta:

We must not copy everything they do in the west. We re not on d same level yet.
I even heard he d soon cancel giving of interest by banks. na wa o.
I think Sanusi is doin d right things, but human beings are more important than policies.
Unless they'd be for our future good.

Low interest rates are the reason why they can afford to do business. When interest rates are high, you spend all your profit in repaying loans instead of developing your business. Which is why Nigeiran banks never gave loans to genuine businessmen but to politicians who would go and steal.

Sanusi's intentions (to be rational) were seemingly good but he got it wrong by failing to seperate corporate governance issues from liquidity issues. He preferred to chase thieves and ruin their business forgetting that banks are not just some people's business but national growth drivers. Then, i think (this is my personal opinion) his temperament ruined him when he was dealing with the problems. I remember he was quoted as saying some bank CEOs should be shot! Maybe that was influenced by his religious belief. He was actually implementing a banking Jihad.

Secondly, I think Sanusi cannot argue that there was no ethnic sentiments about all this. He is surely bigoted like his northern brothers. Some of us bankers knew that the North has never been pleased with consolidation. Recall that the Vanguard and some other papers revealed sometime in March 2009 that there was a plan to take over 5 banks by some northern hawks/cabal. That was before Sanusi resumed office in May 2009.

Lastly, I hope we'll learn a serious lesson from this by always selecting people who were prepared for the job. Sanusi was never prepared for the job. His long life ambition was to be the emir of Kano and not the CBN governor. That perhaps informed why he opted for religious studies for his masters degree in Sudan of all country. He was no doubt a misfit for the job.

Sanusi has usrd Nigerian banks as a study area=with no human face involved,it is an apparent failure and Jonathan had better act fast before it turns the whole economy boiling!

Quote
Me sef:Sanusi's intentions (to be rational) were seemingly good but he got it wrong by failing to seperate corporate governance issues from liquidity issues. He preferred to chase thieves and ruin their business forgetting that banks are not just some people's business but national growth drivers. Then, i think (this is my personal opinion) his temperament ruined him when he was dealing with the problems. I remember he was quoted as saying some bank CEOs should be shot! Maybe that was influenced by his religious belief. He was actually implementing a banking Jihad.

Secondly, I think Sanusi cannot argue that there was no ethnic sentiments about all this. He is surely bigoted like his northern brothers. Some of us bankers knew that the North has never been pleased with consolidation. Recall that the Vanguard and some other papers revealed sometime in March 2009 that there was a plan to take over 5 banks by some northern hawks/cabal. That was before Sanusi resumed office in May 2009.Lastly, I hope we'll learn a serious lesson from this by always selecting people who were prepared for the job. Sanusi was never prepared for the job. His long life ambition was to be the emir of Kano and not the CBN governor. That perhaps informed why he opted for religious studies for his masters degree in Sudan of all country. He was no doubt a misfit for the job.

Thank u so much. What more can one say. I've used that phrase 'banking jihad' in Nairaland on a thread asso. With Sanusi. Some tot I was religious biased. Look at it, its just what it is- White ornamented Sepulchre!!!

ssumpta:

We must not copy everything they do in the west. We re not on d same level yet.
I even heard he d soon cancel giving of interest by banks. na wa o.
I think Sanusi is doin d right things, but human beings are more important than policies.
Unless they'd be for our future good.

God bless you !

You took the words right out of my mouth !

prettyG:

Low interest rates are the reason why they can afford to do business. When interest rates are high, you spend all your profit in repaying loans instead of developing your business. Which is why Nigeiran banks never gave loans to genuine businessmen but to politicians who would go and steal.

i am not referring to interest rates on loans obtained from the banks.

i am referring to interest accrued when you fix huge sums of money with the banks. . . say a period of 3 -6 months

i know what the rates were barely a year ago and to hear that 5% is being offered on 20 mill, its shocking !!!

infact, GTB offered 3%
Union homes 5%
It was only FCMB that offered 7% and that was after plenty talk talk and shakara to withdraw the money from the bank since that was where the money was lodged.

the bane of sanusi's reforms is that he changed too many things at the same time, excavating a hole to fill in another. He is not result oriented. He needs to be changed.

the question is; will this move
re-employ thousands of nigerians that have been laid off?

layzie:

Banks are closing branches instead of expanding, staff being laid off, general credit crunch, no money 4 biz men, declining economy, etc,
d question is: did all ds banks just happen to exceed their elastic limit?? At d same tym?? (Mind u ds banks were buildn new branches b4 sls came on board)Would it have happened under soludo ??

emm, like intercontinental that had branches on every street, wonder who they were building monuments for, in the name of job creation. business is business and businesses exist for the shareholders. unless there's government support or benefits for the extra load, hmmm

gram:

the bane of sanusi's reforms is that he changed too many things at the same time, excavating a hole to fill in another. He is not result oriented. He needs to be changed.

Yes. ASAP.

ifkunlethe:

the question is; will this move
re-employ thousands of nigerians that have been laid off?

Yes. I know many people that lost their jobs at distressed banks such as AIB and later had jobs (with good salary) with banks like oceanic and fidelity.

dumodust:

emm, like intercontinental that had branches on every street, wonder who they were building monuments for, in the name of job creation. business is business and businesses exist for the shareholders. unless there's government support or benefits for the extra load, hmmm

Agreed. The banks overdid the branch expansion thing.

But it also had it good sides. I remember my early years at Ondo state. The nearest banks were at Alagbaka apart from National Bank that was nearby which was really annoying and frustrating. It was the same problem in other states as well. eg. Osun and Ogun. With the extensive branch expansion, branches were opened in many 'rural' areas and brought banks nearer to the people and also created many employment opportunites. . . for staff, contractors that handled supplies, etc.

Whatever Sanusi's policies are, he has obviously lost the plot !!!

Dominoifet:

Quote
Me sef:Sanusi's intentions (to be rational) were seemingly good but he got it wrong by failing to seperate corporate governance issues from liquidity issues. He preferred to chase thieves and ruin their business forgetting that banks are not just some people's business but national growth drivers. Then, i think (this is my personal opinion) his temperament ruined him when he was dealing with the problems. I remember he was quoted as saying some bank CEOs should be shot! Maybe that was influenced by his religious belief. He was actually implementing a banking Jihad.

Secondly, I think Sanusi cannot argue that there was no ethnic sentiments about all this. He is surely bigoted like his northern brothers. Some of us bankers knew that the North has never been pleased with consolidation. Recall that the Vanguard and some other papers revealed sometime in March 2009 that there was a plan to take over 5 banks by some northern hawks/cabal. That was before Sanusi resumed office in May 2009.Lastly, I hope we'll learn a serious lesson from this by always selecting people who were prepared for the job. Sanusi was never prepared for the job. His long life ambition was to be the emir of Kano and not the CBN governor. That perhaps informed why he opted for religious studies for his masters degree in Sudan of all country. He was no doubt a misfit for the job.

Thank u so much. What more can one say. I've used that phrase 'banking jihad' in Nairaland on a thread asso. With Sanusi. Some tot I was religious biased. Look at it, its just what it is- White ornamented Sepulchre!!!

Don't mind them jare. Were they expecting anything less than Banking Jihad when they put an islamist fundamentalist at the helms of affairs in CBN?