niyooo:

Our father's said you don't wash your dirty linen in public, yet Sanusi's single aim is seeking popularity by saying whatever enters his head when he gets up from bed.

arnold75:

@ Genius100, i really feel that people like you dont listen to news and get their import. You didnt give the shareholders opportunity to recapitalize their banks or merger rather you offered them straight jacketed solutions, "allow yourself to be sold or be liquidated". Haba! it is only in nigeria that we can see this kind of injustice. If your father or you are a major shareholder in such banks would you go home and say "let it be so"? answer this question genuinely.
God will answer sanusi terribly atleast for the tens of thousands that he threw out of job. Common inflation that he promised that he will fight till it's reduced to a single digit kept increasing each day (a reason why he should resign honorably). It is if this sanusi's "worm in the apple" tactics have not affected you directly or indirectly (negatively) that is only when you come out here to sing. I am waiting for you, one day when the truth is unveiled, i hope you will be bold enough to stand by him.

Diligence:

Sanusi is a fundamentalist and also a sadist who will stop at nothing to avenge for the north by any means necessary - until GEJ does something strategic to salvage the banking industry from woes, things will always fall apart!  It speaks volumes when a sitting cbn governor is so engrossed in establishing islamic banks to the detriment of others!!

Gbenge 77:

What do you mean 'by avenging for the North'?

Chief, please familiarize yourself with the FACTS of the case, before taking a position. Sanusi has given the banks more than a year to recapitalize. He even gave the banks bail-out money to help them recapitalize. My Father is actually a shareholder in several of the banks and he will lose most of the money. And that is simply due to the fact that he did not do his due diligence in purchasing and managing his shares. As far as throwing tens of thousands out of a job, you should actually be thanking Sanusi for savings tens of thousands of jobs. Had Sanusi allowed the banks to continue their fraudulent activities, the banking system will collapse, leaving hundreds of thousands out of a job.

Listen, it is impossible to sanitize the banks without sacrifice. 5 years from now, everybody will praising Sanusi for making the Nigerian banking system world class

Investors are becoming worried because of kidnapping, Boko Haram, Mend, OPC and MASSOB, investors do not want to put their monies in economies that are run by gangsters.

hercules07:

Eze

Investors are becoming worried because of kidnapping, Boko Haram, Mend, OPC and MASSOB, investors do not want to put their monies in economies that are run by gangsters.

ebere1712:

Nigerians I hail una. It is only in this country that a man can cause a whooping 30+ thousand people to loose their lively hood, pump 4+ billion dollars as rescue package and has nothing tangible to show for it but "cleaner banks" to sure for it; and still have alot of people rooting for him. Men I'm tired of this country.

maasoap:

Where were all of you (Sanusi's haters) when your dads and mums were siphoning depositors' money abroad? If you're looking for people with heads but without brain, come to NL. Whose interest is Sanusi protecting, owners/staff or depositors? Which one is more important most especially when you look at who caused the problem and who the victims are? These people are given three options and the fourth and last one is liquidation, if you don't know, go and ask. They are living on borrowed life and they can't continue like that. This is because they created problem for themselves over a period of years. If not Sanusi's intervention, only God knows the number of people (depositors) who will have committed suicide by now.

rhymz:

I remember 2yrs ago when Sanusi came on board with his mafian styled leadership of the CBN, my worries then were that this man was eroding the very lifeline of bank business with his hasty decisiond & as the spirit leads policies he was churning out.
I give it to him, he was fearless, probably good intentioned and realy wanted to help but there were some very obvious pointers to the fact that the young man was darting in unknown waters. From his sweeping actions of sacking the managements of banks he alleged were cooking their books without given them any chance to defend themselves to reeling out hasty policies and talking down on our banks in different public forums both home and abroad, all these showed he lacked the finesse, tact and temperament of the office he occupies. In his effort to correct the flaws in the financial sector he inwittingly brought down the whole sector to a screeching halt.

[size=13pt]Any banker or financial expert that is worth his salt knows that bank business thrives on trust and confidence and the moment anyone in his present capacity starts mouthing off about how dubious and criminally minded bankers and the system is, instantly people will start fretting and taking their monies elsewhere.[/size]

Now the news making the rounds is yet another policy twist from our very controversial abd extremely erratic CBN governor who has given a deadline to the 8 rescued banks to recapitalize before october 30 or face liquidation.

[size=14pt]Now the question that any sane person that has been following this man's trial and error policies is this: did Sanusi not promise us that no bank will be allowed to fail or go under? What was the essense of the whole hullabaloo a about saving the banks initially if it will eventually come to this? Does this man listen to his voice at all? Or does his own voice confuse him as well? He is so full of discordant tones and inconsistencies. Why make us go through all that suffering, more than 30,000 people have already lost their jobs, 620billion naira injected into these banks and our economy stagnated. Is he confused or what? Or he can't wait to see through his policies to the end? I understand he constituted the managements of these rescued banks, so has he lost confidence in them? Or was it a case of the whole plan being programmed to end like this? Why is he in a hurry to sell these banks to foreigners.[/size]

He acts like shareholders of these banks do not have any right as to how the merger and acquisition should go, he wants to damn the shareholders and liquidate their banks like that? Does he even have any shares in any of these banks to understand the import of his thoughtless pronouncements.

The same way he eroded confidence in the banking sector when his madness first started, he is going to repeat it again the 2nd time. Imagine the adverse effects liquidating 8 banks will have on even the so-called healthy banks. Which investor with a sane mind will want to touch our banks with a 500m pole with a cobfused CBN governor like sanusi. It is high time Mr Lamido Sanusi threw in the towel and admit this job is way above his league to start with. God help us.

maclatunji:

Okay, now it has changed from "Sanusi HAS killed the economy" to "Sanusi WILL kill the economy."

You guys are just too much . For the record, a Central Bank Governor cannot single-handedly kill or resuscitate an economy, he also needs the support of the Minister of Finance and the President. Olusegun Aganga has not shown us that he has any liver to fight the ills of the economy while Mr. President is not exactly at par with Barack Obama in terms of understanding the dynamics of Economics.

In the environment that we find ourselves and the circumstance we are in, Sanusi Lamido Sanusi is doing a decent job and I leave it at that. If we continue to castigate good people and frustrate them out of the country, we will end-up being worse than Somalia and Liberia. So when we criticize, let us understand the import of what we are saying.

CHANCEMAN:

The issue here is not the if he is a good man or not , the issue here is competence , so far he has not demonstrated that he hasa good grasp of the macro-economic variables within the environment he is charge of,given that he can influence monetary policy.History has shown that Nigeria is a financial sector driven economy,if the banking sector is not thriving the economy is at a stand still

CHANCEMAN:

What is the purpose of production when demand does not exist?If as an economic player you cannot distinguish between macro and micro economic variables then you still have a long way to go.Greece had an economic crisis is no way similar to Nigeria's so i do not see the need for comparison.If i may ask why do you think China's economy has recovered but that of America isstill struggling to?
Financial discpline is part of financial management but that alone does not lead to economic growth.Sanusi has been in charge foe sometime and all econoomic indicators are as dismal as when he took over.

maclatunji:

Of course, we are not currently similar to Greece because there is proper control from Sanusi, they say the horses at the back learn from those in the front. However, we will also be in the same crisis if we continue to allow banks to be run the way they were before Sanusi. It seems that you have forgotten that the whole world is currently in a financial mess. It is a great achievement to be stable or stagnant if you like at the moment when other economies are tumbling down. Considering the way that GEJ squandered the foreign reserves he met in office, it is great credit to Sanusi that we still have the economy the way it is at this point in time.

Please, in your brilliance are you saying that a total economic collapse as that of Greece is due to micro economic variables? If that is so, you must be practising pseudo-economics.

maclatunji:

Okay, you want us to continue in the path of Cecelia Ibru and Erastus Akingbola thereby ending-up broke like Greece. We say a big NO to that. It is better for the economy to stagnate than for us to end-up being bankrupt like Greece. Let the weak banks die a natural death. The ones that remain will serve us better. You and this your Macro-economic rubbish. Even America is having to extend its debt limit to finance itself, can we afford that? No!

Sanusi is telling us that if you want to be rich, add-value not by financial abracadabra that leaves smart-crooks as billionaires and the poor as utterly destitute. Of course Sanusi has hurt the "small clique" that has been making sure that our economy grows without development because of their own selfish ends. You may fight all you want, but people's eyes have now opened and it will be difficult for you folks to take us for a ride to economic misery this time.

CHANCEMAN:

What is the purpose of production when demand does not exist?If as an economic player you cannot distinguish between macro and micro economic variables then you still have a long way to go.Greece had an economic crisis is no way similar to Nigeria's so i do not see the need for comparison.If i may ask why do you think China's economy has recovered but that of America isstill struggling to?
Financial discpline is part of financial management but that alone does not lead to economic growth.Sanusi has been in charge foe sometime and all econoomic indicators are as dismal as when he took over.

Pukkah:

Are you insinuating that Nigeria would have ended up like Greece if Sanusi had not removed the 'rescued banks' directors and taken them over? Are you saying that Nigeria would have been broke like Greece if those 'rescued banks' had failed?

maclatunji:

Does the domino effect mean anything to you. At the point that those bank directors were removed. The economy was already in a mess because of the stock market downturn. Banks like Intercontinental  and Oceanic were technically insolvent which in layman language means they had more expenses than revenue. In addition their debts had reached such a level that if their assets were sold, the bank would still be indebted. Now, if you know anything about the banking system, you will know that if these calibre of banks go bust, there is no way the entire system will not feel the disastrous effects.

Another key point here is that very few people (maybe in the Central Bank) knew about these problems then; everybody knows about them now so if they end-up being liquidated, the financial system has had enough time to receive, assimilate and strategize for such bad news.

It seems as if some of us would go to sleep if we knew that there was gas leak in our neighbour's house with this mindset: "Look that house has not caught fire; in any case it is a very beautiful house and the owners have been enjoying staying there, even if it catches fire, it is not my business" If you wouldn't do this, then you should not argue about Sanusi's action regarding those distressed banks.

In summary (some may have been lost with my analogy), recent economic experiences in Ireland, Portugal, Iceland, United States and even Greece show that it is in the best interest of a country's economy that financial regulators intervene when they see distortions in a particular sector before it snowballs into an economic crisis that is extremely difficult to get-out of. 

Pukkah:

Mind you, no one is saying that the banks should have been left alone or the underlying problems ignored. The way Sanusi went about that task was without tact and that is (and not the taking out of the banks) what is having a backlash on the economy.

Will you open fire on a feeling armed robber inside a market when there are other ways of catching him with minimum collateral damage? I'm sure Sanusi himself must have learnt some lessons and there's no point to argue that all his actions were right.