Sanusi In Tears; Says Reforms Are Not A Northern Agenda! - Politics (6) - Nairaland
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| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by vizion: 11:56am On May 16, 2010 |
@ oyb if u term him a drop out so what do u call his B.A from a Harvard?? |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Nobody: 12:02pm On May 16, 2010 |
vizion: ^^^^ for shame !!! let me give you a simple advantage of registering sim cards if a kidnapper calls you with a mobile phone - mtn can immediately confirm who it is capish? registration of items is based on , among other things the fact that the users may use them to engage in criminal activities. vizion: mr man - answer the question - did he finish his masters or not? or shoule we call him a 'masters' drop out? i notice you had nothing to sa about dell ad jobs - better hit the net - you know steve jobs was ousted from apple in the late 80s and brought back in the late 90s to sae the company? pretty good for a dropout, no? he was ousted by some dude with plenty paper qualifications, a the then heir apparent to pepsico . perhaps the board were thinking like you - that big papaer qualifictions are essential to runing a successful business while you're looking up successful dropouts, you can also check the links on former bank of england governors. we are talking about the real world here |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by UpBendel(m): 12:05pm On May 16, 2010 |
oyb: oyb thanks. I tried. Believe me, I tried but I started crying like Sanusi, |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by vizion: 12:16pm On May 16, 2010 |
UpBendel: brother Not every one that knws what is faulty, may be able to fix it. also not every one may be capalble of knowing wat is rudiment of the problems that is y i said that that sometimes the symptoms and not the sickness is being treated. I am no economist neither do claim to understand the advance economic principle postulated by paddy_lo and co., that was y i used the example of registration of sim cards as a means of reducing crime, an example of treating the symptoms and not the ailment so if u think that there is a logic then educate me on it P.s. I don't look for trouble or attention, i've been on these forum since 2006 and can see the number of post i'm made so stick to the issues and don't attack me |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by JaaizTech: 12:18pm On May 16, 2010 |
mojojojo:@mojojojo; the truth is that the sensible ones on this forum will agree with you; the Ethnic-Bias ones either do not understand How things work or just decide to turn a Blind eye to the truth. May be we should remind them that they should go the Career pages of Institutions and check what their most important requirements are: Definitely foremost is Working Experience. Besides I thought this discussion was about Sanusi's reforms and not his personality but I guess they could not fault his reforms hence they ran away and started dwelling on his personality. I have challenged all "Anti-Sanusis" many posts ago to propose a better approach than what Sanusi did; given all what the CEOs did and status of the banks at the time. But none have responded yet!!TUFIAKA |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by JaaizTech: 12:24pm On May 16, 2010 |
vizion: Cecilia Ibru and Erastus Akingbola are rogues; they robbed investors and depositors of their money. They mismanaged the trust placed on them. Sanusi came; kicked them out and got EFCC to investigate them. Why is that so difficult to swallow. Ask yourself: "Was it fair to kick these guys out of office"  ; Did the former CEOs commit any financial crimes These are the issues; forget the sentiments. |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by vizion: 12:26pm On May 16, 2010 |
oyb: Thanks very much now after sim cards have been registered, wat happens?? what would stop the criminals from killing less important person, stealing his phone/line then making the calls? mtn would only confirm who the line was registered to and not who made the call (the actual kidnapper)? u see wat i mean by treating the symptoms and not the ailment? you see where one crime would have been okay two has now been committed pls lets not derail the thread as to the issue of me not mentioning dell the person whose post i replied said that Bill Gate saw a drop out, that was y i used microsoft. okay |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by vizion: 12:30pm On May 16, 2010 |
JaaizTech: Oga i'm not in doubt about that let me re-quote myself in cased u missed it vizion: |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Nobody: 12:39pm On May 16, 2010 |
vizion: i am sorry, but that is the reasoning of a simpleton - you think a kidnapper will kill a person in order to use his phone? also, your ridiculous blathering about ailments and symptoms - there are criminals EVERYWHERE in the world. please do not bring that disgraceful well worn excuse that Nigerian criminals are criminals because of 'sitaution' . people bcome criminals because they don't want to put in 9 to 5 to make money . oga the bone of contention here is not the treatment given to IBRU and AKINGBOLA . did you miss the list of past BOE governors? |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by donfade: 12:58pm On May 16, 2010 |
oga analysist, the reforms ought to be for all banks terminating selected md of osme banks did not curb what is hapeening in the market, now after terminating you gave directives to the bexecutives thaty they need to m e more liquid, asking your workers to go makes you more liquid the bond printed to cover up first bank where bwas it from? it |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by donfade: 1:07pm On May 16, 2010 |
analystssist, the reforms ought to be for all banks terminating selected MD of some banks did not curb what is happening in the market, now after terminating you gave directives to the executives that they need to m e more liquid, asking your workers to go makes you more liquid the bond printed to cover up first bank where was it from? it`s about time people stop been the judge if it`s not sentiment, the issue with firstinland bank has to do with northern agenda some banks in America declared loss including Europe where their MD crucified for it why the sudden glorification of Islamic banking in a country of several religious believe remember a coward will always draw back to his shell, so it`s so easy for him to retierate his statement on this whole rubbish not all the bank chiefs are innocent and not all of them are guilty, elemu should also be asked what he does to his staffs, the incumbent MD of zenith has more to say in localization of his firms. oga just take your time to dig out the facts about what you need to type or rather talk to dele momodu of ovation will tell you the story of the elephant and the antelope, sanusi can`t finish what he wants to embark on coz we still still have allot of invisible humanbeings in the sector till tomorrow. |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by naijaking1: 3:40pm On May 16, 2010 |
JaaizTech: Once again, the answer to your question is simply NO. Neither Sanusi nor any of his echo-chambers like you have a right to accuse, prosecute, try, convict, and punish anybody. The absurdity of your position is that you fail to understand that Sanusi cannot be the prosecutor, judge, and jury of this case. We have gone over this fact a million times, and you people keep bringing it up to support your baseless argument. Ibru, Akingbola, Bart Ebong, and other bank CEOs are thieves, rogues, robbers just as you, your mother and father are also thieves, because none of you have ever been convicted in a court of law. I might also add that anybody, including me, and my own dear parents could also be called thieves and robbers based on the same logic, I certainly don't want you to take it personal, but I need that direct example to drive home this important fact. The fact is, all accused persons are innocent until proven guilty in a court of law, not by Sanusi. It's a shame many people, learned and illiterate have fallen for this Sanusi arbitrary form of For your information and in modern western civilization, anybody accused of any crimes is not executed by the same accuser, that's why the alleged underwear bomber, Umaru Mutullab is still going through due process in America. US journalists refer to him as the alleged bomber despite all the evidence against him, but you and Sanusi don't have the common decency to call our bank CEOs accussed thieves, robbers, and rogues. This small semantic change is very important, because it underlines your argument. "Because they are thieves(even they're not, and even when it has not been proven), Sanusi should be applauded for getting rid of them," you would say. The problem with your argument is that it's based on a totally false premise. Since your argument is built on a foundation of false premise, its therefore a fallacy, incorrect, and baseless. |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by UpBendel(m): 3:55pm On May 16, 2010 |
naijaking1: Goodness!! Are you for real |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by MEGABHROS1: 4:43pm On May 16, 2010 |
@ Paddy-lo Spot on!Good point!! I think you made the best of sense on this note. Let those who understand the tenets of economics figure out the dichotomy between wealth creation and wealth re-distribution. As for Sanusi, I think he has just begun. He thought he could use reforms to mask the truth about his mission. He was only having a myopic view about how the economy works. Economy is not made up of only financial sector alone. He should be reminded of the bond between the real sector and the financial sector and how they interelate. He should not also forget that government and her agencies have a key role to play in making the marriage of these two sectors a success. May be I should remind him that National Income is Modelled as : Y= C + I + G Sanusi kept fighting the war in the financial while nothing was coming from the other. He was busy sanitising the sector while his employer and his cohorts were busy eating us up like cancerworms. Let him be told that the halting of Ibori trial by his former appointer dealt more to the people of Delta and Nigeria in general than those he was fighting in the financial sector. Where was he when the likes of Erastus and Jim Ovia left the merchants banks( IMB etc) in the early 90s to form the banks we now have today. Were his military northern brothers not the ones in power then? If he was indeed brilliant and could compete with his peers, he should have floated one too. He should ask himself how Soludo was able to hold the economy firm despite the so-called distortions and global recession. Let him understand the fact that the society is not an apple which if a part got damaged could still be peeled off and eaten; but see the society like that of an egg. A spoilt egg is a spoilt egg, ponto! An attempt to sanitise a sector of the society where the entire society is rottened could be tantamount to a wild goose chase. There are distortions everywhere, not only in the banking industry. I can see a good result if the govt can bring in reforms that put things in shape. If not, the man will be held responsible for all the problems in the economy. I stand to be corrected , but I think right policies in wrong environment will result in wrong output. Let there be a stop to inflation of contracts, abandonments of contracts, bribery in high places and massive looting like Ibori, then we can make meaning from the bank reforms as the financial sector does not operate in isolation. |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by vizion: 4:57pm On May 16, 2010 |
oyb: is it because i said kill, u call me a simpleton?? 1) how about stealing someone elses phone robbers have killed and maimed ppl for less than 100k in naira, about 2 months ago, robbers shot indiscriminately into a bus killing 2 innocent ppl for money i guess was less than 3million naira the money paid out for ransom is somethings run into milliions of naira so it would be delusional for one too think that getting another persons phone to make a call would deter a kidnapper. 2) Also there many be no need difficulty in the kidnappers having access to a phone to place their calls as i'm very sure (90%) that the person kidnapped would have a cell phone on him (-if not s/he would nt be worth kidnapping in the first place) therefor it would be delussional for any one expect a FOOL to think that registering a phone would curb kidnapping oyb: have u ever wonder whille crime is on the increase in Nigeria if u go to port harcourt, when the (motor) bikes where stopped, the excuse in some quaters was that it would help reduce crime. we forget that crime is on the increase because previous crimes have not been solved and the criminals brought to book stopping the bike's in this case was like treating the ailment, dettering criminals by letting them know that they could be caught is treating the sickness. any sane person that watches FBI files on TV would think twice before committing a crime in the western countries. oyb: i did not miss the list. as i said before i am not an expert economist so i would refrain from speaking on the advance economic issues. if u follow the issues in my post u would notice that i only faulted peoples agruement so that they could make contributions that would enlighten and educate us better. i have learnt some new things reading the post above i would rather u take it up with paddy_lo and co who are more educated in that aspect. more over instead of trying to win an arguement by throwing in an irrelevant list, show the relevance of the list by showing how this persons are no different from Sanusi u can do this by showing that they too like Sanusi have not published any research paper, and yet still when on to do a fine job. P.s. Learn to counter points with points so that we could learn from you post |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Nobody: 5:47pm On May 16, 2010 |
^^^^ attack of the tenny boppers  meanwhile, the op is yet to post a pic of the crying governor. if he cannot find one, i suggest he desists from this junk journalism and renames this thread why i hate sanusi episode 2 |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by vizion: 6:05pm On May 16, 2010 |
oyb: vizion: |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Nobody: 6:14pm On May 16, 2010 |
^^^^ i have countered every miserable excuse for a point that you put forward you are free to claim victory - its the net not the real world - which is why you can get away with such ridiculous arguments carry on at least you admitted that you arent an economist and really have no business commenting on sanusi - now run off to some music threads - i'm sure your contributions there will be more in line with your brand of reasoning |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Nobody: 7:36pm On May 16, 2010 |
JaaizTech: well i was enjoying ur arguments until this quote above, how come adenuga with his faulty banking at etb went away free ? well from access bank down to uba they all at one point or the other have mismanaged peoples money. how come we only had selected justice, if i were cecillia i would have gone AWOL like Erastus. |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by 4Play(m): 11:07pm On May 16, 2010 |
All this noise Oyb is making is out of religious solidarity. It's quite clear to me that Sanusi is not one of Nigeria's best economists. I have always said that the CBN Governor should have at least a PHD in economics or a related field, or at the very least, other stellar scholarly credentials. Obviously, this alone does not make a good Gov, look at Soludo who was well qualified but a thief, but it is an essential starting point to dig us out of the mess we are in. |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by SapeleGuy: 11:44pm On May 16, 2010 |
You people are speaking too much grammar. Ask yourselves some simple questions and please be honest. What has this man achieved since he became governor? How has he improved the economy? Is there anybody that can say since he came their business has flourished? Do we have foreign investors queuing up to invest? The answer I got was a resounding NO. We should all be judged on our results, Sanusi must go, his record is atrocious. |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Nobody: 11:49pm On May 16, 2010 |
^^ abeg vamoose from this thread and get back to defending uncle jamiu sand institutionalized corruption |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by SapeleGuy: 12:06am On May 17, 2010 |
^^^ Don't derail the thread. Sanusi has been an unmitigated disaster - a threat to national security. If not, list positive contributions his policies have made to our economy since he came to office. If you can't list anything positive Sanusi has contributed, then you need to stop typing rubbish. |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by PapaBrowne(m): 1:36am On May 17, 2010 |
SapeleGuy: Thank you jor! The answer I get is a resounding No too. Businesses are struggling because of credit squeeze. Foreign investors are scared stiff because of policy reversals. Jobs are being lost left, right and center. The stock market is dead because risk has been criminalized. And our financial sector is now an international laughing stock because the Sudanese graduate took us on a roadshow (sharia style) to wash our dirty linen on CNN! Now the man is crying and blaming his failure on the Nation's infrastructural problems forgeting that those problems also existed in 2004 when Soludo started our with catapulted our banks into international reckoning! |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by lastpage: 1:37am On May 17, 2010 |
@Jaeeztech @mojojojo; the truth is that the sensible ones on this forum will agree with you; the Ethnic-Bias ones either do not understand How things work or just decide to turn a Blind eye to the truth. May be we should remind them that they should go the Career pages of Institutions and check what their most important requirements are: Definitely foremost is Working Experience. Besides I thought this discussion was about Sanusi's reforms and not his personality but I guess they could not fault his reforms hence they ran away and started dwelling on his personality. I have challenged all "Anti-Sanusis" many posts ago to propose a better approach than what Sanusi did; given all what the CEOs did and status of the banks at the time. But none have responded yet!!TUFIAKAThe 'bolded' part refers: First, l am not anti-Sanusi but l will like to state what/how l thought he would have done better, in reference to your post i.e a better approach. Given: The Bank M.D's were fleecing everyone of us. Gross abuse of office, criminal manipulation and out-right forgery of year-end results. I know this on first hand, l had worked in the I.T department of banks for years before dis-engaging voluntarily. Again, Given: Banking is all about investor confidence in the industry. Its is the confidence investors have that lead to wealth creation (as in when we say banks "create money"  .Once you SHAKE that confidence, investors would pull-out sharp-sharp and their would be a "run" on bank's deposits. Given again: The global economy was slipping (or has slipped) into recession and its effect on consumer spending vis-a-viz savings and disposable income as it affects business and banking was a major factor that 'economic shapers" take into consideration in policy formulation and implementation hence, the "mega bail-outs" to stimulate spending and further wealth creation. Having given the background against which Sanusi was operating as at the time of the banking reforms he undertook, he would have done better if: 1.) Instead of the "public show" that followed the "exposee" on categorization of some banks as FAILED Banks and some as "about to FAIL" on the T.V and Newspapers, he should have taken corrective action without the public even being aware of what was going-on. Advantage is that the public will still have confidence in the banking industry and money/wealth will still flow as against the "run on funds" that we witnessed in some banks, which further killed them so much that some have to shed majority of their staff, InterContinental and Cecilia Ibru's Oceanic bank are examples. 2.) As the chief Security officer of the banking regulators, he should in like manner treat the issue of what bank's M.D did and their open sack, cautiously by (a) quietly disengaging the M.D's in a "one-on-one" meeting tabling evidence of mismanagement and asking the concerned M.D for a letter of resignation and advising such to quietly hand-over (like they do with some coup plotters or people in sensitive offices in govt, (remember Tafa Balogun?). (b) Once stability is achieved, prosecution of such M.D should then follow (After which, such prosecution would not have an adverse effect on the bank's business with the public 3.) Knowing that we are in a recession, the global trend by seasoned industry players is how to stimulate spending since people are "afraid to part with the little money they have", being not sure of their job security or which foreclosure may follow. Such poorly managed "public sanitisation" (am not against the sanitisation itself) ended up making the economy to constrict further, as people held more unto their money, for the same reasons they do in a recession and fear of the unknown. At times, to "achieve the opposite", Govt have been known to give an initial overly optimistic picture and then gradually revise it down, using another mouth-piece (E.g, when the U.S President say recession is gradually over, the Treasury secretary will follow later, in about a week, after the effect of the first pronunciation has worn out, to say that "we are not yet out of the woods  its a balancing game but it achieves its aim). But Sanusi "exposed" everything without due consideration to the "time of the day". It is "raw" to say the least. 4.)Again, by publicly drawing a LIST OF FAILED BANKS when the INVESTIGATION HAS NOT BEEN CONCLUDED ON CERTAIN BANKS created an uneven playing field. It gave (i)an undue advantage to those banks whose examinations are yet to be concluded (ii) It gave them the "time" to either perfect their "cookery of the books further" or to take some pre-emptive steps to favor themselves. What am saying is that "such list should not even be public knowledge in a recession and if it must be drawn, it must be all-encompassing as at when drawn. Some have argued that banks in which Northerners have majority interest were not part of the first salvo of examinations banks like Platinum/Habib Bank, First Inland Bank, Unity Bank, but while this may have been a co-incidence, it seems too coincidental for comfort but l am not one to subscribe to any conspiracy theory 5.) The foreign investors that he anticipated will come and buy the "toxic assets" of Nigerian banks were scared away by the same "policies of apparent instability" he instituted, in the sanitation exercise! Now he says Govt does not intend to sell any bank? Who will even buy them? Where is the money to throw on toxic assets when there is no money to buy pristine assets? In summary, while Sanusi has done "something necessary" (i.e. sanitisation and sacking of the thieving bank M.D's), his timing, method and procedure has made a bad situation even worse Those may have been his regrets. I hope you will now understand why some people are furious and why Sanusi himself might look back in retrospect and think "l could have done better"!. BTW: The EFCC MUST confiscate all the assets (both local and foreign) of any bank M.D that has taken depositors fund for private use. This is only the time that justice is seen to have been done and as a deterrent to future "abusers of privilege" Cheers & thanks. |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by PapaBrowne(m): 2:22am On May 17, 2010 |
[size=14pt]Businesses groan under the impact of banking reforms[/size] Cover Stories May 17, 2010 By Babajide Komolafe, Yinka Kolawole, Godwin Oritse, Franklin Alli, Amaka Agwuegbo & Naomi Uzor LAGOS—THE business community, weekend, protested the negative effect the ongoing reform of the Central Bank was having on their businesses and the economy in general. A random sample of the apex bank’s reform on the business community conducted by Vanguard showed that almost every aspect of the economy was negatively impacted by the reform. A cross section of maritime operators, real estate developers, manufacturers as well as financial sector operators lamented that the banking reforms created more problems and had caused the death of several businesses, unemployment and low capacity utilisation. National President of the Real Estate Developers Association of Nigeria, REDAN, Chief Olabode Afolayan told Vanguard: “The ongoing banking reform is destroying businesses and has created crisis of confidence in the system. “We had expected that cushioning effects on the economy would have accompanied the reform. The short and long-term effects of such reform ought to have been envisaged. For almost six months, there has been no single transaction in real estates. “The intervention in the banking industry by CBN has created fear in the minds of people generally and no bank wants to take the risk of giving loans to creditors. Some people actually rely on credit facilities from the banks because there is no economy that grows without the involvement of banks.” Some property developers who spoke to Vanguard observed that in the first quarter, the economy witnessed severe credit squeeze due to the CBN intervention in banking operations. They noted that this manifested in a slump in the real estate business as funding was not forthcoming for new property development. They also noted that there was a sharp decline in demand for property, especially in areas like Ikoyi, Victoria Island and Lekki, with some of them having had their valuations reduced by as much as 10 per cent. A facility manager admitted that the banking reforms forced property prices to fall in some areas. He stressed that most of the prices fell due to banks’ debtors selling off their property below valuation prices to enable them settle their debts and thus avoid prosecution by the Economic and Financial Crimes Commission, EFCC. See more on Financial Vanguard http://www.vanguardngr.com/2010/05/17/businesses-groan-under-the-impact-of-banking-reforms-2/ |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by PapaBrowne(m): 2:26am On May 17, 2010 |
[size=14pt]Fresh wave of retrenchment looms in banking sector[/size] FinanceMay 17, 2010 By Victor Ahiuma Young INDICATIONS have emerged that some banks have been discreetly easing out staff in a fresh wave of retrenchments in the nation’s banking sector, even as the dust raised by the recent retrenchments which claimed not less than 10,000 workers occasioned by Mallam Lamido Sanusi led Central Bank of Nigeria, CBN reform, is yet to settle. sanusi Already, Vanguard’s findings confirmed that organised labour in the nation’s financial institution, under the aegis of Association of Senior Staff of Banks, Insurance Institutions, ASSBIFI, has written a strong worded petition to the Group Managing Director/CEO of First Bank of Nigeria, FBN, Plc, warning against any unprocedural disengagement of staff to avoid industrial unrest. Investigation also revealed that organised labour is planning a showdown with banks that have failed to pay disengaged employees full benefits. Vanguard’s findings revealed that because of the public outcry and the tension the last mass retrenchments of workers in the sector caused, most of the banks are now retrenching their staff in trickles and discreetly to checkmate suspicion and public uproar. However, Vanguard’s findings confirmed that two bank, a first generation and a new generation bank are planning to release over 1500 workers into the unemployment market any moment from now. In fact, the said first generation bank, according to sources, plans to ease out nearly 1000, while the new generation bank is looking at not less than 500 employees. Reacting to this development, the Secretary-General of ASSBIFI, Comrade Mr. Javis Erhomosele, told Vanguard that the Association is aware that some banks are retrenching workers and that ASSBIFI is indeed talking to one or two of such banks. He however, warned that the association was prepared and ready to close down any bank or financial institution that failed to adhere to the laid down rules governing employer-employee relationship especially the subsisting collective bargaining in the sector. Comrade Erhomosele advised banks to avoid anything that would unearth the fragile peace in the industry, warning that any bank caught indulging in discreet sacking of workers would definitely incur the wrath of organised labour. He confirmed that the association had petitioned the MD/CEO of FBN, over alleged planned mass retrenchment when the dust of earlier mass retrenchment has not settled. In a petition dated May 11, 2010, and titled “Unlawful staff rationalisation by default”, ASSBIFI said: “We are in receipt of the letter dated 5th May, 2010 from our Unit to your Management on “discreet disengagement of members of staff without following due consultation”. The Union is highly disturbed that your Management can again resort to the reprehensible tactics of mass lay off of our members under the guise of “Early Retirement Scheme”; a failed approach which our letter dated 3rd September, 2009 profusely thrashed out before your management saw the wisdom in maintaining industrial sanity and equilibrium by entering into negotiation and redundancy agreement with us on 14th October, 2009 which led lawfully to the disengagement of some of our members at that time. Without any ambiguity therefore, we are indeed certain that your Management is aware that its current ill-guided, subterranean handing of retirement letters to two hundred and ninety one (291) of our members is unlawful and a clear violation of the provisions of our extant labour law and industry wide Collective Agreement. Section 20 of the Labour Act and Articles 5 (b) of Part II (Section 1) of our Collective Agreement requires that you enter into negotiation with the National Secretariat of the Union before your present exercise can be sustained. As a law abiding corporate citizen, we expect that you will immediately guide your Management to respect the law and procedure as the only means of sustaining our well cherished industrial harmony as we look forward to the immediate reversal of the on-going rationalisation exercise and, receiving your invitation to properly negotiate and discuss as required by law. Your Management is fully conversant with all the requirements and you may therefore agree with our justifiable position of taking no guise as an excuse.” In a related development, the ASSBIFI Secretary-General, disclosed that organised labour is planning an assault on another first generation banks that has its head office on Marina, Lagos, over lingering dispute on non-payment of full benefits to ex-staff disengaged in the last couple of years. He lamented that all efforts at making the bank see reason and settle the former employees their entitlement yielded no positive response and added that organised had no other option than the take the bank head on. http://www.vanguardngr.com/2010/05/17/fresh-wave-of-retrenchment-looms-in-banking-sector/ |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Ibime(m): 2:34am On May 17, 2010 |
SapeleGuy: Yes, we do have foreign investors queueing up to invest, thats why most foreign investors are increasing their Nigerian portfolio, and that why Nigerian stockmarket is one of the fastest growing this year. You want achievements?. . . Sanusi has improved disclosure in the banks, he's wrestled inflation, he's kept Naira stable, and he's protected depositor funds. . . . The only stick y'all have to beat him with is credit. . . Credit is growing . . . YOY credit growth is slowing. . . .some dont understand the difference. . . The supply of credit depends on the size of the balance sheets of banks. . . . . why wont people acknowledge that simple fact? Credit growth has been slowing YOY since 2008! PapaBrowne: (1.) The foreign investors that ran away during 2008/2009 are coming back thanks to better disclosure. (2.) Why do you like propagating falsehood? Naija stockmarket has grown at 40% this year alone. |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by lastpage: 2:38am On May 17, 2010 |
@PapaBrowne: ^^^^^^Am just wondering aloud? Why cant we have[b] statutory Acts[/b] governing Redundancy and Unfair dismissals as obtainable in other countries such that it does not have to involve the unions and the unrest that follows? If we had such laws, the employee and employer simply "obey the law" and any aggrieved person simply heads to the "Employment tribunal", Shikenna! Even just to copy one from other countries, abi? This is the type of things Legislators are "paid to work on" not the "wheeling and dealing Legislaors we have in Nigeria! Incompetent criminals whose only role is to "negotiate" for bribes and increase their own allowance at the expense of the citizens  @Ibime Naija stockmarket has grown at 40% this year alone. Which year are you using as your "base-year" to compare the growth? If people's stock portfolio 'real value' has crashed by more than 500% between 2008 and today, comparatively and you say there is a 40% growth, please EXPLAIN! |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by PapaBrowne(m): 2:40am On May 17, 2010 |
JaaizTech: While we criticize the bank MD's, we should also remember that Sanusi himself was a bank MD. And before he became a bank MD, he was ED Risk Management. That means he was a top player in the banking industry which he loves 2 criticizes so much. He was a part of the rot in the system. If he wasn't then he had a responsibility to speak out loudly or resign while all the mess was going on. But he didn't. He jollied with them at the same parties! He spoke the same language as they did and his bank declared humongous profits alongside their peers. The same unethical practices the other banks engaged in, First Bank and UBA also engaged in and Sanusi was there and said nothing. First bank also gave out loans without collateral and without proper risk assessment- The Seawolf loan is a good example. In 2007, First Bank set out to raise funds from the exchange to the tune of 100 billion naira. They did a manipulation before releasing the offer. Interestingly, the offer was way oversubscribed to the tune of somewhere in the region of 400+ Billion naira. They held the monies for months, made massive profits on the oversubsciption before returning the excess to the shareholders. By any count, these were very unethical practices and Sanusi was there and said and did nothing! Now, what moral authority does he have now to start maligning his once upon a time compatroits? These issues are the exact point Gusau raised on the CBN governor's selective/vindictive approach. All the banks were involved in unethical practices. Why then did he choose to punish some and leave others?? How come the courts haven't been able to find a single one of the accused CEO's guilty of any of the charges?? |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Ibime(m): 2:57am On May 17, 2010 |
lastpage: (1.) YTD 2010. . . NSE has grown circa 38%. (2.) In response to fallacious claims that SLS has crashed the stockmarket. . . you have just highlighted the fact that portfolios have been crashing from 2008. . . . and are only on their way back up. |
| Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by PapaBrowne(m): 3:23am On May 17, 2010 |
Ibime: (1) The reduction in inflation is an indictment of Sanusi. His actions weakened the economy and the resultant effect was reduced spending which naturally impacted on the inflation figures. It had nothing to do with any monetary policy decision. (2) Protected depositors funds?? To the best of my knowledge, the last time depositors lost monies was a while ago before the onset of Soludo, so why would you list it as one of his achievements! (3) Foreign investors are coming back?? I dont think so oooh! Not at all. I haven't seen any signs of that yet. I have a friend at Emerging Capital Partners and from what I see they don't seem keen on making any new investments in Nigeria right now. . . at least until they know they the direction the industry is going. Right now, under Sanusi , it isn't clear at all! (4) The markets have grown this year simply because they hit rock bottom when Sanusi struck. I think Lastpage has answered this you on this one. "If people's stock portfolio 'real value' has crashed by more than 500% between 2008 and today, comparatively and you say there is a 40% growth, please EXPLAIN!" Sanusi himself said it is not likely the markets would pick up (obviously as a socialist, he wouldn't want it to). On the RCCG and Northern Agenda stuff you mentioned earlier on page 4, I maintain the points I raised in previous discussions even though they seem politically incorrect. |
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