Pls stop sounding 'like a raging bull in china shop' and an alarmist!

Those banks have emerged as a new bank known as Keystone Bank Limited(KBL).In a text I got this morning,they claim that all staff are guaranteed of their job and depositor,s money as well.

chamber2:

Bravo!!! Sanusi Lamido Sanusi. You are a true champion and an advocate of the poor. May you live long to reap the fruit of your labour.

Sanusi, within 2 yrs, has been able to achieve what the global economic meltdown couldn't achieve for Nigeria. Bravo!!!

I am yet to see what Sanusi did right since he took over the CBN.

Investor and depositor confidence have been reduced to zero. A young economy like ours, with this self created turbulence, is heading to doom.

The future looks so bleak if sanusi is allowed to kill entrepreneurship  in this manner.

I need no much economics to understand the impact of this news to the economy of Nigeria.

As i write all ATM machines are on fire, there is massive withdrawal right now.

A staff of the affected bank just collapsed.

Foreign investors are afraid of stepping into Nigeria and those already in are moving to Ghana.

There is huge capital flight going on right now.

It will take us another 10 yrs of massive investment to recover from this self created shock.

Sanusi, welldone.

It's expected there will probably be mass withdrawals, that's fine and the effects will be minimal because these banks have the government as a[b] backbone to fall back on and will probably be merged with banks with large balance sheets anyway.[/b] What they did not want was the bank going down with all the debtors escaping, as time goes on people will regain confidence back. Our banking system is much stronger than most other African countries-Ghana included.

Investors ain't coming to[b] Nigeria not because of our banks[/b] but the unfriendly business climate. The bad news is that there will be some  job losses eventually when they assets are "bridged" but again that's happening all over the world now.

fuke
link=topic=728696.msg8866311#msg8866311 date=1312615534:

I just read the banks were Nationalized not murdered per see.

I am sorry for my last comment and it is hereby withdrawn.

chamber2:

Banks play vital roles in the development of any economy and the level of policy inconsistency by regulators gives negative signal to prospective investors. Agreed, these banks are not in good shape and the CBN came through various means to salvage the situation. First the CBN printed tax payer's money without parliamentary approval and dished out to these banks. As if that was not enough the cbn further directed that these banks had uptill 30th September to recapitalise only for the cbn to wake up suddenly and nationalisedd the banks. This action, will have immediate and future implications in terms of investor and customer confidence.Destroying jobs in an already saturated labour market is not a good policy move, especially in an economy that is witnessing stunted economic development in the last few decades.

aloy-emeka:

By the time Sanusi finishes with Southern operated banks, they will accept Islamic banking by force.

sirjec:

Sanusi is obviously a bad manager. So he is CBN governor to be revoking licences? A CBN governor should be able to manage those banks and advise them on what to do to remain afloat. This is just like the scenerio when Bush took over from Clinton,  Lol Sanusi is Bush while Soludo is Clinton

sirjec:

Sanusi is obviously a bad manager. So he is CBN governor to be revoking licences? A CBN governor should be able to manage those banks and advise them on what to do to remain afloat. This is just like the scenerio when Bush took over from Clinton,  Lol Sanusi is Bush while Soludo is Clinton

chamber2:

Stop deceiving yourself. Did we not receive similar text in 2009? What happened afterwards? Nigerians should stop being naive.The degree of [b]inconsistency [/b]in Sanusi's policy is capable of crumbling the economy. First, it was 30th september and now he woke up from his islamic banking razzmatazz and nationalised the banks. Haba! Sudden shocks such as this gives deadly blow to the entire system.

kettykin:

what happens to those who bought shares of these banks,

sanusi is driven by northern / islamic patriotism let us see where that will take him to, for 2 years now no meaninful progress in the banking industry, why didnt the federal government allow soludo to finish what he started why bring this clown to kill/nationalise private banks and introduce sharia banks.

If private banks dont do well is it sharia banks that will ?

Dis Guy:

Inconsistencies Such as?
Will anybody in their right mind really wait till a 'sept 30th to act? i mean its not rocket science, will a company being carried along by taxoayers money since 2009 suddenly find partners in 2 months? Or you want the people to clean out on 29th then wait for CBN action the next day?

omaojo1:

You have said it all. yes, the cbn appointed the present mgt but greed and selfishness has blindfolded them that they can't act right again-an average nigerian's habit. The cbn did not hint them on this move at all. One of them went to abj to get update from sls but did not succeed.
If not that the apex bank took them unawares, they would have further dampened the reserves of these concerns.

Inconsistencies Such as?
Will anybody in their right mind really wait till a 'sept 30th to act? i mean its not rocket science, will a company being carried along by taxoayers money since 2009 suddenly find partners in 2 months? Or you want the people to clean out on 29th then wait for CBN action the next day?

Thank God we still have educated and intelligent people like you in Nigeria. When you read some comments from majority of posters on this thread, you start to wonder if they are stark illiterates or people who went to school but learnt nothing. You know the types who claim they are educated but can communicate in english. The internet exposes the ignorance and dullness of so many Nairaland posters. I hope the distribution of people on here is not a representation of what we have in Nigeria.

chamber2:

Only time will tell if Sanusi is right or wrong in his policy actions. But as it is always the case precedence have continued to show that SLS's hasty actions leaves devastating blow in the economy. Making decisions based on impulse and bigoted disposition is never the right path to tow. Even as at today these banks are meeting their customer's cash withdrawal request and there is no sign of sudden collapse. Maybe SLS is seeing what me and most other Nigerians are not seeing, but whatever may be the case, only time will tell