kbdrim:

I come to nairaland to have fun and read people discussing politics. I have better Things to do than hang on the internet on social networking sites posting every few second, I am a research scientist and the point i am making is If i disagree with anything in science I do not come to nairaland and open a thread that would discuss such issues. We have a monthly lab meeting where colleagues can discuss such issues. If you feel that the SLS is not qualified for his Job, Get your facts, write a petition and send it to the senate where other professionals can look at the merits of your petition and take a decision on his suitability for the job. I would have expected Bank CEO's to raise some of these points you are raising at Sanusi's Senate Confirmation. Hiding behind your screen to push out these ''facts '' does not help your case if u want to be taken seriously and believe me If you do not have your name on your petition no one would listen to you. Like you rightly pointed out I am not a Sanusi fan neither Im I a fan of Ivy league graduates, You can reel all the statistics in the world, If the average lives of Nigeria's are not improved thsoe statistics mean nothing. The economy in The US and all over the world today is in a deep poo and we have ivy leaguers behind the wheels of these economies. Sanusi may not have all the knowledge you feel he has for his good, He comes across as honest and brave and I will certainly take that. You sound like a brilliant person and I would have love to have you discuss on an intellectual level with the utomis, aluko's etc. IMO the economy under abacha was far better than under obasanjo with the iwealas and soludo etc, why do i say that the exchange rate was stable and nigeria's had a better purchasing power.
Again, If you really expect sanusi or his assistants to defend him, you are in the wrong forum, I am a neutral guy but I hate cowards, BTW, you are a southerner tru and tru, u dont have to hide it, its obvious from your writing

Some of you Sanusi supporters are very arrogant and prodigious braggarts, just like your master. The other guy bragged of having 1st class. Now you are bragging of being a scientist. Do we really care to know who you are? You will be ashamed of your accomplishment if we publicize ours individually. Let me tell you, we are in information age. Change is brought about by the power of information. You will be making a mistake by trying to suppress it. Don't you ever imagine that we are jobless. We are questioning the credentials and policies of your hero; and you are trying to stifle the debate or move it to another location where we will not have access to the debate.
I urge Katsumoto and other intellectuals here to please ignore these rabble-rousers and move on with the debate. You can't occupy such a sensitive post as CBN governor and expect the spotlight to be away from you.

kbdrim:

I come to nairaland to have fun and read people discussing politics. I have better Things to do than hang on the internet on social networking sites posting every few second, I am a research scientist and the point i am making is If i disagree with anything in science I do not come to nairaland and open a thread that would discuss such issues. We have a monthly lab meeting where colleagues can discuss such issues. If you feel that the SLS is not qualified for his Job, Get your facts, write a petition and send it to the senate where other professionals can look at the merits of your petition and take a decision on his suitability for the job. I would have expected Bank CEO's to raise some of these points you are raising at Sanusi's Senate Confirmation. Hiding behind your screen to push out these ''facts '' does not help your case if u want to be taken seriously and believe me If you do not have your name on your petition no one would listen to you. Like you rightly pointed out I am not a Sanusi fan neither Im I a fan of Ivy league graduates, You can reel all the statistics in the world, If the average lives of Nigeria's are not improved thsoe statistics mean nothing. The economy in The US and all over the world today is in a deep poo and we have ivy leaguers behind the wheels of these economies. Sanusi may not have all the knowledge you feel he has for his good, He comes across as honest and brave and I will certainly take that. You sound like a brilliant person and I would have love to have you discuss on an intellectual level with the utomis, aluko's etc. IMO the economy under abacha was far better than under obasanjo with the iwealas and soludo etc, why do i say that the exchange rate was stable and nigeria's had a better purchasing power.
Again, If you really expect sanusi or his assistants to defend him, you are in the wrong forum, I am a neutral guy but I hate cowards, BTW, you are a southerner tru and tru, u dont have to hide it, its obvious from your writing

Some of you Sanusi supporters are very arrogant and prodigious braggarts, just like your master. The other guy bragged of having 1st class. Now you are bragging of being a scientist. Do we really care to know who you are? You will be ashamed of your accomplishment if we publicize ours individually. Let me tell you, we are in information age. Change is brought about by the power of information. You will be making a mistake by trying to suppress it. Don't you ever imagine that we are jobless. We are questioning the credentials and policies of your hero; and you are trying to stifle the debate or move it to another location where we will not have access to the debate.
I urge Katsumoto and other intellectuals here to please ignore these rabble-rousers and move on with the debate. You can't occupy such a sensitive post as CBN governor and expect the spotlight to be away from you.

I come to nairaland to have fun and read people discussing politics. I have better Things to do than hang on the internet on social networking sites posting every few second, I am a research scientist and the point i am making is If i disagree with anything in science I do not come to nairaland and open a thread that would discuss such issues. We have a monthly lab meeting where colleagues can discuss such issues. If you feel that the SLS is not qualified for his Job, Get your facts, write a petition and send it to the senate where other professionals can look at the merits of your petition and take a decision on his suitability for the job. I would have expected Bank CEO's to raise some of these points you are raising at Sanusi's Senate Confirmation. Hiding behind your screen to push out these ''facts '' does not help your case if u want to be taken seriously and believe me If you do not have your name on your petition no one would listen to you. Like you rightly pointed out I am not a Sanusi fan neither Im I a fan of Ivy league graduates, You can reel all the statistics in the world, If the average lives of Nigeria's are not improved thsoe statistics mean nothing. The economy in The US and all over the world today is in a deep poo and we have ivy leaguers behind the wheels of these economies. Sanusi may not have all the knowledge you feel he has for his good, He comes across as honest and brave and I will certainly take that. You sound like a brilliant person and I would have love to have you discuss on an intellectual level with the utomis, aluko's etc. IMO the economy under abacha was far better than under obasanjo with the iwealas and soludo etc, why do i say that the exchange rate was stable and nigeria's had a better purchasing power.
Again, If you really expect sanusi or his assistants to defend him, you are in the wrong forum, I am a neutral guy but I hate cowards, BTW, you are a southerner tru and tru, u dont have to hide it, its obvious from your writing

I don't even know where to start.Do i start from the beginning or begin from the starting Some folks are so funny.The internet has progressed beyond the era of fun having, real solutions to most problems are found on the internet.I even wonder if people need to go to school again owing to the vast array of information available at the click of the mouse.This Sanusi supporters expect us to gather at the town square to discuss issues that bother us as a nation.A scientist who does not know the power and collaborative potentials of the internet must be living in the stone age.Did you know how modern day revolution in some islamic states started, the internet of course.On Saturday, Malaysia witnessed the highest turnout of supporters who are dissatisfied with the current leadership of the country through internet collaborations and online discussions such as NL.For your knowledge, there is a new wind of change blowing through the universe currently called Micro-macrowikkinomics using the collaborative power of the internet.So, suggesting that we gather at the town square to discuss issues of national importance is a sheer display of ignorance and mediocrity.

For the records, SLS has done nothing worthy of commendation.The circumstances surrounding his appointment as the MD of first bank and subsequently the CBN governor is a clear manifestation of the decay in our merit system.I mean, how can an ordinary head of Risk Mgt in a bank progress to become the MD of the bank without any visible track record and accomplishment?I have always said that quota system, ''I know you'', mediocrity and greed is the bane of our development as a nation.A country where meritocracy is sacrificed in the alter of ethnicity should not be taken seriously in issues of development.All indices of growth and development point to the fact that SLS has failed abysmally.

This is an open discussion and the beauty lies in its degree of anonymity .So, if you feel SLS has done us great then come out clear and state your facts order than hiding under north-south divide, muslim-christian dichotomy blah blah blah.

^^^^^^^
So who is the best man/woman for the Job?
Why didn't they promote from within?
Why wasn't he screened appropriately?
What if he was what was needed at the time of that vacancy?

Dats d point, if sanusi ere to b ur relation, would u rather offer d job to an outsider who is more qualified to him. I doubt u would,

Which banks are prone to liquidation by CBN

So who is the best man/woman for the Job?

I was reading the profile of the head of Economics dept of U.I (i can't remember his name) sometime ago, and i was shocked at the kind of resources this country is wasting.This man has both industry and academic experience, having worked in the US and then Africa.This is just one out of many.

Why didn't they promote from within?

Available information has it that Mr. Mutalab, the father of the suicide bomber and former MD of first bank, was instrumental in the promotion of SLS and subsequent recommendation for the post of the CBN governor.So, what do you expect from a man who never worked himself up the ladder.It is said that whatever you don't work for is valued less and often discredited.This can be said of Sanusi's promotion, appointment, and mannerism as the CBN governor.

Why wasn't he screened appropriately?

Sir, in a country of over 150m people with over 70% literacy level, SLS is obviously not the best for us.

Screening?I doubt if such word exist in Nigeria.What you need is just presidential blessing, screening can go to hell.

What if he was what was needed at the time of that vacancy?

freepeople:

Some of you Sanusi supporters are very arrogant and prodigious braggarts, just like your master. The other guy bragged of having 1st class. Now you are bragging of being a scientist. Do we really care to know who you are? You will be ashamed of your accomplishment if we publicize ours individually. Let me tell you, we are in information age. Change is brought about by the power of information. You will be making a mistake by trying to suppress it. Don't you ever imagine that we are jobless. We are questioning the credentials and policies of your hero; and you are trying to stifle the debate or move it to another location where we will not have access to the debate.
I urge Katsumoto and other intellectuals here to please ignore these rabble-rousers and move on with the debate. You can't occupy such a sensitive post as CBN governor and expect the spotlight to be away from you.
Some of you Sanusi supporters are very arrogant and prodigious braggarts, just like your master. The other guy bragged of having 1st class. Now you are bragging of being a scientist. Do we really care to know who you are? You will be ashamed of your accomplishment if we publicize ours individually. Let me tell you, we are in information age. Change is brought about by the power of information. You will be making a mistake by trying to suppress it. Don't you ever imagine that we are jobless. We are questioning the credentials and policies of your hero; and you are trying to stifle the debate or move it to another location where we will not have access to the debate.
I urge Katsumoto and other intellectuals here to please ignore these rabble-rousers and move on with the debate. You can't occupy such a sensitive post as CBN governor and expect the spotlight to be away from you.

Maybe we should all accept Katsumoto's ''facts'', Sanusi is not that educated? He has has no requisite experience in bank management to be appointed as the CBN Governor. First bank of Nigeria were wrong to make him an an ED and later as CEO, His Job at UBA was also not deserved. He wasnt smart enough to lecture in ABU, Simply put, He is not qualified to be CBN boss, Now that we have all agreed on nairaland, what next? I do not believe in argueing to boost my ego, let the arguements be made in the right place so that the solutions can be proffered for issues raised. I am not an economist and i do not claim to disagree with katsumoto who feels that 12 yrs at mangement level in foremost banks in Nigeria FBN and UBA are not enough to man CBN as governor but would i be wrong to ask him the same questions he ask of sanusi? who are you? what is his own educational and professional experiences with which he believes 12 yrs at bank management level is not enough to be a CBN governor. WHY DOES HE FEEL THAT FIRST BANK OF NIGERIA DID MAKE A MISTAKE BY PICKING SANUSI AS ED AND LATER CEO? WHAT ARE HIS MOTIVES? WHY NOT USE PROFESSIONAL FORUMS TO RAISE your DOUBTS ABT CBN POLICY ISSUES? WHY DOES HE FEEL THE SENATE DID MAKE A MISTAKE BY CONFIRMING SLS AS CBN GOVERNOR? AGAIN, HOW DOES CONVINCING US ON NL THAT SANUSI IS NOT QUALIFIED FOR THE JOB HELP NIGERIA. sanusi has stepped on too many toes, I AM JUST WONDERING IF HE IS NOT ONE OF SUCH PEOPLE. I still insist that havard/oxford/cambridge and other notable university scholars man economies of the US and Most of Europe, THE ECONOMIES ARE STILL IN THE WOOD, YOU CAN HAVE ALL THE DEGREES/ CERTIFICATES PLUS 50 YRS EXPERIENCE IN BANKING, IF YOU ARE DISHONEST AND LACK COURAGE IT AMOUNTS TO NOTHING, SANUSI MIGHT NOT HAVE THE ''REQUISITE EXPERIENCE'' (WHATEVER THAT MEANS), HE HAS GOT GUT AND APPEARS HONEST, IM SATISFIED WITH THAT
btw my reference to being a scientist was not bragging, infact i am just starting out my career however i have been taught to have my scientific arguements in the right forum or better still peer reviewed journals not on nairaland

chamber2:

I was reading the profile of the head of Economics dept of U.I (i can't remember his name) sometime ago, and i was shocked at the kind of resources this country is wasting.This man has both industry and academic experience, having worked in the US and then Africa.This is just one out of many.

I'm not disputing the fact that Nigeria with over 150 million peeps ain't going to be able to produce an egg head miles better than SLS in knowledge department. My question is do you honestly think all geeks will be natural born leaders? Be reminded that Nigeria is a country that nothing works according to plan and only guerrilla tactics delivers results in Naij.
Okonja Iweala/soludo alike was partly able to succeed with there respective championed policies cos we had an enabling environment at the time provided by none other than General OBJ before he started fighting an uphill task (3rd term agenda)

chamber2:

Available information has it that Mr. Mutalab, the father of the suicide bomber and former MD of first bank, was instrumental in the promotion of SLS and subsequent recommendation for the post of the CBN governor.So, what do you expect from a man who never worked himself up the ladder.It is said that whatever you don't work for is valued less and often discredited.This can be said of Sanusi's promotion, appointment, and mannerism as the CBN governor.

Any link to this claim of yours with particular emphasis on the CBN appointment?
Do we actually know how many peeps where being considered for the position before SLS was appointed. I'm only asking so i can convince myself that favouritism wasn't the order of the day at the time of the appointment.

chamber2:

Sir, in a country of over 150m people with over 70% literacy level, SLS is obviously not the best for us.

I definitely ain't doubting this.
I'm also from the school of having the best man for the Job but Nigeria as a country need achievers and guerillas not necessarily geeks. Besides SLS doesn't make all decisions by himself. I want to believe he has a board that works with him in determining policies that helps inform his decisions going forward.

chamber2:

Screening?I doubt if such word exist in Nigeria.What you need is just presidential blessing, screening can go to hell.

Well if it doesn't exist then surely that's what we ought to be fighting so this case doesn't keep repeating itself. We need a transparent process

chamber2:



I don't even know where to start.Do i start from the beginning or begin from the starting Some folks are so funny.The internet has progressed beyond the era of fun having, real solutions to most problems are found on the internet.I even wonder if people need to go to school again owing to the vast array of information available at the click of the mouse.This Sanusi supporters expect us to gather at the town square to discuss issues that bother us as a nation.A scientist who does not know the power and collaborative potentials of the internet must be living in the stone age.Did you know how modern day revolution in some islamic states started, the internet of course.On Saturday, Malaysia witnessed the highest turnout of supporters who are dissatisfied with the current leadership of the country through internet collaborations and online discussions such as NL.For your knowledge, there is a new wind of change blowing through the universe currently called Micro-macrowikkinomics using the collaborative power of the internet.So, suggesting that we gather at the town square to discuss issues of national importance is a sheer display of ignorance and mediocrity.

[s]For the records, SLS has done nothing worthy of commendation.The circumstances surrounding his appointment as the MD of first bank and subsequently the CBN governor is a clear manifestation of the decay in our merit system.I mean, how can an ordinary head of Risk Mgt in a bank progress to become the MD of the bank without any visible track record and accomplishment?I have always said that quota system, ''I know you'', mediocrity and greed is the bane of our development as a nation.A country where meritocracy is sacrificed in the alter of ethnicity should not be taken seriously in issues of development.All indices of growth and development point to the fact that SLS has failed abysmally.[/s]
This is an open discussion and the beauty lies in its degree of anonymity .So, if you feel SLS has done us great then come out clear and state your facts order than hiding under north-south divide, muslim-christian dichotomy blah blah blah.

Micro-macrowikkinomics using the collaborative power of the internet, DUDE, U R JUST SPEAKING JARGON, U SAY THAT SLS HAS FAILED WOEFULLY, I AM YET TO SEE IT, IF CECELIA IBRU RETURNED 200 BILLION NAIRA AND THE AKINGBOLA'S AND OKEY NWOSU KNOW THAT THEY ARE NEXT, IF BANK CEO'S STOP COOKING THEIR BOOKS AND HONOURING CBN GOVERNORS WITH DINNERS AS THEY DID WITH SOLUDO, IF WE HAVE ONE MORE PUBLIC PUBLIC OFFICER WHO CAN LOOK THE SENATE IN THE EYE AND TELL THEM THEIR ALLOWANCES AND SALARIES ARE KILLING NIGERIA, I AM SATISFIES, LIKE SANUSI SAID, I LOVE MY JOB BUT CBN IS NOT MY LIFE, the collaborative power of the internet in nigeria is to insult public officers and ourselves, the question we should be asking ourselves is what are we doing as nigerians besides talking on the internet, what proactive actions have we taken to help our immediate communities, Do ur job, let sanusi do his?

Can the SLS supporters who feel that SLS is competent in his role please answer the question below?

Katsumoto:

Central Bank bids to take over Abuja commodities exchange

Concerned about the negative impact the absence of an active commodity exchange is having on agricultural commodities trading in the country, the Central Bank of Nigeria (CBN) yesterday asked the federal government to allow it take over the Abuja Securities and Commodities Exchange (ASCE) to help it deliver on its mandate.

CBN governor, Sanusi Lamido Sanusi, who was speaking at the opening of a two-day stakeholders’ conference on Nigeria’s Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) in Abuja, said if properly positioned through adequate funding and clarification of its corporate governance policies, the Exchange could provide the platform for trading in agricultural commodities.

http://234next.com/csp/cms/sites/Next/Money/Finance/5727537-146/central_bank_bids_to_take_over.csp

[size=16pt]Can the SLS admirers at least explain how engaging in a market is part of the functions of a Central Bank?[/size] The roles of the CBN and Finance Ministry are to provide the necessary framework and guidelines for the operation of markets. The CBN should not be engaged in this sort of business. If SLS feels that the absence of a commodities market has a negative effect on the economy, then the proper thing to do is to provide the necessary inducement and motivation and someone else with take over the exchange. SLS is acting as as if he would take on the role of a bleaching cream importer if Alao-Akala corners the bleaching cream industry.

Where did SLS learn that the functions of a Central Bank Governor includes being a regulator as well as a competitor in a market he seeks to regulate? Was he taught this at ABU? Or did he pick this up during his work experience?

Can SLS or his supporters point to another example in the developed world? I started the thread with questions about his educational and professional background for a purpose.

I'm not disputing the fact that Nigeria with over 150 million peeps ain't going to be able to produce an egg head miles better than SLS in knowledge department. My question is do you honestly think all geeks will be natural born leaders? Be reminded that Nigeria is a country that nothing works according to plan and only guerrilla tactics delivers results in Naij.
Okonja Iweala/soludo alike was partly able to succeed with there respective championed policies cos we had an enabling environment at the time provided by none other than General OBJ before he started fighting an uphill task (3rd term agenda)

I am an ardent believer of the Great Man Theory which posits that all men are born leaders.It is only that we do not know that we posses leadership thrust.

Nigeria is a country that nothing works according to plan and only guerrilla tactics delivers results in Naij.

No, i don't buy the idea that only guerrilla approach delivers result in Nigeria, at least our experiences with the various military regime will disprove such claims.What we need is the right people at the right place with the right attitude and the right training.This happened during OBJ's tenure and the result was overwhelming.

Any link to this claim of yours with particular emphasis on the CBN appointment?
Do we actually know how many peeps where being considered for the position before SLS was appointed. I'm only asking so i can convince myself that favouritism wasn't the order of the day at the time of the appointment.

That is the story making the rounds, but i think there is truth in it.Looking at the currently campaign for islamic banking which is been championed by SLS and Mr. Mutalab, then one would be forced to believe the story.

Well if it doesn't exist then surely that's what we ought to be fighting so this case doesn't keep repeating itself. We need a transparent process

That is exactly what we are doing on this thread, providing the platform for such collaboration.

I am so disappointed that this argument has gone onto the 11th page; for the purpose for which the argument is based upon is quite disheartening. What are people trying to prove? That this man is brilliant? Intelligent? or has the appropriate education and experience that qualifies his as Governor? I think we should stop wasting our breath on this man; he isn't worth all this time and argument.

CBN DOES NOT engage in trading commodities nor building hotels or poultry farm or fish farming. I mean what is Nigerian Central Bank doing? Engaging in "for-profit, competitive business"? As for me, this man needs to go, he will ruin the economy even further.

Micro-macrowikkinomics using the collaborative power of the internet, DUDE, U R JUST SPEAKING JARGON, U SAY THAT SLS HAS FAILED WOEFULLY, I AM YET TO SEE IT, IF CECELIA IBRU RETURNED 200 BILLION NAIRA AND THE AKINGBOLA'S AND OKEY NWOSU KNOW THAT THEY ARE NEXT, IF BANK CEO'S STOP COOKING THEIR BOOKS AND HONOURING CBN GOVERNORS WITH DINNERS AS THEY DID WITH SOLUDO, IF WE HAVE ONE MORE PUBLIC PUBLIC OFFICER WHO CAN LOOK THE SENATE IN THE EYE AND TELL THEM THEIR ALLOWANCES AND SALARIES ARE KILLING NIGERIA, I AM SATISFIES, LIKE SANUSI SAID, I LOVE MY JOB BUT CBN IS NOT MY LIFE, the collaborative power of the internet in nigeria is to insult public officers and ourselves, the question we should be asking ourselves is what are we doing as nigerians besides talking on the internet, what proactive actions have we taken to help our immediate communities, Do your job, let sanusi do his?

Did the sacking of the CEOs create jobs?Did it stabilise our currency?Did it reduce inflation and interest rate?Did it make credit available to the small businesses?Did it attract FDI?If the answers to the above questions are in the negative, then SLS has obviously failed.

Sanusi questioning the huge salaries of the lawmakers is like kettle calling pot black.What happens to his own jumbo pay and allowances which he uses to feed his numerous wives and concubines?Let him live by example.let him start by reducing his pay and allowances, then we can take him seriously.Sanusi is an attention seeker, and surprisingly most Nigerians are falling for it.

the guy is over-hyped and mediocre,i have been following up on some things and i have come know,he is not brilliant just a fame hungry wannabe,i know he just wants to be heard,known at all cost,destroying the economy is not the solution,approbation and counter-approbation,he cannot make right decisions and his deputies in a bid not to be antagonistic towards him kiss his ass in public,knowing fully well that he is wrong.my Syrian, Lebanese and Egyptian friends said that everything happening have been pre-meditated that it is not new.

chamber2:

Did the sacking of the CEOs create jobs?Did it stabilise our currency?Did it reduce inflation and interest rate?Did it make credit available to the small businesses?Did it attract FDI?If the answers to the above questions are in the negative, then SLS has obviously failed.

Sanusi questioning the huge salaries of the lawmakers is like kettle calling pot black.What happens to his own jumbo pay and allowances which he uses to feed his numerous wives and concubines?Let him live by example.let him start by reducing his pay and allowances, then we can take him seriously.Sanusi is an attention seeker, and surprisingly most Nigerians are falling for it.

No it did not, in fact he made it "WORSE"


Sacking CEO's might have not been the best decision but I guess that's what he could do best.

Stabilize the Naira? Yeah right, Instead it shot through the roof and the value kept depreciating.

Inflation? Does he understand what inflation is? I don't think he did otherwise he wouldn't have added to the current inflation rate by almost 10%.

Credit? Please, he's so clueless that he doesn't understand what credit means, rather he want CBN as an agency to engage in poultry farming and fish farming and want to start competing with Sheraton Hotels and Towers for business

FDI? Only if he understood what investment was all about. I was arguing the same with @Beta Things, it is the job of the CBN to make the world want our currency. We have potentials, why not use it. Sanusi could have discounted currency to attract foreign development and working with bank (not enforcing them), as well as other agencies like commerce, industries, investment, agriculture, he can channel his expertise into attracting foreign development.

I have another question.


When Sanusi proceeded to review the operations of the other banks as soon as his nomination was approved by the Senate in 2009, did he include First Bank in the said exercise? Or are we to assume that there were no sharp practices in First Bank while Sanusi was there? If he did include First Bank in the Exercise, how objective was the exercise? So for instance, if sharp practices were un-earthed at First Bank, would Sanusi have indicted himself?

Been off-NL in the last couple of days and just seeing this.
Interesting, no doubt.
I have had enough of this debate on NL here and elsewhere and I'll just provide link to my previous debates and writings on the subject:

WITH DAVIDYLAN ON NAIRALAND 2009: : https://www.nairaland.com/nigeria/topic-302810.0.html


FROM MY BLOG: http://jarus.blog.com/2010/04/20/an-engagement-with-two-sanusi-critics/

two points;
i am a bit surprised that Katsumoto got sucked into this silly rgument.I expected him to ignore these ethnic jingoists.Shame he stooped so low.

secondly, the SLS argument can only make sense if we ignore all these talk about qualification,religion and sensational actions of SLS and look at the cold facts of what the role of a reserve bank governor is and measure SLS performance against those.
the SLS argument is so tainted by religion,ethnicity and a love for drama and sensationalism,much more it is clothed in ignorance of what the role of the CBN is.

Let's start by taking a cursory look at Sanusi's background:
EDUCATION:
St Anne Primary School, Kaduna
King's College, Lagos
ABU Zaria, BSc Economics(1981). Msc Economics (1983)
Let's forget about the Sudan degree. He decided to do so at 30, for personal reasons, probably to become Emir of kano in the future, being a prince.

Jarus, you are welcome.

The claim that SLS has a Msc in Econs is causing a lot of heat here, kindly provide evidence to such assertions.This has been an interesting and matured thread so far, i do hope you will enjoy the discussions.We do not wish to rubbish the person of SLS, engage in north-south divide or muslim-christian dichotomy, rather our interest is to assess the person of Mr.Sanusi and his performance at the CBN so far.

@Katsumoto will you be kind enough to continue with your discussion and stop dignifying these guys with your response or don't you think out of 717368 users of nairaland there would be some idiots?.
I logged in on this site today so as read your factual writeups not to read you respond to some imbeciles who need their brain re-examined, it's beneath you my brother to respond to them.

Abeg, continue from where you stopped, eh ehm, so the guy wants to acquire Abuja Commodity Exchange as part of his empire?

subscribing

I've been offline for sometime, just logging in and seeing this thread of interest, which I'm not sure I'm ready to dissipate more than minimum energy on, as, from past experience, we can not reach an agreement on who is right and who's wrong. Most of us are driven by some personal admiration or dislike for the subject of the debate. But even if we don't change our conviction, we will at least learn one or two things and objective readers can decide on which arguments are superior.

I'm sparing 40 minutes for this debate(like I said, I'mpeeping back to respond to worthy issues raised in days ahead.

So my subsequent posts will take issues already raised in previous pages, most of which have actually been ably tackled by early pro-Sanusi and neutral posters(like Ola Olabiy).

Jarus:

Been off-NL in the last couple of days and just seeing this.
Interesting, no doubt.
I have had enough of this debate on NL here and elsewhere and I'll just provide link to my previous debates and writings on the subject:

WITH DAVIDYLAN ON NAIRALAND 2009: : https://www.nairaland.com/nigeria/topic-302810.0.html

FROM MY BLOG: http://jarus.blog.com/2010/04/20/an-engagement-with-two-sanusi-critics/

My dear Jarus, welcome back.
The issue of SLS remains an objective concern to all Nigerians, he's what they call 'clear, present, and persistent danger' to our economy. In the past we debated some of his eratic policies, and then took a small break.
Now the man's policies have continued to ravage our system, namely: Running commercial business interests such as poultries/piggeries, bakeries, airlines, Abuja commodity exchange, and other ill-informed policy decisions.

You remember how he banned banks from having ATMs outside their  premises, now that he has seen the side effect of that, he has retracted his uneducated policy statement. Banks can now have ATMs outside their premises to decongest the whole banking premises. A good and educated policy maker would consider all aspects of his policy before setting it out. Here, banks lost money moving their machines out and moving them in, and now moving them  out again. Oh, don't let me start with injecting religion into our non-interest banking policies at CBN.

As a good Nigerian, when do you become objective and condemn a wrong decision, wrong and evil policy When will you take off your ethnic and religious colored lens so that you can become objective

Is Sanusi brilliant? Very. In fact -with due respect to northerners here-he's the most brilliant northerner I have ever known(I may be wrong)

Is he overhyped? Capital NO. If anything, he's underrated, maybe due to the part of the country he is from, because if this man had been from another part, questions would not have arisen about his tribe/religion.

Is he a mediocre? A mediocre will not post this performance at a global stage: http://www.proshareng.com/articles/2264

Does Sanusi have only 12 years of banking experience?
Lie from the pit of hell. He was with ICON Merchant Banks rising to Area Manager, Kano 1985-1991; UBA/FBN 1997-2009. That is 6+12=18 years. Not knowing the no of years of experience one's subject of criticism has, doesn't speak well of a critic. One can be forgiven accusing the critic of working from answer to question or deliberately twisting facts.

Is 18 years banking experience enough to become CBN boss?
It's enough. If you haven't known your industry so well in 18 years, you will not know it in 40 years.
If he is good enough to become GCEO of one of Africa's largest Financial Groups, he is good enough to direct the economy.
The Group CFO of my company(one of Africa's leading Energy Groups) had 1st & 2nd degrees in Engrg, and did some courses in Finance plus ACA, with less than 15 years experience in Finance, drives the Financial strategy of the group so effectively today. He will easily do well as Accountant General of Nigeria or Finance Minister(his personal attributes held constant). Why the fuss about Sanusi having 12 or 18 years banking experience?

He did not have Msc?
Another lie. He has Msc Econs in ABU 83; B.Sc 1981. If this was lie, his school would have denied this claim, or more likely, Renaissance Professionals or other critics would have dug out this and scandalized it like Toronto. In fact, I even read his interview around 2009 where he said one of his greatest regrets is postponing his Phd application many times due to busy schedules.

TBC

Jarus:

I've been offline for sometime, just logging in and seeing this thread of interest, which I'm not sure I'm ready to dissipate more than minimum energy on, as, from past experience, we can not reach an agreement on who is right and who's wrong. Most of us are driven by some personal admiration or dislike for the subject of the debate. But even if we don't change our conviction, we will at least learn one or two things and objective readers can decide on which arguments are superior.

I'm sparing 40 minutes for this debate(like I said, I'mpeeping back to respond to worthy issues raised in days ahead.

So my subsequent posts will take issues already raised in previous pages, most of which have actually been ably tackled by early pro-Sanusi and neutral posters(like Ola Olabiy).

With all due respect Jarus, this thread has moved on from where you left off in that thread with Davidylan. There are now more considerations for which a response is required from a Sanusi admirer such as yourself.

I will not belabour you with regards to Sanusi's educational qualifications. I know where you stand. I however require a response to the following questions

1. Is it within the remit of a Central Bank Governor to be a regulator and competitor at the same time? This is with regards to Sanusi's objective of entering the commodities market, real estate (hotels, shopping, conference centre, etc), poultry farming, etc. As an economics graduate, according to another poster, what are your thoughts on this?

2. Do you think Sanusi conducted a review of the operations of First Bank as he did other banks in August 2009? If he did, do you think he was objective?

3. Like SLS, you are an ardent follower of Islam. Why do you believe that an ardent Muslim should be involved in the collection of Riba, of which SLS is still guilty of at this point in time? If the Holy Book is clear on Riba (the words of Holy Prophet Mohammed are VERY CLEAR on this), why should SLS or any other ardent Muslim ignore this clear message? Would you similarly excuse a Muslim selling non-Halal meat to Muslims and non-Muslims alike or would you excuse a Muslim working in an alcohol brewery? I know you tried to answer to answer this question the last time but your answer was unsatisfactory. I urge you to think this through before answering. The words of God are not to be changed by men seeking to gain an advantage in the world.

4. Considering the extreme difficulties experienced in other countries in implementing Islamic Banking and the continued difficulty in resolving those issues, why do you think it is advisable for a Muslim CBN Governor to continue to push for the establishment of Islamic Banking beyond the normal duties of providing guidelines and framework?

5. Considering the religious intolerance which continues to pervade the social fabric of Nigeria, do you think it is irresponsible on the part of certain Muslim individuals, SLS included, to continue to push this agenda at the risk of inflaming an already enraged and mistrusting population?

To Mbulela, Superior1, and other thread followers

I apologise if you found my response to certain posters unnecessary but sometimes a response is necessary. One may ignore an slowpoke most of the time but one should never ignore a liar, even if he is an slowpoke because his lies may just hurt you. My response, however unnecessary or inappropriate it might have been, was to challenge certain notions which are glaringly false.

I apologise nonetheless; nonetheless, the thread will continue in the spirit in which it was started.

@ Jarus, you will continue when unbanned

'jarus contacted me on facebook that he has been banned by spambot. he said he will continue with the debate when unbanned

haboosa:

'jarus contacted me on facebook that he has been banned by spambot. he said he will continue with the debate when unbanned

Thats ok, I will also be indisposed for a few hours, so I will continue when I am done or when I get a few minutes. Thanks

Part 1
Almost two years into his stewardship at the apex bank, Sanusi Lamido Sanusi receives a down-to-earth appraisal of his banking ‘reforms’ by AKPABIO UMOYEN-ESSIEN, an Ontario, Canada-based financial analyst and consultant to leading international financial and development institutions.

CURRENT Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi chose the Bayero University, Kano in February 2010 to outline his vision for Nigeria’s banking sector reforms, eight months into its implementation. He said his strategy for the Nigerian banking sector (if he still remembers, given that there is yet no documented Blueprint) will be based on four pillars namely:

• Enhancing the quality of banks;

• Establishing financial stability;

• Enabling healthy financial sector evolution; and

• Ensuring the financial sector contributes to the real economy

He was full of fire and zeal and high on the euphoria of public praise after sacking the managing directors of eight banks. Two years on, how has the CBN Governor fared on his outlined goals for the Nigerian banking sector? Few discerning analysts were quick to point out that the reform agenda as outlined above was vague.

The quality of banks: The question is: What are the criteria to measure the quality of a bank. Is it quality of services, quality of the bank’s board, management and staff, quality of financial reporting or all of these combined. The CBN Governor never defined the criteria of quality of banks so it is quite difficult to measure him on this goal.

But we want to assume that when he said quality, he meant all the criteria we outlined above. So we look at quality of services of banks under two years of Sanusi. What policies have Sanusi put in place to enhance the quality of services of Nigerian banks?

Forgive us, but we cannot find anything Sanusi has done to increase the quality of services of Nigerian banks. What we find is that Sanusi’s actions have actually compounded the quality of service delivery in the banking sector. What Sanusi’s hasty reforms have done is to reduce the banking options in the Nigerian banking sector putting pressure on a few banks. Several reports, including banks’ returns to CBN for 2009 compared with 2010 have shown that four banks now control nearly 50 per cent of the market in the banking industry from ten banks that controlled this same share of the banking industry before Sanusi. On deposits, for instance, these four banks have N4.5 trillion out of N10.7 trillion deposits in the banking system.

The significance of this concentration of the Nigerian banking space is obvious on the impact this has had on the quality of service delivery. Beside poor services, customers are also subjected to pay all forms of charges by these leading banks as customers have little choice.

The four leading banks also now control more than 70 per cent of banking industry profit (Q1 2011 Reports). What Sanusi’s reform has done is to create four banks that are now too big to fail and 20 banks that are too fragile to offer meaningful support to the economy.

The current structure of Nigerian banks, a result of Sanusi’s reforms has created the biggest single threat to his second stated goal of ensuring financial stability in the Nigerian banking space. How do you enhance financial stability when a few banks have become financial monopolies?

How do you ensure a healthy evolution of the Nigeria financial sector, Sanusi’s third stated goal in the financial sector, when just four banks are now in charge of the Nigerian economy? Where is fair competition in the Nigerian banking sector? How do you strengthen the remaining 20 banks when they have been boxed into an uncomfortable corner in the Nigerian banking industry?

The quality and strength of majority of Nigerian banks have significantly dropped in two years of Sanusi. This is basically because Sanusi’s methods have damaged the ability of many Nigerian banks to compete in the Nigerian banking space. Sanusi’s hasty reforms has not had a damaging effect on just the so-called rescued banks, it has also damaged even the banks that were not rescued.

Non-rescued banks also sick?

The impact of Sanusi’s hasty reforms on even the healthy banks can be easily seen when the AMCON announced its intention to buy toxic assets from the rescued banks. It soon turned out that it was not just the rescued banks that rushed to AMCON to sell these toxic assets. Even the so-called non-rescued banks eventually sold significant amounts of toxic assets (without coercion) to AMCON. And interestingly even after the non-rescued banks sold toxic assets to AMCON, their 2010 financials show that most of them still made significant provisions for non-performing loans.

Why are the non-rescued banks still making significant loan loss provisions? Sanusi’s hasty actions on the so-called rescued banks, the publication of the names of entrepreneurs in national papers just because they took loans from banks, impacted negatively on the capacity of several of these entrepreneurs to either refinance or get fresh loans from banks resulting in many of the existing loans of these banks to go bad. Many bankers will tell you that the disruptions Sanusi’s actions caused in the financial system are still reverberating today.

The 2010 financials of many of the non rescued banks showed that many of them are still making significant provisions for non-performing loans while even some of them that claimed not to have significant non performing loans are now engaged in public disputes with their customers over non- performing loans in excess of N200 billion, which obviously were not previously provided for.

Businesses have been destroyed and many Nigerians have been thrown out of their jobs because their employers can no longer get new loans from banks. Nigerians should not be deceived. Nowhere in a capitalist economy are loans not the normal norm of running a business. What Sanusi’s actions have done is to create the perception that borrowing money to run a business is bad. It is not. In all places all over the world, businesses run basically on bank lending. Lending is the fuel for a capitalist economy.

Creating unemployment: Sanusi recently admitted that the rate of unemployment in Nigeria has hit 49 per cent of employable Nigerians. After making that statement, Nigerians should not forget that Sanusi in two years has contributed significantly to this level of unemployment in the country.

His activities in the banking sector have contributed to about 40,000 jobs being lost in the banking sector in two years. The disruption that he caused the banking sector and the subsequent starving of funds to the real sector from the banks has resulted in some manufacturing companies either closing down completely, or reducing their production capacity significantly. This act has also led to significant job losses in the real sector of the economy.

A good example of what Sanusi’s reform has done to the real sector is what is happening in the aviation sector of the economy. Most airlines are currently struggling to remain in business primarily because their existing loans have been cut off and they are also not getting fresh loans. Today, a good number have stopped flying and the few that are flying are doing so at great risks to their passengers. Yes, the CBN has stepped in by providing financial support to the aviation sector, in the same way it has done in many sectors of the economy.

The illogic of CBN special funds: But the illogic of the CBN various special funds intervention in the economy however is like the logic of the executioner who deliberately cuts off your legs and then hands you artificial legs, but then goes around telling the world of the good he has done to you by giving you artificial legs forgetting that you would not have needed those artificial legs in the first place, if he had not cut off your legs. It is also known that artificial legs can never be as effective and flexible as your original legs. It is the same with the CBN intervention funds. They are not as flexible or effective as bank loans though they are cheaper.

As any businessman will tell you, for any business to succeed, you need consistent access to finance.

The CBN funds are one-off intervention funds which do not give the businesses benefitting consistent access to working capital. That is the challenge with these funds. Most insiders will tell you that the CBN, in a few years will have the biggest portfolio of toxic assets in the banking system. This is primarily because the intervention funds they provided to the real sector has either been used to pay-off existing loans or have been used to buy inputs that had stalled because the businesses were not getting fresh loans from the banks. After the funds have been used for these initial purposes of refinancing existing loans or getting new inputs for production, the lack of fresh loans from banks has resulted in most companies not being able to continue production.

AMCON: In as much as the setting up of AMCON (first proposed by Prof. Chukwuma Soludo) is a good idea, Nigerians should watch the activities of AMCON carefully. What is clearly emerging is that AMCON is going to be used to do the dirty works of the CBN. The CBN has positioned AMCON to take over these loans that it has given that would most likely go bad. This is to cover the back of the CBN and prevent public outcry.

AMCON currently has over N3 trillion of toxic assets in its custody bought at prices that were negotiated with CBN appointed managers of rescued banks. This could not be described as fair pricing as being touted by those positioning to benefit from these huge assets now in possession of a government controlled body.

What determined which assets the rescued banks will sell to AMCON? Could some of these assets that were sold have been restructured and recovered and written back into the books of the banks? What value of assets that could have been recovered has been sold at significant discount to AMCON?

AMCON is also said to in future buy all bank toxic assets above five per cent of the banking industry. What does this mean? Besides encouraging reckless lending in the banking sector, it is also careful camouflage to ensure that the CBN creates an impression that the banking system is healthy. I challenge the CBN Governor to tell us where else in the world, where you have a body standing by to buy off toxic loans above a certain percentage from banks?

AMCON is an emergency bank rescue vehicle. Everywhere it is set up in the world, what it does is intervene just within a period of time to resolve banking challenges and not to be the toxic loan laundry arm of the CBN or the existing commercial banks.

The state of the banks the CBN took over: For close to two years, the CBN has installed its own management in eight banks under the pretext that these banks were about collapsing and need good management to survive. But how have these banks fared under the management of the CBN?

http://ngrguardiannews.com/index.php?option=com_content&view=article&id=51201:cbns-banking-reforms-pains-for-economic-agenda-&catid=72:focus&Itemid=598

Part 2

ANY staff within these banks will easily tell you how life has been taken out of these banks where CBN installed its own management. For almost two years, all the eight banks under CBN have seen their financial situation deteriorate into critical states. Most members of the CBN installed management were failed managers in their various institutions until the CBN picked them up to come and manage institutions that were far bigger than any institution they have ever managed before their appointment.

What has emerged in the two years of CBN installed management are banks without direction and staff that are highly demoralized. Figures obtained from the CBN clearly show that at the close of 2010, all the CBN taken over banks were highly dependent on the interbank market. Of the N900 billion inter-bank takings as the close of 2010, the eight CBN managed banks accounted for over 90 per cent of these takings. These were the same banks that when the CBN took over, he told the world that their indebtedness to the interbank market stood at N247 billion. Now even after pumping in N620 billion into these banks, after they have sold their toxic assets, their net interbank indebtedness is now in excess of N800 billion more than thrice the figure when the CBN took over these banks.

From when the CBN management took over these banks till date, while other banks not managed by CBN engaged in aggressive loan recovery drive, the CBN installed management sat patiently, waiting to offload toxic loans at significant discount to the AMCON. In two years, none of the CBN managed banks was able to recover up to 10 per cent of the non-performing loans they inherited. Insiders in these banks will tell you that the CBN managed banks did not consider it their mandate. So what was their mandate? Nigerians should ask. To sit down, earn fat salaries, and wait for AMCON to bail them out while they negotiate the sale of the banks to their cronies or CBN preferred cronies. How sad.

Recapitalisation of rescued banks: Two years of motion without movement, Sanusi has not been able to achieve the recapitalisation of a single bank. Sanusi would want Nigerians to believe that this is due to the intransigent attitude of the Boards or shareholders of rescued banks. But the truth is that these banks have not been recapitalized because of Sanusi’s arrogance and fear of being exposed for what he really is, someone out to destroy viable businesses borne of a deep hatred of capitalism. Since Sanusi took over the banks, he has consistently insisted that shareholders have lost their stakes in these banks. This lie he has been repeating consistently hoping that it will become the truth. But everyone knows that no matter how a lie is repeated, it cannot become the truth.

This lie was punctured by Sanusi himself recently when he was forced to admit that Oceanic Bank, one of the banks that he forcefully took over has “vital assets.” One of the assets he named is a 10 per cent holding in Airtel. Is it not interesting that Sanusi was willing to sell Oceanic Bank to his preferred core investor despite this vital asset. We all know how valuable Airtel is. Bhati Airtel had to pump in $10 billion to buy over the African assets of Zain. Nigeria is the biggest asset that Zain had and by implication, Nigerian assets will worth a significant part of this $10 billion.

Definitely, any financial analyst will tell you that 10 per cent stake in Airtel, if sold today will go a long way in recapitalizing Oceanic Bank even if it does not recapitalise the bank fully. So, why the insistence that Oceanic Bank should be sold by all means? Why the lie that shareholders have lost their stakes when Sanusi knew all the while that the 10 per cent stake in Airtel was acquired with shareholders’ funds? Globally, when businesses are in trouble, they sell noncore assets. Why is Sanusi standing in the way of Oceanic bank selling noncore assets to recapitalise itself?

It is not only Oceanic that has vital assets that can be sold. It is also known that Bank PHB has the majority stakes in Spring Bank and significant stakes in Afribank. In an arm’s length transaction, controlled by the shareholders of these banks, they could easily negotiate the sale of these noncore assets to preferred investors and use the proceeds to recapitalise their operations. But the CBN would rather stand in the way of these deals for some strange reasons best known to Sanusi.

Credit growth: For two years, Sanusi has not been able to unlock credit growth to the Nigerian economy. Credit growth in the banking system has stalled. In taking over the banks that Sanusi took over, he made Nigerians believe that the banks’ managements were reckless in their lending. This simplistic explanation of a more complex problem has led to the pursuit of the diversionary ego-driven desire to jail a few individuals and the neglect of the fundamental wider challenges facing the Nigerian financial system. Any keen observer of the Nigerian banking industry will tell you that it is not just reckless lending that creates N3 trillion in toxic assets.

There are wider challenges within the financial system like the legal framework for recovering loans that has not been tackled. There do exist structural challenges that direct bank lending to a few sectors and a few individuals within the economy engenders. There are infrastructural challenges and there human challenges. Sanusi’s explanations of these challenges have been simplistic and thus the solutions have been pedestrian.

Capital: In two years of Sanusi’s reform, both the so called healthy and the unhealthy banks are not in a position to raise fresh capital. The real sector is also strapped for fresh capital as no fresh capital raising has succeeded in the capital market in two years. Instead of the CBN action breeding confidence in the financial system as touted by Sanusi, confidence in the Nigerian financial system has taken flight.

Once more, SEC and CBN, both regulatory authorities in the financial system will tell you to blame this challenge on individuals within the system rather than the system. But this is another simplistic explanation of a more complex problem. Retail investors who were the biggest source of funds in the Nigerian capital market have been deeply wounded by the fall in the capital market. But their confidence in the capital market have been further bruised by Sanusi’s statements claiming that they have lost their stakes in the banks.

In tackling the CBN-inflicted banking crisis, the regulatory authorities in both the capital market and banking have shown great disrespect for retail investors who have sustained the market in the last 40 years. This attitude may hurt capital market activity for years to come and may stretch into generations if repair mechanisms are not put in place to restore the confidence of retail investors in the Nigerian capital market.  The consequence of the neglect of Nigerian retail investors is the current dominance of trading activities on the floor of the exchange by foreign hedge funds, which now control more than 60 percent of trading on the floors of the exchange. The impact of this trading on the stability of the capital market is obvious to any discerning player in the Nigerian capital market or financial sector.

No confidence in the financial sector: The evidence of the lack of confidence in the financial system is obvious. The pressure on the Naira has been unprecedented in Nigeria’s history. In two years, the CBN Governor has spent more than $40 billion trying to prevent the depreciation of the Naira without any success. It has led to a massive run down of the country’s external reserves in a period when earnings from crude oil sales have been at a historic high.

Even after a widely acclaimed and credible election, the Naira has remained under pressure showing that the uncertainty over elections had nothing to do with the pressure on the Naira. There is a total absence of confidence in the Nigerian financial system engendered by the wrong-headed reforms of the CBN. The style of reforms has shown absolute disrespect for ownership rights creating fear in the owners of private capital.

The CBN governor’s tactics and antecedents show he has no respect for capitalism. He is a socialist to the core who by accident has been made the manager of capitalist institutions with enormous powers in a capitalist economy. His goal is to use capitalist institutions to destroy the very fabrics of capitalism in Nigeria and therefore promote his socialist tendencies.

His efforts at breaking down the promoters of business in Nigeria are a clear evidence of this tendency.

Sadly in his blind urge to destroy capitalist institutions in the country, he has also left the Nigerian economy exposed. Nigerian banks, now largely prostrate, are no longer in a position to finance indigenous players wanting to take advantage of the emerging opportunities in Nigeria’s oil, gas and power sectors of the economy. This has left the commanding heights of the Nigerian economy exposed, to be taken over by foreign companies, compromising ability of Nigerian youths to take over the commanding heights of the Nigerian economy in future.

Leadership Newspapers in honouring Sanusi Lamido Sanusi as their man of the year 2010, described him as an “Islamic scholar with deep convictions.” That is what Sanusi is. Any other appellation is a misnomer. His continued stay at the CBN is a death knell for the survival of the Nigerian economy. Nigeria should take stock now, and make the right decisions.

Last line: Just as I was getting this material ready for the press, my attention has been drawn to the alarmist statement by the CBN Governor, Sanusi, on The Guardian front page of Tuesday, May 31, 2011: “CBN gives banks date to recapitalise or face liquidation”.

According to the report, based on an exclusive interview with The Guardian, “the license of any rescued bank that is yet to recapitalise by October 30, this year will be revoked by CBN, which will subsequently hand it over to the Nigeria Deposit Insurance Corporation (NDIC) for liquidation.” This announcement alone would create panic in the industry and lead to massive run on deposits in the affected banks, further weakening the banking industry as I argued above, sending many more thousands of Nigerian youths to the crowded labour market, causing more social unrest, and above all worsening an already weakened economy that has suffered from lack of access to credit in the last two years. Nigerians should reasonably be worried now!

http://ngrguardiannews.com/index.php?option=com_content&view=article&id=51302:cbns-banking-reforms-pains-for-economic-agenda-2&catid=72:focus&Itemid=598