PapaBrowne:

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.

well said.

oya, TKB, come and tell us oh.
what direction is sanusi taking us to? what are the beneficial effects of his 12 months in office?

funkybaby:

we are actually considering it and weighing our options  

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

i repeat, if the govt think his methods/approaches are too stringent, then they can work with him to find a better way of going about the implementation of his reforms

a reform means an altercation, sweeping change, restructuring from status quo and that means the resultant effect will be unpleasant to whoever has been gaining from the illegally instituted anomaly

if status quo will be changed to what should be the ideal situation, then this whole unpleasant din is more than a distraction to the man and to the good of the nation at large

we all should learn to let our mouths, fingers gain some traction while expressing our minds

funkybaby:

well said.

oya, TKB, come and tell us oh.
what direction is sanusi taking us to? what are the beneficial effects of his 12 months in office?

Funky

how many times will you be spoonfed Funky?

read up the posts by TeeZero on SLSs briefing on the economic indicators as pre SLS and right after he came on board

its as simple as this

if youre lazy, ill go look for the post and put it right here

dont u go nowhere
rable rousing wont do u no good.

None of the people that have been criticising the Central Bank has come up with what they would do if they were governor. That's the way I see it, I have to make sure that I don't get myself into confrontation with critics. Criicism is very good and I'm willing to engage anyone who has a criticism on an intellectual basis and I think it is a good thing thatn people should criticise, and I think it is a good thing for us because when people aren't doing anything, there's nothing to criticise.
So, I'm not troubled at all, I am worried that some of the insinuations the suggestion that there is selective justice, basically case aspersions on many bankers who have run their banks very well and have been honest. So for him to say that al banks did that and a few are being selected is avery unfair comment. I have said in an earlier interview with the Nigerian press that I have read the story in the newspapers, I have not spoken to the National Security Advisor. I do not know exactly what he said. But the point is as far as he economy is concerned our reformes have been very good for the country and its image, and our managment of the economy has been very good.
When I became Governor of the CentralBank, the rate of inflation was 15 percent; as of March it was 11.8 percent. The differenial between the official rate and the parallel market rate was about 25 percent, the naira was trading at 189/190 i the black market. t's been down to about 150/152 for a year now. the gap between official and parallel market rate is less than 2 percent. Interbank rates were a 22 percent and have now been down to about 2 percent for a long time; the stock market has gone up 30 percent since January 2010 so all the indicators of market confidence have gone up.
If you look at the lending of foreign banks to Nigeian banks that had been disappearing before we intervened, this has now come back up. We've got US EXIM giving credit lines, the European Investment Bank has come to give credit lines to Nigerian banks, the AFC which used to restrict itself to trade finance is now giving long term loans to Nigerian banks; the IFC, USEXIM, EIB, everybody is coming into Nigeria, how this hurts the economy I don’t understand, but everyone is free, obviously, to criticise and we will respond.
Sanusi Lamido Sanusi, Governor Central Bank of Nigeria, talking with Africa Correspondent magazine. Reproduced in BusinessDay, Monday, 18 May 2010.

Funky read this

tkb417:

Funky

how many times will you be spoonfed Funky?

read up the posts by TeeZero on SLSs briefing on the economic indicators as pre SLS and right after he came on board

its as simple as this

if youre lazy, ill go look for the post and put it right here

dont u go nowhere
rable rousing wont do u no good.

thank you. am waiting. post it here.

economic indicators : pre-sanusi and post-sanusi

Q: Although the reform progress may have been impressive in the past nine months, the banks have become extremely risk averse, so lending to the private sector has gone down while lending to the public sector has gone up. Is that going to create a problem in the real economy?Yes there are a number of issues, but it is a question of the chicken and the egg. The bank can only lend if they have capital and if the banks have had bad loans and the capital has been eroded they are not going to increase their lending. Looking at South Africa, credit growth was negative year on year and they haven’t even had a banking crisis. In the United States and Europe, you find negative growth in credit. The US, for example, has had a reversal of the credit crunch but if you look at the numbers there is still a decline in lending for business, the increase is still coming on lending to mortgages, so when you compose the numbers you still don’t have money going into the real economy and production; it is still going into the area that caused problems.
The first thing is to have some perspective on that. The banking system lost 66 percent of its capital in Nigeria; it’s a miracle that it is still standing and lending. Most of the lending is coming from the banks that have not been so badly affected. You must also look at the overall macro picture. Prior to our intervention the banks were not lending to the real sector anyway. Agriculture is 40 percent of GDP, in 2008 lending to agriculture was one percent and lending to SMEs was less than 5 percent of total loans.
All the growth in credit has been to the capital market and to the importation of petroleum products, so some of the criticisms are misplaced as it is assumed that the banks were lending to the real sector before and they were not. You then need to look at why the banks were not lending to those sectors; there are the technical issues of the bank not being able to assess the risk in SMEs, but looking at the wider economy, there is no power.
Most of the manufacturers are not viable, they don’t have power, there is no infrastructure. So, it is always easier to lend to the capital market, the federal government continues to borrow domestically and issue bonds. Until recently, the government was paying crazy rates of interest. If you have bonds out there in the market and the federal government is borrowing at 12 or 13 percent that is sovereign debt in the sovereign currency: risk free and tax free, you create a system-perverting incentive.

this is another one for funky

tkb417:


When I became Governor of the CentralBank, the rate of inflation was 15 percent; as of March it was 11.8 percent. The differenial between the official rate and the parallel market rate was about 25 percent, the naira was trading at 189/190 i the black market. t's been down to about 150/152 for a year now. the gap between official and parallel market rate is less than 2 percent. Interbank rates were a 22 percent and have now been down to about 2 percent for a long time; the stock market has gone up 30 percent since January 2010 so all the indicators of market confidence have gone up.
If you look at the lending of foreign banks to Nigeian banks that had been disappearing before we intervened, this has now come back up. We've got US EXIM giving credit lines, the European Investment Bank has come to give credit lines to Nigerian banks, the AFC which used to restrict itself to trade finance is now giving long term loans to Nigerian banks; the IFC, USEXIM, EIB, everybody is coming into Nigeria, how this hurts the economy I don’t understand, but everyone is free, obviously, to criticise and we will respond.
Sanusi Lamido Sanusi, Governor Central Bank of Nigeria, talking with Africa Correspondent magazine. Reproduced in BusinessDay, Monday, 18 May 2010.

trash !
before nko? what is he supposed to say? admit that he is a failure?

anybody can quote figures. what we are talking about is the EFFECTS of his yeye policies on naija's economy and how many individuals, organisations and companies are complaining.

tkb417:


You must also look at the overall macro picture. Prior to our intervention the banks were not lending to the real sector anyway. Agriculture is 40 percent of GDP, in 2008 lending to agriculture was one percent and lending to SMEs was less than 5 percent of total loans.

he is a liar. the banks were lending ''small small' before he came in. But since he came in, all that has stopped.
Some people actually benefitted from loans from MFBs. Go and ask various market women, okada riders and keke marwa owners.

naija banks are known not to 'mortgage' friendly but some banks had already began investing in that sector of the economy before he came in. now, go to GT Homes or Standard Chartered and tell them you saw a fancy crib at Lekki and you will be happy if they can work out a mortgage plan for you. You will hear the story and excuses they will give you

I hope this thread wont be locked.
Lets see 6months today what the situation will be whether SLS will still be in charge or not.
What happened to the former GMD of NNPC after 7weeks on the job,
was he not "praised" and "endorsed" when he was being appointed?
dis is naija.
when they start endorsing u,know that ur time is up,ask Ribadu.

funkybaby:

he is a liar. the banks were lending ''small small' before he came in. But since he came in, all that has stopped.
Some people actually benefitted from loans from MFBs. Go and ask various market women, okada riders and keke marwa owners.

naija banks are known not to 'mortgage' friendly but some banks had already began investing in that sector of the economy before he came in. now, go to GT Homes or Standard Chartered and tell them you saw a fancy crib at Lekki and you will be happy if they can work out a mortgage plan for you. You will hear the story and excuses they will give you

yeepa
whats SLSs own in this

abi u no sabi read english again? den don scatter 9ja b4 the guy reach there

u no dey tire

abi na pidgin u wan make i dey speak nau

leave me joh

funkybaby:

thank you. am waiting. post it here.

economic indicators : pre-sanusi and post-sanusi

Ok Funky. Since tkb417 is reluctant, let me help him out with just one.
I would use the Automobile industry which I think is one of the most ideal indicators of the economic temperature of any Nation.

Before the advent of Sanusi, Nigeria was by far the fastest growing automobile destination in the entire world. Many folks don't know this, but between 2004 and 2007, our growth rate in automobile purchases exceeded that of the BRIC Countries- Brazil,Russia,India and China.
It was outstanding and it would have been just a matter of time before the Automobile giants begin rushing out here to establish massive assembling plants. That was the era of Soludo.
Less than one year after the advent of Sanusi, the Automobile industry has suffered a massive setback with a drop of 55% in new car sales in the first quarter alone. This is outrageous. Y'all don't know what this means.

Post Sanusi: Ist Quarter 2010

Nigeria’s car imports drop by 55%
By Rasheed Bisiriyu with agency reports
Wednesday, 19 May 2010


Nigeria has recorded a drop of 55 per cent in the number of new vehicles imported in the first three months of the year, a manifestation of the effects of the banking sector reform and the global economic meltdown on the automobile business.

Some of the chief executives of new vehicle dealers in Nigeria, including the Managing Director, Hyra Motors, Mr. Seyi Oyinlola, said banks had been reluctant in financing new cars, especially for private use.

Investigations also showed that cash-strapped individuals and firms were not willing in investing in new cars.

Car sales in Africa‘s most populous nation are seen by economists as a proxy for measuring private purchasing power, a leading economic indicator which is publicly unavailable in the country.

Reuters on Monday, in a report, also quoted the General Manager, CFAO Motors, Mr. Navin Chander, as saying that the figures for new vehicle imports in the first quarter showed a drop by 55 per cent to 7,893 units. CFAO is the sole Nigerian importer of Chevrolet cars and vans.

Industry officials said car demand in sub-Saharan Africa‘s second biggest economy was likely to remain bleak for the rest of the year with credit tight for Nigerian customers.
The Chairman, Globe Motors, Wilson Anumudu, said, ”Our orders have come down ,  Businesses are not asking for vehicles while individuals are reluctant to invest in new cars,”
Anumudu is said one of the dealers for Toyota Nigeria Limited, which controls 40 per cent of the domestic car market.

Getting credit flowing freely again in Africa‘s biggest energy producer has been the country‘s top priority after last year‘s $4bn central bank bailout of nine of its weakest lenders shook confidence and tightened lending.
Industry sources say that in 2008 credit sales accounted for about 22 per cent of all automobile sales, but now almost all cars are being bought with cash. This has directly impacted car sales in the OPEC member nation.

”If you annualise our performance in the first quarter, you will see it‘s a very far cry from 2008,” one vehicle importer who did not want to be named told Reuters.
The central bank has left its benchmark interest rate on hold at six per cent since last July to try to encourage banks to grow their loan books, but the impact has been limited.
http://www.punchontheweb.com/Articl.aspx?theartic=Art201005191393654

tkb417:

yeepa
whats SLSs own in this

abi u no sabi read english again? den don scatter 9ja b4 the guy reach there

u no dey tire

abi na pidgin u wan make i dey speak nau

leave me joh

i hold you? lol  
all fingers keep pointing at sanusi

things were not this bad before he came in.

let me break it down for you my dear : fine, the economy had S-leg, but rather than fix the K-leg using careful and gradual physiotheraphy, he decided to bend the leg to S- shape, now he is considering removing the S leg and replacing with a leg purchased from either malaysia or sigapore (he is yet to decide).  

fact is, he is just playing trial and error by introducing all manners of policies. i still insist that he is clueless regarding how to run CBN and how to tackle naija's economy

funkybaby:

i hold you? lol
all fingers keep pointing at sanusi

things were not this bad before he came in.

let me break it down for you my dear : fine, the economy had S-leg, but rather than fix the K-leg using careful and gradual physiotheraphy, he decided to bend the leg to S- shape, now he is considering removing the S leg and replacing with a leg purchased from either malaysia or sigapore (he is yet to decide).

fact is, he is just playing trial and error by introducing all manners of policies. i still insist that he is clueless regarding how to run CBN and how to tackle naija's economy

you need to start reading books
start from biz dailies so you'll understand this lil things

i dont know how to explain it anymore

This government publicly "endorsing" sanusi's reforms is only a wise approach at correcting SLS excessiveness.Fg  will be  working underneat to plug his glaring technical deficiencies. Any other approach by government would have meant , making the same mistakes SLS did by using a bazoka to kill an ant and later wonder publicly why the building is shaking.

Jonathan is a very wise man and knows clearly that removing the erring sanusi at this time will not in any way help our financial  rating internationally. It will only confuse everyone more and inconsistency is one thing that erodes trust.

The pro-SLS guys seem to hinge their support on the easily verifiable sharp practices of the Ibrus and Akingbolas. As much as I do not support SLS especially becuase of his shallowness in understanding economic dynamics, i must quickly add that cecelia and Akingbola were really really corrupt. But the question i keep asking is: does sanusi mean that of all the banks he deem sound, he did not find any executive abuse that would warrant prosecuting some of  the CEOs i hate to mention? Sanusi's logic simply is that all weak banks have corrupt CEOs and no  CEO of a "sound" bank  ever did anything wrong.

Even a nursery school pupil knows that sanusi's celebrated debtors list was a sham. Why did he not publish the enter list of bad debtors in the entire industry? As a banker is sanusi feigning ignorance that the Jimoh Ibrahims that paid  billions after some days , only went to some other banks not under sanusi's radar to collect money and weaken the entire system more?

Finally why has sanusi refused to answer questions that border on loans he gave as ED risk at FBN?

Now the FG has boxed him, he no longer needs to struggle so hard to preach reforms , they will now only ask for a blue print for the industry(we all know the guy has none). we now have seasoned professionals who will make him work and not this his ALUTA CONTINUA mentality

Ok Funky. Since tkb417 is reluctant, let me help him out with just one.
I would use the Automobile industry which I think is one of the most ideal indicators of the economic temperature of any Nation.

Before the advent of Sanusi, Nigeria was by far the fastest growing automobile destination in the entire world. Many folks don't know this, but between 2004 and 2007, our growth rate in automobile purchases exceeded that of the BRIC Countries- Brazil,Russia,India and China.
It was outstanding and it would have been just a matter of time before the Automobile giants begin rushing out here to establish massive assembling plants. That was the era of Soludo.
Less than one year after the advent of Sanusi, the Automobile industry has suffered a massive setback with a drop of 55% in new car sales in the first quarter alone. This is outrageous. Y'all don't know what this means.

the automobile industry like any other consumables will shrink cos the banks are not lending

is that hard to figure? ok now
This is it.

SLS came in and met sick banks and in a bid to put them back on a sound footing , he began his reforms and as a result, these banks are now on a mission to get back the bad debts in the economy. Prior to these, we all wee living on fools paradise where fictitious results were been declared

now back to reality, these banks are on a mission to get back their trapped money in the economy, stabilise and then commercial again

how do you expect a bank who has more than 50billion outside to continue doling out money like no one knows tmr

this is a contraction phase,  when the banks stabilise, they will go back to their old ways and blimey we can go back to our unbridled ways of spending. If you think the inability of Nigerians to buy cars is a direct impact of SLSs actions, then youre entitled to your opinion cos if he hadnt done what he did, i doubt if we will be here chatting.

na_so:

This government publicly "endorsing" sanusi's reforms is only a wise approach at correcting SLS excessiveness.Fg  will be  working underneat to plug his glaring technical deficiencies. Any other approach by government would have meant , making the same mistakes SLS did by using a bazoka to kill an ant and later wonder publicly why the building is shaking.

Jonathan is a very wise man and knows clearly that removing the erring sanusi at this time will not in any way help our financial  rating internationally. It will only confuse everyone more and inconsistency is one thing that erodes trust.

The pro-SLS guys seem to hinge their support on the easily verifiable sharp practices of the Ibrus and Akingbolas. As much as I do not support SLS especially becuase of his shallowness in understanding economic dynamics, i must quickly add that cecelia and Akingbola were really really corrupt. But the question i keep asking is: does sanusi mean that of all the banks he deem sound, he did not find any executive abuse that would warrant prosecuting some of  the CEOs i hate to mention? Sanusi's logic simply is that all weak banks have corrupt CEOs and no  CEO of a "sound" bank  ever did anything wrong.

Even a nursery school pupil knows that sanusi's celebrated debtors list was a sham. Why did he not publish the enter list of bad debtors in the entire industry? As a banker is sanusi feigning ignorance that the Jimoh Ibrahims that paid  billions after some days , only went to some other banks not under sanusi's radar to collect money and weaken the entire system more?

Finally why has sanusi refused to answer questions that border on loans he gave as ED risk at FBN?

Now the FG has boxed him, he no longer needs to struggle so hard to preach reforms , they will now only ask for a blue print for the industry(we all know the guy has none). we now have seasoned professionals who will make him work and not this his ALUTA CONTINUA mentality

well said !

Even a nursery school pupil knows that sanusi's celebrated debtors list was a sham. Why did he not publish the enter list of bad debtors in the entire industry? As a banker is sanusi feigning ignorance that the Jimoh Ibrahims that paid  billions after some days , only went to some other banks not under sanusi's radar to collect money and weaken the entire system more?

well for some of us who know most of them, we all know the list was not a sham

and of course no banks gave Jimoh money to pay any loan

get your facts right

tkb417:

well for some of us who know most of them, we all know the list was not a sham

and of course no banks gave Jimoh money to pay any loan

get your facts right

And you are sure of your facts that he had the money buried somewhere in his house and only had to exhume it. abi?

@papabrowne, I'm not sure your analysis on the automobile industry will hold water. As with any other right thinking business concern,it'll take more than just imports to attract car assembly plants to Nigeria. Have you considered the overhead they'd be servicing vis a vis power,zero infrastructure,dearth of skilled workers etc? Car imports slowed cos we don't have luxury money at the moment,and its that simple. Why do we think our economy has to be insulated from the crises? Last time i checked it was global and even the major car manufacturers slowed on production, shut plants and fired staff. Our entire stock market,which mirrors the economy was built on a fraud and sheer window-dressing. Can you imagine a firm like Fbn aiming to have its share valued at N100 pre sls? Hell they can't even attain N20 now. Numbers don't lie,they always add up. Try another one.

darqly:

@papabrowne, I'm not sure your analysis on the automobile industry will hold water. As with any other right thinking business concern,it'll take more than just imports to attract car assembly plants to Nigeria. Have you considered the overhead they'd be servicing vis a vis power,zero infrastructure,dearth of skilled workers etc? Car imports slowed cos we don't have luxury money at the moment,and its that simple. Why do we think our economy has to be insulated from the crises? Last time i checked it was global and even the major car manufacturers slowed on production, shut plants and fired staff. Our entire stock market,which mirrors the economy was built on a fraud and sheer window-dressing. Can you imagine a firm like Fbn aiming to have its share valued at N100 pre sls? Hell they can't even attain N20 now. Numbers don't lie,they always add up. Try another one.

thanks

na_so:

And you are sure of your facts that he had the money buried somewhere in his house and only had to exhume it. abi?

im sure you dont think FBN , GTBank and co are the only banks in planet earth

hehe, i personally know someone who took money from one of the banks to finance his tank farm in Ikot Abasi but liquidated the loan when alarm blew from his balance in BNP

so? which bank will give another loan when MDs are getting sacked?

try again!!

Tkb, don't mind them, they are reading too much of newspapers, especially the ones that were using yaraduas' ill health to make money.

It is he that wears the shoe that knows where it pinches, having said that am sure the guys that want his head were affected one way or the other, but it is life. For a reform to take place, SACRIFICES HAVE TO BE MADE.

And this is a good time, while world economies are contracting ours should use that opportunity to clear the mess created by ceos'

Also i don't know who made you believe that its cos of sanusi foreign banks can't loan Nigerian banks money.
This leads to a question, is it banks that are being bailed that we are expecting money from??

My guy
I don't understand o
These banks got billions of Naira as bailout and yet omo 9jas want them to start sharing the money in the stockmarket
LOL

I cannot laff abeg

papabrowne, please call for reinforcement.
Naijaking1's brilliance is needed urgently.

darqly:

@papabrowne, I'm not sure your analysis on the automobile industry will hold water. As with any other right thinking business concern,it'll take more than just imports to attract car assembly plants to Nigeria. Have you considered the overhead they'd be servicing vis a vis power,zero infrastructure,dearth of skilled workers etc? Car imports slowed cos we don't have luxury money at the moment,and its that simple. Why do we think our economy has to be insulated from the crises? Last time i checked it was global and even the major car manufacturers slowed on production, shut plants and fired staff. Our entire stock market,which mirrors the economy was built on a fraud and sheer window-dressing. Can you imagine a firm like Fbn aiming to have its share valued at N100 pre sls? Hell they can't even attain N20 now. Numbers don't lie,they always add up. Try another one.

Darqly. . . . you've just brought out a very strong point here. Just one question: Wasn't Sanusi either the MD of FBN or the Ed Risk Management when First Bank(FBN) kept manipulating their share value?  How come he didn't say anything at the time?? Your statement has pinpointed exactly what Gusau brought out- that Sanusi's actions were very selective and as such harmful with security implications.
I cannot understand how you seem to refer quickly to the CEO's as corrupt, while you fail to remember that Sanusi himself was a CEO and very much part of the system.

On the automobile part, my analysis is accurate. India has grave power and infrastructure problems and yet there is a huge automobile industry there.
Mind you, the cost savings on shipping and tariffs per vehicle would easily compensate for the cost of generating power. Asides, large plants of that nature hardly depend on the grid. They usually run their own plants. Sometimes it even comes cheaper.
FYI, Automobile purchases are not in anyway luxury as mobility is an item of necessity. A growing automobile industry is a sign of an improving middle class.

Soldier come soldier go. Soludo brought about consolidations of banks, he has gone. SLS has come with his own policy of specialized banking. He will go.
Must banks posted very low profit for last financial year as a result of making full provisions for bad loans including First Bank which SLS managed before becoming CBN governor, others made huge losses. How come only 7 banks were sanctioned.
He who comes to equity must come with clean hands.

Hehehehhe
Automobile is not luxury where?
In Nigeria?
How many Nigerians can afford to buy cars by paying upfront without running to the banks for car loans?
I'm sure it would be less than 10% of the population. So how do u expect car sales to jump up when banks have closed shop?

By the way, car sales dropped in virtually all the countries in the world cos of the probs in automobile industry
So why should Nigerias case be attached to SLS?

Pls, I may be wrong but what year did SLS become d MD of FBN and what year did the stockmarket sham start? Was SLS the MD of FBN in 07/08?
Pls clarify

TKB
I swear u don try. Remember most Nigerians ride/hump on hear-say bandwagon.
It's laughable that someone can actually bring up the automobile industry's woes during the credit crunch like Nigeria was supposed to be immune from it. Little did they know that Germany and UK had to bring in emergency policy/incentive (Customers had a trade in offer of about 2 grand for any old banger towards a brand new car) to help stabilize the industry.
Funny thing is funky is a very smart girl but she is just anti-sanusi

In as much as power is a huge problem amongst other things, these alone cannot explain why the banks are not lending to the real sector,  I have made a comment on this earlier:

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.

What we have is a dysfunctional banking industry; some banks built their business models on the back of short-term loan arrangements and 'paddy paddy banking' and thus employed a huge brigade of foot soldiers to service this model. This is unsustainable in the real world; the typical 2-5% margin that is on offer in the real sector is not appealing to them. The agricultural sector for example does not need require a large input of power in a lot of cases, most farm equipment and machinery use diesel or petrol and even at the apparently 'high' prices of petroleum products are still much lower that in other non oil producing countries that still churn out a good agricultural harvest and earn a decent amount of forex from exports.

Bankers have gotten so used to making easy money that it is now an herculean task for them to get down to the real business of banking - that is if they ever really knew what that was in the first place.
.

You peeps are still on this issue?  

PapaBrowne:

Ok Funky. Since tkb417 is reluctant, let me help him out with just one.
I would use the Automobile industry which I think is one of the most ideal indicators of the economic temperature of any Nation.

Before the advent of Sanusi, Nigeria was by far the fastest growing automobile destination in the entire world. Many folks don't know this, but between 2004 and 2007, our growth rate in automobile purchases exceeded that of the BRIC Countries- Brazil,Russia,India and China.
It was outstanding and it would have been just a matter of time before the Automobile giants begin rushing out here to establish massive assembling plants. That was the era of Soludo.
Less than one year after the advent of Sanusi, the Automobile industry has suffered a massive setback with a drop of 55% in new car sales in the first quarter alone. This is outrageous. Y'all don't know what this means.

Post Sanusi: Ist Quarter 2010

Of course people are reluctant to buy new cars. All the Nigerian Automobile sellers jacked up the prices of their cars astronomically, blaming it all on the new exchange rate. Instead of doing a pre- and post- Sanusi piece, why not find out how much the price of a new Honda City has moved before and after the Naira fell from 115 to 155 to a dollar (which happened under Soludo's watch). At least i know at one point the Hyundai Sonata jumped in price by nearly 400k.
It's more costly to buy a new car now, so fewer people are buying.

I have no sympathy for these car salesmen. When car manufacturers were slashing prices to sell more during the recession, they didn't pass on the savings to us. Now they are blaming Sanusi when many of their usual clients can't afford their exorbitant rates.

@tkb417
You're wasting your time. As long as funkybaby et al know someone who lost their job under Sanusi's tenure, their position is always going to be 99% personal/emotional and 1% logical. As Nigerians, we're used to finding someone to blame. A convenient scapegoat is needed.

No matter how many times Sanusi outlines his objectives, we'll always have hecklers out there insisting he has none.