You wouldn't know the value of what you have until you lose it, they say. This was the case with Prof. Chukwuma Soludo. Under his stewardship, we built up financial institutions that could be reckoned with in Africa and indeed the world. Up till today, there are still about 5 Nigerian banks in top 10 African banks, and still more than 10 Nigerian banks in the top 1,000 banks in the world which we never had before his tenure as the CBN governor, all due to his vision.

He has been vilified by some out of ignorance that he gave false confidence that our banking sector was insulated from the global crisis, but that was a total lie! He never said such, rather he was busy and expertly navigating us out of the turbulence in the world then and according to him, "Like a pilot of an aeroplane that experiences an unprecedented turbulence, what you say to passengers and how you say it might largely determine whether or not some passengers will pass out or die of frightful shock before you navigate through the turbulence and stabilise the plane to reach your destination."

Some like to compare him with Sanusi Lamido Sanusi, the current CBN governor, but what many did not know was that Sanusi was claiming authorship to ideas he never created. All Sanusi has done so far in our banking sector was what Soludo had outlined on 30th March, 2009 but do to the fact he was not allowed a 2nd term in office, he could not finish his work. Below are the actions to be taking by Soludo and which Sanusi copied and claimed ownership to.

To strengthen CBN’s contingency planning framework for systemic distress
•Keep vigilance on early warning signals through rigorous examinations
•If chronic liquidity problems—- provide term loans; target examination, and seek restructuring of balance sheet and management
•If solvency problem: Could change Management, and strategic plan to recapitalize bank, including possibility of merger with/acquisition by stronger bank.
•Encourage banks to strengthen/ review bank-specific contingency plans
•Asked banks with signs of liquidity pressures to present plans for restructuring of their balance sheet
•Reviewing the draft Asset Management Company of Nigeria (AMCON) bill—- to be established to buy up toxic assets of banks.

To tighten and strengthen regulation and supervision of the banks as follows:
•Greater emphasis on enforcement of Code of Corporate Governance
•Resident Examiners have been deployed to banks since January 2009
•Standby teams of target examiners being deployed to any bank at any time to ensure timely regulatory actions if necessary
•Review of Contingency Planning Framework for Systemic Distress in Banks
•Introduction of Credit Bureau
•Advice to banks on risk management—-call for extra conservatism during time of crisis—- capital conservation, cost minimization, de-emphasis on size, salaries/bonuses, etc
•Strengthening of institutional coordination through the Financial Sector Regulatory Coordinating Committee (FSRCC)
•Greater emphasis on e-FASS as a tool for banks’ returns analysis for speedy identification of early warning signals


Sanusi, out of excessive adrenaline and "stupidity", tackled issues he could have tackled without raising so much dust. The result? Our foreign direct investment (FDI) collapsed by 62% from the height they were at the end of Soludo’s tenure from $6 billion in 2009 to $2.3 billion in 2010 due to lack of confidence in our economy. All because of unnecessary bravado or cheap popularity? Now our reserves have been depleted and other effects of rash actions.

Mr. Segun Aganga has up till today proved that he has nothing to offer. After the criticism by Atiku, who was advised by Soludo, the Presidential Advisory Council (PAC) now agrees with Atiku's position on the budget. Several newspaper editorials and informed analysts also agreed with him. The PAC has just called on Aganga to reduce recurrent expenditure to 40% down from the current 114% of estimated revenue.

Are we suppose to be going forward or going backward?

For full Soludo's write up, [url=https://www.nairaland.com/nigeria/topic-595685.0.html//click here.]click here.[/url]

The funny thing is that Mr. Aganga was getting his facts from Newspaper rather than working with data piling on his desk that have overwhelmed him.

Aganga, as the head of the Economic Management Team,
-has depleted our external reserves
-accumulated a huge debt at the same time
-and with our economy now adjudged "negative", he has no idea on how to move us forward

Said it months ago that Aganga will ruin our economy, everyone said he is Goldmansachs, now calls for him to resign left right

Nonsense. Ideas are a dime a dozen. Implementation is key. Soludo had several years and he left a terrible mess. He gets kudos for the consolidation exercise but he was terribly inept in ensuring compliance in the banks. He needs to shut up.

He has been vilified by some out of ignorance that he gave false confidence that our banking sector was insulated from the global crisis, but that was a total lie! He never said such, rather he was busy and expertly navigating us out of the turbulence in the world then and according to him, "Like a pilot of an aeroplane that experiences an unprecedented turbulence, what you say to passengers and how you say it might largely determine whether or not some passengers will pass out or die of frightful shock before you navigate through the turbulence and stabilise the plane to reach your destination."

Crap!!!!!!

Navigating plane kor, driving ship ni!

If our banks are operating on high leverage and low liquidity ratios, WE DESERVE TO KNOW!

If our banks are being managed by people who issue reckless loans without conducting due process, WE DESERVE TO KNOW!

There is no point offering Soludo praises when he has been weighed, measured and found wanting! We all know he's brilliant but he has demonstrated that he can't be trusted!

In a sane environment, Soludo wouldn't even attempt to make a grasp at a public position ever again!

^^^

You're just exposing how insane you are.

Tell me any of those things implemented by Sanusi that was his?

If you have listened and followed Soludo's lectures, you'll know those problems have been discovered. So in your "insane" mind, Sanusi's approach to the issues already identified by Soludo was the better option?
Did anyone lose his savings at the end of the day? Changes that could have been carried out quietly and effectively was grossly mismanaged by Sanusi.
Go and ask bankers how many of them lost their jobs because of the panick not to talk of the huge loss in FDI!

Insanity will remain in Nigeria and can't be eradicated with people like you still offering opinion!

violent:

Crap!!!!!!

Navigating plane kor, driving ship ni!

If our banks are operating on high leverage and low liquidity ratios, WE DESERVE TO KNOW!

If our banks are being managed by people who issue reckless loans without conducting due process, WE DESERVE TO KNOW!

There is no point offering Soludo praises when he has been weighed, measured and found wanting! We all know he's brilliant but he has demonstrated that he can't be trusted!

In a sane environment, Soludo wouldn't even attempt to make a grasp at a public position ever again!

thank you

gbammmmm

Allah be with you

Obiagu1:

^^^

You're just exposing how insane you are.

Dude!  are you looking to trade words or have a constructive argument?
It makes me wonder if your IQ is the same figure as your age, I'd bet my breakfast it is.  If you are smart enough, you should have known that trading words with someone who's not looking to pick a fight with you will not necessarily make your díck bigger.

Tell me any of those things implemented by Sanusi that was his?

Oh please spare me that crap!  Soludo kept screaming like a kid whose mummy didn't love him very much.  He kept saying ''that's my idea, that's my innovation', question is who cares? he failed, period!

Did anyone lose his savings at the end of the day?

Nope!, that's what the changes effected by Sanusi was meant to prevent duh!

Changes that could have been carried out quietly and effectively was grossly mismanaged by Sanusi.

Quietly and effectively? you mean the way Soludo treated those bank MDs with kids glove and simply watched while they recklessly run their banks aground with stakeholders funds?  Are you too dáft to comprehend that some of them actually pleaded guilty to financial crime cases?  and you don't see any fault that this people operated under the very nose of Chukwu?

Go and ask bankers how many of them lost their jobs because of the panick not to talk of the huge loss in FDI?

Yes Bankers lost their jobs, but they aren't the only ones, it's called a recession for a reason dunderhead!

Insanity will remain in Nigeria and can't be eradicated with people like you still offering opinion!

I am not insane you ídiot, my opinion is just different and smarter than yours, and while you are pissing yourself to death, I am simply laughing out loud at your folly. . . i dey laugh o, ke ke ke ke ke

violent:

Dude!  are you looking to trade words or have a constructive argument?
It makes me wonder if your IQ is the same figure as your age, I'd bet my breakfast it is.  If you are smart enough, you should have known that trading words with someone who's not looking to pick a fight with you will not necessarily make your díck bigger.

You lunched a tirade and I gave you a response that suits your type.

violent:

Oh please spare me that crap!  Soludo kept screaming like a kid whose mummy didn't love him very much.  He kept saying ''that's my idea, that's my innovation', question is who cares? he failed, period!

He never failed, not at all. Segun Aganga should take up the debate and prove to us that Soludo failed and even deserve to be jailed.

violent:

Nope!, that's what the changes effected by Sanusi was meant to prevent duh!

Quietly and effectively? you mean the way Soludo treated those bank MDs with kids glove and simply watched while they recklessly run their banks aground with stakeholders funds?  Are you too dáft to comprehend that some of them actually pleaded guilty to financial crime cases?  and you don't see any fault that this people operated under the very nose of Chukwu?

The same changes that was about to be implemented by Soludo but with sanity. Note the dates, Soludo left office on May 29, 2009 but just mapped out plan to tackle the banking problems on March 30, 2009. Sanusi just took the opportunity to make "name" for himself and handled issues wrongly.


Can you actually read   Can't you see he planned to change management? So how was that a kid's glove?

violent:

Yes Bankers lost their jobs, but they aren't the only ones, it's called a recession for a reason dunderhead!

This sums up how clueless and ignorant you are. Nigeria was NEVER in recession! Get it, so the loss of jobs was unnecessary and a result of Sanusi's rash actions.

He never failed, not at all. Segun Aganga should take up the debate and prove to us that Soludo failed and even deserve to be jail.

Segun Aganga is a Minister of the Federal Republic of Nigeria, his office his superior to the Governor of the central bank, talk less of an ex governor [oh i forgot, ex governors don't actually have an office].  He is not obliged to debate with every Soludo, Suleiman and Shakiru that asks for one!

The same changes that was about to be implemented by Soludo but with sanity.
Can you actually read   Can't you see he planned to change management? So how was that a kid's glove?

Yeah right! He planned to change the management, but he didn't. The only reason we know he planned to change the management was because he told us so after the management was changed.

This sums up how clueless and ignorant you are. Nigeria was NEVER in recession! Get it, so the loss of jobs was unnecessary and a result of Sanusi's rash actions.

oooops! someone says Nigeria was NEVER in recession and then he called me the ignorant one, what an irony!. . .someone must have missed some economics classes!

There was a general slowdown in Production, lending activities and household spending, there was a marked increase in unemployment rates and bankruptcies and Nigeria was NEVER in a recession? wow! we musta been experiencing a boom!. . .i fear what a recession must look like!

I can't even begin to explain to you factors that led to loses in bank jobs, it will probably take you all eternity to grasp the basic concepts!

violent:

Segun Aganga is a Minister of the Federal Republic of Nigeria, his office his superior to the Governor of the central bank, talk less of an ex governor [oh i forgot, ex governors don't actually have an office].  He is not obliged to debate with every Soludo, Suleiman and Shakiru that asks for one!

Who launched the first attack? Aganga or Soludo? So when he lauched the first attack, he forgot that Soludo was in a lesser office? That emptiness, Aganga, should have come out and expose himself further.

violent:

Yeah right! He planned to change the management, but he didn't. The only reason we know he planned to change the management was because he told us so after the management was changed.

I asked you before, can you actually read? Or are you just arguing for argument sake?

From Soludo's outline on handling banking problems, March 30, 2009.

To strengthen CBN’s contingency planning framework for systemic distress
•Keep vigilance on early warning signals through rigorous examinations
•If chronic liquidity problems—- provide term loans; target examination, and seek restructuring of balance sheet and management
•If solvency problem: Could change Management, and strategic plan to recapitalize bank, including possibility of merger with/acquisition by stronger bank.
•Encourage banks to strengthen/ review bank-specific contingency plans
•Asked banks with signs of liquidity pressures to present plans for restructuring of their balance sheet
•Reviewing the draft Asset Management Company of Nigeria (AMCON) bill—- to be established to buy up toxic assets of banks.

violent:

There was a general slowdown in Production, lending activities and household spending, there was a marked increase in unemployment rates and bankruptcies and Nigeria was NEVER in a recession? wow! we musta been experiencing a boom!. . .i fear what a recession must look like!

I can't even begin to explain to you factors that led to loses in bank jobs, it will probably take you all eternity to grasp the basic concepts!

This is where you brought the dialogue to an end because you're incurably ignorant.
Nigeria was not in recession! You don't see recession with your eyes but with data and figures.

.

Obiagu1 from the way you talk you dont know anything about banking.

The problem is that Soludo is an Igbo Man.

why would you say because he is an igbo man. what does that mean? what does been igbo have to do with it. Let be honest with ourself. when people leave position like soludo did, they are expected to start a business to employ young people.

Medicine after death!

Typical ibos, always trying to hijack what does not belong to them. The same soludo that lied to us on the status of oceanic bank only for us to discover that the woman has embezzled over a hundred billion Naira of the public money. Ibo ranting