funkybaby:

dunno about other anti-sanusi posters but i personally have never supported or defended what the former CEOs did.

my own point has been: interst rates! interest rates!! interest rates !!!

rates have crashed and the banks are NOT loaning money to individuals to set up businesses. besides, he seems to be implementing too many policies at the same time. hence, the catastrophic effects we are all witnessing

i guess sanusi's approach is to destroy the economy totally and then build it up all over again from the scratch

anyways, its fingers crossed !

interest rates ko, selling rate ni
if the banks had gone under with your savings, would you even think of borrowing or fixing in the banks?

my point is, the guy met the banks in a sorry state and all hes doing is to clean up the mess
if you expect the interest rates not to mirror the state of the economy, then ure on your own o

@funkybaby
Do you even know interest rate's determinant factors?
If you do which i suspect you probably do then you will def understand that sanusi's actions are solely not responsible for high or low interest rates.

jay bee:

@funkybaby
Do you even know interest rate's determining factors?
If you do which i suspect you probably do then you will def understand that sanusi's actions are solely not responsible for high or low interest rates.

i think i told her the factors determining interest rates in the country in the previous pages
i think she skipped that part

@tkb417 Thank you my man for the very lavish celebration and numerous uncountable smileys - you have good insight on this issue 

I have also taken the time to bolden my original post as it seems some people probably missed it (paddy_lo, naijaking1) 

Now let me be a bit sober; a half-hearted [covering my mouth, can't help giggling] apology to funkybaby for my over-exuberance - this [size=5pt]apology[/size] is more because of your profile pic and also obviously for any distress caused  .

In fact, if they like they should introduce Mallam Banking or Redeemed Banking or Hindu Banking or even Sango Banking, as long as it is properly regulated with adequate checks and balances and is not compulsory, then it's all good!
.

Interesting Development.

Sanusi keep on the good work

ADint:

Now let me be a bit sober; a half-hearted [covering my mouth, can't help giggling] apology to funkybaby for my over-exuberance - this [size=5pt]apology[/size] is more because of your profile pic and also obviously for any distress caused .

[size=5pt]hahahhahahahahha[/size]

tkb & ADnit, no be una fault. keep celebrating. paraga drinks are on me!

ADint:

In fact, if they like they should introduce Mallam Banking or Redeemed Banking or Hindu Banking or even Sango Banking, as long as it is properly regulated with adequate checks and balances and is not compulsory, then it's all good!

o serious !

jay bee:

@funkybaby
Do you even know interest rate's determinant factors?
If you do which i suspect you probably do then you will def understand that sanusi's actions are solely not responsible for high or low interest rates.

if sanusi's actions are not solely responsible, then what is?
the crashing prices of a barrel of crude oil

all fingers point to sanusi and his policies abeg

tkb417:

i think i told her the factors determining interest rates in the country in the previous pages
i think she skipped that part

nope ! you didnt.

funkybaby:

if sanusi's actions are not solely responsible, then what is?
the crashing prices of a barrel of crude oil

all fingers point to sanusi and his policies abeg

nope ! you didnt.

INFLATION
Interest rates are usually set to help curb inflationary pressure and Sanusi's actions haven't necessarily fueled such pressures.
Try reading on PPI and CPI

@ jaybee

Inflation?? That's a laughable answer and it is obviously not the reason why rates crashed.
Naija has always suffered from inflation for as long as I can remember.

Let's narrow it down to the rate of inflation in the last 5years. . . . Pre-sanusi : inflation existed, it has risen steadily, yet bank interest rates were good and some banks gave out loan.

Now post sanusi: inflation still exists and banks are very relunctant to loan out one kobo

funkybaby:

@ jaybee

Inflation?? That's a laughable answer and it is obviously not the reason why rates crashed.
Naija has always suffered from inflation for as long as I can remember.

Let's narrow it down to the rate of inflation in the last 5years. . . . Pre-sanusi : inflation existed, it has risen steadily, yet bank interest rates were good and some banks gave out loan.

Now post sanusi: inflation still exists and banks are very relunctant to loan out one kobo

check the facts TeeZero posted about interest rates in Nigeria pre Sanusi and post Sanusi

we are still watching.
this doesnt mean go ahead. until it is actually said.
this is naija, any thing can happen any time.

Sanusi must and will surely go before time.

lets wait and see

any bet?

When people commend SLS, i wonder what they are talking about. SANUSI damaged the economy. We are in May, by next month, it will be one year since his reform started, and there is no activity in the banks, rate has crashed that interest on saving is heading to zero.

We are not saying that the bank CEO's that mismanaged their banks did very well, but there are better strategy SLS should have used to solve the crises, without throwing away the confidence people have in the banking sector and putting the economy at risk. SLS eroded the confidence people have in the bank, criminalized borrowing and make bank to demand for your great grand father's guarantee before they offer you a facility.

Let talk about those that lost their job, company that has gone under, and those that are on death bed, imagine the Aero contrator is struggling to survive as result of the same SLS reform. A reform should help energize industries and the economy and not the kill them.

How can a CBN governor say that MFB does not contribute to the economy, and yet they employed and pay people salary, they give loans etc.

Just like Remi Babalola said CBN is running their affairs as the spirit leads.

SLS has condemned consolidation, why is SLS going for consolidation now, after thought abi?.

I know that CBN governor is a tenored appointment, it is not going to be easy to remove SLS, but FG should reform his reformation.

@saintchux

good point u made

i share in ur pains and i agree the methodology might not be the best but at the point SLS came in, something drastic was needed

Like someone rightly said, these pains are not forever and its only a matter of time, we'll be back to our best

tkb417:

@saintchux

good point u made

i share in your pains and i agree the methodology might not be the best but at the point SLS came in, something drastic was needed

Like someone rightly said, these pains are not forever and its only a matter of time, we'll be back to our best

Ope ooooooooooooooo!
The scales are gradually coming off your eyes and you are begining to see reason with me

Sanusi is clueless on what he is doing. Wrong policies implemented at the wrong time. Result: catastrophy!

saintchux:

When people commend SLS, i wonder what they are talking about. SANUSI damaged the economy. We are in May, by next month, it will be one year since his reform started, and there is no activity in the banks, rate has crashed that interest on saving is heading to zero.

We are not saying that the bank CEO's that mismanaged their banks did very well, but there are better strategy SLS should have used to solve the crises, without throwing away the confidence people have in the banking sector and putting the economy at risk. SLS eroded the confidence people have in the bank, criminalized borrowing and make bank to demand for your great grand father's guarantee before they offer you a facility.

Let talk about those that lost their job, company that has gone under, and those that are on death bed, imagine the Aero contrator is struggling to survive as result of the same SLS reform. A reform should help energize industries and the economy and not the kill them.

How can a CBN governor say that MFB does not contribute to the economy, and yet they employed and pay people salary, they give loans etc.

Just like Remi Babalola said CBN is running their affairs as the spirit leads.

SLS has condemned consolidation, why is SLS going for consolidation now, after thought abi?.

I know that CBN governor is a tenored appointment, it is not going to be easy to remove SLS, but FG should reform his
reformation.

Well said.

I like the comment made by remi babalola. That sums up sanusi's modus operandi.

Quote from edoyad:
@marvix you're contradicting yourself. Do you think corruption only refers to accepting and giving bribes ? What about getting appointed to a position inspite of not being qualified to hold that office ? So because one doesn't accept bribes but still goes ahead to accept becoming an economics lecturer in a University his uncle V.C. , though he only has  a B A in yoruba language that to you is not corruption.







From the above, is this not a good example of an educated illiterate? Or what more can I say.

Edoyad do u kno wat it means 2 be a high level risk manager, do u think it is beans 2 serve in d banking sector for 25yrs nd rising to bcom MD of a leading bank. If u hav nothin 2 contribute just sit back and learn when properly educated nd enlightened literates are talking.

funkybaby:

Ope ooooooooooooooo!
The scales are gradually coming off your eyes and you are begining to see reason with me

Sanusi is clueless on what he is doing. Wrong policies implemented at the wrong time. Result: catastrophy!

what are you chatting sweetie?

i said methodology not policies

read well o b4 u quote me wrongly. Sanusi is not clueless and just like the other poster said, the govt can work with him in ameliorating the biting effect of the policies or seek for a better approach.

thats me point

Quote from funkybaby
banks are NOT loaning money to individuals to set up businesses.



Hmmm so funky is interested in pple settin up biz but she left her 50m in a fixed deposit in d bank can we imagine d hypocrisy. What SLS is tryin 2 achieve is that people shld bring their funds out of d banks nd invest in d real sector so the rate of return on investment in d real sector shld be greater than bank interest rates, I hope this allows u to c d crash in deposit interest rates in a new light.

Ur 50m in d bank wld achieve more now in d real sector dan u can achieve by fixin it in an account.

marvix:

Quote from funkybaby
banks are NOT loaning money to individuals to set up businesses.



Hmmm so funky is interested in pple settin up biz but she left her 50m in a fixed deposit in d bank can we imagine d hypocrisy. What SLS is tryin 2 achieve is that people shld bring their funds out of d banks nd invest in d real sector so the rate of return on investment in d real sector shld be greater than bank interest rates, I hope this allows u to c d crash in deposit interest rates in a new light.

your 50m in d bank wld achieve more now in d real sector dan u can achieve by fixin it in an account.

look. young man. do not start with me again on this thread 

wetin sef? them send you to me?

how many times will i tell you that what i and my friends do with our money is none of your bloody business

i refuse to invest in your block making and saw mill industry business ideas.

ki lo de ? na by force?

e de gba mi lo wo bobo yi 

saintchux:

When people commend SLS, i wonder what they are talking about. SANUSI damaged the economy. We are in May, by next month, it will be one year since his reform started, and there is no activity in the banks, rate has crashed that interest on saving is heading to zero.

We are not saying that the bank CEO's that mismanaged their banks did very well, but there are better strategy SLS should have used to solve the crises, without throwing away the confidence people have in the banking sector and putting the economy at risk. SLS eroded the confidence people have in the bank, criminalized borrowing and make bank to demand for your great grand father's guarantee before they offer you a facility.

Let talk about those that lost their job, company that has gone under, and those that are on death bed, imagine the Aero contrator is struggling to survive as  result of the same SLS reform. A reform should help energize industries and the economy and not the kill them.

How can a CBN governor say that MFB does not contribute to the economy, and yet they employed and pay people salary, they give loans etc.

Just like Remi Babalola said CBN is running their affairs as the spirit leads.

SLS has condemned consolidation, why is SLS going for consolidation now, after thought abi?.

I know that CBN governor is a tenored appointment, it is not going to be easy to remove SLS, but FG should reform his reformation.

I would speak as someone who had worked in the banking sector.
MFB, don't contribute anything to this economy, I as a person was angry how this micro finance banks were run (At that time, i was still in a bank).
banks were asked to give up a certain percentage of their profit to help the economy (give up = = close their eyes towards that cash).
They all agreed during the bankers meeting, then what happened, they turned it into another capital money making venture.
These banks were supposed to use this profit to help those who couldn't access loans because of no collateral .
The interest rates were to be very very low, hence to enable the poor entrepreneur break even.

If they had adhered to the reason for its creation, by now, the economy would have grown and jobs would have been created.

Sls didn't erode any confidence, bankers themselves knew that the books were cooked.
There was no confidence amongst the banks, Banks were able to do interbank because CBN gave their word as a security in case any of the banks failed.

Am yet to see one person that has accurately defined the correct manner in which sanusi should have done the reform, instead we have Criticisms up and down.

I have not seen any reform that had taken place without Pains.
I would end by saying, if you are on a highway to a destination and you find that you are going the wrong direction, your best option would be a u-turn towards the right direction.( Though you would not be comfortable with it because of the time spent, petrol burn't, etc but you still have to do it anyway).

tkb417:

what are you chatting sweetie?

i said methodology not policies

read well o b4 u quote me wrongly. Sanusi is not clueless and just like the other poster said, the govt can work with him in ameliorating the biting effect of the policies or seek for a better approach.

thats me point

and what are you saying hunnie?

whats the difference between methodology and policies in mallam sanusi's dictionary of ''sweeping reforms''

it means the same thing jo !

funkybaby:

look. young man. do not start with me again on this thread  

wetin sef? them send you to me?

how many times will i tell you that what i and my friends do with our money is none of your bloody business

i refuse to invest in your block making and saw mill industry business ideas.

ki lo de ? na by force?

e de gba mi lo wo bobo yi  

take your money to Barclays abi Bank of America
lets see if they'll be able to match ur expectations

i doubt it sha

marvix is saying the truth

funkybaby:

and what are you saying hunnie?

whats the difference between methodology and policies in mallam sanusi's dictionary of ''sweeping reforms''

it means the same thing jo !

Methodology is your approach in implementing your policies

are we clear?

Ok. On this page, is an assemblage of 9-5 Jobbers(no disrespect intended) .  And as usual, there is a lack of an understanding on economic matters and y'all care too little what ya bosses go through to ensure you have a salary at the end of the month!!
Ask your boss , my friends and he will tell you how much damage Sanusi has done to his business and how if he(Sanusi) is not sacked soonest you would soon be loosing your jobs!!


Ok. Are u guys sure you read the article Can you pinpoint one place where the FG said they endorse Sanusi's approach to the reforms?? Please,biko nu.Just one place.

Akunyili just repeated what Sanusi told the council.  And that is usual after every FEC meeting. Mind you, after such a briefing, there is going to be deliberations after which the FGs standpoint  would be known. Those deliberations have not taken place.
Please Nigerians, we have to be  more intelligent and read btw the lines. Akunyili just briefed the media on what transpired during the briefing.

Everybody knows that the system needed some cleaning, but anyone that knows anything about the economy knows that Sanusi has no idea what he is doing, neither does he have an idea how to go about anything. His ignorance and slanted ideological leanings have caused so much damage.
Can you please point to me what exactly Sanusi's direction is? Because that is all investors care about. What is his direction? Where is he going? What is his strategic intent? At least, with Soludo, we could tell the direction. Please its  been one year already since this guy came in and we are still looking for just one beneficial result of his action.

haha
ill rather work in a GS than sell newspapers

a newspaper vendor is also a business owner


hehehehehe

what a heap of applesauce from a semi literate hump

twaddles!!

Please can you point to the direction he should have taken.
I would not hesitate to point out that many said he on a northern agenda, many criticized him then, and now that he has proven that the CEOS' were crooks, now we are looking for something else to hold on to.

tkb417:

take your money to Barclays abi Bank of America
lets see if they'll be able to match your expectations

we are actually considering it and weighing our options  

tkb417:

Methodology is your approach in implementing your policies

are we clear?

and are you aware that the methodology employed is actually the most important part?
so since he got the methodology all wrong and twisted, its only expected that the man be sacked

clintwine:

Please can you point to the direction he should have taken.
I would not hesitate to point out that many said he on a northern agenda, many criticized him then, and now that he has proven that the CEOS' were crooks, now we are looking for something else to hold on to.

do you mind newspaper analysts?

if someone at this age doesnt know CBNs intent, then ill direct such ignoramuses to pick up research papers from some of our leading investment banks

we shouldnt condone this mental laziness on this forum.

He who has got no idea about his intent should read up

texazzpete:

Don't you just LOVE how Sanusi haters like speaking in absolutes?

i.e Under Sanusi a lot of bankers lost their jobs, therefore he is the devil and he must be blamed.

By that same token, we should crucify Soludo - under his tenure the Naira went from N115 to a dollar to N155.

Funny how they insist that the banks were very sound, meanwhile the banks are busy declaring astronomic losses for the first time in years.

No matter how flawed the CBN debtors' list was, it enabled the banks recover tens - if not hundreds - of billions of Naira owed to them by heartless debtors.

don't want to think about how the fucker flipped the script with that action - deep dent in my buying power

oyb:


don't want to think about how the fucker flipped the script with that action - deep dent in my buying power

maybe you sha!

many nigerians abroad were very happy! 

155naira to a dollar. it actually rose higher than that
gosh! the good ol' days !

sanusi must go. walahi ! 

funkybaby:

@ jaybee

Inflation?? That's a laughable answer and it is obviously not the reason why rates crashed.
Naija has always suffered from inflation for as long as I can remember.

Let's narrow it down to the rate of inflation in the last 5years. . . . Pre-sanusi : inflation existed, it has risen steadily, yet bank interest rates were good and some banks gave out loan.

Now post sanusi: inflation still exists and banks are very relunctant to loan out one kobo 

Don't mind Mr Jaybee jare!
He doesn't know that the drop in the inflation rate is a big indictment on Sanusi's failures!
Inflation rates dropped because spending dropped significantly as a result of Sanusi's actions. When there is reduced economic activity, it is only natural that inflationary pressures would wane. Sanusi knows this part, so he knows not to count this as an achievement!

It is so unfortunate that we humans especially Nigerians are so gullible that we allow the media to do our thinking for us.
We forget that journalism is no more what it used to be, Journalism is now a means of making money by the press, and the highest bidder sees his story on the front page.

And who are the highest bidders = > The same Crooks.

People keep saying sanusi did damage, i think the right word should be you, the bank managers and the bank did damage to the economy.

Mr boss who would not have enough collateral to run a business, and would go ahead and form a partnership with the manager and bank staffs to push his loans in return for small favors (cash and other gift items).

When he gets the loan, if he is lucky, the business thrives and he reaps the bulk cash and drives expensive cars, etc.

Sanusi Only implemented a good governance policy, that means that those crooked methods used in getting loans has been reduced, and if you don't meet the criteria, your application is thrown out.

We should learn to do things in the right way.
I believe that with time, confidence would be restored in banks and the economy would boom.

I don't think there was any other way to have gone about it than the way he went about it ( because these CEO' had backers and powerful).
This is the same reason we have men like IBB in the system.