I dont want to sound like a defender but some of the things said on here just dey shake my body somehow

We don't naturally value what we have until we lose it. If some people could find it difficult to understand why this man was given international awards (outstanding CBN governor of the year included), surely they would never appreciate his sacrifice. Only if we tell every contributor to state his/her religion before commenting, we can see the picture of what is happening here. I'm sorry for this nation, not because of who we are today but because of what we're gradually turning into. Nobody has talked about corruption and ex-MDs atrocities that plunge these banks into this mess. I know that Sanusi will recieve Best CBN governor of the year again.

norrisman:

@ celemel

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.

Someone working close to one of the companies wielding the stick simply means he has all the information that other posters do not have.

That says it all really, I mean you have been bashing these inconsistent policies (which you fail t list), which of the decisions have had devastating effects on the economy?
The cheap loans he is givng to the manufacturers? The decision to pump money into badly run banks with taxpayers' govt money, the fact that no single depositiors have lost money?
They are meeting their customer request BECAUSE THE CBN HS CLEARLY GIVEN THEM MONEY, BECAUSE THE CBN HAS CLEARLY GUARANTEED THEIR LOANS!!! There is no sign of sudden collapse because someone has made a decision to support them with money you claim had no 'constitutional backing!!!
these banks should have failed!!

Why do you think the uk government want to sell Northern rock, why do you think RBS is still losing money even though it is owned 84% by the people now

Sir, i wouldn't want to repeat what had been said on numerous threads on NL, But i will give you the benefit of reading through the argument below;

''There are two cardinal aspects of this mess that the CBN Governor got disastrously wrong. You see, when laws, regulations and procedures are laid down, the purpose is to avert anarchy. If we continue to act with disregard for regulations, we will continue to be a disjointed and directionless society. That forms the plank for the emergence of a failed state.

The two critical bits that Sanusi got wrong: Regulatory Discretion & Procedure and Approprition of Public Funds.

If you are familiar with the Fundamentals of Regulatory Oversight in any industry, you will be aware that the cardinal function of the Regulator is to guarantee a healthy industry and in so doing, the Regulator has various tools of intervention. The tools are to be excercised progressively in such a manner that correction of anomalies is effected with minimal disruption to the system. The ultimate sanctions are only reserved for irreversible situations and even at that ONLY after the application of intermediary measures which have failed.

Sanusi did not apply any intermediary measures whatsoever before wielding the big stick and he failed to note the likely ripple effects of loss of local and international confidence and run on deposits that attend such public shows of regulatory might.

It is therefore clear that as a Regulator he acted hastily, and without discretion, which is scandalous considering that this is a post he has held for less than two months. Clear measures availed him in taking gradual steps to correct the anomalies.

Furthermore a Regulator must be impartial - and in this he has manifestly failed by implicitly giving the other banks more time to tidy up their books while dragging the first lot into the mud.

The Second major point is Appropriation of Public funds.

Under the Constitution of Nigeria ALL FUNDS - HOWEVER SOURCED, PRODUCED OR DERIVED, accrue FIRST, AND AUTOMATICALLY TO THE CONSOLIDATED FEDERATION ACCOUNT, AND NO FUNDS MAY BE WITHDRWAN THEREFROM WITHOUT APPROPRIATION FOR SUCH PURPOSE BY THE PARLIAMENT (NATIONAL ASSEMBLY).

Accordingly, once monies are printed (which is at all events a questionable approach to creating wealth) such monies accrue first to the Federation Account and must be appropriated before being touched at all.

Sanusi made two infantile arguments in his attempt to evade this. He stated that it was not an expenditure but a loan. This is irrelevant because the Constitution does not make a distinction. It states that ALL monies must be appropriated before being withdrawn. Thus it does not matter what you are withdrawing the money for: it must be appropriated before being withdrawn. Secondly he stated that the money was not from the Federation Account. What a laugh - the law states that ALL monies should go to that account!

His action sets a very dangerous precedent: In future the CBN Governor may print trillions of naira and disburse as he pleases since in his argument, its a loan. So perhaps he can print 100 trillion naira and give out as loans without the proper process of legislative approval? Also, if the other banks he is still auditing are found to need help, what will he do? Go back to his back yard and print more billions?

Aside from the illegality pointed out above, as an economist he should be aware that such reckless printing of monies is a key cause of inflationary trends within the economy.

Recall that both the US and UK effected similar bail-outs last year at the height of the recession. It may interest you to know that in both societies the actions were carried out by the Central Banks through Acts of Parliament.

So you see, my dear brother - we cannot carry on with our scattered, gra-gra approach to doing things just any how in this country.''

https://www.nairaland.com/nigeria/topic-710377.99999.html#bot

We don't naturally value what we have until we lose it. If some people could find it difficult to understand[b] why this man was given international awards (outstanding CBN  governor of the year included)[/b], surely they would never appreciate his sacrifice. Only if we tell every contributor to state his/her religion before commenting, we can see the picture of what is happening here. I'm sorry for this nation, not because of who we are today but because of what we're gradually turning into. Nobody has talked about corruption and ex-MDs atrocities that plunge these banks into this mess. I know that Sanusi will recieve Best CBN governor of the year again.

And yet he was not nominated or even mentioned when the IMF seat was vacant. International award my foot. After soludo's tenure he was appointed a member of the UN economic team, infact he is the only African/black man on that seat.

1. but its not September 30th yet.
2. Bridge bank, culvert bank, gutter bank, lols.
Let us continuing praying for this our so called economic technocrats, they are confused, even milton friedman and samuelson would have laughed at our approaches. God help Nigeria.

maasoap:

We don't naturally value what we have until we lose it. If some people could find it difficult to understand why this man was given international awards (outstanding CBN governor of the year included), surely they would never appreciate his sacrifice. Only if we tell every contributor to state his/her religion before commenting, we can see the picture of what is happening here. I'm sorry for this nation, not because of who we are today but because of what we're gradually turning into. Nobody has talked about corruption and ex-MDs atrocities that plunge these banks into this mess. I know that Sanusi will recieve Best CBN governor of the year again.

ese gan sir

And yet he was not nominated or even mentioned when the IMF seat was vacant. International award my foot. After soludo's tenure he was appointed a member of the UN economic team, infact he is the only African/black man on that seat.

LMAO my brother Chambers O, are you a lawyer by any chance?

IMF loooooooooooooool, have you ever seen a non european head the IMF or a non American head the World bank? sigh

my belle o my head o

_{sorry to the original owner of this sing-a-long}

LMAO my brother Chambers O, are you a lawyer by any chance?

IMF loooooooooooooool, have you ever seen a non european head the IMF or a non American head the World bank? sigh

Haha, that was just a humorous note. I do know that the seat of the IMF chairman is a European thing, but atleast our almighty SLS would have been mentioned

@Lastpage
Time will tell!
You can "confuse" some of the people, some of the time but you cannot "confuse" all the people, all the time!

Peeps have been telling us Sanusi was trying to save the banks from its present "management"!
Question is: Who appointed the "present management"? Answer: SANUSI himself!

All said and done, its not "what" Sanusi does or "How" he does it that matters, What matters is the RESULT!

What does Sanusi's "score-card", as CBN Governor tell us?

The simplest indicator of the success or failure of a CBN Governor is the CURRENCY of that country!

When Sanusi came-in as Governor, Naira rate as as follows:

$1 = #125
1GBP = #230
€1 = 165   for the major currencies.

What of TODAY?

$1 = #158
1GBP = #256
€1 = #233

Now, note that the "crash" of the Naira is "as it is", despite the following:

a.)American dollar is at its lowest in terms of real value as a result of the recession, the debt and the seemingly unending trio of multiple wars, unemployment and political wrangling

b.) The Euro is also at its lowest as a result of the groups toxic debt/bail out of the 'PIGS' (Portugal, Ireland, Greece and Spain).
To add salt to the Euro's injury, Italy which is the second biggest economy within the E.U, is in tatters and "will" also collapse in a matter of weeks. These factors combined make it seems like the Euro as a single currency will either fail totally or some E.U states (like Germany) will have to opt out.

c.) The U.K has seen no growth for some time now, its income has shrunk drastically and the only song it is singing to its citizens (including its military complex!) is Cuts, Cuts and Cuts! Its in a quasi-recession. Its currency has also weakened.

All the above has ensured that all these foreign currencies are under-valued!

Now imagine, if the above where not the case? "Discount these situations" and guess what the "real value" of the NAIRA is, relative to world currencies!

If this is not enough "sign" to show any wary observer that the current leadership of the CBN is a colossal failure, nothing will, EXCEPT WHEN ALL OUR (Nigerians) INVESTMENTS ARE WIPED OUT! 

He can deploy all his P.R for all l care but l urge everyone to keep a close eye on how the NAIRA is nose-diving, same way the "value" of our assets are nose-diving!
No need for big grammar or some fancy words! And dont tell me he is "deliberately devaluing the naira"!
The naira is almost shyte, by itself.

May God help this country and save us from these silly experimentations and its "naughty Professor"

Just my take!

I do not know where you got this ideology from but i can confidently tell you that there are a lot of countries out there who prefer to have their currency devalued in order for them to have economic growth. You have countries like China and Japan in this regards. You cannot measure a Central Bank Governor's performance by the value of the currency but by several macro economic variables like inflation, interest rates, etc. also note that even though SLS appointed those interim management it would be worthy to note that he cannot be in all 10 banks at the same time to monitor what they were doing. The only problem i had with him was the manner in which he carried out the exercise and some banks that escaped the hammer even though most of us knew the state of those banks. In my opinion he should have quietly eased out the former management and then asked the non-executive board members to appoint a new executive which the CBN would have ratified.

Well i must say if this were to be in another country say for instance Britain or South Africa, etc. I would not lose an ounce of sleep over this, but considering this is Nigeria, where what we see is not really what is, I have to keep one eyebrow raised. Very good policy which if used for the proper intent would save the economy, as we all know that banks are generally considered TOO BIG TO FAIL, cause when one fails it always has a trickle down effect on the whole economy.

I just pray this is not an orchestrated act by SLS.

Sir, i wouldn't want to repeat what had been said on numerous threads on NL, But i will give you the benefit of reading through the argument below;

Thats a very good argument put forard perhaps by someone who knows more about finance and the laws related to nigeria, me I didnt study finance and never even worked anywhere near a financial role o

BUT that person is inveresly saying the Minister, All the lawmakers put together dont know what the law is!!

If you are familiar with the Fundamentals of Regulatory Oversight in any industry, you will be aware that the cardinal function of the Regulator is to guarantee a healthy industry and in so doing, the Regulator has various tools of intervention. The tools are to be excercised progressively in such a manner that correction of anomalies is effected with minimal disruption to the system. The ultimate sanctions are only reserved for irreversible situations and even at that ONLY after the application of intermediary measures which have failed.

In the case of bank surviving only as result of the EDW, i fail to see what intermediary measures could have been put in place before the big stick knowing full well those in charge are running ponnzi schemes and writing off debt like no mans business, what do you want to do with them call them in for a meeting and ask them to temper stealing with mercy?

It is therefore clear that as a Regulator he acted hastily, and without discretion, which is scandalous considering that this is a post he has held for less than two months. Clear measures availed him in taking gradual steps to correct the anomalies.

Yea GEJ also said as parts of reasons for the single tenure of six years; most politician take some years to settle down after winning election or getting appointment- such a lazy excuse for a someone who has been in the same country industry for a long time!







brb, can you imagine someone setting wedding inside this long summer ramandan period o!
Na temptation be this o!

@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 ?

Islamic banks are doing just fine. You need to do a proper research to understand how they work. In fact Europe has been advised to consider using the principles of islamic banking to revive their economies. The arabs are fairing better with it. Its not about the name but the principles.

Does any here have an account in those banks? As at last night people were rushing to ATM to withdraw. Monday will be worse, NDIC only guarantees 200k and that you may receive in 5 years time. SANUSI plus USMAN have brought evil on GOODLUCK. Look at the stock exchange yesterday and note the banking sector, massive sales.

When customers withdraw their cash all up and deposit nothing? How will the bridge bank jobs be secured? I pity my brothers from the east who are the main clients of that great afribank? Chai chineke, God of David

They told us one day cars would run on water,and not others taking over
The other said it was efficient and courteous by not being sincere with their status
and This one said it was going further,to where u may ask.

I foresee serious court case because you don't say game over until the exact stipulated time even though its obvious that the opponent has lost it, CBN Sanusi na wa o, why are you so eager to show thyself.

brb, can you imagine someone setting wedding inside this long summer ramandan period o!
Na temptation be this o!

For those clapping for Sanusi, CBN and NDIC's ingenuity at announcing this on Friday night. . .saying it will help d NSE come Monday (when Nigerians must av read and heard d true story), I dare say u are mistaken. August 14, 2009 was d Friday dat d first 5 MD/CEOs were sacked. Sanusi came on TV, in d papers and on d net to allay depositors', employees', investors (shareholders') and national fears of d ultimate failure of these banks. Then on another Friday, he sacked 3 more CEOs, gave out his usual Commando explanations. . .but waht happened to those banks later?

1. Mass panic withdrawal of funds
2. Movement of excess money for PR
3. Mass sack. . .done on separate Fridays as d Banks cud no longer maintain their very large workforce with dwindling patronage.
4. Inability to secure d interest of new investors even with CBN's London, J'Bourg and WDC roadshows
5. Stock market crash in 2009 and 2010. . .even with SLS grammar!
6. More mass sack of workers who knew nothing about d stolen funds.
7 Media trials of d thieving CEOs and plea-bargain for convicted CEOS. . .who spend jail terms in posh hospitals.

My point: If they like let dem do it during a one month holiday, d effect will be d same as if it was done on Monday. . .mass movt of funds to FBN and UBA!

I think CBN shud av waited till September 30. . .given that they are willing to give Oceanic and others up to Dec 31.

I just recieved this text message on my mobile phone from my bank, BankPhB-"Dear customer,Effective 05/08/2011, BankPHB Plc becomes Keystone Bank Ltd (KBL).KBL will continue the operations of the Bank. Customers deposits remain safe and protected, CBN guarantees intact and extended. All staff jobs are secure as well. Be assured of continued excellent services. Keystone Bank Ltd"- no jupiter on earth is stopping me on monday from withdrawing my money from the bank, thank God by monday, I will be on night shift from next week.
Sanusi is a complete jerk that is more interested in wielding his powers as CBN governor than solving the problems he worsened in the financial system.
Is it even constitutional to do this? Revoking the licences of banks that dared to take the CBN to court for its handling of the funancial crisis. What exactly us going on, is this some class war? Has this man lost it or what. Sadly, we have got a numbskull for President and a bunch of nitwits legislators that know nothing about anything. God help this fcking disorganized country, this is just freaking vexing. GEJ is a fcking disappointment, can't believe I actually voted this lame-duck . . .jeeez, does this man knows anything about what is going on at all? wTF! Somebody must stop Sanusi from this deliberate destruction of the financial system. The man obviously is overwhelmed and is now resorting to force and arm-twisting fight with Nigerians. olving the problems he worsened in the financial system.
Is it even constitutional to do this? Revoking the licences of banks that dared to take the CBN to court for its handling of the funancial crisis. What exactly us going on, is this some class war? Has this man lost it or what. Sadly, we have got a numbskull for President and a bunch of nitwits legislators that know nothing about anything. God help this fcking disorganized country, this is just freaking vexing. GEJ is a fcking disappointment, can't believe I actually voted this lame-duck . . .jeeez, does this man knows anything about what is going on at all? wTF! Somebody must stop Sanusi from this deliberate destruction of the financial system. The man obviously is overwhelmed and is now resorting to force and arm-twisting fight with Nigerians.

Mehn! Naija just keeps getting intresting day by day or even it is now a monthly affair.it was boko haram we heard of and saw in action last month, now its sanusi,next month, keep fingers crossed, wonders will never end, all the same I am postive that better dayz are coming,

no jupiter on earth is stopping me on monday from withdrawing my money from the bank, thank God by monday, I will be on night shift from next week.
Sanusi is a complete jerk that is more interested in wielding his powers as CBN governor than solving the problems he worsened in the financial system.

This is what I was saying! Now multiply this statement by say, 30,000 middle class customers of PHB and then by 3 banks. . .not to talk of the major customers who will develop heart attack with d news. No Jupiter will stop them from fighting for their money on monday. I wish I cud go to some branches with a camera all thru next week. . .u'll be amazed by d response.

Make them give me contract to re-write the names of thr failed banks to their new name. Thats enuf money for my side.

I just recieved this text message on my mobile phone from my bank, BankPhB-"Dear customer,Effective 05/08/2011, BankPHB Plc becomes Keystone Bank Ltd (KBL).KBL will continue the operations of the Bank. Customers deposits remain safe and protected, CBN guarantees intact and extended. All staff jobs are secure as well. Be assured of continued excellent services. Keystone Bank Ltd"- no jupiter on earth is stopping me on monday from withdrawing my money from the bank, thank God by monday, I will be on night shift from next week.
Sanusi is a complete jerk that is more interested in wielding his powers as CBN governor than solving the problems he worsened in the financial system.
Is it even constitutional to do this? Revoking the licences of banks that dared to take the CBN to court for its handling of the funancial crisis. What exactly us going on, is this some class war? Has this man lost it or what. Sadly, we have got a numbskull for President and a bunch of nitwits legislators that know nothing about anything. God help this fcking disorganized country, this is just freaking vexing. GEJ is a fcking disappointment, can't believe I actually voted this lame-duck . . .jeeez, does this man knows anything about what is going on at all? wTF! Somebody must stop Sanusi from this deliberate destruction of the financial system. The man obviously is overwhelmed and is now resorting to force and arm-twisting fight with Nigerians. olving the problems he worsened in the financial system.
Is it even constitutional to do this? Revoking the licences of banks that dared to take the CBN to court for its handling of the funancial crisis. What exactly us going on, is this some class war? Has this man lost it or what. Sadly, we have got a numbskull for President and a bunch of nitwits legislators that know nothing about anything. God help this fcking disorganized country, this is just freaking vexing. GEJ is a fcking disappointment, can't believe I actually voted this lame-duck . . .jeeez, does this man knows anything about what is going on at all? wTF! Somebody must stop Sanusi from this deliberate destruction of the financial system. The man obviously is overwhelmed and is now resorting to force and arm-twisting fight with Nigerians.

Hmmmm

Anyway I have hope that Nigeria will get there very soon.
The likes of China and India are growing due to the exposure and the world class policies of their policy makers.

How can a CBN governor be making market unfriendly statements and actions with which he has kept the banking industry/stocks suppressed for this long.
He is now overseeing a central bank which now engages in commercial banking activities.
This is just the story of Nigeria.

TEXT or no TEXT,
MONDAY MORNING Bank PHB here I COME. you must give me AAAALLLLLLLLLL my MONEY!!!. Am off to GTB or ZENITH

mygee33:

MONDAY MORNING Bank PHB here I COME. you must give me AAAALLLLLLLLLL my MONEY!!!. Am off to GTB or ZENITH

And those ones are burst-proof?

In a world where the likes of RBS, Barclays, HSBC are struggling, who the heck is GTB?

Just listen to news and pray for luck, bro

I am really surprised at the kind of analysis put forward by some Nlers here-like oil and water(they can never mix!)

We still have a long way to go.Then CBN has tried its best to ensure that these affected banks have a level playing ground in the market with those banks that were not involved in shady financial deals.

Like one poster rightly commented-Do you think it is easy to have an investor in two months? Any bank that is not in the process of finalizing a M and A deal(merger  and acquisition)  now  or even in advanced level discussions with a core investor for a management or leveraged buy out should forget it as far as September 30th is concerned! The management of these banks(both old and existing) have made it quite difficult for any interested parties to conduct due diligence just for their selfish reasons

The CBN had since 2008 -2009 granted these a 'life line' in excess of about 700 billion through the 'extended discount window' (this is a instrument of monetary policy -usually controlled by central banks that allows eligible institutions to borrow money from the central bank, usually on a short-term basis, to meet temporary shortages of liquidity caused by internal or external disruptions.) and yet no turn around and to think that all this was all interest free. If these banks didn't meet the deadline and were liquidated people will still rave and rant.The liquidation process is quite cumbersome, the  asset stripping process alone can take ages and at the end it is the 'ordinary shareholders'(You and I )that  will be paid last that is, if there is anything.


Please what are we saying ! I also see people comparing Soludo and Sanusi. I have great respect for Soludo no doubt, but he is partially responsible for the mess that the banking system is in today because he didn't have the guts to caution or reprimand these MDs when they stepped out of line and the whole Islamic banking idea was originally part of the 16 point agenda  on the CBN white policy paper developed by Soludo when he was the CBN Gov!. He just lost sight of the over all goal when the  huge success of the consolidation process got to him and he was collecting awards here and there.

Are we  also quick to forget that the crisis in the  capital markets was also exacerbated by him in mid 2008 when he abruptly stopped banks and other financial institutions from granting margin loans for the purchase of stocks for  both the primary and secondary markets?. A procedure that shouldn't have been approved in the first instance?

Sanusi might  not have the 'qualifications' that Soludo has but in a succinct sense, I don't think you need to be  'super economist' to understand what is happening in the country and why we are in this dire situation. IT IS NOT ROCKET SCIENCE!

Finally, it is not the number of qualifications that you have, that will make you succeed, it is a combination of  intelligence , your emotional quotient and whether or not you are 'street smart'-ask TO, JO,AIG, Uncle T(RIP) and Dangote, just to mention a few!

God bless Nigeria and help us all!

@2bosun: Common my man don't be silly! You can't blame the CBN alone for the Naira's depreciation. You seemed to conveniently forget that his appointment coincided with that of Yaradua/Jonathan who run a very expensive government.

True, the CBN's monetary policy is crap but the fiscal framework is even worse- which is why the Naira is "almost shyte". SLS did the right thing at the right time, as much as I hate to admit it- I think it was good decision. The banks were a ticking time bomb- he had to defuse them rather they explode- and everyone suffer even more.

2bosun, do you actually think you need to refer to me as “being silly”, to convey your very sincere opinion on this topic? We cant all see things from the same angle and it does not mean either of us is silly, it simply means we have “differing opinions” on the issue! What do you think?

Having said that, if you look at my contribution, it was a “wholistic appraisal of his overall performance” since 2009. If you ask me, what better yardstick can we use to appraise a CBN-Governor’s performance, if not the RESULT of his fiscal and monetary policies? And what better indices, which is general enough to represent “everything and everyone”, than the prior and current value of the “currency” he/she manages?

*Are the banks doing better in the last 2years? NO
*Could he have managed these “bank crisis” in a better way such that less “systemic upheavals” are experienced? YES (Remember his penchant for going to the press even before any action is taken, thereby creating a run on banks liquidity?)
*Is inflation down? No
*Is the “National Reserve” increasing? NO, its rather decreasing!
*Has his policies increased “local or International confidence” in the country? NO
*Do we have more failed, collapsed, collapsing, forcefully bought over banks now, than prior to 2009, (as a percentage of existing banks)? YES!
*Has Sanusi “successfully managed ANY BANK with a problem” during his tenure? NO! All he does is revoke license here and there (causing loss of employment, loss of credibility and investor confidence, capital flight, e.t.c). Is he a “specialist” in a kind of “catastrophe style” of management?

Does anyone recall when the owners of Continental "raised alarm" about the quality of type of looters (who happen to be Sanusis' cronies!)that Sanusi appointed to manage the bank and how they were fast depleting the little that is left, of the rot they themselves have created?
Sounds like a case of "From Frying Pan, to FIRE"!

Now, l am finding it “very difficult” to come-up with other index to use in appraising his tenure!
May be you can help me, please?


@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.

What more can l add?
@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

Seems the more he “destroys”, the more he gets praised!

Cheers, Lastpage.


BTW: As for two of you (ola olabiy & akyns), you are entitled to your position and l respect that, my only wish, “is that you at least learn how to discuss CIVILLY in a public discuss” without this public display of “crass vulgarity and lack of social skills”! Until then, l respectfully refuse to engage you in any discussion.

Omo, this is true o! I just received an sms alert now telling me that effective 5th Aug, 2011, Bank PHB plc becomes Keystone bank Ltd. They assured me that my money with them and all staff jobs are secure.

Maybe I should go on Mon and withdraw my money there and move it to GTB? Guys, what do you think?

Truth be said, if the banks were playing by the rules there isn't anyway Sanusi can touch them. Why are most of you here acting surprised? Almost every single institution in this country is failing banks inclusive.
Banks have failed in the past even before Sanusi.

Am not a fan of Sanusi but am happy that those rogue bankers and their cut-throat lending, money laundering fronts and pimping outfits are out of business.
And in case you have forgotten  the banking sector accounted for the greatest loss in investor funds. That many Nigerians lost over 70% of their hard earned money in bank stocks. This was due to the combination of a weak and compromising SEC board and poor investor hindsight which these rogues (bankers) took advantage of. They(bankers) even had female staffers pimping their portfolios up and down.
How professional is that?

lastpage:

BTW: As for two of you (ola olabiy & akyns), you are entitled to your position and l respect that, my only wish, “is that you at least learn how to discuss CIVILLY in a public discuss” without this public display of “crass vulgarity and lack of social skills”! Until then, l respectfully refuse to engage you in any discussion.

Sorry, man.
Maybe I should have worded my post differently but I was neither crass nor vulgar. Sorry, again.

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 ?

na today, those shares have disappeared since now, lol. the best we can hope for is to have the same number of unit @ N0.50K. These are shares Bank PhB sold at N17 each, Those thieving CEOs no go die well, may God prolong their lives in suffering and miserable conditions.

Why ar some pple not objective in their comment? Cos sanusi wants to ensure things go the right way has made him a bad person. Well for ur information it was the world bank guru okonjo iweala that made the anouncement.so if it is wrong I believe she wouldn't have gotten herself involved in it