Any plot to remove sanusi will fail since it is virtually impossible to get the required two-third support from the National Assembly. The northern lawmakers will never vote against their own.

abhosts:

Any plot to remove sanusi will fail since it is virtually impossible to get the required two-third support from the National Assembly. The northern lawmakers will never vote against their own.

you will shocked !!
you think sanusi's funny policies wont have affected most of them??

anyways, if he cant be removed, then someone should sit him down and talk some sense to him.

---still considering sacking him
Just sack him now, no need to consider it.
The results of his financial misadvanture are on the ground for all to see--for every Dangote type of economic frustration, there are a thousand small sized companies and employers of labor the idiot has put out of business.
Once again, thanks to mikeansy, papa browne, Beaf, Sapeleguy, Dominioifet, and others who saw this guy for what he was from day #1: [size=18pt]fake economist[/size], and a [size=28pt]rogue[/size] CBN governor.

naijaking1:

---still considering sacking him
Just sack him now, no need to consider it.
The results of his financial misadvanture are on the ground for all to see--for every Dangote type of economic frustration, there are a thousand small sized companies and employers of labor the idiot has put out of business.
Once again, thanks to mikeansy, papa browne, Beaf, Sapeleguy, Dominioifet, and others who saw this guy for what he was from day #1: [size=18pt]fake economist[/size], and a [size=28pt]rogue[/size] CBN governor.

Thank you o jare.
Although, i actually believed the guy could make a big difference when he was initially appointed. I remember having a lil argument/convo with papabrowne about it.

however, i am shocked and dissapointed by the turn of things.

so many people have been negatively affected by the man's policies. for example, my friend was happy living on the interest the fixed deposit brought in for him before the sanusi era, so you can only imagine the guy's pain at the miserable interest rate at the moment.

abhosts:

Any plot to remove sanusi will fail since it is virtually impossible to get the required two-third support from the National Assembly. The northern lawmakers will never vote against their own.

I wouldn't count on it if I were you. By the time the FG pulls the rug from under his feet, it will become obvious that all the statements he has been running around making to the outside World about our banks, their CEOs, and the state of our economy are infact false; he would have smell the coffee.
As a CBN governor, I doubt that there is a constitutional protection and immunity from prosecution on civil and criminal charges.
Just think when Ibru, Akingbola, and others are given the microphone to state their own side of the story, note, only Sanusi has had the bull horn for the past 9 months. It will be nice to make these CEOs face in a civil court with facts, and data, and of course without the FG support he has enjoyed recklessly.  

funkybaby:

Thank you o jare.
Although, i actually believed the guy could make a big difference when he was initially appointed. I remember having a lil argument/convo with papabrowne about it.

however, i am shocked and dissapointed by the turn of things.

so many people have been negatively affected by the man's policies. for example, my friend was happy living on the interest the fixed deposit brought in for him before the sanusi era, so you can only imagine the guy's pain at the miserable interest rate at the moment.

There's hardly any Nigerian family not adversly affected by this man's dangerous economic policies.

Let Sanusi go with his unending reforms.He has turned into a raging bull in a china shop

ifkunlethe:

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

It might not necessary create the lost jobs  immediately, because the havoc this  mallam sanusi has caused  the economy is just too much to.
But It is far better for him going now,because we've learned from  his modus operandi that he is only digging more deep gullies to fill some small holes.
So it will definitely be from frying pan to fire if he is left. And what annoys me is that he just too arrogant and only sees the economy from one perspective.

I also want to second naijaking1 and thank most especially mikeansy,then papa browne, Beaf, Sapeleguy, Dominioifet, and others who I call the Real economist for their contribution on this matter since from the beginning. You guys are making waves all over the world and when this guy is finally out of office the credit will go to guys.
Its time to act, remove this guy ASAP or let him resign. He is a big failure with so much sentiments.

Pk001:


It might not necessary create the lost jobs immediately, because the havoc this mallam sanusi has caused the economy is just too much to.
But It is far better for him going now,because we've learned from his modus operandi that he is only digging more deep gullies to fill some small holes.
So it will definitely be from frying pan to fire if he is left. And what annoys me is that he just too arrogant and only sees the economy from one perspective.

I also want to second naijaking1 and thank most especially mikeansy,then papa browne, Beaf, Sapeleguy, Dominioifet, and others who I call the Real economist for their contribution on this matter since from the beginning. You guys are making waves all over the world and when this guy is finally out of office the credit will go to guys.
Its time to act, remove this guy ASAP or let him resign. He is a big failure with so much sentiments.

seing the economy from one perpective ke? which other perpective is there? he injected money into banks that wud have collapded. come to think of it, if they had collapsed, many more innocent people wud have lost hteir jobs

dumodust:


seing the economy from one perpective ke? which other perpective is there? he injected money into banks that wud have collapded. come to think of it, if they had collapsed, many more innocent people wud have lost hteir jobs

Simple as you said risk. Thats is the only perspective, but a good risk manager knows that even risks has two sides. Good Risk and Bad Risk. It depends on how they are managed.

dumodust:


seing the economy from one perpective ke? which other perpective is there? he injected money into banks that wud have collapded. come to think of it, if they had collapsed, many more innocent people wud have lost hteir jobs

You're still towing Sanusi's line of argument that he, as the Messiah came at the nick of time to save our banking system from an impending collapse and castophy. If you understand that the premise of that his original argument has been false from day one, then you should rethink echoing that point of view in the future, and for the fear of sounding like a fool yourself.

For examle, this article clearly stated that Dangote's loan from the banks were either non-servicable or even bad loan( he had the power to define which loan is bad and which is not) now we're finding out that the loans are not even due till 2015. So, any reasonable person ought to start questioning many of Sanusi's lines and just not repeating, echoing, and singing them over and over like a mantra.

The man, Sanusi is a criminal, but that my personal opinion, because he is a pretender to the most delicate financial policy making office of our country, and just because he was a favorite son of the Yar'dua cabal, nobody from his regime dared to disagree openly with his(Sanusi's) craziness.

And no one has pointed out that he replaced d bank MDs with rogues who are actually taking more salary/allowances than d replaced MDs, even in d era of cost cutting and salary slash 4other employees.

Why is everyone calling for Sanusi's head? What did the guy do wrong?

Before he stormed on corrupt bank MD's we had a CBN governor who we trusted tell us that Nigeria will not go into a recession and that all our banks are healthy only for us to find out that billions of our deposits have been mismanaged and stolen. Banks giving out loans with no collateral, MD's lending money to themselves with no intention of paying back, Banks buying their own shares, cooked up financial reports e.t.c.

My friends let us be frank, there is a media campaign to make Sanusi look bad but man took hard decisions and our banking system will be better for it.

Pple shud be objective when making comments about certain issues.On the good side,dis guy has been able to flush out fraudulent bank heads who give out unmerited loans and rob other private individuals access to help from these banks and on the bad side some innocent workers are loosing their jobs.so you see d guy isn't d one responsible for the ailing economy

@Akosbaba,

It all Lies. All the Banks are guilty of that. Sanusi is selective in his reform. Let him go, soon the whole secret will be open.

mojojojo:

Why is everyone calling for Sanusi's head? What did the guy do wrong?

Before he stormed on corrupt bank MD's we had a CBN governor who we trusted tell us that Nigeria will not go into a recession and that all our banks are healthy only for us to find out that billions of our deposits have been mismanaged and stolen. Banks giving out loans with no collateral, MD's lending money to themselves with no intention of paying back, Banks buying their own shares, cooked up financial reports e.t.c.

My friends let us be frank, there is a media campaign to make Sanusi look bad but man took hard decisions and our banking system will be better for it.

For the umpthenth time, giving out loans without collaterals might have been risky, or a bad management practice, but despite what Sanusi wants uneducated people to believe, it's not a crime.
Lending money to themselves, "cooking books" or forging records are still ALLEGATIONS nobody, except Sanusi and his staff have come up with, so let's wait for the courts to decide on these issues.
The media has been too generous to Sanusi for all I know, because many people wished him well and hoped he would succees, but since he did have the basic financial/economic educational foundation, he was bound to fail. Federal character considerations should not have been used to appoint the man in the first place.

Sanusi ,as far i'm concerned, is doing the right thing. we can not continue to run the the economy/banking industries under false pretence. If he does not act now. It may be too late to salvage the economy from the brinks of collapse. Let depbtors like Dangote and the rest pay their dues so that money can be availiable for Micr-economic activities. Nigerians are so cruel atimes. We've forgotten so soon the rottens and wierd behavouir of our so called seasoned bankers? How shares values are manupulated and increased sporadically to the detriment of the populace? How soon can we forget several billions of Nairal given to friends and accolades to the detriment of the masses. Look if not for Sanusi's sincere intervention only God knows what could have happen to the economy. Look! the is the begining of a new foundation it will take time and energy for you to start seeing the beauty and confidence/rewards that will spirng up later. it's just like buliding a house in a Marshy environment. you spend so musch in kind and in cash on foundation but much less on the surface structures and beautification, ofcourse, with a more rewarding scenery and outlandish feelings of accomplishment. SANUSI LAMIDO SANUSI SHOULD CONTINUE THE GOOD WORK. Sacking him will be the greatest mistake ever in the History of PDP administation and ofcourse the fall of Goodluck Jonathan government. A word they say is enough for the wise!!!! I rest my case

mojojojo:

Why is everyone calling for Sanusi's head? What did the guy do wrong?

Before he stormed on corrupt bank MD's we had a CBN governor who we trusted tell us that Nigeria will not go into a recession and that all our banks are healthy only for us to find out that billions of our deposits have been mismanaged and stolen. Banks giving out loans with no collateral, MD's lending money to themselves with no intention of paying back, Banks buying their own shares, cooked up financial reports e.t.c.

My friends let us be frank, there is a media campaign to make Sanusi look bad but man took hard decisions and our banking system will be better for it.

My friend every where in the world banks give out some loans without collateral depending on the credit worthiness of the individual or coy or some other business reasons.Yes some bankers abused the system but that does not call for atotal shutdown of the banking sector,banks in other parts of the world experienced the same thing did you see their govts seizing control of the banks rather they asked the owners to come up with solutions immediately otherwise actions will be taken against them.

SANUSI HAS CRIPPLED THE ECONOMY.HIS ACTIONS HAS KILLED THE ALL SECTORS OF THE ECONOMY.

HE SHOULD HAVE TAKEN SOME ACTIONS IN A DIPLOMATIC MANNER.IF I WERE HIM, I WOULD HAVE CALLED ALL THE BANK MDs AND GIVE THEM 2YRS TO RECOVER THE BAD DEBT OWED BY COMPANIES AND IF AFTER THAT PERIOD THEY FAILED,I WOULD NOW EXPOSED THEM.

I KNEW WHEN HE EXPOSED THE ATTROCITIES OF THE BANK MDs, MOST OF THE LOANS MAY NEVER BE RECOEVRED.HOW MUCH HAS BEEN RECOVERED TILL DATE OF OUT 800BILLION?

THESE BANK MDs KNOW WHO GAVE THEY GAVE MONEY TO AND HOW THEY CAN COLLECT THEM BUT WHEN U ARREST THEM,THERE IS NO WAY THEY COULD RECOVER THE MONIES.

HE CLOSED ALL OUTSIDE BANKS ATMs(cant get money till i visit a bank),TRYING TO ABOLISH UNIVERSAL BANKING,INTRODUCE ISLAMIC BANKING IN A MULTI LATERAL STATE LIKE 9JA(i will introduce jewish banking),30000 BANK WORKERS PUSH INTO SATURATED UNEMPLOYED MARKET(30000 peopl x ave. 15 family members),MANUFACTURERS CANT BORROW MONEY AGAIN(cant even use shares as collateral).

every thing is messed up but i pray he fixes it back sha(for where?)

@chanceman
THANK YOU FOR THE INFO.
99 BANKS FAILED IN THE USA DURING THE LAST RECESSION,NO PROPERTY WAS SEIZED BUT GOVT ONLY INVESTIGATED THEM AND ASSISTED THEM FINANCIALLY TO SAVE DEPOSITOTS MONEY.NOW THINGS ARE PICKING UP IN USA WHILE NIGERIA THAT SURVIVED THE RECESSION IS DYING AFTER RECESSION

THE PROBLEM WE HAVE IN THE COUNTRY IS MIXING POLITICS WITH THINGS LIKE THESE.IF AM THE CBN GOV AND I HATE U,THEN UR BANK CAN NEVER STAND WELL WELL DURING MY REGIME.THATS HOW WE OPERATE IN 9JA.

REMEMBER OBJ DID IT TO NWOBODO OF SAVANAH ONLY FOR COURT TO TELL US SAVANAH NEVER HAD ANY FINANCIAL ISSUES AFTER 8 YEARS OF COURT RULING.WHERE ARE SOME OF THE DEPOSITORS OF THE BANKS TODAY(dead i presume)?

abeg, let him go sharp, sharp! Good plans no doubt but cataclysmically executed.

temmytanny:

@chanceman
THANK YOU FOR THE INFO.
99 BANKS FAILED IN THE USA DURING THE LAST RECESSION,NO PROPERTY WAS SEIZED BUT GOVT ONLY INVESTIGATED THEM AND ASSISTED THEM FINANCIALLY TO SAVE DEPOSITOTS MONEY.NOW THINGS ARE PICKING UP IN USA WHILE NIGERIA THAT SURVIVED THE RECESSION IS DYING AFTER RECESSION

THE PROBLEM WE HAVE IN THE COUNTRY IS MIXING POLITICS WITH THINGS LIKE THESE.IF AM THE CBN GOV AND I HATE U,THEN your BANK CAN NEVER STAND WELL WELL DURING MY REGIME.THATS HOW WE OPERATE IN 9JA.

REMEMBER OBJ DID IT TO NWOBODO OF SAVANAH ONLY FOR COURT TO TELL US SAVANAH NEVER HAD ANY FINANCIAL ISSUES AFTER 8 YEARS OF COURT RULING.WHERE ARE SOME OF THE DEPOSITORS OF THE BANKS TODAY(dead i presume)?

Thanks for your informed opinion.

temmytanny:

@chanceman
THANK YOU FOR THE INFO.
99 BANKS FAILED IN THE USA DURING THE LAST RECESSION,NO PROPERTY WAS SEIZED BUT GOVT ONLY INVESTIGATED THEM AND ASSISTED THEM FINANCIALLY TO SAVE DEPOSITOTS MONEY.NOW THINGS ARE PICKING UP IN USA WHILE NIGERIA THAT SURVIVED THE RECESSION IS DYING AFTER RECESSION

THE PROBLEM WE HAVE IN THE COUNTRY IS MIXING POLITICS WITH THINGS LIKE THESE.IF AM THE CBN GOV AND I HATE U,THEN your BANK CAN NEVER STAND WELL WELL DURING MY REGIME.THATS HOW WE OPERATE IN 9JA.

REMEMBER OBJ DID IT TO NWOBODO OF SAVANAH ONLY FOR COURT TO TELL US SAVANAH NEVER HAD ANY FINANCIAL ISSUES AFTER 8 YEARS OF COURT RULING.WHERE ARE SOME OF THE DEPOSITORS OF THE BANKS TODAY(dead i presume)?

The banks that failed in the USA failed because of a difficult business environment,not because their CEOs cornered depositors funds. Nigerians are funny people, you cannot get something from nothing. If the mirage of the Soludo's era has to go fir us to get real growth, then so be it. The banks were well over the cliff before Sanusi came. What has he done wrong?

a) He injected funds into sick banks
b) He sacked currupt CEOs
c) He limited tenure in banks
d) He limited director's tenure
e) He restructured banks risk profile
f) He created a vehicle for toxic assets


Some will say that the banks are not lending. This is true, but this is momentry.

Yes, the new CEOS think that they will have to collect back some hopeless loans the banks gave out before lending-but this is now down to Sanusi but to the new CEOs of such banks. They need to continue to lend correctly as lending is the main source of revenue for Banks all over the world.

Leave the mallam alone, he is very sound. Heis head and shoulders above Soludo and am not a northerner!

^^^^
This is not a struggle against northerners, it's a fight against mediocrity and ineptitude.
He injected unneeded funds into banks in a bid to "steal" these companies from people who founded them with their own sweat like Ibru, Jim Ovia and Akingbola.
Please stop using the word "corrupt" because nobody has ever been convicted. All you have is just Sanusi's allegations and dramatic road show performances.
Restructuring banks risk profile as if all the banks do is "risk management" is stupid. Banking is made of more than that. He should have learnt from previous CBN governors if he hated Soludo so much.
Remember, someone said, and i agree that Nigeria is where closing an opponents company is used as political weapon. OBJ closed Savannah bank to strike Nwobodo, he also closed Orji Kalu's airline when the guy became loud mouthed. It's easy to see the personal reasons why Sanusi would personally go after his enemies in the banking industry.

funkybaby:

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 4.6% is the interest rate that is used to peg all forms of financial transactions here. There is no proper economy in the world that will pay you up to 9% simply because you are a depositor. But then crooks and criminals like you who want something from nothing will not understand this.

I bank with HBOS and Barclays. For my HBOS savings account I get an interest rate of 1.5% for my Barclays I get nothing. Monday is a bank holiday but on Tuesday I will find out what Barclays charge me for keeping my money with them. Out here they actually charge you on certain kinds of accounts. What Sanusi has done is DEAD RIGHT!

Frankly, i don't feel Sanusi is the problem. Our so called banks have all succeeded in acting as brothels where no meaningful economic and monetary decisions are carried out. So, removing Sanusi and replacing him with someone else that would look the other way is merely inviting further chaos.

This country dey crazy, Just watch out before long now,some one would pull out one file that shows that Sanusi had committed one finacial crime in somtime pass, just the way they have done to ogbulafor,

Na cabal dey run this country, Jooorrrrrrr

once you step on any toe they would pull out your file,

Posterity will never forgive this man. He has messed up our economy for political gain thereby thrown many bank staff to labour market and caused banks not to be granting loan for working capital. His reform has made interest on Fixed deposit less than 5% while interest on loan is more than 21%. From the margin alone, you will know this man does not know anything. Economic melt down in other countries are now thing of past whereas ours is unending. See the PUBLICATION on page 2 of Nation of 30th April 2010 that the 8 distressed banks might be liquidated and handed over to NDIC is care is not taken. His unending publiction on papers is causing more panic on daily basis. What kind og human being is this?

We are waiting for the introduction of ISLAMIC BANK by him so we can introduce CHRISTIANITY AND  PEGANIST BANKS. nonsense. This man has nothing to offer. We better stop him now.

Quote frm funkybaby

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?







I hav bin readin comments but decided 2 ansa ur question,

In an economy d bank interest rates shld not be beta dan returns u wld get 4 puttin ur money into the real sector, so what is d rate of return in the nigerian economy for 20million dat a bank shld now giv more dan 5% interest rate. Monies fixed in a bank is a disincentive to investment, dat 20million can create jobs by investin it in buildin a standard sawmill industry or blockmakin industry.

I wonda where ur friend got 20mill dat he wanted 2 fix in d bank, because u only fix money wen u don't know wat u want 2 use d money 4 nd dis is d prob of d educated illiterates in dis country, banks are not meant 2 b money doublers, if u take ur money 2 d bank its 4 security because weneva u nid it u shld b able to assess it unlike wen u hav invested it in a business venture, nd wen ur money is invested in a venture u can lose it but in d ideal situation even wen a bank folds u shld get ur deposits back complete.




Someone else said US nd UK had to inject hundreds of billions into their economy my own question is does Nigeria even hav an economy where we can inject money into.




Sanusi didn't cause any problem nd Jonathan shldnt sack him he is only gov of d CBN he alone can not make or destroy d economy, where is d head of d NDIC, there is a Minister of Finance, there are other parastatals in dat ministry dat hav a role to play in d economy, there is a Ministry of Commerce other agencies within dat ministries dat are sittin away doin nothin who is d ES of NIPC, let SLS do his job there is also no question of his resignation because Jonathan has not said dat he was disatisfied with any of his actions even the article only acknowledges dat Jonathan has been receivin reports, these reports will be frm dose who lost out.



SLS did not criminalise loans, he only exposed criminal loans, most bank loans are criminal in nature and are actually responsible 4 d overall failure of d Nigerian economy. I worked with a bank, how do u approve nd disburse loans to a customer u don't even know where his office is?



The biggest prob of Nigeria is d high num of educated illiterates we hav.

marvix:

The biggest prob of Nigeria is d high num of educated illiterates we hav.

you are calling others educated illiterates. i was thinking that someone like you that thinks so highly of himself and sees himself as intellectually sound as you will want us to believe would post something very intelligent and engaging.

but you know what? i read through your post and it is one of the dumbest posts on this thread. mofo !!!

marvix:

I wonda where your friend got 20mill dat he wanted 2 fix in d bank, because u only fix money wen u don't know wat u want 2 use d money 4

Now dumbo, who i am, who my friends are, our sources of income and what we decide to do with our money is none of your Zap.i.n.g business. I am not here on nairaland to boast about anybody's investment portfolio or wealth. I never asked you any advice or suggestion on what business my friend can start with his money. All i asked is how come there is such a sharp drop in interest rates.

marvix:

20million can create jobs by investin it in buildin a standard sawmill industry or blockmakin industry.

Sawmill ? Blockmaking? roflmao ! Who asked you for business ideas? Eh?

It is not rocket science to know that an individual that can afford to leave a lump sum in a bank will definitely have investments in shares, stock, property and a flourishing business. Tell me the wisdom in tying all your capital down in a business and not leaving some in the bank for rainy days.

marvix:
banks are not meant 2 b money doublers, if u take your money 2 d bank its 4 security because weneva u nid it u shld b able to assess it unlike wen u hav invested it in a business venture, nd wen your money is invested in a venture u can lose it but in d ideal situation even wen a bank folds u shld get your deposits back complete.

I am assuming that you have never fixed one naira in a bank before neither do you really understand how the banking system works cos if you do, then you will understand my frustration and that of so many other Nigerians regarding sanusi's policies.

Dumbo, i would have replied your silly post in a more civil manner but for having the guts to imply that I, funke, and many others that have posted on this thread are educated illiterates only shows your poor and low level of reasoning.

besides, its takes an olodo to recognise one. numbskull !!!

Na whaooooooo, ,
banking system is collapse .our bank
not save ,no confidence in nigeria banking
system.

Sanusi does not mean well for our economy, the statistics speaks louder than anything I can write here; the number of job losses, the dwindling business activities and the loss of confidence in our banking system and our economy.

Lets not be sentimental about this, the FGN has noticed its mistake and is making amends, the reporting of this large scale mistake is not biased as I hve read from some contributions targeted at Vanguard even TELL magazine of May 3, 2010 reports it under the heading "Sanusi's Voodoo Reforms" try if u can to read this for more enlightenment

Frank-C:

Somebody is actually listening. A reform that makes people to lose their jobs and makes both business men and bankers themselves wary of each other is not worth being called a reform. It is really a devastation.

Maybe, Sanusi fired the bank executives and talked down the banks so carelessly just to 'secure the depositors fund'. Now Sanusi may be fired to secure our economy. Talk about winning a battle and losing the war!

The best response in nairaland in the last 20 years.