This is major reason why this country can never progress, forget the noise all these economist nincompoops are making.
Only that we Nigerians are foolish and in our foolishness these advance mad men are striving. Soludo started his own and departed with huge Nigeria funds, nobody question him; even Lamido that succeeded him never pointed out the loots by his predecessor because there is always a cover-up via the means of pre-looting for incoming administration by outgoing one which will fraudulently keep him mute from exposing improper by the formal in that office.
The only solution to this country is revolution and we must all embrace it now or else this bunch of fools will finished up this country and it would be late if we didn’t arrest this situation right now.
Falana can only try but need Nigeria support; this same light late Gani Fawehinmi was throwing then but people never listen. Sometime I look at Nigeria situation and I shed tears because all these mad men have permanent room in prison if the leadership position eventually lost out by them, they have all sworn an out to finish up this country and the only thing that can stop this is you and I forcefully chase them out because they are not ready to leave. They deliberately killing the system and subsequently handing over to their children’s to continue. We can no longer tolerate this and I think something must be done very fast to eliminate this mess.
Certain amount of money was doled out from CBN to galvanize votes for presidency, this was broadcast by media then, I wonder what you expect this incompetent man to do when he has the secret of them all. Is a chop and chop govt. and we all must get rid of these morons.

Here is the role of CBN as spelt out in the constitution:
Section 2 of the CBN Act, which stipulates that the principal objectives of the Bank shall be to:

“a.    ensure monetary and price stability;
b.     issue legal tender currency in Nigeria
c.     maintain external reserves to safeguard the international value of the legal tender currency;
d.     promote a sound financial system in Nigeria; and
e.     act as banker and provide economic and financial advice to the Federal Government.”

It does not include philantropy, can these public officials obey the freaking LAW!

Central Bank has usurped the functions of the National Emergency Management Agency(NEMA) by providing financial assistance to victims of disasters. For the avoidance of doubt section 6 of the NEMA Act has conferred powers on the Agency to:

“g.    co-ordinate the activities of all voluntary organizations engaged in emergency relief operations in any part of the Federation;

h.               receive financial and technical aid from international organizations and non-governmental agencies for the purpose of disaster management in Nigeria.

i.                  Collect emergency relief supply from local and foreign sources and from international and non-governmental agencies.

j.      Distribute emergency relief materials to victims of natural or other disasters and assist in the rehabilitation of the victims where necessary.

Sanusi is preparing for his political ambition as the Governor of Kano state in 2015

that's very irresponsible

jp philips:

Sanusi the Economic Magician


One big problem of Nigerians is our inability to scrutinize people’s pedigree.
Look at president Jonathan for instance, this is a man with zero success story as both deputy and Gov. of bayelsa state, zero success story as both vice and acting president yet Nigerians delude themselves he is the messiah even when it was clear that unscrupulous people were donating to his campaign, we still believed he will take us to the promised land on luck.

Let us talk about this mystic economic team Jonathan put together, who are these people?
I for one have no bias against any public official in which ever capacity but I have zero tolerance for incompetence.

Has sanusi’s economic model ever worked in this country? Which economic school of thought does he belong to and what is his mission in this country?

I asked this because I am an ardent follower of events in our economic sphere and have never been shy to put Sanusi’s parlance and pragmatism of economic solutions to a test, but as I speak, sanusi’s economic agenda eludes me.

This is a man who inherited a banking sector which according to Business day 2006 edition averred that “for every five Nigerians with a good job, three are bankers”.

Today, we have a Sanusi who in his usual voodoo economic jingoism has created more unemployment and inefficiency in the banking sector than the military junta.

Who is this man Sanusi?

In the words of his predecessor who consolidated these banks, “the banks were more financially robust” and doing bigger business but along the line something happened.

There was partial deregulation and the cost of diesel went all time high and very scarce, some of those companies who took loans from the banks were running high over head cost and couldn’t survive the tsunami of events that followed,

Job cuts, and eventual closure was the case. During the last days of chukwuma soludo, the businesses were already down so no way to repay the bank loans.

The banks were stranded but soludo applied wisdom, in his words ‘’ decision making in the banking system must carry the instrument of perception along’’ and that was exactly what he did, he quickly created an EDW whereby the near distressed banks could quietly access Govt. loans to revive their institutions hoping to keep people’s confidence in tact while the banks gradually recover.

Here comes our Sanusi with his usual economic parlance and political jingoism.
Destroyed the first instrument of perception which soludo fought so hard to preserve by coming on National television to announce that those banks are not healthy. Till date, we lost one of the most viable sectors of this economy; we lost meaningful employments and international confidence in our banking institutions in its entity, thanks to Sanusi’s voodoo economic theories and mystic economic solutions.
I ask again; who is this Man Sanusi and his mission in this country?
I leave you to be the judge of preceding events from Sanusi’s actions. After consulting his economic oracle, he boldly told Nigerians that the way forward is to bail out the banks (which he destroyed) and SME’s (small and medium scale enterprise) hoping that they will bounce back in business to repay the bank loans.

Till date, Sanusi has not given Nigerians the progress report of those bailed out banks and SME’s especially those in the textile business.

Today, by throwing his weight behind full deregulation in the downstream sector simply tells me that Sanusi’s witch doctor did not tell him exactly which economic formula destroyed his banks. Perhaps he thought that his SME ‘’palliative’’ was good enough for miserable Nigerians who don’t mind trading a permanent position job for a contract job which was what his SME’s were offering or rather, our employments for underemployment.
This is a man that ignores the basic on ground economic theories that work in the country for some mystic economic solutions.

That begs the question; should you deregulate fully the downstream sector, what becomes of those SME’s and how do they repay the loans you gave to them considering that energy cost and inflation will triple their over head cost? Or has his voodoo economic solution already categorized them as mere collateral damage in his economic reform agenda?

Let us analyze some of sanusi’s Hennessey inspired economic formulae.
First he said that by withdrawing subsidy they have destroyed corruption and broken the financial bones of the ‘’cabal’’ benefitting from this subsidy regime, is this really true?
If the landing cost of PMS is about 110naira and government’s inefficiency bloats it to 141naira (ofcourse, storage,transportation,deumurrage etc as enshrined into the subsidy are all Govts ineptitude).
“Citeris paribus” under the subsidy program, a marketer earns 110-65 (ie if ideally Govt clean their mess)

And without subsidy, a marketer makes 220,180,165-110 who exactly did this economic magician break their finances? Because what I see in my economics kwashiorkor is Govt transferring the burden of import deficit to the people not the marketers losing money like sanusi claims.
Secondly, his liquor economics made him believe that he will save money in the face of spiral inflation, and went ahead to justify the inflation saying it is by a little fraction not more than 10% increase, lol. What indices did this acclaimed “pundit” use in measuring this?

In an economy without a functional price regulatory agency and a comatose standard organization with shabby police officers? In an economy where everybody is his own LGA and can fix rates with impunity? What drives this man’s economic sagacity? Witch craft?

Thirdly,

Sanusi is consistently lying to Nigerians that an increase in pump price will attract investors to build refineries; this is the verge where I think sanusi should go back to school.
SLS is not enlightened enough to understand why there was an exodus of indigenous American companies between 1998 to 2008 to Asia and Africa, reason; COST OF DOING BUISNESS or better put, UNFAVOURABLE BUISNESS CLIMATE.

With unfavorable tax laws, incessant labor wage reviews and land acquisition challenges, most companies couldn’t survive and they left US en masse conversely, land grab in Africa and cheap labor in Asia became viable alternatives.

Today, a drunk CBN governor in his usual rhetoric, capitalizing on the chasm of academic deficiency of average Nigerians is proposing that increase in pump price which will directly translate to high energy cost (in a generator driven economy), spiral inflation and high cost of labor will attract foreign investors to build refineries. Is it not ridiculous?

What kind of voodoo economic theory is that?
sanusi quickly forgot to tell Nigerians that their existing refineries even at a disappointing output is subsidized.
Mr Sanusi should have asked himself, when we deregulated diesel, did we attract heavy duty companies, diesel refineries and why?

According to his business model, I was expecting that after the deregulation of diesel, we would have had companies like CAT,Ingersollrand,Volvo,Ebara,bosh,Groove,Capco etc even refineries enhanced to produce more of Diesel with limited petroleum by products relocating their plants to Nigeria to benefit from our diesel profitable market. But in reality, that wasn’t the case and i will explain why;
Take shell for example, the presence of SPDC in portharcourt has given rise to a plethora of servicing companies rendering one or two services to shell and that is how it works. These servicing companies are equally employers of labor.

Does sanusi think that the refining companies will be servicing themselves? Is that possible? When you destroy the business environment for these smaller servicing companies to thrive, how exactly do you want the refining companies to thrive? For the few that will survive, at what cost will they render their services? Shouldn’t the investors consider these in their feasibility studies?

How will they cope? If at all it works, most components and services are definitely going to be outsourced to neighboring countries creating jobs for Ghanaians and Nigerians than Nigeria.
Some servicing companies will rather relocate to nearby countries and leave skeletal operations here in Nigeria just to stay in business; sanusi will end up exporting services elsewhere.
I am deeply ashamed and embarrassed at the caliber of people that take decisions for this nation.
I say it for the umpteenth time; we don’t need to create problems to solve problems, what we need is to ensure that Nigeria has cheaper oil on ground, that will attract investors as against sanusi’s high pump price economic theory which will breed inflation and closure of smaller companies.
The IOC’s (international oil companies) operating in Nigeria has told us that it takes less than 12 usd to extract 1bbl of our crude oil.

Why is sanusi not thinking of creating a solution from that angle? if NPDC can guarantee us just 150,000bbl/d of this cheap crude at less than 12usd, the market will be attractive, add refining cost and other cost to push it to about 22usd/bbl a pms of 30naira per litre will be achievable from these refineries and inflation will reduce by over 40%.leaving us with a plethora of servicing companies which will translate to more jobs.
Is this too much for Madueke and Sanusi to sit and figure out? Other than their inflation marred solution.

Lastly

Sanusi lied that the subsidy reinjection fund will be used to build refineries; I can’t help but pity his unrealistic mystic economic solutions.

How much is the FG’s cut in the SURE fund? Less than 600billion, what kind of refinery will that build? I hope sanusi is not confusing refineries for fuel dispensing stations or are we heading for another IMF/world bank debt burden? I don’t just get it.

Where will this SURE funding appear from? I didn’t see it in the 2012 budget proposal, is it right to increase the suffering of the Nigerian people and go back and implement your constitutional annual budget?
Where is sanusi going to get the crude oil to supply these refineries? From the little we make from our JV? I hope this man is not taking us for a ride?

This same crude we use to implement our budget? Which sells at international price? This man is cynical.

How did we end up with two monsters sanusi lamido sanusi and Allison Madueke at the same time?

I can see a pattern in Sanusi’s line of thought;
if a bank is performing poorly, CLOSE IT DOWN
If the subsidy regime is performing poorly; SCRAP IT.

Can Nigerians please help me ask Sanusi if it is a crime to proffer real economic solutions to economic challenges other than throwing away the child with the bath water?
Should we fold our hands and watch our Economic magician Sanusi scrap the economic foundation of our survival?

Sanusi and Allison madueke are doing a great disservice to this nation though I don’t expect Mr. President to fire them because he is too incompetent to read the hand writings on the wall.

His incompetent handling of the banking reforms depleted our treasury of at least N600 Billion which could easily have financed the government's subsidy programme. The arrogant and vengeful chap is the only reason our economy is in the woods at the moment.

this man never stops to surprise me, ive said it over and over again. this ediot called sanusi does not have common sense, irrespective of the number of casualties, lives were lost so he has no justified reason to donate to a particular state. he's just a silly man and this is another proof that education doesn't mean common sense just like our dear president

The fact is Jonathan can trade you off for his poilitical interest. Simple.

LETS ALL READ AGAIN AND AGAIN OH!!! THIS IS BELOW THE BELT.

[b]Sanusi the Economic Magician


One big problem of Nigerians is our inability to scrutinize people’s pedigree.
Look at president Jonathan for instance, this is a man with zero success story as both deputy and Gov. of bayelsa state, zero success story as both vice and acting president yet Nigerians delude themselves he is the messiah even when it was clear that unscrupulous people were donating to his campaign, we still believed he will take us to the promised land on luck.

Let us talk about this mystic economic team Jonathan put together, who are these people?
I for one have no bias against any public official in which ever capacity but I have zero tolerance for incompetence.

Has sanusi’s economic model ever worked in this country? Which economic school of thought does he belong to and what is his mission in this country?

I asked this because I am an ardent follower of events in our economic sphere and have never been shy to put Sanusi’s parlance and pragmatism of economic solutions to a test, but as I speak, sanusi’s economic agenda eludes me.

This is a man who inherited a banking sector which according to Business day 2006 edition averred that “for every five Nigerians with a good job, three are bankers”.

Today, we have a Sanusi who in his usual voodoo economic jingoism has created more unemployment and inefficiency in the banking sector than the military junta.

Who is this man Sanusi?

In the words of his predecessor who consolidated these banks, “the banks were more financially robust” and doing bigger business but along the line something happened.

There was partial deregulation and the cost of diesel went all time high and very scarce, some of those companies who took loans from the banks were running high over head cost and couldn’t survive the tsunami of events that followed,

Job cuts, and eventual closure was the case. During the last days of chukwuma soludo, the businesses were already down so no way to repay the bank loans.

The banks were stranded but soludo applied wisdom, in his words ‘’ decision making in the banking system must carry the instrument of perception along’’ and that was exactly what he did, he quickly created an EDW whereby the near distressed banks could quietly access Govt. loans to revive their institutions hoping to keep people’s confidence in tact while the banks gradually recover.

Here comes our Sanusi with his usual economic parlance and political jingoism.
Destroyed the first instrument of perception which soludo fought so hard to preserve by coming on National television to announce that those banks are not healthy. Till date, we lost one of the most viable sectors of this economy; we lost meaningful employments and international confidence in our banking institutions in its entity, thanks to Sanusi’s voodoo economic theories and mystic economic solutions.
I ask again; who is this Man Sanusi and his mission in this country?
I leave you to be the judge of preceding events from Sanusi’s actions. After consulting his economic oracle, he boldly told Nigerians that the way forward is to bail out the banks (which he destroyed) and SME’s (small and medium scale enterprise) hoping that they will bounce back in business to repay the bank loans.

Till date, Sanusi has not given Nigerians the progress report of those bailed out banks and SME’s especially those in the textile business.

Today, by throwing his weight behind full deregulation in the downstream sector simply tells me that Sanusi’s witch doctor did not tell him exactly which economic formula destroyed his banks. Perhaps he thought that his SME ‘’palliative’’ was good enough for miserable Nigerians who don’t mind trading a permanent position job for a contract job which was what his SME’s were offering or rather, our employments for underemployment.
This is a man that ignores the basic on ground economic theories that work in the country for some mystic economic solutions.

That begs the question; should you deregulate fully the downstream sector, what becomes of those SME’s and how do they repay the loans you gave to them considering that energy cost and inflation will triple their over head cost? Or has his voodoo economic solution already categorized them as mere collateral damage in his economic reform agenda?

Let us analyze some of sanusi’s Hennessey inspired economic formulae.
First he said that by withdrawing subsidy they have destroyed corruption and broken the financial bones of the ‘’cabal’’ benefitting from this subsidy regime, is this really true?
If the landing cost of PMS is about 110naira and government’s inefficiency bloats it to 141naira (ofcourse, storage,transportation,deumurrage etc as enshrined into the subsidy are all Govts ineptitude).
“Citeris paribus” under the subsidy program, a marketer earns 110-65 (ie if ideally Govt clean their mess)

And without subsidy, a marketer makes 220,180,165-110 who exactly did this economic magician break their finances? Because what I see in my economics kwashiorkor is Govt transferring the burden of import deficit to the people not the marketers losing money like sanusi claims.
Secondly, his liquor economics made him believe that he will save money in the face of spiral inflation, and went ahead to justify the inflation saying it is by a little fraction not more than 10% increase, lol. What indices did this acclaimed “pundit” use in measuring this?

In an economy without a functional price regulatory agency and a comatose standard organization with shabby police officers? In an economy where everybody is his own LGA and can fix rates with impunity? What drives this man’s economic sagacity? Witch craft?

Thirdly,

Sanusi is consistently lying to Nigerians that an increase in pump price will attract investors to build refineries; this is the verge where I think sanusi should go back to school.
SLS is not enlightened enough to understand why there was an exodus of indigenous American companies between 1998 to 2008 to Asia and Africa, reason; COST OF DOING BUISNESS or better put, UNFAVOURABLE BUISNESS CLIMATE.

With unfavorable tax laws, incessant labor wage reviews and land acquisition challenges, most companies couldn’t survive and they left US en masse conversely, land grab in Africa and cheap labor in Asia became viable alternatives.

Today, a drunk CBN governor in his usual rhetoric, capitalizing on the chasm of academic deficiency of average Nigerians is proposing that increase in pump price which will directly translate to high energy cost (in a generator driven economy), spiral inflation and high cost of labor will attract foreign investors to build refineries. Is it not ridiculous?

What kind of voodoo economic theory is that?
sanusi quickly forgot to tell Nigerians that their existing refineries even at a disappointing output is subsidized.
Mr Sanusi should have asked himself, when we deregulated diesel, did we attract heavy duty companies, diesel refineries and why?

According to his business model, I was expecting that after the deregulation of diesel, we would have had companies like CAT,Ingersollrand,Volvo,Ebara,bosh,Groove,Capco etc even refineries enhanced to produce more of Diesel with limited petroleum by products relocating their plants to Nigeria to benefit from our diesel profitable market. But in reality, that wasn’t the case and i will explain why;
Take shell for example, the presence of SPDC in portharcourt has given rise to a plethora of servicing companies rendering one or two services to shell and that is how it works. These servicing companies are equally employers of labor.

Does sanusi think that the refining companies will be servicing themselves? Is that possible? When you destroy the business environment for these smaller servicing companies to thrive, how exactly do you want the refining companies to thrive? For the few that will survive, at what cost will they render their services? Shouldn’t the investors consider these in their feasibility studies?

How will they cope? If at all it works, most components and services are definitely going to be outsourced to neighboring countries creating jobs for Ghanaians and Nigerians than Nigeria.
Some servicing companies will rather relocate to nearby countries and leave skeletal operations here in Nigeria just to stay in business; sanusi will end up exporting services elsewhere.
I am deeply ashamed and embarrassed at the caliber of people that take decisions for this nation.
I say it for the umpteenth time; we don’t need to create problems to solve problems, what we need is to ensure that Nigeria has cheaper oil on ground, that will attract investors as against sanusi’s high pump price economic theory which will breed inflation and closure of smaller companies.
The IOC’s (international oil companies) operating in Nigeria has told us that it takes less than 12 usd to extract 1bbl of our crude oil.

Why is sanusi not thinking of creating a solution from that angle? if NPDC can guarantee us just 150,000bbl/d of this cheap crude at less than 12usd, the market will be attractive, add refining cost and other cost to push it to about 22usd/bbl a pms of 30naira per litre will be achievable from these refineries and inflation will reduce by over 40%.leaving us with a plethora of servicing companies which will translate to more jobs.
Is this too much for Madueke and Sanusi to sit and figure out? Other than their inflation marred solution.

Lastly

Sanusi lied that the subsidy reinjection fund will be used to build refineries; I can’t help but pity his unrealistic mystic economic solutions.

How much is the FG’s cut in the SURE fund? Less than 600billion, what kind of refinery will that build? I hope sanusi is not confusing refineries for fuel dispensing stations or are we heading for another IMF/world bank debt burden? I don’t just get it.

Where will this SURE funding appear from? I didn’t see it in the 2012 budget proposal, is it right to increase the suffering of the Nigerian people and go back and implement your constitutional annual budget?
Where is sanusi going to get the crude oil to supply these refineries? From the little we make from our JV? I hope this man is not taking us for a ride?

This same crude we use to implement our budget? Which sells at international price? This man is cynical.

How did we end up with two monsters sanusi lamido sanusi and Allison Madueke at the same time?

I can see a pattern in Sanusi’s line of thought;
if a bank is performing poorly, CLOSE IT DOWN
If the subsidy regime is performing poorly; SCRAP IT.

Can Nigerians please help me ask Sanusi if it is a crime to proffer real economic solutions to economic challenges other than throwing away the child with the bath water?
Should we fold our hands and watch our Economic magician Sanusi scrap the economic foundation of our survival?

Sanusi and Allison madueke are doing a great disservice to this nation though I don’t expect Mr. President to fire them because he is too incompetent to read the hand writings on the wall.[/b]

@jas o revolution can never occur in present day 9ja not with all d people divided with ethnicity, u cant match out d street with som1 u cant trust. Lets assume revolution takes place, what happens after that, choosing a fresh crop of leaders would create fresh problems cos of ethnicity. Infact present day leaders are united by greed while the followers are divided by ethnicity.
The only way u can have a succesful revolution is to brainwash § hypnotize followers to 4get their ethnic sentiments, and that aint gonna happen so kickback and enjoy.

The CBN imam, sheik and mallam is preparing to take over the kano emirate

I have neva heard of a CBN gov as controversial as SLS the world over, it shows that its either he is the wisest of them all or the most foolish. I leave u to judge.

there is nothing like nigeria .they are all animals .freaking gullible antelopes .nigerians are dirty and ugly . the whole world will treat them like legions of fools destined to surfer without show of sympathy . they don't fight for their right .
now here they are aware that sanusi lamido is a terrorist under ground master . big shame to southern nigeria .shame to you guy's .cowards are all over foreign country living like abandoned people .
SANUSI LAMIDO IS THE HEAD OF BOKO HARAM , KEEP PRETENDING LIKE YOU DID'NT KNOW THAT BEFORE . I HATE HAUSA/FULANI PEOPLE .

Again, I ask whose money is this guy sharing

naijaking1:

Again, I ask whose money is this guy sharing

.


Stop pretending to be uninformed - we know better. Sanusi is not sharing anyone's money, he simply awarded a few million naira in grants from CBN's multi million naira community programs budget. We are thankful that Sanusi did not divert the said funds to his own pocket, unlike certain people we know.

Sanusi is a disgrace/distress to this economy. Any his aboki brothers here should tell him I said so.

ndu_chucks:

.


Stop pretending to be uninformed - we know better. Sanusi is not sharing anyone's money, he simply awarded a few million naira in grants from CBN's multi million naira community programs budget. We are thankful that Sanusi did not divert the said funds to his own pocket, unlike certain people we know.

In all the replies I read this was the only reply that made sense. A lot of graduates and commentators here are at best "Educated Illiterates". The CBN like all other agencies and corporations have a budget for community programs, this is where ministries and agencies take funds to sponsor events and shows, visit motherless babies home and do any other charity works that catch their fancy, I am surprised that other agencies have not even identified with any of the victims. Sanusi is from kano state and it only rests on him to be able to use his position to get the CBN to make a donation to his own state in a time of disaster.

The money is public money and it was used for a public purpose so why all the ranting??

Okay.

100 million Naira? How do they come about that amount. Anyway, I don't like him, PERIOD!

This was when falana's brain was working.

Lamido sanusi the former CBN boss is always a nightmare to the yorubas,i guess he hates them with passion

andyanders:
Sanusi is part of BH because of his utterances and actions. He already floated Islamic banking in Kano.[s] He should be removed from the Apex Bank as he is a fanaticfanatic[/s] and I believe he must be involved in most of BH actions.

II laugh in Chinese,Islamic banking is not only in Muslim countries,so why calling him fanatic. Is south Africa Muslim country, if no why not Nigeria.