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|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by VoodooDoll(m): 1:09pm On Jul 17, 2011|
Another example of SLS sleeping on the job whilst waging his silly war,
The USD/Naira rate is slipping again in the parallel market whilst the official market shows a huge disparity.
Mr CBN wake up or get out!
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by iragbijile: 2:32pm On Jul 17, 2011|
She is actually employed, focused, and by all account a very decent human being and extremely well adjusted too. It is because of people like her and Professor Olabiyi of NL's English department that I have come to conclude that the problem with Nigeria is not leadership, but follower-ship.
When seemingly intelligent and well adjusted people start worshipping inarticulate tin - gods on the internet, then there is fire on the mountain.
This was intended to be a rallying point for all the anti-Sanusi peeps, which is fine, but when the so called "intellectuals c/u/m progressives" started manufacturing facts on a pay-as-you-invent-basis and started copying and pasting articles written by Sanusi from long-dead websites without presenting backgrounds and context, you cant help wondering what the underlying motive really is.
I am not surprised by the Op, but the characters that have showed up to cheer him on have been disappointing, especially the girly-men amongst them. This is nothing short of high-tech lynching of an 'uppity' Northerner who dares to think for himself, to do for himself, to have different background and ideas from our so called 'intellectuals' from the South, and it is a message that, unless you kow-tow to an old Southern order, this is what will happen to you, you will be lynched, destroyed, discredited, lampooned, caricatured by a congregate of faceless goons on an anonymous website(s), rather than be debated fairly or engaged dialectically.
May God save us from our "entitled" intellectuals.
Eniyan bi aparo l'omo araye n fe ooooooo
B'oba, o pa; bi o ba ba, ki o bu l'ese,
Eniyan bi aparo l'omo araye n fe
Iwa won ni ko ma dawonleju, awon asebi
Awon ti won fe ki Sanusi succeed
by their deeds we shall know them.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by Nobody: 4:49pm On Jul 17, 2011|
Errr, thank you very much but I don't need you to defend me, nagoma is free to make whatever assumptions about me
Of course now, shebi OGD and other PDP goons still command a considerable follower-ship and admiration in good ol' Naijiriya!
There really is fire on the mountain when the object of worship of other people bother you so much.
Enough of the rants and name calling. Why don't you state your own motives and maybe I just might engage you? Until then, talk to the hand mate!
'Sakata para laa sin'to'
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by olaolabiy: 5:01pm On Jul 17, 2011|
Stranger, you don craze finish oo
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by olaolabiy: 5:04pm On Jul 17, 2011|
Nagoma, watch it. Okay?
Na one of my dear darlings you dey yab so?
Naijababe better pass whatever dey your mind o.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by Katsumoto: 5:17pm On Jul 17, 2011|
Technical Knockout (TKO), Ladies and gentlemen, it is a TKO by way of a devastating uppercut in the first round. Stranger throws the first punch and misses; he subsequently ducks to the left (forgeting that he is the number one defender of OGD and other failed PDP chieftains) and walks into a deft uppercut (you are a hypocrite and your jealousy stops your brain from functioning properly). OMG, it is all over in just 88 seconds, beating Tyson's defeat of Spinks (93 seconds).
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by ektbear: 5:17pm On Jul 17, 2011|
Are you drunk or high?
Agree with Katsumoto on one particular topic = worship? Despite disagreeing on at least a few others?
High-tech lynching of an "uppity"
Man, you just don't get it dude.
Listen, stop crying, and go visit any # of thousands of other such website where "high-tech lynching" of PUBLIC OFFICIALS and GOVERNMENT EMPLOYEES takes place. Dailykos.com is one I used to hang around a lot. Redstate.com is another I would visit. Why are you whining so much? Do you think a forum thread like this is unique?
People are not allowed to criticize public officials unless it is done non-anonymously? Are you typing from North Korea or from the USA?
Seriously, grow the hell up man.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by Katsumoto: 5:23pm On Jul 17, 2011|
I love that parody (I checked at least five different dictionaries to make sure the use is appropriate, so that stalkers don't use it against me in another 3 years time).
Thanks for that article but I had it and was waiting for Silami to post it first.
You are running in second place for contributing nothing to the debate but insults.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by Katsumoto: 5:54pm On Jul 17, 2011|
FORMER Group Managing Director and Chief Executive of Intercontinental Bank Plc, Dr. Erastus Akingbola, yesterday called on the federal government to probe what he described as reckless destruction of the banking industry by a handful of men who are still pretending that they are working in the nation's interest.
Akingbola, who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) over alleged misappropriation of N364 billion belonging to the bank faulted the ongoing banking reform by the Central Bank of Nigeria (CBN), saying it was aimed at hijacking other people's businesses by a cabal.
In a statement at the weekend, Akingbola, who blamed his ordeal on Kwara State governor, Dr. Bukola Saraki; CBN governor Lamido Sanusi and the CBN-appointed incumbent Managing Director/CEO of Intercontinental Bank Mahmoud Lai Alabi, also called for the return of the bank to its shareholders.
Akingbola, it would be recalled recently returned to the country to face charges of fraud levelled against him by the EFCC. But describing the allegations against him as "absurd," the former Intercontinental Bank boss said: "I am happy that I am now in the law courts where the truth, by the grace of God, will surface. I repeat that I did not steal or misappropriate one kobo from Intercontinental Bank Plc throughout my 21 years service to the bank."
He accused the Alabi-led management of sinister motive, saying: the numerous pointers to the sinister motive behind the take-over of Intercontinental Bank by the trio was that Mr. Alabi, barely few days after assumption of office as MD/CEO, fraudulently wrote off N7.5 billion out of the N8.5 billion loan Bukola Saraki and his companies took from the bank.
Describing the write-off as a cash gift, Akingbola questioned if the action was in the interest of the depositors that the CBN governor claims that he is protecting, adding that the Alabi management has been busy spending money he left in the bank.
Part of the statement read: Just like any other bank trading in the industry, Intercontinental Bank had Interbank takings of N73 billion which is more than acceptable for a N1.6 trillion bank. However, today, under the Mahmoud Lai Alabi management, the bank owes the CBN over N100 billion and owing the Interbank market over N300 billion, showing a massive exposure of N400 billion in less than one year of the take-over; and Sanusi is not calling for Lai Alabi's head for obvious reasons.
Even if the bank was in trouble, as alleged by Lamido Sanusi, why were its shareholders and Management not given the same opportunity Unity Bank and Wema Bank was given to recapitalise their banks? I think it is now clear that the motive behind this so-called Banking Reform was simply to hijack other people's businesses. It is clear that Alabi has been sent to the bank to loot it for his mentors and destroy the Akingbola Legacy.
Alabi is paying himself N7 million per month (N84 million per year), yet he is still using the Bank's money to fuel his car and generators. I never earned up to N5 million per month throughout my 21 years of building the bank.
Lai Alabi has bought for himself and each executive director 3 bulletproof jeeps each. I only used two official cars at any one time throughout my 21 years stay in the bank. Lai Alabi and his Executive Directors had granted themselves Housing loans of N100 million each having worked for just a few months.
�Before I left the Bank, we had 350 branches in Nigeria, 40 branches in Ghana, one UK office and ten stand-alone subsidiaries. Now Mahmoud Lai Alabi is selling off the Branches and other assets of the bank with impunity and diverting the proceeds.
�Before I left the Bank, we had 12,000 members of staff. Now Mahmoud Lai Alabi has retrenched over 3,000 of them (and he is set to sack more). I think employment provision should be a major measure of an economy that is doing well.
�Before I left the Bank, Intercontinental was an international bank that every Nigerian, and indeed lovers of the Black race, that arrived at London Heathrow Airport, Terminal 5 was proud of. Now Lai Alabi wants to turn the Bank into a Regional Bank restricted to the south-west of Nigeria alone. These are the same people who are appealing to banks from other nations to come and buy over Nigerian banks but are busy trying to shrink Nigerian banks.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by Katsumoto: 6:03pm On Jul 17, 2011|
Now, no one in his/her right mind should defend the corrupt bank CEOs but one shouldn't discount other facts. Replacing corrupt CEOs with incompetent and corrupt cronies is equally indefensible.
Why did Sanusi's crony forgive a N7.5billion debt in a bank that was supposedly shaky as well as going on a spending spree?
The Banking Reform which led to the replacement of corrupt CEOs is supposed to be Sanusi's biggest achievement to date; but even that seems to have an agenda behind it.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by ektbear: 6:08pm On Jul 17, 2011|
Can you explain the following:
What was Sanusi's rationale for the above?
Even if Intercontinental is the most sickly bank, if the shareholders are willing to inject enough money, then why should they be prevented from controlling their bank again?
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by Katsumoto: 6:15pm On Jul 17, 2011|
It was rumoured that Akingbola and Sanusi were bitter enemies. So when SLS became Governor, he didn't waste time with his Banking reform. Which was why I asked the question why it only took Sanusi two months to review, implement a Banking reform of the entire banking or did he just target certain banks.
The fact that Sanusi did not allow the banks to recapitalise at thier own expense shows that there was an agenda. The other four banks were just scape goats even though they were equally corrupt.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by ektbear: 6:22pm On Jul 17, 2011|
Let me play the devil's (Sanusi's) advocate for a second.
Why didn't the shareholders sue the CBN or something?
I don't understand this bank takeover well enough. Why aren't they fighting for their rights? If someone confiscated my property under circumstances like this, I'd do everything in my power to bring it back under my control.
Alright, devil's advocate mode off.
Now, in the management teams for these banks taken over by the CBN, is there a director or other high-ranking guy representing the interest of the shareholders? Or is it purely Sanusi's men? If the latter, then this seems wrong to me.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by Katsumoto: 6:46pm On Jul 17, 2011|
The shareholders under different suits, have sued the CBN; the cases are still in court. They have won a few cases but are still far away from victory. What I don't understand is why the shareholders did not file a class suit instead of fighting many separate battles? Perhaps, they feel they have better chances being separate.
I believe the new CEOs brought in new directors although some existing directors were retained. I guess it boiled down to loyalty.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by manny4life(m): 8:52pm On Jul 17, 2011|
Devils advocate? You try, I won't even advocate for the devil not for one second, More power to you brother.
I think i.e. IMO, Nigerian Judicial System is highly corrupt, incompetent and what have you. Sue is taking so much time and takes and goes through a lot of process, I expected them to have sought a temporary injunction stopping Sanusi from his path of destruction, then seek Judicial Review of his actions, meanwhile their case is prepared to be heard. A class action is a huge chance that they could not take and which has o be certified by the court system. If they loose a class action suit, every member in that suit loses, trust me, no one want to be a part of it particularly in a corrupt system, more especially when their cases differ from banks to banks.
On that note, I haven't heard where a Central Bank or Federal Reserve Bank "FORCEFULLY" taking over private assets; often through negotiation, the reserve bank takes over private assets. What the Central Bank should have done was loan the bailout funds on certain guidelines and recommendations and follow through with strict regulation and audits of funds. As for the so-called "Stress Test", I don't know what that proved if one bank was allowed capital while the others are allowed to rot in hell.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by naijaking1: 5:23am On Jul 18, 2011|
The case of the bank share holders is next only to highway robbery in terms of injustice. When Sanusi said the CEO were corrupt and desreved to be shoot, the choir cheered. When he said it was the shareholders fault for investing in such companies(in their mother land) many hailed him on this forum. He even went on to blame bank workers at some point, even as they were being retrenched, yet some people found reasons to support him every step of the way.
Given all these antecidents, how do we expect people to invest, buy shares, and support Nigerian banks and companies while this man is at the helm with his confusing economic ideology
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by mbulela: 12:02pm On Jul 18, 2011|
Katsumoto:the corruption and ineptitude of the CBN appointed management in these banks is SLS biggest crime in my opinion.
The case is no different in PHB.these guys seem to be worse than the replaced crooks.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by ektbear: 1:59pm On Jul 18, 2011|
Wait a second. He blamed the shareholders? Lmao, can you provide a reference for this? I want to see what exactly he said, maybe it was a quote taken out of context or something.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by naijaking1: 2:18pm On Jul 18, 2011|
He certainly did say that. Remember when the share of banks lost over 50% value in one fall swoop, then recovered a little, but then tumbled agin as Sanusi's programs became clearer.
I'll look for the link here on N/L, but that's being part of the CBN oratory for the past year.
Here's a few links to some of the threads:
Shareholders of the eight banks recently taken over by the Central Bank of Nigeria have automatically lost their investments in the banks.
The CBN governor, Lamido Sanusi disclosed this yesterday in Lagos while speaking at a policy dialogue organised by the Nigerian Economic Summit Group.
The banks - Union Bank of Nigeria Plc, Oceanic Bank Plc, Intercontinental Bank Plc, Afribank Plc, FinBank Plc, Bank PHB plc, Spring Bank Plc and Equatorial Trust Bank Limited – were found to be in a grave condition after the CBN’s audit of the 24 banks in the country, prompting the injection of N620 billion into the affected institutions by the Reserve Bank.
He pointed out that the result of the audit in the eight banks indicated that the non-performing loans of most of them exceeded their share capital, which resulted in a situation whereby their balance sheets had a negative networth.
“Their shareholders’ funds were eroded from the provisioning for loan losses, leading to an erosion of their investments in the banks,” the governor explained.
He said the sacked bank executives and shareholders that went to court challenging their removal and alleged take-over of the banks, failed to realise they are no longer shareholders of the banks going by the books of accounts of the institutions.
“It is the government (or rather, the CBN) that has provided the bailout that has a claim on the investments. But any other shareholder can emerge after the debts of the banks have been recovered.
“That is what the aggrieved shareholders and former CEOs don’t seem to understand, which is why they even kicked against our debt recovery efforts that ordinarily will favour them,” he explained.
He said the other set of people with claims on the banks are depositors and creditors, whose interest he said the CBN was doing everything to protect by not allowing the banks to fail.
“As far as I know, the so called key shareholders and bank executives that ruined these banks do not deserve a place again in the institutions but should find their place in jail or even be shot dead,” said Sanusi in an emotionally laden voice.( Some shareholders like me who honestly thought it was wise to invest our motherland plunged millions into bank share, deserved to be shoot )
He pointed out that the shareholders have been affected by the grave situation the banks were plunged into.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by naijaking1: 2:45pm On Jul 18, 2011|
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by ektbear: 2:52pm On Jul 18, 2011|
Hehe. I also made the mistake of investing in the Nigerian banking sector in 2006-2007 or so. I bought Access Bank stock.
No doubt we should both be round up and shot
Sanusi is a fool, imo.
A country starving for investment like Nigeria, and he thinks it wise to scare away investors with statements like that?
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by manny4life(m): 2:57pm On Jul 18, 2011|
When you see a leader who complains, bickers and b/i/t/c/h at every single thing, well guess what; that leader has NOTHING to offer. They use the act of constant complaining and criticism as their tool of weapon to make them look like they got it up their sleeve whereas in reality they are nothing short of empty barrel.
How can a CBN Gov. lame shareholders for the crisis, for them investing in the banks? How can a gov say that bank CEO's should be tied tot he stake and shot? What kind of human is this? If the CBN was doing it's job, they should be protecting the assets of the investors by strengthening the banking system NOT forcefully ejecting them and then blaming them and then we ask why is it that our capital structure in Nigeria SUCKS. This proved that this man had an ill motive before he was made Gov. I have said it before SLS needs younger advisers on his team because he has veered away from his job as Gov.
Can someone please tell me again what the CBN has achieved over the past 3yrs in terms of the metrics used in economy?
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by manny4life(m): 3:04pm On Jul 18, 2011|
That's what you see when you have a religious bigot up there as gov; people who are influenced or biased about race, ethnicity, religion and so on shouldn't lead a govt agency. SLS had a strong motive to drive this economy downward spiral so there u have it. How do u want investors to bring their money when SLS blamed the current one and even said CEO's should be tied to the stake? What kind of a professional barbaric though is that? Nigeria has the potential but until we have CBN doing the right thing and working closely with the Finance and Treasury department, forget about investment. Keep in mind that monitoring the money supply through the regulation of the banking system is just one out of 10+ more responsibilities of the CBN. So why has the CBN solely focused on one area for the past 3years and still hasn't gotten a grip of itself?
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by naijaking1: 3:12pm On Jul 18, 2011|
My brother, a few shares of Intercontinental bank I bought early in OBJ administration was valued more than 10 million naira when Akingbola was running the bank, today it's less than half a million
However, I'll be lucky if I as a shareholder who wanted to invest and develop his native country is not shoooooot by Sanusi
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by Katsumoto: 6:37pm On Jul 18, 2011|
I guess it is safe to assume that Jarus will not be responding to this thread and the many questions that were directed at him.
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by naijaking1: 6:58pm On Jul 18, 2011|
No, he's probably busy
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by kbdrim(m): 7:07pm On Jul 18, 2011|
SANUSI HAS FAILED, THE INTERNET WARRIORS HAVE WON AS ALWAYS, WHILE THEY CONTINUE ANALYSING WITH THEIR FIRST CLASS DEGREES WORKING AS SECURITY GUARDS, CALL CENTRE BOYS abroad, THE ABOKI WILL FINISH HIS FIVE YRS PROBABLY GET ANOTHER TERM AND WE SHALL ALL REFER TO THIS THREAD IN ANOTHER FIVE YRS AS A NORMAL NAIRALAND THREAD, the mere rantings of an ant-apologies Sen Chuba Okadigbo
P.S Have u ever wondered wen u look at the working environments u find urself, washing plates, dead body, call centre, sweeping streets etc u do no see aboki's, they got class. The truth most of u dont understand is that nairaland is a plaything for idle boys who want to be relevant in cyberspace because they are hardly heard wherever they work
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by naijaking1: 7:56pm On Jul 18, 2011|
Oh yes, we're overseas washing dishes. The same dishes Hausa/Fulanis criminals gave us no opportunity to wash in Nigeria, instead they would rather hire questionably qualified Egyptians and Pakistanis to do the same job. ------- and the CBN helps them remit these people's salaries to their home countries while crying for more foreign exchange, and more oil revenue from the south
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by kbdrim(m): 8:19pm On Jul 18, 2011|
when an opinion doesnt tally wit urs, u call it distraction. Keep analysing while sanusi is doing his job, A job that he will finish whether u like it or not, What u dont understand is that having an education is different from learning from life, The average northerner is a student of life, The average southerner keeps reading all the books and cant apply them to life. Most nairalanders will keep making noise till eternity. Those who will make significant difference in Nigeria's present n future direction will not be found on nairaland arguing rubbish in the name of intellectualism. there are simply folks who love the sound of their own voices and thoughts. Ever wonder why a Pat Utomi doesnt get votes even in places like Lagos. keeping talking and let the men that run things run things
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by manny4life(m): 8:50pm On Jul 18, 2011|
LOL, this is the most funniest rant of the day that should carry high ratings, hehe
Dude, it's cool that you wash plates and dead bodies @ the morgue, ain't nothing wrong in it. Trust me I understand and won't hold it against you, because for me ain't no shame in my game. Don't play the player, hate the game brother. About your opinion of Nairaland, just like every forum, social networking site like Facebook, Twitter et al, I assume let me quote you " plaything for idle
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by kbdrim(m): 10:36pm On Jul 18, 2011|
Like i said, keep running things from WASHINGTON DC , sanusi will run things from Abuja even With 2000 similar threads on nairaland there's nothing u can do abt it
|Re: Lamido Sanusi's Performance - Brilliant, Over-hyped, Or Mediocre? by manny4life(m): 10:59pm On Jul 18, 2011|
LOL, you're right there's nothing I can "physically" do to him about it but at least a campaign to spread the word won't hurt, will it? At least, for every problem, there's a starting point which is stating the obvious about him. Won't it be best that his peers know about him? Can you imagine the disappointment when I try to defend the indefensible from my colleagues; Gov. Sanusi wants to invest in poultry farm. Please, I hope you know that such actions has negative reflection on NOT just him but Nigeria as a whole, it just means that he's clueless.
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