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,

i lost over 95% of my shares value due to these failed bank saga. who do i hold responsible? bank execs who where round tripping shares or sanusi.

Ah! At this time. But is it compulsory that Deals should end this way.

@Sholatech

What do you think would be the fate of the nationalized banks? Which is the most vibrant among the three? Do you think it would be a good idea to accept an offer from Enterprise Bank at this time? Are they likely to be acquired by First Rand (FNB)?

Thank you and may God bless you as you reply!

@Adesteve, there is no fear in taking an offer from Enterprise Bank. Professionally speaking career-wise, the more offer letters of employment letters you have, the more marketable you are. Even if you'll work there for only 6-months, you have the experience and some expertise in your kitty and from there you can move on, sack or no sack!
As regards First Rand, they have their eyes on Nigeria and could buy any bank. Do you know why I won't say anything on this? For now, the buck stops ONLY at SLS table, atimes approved on merit, atimes on sentiments. Sanusi's CBN published Universal Holdings(owned by Access Bank duo of AIG and Herbert) as one of major bank debtors with non-performing loans, and yet same Access Bank guys have now taken over the prized Intercontinental Bank, just an example to say there is no finance or business combination yardstick that can be used to forecast First Rand's take-over of any of these banks.
I hope this helps dear broda

SLS should plzzz stop covering his ineptitude in the so called banking reform.
GEJ is not too happy with his decisions,that is the reason he has remained silent.
As for me,there is no economic sense in SLS this reform.

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Aluta continua, Victoria Aceta!

Oceanic Bank? The last time I was there, there wasn't much staff left.

We keep blaming SLS,we want Nigeria to be better,but we don't want to take that giant stride to achieve it,we want development but we don't want to do anything because of the sacrifice we have to make.Do we rather people loose all their live savings and all the staff of the banks loose their job?People keep shouting Unity bank,please can you tell us how much was pumped into Unity Bank,Intercontinental,Oceanic?Do you know how many people who lost their live savings when the bank stocks crashed?I know a man who lost up to 100 million naira.Lets stop blaming SLS because he is not the cause of the problem channel your annoyance towards Cecilia,Erastus and co.People are shouting Soludo,Soludo my foot,this man knew the probs in the banking sector,but turned the other eye or was afraid of taking action,it was during his tenure that Oceanic and Intercontinental bank were winning bank of the year award every year.Please in our arguments lets be objective,lets not allow sentiment to becloud our sense of judgement.If Soludo was a Muslim from the north will you praise him?if SLS was a christian from the south will you castigate him like this? i understand boko haram have really increased hatred for the north,but please it should not becloud our sense of reasoning.And for those affected,i feel for you,dont loose hope,it may be an opportunity for better things.

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,

Spot on !
You spoke my mind !
God bless you!

It is easy for us to say SLS has done a good job for the Banking sector. But lets look at the developed countries, how did they resolve the same crisis that affected the whole world in 2009? No one is saying SLS should not fire people, but he should not have created the panic that has remained in the hearts of people since 2009. A lot of Bank MD's were instructed to resign in 2009, and it didnt create a chaos for their economy. But look at Nigeria today, no bank loans available for business up till now, bank workers loosing their jobs and uncertainty still exists in the hearts of customers. How can the Economy grow? It is clear that an average Nigerian becomes poorer everyday. If you are change agent, doing it with wisdom is critical!!!.

It is myopic thinking to assume that the so-called healthy banks didnt have issues too in 2009. I wonder why they also stopped any meaningful lending since then if truly they were healthy. Serious lending is not obtainable in any Bank now. You can try your luck.

God will help us in this country.

I pray those guys get a another job sha.

Pls any info on Grand Oak limited sales and marketing or management trainee of 2011/12

With the acquisition of Oceanic bank by Ecobank, closure of unneeded branches becomes obvious and inevitable. This is simple logic: the total workforce will be too much for the remaining branches, so what do you do with the excess workforce? Keep paying them because you don't want to offend people?
FYI, those who were disengaged were given severance packages and, with the way things are, is that not probabbly a good opportunity to start something more profitable of your own? Sometimes, life needs to give us a hard slap for us to have the courage to do something better for ourselves. Most of the guys I know who were disengaged in the past are doing better than when they were still in banks. Some are even still in the banking sector, receiving better pay.
Mind you, job cuts happen in other sectors; do you blame Sanusi for those too?

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it's a pity. sls can not solve the problem, becos he knows what exactly what he is doing.

Don't 4get the time is short.
Mark: 13: 30

It's quite unfortunate for those that have lost their jobs. No need crying over spilled milk, dust ur CV and look for something else. God dey! But for those that have had chips on their shoulders cos they were bank workers it's good u put them down now cos that Guy/ lady u thot of as nothing can actually help you

Most guys in this forum have spoken their minds and have spoken well because of high level of information and others with little information due to hear-say. But I wish to say you need to have all the facts before you lay blames on the CEOs or Sanusi.

Sanusi used prudential guidelines to hold 'them' down because he was and he is still in the system. Banks like Zenith and UBA were able to cover trace before the Tsunami hit (i.e prior the August 17-18, 2009) newspaper publications.

Then in Dec. 2009, same year, I was affected but life continues. Those times were not funny, they were really hard and full of gory memories which time will fail me to talk about.

So I feel for those affected now because there is a pile-up now in the system and now is tougher than when we collected our severance pay and did some vital things with our pay. For me, I had to fall back to my first love since I have an Engineering background and found myself in the Telecomms sector.

My advice is that: "stop apportioning blames on any party be it Sanusi or the CEOs", but phantom a way out. What are you good at? Did you bridge a gulf between you and your friend while growing up? Do u have hands-on skills? Try to use this uncertainty to push forward. Whatever you call a stone is what it is. If you allow it bring you down, it becomes a stumbling block but if you use this avenue to climb on it, it becomes a stepping stone.

My former colleagues in Oceanic bank, my heart bleeds for what is going on, but sincerely, call this stone the name you wish to call it.

It is true that Soludo covered a lot, but no two persons can be the same. Remember Sanusi is using an open sore to say the wound smells. It is a phase for you to tell stories as I am telling you guys now. Some of you will also be opportuned to enter your dream jobs with this exit though rough it may be. "May your days be rough" --- Solarin said. The purpose of nairaland should not be defeated for those that know my identity. Please do not relent to throw your C.Vs as you are still marketable. Those of you that are engineers, Etisalat, Glo, Mtn, Mobil Unlimited and Sahara are presently taking C.Vs which I know of convincingly.

Cheers and wait for time to heal the wounds so that we clearly know who exactly to blame, Sanusi or CEO's?

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