jay bee:

^^^
THANK YOU

where you run go since yesterday?  

jay bee:

Confirmed:   funkybaby is an unapologetic onijogbon.  
lol

na so oh. my partner calls me ijogbon funky

not surprised. hahahahah
and i'm sure he knows u do it on purpose.

jay bee:

not surprised. hahahahah
and i'm sure he knows u do it on purpose.

yes oh.
what he does now is to totally ignore me while i am at it.

@clintonwhite

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, [b]if you are on a highway to a destination [/b]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).

I doubt if you really worked in a bank. How does a company contribute to the economy. A company that employes people, make profit for the owner, pay tax to Government, alleviate poverty, give loan to people to do business. haba!!! How do commercial bank you claimed you worked with contribute to the economy([s] wiring our money outside the country in foreign exchange abi!!![/s])

I don't know how else to erode confidence in a bank when the regulator tell the whole world that the CEO of bank should be killed by firing squad, that all their books are cooked, that there is no corporate governance in the bank, that he will interview the MD/CEO before appointment, which means the current MD/CEO are not fit.


1. The major problem is that the who is who in the country is owing them and refused to pay or service the loan.
2. There is insider abuse of facilities
3. Lack of good corporate governance
4.etc

What should SLS have done (strategy)
1. Get the board of the bank to force the MD/CEO & co to resign without causing panic in the banking sector - Wema bank example during Soludo tenure.
2.Get those owing the bank to pay using EFCC & co as he did
3.Get the new management to implement the corporate governance.
4.Get the MD/CEO & co prosecuted
5.Allow the Discount window for the banks to borrow, there is no need 4 bail out since they will recover the NPL.

Reforms is not cause pains but to make things work well. If the reform is causing pains without gain, then it is not reform.

Already before he came their a discount window for them, which mean that the person that left know their is a problem and is handling in a matured manner. But SLS came in like a militant. Nobody is against reform in the banking sector, after all many people lost their job during consolidation period, business were closed and people died.

@tkb .The annoying thing about ignorance is that when you see it , you know what it is, but one can only just watch it march on it's course. Do you know what economics is ? So i've been a top level manager at a bank for oink years means what ?
May be the problem has to do the misnomer "central bank", other countries know it's not only about banking so their "central banks" aren't termed as such.
That position is more of an academic appointment if anything and that's where we've missed the mark here. Aliko has built a business empire so i guess he's suited for the job too. I don't even see any reason going further.

sharrap and go to romance
edoyad edoyad

my paddy

@Justdtruth

thank you

i hope Funkyonijogbo babe read that piece

@ justdtruth

Have you been seconded here from the CBN? , or by the FG endorsed CBN Gov. himself? 

Please make sure you are taking note of the names of the Pro-Sanusi group in the Gold corner and the Anti-Sanusi group in the 'GL' corner. Please arrange with the office for a free 'enlightenment' programme for the 'GL' corner, to include breakfast, lunch and dinner - and for some amongst them [suggestions welcome] free hotel accommodation as well so that they can carry on the enlightenment  programme for as long as is necessary - hopefully by the end of the programme they would be in the Gold corner with the already enlightened ones .

Please deliver my/our greetings to Mr. Sanusi and keep us updated regularly . 
.

;d ;d ;d ;d ;d

funkybaby:

you are the one with the sick mind. oponnu !!!

we all have been having fun arguing on this issue without throwing insults at each other.

but a dullard and fool like you has chosen to add a new twist to it. oponnu oshi !

@funkybaby, wetin i do u wey u dey throw insult back at me? did I mention your name or is 'sick mind' your middle name? oloshi ni e, moo blame e. omopenu, ode oshi. "we all have been having fun arguing on this issue, ". idiota. shallow minded fool like u.

no doubt I'll be getting banned for my abusive words but I dont care and whoever is to sanction me should do so to you too except that you're a moderator by mistake.

OMG
I must have missed the party

tkb417:

sharrap and go to romance
edoyad edoyad

my paddy

Wouldn't that be better than doing it to 12 or 13 year old, and according to Sanusi's Yerima's sharia principles?

I'm still wondering what the noise is all about. The CBN governor gives a presentation to the FEC, and FEC applauds the reforms taking place in the industry, and you come here to celebrate

Okonjo-Iweala makes a platonic statement about the our economy and "agrees" with these reforms, folks jump in celebration of her "endorsement"

Folks, you need to read between the lines, understand political double speak, and also understand that the government wil never outlandishly and publicly reprimind it's chief economist, even when the later appears not to understand basic economics.

Though Sanusi appears to understand politics and Islam more than he does economics, his political clout and skills must never be underestimated.

^ It's obvious how the guy is desperate to get endorsed by everyone. Tomorrow they'll come out with, "Almajiris at central mosque endorse Sanusi's reforms during juma'at prayers". Actually nothing would even have been wrong with the reforms if they had been carried out by a more refined and better trained financial head; but it's becoming obvious that even Sani Yerima would have applied more guile than Sanusi.
Can you imagine the first news the public got to learn about the 'rot in the system' was waking up to hear CEOs had been fired and the whole upheaval that followed ? Considering what he read i'm not suprised, i mean we as well could have woken up to news of limbs being amputated in the name of reforms. This is a system he had been part of for decades but never wrote or said anything about inspite of his supporters claiming he has written numerous papers on . . . , what is it they say he's written on again ?

After all said and done
there is already a plan to get SLS out without really upsetting the north
Jonathan is a smart dud
just know u jeard it first from NL

Even if IMF endorses Sanusi he is still bad news . . The guy is too immature for that job

rclbrz2211:

@funkybaby, wetin i do u wey u dey throw insult back at me? did I mention your name or is 'sick mind' your middle name? oloshi ni e, moo blame e. omopenu, ode oshi. "we all have been having fun arguing on this issue, ". idiota. shallow minded fool like u.

no doubt I'll be getting banned for my abusive words but I dont care and whoever is to sanction me should do so to you too except that you're a moderator by mistake.

I still insist that you are an oponnu oshi.

Infact, o go! (itumo: you are daft).

Read through the five pages of this thread. Nobody has labelled any 'camp' for or against sanusi any names. But the retarded asinwi that you are cannot resist the temptation to flaunt it here.

slowpoke!!

Confusion:

After all said and done
there is already a plan to get SLS out without really upsetting the north
Jonathan is a smart dud
just know u jeard it first from NL

Good to hear.

I was told today that zenith bank offers only 1 percent interest rate on fixed deposit.

funkybaby:

Good to hear.

I was told today that zenith bank offers only 1 percent interest rate on fixed deposit.

And naturally that has to be Sanusi's fault, abi?

Quote from justdtruth:
i would say that i am not surprised at the way this discussion has gone so far. when an economic issue is put in the politics section, what do we expect? emotions, sentiments, prejudice etc.

if we want to discuss the economy and not just talk about "garri and epa" then we should rather get our facts straight.

please read the attached file to understand where are coming from and where we are going in the banking sector.

just to quickly point out some things

1. the reforms that sanusi is executing are not sanusi's reform. they are soludo's reform. prof soludo had about 13 point agenda when he was the cbn governor and consolidation for instance was no 4. effective risk management, good corporate governance were all part of the agenda. they were not just implemented during the time of soludo. and to add, all the banks executives know this. in fact, do you know that before any decision is taken and the announcement made by the cbn, the issues would have been discussed at the bankers committee meeting and of course they would have agreed to all these things. that is why you will not find people from the banks or the financial sector passing comments on a number of these issues. what happens. those of us who know nothing really would be commentators.

2. there is a difference between the economy and the financial system, the cbn as a regulator and the finance ministry. the cbn is a regulator of the financial system and not the economy. to evaluate an economy, the macroeconomic objectives to look at are
a. economic growth
b. redistribution of income
c. full employment
d. price stability
e. favourable balance of payment

of all these, the only part where the cbn plays a role is price stability. cbn responsibility is to ensure price stability. so really, if the cbn would take any blame whatsoever on the economy, it should be on price stability and going by the statistics, the cbn has done well in this regard. inflation rate is now 11.8 down from 12.3. other issues should be directed at the relevant government structures. for example, for the economy to work, we need the real sector which depends on power. is it cbn that will provide the power and other infrastructures? is it cbn that will control how much importation that we do compared to exportation? common guys, lets talk to the right guys on our economy and that is the finance minister and the government as a whole.

3. people also talk about lack of confidence in the economy, the truth is that before the reforms we had no confidence in ourselves, the international financial institution had no confidence in us, even the banks were doing backstabbing on themselves to market saying this or that bank in distressed. but now what do we have? we all know that our money is safe. we know the nature of the problems of the banks. some of the banks are even back to profitability. the capital market has grown by about 30%. the international credit line is back for the banks. and i still wonder, they say sanusi has destroyed the confidence. nay! sanusi has restored the confidence.

4. please dont be fooled by what you read in some of our dailies. it would be better if the names of those papers are changed to reflect what they really are now. they are no more better that city people, encomium, spectacle etc you know, they have all become soft sell. you would read about the banks not lending to people anymore because of sanusi's reform. if they want to make sense, let them publish the figures of bank lending and to who the loans go to before the reforms and figures and to who now. i bet you, if you see the figures, you will throw eggs at any of these bankers when you see one. the truth is, they have not been lending to the real sector. not to any body that wants to do real economic business. what they have been doing is gambling with their shareholders fund. i work in a stock broking firm so i can tell you it was soooooo bad. the banks were doing handbill to advertise that people should come and borrow to buy shares. they used these funds to buy their own public offers. one stock broker alone has a debt of about 90 billion naira. imagine the number of industries that could have financed.
somebody talked about importation of cars coming down. why will it not come down, when it was the banks that were financing the purchase of these cars. if you earn about 90,000 a month you can buy a car of about 2 million. all you have to do is pay 25,000 naira every month. i am sure a lot you guys outside nigeria dont know what has been going on. they were financing buying of generators, television etc adverts were aired on tv and radio. i am sure that you would not be surprised if i tell you that they equally financed political campaigns.
the other areas they were pumping money is aviation and importation of petrol so when the meltdown happened in 2008 and oil price came down, they lost a huge chunk of there fund. a lot of bad things happened then. 

5. its really a painful one for those who lost their job. but lets put the cards on the table. do you know why the banks employed so much people in the first place? we most be frank on this one. the banks were engaging in a competition for the number of branches they have. imagine a situation where on ogudu road for instance, you will find all banks represented. now you wonder, is there so much fund in a residential area that all these banks have to be here to get a share. and check out the size of these buildings. you will wonder if these new branches can survive on their own. the crux of the matter is unhealthy competition. so when the bubble burst, each branch was mandated to work on sustaining itself. that is the ‘koko’ of the job loss in the banking sector. mind you it was not sanusi that said sack your staff. it was the decision of the banks and let me inform us that these sacks had been going on since 2008. only the large scale execution took place sometimes ago. you know what the banks do now, they employ ond holders and pay them 30- 40k even lower to get there clerical jobs done. well, they will say they are being prudent, it is unfortunate though.

its important that we all support what is good and give good advice on better ways to do it. what we should not do is castigate someone who wants to do a good job because of our sentiments particularly when we do not have the facts.

the situation in nigeria require that we always seek the facts and figures before we let some foolish thieves and criminals bamboozle us





My friend u are highly enlightened and have shown that you are completely educated, this is what evryone rily nids 2 undastand and anyone who can not undastand wat u hav put here can as well take a dive in d Lagoon.


Initially I wasn't a supporter of Sanusi wen he went 4 his screenin @ d senate wen he told d senators dat d man who appointed him should face a 1point agenda but I came to undastand dat his is just a passion 2 c things work in Nigeria nd dis xplains his contributions 2 d power sector.

A lot of Sanusi haters 2day were his exlovers wen he asked Yaradua 2 4get his 7point agenda, what more can I say?

marvix:

Quote from justdtruth:
i would say that i am not surprised at the way this discussion has gone so far. when an economic issue is put in the politics section, what do we expect? emotions, sentiments, prejudice etc.

Nothing is as bad as starting a write-up with factually incorrect and on academically shaky foundation. Have you never heard of "political economy" or do you want another round of lectures?
Better still, go buy a small book on what happens when different groups vie for a limited resource or fund in a political dispensation.

Sanusi will still be sacked;watch this space

@ Paddylo,

I hardly think shorting would be the panacea for the current Nigerian problem. No bank would short its own stock. Abi you want its competitors to run on it?

^^^ Yeah, but Naija margin loan situation is about purchase of own stocks mostly. . . shorting would not provide the panacea. . . .

Lets deal with the situation as we find it, not pontificate over Utopian ideals which do not apply here. . . BTW, I am of the opinion that the Naija is not mature enough for complex OTC trading. . . even the Westerners with their superior regulatory structures struggle to regulate such things effectively talkless of Nigeria and its Wild Wild West approach to regulation. . . lets start implementing basic procedures like Basel first, then I would be convinced. . .

^^^ All this is could have. . . . now that the damage is done, what do you propose?

paddy_lo:

(1.) well the AMC seems to be a step in the right direction. . .It should have an expiration date though
i suggest not more than 5yrs. . .after which the company should be wound down
and any profit transferred to the Nigerian Treasury

The CBN should collaborate with the NSE and SEC to deepen our financial markets like i suggest above

(2.) No Nigerian bank should be sold to any foreigner. . .Instead they should be absorbed by other Nigerian banks
(The reason for this is that the rescued banks are still very valuable in terms of branch networks and buildings they own
For example any foriegner coming in fresh would need to spend a lot of money just to replicate those branches)

(3.) And then the banks will be fine. . bank crises happen all the time,its a function of the business cycle
America has had 3 since 1980,mexico,malaysia,indonesia,dubai,sweden and so on have had experiences with over-leveraged banks. . No need to blow things out of proportion

(1.) Im somewhat cynical about the funding of the AMCON . . .they say AMCON should aim to buy N2trn worth of assets, yet Naija budget is only N4trn. . . I wonder where the FG will get the money to buy anything close to N2trn. . . . at the reading in the senate, the senators backed the bill to a tune of at least N20bln. . . . if that is the figure they're starting with, there will be a long way to go. . . not all the assets will be bought, unless money is printed again. . . . . . .

(2.) Anybody who has the money should come and buy the thing if the thing is worth the price.

(3.) And Naija banks have been crashing since the dawn of time too. Nobody is blowing anything out of proportion.

Nigerians are so worthless that don't see anything good until it's gone. A segment of Nigerian society does not see anything good about anybody that is not their own. they see themselves as superior. anything no matter how good is bad to their blind egotistical assholes. they bring religion and ethnicity to completely divorced issues. when are we gonna wake up, huh??huh!!!