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Politics › Re: Soludo In His Own Words! by biina: 7:57pm On May 07, 2009

sadboi:
I wish to respond to few of your comments. Bank consolidation has helped replace several banks with low capital base with a few big banks spread over African countries and Europe. In London alone, we have Access bank, GTB, Intercont Bank, Zenith Bank courtesy of Soludo consolidation exercise. Zenith Bank, London branch made £3.6m profit in 2008 and you understand what this means to Nigerian economy, more capital, more investable funds, more jobs eg VISA fone by Zenith, XCEL Logistics, UBA, Oceanic Bank, growing football talents and much more. Nigerian banks are spreading like wild fire.

Firstly, the capitalization of banks did not create foreign branches as few Nigerian banks had already had branches in the US and the UK (please see earlier post) nor can you tie the profitability of a bank (or any company for that matter) to its asset value. Nigerian bank have always declared profits (even when distressed).

I have often observed that people view and argue capitalization from the wrong angle. There is nothing wrong in a bank having a huge capital base, as in the least, it makes it more robust and allows it to dabble into bigger projects. The issue is the minimum capitalization requirement, which essentially states that banks that don't meet it are not fit for existence. So the question is what is wrong with a bank being capitalized with less than N25B in Nigeria? Noting that even the US still has commercial banks with as little as $300M in total consolidated assets. Forcing banks to raise capital without the economy providing the needed opportunity to invest said capital will only force bank into shady trading and lending

Soludo was not the first to increase bank capitalization, rather it is an ever recurring process: N50 million in 1992, N500 million in 1997, N1 billion in 2000, N2 billion in Dec. 2004. Soludo made it N25 billion in Dec 2005. The uproar from bank executives was because he made an autocratic move in July 2004, requiring a huge increase (from N2B to N25B) within 18 months with total disregard fro the existing time line set by the previous CBN governor.

Increased capitalization of banks has never been (and will never be) the solution to our problem. Increased capitalization is like pumping water into a leaking tank, a pure waste of needed resources. Resources that could have been better invested in the manufacturing sector and cutting out the middle man i.e. bank

Winning customers is a gradual process venture. Most of the banks in top 40 list in the world have been in existence for over 100years. You do not expect to see all the results of Souldo's policies in two years. I have spoken with hundreds of Africans who have expressed strong confidence in Nigerian banking industry. Their love for Intercontinental, Zenith and Bank PHB is unimaginable, courtsey of CNN adverts.

While your assertion of speaking with hundreds of Africans is obviously an hyperbole, the expression of confidence has not been supported by evidence of new entrants into the banking sector. If the sector is as profitable as you make it sound, the direct consequence should be new entrants into the sector.

The truth is that there is no point in having a bank that is bigger than the associated economy. The banking sector services the economy, and the demands of it are in line with the size of the associated economy. Big banks do not make a big economy, rather it is the converse that is true i.e. a big economy makes big bank. A case in point is the capital raised for the GSM license, as the Nigerian banks rose to the occasion by syndicating the needed funds.

Thank you, do you still blame Soludo on this?? Briefly, Nigerian bankers are the genesis of forex problem Nigeria is facing today. A banker offered to issue me a return ticket to UK if he uses my passport for FOREX transaction. According to him, he makes 60thousand naira profit for each transaction. I want to believe this is not Soludo's fault if you really understand where I am coming from. High import volume and bankers' nefarious activities is the major problem with our FOREX market.

While the underlying problem is Nigeria poor trade balance i.e. heavy importation, which results in increased demand for forex, he does take a substantial portion of the blame. His move from the Dutch Auction System (DAS) where the banks could only buy forex from the CBN based on expressed demands and prior cash commitment of their customers, to an auction system which allows banks to buy forex based on the speculative demand of their customers, has resulted in an exaggerated demand for forex which has put more pressure on the Naira. It has also reopened the channels for banks to trade in forex and round tripping. The move only worsened a bad position.

The manufacturing and agricultural sectors should be prioritized in the allocation of funds instead of the outrageous $20,000 to every Nigerian for basic travel allowance when less than 1% of Nigerians earn $20,000 per annum. All this has done is open up channels for political looters and unscrupulous bankers.

The round tripping problem that was curbed during the sanusi regime, is now back with a bang. Your experience underscores this.

1. I disagree with you. I advise you read through his regulatory framework.
In 1982, Bank of England introduced Monetary Policies, American stocks outsold theirs, further strenghtening their financial institutions to compete favourably with American stocks. ACGS, NACB, NAIC, PBN, CBs, FEAP as you mentioned needed strong policies cum regulations which Soludo did.

Over the years we have learnt from our mistakes and have often tried to fine tune the micro-finance policies with each successive iteration (as expected) being better than the last . Soludo's MFI is just another iteration. My point was that it is an evolutionary (and not a revolutionary) step - it was not the first and it won't be the last.
In fact the major step in micro finance evolution in Nigeria can be said to have occurred in the 1990's with the introduction of the community banks, which decentralized the system and gave room for more active private participation.

FUNCTIONS OF CENTRAL BANK
*Responsible for the monetary policy of a country *Lend money to other banks in times of need *Maintain the stability of the national currency and money supply *Controlling subsidized-loan interest rates, and acting as a lender of last resort to the banking sector

I will appreciate if you explain his failure to deliver in the above mentioned duties and responsibilities

Please see post above.
If one used such broad strokes in evaluating CBN governors, then one would come to the conclusion that they have all done exceedingly well - an assessment that is so far from being right, that its almost right.

The CBN has always failed to live up to expectation in its supervisory role, and it might be better if the two segments are made independent, although then we risk their being incongruent.

Politics › Re: Soludo In His Own Words! by biina: 6:34pm On May 07, 2009

PapaBrowne:
@Biina
I must admit, I underestimated ur intellectual capacity,assumed you are a layman, so I kind of stated my points on a weak platform, so u've appeared to have nailed them with ur response.

On the real, How do you assess performance?
You'll judge either based on actions on the Job description, Peer Review Mechanism or on a much higher level, you'd assess performance based on innovativeness and ability to turn theoretical representations into implemented realities.

Based on all four criteria for assessing performance, Soludo has an oustanding record.
First, his job description simply put includes Issuance of Legal tender (Money), Management of external reserves,maintenance of monetary stability(Inflation control), The Federal Government's bank, and finally Lender of last resort to our commercial banks.
Based on the Job description stated, you cannot fault Soludo. Infact, he out performed.

Secondly, using peer review mechanism, his predecessors are no match in any way and I wouldn't want to argue that because it is so obvious.
If you want to take it further and compare him with other Central Bank Governors worldwide, you'd definitely find him in the top tier. He was given an award to that effect by a reputable organization not too long ago.

On Innovation, his theories are not only original, they are micro targeted to the specific needs of the Nigerian economy.

And finally, and this is the single fact that distinguishes him from the rest. He designs a theory that looks impossible on paper, pushes it through all the hoops associated with the Nigerian system and implements it successfully. Only then do the skeptics start coming on board.
Very few thought the consolidation would be a success, very few thought any banks would be able to beat the deadline. But today we have the results.

Soludo,I must conclude is the best thing that has happened to the Nigerian economy ever.

Firstly, let me clarify that I am not saying that Soludo failed as CBN governor, but rather that he has done nothing to justify a second tenure in office. He had done no better and no worse than his predecessors. The fact that he has been more brazen in his approach is not a measure of performance, as it could be liken to deciding a debate on who shouts the loudest.

On assessing performance, your measures are wrongfully applied. The performance of the CBN governor is directly tied to the performance of the apex bank.
- To judge him on a job description is like evaluating the CEO or MD of a company based on his/her job description, and ignoring the profit and loss status of the company.
- Peer review is valid when the area in question is a distributed merit based field like in academia. After all, you would not evaluate the performance of the presidency based on the review of his fellow politicians? I would rather subscribe to a customer based review e.g. a better yard stick for politicians and political appointees are the people they are meant to be serving.
- The ability to turn a theoretical representations into implemented realities is of little value if the contribution of such is not deem positive.

All that being said, I will humor you for a while

1. Unless you have details of his defined job description, I do not see how you reached the conclusion that he has met (and even exceeded) the requirements. The functions that you defined above are the basic function of the Apex and is abstracted from the reality of the CBN.
- In the issuance of legal tender, Soludo like his predecessor has introduced a higher denomination in the naira. Empirical evidence has shown that higher denominations have only served (in the least) to increase inflation rates in the Nigerian economy. Another exercise on the monetary treadmill was his proposed revaluation of the naira.
- The management of external reserves is neither here nor their as it falls under the purview of hindsight is 20:20. Still, like I said earlier, it is creditable that he maintained the high level of reserves that he did even though one could argue against the advantages of doing so.
- Inflation control requires that the rate of inflation be pegged within bounds (usually 2-6%) and not be maintained at a stable high rate. Outside of the occasional slump and spike, inflation rate in Nigera has been in double digits (10-20%) for the most part of the last decade.

2. Peer review: who do you deem as his peers? The bank executives who are often willing to kiss the ass of any CBN governor just to stay in their good books; his fellow political appointees or the politicians who should be crucified for their high level of corruption and gross incompetence.
His fellow CBN governors have no incentives to constructively criticize him. Which apex bank has come out to say that the policies of Soludo are the reason for Nigeria being in a better position against his own economy. Their support (even if tacit) for him shows that he is not doing enough to improve our position in the global market place. People don't commend their competitors for doing well at their detriment

3. His policies should be evaluated on their merits and not just proposed objectives. We heard loftier claims when SAP was being introduced. One of the problems with Nigerian economic policy makers, including Soludo, is their lack of originality and almost fanatical attachment to programs based on the H-D model of capital dependence. Some argue that it has to to with our educational foundation, but I think it has more to do with a low intellectual self esteem - we feel the developed countries are always right and that their actions are always in our best interests. The developed countries will never sing your praises if your policies are truly targeted at bettering the lot of the Nigerian populace at the expense of whomever it may be.

4. Bringing a theoretical framework to practical fruition is in no way related to it having a positive or negative impact. The fact that skeptics get on board after the fact, is a bane of the Nigerian society, and has less to do with the pros outweighing the cons of the idea in question. Over the years, we are often found to be willing to adjust to the new disposition simply for selfish reasons and it does not speak for the righteousness of the position it self.

It is surprising (but I am not shocked) that you failed to mention a single problem that Soludo has solved given the myriad that ails Nigeria.
- The problem of the forex currency black market has been ailing Nigeria like a sore thumb, and Soludo, like his predecessors, has failed to bring it under control if not solve entirely
- The issue of lax supervision of the banks, including allegation of increased round tripping and prejudiced forex auctions
- The problem of speculative forex purchase as opposed to the DAS which has resulted in more pressure on the naira
- Poor corporate governance and the issuance of bad loans like the intercontinental saga
- The porous nature of the monetary circulatory system in Nigeria
- The over exposure of the Nigeria banks to the stock market and volatile instruments.

Even if you are not an economist, you should be able to evaluate from the stand point of the average man, what has improved in your lot in the past 5yrs, and ask how many of it are attributable to the CBN.

Foreign Affairs › Re: Thoughts To Ponder - 1 by biina: 10:56am On May 07, 2009

Its disappointing how quickly posts on NL degenerate to personal attacks and insults.

Forum Games › Re: ╚►Will You Eva Date D Person Above U?◄╝ by biina: 10:40am On May 07, 2009

most def

Politics › Re: Soludo In His Own Words! by biina: 7:56am On May 07, 2009

PapaBrowne:
Ok Biina. . . I'm gonna help you!
I 'm going to bore you out by listing 10 great things Soludo did!

its far from a bore. It is beneficial when people support their assertions with evidence rather than echo the plaudits offered by others.

1)Banking ConSOULDOtion
The banking consoludotion is the best thing that ever happened to the Nigerian economy. The concept and implementation of the Soludo's strategy is going to be studied in universities and top class economic institutions worldwide for ages to come.

what has the consolidation of banks positively done for the Nigerian economy or populace? All it has essentially done is a replaced several banks with a few, and that in itself is neither positive or negative. For best results, mergers and acquisitions should be driven by the market and not regulatory forces.

2) Increase in loan/credit ratio.
Loans/Credits given to Nigerians have risen from 1.1 trillion Naira before Soludo to above 7 trillion Naira as at last year. That's an outstanding increase by whatever measurement.

The value you gave is not the loan to deposit ratio (or any ratio for that matter) and is likely just the amount of credit being provided by the banking sector.
Given that the amount of liability (basically loans) a bank can have is proportional to the paid up capital, the x7 increases in loan is well short of the 12.5x increase in minimum capitalization i.e. the banks have raised capital but have insufficient opportunities to invest it. Unfortunately, shareholders are not so patient on returns.
That it self is not the worst, the real question is the soundness of the financial instruments, as more banks are relying on the stock market and round tripping to stay in the black.

3) Strengthening of our Local banks
Pre-soludo, the 89 banks in Nigeria put together were smaller than the 4th largest South African Bank (I think Nedbank). Post-Soludo, any of our top five banks singularly can compete favorably with NedBank and other big banks.

Compete with which banks and in what? Other countries patronize their own banks, and you will not be winning major customers outside of Nigeria. The size of a bank should reflect the size of a nation's economy. Having a few big banks without the associated big economy is a liability, as shareholders expect returns on their investments.

4) Exchange rate stabilization
For the first time in almost 30 years, Nigeria witnessed a strengthening of the Naira against major currencies for a large part of Soludo's tenure. The recent decline is global and cuts across all countries, hence cannot be faulted on Soludo. This happened in less than 5 years.

Please read up on currency management and the history of the exchange rates before you make such assertions. Exchange rates have been pegged at far better values in the past.
Under free market, the exchange rate is governed by the demand vs supply for forex, which is in turn dependent on the import to export ratio. The mirage you felt was a gain was a reflection of the high crude oil prices, and thus with the fall in oil prices, your currency tumbles with it.

5)Fastest Growing banks in The world.
Nigerian banks have moved from oblivion to becoming the fastest growing banks in the world. All this is as a result of a carefully crafted policy implememtation orchestrated by General Soludo. We now have 5 banks in the top 500 worldwide.

Any evidence to support your claims? Any country that raises its minimum capitalization can get banks into the top 500. It says nothing about the health of said banks or the associated economy. You don't believe me, you can ask the share holders of wachovia bank or the citi group.

6)Micro Finance banking.
By Soludo's design, Micro finance banks have lit the Nigerian landscape and are dishing out loans to the poor. This in itself serves as a massive economic stimulant for the nation.

Soludo is simply reinventing the wheel. Formal micro finance institutions have existed in Nigeria since independence, under names such as Rural Banking Programme, the Agricultural Credit Guarantee Scheme (ACGS), the Nigerian Agricultural and Co-operative Bank (NACB), the Nigerian Agricultural Insurance Corporation (NAIC), the Peoples Bank of Nigeria (PBN), the Community Banks (CBs), and the Family Economic Advancement Programme (FEAP).

7) Jobs, Jobs ,Jobs.
Pre-Soludo(Banking Jobs)-Probably Less than 30,000.
Post-Soludo(Banking Jobs)- Over 100,000 and much more to come.

Evidence? The mergers have actually reduced jobs as redundant functions (e.g HR and IT) of merged entities were pruned. The banking sector has the highest staff turnover in Nigeria, and thus do not use the employment rate as a sole criteria for estimating the growth of the sector.

FSS 2020 Strategy.
If you read with understanding Soludo's FSS 2020 strategy, you'll be awed. But I'll permit you if you can't understand it, as only those that understand the theory of development would appreciate the strategic design of that document.

A theoretical framework whose practicality are yet to be substantiated.

9)African Finance Corporation.
Although, it has been slowed down by YarAdua, this is another of Soludo's feats in the making.

Nothing new - African Export-Import Bank (Afreximbank), the African Reinsurance Corporation (AfricaRe) and the African Development Bank (AfDB). They usually fail to live up to expectation as theyare like putting the cart ~~before~~ without the horse.

10)Finally, but there are many, many more.
The spread of Nigerian banks across the world. Starting with Africa, Nigerian banks are going global and moving into Europe and America.
Just a reminder- Pre Soludo there was no real, strong and operational Nigerian Bank outside our shores. Now the list of nations is endless. UK, US, Cayman Islands, South Africa, throughtout West Africa, Rwanda, and a host of other countries.

Wrong. Two examples:
1. First Bank opened a branch in London in 1982, and got its UK license in 2002 which led to the establishment of its subsidiary, FBN Bank (UK).
2. UBA opened its New york and Cayman island branches in 1984 and 1987 respectively.
The likes of standard chartered had always had foreign affiliations

But for space, I wouldn't mention the growth in the use of ATMs from less than a million cards pre-Soludo to over 45 million cards last year, or the numerous awards Nigerian banks have garnered internationally, or the preservation/accumulation of our largest Foreign reserves ever for use on a rainy day like today.

The popularity of ATM cards is due to the penetration of technology and not the effect of any policy on the part of the CBN, else you might as well associate the proliferation of laptops and internet access to the CBN as well.

I do concede to you the fact that he manged to maintain a high level of foreign reserve during the oil price hike. While one can argue about the pros and cons of maintaining a huge foreign reserve (as its essentially money tied down in someone else economy), it is still commendable that he achieved such given the level of greed of the average Nigerian politicians who would like nothing less than to get their hands on the said funds.

Politics › Re: It's Time For Revolution by biina: 5:09pm On May 06, 2009

[quote author=busi-bodi link=topic=269364.msg3830835#msg3830835 date=1241624735]and what is your conclusion?[/quote]Is that meant to be a rhetorical question? You highlighted the conclusion, and then asked what it was huh

I assume you know the difference between various tenses undecided

Romance › Re: He Beats Me And Doesn't Let Me Talk To My Parents by biina: 4:54pm On May 06, 2009

As much as her story sounds unbelievable, the only thing that keeps me from calling it BS is that I have heard similar things from a friend who was in an abusive relationship.
While she could discuss intelligently on other issues, when it came to her abusive bf, her utterances were often so irritating that I was almost convinced that they were made for each other. She was always quick to defend the bf if anyone criticized the guy's actions, saying "it was my fault", "he is not really like that" or "you don't know him like I do". It took the intervention of her aunt (and the police) to get her out of the relationship, and even then, the guy stalked her for a few months after.

Politics › Re: It's Time For Revolution by biina: 4:38pm On May 06, 2009

If you are waiting for an external force to come and set things right in Nigeria, then you should put you matters in order, as you will die waiting. For the governments of the developed countries, there are no permanent friends or permanent enemies, all there is, is permanent interests. It was same interests that set us down the path we are on; same interests that maintains our path; and same interests would not support our leaving that path. This also applies to all other African countries, or any country for that matter, that they can sink their teeth into.

Nigerians will have to solve the problem of Nigeria. Whilst one can hope for minimal bloodshed, I doubt the required change will ever happen peacefully. The shortest route would be a military coup, trial of all past politicians and embezzlers, and the conduct of fair elections. Unfortunately, even the military is getting worse with time, and soon they will be no different from the politician we are trying to get rid of

Politics › Re: Soludo In His Own Words! by biina: 4:21pm On May 06, 2009

Why do people keep on saying someone has done a great job and yet fail to list exactly what he has done that is great undecided

Nigerians need to learn to objectively evaluate politicians and political appointees, and not just echo the sentiments of others.

Family › Re: Tribal Mark On Your Child. Don't Laugh by biina: 9:07am On May 06, 2009

tribal marks? the modern term is 'facial tattoos' grin

Literature › Re: Ibkaye's Oral Story Haven by biina: 8:59am On May 06, 2009

no audio

Forum Games › Re: Team A Vs Team B by biina: 8:38am On May 06, 2009

a 582

Romance › Re: Why Heart Break Will Continue: by biina: 8:34am On May 06, 2009

MRbrownJAY: I will always respect a virgin who wishes to be "pure" until the day she gets married and SHE should also respect my wish to have sex before marriage. compatibility, [b]honesty [/b]etc etc should be what a man looks for in a marriage mate not virginity.

The sad truth about guys like you is that you are never above board in your dealings with the opposite sex. Have you ever in clear terms told a girl that all you are interested in is sex and no more? rather you will promise them heaven and earth, and tell them all they want to hear, as you feel the end justifies the means.

The promiscuous guys shy away from promiscous ladies.

Romance › Re: He Beats Me And Doesn't Let Me Talk To My Parents by biina: 8:17am On May 06, 2009

http://www.refuge.org.uk/
http://www.womensaid.org.uk/

Politics › Re: Obii Chidiak Habeed Assasinated In The Church Last Sunday by biina: 5:24am On May 06, 2009

Shouldn't this be in the crime section? undecided

Politics › Re: Soludo In His Own Words! by biina: 2:16am On May 06, 2009

mikeansy:
and I guess our economy was destroyed in the last four years?

You still have not told me why we should take you more seriously than the Finance Minister Dr Mansur Muhktar

It seems you did not read (or comprehend) what you posted. The comments were made by the president and not the minster!
Like I said in the other thread, I am not interested in your opinion of me - weigh the argument and not the man. Doing so is evidence of being educated, and not just being learned or lettered.

Politics › Re: Soludo Gets A Second Nod by biina: 2:01am On May 06, 2009

mikeansy:
Does it matter who funds this micro finance banks and the then community banks

and whether members of the public were at risk of loosing money in the then community banks?

Does it matter whether the current Microfinance banks are an innitiative to encourage developmental loans to SMEs and supported directly by the CBN? as opposed to the community banks of then.

If the then community banks are same as Microfinance banks . . . why will they fall victim of 25B recapitalisation?

All banks (except the CBN) are private enterprises.
Member of the public are not at risk of losing their money if the CBN does its job. Banks are distressed when they are over exposed, and CBN covers up for them as personal and/or political favors.
The initiative for financing small and medium enterprises (SME) has been an on going endeavor in the banking sector since the first republic. The government, via the CBN, has always encouraged it in various forms: Rural namking, peoples bank etc. In the past, big banks like first bank and Union bank were required to maintain SME portfolios and instruments.

mikeansy:
but they were never regulated and supported by a CBN framework

there was always the risk of whoever think they were the smartest amongst all of them carrying the money and just disappear

That is the issue

Now somebody tell me why it is wrong to have a regulatory framework where members of the public are not at risk of loosing their life sacrifices to crooks.

The National Board for Community Banks issued provisional licenses to community banks while the CBN is responsible for issuing the final licenses after two years of operation. The community banks are supervised by the CBN.

Politics › Re: Soludo In His Own Words! by biina: 1:19am On May 06, 2009

If capitalization was the solution, I wonder what happened to citi and wachovia?

The only things that saved Nigeria from the financial mess is that we are minimally coupled to the global financial system, and our economy is so bad that even a recession couldn't make it any worse. cry

Politics › Re: Soludo Gets A Second Nod by biina: 1:13am On May 06, 2009

Kobojunkie:
Microfinance banks are definitely a new twist on the cooperatives and community banks of all !!

Thank you

Politics › Re: Soludo Gets A Second Nod by biina: 1:11am On May 06, 2009

mikeansy:
are u serious

Do you honestly believe that Microfinance Banks are the same as the community banks that existed pre-consolidation.

This conversation is over

You just represent a constituent and lobby group . . . . . you are no fair minded economic observer.

I guess that is why you dont get it, and wont get it.

I think Dr Mansur Muhktar was right when he said "any fair minded observer, "

Then please tell us the difference in the target segment of community banks and micro-finance banks?

Politics › Re: Soludo Gets A Second Nod by biina: 1:06am On May 06, 2009

mikeansy:
Ok why should ur opinion matter more than the minister of Finance ?

Why should I take you more seriously

that is all I need to know.

Who is missinforming the public? the man who makes and arbitrary comment on Nairaland without any proof, or who we cant even verify their identity to know if they are an authority in the field . . . . . . or the Hon. Minister of Finance.

Helloooooooooooo Dr Mansur Muhktar holds a PhD in his field

Tell us why we should take u more seriously?

Dr. Muhktar read a speech on behalf of the president. How does that become his own opinion?

You are misinforming the public if you echo the comments of another out of context. Your assertion was that the Minister of finance approved of Soludo's policies, while the truth is that the minister read a speech on behalf of the president at the CBN anniversary. The latter does not equate to the former.

You should learn to evaluate the argument and not the person. The fact that someone holds a doctorate does not bar him from being wrong. Several people have rightly (or otherwise) critisized Soludo -weigh the arguments and not the person.

I have already debunked the arguments on capitalization and on micro-finance. If you have rebuttals, please post, but I am not interested in declarative statements of achievements that cannot categorically state what has been achieved.

Politics › Re: Soludo Gets A Second Nod by biina: 12:53am On May 06, 2009

mikeansy:
Ok why should ur opinion matter more than the minister of Finance

Why should I take you more seriously

that is all I need to know.

Politics › Re: Soludo Gets A Second Nod by biina: 12:47am On May 06, 2009

So the comments of a politician are your yardstick for evaluating the performance of the CBN governor undecided

or what were you expecting from a speech given at the CBN's 50th aniversary? undecided

Dr Mansur Muhktar was standing in for the president. There is no evidence that that is his true opinion and even if it was, it is of little relevance if it is unsubstantiated.

If you cannot objectively evaluate issues in your own words, then there is no point to a discourse. Look at the Nigerian economy, the currency, the financial sector and other areas of his office, and make your own judgment call, else keep your piece, but please don't quote unsubstantiated accolades from politicians.

I don't need you to take me seriously, but don't misinform others on the issue.

BTW the lauded micro-finance banking (i.e. community banks) existed prior to Soludo's tenure. It was his N25B minimum capitalization that put them out of business,. He is only correcting his own mistake.

Forum Games › Re: Re:look At The Person's Profile Above You And Make A Comment. by biina: 10:26pm On May 05, 2009

Web crawler

Forum Games › Re: Team A Vs Team B by biina: 10:25pm On May 05, 2009

a 576

Politics › Re: Soludo Gets A Second Nod by biina: 10:20pm On May 05, 2009

I am not demonizing Soludo, nor am I willing to deify him (like some people who would have us believe he is the messiah of the financial sector). I am definitely against him being in office for a second tenure.

Some people, who are less informed, would have us believe that Soludo has done 'great' things, without being able to substantiate such claims. Some are sycophants and/or tribalists. Others are just semi-illiterates, who feel they know what they do not know.

I am less interested on who takes over, that is a separate discussion. As far as I am concerned, Soludo has done no better, nor worse, than his predecessors, and thus when his term is due, he should move over and let someone else take a crack at it.

Shikena

Politics › Re: Igbos Elevating The Status Of Previously Unrecognized Positions:Why TheHate Then by biina: 7:50pm On May 05, 2009

@poster
Your post is a bad mix of tribalism, ignorance and sycophancy, with a small dab of amnesia.

Politics › Re: Soludo Gets A Second Nod by biina: 7:43pm On May 05, 2009

agabaI23:
May be Audu Ogbe is also a praise singer for Soludo.read more
Former Chairman of the Peoples Democratic Party, Chief Audu Ogbeh, said weekend that the issuance of licenses for the establishment of microfinance banks was the best legacy of Professor Chukwuma Soludo as Governor of Central Bank of Nigeria.
He said the initiative had already impacted positively on the well being of peasants across the country.
Chief Ogbeh made this known at the commissioning of one of the microfinance banks, . . .

Not a surprising statement given that he is the chairman of one of the license recipients (Mega Microfinance Bank) talking at the opening ceremony of said bank. undecided

mikeansy:
Bina

How about you state who did better than Soludo and what they did?

You seem to have gotten the logic reversed. Its not about who did better than Soludo, but rather what has Soludo done to deserve a second term? He has done no better than Islong or Sanusi.

IIRC no CBN governor has served for 10yrs, and to reappoint Soludo will set a dangerous precedence, given the African nature of people holding on to an office as if it was their birth right.

Family › Re: Polygamism - Can You Trust Your Half Brothers And Sisters? by biina: 1:12pm On May 05, 2009

bintab:
Hey,i am from a polygamous home with 17 children,we all grew together under thesame roof,honestly you will find it very hard to pinpoint whose child is who when you vist my home,we all live in a 4 flat home at Bodija then and choose to sleep in any of our moms flat who chooses to amused us,we eat at any flat we want,now that all of us are grown,married and scattered all over the face of the earth we still are very much in touch almost everyday we are very united sometime i wondered if my Dad did something to make it work .I live in Va,i have 8 older siblings scatered here in United States and they all made the trip to my birtday on this pass Sunday,May 3rd that is how close we are.We are always there for each other no matter the circumstances wether good or bad. Mine is an exceptional,i am happy and proud to be a Bello. Please if you find it in your heart embrace your half brothers and sisters (as per refered or prefered by you).You may be bless through them.Cheers.

The OP scenario is different and is more akin to a multi-monogamy setup in that each wife has her own place.
Since the kids dont grow up together, interaction is limited, and perception is dominated by speculations and gossip. This usually results in a high level of mistrust, as each family feels the others are getting a better deal at their expense.

Even when everyone is cohabitated, polygamy could still easily get nasty.

Forum Games › Re: Geography by biina: 1:01pm On May 05, 2009

Abidjan

Forum Games › Re: Team A Vs Team B by biina: 1:00pm On May 05, 2009

a 578

Politics › Re: Soludo Gets A Second Nod by biina: 12:55pm On May 05, 2009

meexteriox:
All this hullaballo about Soludo tenure elongation is uncalled for.
If you have personal grudge against this guy, then its a different thing altogether.
Soludo has written his name in the annals of Nigerian Financial historywhether we accept it or not.
His record are unparalled, period.

Elements of sycophancy
Soludo has done no better than his predecessors and thus does not deserve a second term.
If you think otherwise, then please state what he has done to deserve another term, else hold your peace.

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