...hmmmm hez such a rare brain but lets nt 4get d fact dat durin hs tenure, directors n ceo's recklessly used shareholders fund::::all d same, hez sm1 i look up to.....nice lecture though

Larry36: ...hmmmm hez such a rare brain but lets nt 4get d fact dat durin hs tenure, directors n ceo's recklessly used shareholders fund::::all d same, hez sm1 i look up to.....nice lecture though

Ya bro, lets not also forget that after him thesame things he was accused of still reign supreme or is the Banking sector better than it was 3yrs ago?

There is no need for crying out loud. Soludo is d genius as long as the office of CBN Governor is concerned. Sanusi wz put there because of Nigerian politics, he make much noise and even get things mumbled up many atimes. Don't forget that OBJ in his 2nd tenure work wth expertise dan political jobers. Politics in nigeria I think put more emphasis on consolidation of power than o economic progress. We choose to apoint my kingsman than d expert so that we can consolidate power. A country full of hatred nd bitterness can not progress, since two cannot go except they agree. Let stop deceiving ourselves

kaeto: with all due respect,this lecture was never for a show off,hence your mentality is a retrogress and a fat flop. We are talking 'way forward' how do you even reason,no wonder our universities rank 8600 on world rating...

stop the insult. What kind of question do you think a bsc holder can ask a proff. When our universities rank 8600 according 2 you

Soludo that i know,is in a class of his own,he was always ahead of his contemporaries,when he came out with capitalizatn,most technocrats called for his head,but that singular act insulated our banks back then from the global financial recession.Again he called for the re-denominatn of our currency and that was seen as a covert operation against a particular region in Nigeria inother to run them down,that gave him a bloody nose and he lost his job.Today we all are witness to the financial blunder we are passing through!again Obasanjo may ve been a tyrant but i still give it to him,he managed to bring the best minds around to run his govt and that worked for him!on a final note: prof. Soludo is a public institution where people go to tap knowledge from!

Its confusing that somebody like Soludo could still dazzle anyone, even our 'reabsentatives'??

Markets do crash but to use that to justify the crash of the Nigeria market that's totally or significantly disconnected from the global network is plain dishonesty especially for someone who knows the truth.

The banks soludo had regulatory control over were part of the those who played heavy underhand games with the market,maybe if Soludo had played is role effectively as a regulator the huge insider dealings and debt that went on wouldn't have happened.
In a functional setting ,Soludo would avoid further public grandstanding cos of the huge character deficit he has.

It beats me as to why we can't have people like this ruling the country.

Hahahah.... In a way, Soludo made rubbish of Sanusi's obsession with heavy regulation of the financial market when he said:“stock market crashes will always happen: no amount of ‘reforms’ or ‘regulation’ will stop future ones. The jury is still out on what constitutes ‘appropriate’ regulation or ‘reforms’ of the market: debate raging in US now, over vs under- regulation.”
He made his case here because since he left office, Sanusi and his supporters have always implied that the reason the market crashed was as a result of his laxed regulation and control of the market. Now that the market is heavily regulated and controlled, we still are having thesame problems attributed to Soludo's handling of the market. This goes a long way to show that after all said and done, market crashes were inherently part of the market cycle and not neccessarily as a result of the stiffness or otherwise of regulations.
Another very valid point he made was pointing out to the corrupt law makers how their nefarious activities also contributed to the downfall of the financial market.
"He said the stock market was simply a reflection of what obtained in the larger socio-political strata of any economy saying it was the mismanagement and bad leadership in Nigeria that was responsible for the market crash".
And yes, He was very correct when he said; "Investors are not stupid (when the Market was booming, Nigeria was not rated No.14 failed State in the world— think about this!) They are watching the nonsense going on in our polity and how policy makers somersault policies on their heads, thoughtless policy reversals without minding how it affects long time investments and stuff like that.
How are we sure that the market is not just reflecting the fundamentals of the economy?
This one question Sanusi obviously do not have answers to;“What kind of market do we want — a market that leads the economy or that follows the economy?
Let us define our target/destination and how far we are from it before we know the appropriate vehicle to reach there.
Another question that made Sanusi look like a confused policy maker experimenting on unsound economic policies is this one:“How come that in three years and with monthly oil price averaging $100 per barrel and over 2mbd, and with all the ‘reforms’ in money and capital markets (supposedly there is no more lax regulation/supervision) and despite Dangote’s over N2 trillion listing which lifted the market cap over N8 trillion, the market cap is basically today at the level I left it three years ago?”
Like seriously, Sanusi has driven the market into a standstill that is why everything is crashing.

The simple answer has been provided by Ufe, the banks that fuelled the capital market were doing illegal and criminal acts, once the bubble burst, the market had to adjust itself, Soludo is culpable and should go and sit down somewhere, in saner climes, he will be answering questions over his role in the whole thing.

PROUD-IGBO:


^^^We are keeping him for Anambra State. Everyone else should hands-off!!! Shikena.

he might be the next governor of anambra state........

Soludo is an impeccable academic and intellectual Giant . . .I love this guy . . .

Nigeria needs people like him to run the country irrespective of tribe.

miteolu: life! After this man and his cabal had sent investors to grave yard he now calling for School. Professor of cabals.

God bless you my brother.

We are a silly and shallow nation. A man that should be standing trial for deceiving and superitending over frauds in the banks is now 'lecturing' a National Assembly of morons!

When he was CBN governor, he spent his time covering up all the rot of the bank MDs because he needed their support for his political ambitions and greed!

Why did he deny the existence of the warning signs when people raised the issues about the market/banking industry when he was CBN governor?

Nonesense
Nonesense

hercules07: The simple answer has been provided by Ufe, the banks that fuelled the capital market were doing illegal and criminal acts, once the bubble burst, the market had to adjust itself, Soludo is culpable and should go and sit down somewhere, in saner climes, he will be answering questions over his role in the whole thing.

can you in clear terms show how he was culpable without resorting to thesame old tired blame games.

Igbangedelegwu!. Ana m anu!. To say that Soludo is not an accademic giant would be a classical example of refusing to accord recognision to whom it is due but to also loose sight of the fact that Soludo is negligence personified would be ignorance in display and a public show of poor understanding of rudimental economics. Apart from educating our lawmakers on the natural,economics law of boom and burst(business cycle), did he also tell them that the activities of a negligent,and perhaps coniving regulatory govt. agencies ,like CBN and NSE(let's say maned by a mass of protoplasm of a woman) are enough to disrupt the normal economic cycle and bring an economy to its knees. We have not recovered from his negligence and that of that big mass of protoplasm called Onyiuke,so they should keep quiet.

Soludo is perfectly correct with all his anlaysis but he seems to forgot so soon that that the crash of the stock market occur during his tenure.

ZUBY77: What is the big deal?a former CBN governor should be able to lecture lawmakers on issues concerning money market. The lawmakers come from all works of life, some are lawyers, doctors, teachers, traders etc. So i dont see how you expect them to know more about capital market tha Soludo.

You are wrong. The least that committee should have is members who are experts in one financial field or the other. Or rather the chairman of the committee should be an expert and the other members should be made up of people who are sharp and willing to learn all there is to know about finance and the economy in the shortest possible time. That is what should happen in a country where serious minded people are in charge of every tier of government. But we know that in Nigeria that is not the case. What we have a bunch of illitrates and unserious minded people in majority in every aspect of govt.

Its a big pity!

Malabeni: Igbangedelegwu!. Ana m anu!. To say that Soludo is not an accademic giant would be a classical example of refusing to accord recognision to whom it is due but to also loose sight of the fact that Soludo is negligence personified would be ignorance in display and a public show of poor understanding of rudimental economics. Apart from educating our lawmakers on the natural,economics law of boom and burst(business cycle), did he also tell them that the activities of a negligent,and perhaps coniving regulatory govt. agencies ,like CBN and NSE(let's say maned by a mass of protoplasm of a woman) are enough to disrupt the normal economic cycle and bring an economy to its knees. We have not recovered from his negligence and that of that big mass of protoplasm called Onyiuke,so they should keep quiet.

It is so obvious u want to show off. passing your message in straight language is even difficult for you.

His critics will tell you that he had a lax regulatory supervision yet nobody, not even Sanusi has found him guilty of any wrong doing. But sincerely, if a lax regulatory framework is what the banks need in order to employ one-fifth of Nigeria's unemployed graduates (as they were doing under Soludo) I will readily prefer it to a dictatorial regime where the likes of Zenith Bank which were certified Ok by Sanusi are still sacking their employees in thousands instead of employing others. How can Sanusi tell Nigerians that the only thing he has achieved so far is "Sanity" in the banking sector?

These questions are still begging for answers;

1. How many banks collaped in west Africa for the past 3 years?

2. How many banks collapsed in the entire Africa for the period?

3. How many banks collapsed globally during the recession?

Until I get an answer to the above questions nobody not even Sanusi will convince me that Nigeria ALONE (the second largest Economy in Africa) would have lost 10 BANKS if he did not step in.
It is thesame tactice that our Governors use to rubbish the performance of their predecessors.

rhymz: Hahahah.... In a way, Soludo made rubbish of Sanusi's obsession with heavy regulation of the financial market when he said:“stock market crashes will always happen: no amount of ‘reforms’ or ‘regulation’ will stop future ones. The jury is still out on what constitutes ‘appropriate’ regulation or ‘reforms’ of the market: debate raging in US now, over vs under- regulation.”
He made his case here because since he left office, Sanusi and his supporters have always implied that the reason the market crashed was as a result of his laxed regulation and control of the market. Now that the market is heavily regulated and controlled, we still are having thesame problems attributed to Soludo's handling of the market. This goes a long way to show that after all said and done, market crashes were inherently part of the market cycle and not neccessarily as a result of the stiffness or otherwise of regulations.
Another very valid point he made was pointing out to the corrupt law makers how their nefarious activities also contributed to the downfall of the financial market.
"He said the stock market was simply a reflection of what obtained in the larger socio-political strata of any economy saying it was the mismanagement and bad leadership in Nigeria that was responsible for the market crash".
And yes, He was very correct when he said; "Investors are not stupid (when the Market was booming, Nigeria was not rated No.14 failed State in the world— think about this!) They are watching the nonsense going on in our polity and how policy makers somersault policies on their heads, thoughtless policy reversals without minding how it affects long time investments and stuff like that.
How are we sure that the market is not just reflecting the fundamentals of the economy?
This one question Sanusi obviously do not have answers to;“What kind of market do we want — a market that leads the economy or that follows the economy?
Let us define our target/destination and how far we are from it before we know the appropriate vehicle to reach there.
Another question that made Sanusi look like a confused policy maker experimenting on unsound economic policies is this one:“How come that in three years and with monthly oil price averaging $100 per barrel and over 2mbd, and with all the ‘reforms’ in money and capital markets (supposedly there is no more lax regulation/supervision) and despite Dangote’s over N2 trillion listing which lifted the market cap over N8 trillion, the market cap is basically today at the level I left it three years ago?”
Like seriously, Sanusi has driven the market into a standstill that is why everything is crashing.

Poor reasoning from a poor student. Economics as part of the social sciences has never ending debates and that is what Soludo talked about there. There are unending arguments by both the leftists and the people from the right. The interesting thing is that both sides make valid arguments when you listen to the debate. It is left for you to choose which side of economic thought you want to belong to. That is how you know you have grown as an Economist. Unfortunately the Nigerian education system at present does not allow for this. You are just fed with whatever your teachers think. The fact that one is a Professor does not mean you cannot have a debate with him and disagree with him making valid points. That is what the academic environment is all about. I would tell you that Soludo made blunders and I have valid points to show it. He had good intentions no doubt but what they did was to stretch the economy beyond its capacity thus negating long run economic development in line with the Keynesian school.

^Your last sentence seem suggest that you are against the unde-regulation. Most likely, you are for over-regulation as is presently practised. Is Soludo's 'many blunders' that he belongs to a different school of thought from yours as a fellow 'intellectual'. Actually, both schools of thoughts have their pros and cons. But Soludo has once again presented some strong reasons why he has chosen his own school of thought and they look like facts. Three years of fervent over-regulation has been proven to yield more losses for the country in terms of market performance, job losses, and even the so called embezlement by bank CEOs. Based on this, i prefer Soludo's under-regulation with its shortcommings to Sanusi's over-regulation.

hercules07: The simple answer has been provided by Ufe, the banks that fuelled the capital market were doing illegal and criminal acts, once the bubble burst, the market had to adjust itself, Soludo is culpable and should go and sit down somewhere, in saner climes, he will be answering questions over his role in the whole thing.

I agree with this.^^

Our problem in nigeria is that we celebrate people because of our tribe, religion and regional affiliation. The professor performed poorly as cbn governor.

South Korea operates a totally open and unregulated market, and is one of the finest economies in the world, so I really don't get all the criticism going on.

Guyz: when there is a global recession/meltdown which shook and still shakes the foundations of Us and Europe's economy, how can u totally avoid it. Soludo had taken steps that wld contain the global recession, of course he had his own fault (who doesn't) but compare the state of our banks then and now, then the difference is crystal clear! Thousands (bankers) and consequently, millions of families are jobless and already living in austerity while trillions of naira are being paid as oil subsidy excellently supervised by the CBN and co, to the cabls and cartels, etc. Which way Nigeria?

ballabriggs:


Poor reasoning from a poor student. Economics as part of the social sciences has never ending debates and that is what Soludo talked about there. There are unending arguments by both the leftists and the people from the right. The interesting thing is that both sides make valid arguments when you listen to the debate. It is left for you to choose which side of economic thought you want to belong to. That is how you know you have grown as an Economist. Unfortunately the Nigerian education system at present does not allow for this. You are just fed with whatever your teachers think. The fact that one is a Professor does not mean you cannot have a debate with him and disagree with him making valid points. That is what the academic environment is all about. I would tell you that Soludo made blunders and I have valid points to show it. He had good intentions no doubt but what they did was to stretch the economy beyond its capacity thus negating long run economic development in line with the Keynesian school.

All pun intended, you have not shown any superior knowledge, even your attempt to sound smart is mediocre, vague and lacks any serious intellectual depth.
One would have expected that instead of going round & round about what you think you know and confusing yourself with political jargons that add nothing to your points, you would have given your own "superior" school of thougt and outlined what you think Soludo should have done. All you did was to go on a monkey banana chest beating spree, there was nothing intellectual about your post and your supposed academic brilliance. Bragging is not an intellectual achievement especially when you do not know what is it you are blabbing about.

Instead of some people crying and ranting about Soludo, I challenge anyone who feels Soludo is talking balderdash to come out here and state clearly what Sanusi has done better.

This is no relative gaming.Its about the man Soludo,Sanusi is absolutely irrelevant to the discussion.The crux-it's dishonest grandstanding if you create mega banks(The most active sector of the market) who ran away with too many undisclosed related party dealings/transactions,had shocking approach to governance(all under your watch)then you come out with loads of faffs about conventional market problems .
I am not trying to crash anyone's slobbering circus tent sha .

feelamong: Hmmmm.. I like the word 'NEWSPAPER HEADLINE INDEX'!!!!! well the guy has said it all....whenyou only have bad news all over the polity what else do you expect in the economics?

This should be a wake up call to that Slow poke in Aso rock!

that's not a word, mate. you seem to be as slow as jona sef

rhymz: All pun intended, you have not shown any superior knowledge, even your attempt to sound smart is mediocre, vague and lacks any serious intellectual depth.
One would have expected that instead of going round & round about what you think you know and confusing yourself with political jargons that add nothing to your points, you would have given your own "superior" school of thougt and outlined what you think Soludo should have done. All you did was to go on a monkey banana chest beating spree, there was nothing intellectual about your post and your supposed academic brilliance. Bragging is not an intellectual achievement especially when you do not know what is it you are blabbing about.

bless you brother nor mind dat baga lizard

rhymz: All pun intended, you have not shown any superior knowledge, even your attempt to sound smart is mediocre, vague and lacks any serious intellectual depth.
One would have expected that instead of going round & round about what you think you know and confusing yourself with political jargons that add nothing to your points, you would have given your own "superior" school of thougt and outlined what you think Soludo should have done. All you did was to go on a monkey banana chest beating spree, there was nothing intellectual about your post and your supposed academic brilliance. Bragging is not an intellectual achievement especially when you do not know what is it you are blabbing about.

Unfortunately for you, you have not said anything. It shows you are not sound enough to discern what Soludo said. He has raised his arguments based on his line of thought, the question is which line do you belong. You are an 'Otimkpu'! I don't expect an illiterate like you to understand what I meant. You're an illiterate as you don't seem to understand Soludo's line of reasoning. You come out here to chat poo thinking no one would dissect your poor thought. Shame on your rotten soul! You can go to Onitsha main market where you would confuse your likes and don't come out here spewing rubbish.

supremebeing09: I CAN JUST PICTURE THE BRAINLESS LAWMAKERS STARING AT HIM AS HE SCHOOLED THEM LIKE CLUELESS DOGS ON HEAT.
ILLITERATE PLONKERS.

This is too mush sir. they are law makers and came from different
backgrounds, so, that have not make
them lesser than Soludo please. They are also experts in their own field (Many of them).
You too can become a member someday as a Nigerian. Just that some of them are corrupt
and we should not generalize.

Quota system jettisoned Soludo, Okereke-Onyiuke, Ernest Ndukwe 4rm d syetem
Every system has a trick---& these people knew all the tricks
One of these is NEVER BLOW EVERY PROBLEM OPEN
I dont encourage graft but we dont manage things stupidly
b4, d Capital market was booming. CBN too was green. Banks like Oceanic, Intercontinental were doing well
Now, after quota played out are we any better off?
Think of quantum of money pumped in to save the banks!---Any positive change?
The money changing malams are back! Naira continues to slide
If u discover dismeanour you handle that in a mature way without killing the milk cow
Its even more stupid to come asking y the cow is emaciating after injecting it with lethal doses