Those of you interested in finding free tuition schools/schools that offer scholarships. there is this blog
http://schoolintheus..com. its for people who want to come to the US for school and cannot really afford it, it talks about how to get free education, visas, etc. its mainly for nigerians. But other countries can learn from it too.

All this ethinic Bigots that are criticising SLS should shut their trap,Did Cecilia stole or not,What of Akingbola?
I beggi, make una waka witt una voodoo (yahoo Yahoo) banking. SLS may have his own low points but he did well to save the common man from the greed and glutonous thieving hand of a few elite.Tell me how many people got their money from Savannah Bank?how many got their money back from Society General Bank (May be Okocha got his  $1M back)
SLS has done well,atleast we can still save and withdraw our money without blinking an eye, to all those bankers living above their means,welcome to reality.

faithin9ja:

are most of the posters too young to remember?  does anybody here remember during Abacha, during the era of failed banks, when millions of Nigerians lost their money in failed banks (not the just wonder banks like monitree or umanumna) but banks governed by CBN.

Not one of these banks has witnessed a 'run' on them, not even Bank PHB, or Springbank. The general population still has confidence in banks and we are still putting our money in all these banks, why?

because the CBN invested billions of naira to shore up their reserves.

If Oceanic bank was solvent this option of a forced takeover would not arise. During Soludu's time were we not borrowing billions of naira to buy shares in these banks with their wonderful announced profits. they were opening new branches everyday, sometimes 3 branches on the same street, where are these profits now?

I don't have time to write a full synopsis on the Nigerian banking sector, but suffice to say the corruption that endemic in all aspects of our society, is also the cause of the malaise in the banking sector, the sooner we recognize this better.

faithin9ja:

when you go to your bank and present your cheque to withdraw your own N20,000 and they tell you they don't have money that the bank is 'distressed' I wonder how much pity you will have for the bank staff

+1

I had a very rich uncle that retired as an MD of one of Nigeria's great institutions during the Abacha era and he deposited his money in one of the new generation banks back then. He lost everything! Every single kobo!

Can you imagine working hard all your life saving every little kobo for retirement only for the bank to go out of business after retirement? Where do you start from? If that was me, I would have spent my last breath going after every single management of that bank!

A total of 8,159 students graduated from the University of Lagos today.

Out of the total number, 4,375 received first degrees while 3,784 received post graduate degrees. Of the first degree graduating students, 122 passed in first class division, with the Faculty of Engineering topping the list.

STORIES of workers loosing their jobs in not new anywhere in the world.
Nigeria is no exception. In advanced economies like the UK and the USA, thousands lose their jobs even till now.
Sacked bankers, wake up and face reality. Life goes on. Forget the past and think of how to build the future ahead of you.
Stop looking for office jobs. Dont waste your time searching for what is not existing.
Start thinking of job creation and how to be an asset to the economy as an employer of labor.

no wonder;i was at a branch this morning to send cash across to a friend and the banking hall looked almost deserted.more jobless people on the street and more hungry mouths and crime increase.a lot of these bankers like extremely flamboyant lives with out thinking about savings.so much competition among co-workers when it comes to material stuff.this is very sad.sanusi is not to blame;after all not all banks were affected but the new banking rules.pity.

This is all Sanusi wanted. A born sadist. You will all recall immediately he took office he said he only needed 10 banks to run financial activities in the country. We

are moving towards that already. Just last week AMCON said all Nationalized banks to be sold February ending 2012.

This on-going mass sack will even have more excruciating effect than the 2009's because the poverty level has really increased thus the multiplier effect would be

greater. May God help Nigerian youths.

SMH

lex-luthor:

no wonder;i was at a branch this morning to send cash across to a friend and the banking hall looked almost deserted.more jobless people on the street and more hungry mouths and crime increase.a lot of these bankers like extremely flamboyant lives with out thinking about savings.so much competition among co-workers when it comes to material stuff.this is very sad.sanusi is not to blame;after all not all banks were affected but the new banking rules.pity.

Yes, they sacked all the tellers and told them to re-apply. Don't know what that means.

I feel they should have reduced their salaries rather than sacked them. The man at the counter did not conspire with Ibru and Erastus to steal billions. They should not pay for what they did not do.

Result of SANUSI reforms.

yeah, it's true, a friend of was affected by this mass sack in Oceanic bank.He just reported to office this morning and could not log in and only to be told that his services are no longer needed.Sad, so sad.

Short of words.

Sad stories continues. I'm beginning to know the meaning of fresh air promised. What a government.

Nigeria my Nigeria what are you turning into

It is really a sad story. Imagine a friend of mine was sack This morning, he has a wife, 3 kids, 2brothers and aged mother to cater for. Cos of all these responsibilities had little or no savings. how can he Survive?

234GT:

I feel they should have reduced their salaries rather than sacked them. The man at the counter did not conspire with Ibru and Erastus to steal billions. They should not pay for what they did not do.

their salary was reduced b4 ecobank took over and when ecobank took over; cos oceanic pays more than ecobank their salary was further reduced and align with ecobank salary structure.

we we:

It is really a sad story. Imagine a friend of mine was sack This morning, he has a wife, 3 kids, 2brothers and aged mother to cater for. Cos of all these responsibilities had little or no savings. how can he Survive?

I have the answer - He MUST look on God. If he has never been serious with Him, this is an opportunity to do so.

Soludo and OBJ reforms brought jobs and I was employed.
Jonathan cum Yaradull's reforms took jobs. Some stupid fools will still ask who is better than who.I thank God am still in the system

Chei Naija. We like to lie and deceive ourselves. Instead of failed banks and slain bankers comparing themselves to the likes of GTB and Zenith they are comparing themselves to other failures like Unity asking why are they not dead too . If you know the true owners of Unity Bank you will rather compare yourselves with your mates. Cecilia v Jim Ovia, Erastus v Tony. High powered CEO's. While one decides to build his bank and conduct business legitimately the other is busy robbing his bank.

For those feigning ignorance about the widespread looting going on in the bank that is simply not true. I know lots of people who worked in some of those banks and they knew of the mismanagement going on at various levels, some as far back as the pre consolidation period but like many things Nigerian, private sector corruption is acceptable or simply doesn't exist. Only public office holders and politicians are corrupt. The ignorant believed then and still do now that a man cannot corruptly enrich himself from his own business. There's nothing further from the truth. Unfortunately unlike public officers who steal from perhaps an unending flow of crude oil, private sector graft is finite. Thousands lost their investments in these bank stocks so it is not only workers that should be sorry.

Take heart. Next time pay attention to the details of the people you work with and the company you work for. Believe me it matters.

Lasun:

All this ethinic Bigots that are criticising SLS should shut their trap,Did Cecilia stole or not,What of Akingbola?
I beggi, make una waka witt una voodoo (yahoo Yahoo) banking. SLS may have his own low points but he did well to save the common man from the greed and glutonous thieving hand of a few elite.Tell me how many people got their money from Savannah Bank?how many got their money back from Society General Bank (May be Okocha got his  $1M back)
SLS has done well,atleast we can still save and withdraw our money without blinking an eye, to all those bankers living above their means,welcome to reality.

Yes they stole, almost all bank exec steal and they should have all been made to face the consequences of their actions. In the last month before the acquisition of  intercontinental bank, the bank actually made profit and would have continued to grow strong if it was given a fair fighting chance. Why didn't Cbn mandate the debtors to pay, because the agenda was to make sure that the bank would not survive. Do you know how much this banks were sold for?

   Chei Naija. We like to lie and deceive ourselves. Instead of failed banks and slain bankers comparing themselves to the likes of GTB and Zenith they are comparing themselves to other failures like Unity asking why are they not dead too    . If you know the true owners of Unity Bank you will rather compare yourselves with your mates. Cecilia v Jim Ovia, Erastus v Tony. High powered CEO's. While one decides to build his bank and conduct business legitimately the other is busy robbing his bank.

For those feigning ignorance about the widespread looting going on in the bank that is simply not true. I know lots of people who worked in some of those banks and they knew of the mismanagement going on at various levels, some as far back as the pre consolidation period but like many things Nigerian, private sector corruption is acceptable or simply doesn't exist. Only public office holders and politicians are corrupt. The ignorant believed then and still do now that a man cannot corruptly enrich himself from his own business. There's nothing further from the truth. Unfortunately unlike public officers who steal from perhaps an unending flow of crude oil, private sector graft is finite. Thousands lost their investments in these bank stocks so it is not only workers that should be sorry.

Take heart. Next time pay attention to the details of the people you work with and the company you work for. Believe me it matters.

:Right on point

one of the cars I use right now, 2008 Toyota Corolla was financed by Oceanic Bank, since my first monthly repayment 2 years ago I have not paid a penny, na my local bank manager arrange am for me!!! (with special arrangement devil will meet God), with that kind of attitude why won't the bank go bust and people lose their jobs.

Meanwhile the guy has got a job in another bank, yes I paid a bribe to sort myself - Na Nigeria we dey !!! let he who is without sin cast the first stone.

faithin9ja:

[color=#006600][/color]
:Right on point

one of the cars I use right now, 2008 Toyota Corolla was financed by Oceanic Bank, since my first monthly repayment 2 years ago I have not paid a penny, na my local bank manager arrange am for me!!! (with special arrangement devil will meet God), with that kind of attitude why won't the bank go bust and people lose their jobs.

Meanwhile the guy has got a job in another bank, yes I paid a bribe to sort myself - Na Nigeria we dey !!! let he who is without sin cast the first stone.

Nutty boy. . I hope you're kidding.

Reference:

Nutty boy. . I hope you're kidding.

No he is not. I know some people at Ecobank and will be directing their attention to this thread so they know exactly what they inherited.

@reference
@moremi2008

I am not lying, by all means tell your execs friends at Ecobank, the naivety of nairalanders never seizes to amaze me, do you think Ecobank didn't do their due diligence before taking on Oceanic, do you think I am only person this 'bank manager' helped out for a fee, do you think it's only in Oceanic?

everybody on nairaland is quick to point fingers at GEJ, SLS, NOI, OBJ, even IBB (or any other acronym), but we won't look to the grassroots. we all want to be 'fast' to be smart; to be the guy man, where did I know this 'bank manager' from ? he attends my church and see the kind of deals we dey do!!

I feel for the staff, but if you work for bankrupt organisation, it's only a matter of time - where are the staff of Nigeria Airways, NITEL, New Nigeria Bank, Savannah Bank, New Nigerian Newspaper, Iwopin Newsprint, need I go on and people are crying SLS over Ibru bank, what happened to staff of Igbindion bank - Crystal Merchant bank, or Jim Nwobodo Bank - Savannah, Banigho Bank - All States, need I go on?

faithin9ja:

@reference
@moremi2008

I am not lying, by all means tell your execs friends at Ecobank, the naivety of nairalanders never seizes to amaze me, do you think Ecobank didn't do their due diligence before taking on Oceanic, do you think I am only person this 'bank manager' helped out for a fee, do you think it's only in Oceanic?

everybody on nairaland is quick to point fingers at GEJ, SLS, NOI, OBJ, even IBB (or any other acronym), but we won't look to the grassroots. we all want to be 'fast' to be smart; to be the guy man, where did I know this 'bank manager' from ? he attends my church and see the kind of deals we dey do!!

I feel for the staff, but if you work for bankrupt organisation, it's only a matter of time - where are the staff of Nigeria Airways, NITEL, New Nigeria Bank, Savannah Bank, New Nigerian Newspaper, Iwopin Newsprint, need I go on and people are crying SLS over Ibru bank, what happened to staff of Igbindion bank - Crystal Merchant bank, or Jim Nwobodo Bank - Savannah, Banigho Bank - All States, need I go on?

Same thing with our governance. Nobody fixes the damn local Govt. Chairman who took away 10 cars and robbed them of 100M, always screaming Tinubu, Atiku, GEJ, when someone is busy screwing them over locally.

batch A corpers released,

Some of us just talk because we want to be heard.In all fairness Cecilia Ibru, Erastus and co messed up the Banks but sincerely yours there is nothing they did Jim,Aig< Elumelu and co did not do. There case is pure vendetta,Ibru and Co championed Soludo for second term maybe to cover their wrongs.It is on record that as First Bank MD, Sanusi instigated demarketing of Intercontinental Bank wich is against ethics of Banking.

Soludo, a Professor of Economics could see the state of Banks in Nigeria going down, in his wisdom he gave them option through EDW to access fund at lower interest rate.This was to be done for the Banks to stabilize, Sanusi had prior information that some Banks have problem but he was surprised when the results of the auditors were released, they were sent back and this time even performing loans were classified as non-performing. If that is true, he ought to call the Board and the MDs of the affected Banks with his findings, ask them to defend it or at least explain why the problems. Sanusi did not do that, he sacked them abruptly.Fair Hearing at least,

Them come his rescued package, appointed MDs and EDs also gave the BAnks money to bring them from negativity to positive.If you look at the package very well it was a ruse just to get rid of his enemies,less I say that Ibru and Akingbola were affected because they seems not to be ruthless and inclined towards Christianity This Bank would have been saved by other Banks or Government quietly without eroding public confidence.Soludo would have done it in a more matured way than the way Sanusi handled it.

Jobs were lost in Europe during Soludo"s era but he kept creating jobs. Nigeria is a peculiar case, we should stop deceiving ourselves SAnusi has not achieved anything as CBN Governor other than unemployment.

Remember Keystone, Mainstreet and Enterprise were nationalized before deadline set for recapitalization. AMCON said they did it in public interest to preserve jobs and deposit

Sanusi is all noise. The only praise I have for him is that he's one of our pioneer sound risk managers in the Nigerian Banking sector. But as CBN governor, soludo is miles ahead. CBN governors always consider the ripple effect on the economy before making major banking reform decisions. I put it to anyone that what Eratus and Ibru were accused of applies to most if not ALL executives in Nigeria at that period, whether Elumelu, Ovia, Tayo/Fola Adeola,Aig/herbert wigwe etc etc. They owned and still own most of their bank branches and HO buildings, they acquired posh cars and properties world wide and gave out huge loans and contracts to family and friends etc. Soludo expanded and enhanced the discount window available to the banks having liquidity issues and opened up some cushioning effects to make them meet their capital adequacy.
In USA, I remembered the execs faced the congress and eventually were made to cut their excesses, removed perks and bonuses. I had meetings in some of the saved banks with Sanusi's men at the Helm of affairs and I saw their newly acquired luxurious rides. Which costs were they saving? And how many of them could salvage the banks?
Sanusi's media men and himself are always quick to repudiate attacks or insinuations about him but to my knowledge, he is yet to disclaim the allegations that Bukola Saraki got him the CBN Job, he wrote off saraki's indebtedness to Intercontinental bank, restored SGBN license, put his man Lai Alabi at the Helm of Intercontinental bank etc etc.
Anyway, I don't see his term renewed, and I foresee AIG taking over,

@adamawa

You are showing your simple mind and I daresay bigoted view - SLS is jealous is the sum of your argument. You fail to realise that it is a near miracle crowds did not descend on Enterprise, Mainstreet, Keystone demanding their deposits, that would collapse the banks, then masses would descend on other banks, that's what has happened in Nigeria before and other countries. CBN has prevented this and you are complaining. I don't blame you, if you have lost your life savings from bank collapse, I think you will be talking about Moslem or Christian CBN governor

the banking reform brought about by soludo was positive in the sense that

1. recapitalisation made banks more financially stable

2. we had fewer and more effectively monitored banks

3. banks could afford to expand as a result of which thousands of jobs were created

4. competition ensured rapid advancement with banks able to quickly adopt technologies that makes banking process more flexible and effective

5. this policy is responsible for over 10 of our banks being in africa's top 50 banks of late



but on the other hand i ask my self about what business sanusi is got in the CBN. For Christ sake there are more pressing issues in nigeria than :

1. creating islamic banking (to benefit who)

2. over 10,000 jobs lost (in the name of financial reforms).

3. isn't there a better way to solve the so-called looming crises in the sector

4. can this administration claim to have created 3,000 jobs that it carelessly destroys over 10,000 jobs

5. someone pls to tell sanusi to throw away all his socalled economic data and come to terms with the fact of the nigerian family life ([b]that when you destroy a job you take away the livelihood of 4 person )

sholatech:

Sanusi is all noise. The only praise I have for him is that he's one of our pioneer sound risk managers in the Nigerian Banking sector. But as CBN governor, soludo is miles ahead. CBN governors always consider the ripple effect on the economy before making major banking reform decisions. I put it to anyone that what Eratus and Ibru were accused of applies to most if not ALL executives in Nigeria at that period, whether Elumelu, Ovia, Tayo/Fola Adeola,Aig/herbert wigwe etc etc. They owned and still own most of their bank branches and HO buildings, they acquired posh cars and properties world wide and gave out huge loans and contracts to family and friends etc. Soludo expanded and enhanced the discount window available to the banks having liquidity issues and opened up some cushioning effects to make them meet their capital adequacy.
In USA, I remembered the execs faced the congress and eventually were made to cut their excesses, removed perks and bonuses. I had meetings in some of the saved banks with Sanusi's men at the Helm of affairs and I saw their newly acquired luxurious rides. Which costs were they saving? And how many of them could salvage the banks?
Sanusi's media men and himself are always quick to repudiate attacks or insinuations about him but to my knowledge, he is yet to disclaim the allegations that Bukola Saraki got him the CBN Job, he wrote off saraki's indebtedness to Intercontinental bank, restored SGBN license, put his man Lai Alabi at the Helm of Intercontinental bank etc etc.
Anyway, I don't see his term renewed, and I foresee AIG taking over,

Absolutely right

one thing am 100% sure off. SLS has a glass of wine on his desk and a wrap of suya in this hand.

He opens his laptop and is hell laughing his brains out.
And he says in a loud voice." YOU HAVE NOT SEEN ANYTHING YET"

he just got a call from his northern brothers congratulating him on a job well done.