So why did they sack himm in the first place ? For failing to capitalise the bank adequately ?
Open your eyes ! These are just excuses.

Take nothing away from Adenuga, I respect the man too but was IBRU given an equal opportunity ? There is a feeling of cherry picking here. The bank failed CBNs audit and the executives including Adenuga were sacked for "allegedly"  mismanaging the bank. Adenuga recapitalised the bank with $150 million as a majority shareholder with core interests. Does that really justify his re-appointment, while excluding the others like Oraekwotu (Abi na becos e no get money like Adenuga ?)
There is a very obvious moral hole here.
Why are Nigerians easily hoodwinked all the time by the same people ?

What about the executives in the bank (ETB) he had sacked earlier. Adenuga is only highly connected, that's my take on this. Abi you think say Olorogun (Ibru) no get $150 million ? Remember the Adenuga/IBB link !
Afterall he is not just donating the money to the bank, the money is still his.

slimghost:

@adigun.

He is somehow popular because of the roads, yes. he gave us what Mbadinuju denied us for 4 yrs. but that was all, now aint dat mediocrity? whatever happened to all other sectors while he was busy constructing Idemmili roads?

No matter how Obi impressed you, unfortunately you can only count for one vote ! Remember the saying "The voice of the people is the voice of God".

alexchiny:


Co-signed.   he construted roads in 3 years? the guy must think we are daft. its Soludo or Peter Obi, Ngige is a failure and a confused ape.

You must be very clever. Unfortunately most people in the state think you are not. Going by the votes here on NL and the way every Anambranian I've met are singing his name, you seem to be  the  one confused or aping.

slimghost:

good to know. pls Ujujoan take your time and reflect on Obi's government so far, and tell me he has failed. You know one thing i dont like about Ngige's behaviour?,[b] he goes around castigating a government that did better than his government thinking that all Anambrarians are daft and have short memories. [/b]Anywhere Soludo goes, he keeps telling people what he will do for them because he has a blueprint, And thats the way these things should be done, not trying to score cheap points.

Based on the cheers he scores in Anambra and here on NL, the guy is actually very popular, it is either Anambranians are daft or that he is right in castigating Obi. But I think people are neither blind nor daft. Obi clearly did nor bear Ngige sandals very well.
If he has built more roads than Ngige why are people still talking about Ngiges roads. Why does he still recieve more accolades than Obi.
I think some of you are economical with the truth.

I Concur !
If only Obasanjo/Yaradua acheived only NEPA.
Obi achieves only security.
People of Anambra will all be better off than they are now.
Even Soludo acheived ONLY CONSOLIDATION and look how esteemed he is.

Thats how easy it is to make an impression as a leader in Nigeria and even world over.
JUST 1 THING. ONLY 1!

KnowAll:

So Tinubu is now AC and AC is Tinubu. Even Tinubu was never Afenifere but is yoruba.
You are beginning to sound unclear. You use Historical heritage to justify Edo state while excluding Oyo a pure yoruba state as sworn enemies of Awo.
Are u saying that Awo is yoruba history and yoruba history is Awo?
What about the other governors I mentioned who are not Awoists. The most popular well known governor in the state today is ogbemudia and he was never an awoist.
Could you please stop making these erroneous generalisations but instead get your facts right.  

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I personally dont recognise Afenifere, neither did I say Tinubu recognises Afenifere, Afenifere is attempt by Yoruba elders to bridge the Awo / Akintola factions but it did not work. So I agree with Akinjide on this point. What I am trying to elucidate here is Akinjide was one of Akintola's foot soldiers in the 60's, it would be inconceivable for him to give Awo all the accolades that he deserves.

My point with regards to Edo State is simply, this is a state that was part of the western region and has had past affilations with political parties in that area, in fact Edo state is a state that has an effective opposition unlike some states even if their Governor is shit one party will always win.

The Ogbemedia's are a well known name in Benin, he can win election based on that, he was there for 8 years and did nothing in Edo worthy of mentioning, it would be madness for Edo electrolates to vote for another do-nothing,  non performing political party when there was an effective opposition, hence the election of labour by funds from AC who are an off-shoot of UPN and AG.

I know u are an Awoist, so am I but the facts must be told there are 2 political factions in Yoruba land. As for leadership of Yorubas, Yorubas have their Obas and I dont have to recite Yoruba history for u to know who are the leaders, it is got to be both the Ooni and the Alaafin any other kind of leadership is a fraud and not worthy of mention.

Awo was fantastic leader during his time and he had political colleagues and adversaries but my argument is that political alliances and affiliations should change and should not be based on fixed permutations in history.
AC today is not AD neither is it UPN or AG. Even Bola Ige who has been an Awoist since time was recently at loggerheads with Adesanya a fellow Awoist.
Edo state citizens voted for oshiomole and not because he's in AC. And certainly not because AC had some AD Awo connections.
I guess Akinjide is trying to say that there can never be one faction in Western Nigeria. not even 2. There are always going to be people with varying political ideas but that does not mean that they dont admire or identify with Awo.
Everything in yoruba land should not be seen as pro or anti Awo.

KnowAll:

Atiku, solomon lar and Ngige are all Awoists because of their AC affiliations.  


The above names are irrlevant to the discuss here, Edo state shares Historical heritage with the SW, they were part of Western Region b4 the Mid-west was created in the 60's the influence of those early days is still relevant today. Oshimoloe was sponsored by Tinubu he could have gone to any of the other opposition party to fund his election but chose Tinubu that is because of Historical precedents.
Secondly I only mentioned Edo state as more of an Awoist state than some states in the west like Oyo state and the Osogbo/Ede /Gbongan axis of Oshun state who are sworn enemy of Awolowo. People like Akinjide, Akinloye, Adedibu u will never catch them ever even if u put a gun on their head vote 4 Awo. So Akinjide coming out today saying there are no Yoruba Leaders is a true statement because he belongs to the other faction which is the Akintola faction. There 2 factions wether any yoruba man wants to admit it or not.

So Tinubu is now AC and AC is Tinubu. Even Tinubu was never Afenifere but is yoruba.
You are beginning to sound unclear. You use Historical heritage to justify Edo state while excluding Oyo a pure yoruba state as sworn enemies of Awo.
Are u saying that Awo is yoruba history and yoruba history is Awo?
What about the other governors I mentioned who are not Awoists. The most popular well known governor in the state today is ogbemudia and he was never an awoist.
Could you please stop making these erroneous generalisations but instead get your facts right.

KnowAll:

I take that as a typo !


Edo State is not a youba state per se only by heritage, but still ardent followers of AG policy, from Abrose Alli, to Oseigmole, u cannot take that away, if u have a free and fair election today in Edo State the Awoist in that state will carry the day. Same cannot be said of Oyo state which have always resisted Awolowo.

You see this is what akinjide was talking about. Ones political affiliations should not be based on tribal grounds and tendency to generalize when it comes to yoruba issues. Apart from ambrose ali. Osadebey before him was NCNC, Ogbemudia after him was NPN, Oyegun was SDP, Igbenedion was PDP when AD had the whole of yoruba land(I was there, AD did not even have visible structures on ground compared to ANPP (which was  the biggest opposition) not to talk of taking the state) Oshiomole on the other hand came from the labour party before AC but if left alone, you will generalize that the likes of Atiku, solomon lar and Ngige are all Awoists because of their AC affiliations. 

KnowAll:

Yoruba Politics silently has always being a 2 prong horse race, since Akintola and Awolowo fell out in the 60's. The Ekitis, Ondo's, Ogun, Lagos and the Ife  / Ijesha parts of Osun State would always go for Awolowo and they see him as a hero. Akintola being an Ogbomosho man has very huge influence in all part of present Oyo State, and the Osogbo/Ede/Gbongan axis of Oshun state.

One election that brought all Yorubas together for the 1st time was Abiola's June 12 election and the spill over of this election made it possible for the AD to win Oyo State after a decade in Opposition hands. But the late strong man of Ibadan Politics made sure the status quo was re-established that is making sure the Akintola faction were back in power, Akala is a protegee of this faction.

Today the Akintola faction who have always being in some coalition with the North is controlling 4 Yoruba states namely Ogun - Awo's own state, Ekiti, Oyo and Oshun. The most loyal Awo state today are Ondo, Lagos and[b] Edo states.[/b]

I take that as a typo !

it is funny how sentiments and emotions becloud our judgement and interpretation of simple english. The gentleman is not trying to say that Awo and Adesanya are not leaders but it is trying to say that yoruba has and should never and can never have and absolute leader. you will always have leaders of yoruba land but not an absolute king. SIMPLE !
My take on this is that absolute leaders are not in line with a democratic mindset. It is encouraging to see yoruba leaders in different political parties and not the centralist attitude which has seemed to undermine yoruba sons and daughters over the years.

With all the controversy about this man. With his even daring the press to go and ask Sanusi, why haven't they indicted and tried this man.
Even sanusi and EFCC   have not even pointed a finger or made a comment to this regard. What are they waiting for ? He had weathered the AFC storm  already and given a clean bill of health from EFCC and the presidency. Are they scared of getting their fingers burnt ? Or opening a can of worms. El-rufai has been charged so has ribadu and Fani kayode.
Instead the president discharged him with praises and all we've got are allegations from the likes Elombah.com and co.

jay bee:

a single man holding a whole state to ransom?

How! He is not in charge of government house(he got booted out !). He is not even in charge of PDP in the state as various interests are seemingly rooting for Soludo including the presidency and the likes of Anenih and Ekwueme. He is so scared that he sneaks in and out of the state.
That doesn't look like holding the state to ransom to me . You guys and people in the press are giving him just too much credit.

@acholonu, your research, even if it doesn't conclude or prove anything is highly encouraged as it will open a new dimensions in the history and origins of man. This is a topic that in  my view has hit a stalemate over recent years with scientists nowadays disproving each other. This area is badly in need of a new path of study which might just be a path for further advancements in the study. I think scientists might have have hit a cul-de-sac and are in need of new areas to look into not the same old ancient Kenya, Egypt etc.
I wish you success in the continuation of you endeavour. From a nationalistic point of view I am proud to have you as a fellow country woman.

As for NL, I think you need to keep away from them to do good for your mentallity. This blog is full of myopic, imbecilic elements, people who exhibit traits on why Nigeria and the black race as a whole continue to lag at a distance behind others. They are like a septic discharge, which are symptoms of a deep rooted ailment. You cannot help but feel pity for them. You don't need to study deep into our past history to know that these behaviours are as result of trauma. Trauma which they have been born into. Trauma in which was caused by decades of suppression by modern and ancient governments who sold them into slavery and are still doing so till this day, causing them to display a slave mentality.

These people can only see society as a racial, tribal and regional entities, even at a time when the world is erasing divides/boundaries and storming ahead we are still locked up in ancient century thinking where we were just made up of a clans of individual or family units where some used to go out and hunt not considering the well being of other clans. This line of thinking has led to corruption, crime, social injustice, inequality and a low valuation of fellow human life as evident in our society today.

I think people like you should study our history as a critical study of the genesis of our present situation. I feel Nigeria and africa as a whole has deep rooted fundamental problems which can only be fixed by taking a retrospective look at our recent past. This is the form of history I am more interested in. A history that is threatening to make us extinct. Like a certain philosopher once said, you do not know where you are going to unless you know where you are coming from.

I say Ngige. There was something with the quality of roads I saw in Anambra. I went for a burial in anambra and my friend was very boastful. My guy what I saw was impressive. I am talking about rural roads !

Even though personally, I am disappointed by Soludo's intrusion into politics, as I feel he would better serve this nation as an interlectual figure following the likes of Wole Soyinka and Aluko being that he has actually served as CBN governor and leaveraging his technical knowledge in economics with his first hand experience as CBN governor.
It doesn't take too much intelligence to know that Soludo was actually talking of transorming Anambra's trade credentials while boosting in to international standards.

The most funny part is that many of you are responding to the title of this thread when Soludo's words were actually "Dubai of Nigeria." Meaning Anambra will be to Nigeria what Dubai is to the middle east.
This ,when considering Nigerias standards will not be a huge achievement.

This is why I feel Soludo is not suited for politics, most people and I mean 99.999% don't reason on his intellectual level . He would need to break down his statements and actions for people to understand rather than assuming that they get what he is saying or doing(like you would need to do when talking to kindergarten kids.). This was his weakest point as CBN governor not to talk of as a politician.

Seun:

How can an innovation that reduces the cost of printing currency by 50% be deemed "wasteful"?

Can't the polymer innovation be done without adding controversial inscriptions ?
You will only end up spoiling good intentions with controversy.

I only need the links to sources to his write-ups on economics and banking so that I can update his wikipedia profile with the links if you can't.
We need to somehow boost the profile of Sanusi. ( very Important)

One of the biggest problems with Nigeria is the  lack or absence on anyone or body of reputable credibility. This includes the governments, agencies, the press and even foreign press correspondences like Sahara Reporters and Elendu reports. I don't even trust most of you on NL. Like the most of them your either have special interests, biased or plain bought over. even the foreign press, I have confirmed, are wrong most of the times on Nigeria due to the negative bias against nigeria.

Now tell me who are to for the the masses supposed to turn to for the truth. Who will help the people by at least exposing the truth.

Yar'adua will be out by 2015 at most. Another transcorp style situation awaits these banks because as I predicted, a lot of cases have been taken to court and I doubt if there will be any closure on the matter anytime soon. It will be in the best interest of the firms to stay away from this controversy.

MrCrackles:

So are you trying to say he is not a seasoned banker

Seasoned Nigerian banker but not a seasoned Macro-Economist. He needs to a seasoned bit of the two.(_{Thats if he spends less time on Sharia/islamic and political issues})

And now Sanusi's dust is still settling. Ladies and gentlemen, this is just the beginning of the road ! The global markets and players have started to give judgements.
There is also the part about premiums on Nigerian assets. Which will definitely be more expensive as Sanusi has just told the whole world that Nigerias coporate world is a fraud! So long for FDI and world Capital market funds .

Rebarobyn:

hmmm, interesting, it appears the original sanusi plan is now being unveiled, lets see how far it goes. however, if not for anything, at least effort was made to get back bad loans.

You don't worry, the loan details including those not disclosed will even be more interesting. Have you read Dr fasheuns analogy on those loans? We haven't even heard from the bankers themselves. Just wait a little bit more.

In keeping up with my promise of keeping NLders posted on the details of Sanusi's actions and effects. In only four weeks, the dust has only started to settle and some interesting facts have started to emerge.

5 banks use only N100bn of CBN’s N420bn
HeadlinesSep 10, 2009
By Omoh Gabriel, Business Editor
LAGOS — FOUR weeks after the Central Bank (CBN) sacked the chief executives and executive directors of five banks and injected N420 billion into the banks, Vanguard can authoritatively disclose that the banks needed just N100 billion financial assistance to stabilise their operations and not the whooping N420 billion injected by the apex bank.
Already, some bankers are saying the CBN blew the situation out of proportion to achieve a desired end.
Bank treasurers yesterday told Vanguard that “the five troubled banks did not, after all, need the size and volume of bail out injected by the Central Bank of Nigeria, CBN, allegedly to stabilise their operations.”

All the banks, according to them, have stabilised in both the interbank market and clearing house.
According to treasurers who volunteered information “Out of the N400 billion injected by the CBN into the five banks, the banks have used barely N100 billion on the whole.”
Of the five banks, Oceanic is said to have utilised the highest after using N50 billion out of the N100 billion the CBN injected into it.
Intercontinental Bank, Vanguard learnt, used N32 billion out of the N100 billion injected into it.
Similarly Union Bank is said to have utilised just N16 billion out of the N120 billion injected. Afribank and Finbank had N50 billion each and have not utilized up to 5 per cent of the fund injected.
Bank treasurers point to the fact that even the portions so utilised were precipitated by the undue pressure on the banks following the CBN action of August 14.
“The funds so far used out of the amount injected by the CBN represents about 25 per cent of the total bail-out fund and the amount has so far actually stabilised the banks,” a banker said.
Bankers also say that what the bailed out banks are currently doing is using the fund to play in the interbank market where banks lend to one another.
According to them, the N100 billion the banks have used is also the same amount the CBN used to print the N420 billion bail-out fund. Banking insiders are of the view that the true situation of the banks was blown out of proportion by the CBN to prepare the ground for the take-over of the affected banks.
It will be recalled that on August 14, the CBN Governor at a world press conference in Lagos said the CBN was “injecting N400 billion as tier two capital into the five banks to salvage their financial condition”.
According to him, “the huge provisioning requirements have led to significant capital impairment. Consequently, all the banks are undercapitalised for their current levels of operations and are required to increase their provisions for loan losses, which impacted negatively on their capital.
Indeed one is technically insolvent with a Capital Adequacy Ratio of 1.01 per cent. Thus, a minimum capital injection of N204.94 billion will be required in the 5 banks to meet the minimum capital adequacy ratio of 10 percent” but he injected N400 billion.
“The five banks were either perennial net-takers of funds in the inter-bank market or enjoyed liquidity support from the CBN for long periods of time, a clear evidence of liquidity.
In other words, these banks were unable to meet their maturing obligations as they fall due without resorting to the CBN or the inter-bank market. As a matter of fact, the outstanding balance on the EDW of the five banks amounted to N127.85 billion by end July 2009, representing 89.81 per cent of the total industry exposure to the CBN on its discount window while their net guaranteed inter-bank takings stood at N253.30 billion as at August 02, 2009.
Their Liquidity Ratios ranged from 17.65 per cent to 24 per cent as at May 31, 2009. (Regulatory minimum is 25%).”


http://www.vanguardngr.com/2009/09/10/5-banks-use-only-n100bn-of-cbns-n420bn/

I will be very surprised if he runs for governor, not to talk of under PDP. It will certainly change my view of him. But I doubt it, especially in Anambra, have you seen the type of politicians over there ? I think this is all speculation. The reports did not even state that he is a member of PDP yet.
Why doesn't someone charge Soludo for his so called crimes. Why the trial on newspapers. He was charged while he was CBN governor and given a clean bill of health by EFCC and the presidency. Now that he is an ordinary civilian no one is charging him even in midst of the banking crisis.
Why do we only have all this stories/trials on newspapers and websites.
He won't run for governor, he is at the moment at Enugu, he hasn't run abroad.
What stoping them.

Jarus:

Sanusi studied Islamic studies and commented on religious issues in his personal capacity, and that doesn't make him less good in his primary field. Remember that while writing all these articles and giving these lectures, he was also rising in leaps and bounds in UBA.

I have requested proof of the above.
What did his risk management do for UBA? (Who got acquired by Elumelu's STB)
What did his 6 months MDship do for FBN.
Where are his economic articles and lectures. And why can't I find them on google or on his wikipedia profile ?
You are still refusing to answer these questions.

Soludo, Governor of Anambra. They wish ! He is not even a PDP member. He's not a politician period!
He has disclaimed this many times. But it never goes away.
Some poeple just think everyone reasons like them.
Is it now a crime to serve your country?
I have said it before that guy should be invited to clear the air on the banking sector crisis.
Till date no one has invited him.
All you get is newspaper speculation.
I think Nigerians dont understand certain individuals who dont behave like common Nigerians. They think because he vacated CBN and has since not been in the public domain then he must be up to something.
Anambra and their PDP should beam their lights on someone else. I have the feeling that this guy will not get into politics and will never come into the public eye ever again.
He is not your type !

Jarus:

@naijaking,
Sanusi has never gone beyond Kano/
Katsina/Kaduna?
It appears u guys just fabricate anything to prove your baseless points. If I post papers presented by Sanusi in London School of Economics, the one he presented in Germany and that he presented at an African conference in Accra, will you swallow your pride and recant that your assertion?

Where are the papers ? You can do him and Nigeria a favour by adding them to his wikipedia profile for starters. Pls contribute to save our markets and our economy.
Finding only write-ups on sharia/Islam and ethnic politics being written by our CBN governor gives the impression that Nigeria is run by some Islamic theocracy. Making the Nigerian economy look unreal.

Jarus:

I'm also a bit worried that his past dialogues, other than those on Debt relief, have centred on politics, religion, ethicity, history etc rather than on Economics.
This to me is not impressive enough and I mention it in my article  but I think he has made up for this in other areas, especially with the industry wide acknowledgement taht he's Nigeria's economy's best brain in risk management.

It is of quality because it seems to have been written by an educated mind with a well thought out approach. This quality is lacking in most political commentators and columnist.
But as CBN governor you quoted "especially with the industry wide acknowledgement taht he's Nigeria's economy's best brain in risk management".
May I ask, by who where and when and how? What difference did his risk management do for UBA (old generation bank) before it got acquired by Elumelu's STB (New generation bank).
What does that qualify Elumelu for, World bank president ?
What are his views on Nigerias economic direction (especially with regards the financial services sector) asides Islamic banking.
If he is all that, why was Kingsley Moghalu (a fellow risk management expert) hired?
Is risk management the  only thing central bank does?
Even look on Moghalu, he has a profile as a economic strategist and risk manager with some international exposure. Able to instill confidence in investors. Is that why he hired ? to bolster Sanusi's profile?
What worries me most is that, when you do a google search on our CBN governor, you start running into controversial and extreme political, ethnic and religious articles with little economic content.
That is why no matter the good intentions of his policies or actions, he will be unable to carry people or even the markets along because there is little or nothing about the man that rediates quality and confidence in the office he occuppies.
Going by newspaper reports, the so called international investors who were supposed to take over the distressed banks have tagged the bank takeover as controversial and political. (Look at Transcorp after Obasanjo)
Do you not think that its got something to do with his sometimes controversial economic and political views?
In your view do such write-ups do you any good as a CBN governor especially in a country like Nigeria ?
These are just honest questions.
I havent got anything against the man. But from his appointment back in May to his banking reforms it has been questions and controversies.

I have a few questions! Most of sanusi's comments are of quality . Centering on politics, ethnicity and religion but not enought economic content. What does all this write up have to do with a CBN governor ?
Isn't this a case of fitting square pegs in round holes ?
Wasn't there any more qualified individuals well rooted in Economics and finance rather than a man who is more of a political and religious commentator.
Where are his economic write-ups ? That is the only part of his mind I care about.
How do we reason in Nigeria.
There is a time, place and people for politics, religion, judiciary and economics. If you start mixing them up you get people in unnatural places acting in an unnatural manner.