₦airaland Forum

Chukazu:
I was referring to those banks in particular, I didn't indicate that.
Lehman brothers had nothing to do with shareholders fund , but accounting fraud... if that is your reference there's not a single Nigerian Bank involved in accounting fraud, that includes First Bank where Sanusi was CEO.
HOW in the world can you convince one that banks with Northern interest like Bank of the North and Unity bank had better balance sheet than likes of Oceanic, Intercontinental and Afribank?

Most of those bank were in a worse state when Soludo came on board as CBN governor but he chose a different approach unlike Sanusi who just created unnecessary panic in the whole system

Accounting fraud had NOTHING to do with the collapse of Lehman Brothers (ironically fraudulent lending caused Oceanic Bank’s issues).

Lehman Brothers collapsed because it was over-leveraged, with over $600 billion of debt at the time it collapsed and shareholder equity of about $22 billion (market value of $60 billion at its height). Lehman had played heavily in the mortgage-backed securities market and thus the subprime mortgage crises hit it badly because a default in about just 5-7% of its portfolio wiped out its entire shareholder equity (emphasis original). Unable to raise additional shareholder equity or secure a governmental bailout, Lehman was compelled to close shop.

As for Bank of the North, it was NONEXISTENT by the time that Gov Sanusi undertook the bailout exercise in 2009, so is irrelevant to the discussion. Meanwhile, Gov Soludo did NOT meet the same sort of crisis Sanusi did. In fact, it would not be entirely incorrect to say that Soludo met NO real crises at all. The situation that Soludo met were many little banks with such little capital that they effectively could not provide requisite financing for businesses. He thus RAISED the minimum capital requirement of banks, compelling consolidation in the process.
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Chukazu:
Oga there is no bank whose shareholders can not rescue

So why do you think some banks go under?
What happened to Lehman Bros? Barings? ACB? Etc.?!

RIP...

Would not be surprised if it turns out to be one of her exes.
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[double post]

ednut1:
He loves the display of power, but fails to realize its responsibility - he will work hard with a less incentive than most races. He has the courage of the fighting animal, an instinct rather than a moral virtue. In brief, the virtues and defects of his race -type are those of attractive children, whose confidence when it is won is given ungrudgingly as to an older and wiser superior and without envy. Perhaps, the two traits which have impressed me as those most characteristic of the African native are his lack of apprehension and his lack of ability to visualize the future"

Is this part wrong

Rather rich from the dude that displayed absolute power over the Nigerian colony with little responsibility to its indigenous population...

Bros, not sure how much you have bothered to study African history (and I realize that Nigerian authorities are anti-history), and I am not even one of those folks with a rosy nostalgic view of ancient Africa, but the reality is that while his ancestors were busy slaughtering each other mindlessly during the Dark Ages, our ancestors were building centers of learning (the equivalent of today's universities) and empires, and peacefully trading across expansive territories within and between different indigenous 'nations'! Please do not let a colonial slowpoke who cannot culturally distinguish between Hausa and Fulani or Yoruba and Ibibio presume to tell you about the psyche or culture of the African.
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ednut1:
Lord Lugard, the former governor-general of Nigeria, in 1926, wrote his unfiltered thought about Nigerians. From his book, The Dual Mandates, come these excerpts: "In character and temperament, the typical African of this race-type is a happy, thriftless, excitable person, lacking in self-control, discipline, and foresight. Naturally courageous, and naturally courteous and polite, full of personal vanity, with little sense of veracity, fond of music and loving weapons as an oriental loves jewellery. His thoughts are concentrated on the events and feelings of the moment, and he suffers little from the apprehension for the future or grief for the past. His mind is far nearer to the animal world than that of the European or Asiatic, and exhibits something of the animals' placidity and want of desire to rise beyond the state he has reached.

"Through the ages, the African appears to have evolved no organised religious creed, and though some tribes appear to believe in a deity, the religious sense seldom rises above pantheistic animalism and seems more often to take the form of a vague dread of the supernatural. He lacks the power of organisation, and is conspicuously deficient in the management and control alike of men or business. He loves the display of power, but fails to realize its responsibility - he will work hard with a less incentive than most races. He has the courage of the fighting animal, an instinct rather than a moral virtue. In brief, the virtues and defects of his race -type are those of attractive children, whose confidence when it is won is given ungrudgingly as to an older and wiser superior and without envy. Perhaps, the two traits which have impressed me as those most characteristic of the African native are his lack of apprehension and his lack of ability to visualize the future"

Since I am not a religious person, I will not even expend much energy on the highlighted that consigns your own indigenous religions as "belief in deity and fear of the supernatural" but have you believing in his own deity that apparently gets virgins pregnant, turn folks into pillars of salt and wipe out entire populations for non-obedience. Anyway, why would blame their obtuse racism when low-esteemed and self-hating Africans are slaughtering each other and impoverishing themselves on behalf of foreign 'religions' in an orgy of disgusting self-fulfilling prophesy! SMH
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DonX001:
Bros its not about racism.
Keep sentiments aside. Look at the statements critically and compare it with our general population and community (I'm not saying individuals o!), and look at our general mentality and mindset. And tell me what you see.
We need to tell ourselves the truth to be able to improve.
But I've noticed that Nigerians don't like telling ourselves the truth.
Its like an ostrich burying its head in the sand when it sees danger coming.

The very definition of racism is characterizing (usually negatively) an entire group of persons on the basis of race...

Perhaps your "truth" is different from mine and others, because most of the Africans that I PERSONALLY know definitely do not lack an ability "to visualize the future", but then again I can only speak to MY truth and not being personally privy to your own experiences, family nor the sort of Africans that you associate with, I cannot presume to invalidate your own peculiar life experiences. Suffice it nonetheless for you to bear in mind that life is NOT a homogeneous experience (with emphasis on experience)!

Meanwhile, interesting how these same Africans can emigrate abroad out of their comfort zone where they compete with others on their own home turf and routinely match or even outperform these supposedly superior races.
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Yankee101:
I used etc cos the judge was not the only case. They just stole what was recovered from her.

All of them involved

Rather than confuse and conflate disparate issues...
We can go after those persons without seeking to exonerate her or ameliorate her wrongdoing. She pled GUILTY!
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Wallade:
This is what you were made to believe.

Besides, can you prove allegation (2) in the case of Oceanic Bank?

I remember that John Aboh, Acting MD, that was appointed by CBN to replace Cecelia was shocked at the level of misinformation on the financials of Oceanic Bank. Information was simply weaponized against the bank.

However, Cecelia and the board of directors of Oceanic Bank were guilty of mismanagement, disregard to the shareholders, insider abuse, corruption, graft and poor corporate governance.

She failed to uphold her fiduciary responsibility in the best interest of shareholders hence, guilty as charged.

My issue with Sanusi's approach was his deliberate and calculated tactic to disallow the shareholders, who are the actual owners of the bank, to recapitalise, if need be, change the management and board of directors and re-position the bank for better accountability, improved profitability and corporate governance. He just wanted to assassinate the brand and eliminate that bank.

The truth is that Oceanic Bank was in a delicate situation which was complicated by weaponized information originating from the Apex bank which made it difficult to ignore by stakeholders. Once stakeholders, who own the liabilities and depositors funds that the bank trade upon loose confidence in the bank. Such bank will not survive.

Ordinarily, Oceanic didn't need those bail out funds when it was injected. That bank had strong financial position despite the huge non performing and bad loans. The shareholders had enough resources to recapitalise and restructure the bank and discipline the board, if allowed.

I raise my hand to proffer that I am not aware of any such thing Mr. Aboh may have reportedly said...

Nevertheless, suffice it note (in fact, reiterate) that this action was NOT a witch-hunt of Oceanic Bank (or any particular bank) because this action followed a special examination and stress-testing of ALL of the banks, and it was only consequent thereto that EIGHT banks (not just Oceanic Bank) were recapitalized and the boards and executive management of five banks (against not just Oceanic Bank) were removed and replaced. Accordingly, incendiary (and emotion-ladened) phrases like "weaponized against Oceanic Bank" are simply not borne out by the facts.
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Yankee101:
When you bail out you put in your own money.

The government had no need to 'put in' it's own money into the bank in the first place is what I'm saying. Most of the accusation is about giving her and her family loans that went bad. So the money from her was a form or recovery of bad debt.

Before you go further in defending and comparing what naija did, it will be pertinent to inform you that the ruling judge put his daughter in one of the recovered houses etc

And so the (alleged) wrongdoing of one unrelated party excuses/absolves her own wrongdoing? Ayam not understanding...
Meanwhile, when any government uses taxpayer funds to bail out private entities, it returns any and all recoveries to the public treasury.

BTW, the CBN recapitalized the banks (which were arguably technically insolvent) to prevent a collapse of public confidence and trust, and a consequent 'run' on the general banking system that would be cataclysmic to the sector (trust being the strongest currency in banking).

Divine200:
She obviously did that to put the matter to end if not it will still be dragged in the courtroom.

What happened to the intercontinental guy? Why wasn’t he persecuted?

Erastus Akingbola is still being prosecuted till the present day...
In fact, he was re-arraigned at the FHC Lagos in March, with additional charges.

Anyway, like I said previously, it's a shame that all other offenders had/have not been prosecuted and jailed (if found guilty), but the reality is that Aunty Cecilia got a slap-in-the-wrist jail sentence (6 months in a cushy private hospital) and thus should count her blessings and move on.
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Divine200:
All if you saying she bought this and that and had properties all over the place should remember that her late husband was a one time richest man in Africa.
Saint sanusi punished her for offence known to him. There were other CEO who committed the same offence as she did but they were untouched.

This is a war against Nigeria women.

And you think if she bought it with her (sick) husband's money, she would have agreed to forfeit them to the EFCC? She pled GUILTY!

Yankee101:
You seem to have an idea and are mostly right

But virtually ALL the other banks operated in the same way. Especially bank of the North which was used by northern govs as a drain for people's deposits. But Sanusi knew them no born am to touch it or it's his job

Why was the nearly $1bn recovered from her not put back into the shareholders funds as should have been in other climes?

Plus are you aware that a publication came out months before that he had meet with some people and were planning to reduce the influence of southern bank CEOs because they were becoming as powerful enough to influence who becomes president?

When the UK government sold shares of the Royal Bank of Scotland that it was compelled to nationalize during the Financial Crises or when the US government brought General Motors back to the market post-Financial Crises through a public offering, did the UK and Us governments simply turn around and hand the funds realized from such public offerings back to the same shareholders who ran the businesses aground?
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airsaylongcon:
U talk with insight. It is widely said that Cecilia had offended him in his personal capacity in his days as ED at First Bank. He had since then marked her for revenge. The sleaze in Zenith and UBA was nothing compared to whatever alleged misdemeanours were happening in Oceanic

Such beer-parlor rumors may perhaps have a grain of veracity if Oceanic Bank was the ONLY bank that was recapitalized, and its CEO and board removed and replaced. And let's not forget the little FACT that Aunty Ibru actually pleaded GUILTY to the charges against her.
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Yankee101:
You seem to have an idea and are mostly right

But virtually ALL the other banks operated in the same way. Especially bank of the North which was used by northern govs as a drain for people's deposits. But Sanusi knew them no born am to touch it or it's his job

Why was the nearly $1bn recovered from her not put back into the shareholders funds as should have been in other climes?

Plus are you aware that a publication came out months before that he had meet with some people and were planning to reduce the influence of southern bank CEOs because they were becoming as powerful enough to influence who becomes president?

If there was any veracity to that, how many Northern bank CEOs emerged under Sanusi?
Sadly, when the rapacious Nigerian elite class get into trouble, they seek to hide behind ethnicity and regional skirts.
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Dannyset:
Norway has actually stopped anything that has to do with oil. They've generated enough from it to the extent that the government decided to stop investing in it. They are one of the leading oil owners in the world but now they've rendered it useless.

That's simply NOT true at all...
Their North Sea reserves are nearing exhaustion, but they are AGGRESSIVELY seeking new oil fields (see below).

Norway Plans To Expand Arctic Oil Exploration Areas
By Tsvetana Paraskova - Mar 14, 2019, 4:00 PM CDT

Norway’s government is proposing to expand the area that will be offered for oil and gas exploration in the 2019 licensing round of acreage in mature areas, Petroleum and Energy Minister Kjell-Børge Freiberg said on Thursday.

Norway plans to include a total of 90 new blocks in the so-called APA annual licensing round this year, including 48 blocks in the Barents Sea, 37 blocks in the Norwegian Sea, and five blocks in the North Sea, Freiberg said.

In the 2018 APA licensing round, Norway awarded 83 production licenses—a record number of awards for such rounds.

https://oilprice.com/Latest-Energy-News/World-News/Norway-Plans-To-Expand-Arctic-Oil-Exploration-Areas.html

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Sunsets:
This is completely true of ednut1. To believe in and post this is utterly abominable. Don't you have any sense of self worth? Someone calls you a goat; then you start bleating.

Bros, the kind of low self-esteem, lack of self-worth and self-belief, as well as an inherent self-hatred, that would cause a supposedly "educated" African to re-publish, promote and seek to validate such obtuse racist drivel is shocking!
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djsa:
Nigerian are always ignorance of tech,
electric stations will be built just like petrol station where motorist drive in to recharge their car or better still all fuel stations will add electric charging to their service. it is easy just the way we have diesel, kerosine and gas sessions in a petrol stations.

Would rather have such charging stations around each neighborhood so that people can go charge some of their household appliances, since we cannot even supply simple basic reliable electricity to the teeming masses of Nigerians who are in no 'danger' of affording electric cars.

Pavore9:
We are living in denial.

So is apparently much of the rest of the world...

US Secretary of State Mike Pompeo was just gleefully touting the other day that melting polar caps would make it easier to drill for oil in the Artic, while Russia has started to build permanent military bases in the Artic region to secure what would be contested hydrocarbon resources. It's great to simultaneously pursue/develop cleaner energy sources and technology, but the reasonably-certain likelihood is that the global economy will still be heavily hydrocarbon-driven for most (if not the rest) of the natural lives of most (if not all) Nairalanders.

ednut1:
Sanusi could have told them to put their houses in order. The whole thing stinks abeg

Where is the moral hazard in that?!

We should please stop this BS in Nigeria where rich/connected law-breakers (even criminals) are essentially patted on the behind, provided a soft landing and merely asked to sin no more. This is why there is corruption and impunity reigns unabated in this country.

WinningSun:
And the biitch bought 11 houses in Maryland USA

I wouldn't call anyone a b*tch...
But she owned over 100 properties in Nigeria, the US and Dubai - and those are the ones that the EFCC were able to trace.

Chukazu:
Nothing like running bank to the ground...the entire episode was politically motivated.

If those banks were really run aground why didn't Sanusi remove the CEOs and ask the shareholders to inject funds instead of outrightly selling huge Banks for pittance?

You think the CBN just took the banks and sold them?! SMH

These banks were so indebted that their shareholder funds had effectively been ENTIRELY WIPED OUT! The banks had to be re-capitalized by (1) the CBN injecting billions into them (and effectively becoming their shareholders), (2) the NDIC paying billions to their depositors, and (3) AMCON buying trillions of their bad loans. The banks were NOT sold for a "pittance" but selling them enabled CBN to recoup some public funds.

chinambusay:
One day, a man came to visit me at home and when he was going, there were no security personnel or driver. So, he asked what happened to them and I said the bank had withdrawn all of them on the order of Sanusi. They withdrew everything. He said that wasn’t good. The man asked me what it would cost me to put in place some security measures and I said about N1m. He said I was a popular personality and I couldn’t go around without some form of protection. He paid that N1m every month until I went to London. And when I got there, I informed him I had travelled. I can’t forget that kind of a person, and guess what, he is a Muslim.

Look at the culture of entitlement most rich Nigerians have...
In a country where many communities lack police presence, some people think of 24/7 police security as a personal privilege.

Aunty Cecilia, you got off rather lightly (6 months in a hospital)...
And I agree that many others should also have been fully prosecuted and jailed, but please count your blessings and MOVE ON!
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Divine200:
One of the reason I hate saint sanusi, he dealth with this woman badly.
He deserve anything bad thing coming his way now.
He must go down as he had pulled people down in the past.

Karma is indeed a bitch!

Why do many Nigerians align against their own economic interest?

This is a woman that made billions of loans to her family and to several companies controlled by her family, even extended hundreds of millions of Naira in loans to her Oyinbo son-in-law, had Oceanic Bank finance the building of the Waves Building on Ozumba Mbadiwe Road owned by a family company, extended a N16 billion Naira loan without collateral to another family-owned business, had the bank pay over $1 million in rent to rent the family house on Queens Drive Ikoyi as official residence of the CEO (herself), and essentially allowed ex-Con ex-Gov James Ibori to use the bank to purchase and hide assets, and frankly to effectively launder stolen state funds. And the list goes on.

Even if one is to naively and blindly consider all of the foregoing misdeeds as just bad business judgment, since Oceanic Bank was a publicly-listed company on the NSE, at the very least the rules (as well as just basic corporate governance rules) require FULL DISCLOSURE! SMH
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Suelove:
"The economic guru who disclosed that she got married before 20 and also had her son in January before her 20th birthday.. "

I am still wondering how relevant this statement is in the report

I am wondering when she became an "economic guru" with her BS in Sociology...
Yes, people can learn new stuff, but reality is that her biggest asset was being married to the founder of the bank!
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Titogbanski:
Oceanic bank never owed anybody until Sanusi started his persecution. It was a case of bringing down Oceanic bank and handing it over to Ecobank and orhers for pea nuts.

Cecilia is no where as rich as Elumelu, Ovia, Sanusi and others .....who control many other companies like transcorp and make money left right and centre.

Why would Sanusi want to Oceanic Bank over to Ecobank (that is not even a Nigerian bank, though it was started by mainly Nigerians)?
Meanwhile, many of the billions in bad (and insider) loans advanced by Oceanic Bank is still sitting on the books of AMCON - paid for by US!

Btw, so what if the likes of Elumelu and Ovia (and you can add Aig-Imoukhuede or Fola Adeola) are very rich or even richer than Madam Ibru? Are the founders/builders of successful multinational banks not supposed to get rich off their risk-taking? Meanwhile, Cecilia Ibru remains rich despite having to forfeit scores of property and assets in Nigeria, the US and Dubai (as well as equity interests in over 100 companies).

Abeyjide:
Sanusi and saraki conspired to oust akingbola of intercontinental bank.

Thank the Lord then...
They did something RIGHT!

LagosismyHome:
Hummm that "world people" for you, you only hear from them when they need a favour or can use you

Sorry, but the kind of people around you often reflect/indicate the sort of person YOU yourself are...

alezzy13:
Her first reply was on point, but she spoiled it with the second

Agree! But I think she was advertising wigs on Instagram...

Davash222:
That's all she got to offer wigs Typical 9ja slay queen!!

I think she was advertising the wigs on Instagram

Chikpat:
Good.
Meanwhile, had Sanusi not been an arrogant man, this would not have happened

Exactly! Extremely "arrogant" of him to refuse to support Babanriga Banker!

Just glad that there are still some Nigerians who will not kiss arse to retain power and ifluence.