₦airaland Forum

1. Age - (noun) iye odun, odun; (verb) gbo

2. Future - ojo iwaju

3. Design - desini  (verb) fi opolo se agbekale

4. Cheap - poku

Nothin dey fear! No matter the weight of elephant, e no fit cause earthquake.
Monkey smart, monkey smart; na tree near tree
Person wey thief fowl for morning, fit thief person for night

Yes o!

All women in trousers will got to hell!
All south-south men in wrapper will go to hell!
All scottish men in skirts will go to hell!!
All african women in agbada will go to hell!!!
All arab and south asian men wearing gele will go to hell!!
All women wearing shirts will go to hell!

People wont condemn the acts of those in the south, but when someone from the south is killed in the north, some bigot will start shouting pogrom and genocide.

invisible!:
@ biina, understand me, I have nothing to gain by demonizing Sanusi. Both the loan in FBN and the ones in Oceanic, inter, UBA and other banks went bad and the CEOs have to take the blame for taking too much risk. They should all go. Sanusi is telling us that other banks were cooking their books, but who approves the results? Why must the execs be the only ones to be hit? Why not the directors, chairman, auditors, etc, even him Sanusi is at fault, he signed the results of Oceanic which Soludo refused to sign only to turn back and arrest them for the same results.

When has the penalty of cooking of books become the outright seizure and loss of shareholders assets? This is unprecedented! It have left a sad taste in investors mouths, I have sold out all my shares and will stay off bank stocks till this lunatic leaves power, its just too slippery out there now with Sanusi raining his vengeance at imaginary witches.

God will save us.

Every bank has non-performing loans and no-one has been penalized for having such loans as long as you follow the proper accounting process and provision for it. The sacked executives had non-performing loans that they failed to provision for, over exposed their banks to the stock market and lost depositors funds when the market crashed, granted loans to themselves via proxy companies without following due process, and all the while presenting a false picture of being healthy while in truth they were going belly up. Sanusi fired the executives as they are directly responsible and it was within his power to do so.

As to the Oceanic results, Sanusi had already explained why that he approved the results (after initially delaying cause of troubling signs from the EDW audit) because the bank management claimed they needed it to pay dividends and that they agreed that it would be reviewed once the CBN audit was completed. He simply acted in good faith

He said Mrs. Cecillia Ibru had met him in one of the meetings with bank chief executives and requested him to allow her release the company earnings because of shareholder pressure. Sanusi said he resented the release since she wanted to pay dividends as the bank was running low on money. Then she agreed not to pay dividends. The governor said he allowed her to release it on the caveat that after the examiners had finished there would be adjustments based on the investigation of its finances.
http://www.nigerianmuse.com/20090829090915zg/nigeriawatch/cbn-governor-sanusi-denies-hidden-agenda

Sanusi has not seized shareholders' 'assets', as the actions of the executives has almost wiped out the shareholders' stake. Sanusi is actually trying to save the banks. He could have left them to go belly up, and everyone: depositors, shareholders, and staff, would have lost everything.

invisible!:
@biina, he don't have to bring in any northerner to achieve his aim, the tools to his damage are there already. He still needs to tell us why FBN wrote off many billions of Naira as loss and its not fraud and others can't take a loss. To me, he should be in jail now.

Fraud? That is what you are supposed to do i.e. make provisions for non-performing loans. It becomes fraud when you refuse to make those provisions (because it will drag down/erase your profit margins) and claim you are profitable. Taking a loss is not fraud, but refusing to take the loss that is.

invisible!:
The economy of Nigeria grew too rapidly with Soludo as chief, the south prospered and held key positions in the economy, fastening up things, connecting to the international circuit and buying up things in Africa. This infuriated the north and they felt threatened by the souths sudden rise to the skies.
                         
Sanusi was their answer to pull the south back to level, he used force and levelled allegations on anybody that could stop him. To him, everyone is a thief and needs to be locked up, loan takers and givers alike, employers of labour, anyone trying to move the country foward is a rogue that must be terrorised with EFCC. This is the reason for the coming of Sanusi, not to make things better.

South prospered? So how many Northerners has Sanusi brought in?
You post is nauseating with its pathetic attempt at stoking ethnic sentiments

The RP guys are so disingenuous.
Dangote was not denied loans by the Nigerian banks. In fact, Dangote had an existing loan of $1.2Bn from Nigerian banks which he had taken since 2008 (and has been servicing without actually implementing the project yet) and decided to repay in January, in favor of a much lesser $350m credit line from Standard Chartered SA (of which he has only tapped about $100m). The new facility is preferred as it can be accessed on an 'on demand' basis as opposed to the project financing that Nigerian  banks prefer in which the entire sum is committed to upfront.

rhymz:
The only people that fail to see the implications of Sanusi's actions and hasty reforms are his supporters.
I remember commenting on this same topic in another thread, I said the problem i have with Sanusi is that he spends more time defending his policies(which obviously are not work and causing more problems) and making his predecessor look bad. Sanusi has the passion and has good intentions no doubt but fact is that he lacks the catholic experience of a CBN chief. He has been looking at the problem more from a moral rectitude standpoint than from an economically expedient standpoint.The results have been more caution not to take any risk at all(when obviously,bank business is hinges on trust which is a risk itself) and starve the economy of the much needed funds.What is the use of a perfect system(which is practically unrealistic) that does not do the economy any good.Like an observer said in the article, Sanusi has criminalized the lending process,now there is a whole new problem of non-performing loan gradually building up, this time not as a result of reckless neglect of good coperate policies and governance but as a result of high-handedness by the CBN chief whose passion to bring his own ideas and concept of moral rectitude is clashing with the economic realities of the sector which is not ready yet for the kind of purging Sanusi is giving to it. Soludo made many mistakes no doub, infact, he compromised a lot of the time but he showed more tact and finesse in handling the economy, he better understood the implications of CBN actions on the economy than Sanusi. Sanusi obviously is experimenting with his numerous economically fatigued policies, it is high time Mr Sanusi threw the towel and admit it.He has been viewing the problem from only one angle as a risk manager but not as the CBN chief, I think he would ve done better if he was on the board in a specialized area. . .i think Sb else should replace Sanusi,sb with a catholic knowledge of the relation btw the CBN's policies and its effect on the economy.

Soludo showed tact and finesse? when?
The guy that in June 2004, just over a month as CBN governor, unilaterally raised the banking capitalization requirements of banks by 10x from the December 2004 target of N2.5B to N25B by 2005, walking out of the meeting with the bank executives refusing to answer any questions. Same Soludo almost crashed the market a few weeks later with his 'phased' withdrawal of public funds.
Soludo may have had his virtues but tact was not one of them.

Una fall my hand

No fear, if una no win Europa League this year, una go get second chance next year (unless you finish 8th!) 

BTW Alonso don settle well well for Santiago Bernabeau, and even scored on the weekend 
Arbeloa is not doing too badly also

Una still dey hia?
Buncha Useless Obertans!!!

Arsenal FC of Ijebu-Ode!!!
managed by Arsene 'tight-fisted like tyson at his prime' Wenger!!!

ManU 2-1 Liverpool and the scousers are more or less out of the CL sweepstakes.
Spurs will be knocked out after their games against the top 3.
Villa is the main threat with their light run in. I hope they beat chelsea in the FA cup to add to their wahala.
Fulham 1-2 Citeh and we move closer to that 4th spot. Just need to beat Villa when they come visiting.
Adebayor will miss the Everton but return against Wigan.

Arab money!!!!!!!!

When a person is unqualified, the question of competence becomes rhetorical and moot.

Semi-illiteracy should be a crime punishable by life imprisonment.

That which is better should be evaluated taking into context the current state of affairs in the sector. If you have an overly conservative sector, where banks have adopted a 'siddon look' approach, then a 'Soludo' is required to inject life into the system. On the other hand, if the sector is rife with malpractice and flaunting of regulation, then you need a Sanusi type to bring things to order. If the system is a mix of the two or something entirely different, you should appoint someone with the skill set to deal with those issues. Summary, the best choice is picking the right tool for the job.

Current banking sector in Nigeria needs a 'Sanusi' to clean the rot that has been festering for a few decades. If after his first tenure, the system needs something else that he cannot provide, he should be replaced with someone else who can.

Ruggedman -Ehen! (Part I)

18 platoon:
5th columnists failed them, the firing pin of the armoured tanker has been disabled unknwon to them.

I think you have it wrong, as it was the other way round. It was the coupists that disabled the armored vehicle in dodan barracks by removing the firing pin.

Its nice to have a complementary waterway system, but the congestion problem is one of traffic engineering and load distribution.

They failed because
1. The guys sent to kill Abacha weren't thorough and failed to kill him
2. They did not cut off communication lines
3. They could not secure the heavy tanks at Ikeja cantonment.

All these are operational lapses and the underlying cause might have been their need to act ahead of schedule as they felt the plot had been compromised.

mikeansy:
There is a pattern developing of people claiming every policy by CBN announced by National dailies are not new.

I don't know why you guys want us to take you more seriously than National Dailies who consider these policies new enough to make headline news.

At no point did the newspaper comment that the law was new and only said the CBN gave directive to that effect.
The policy is not new and has been in effect since April 2006. 
The entire document is available at  http://www.cenbank.org/OUT/PUBLICATIONS/BSD/2006/CORPGOV-POSTCONSO.PDF and you can view section 5.3.10 (page 13) for the part relevant to this thread.

The issue is not about whether you bail out banks or not, but rather selectively bailing out banks with public funds under the guise of being 'systemically important' with no objective guidelines to determine who qualifies as being "systemically important". Such categorization being made on a case by case basis  by a handful of people is why I said it is an uneven standards.

An older example of selective treatment was the case of LTCM and Meriwether. Just a year after mismanaging funds (about $4.6 billion in losses) at LTCM and being bailed out under 'Systemic importance', Meriwether was back in business in 1999 with JWM and had access to $3bn by 2007, but guess what, he lost everything again in 2008. Shouldn't he have been banned after the first debacle? but instead they let him have a second crack at losing investors money. Now here is the clincher, he has reopened a third investment firm called JM Advisors Management, and is doing the same thing over again.

The concept of a 'systemically important" bank that deserves subsidizing the takeover of a bank with public funds before it formally failed as defined in the 1991 FDICIA, without any objective measure for determining how systemically important any bank is, is simply BS and is just a back door to save the behinds of a greedy few. No institution should hold the country to ransom such that tax payer have to pay for the greed of some executives.

olafolarin:
OMISORE, Nemesis will soon catch up with you, The tribunal will declare Aregbesola as the rightful winner of the election and that'll be the end of your guber ambition,

Osun state indigenes still know you as a cold-blooded killer who influened and financed the killing of Chief Bola Ige-, The Cesar of Esa-Oke,

There is no place for you to hide,

Correction, it is the 'Cicero of Esa-Oke' after the Roman philosopher, statesman, lawyer, political theorist, and Roman constitutionalist, Marcus Tullius Cicero (http://en.wikipedia.org/wiki/Cicero).

manny4life:
How do you mean uneven standards? All banks are not the same size both on the market and on their books, so explain further please.

So what is used in the determination of who should be saved?
What are the criteria that applied to Merrill Lynch and Wachovia, that didnt apply to Lehmann and WaMu?
Your post essentially says that if two institution have made the same mistakes out of their greed, and find themselves in dire situation, one should be bailed out with public funds because it is 'systemically important' while the other should be denied aid and go belly up. That in my books is an uneven standard and should not be encouraged.

manny4life:
You quickly forget that those "big banks having political clout" are the same ones that account for the nations economical productivity, largest employment in the industry and I mean service industry our economy largely depends on this banks to certain extent. About the bailout, you are quickly to assert the amount disbursed, you forget that this same institution played important roles in our economy. For instance Bank of America received money from those funds, but would you compare the amount of loans that BoA gives to some local community bank down the street? This is commercial banking, now lets see investment banks, Goldman Sachs received money as well, would you compare them to the local investment bank in your area ans is NO. Please listen to President Obama very well to know why he ordered them to disburse large sums particularly to selected banks so they can stimulate the economy. Don't forget that many institutions are repaying back their debts back to U.S. govt Goldman Sachs being no.1. As for the ones that went belly up like Lehman Brothers, they weren't worth saving.

In summary, uneven standards.

Just learn from the experience and move on.
In the words of Salif "Asalfo" Traoré of Magic System: On dit premier gaou n'est pas gaou ô; C'est deuxième gaou qui est gnatar ô ("They say the first rube isn't a rube; It's the second timer rube who's an im.becile."

BTW always funny hearing people shouting 'premier gaou' as its obvious most dont know the meaning.

We should be careful of using the US as a model example, as their policies and actions have often favored the big banks having political clout, at the expense of smaller ones and tax payers. The recent bailout of some selected institutions has cost the public about $400billion, while about 200 others have gone belly up (see http://www.fdic.gov/bank/individual/failed/banklist.html).

Kilode?!:
@ biina I have provided as much explanation and sources as I can, You don't have to agree. I stand by what I posted earlier.

BUT, I disagree with your description of Soyinka as a bureaucrat at FRSC, the Max Weber(father of Bureaucracy) definition of a bureaucrat is more of a career, public official, or a professional with a technical knowledge of a field or office, that FRSC job was a political appointment. Soyinka was not a road safety Professional.

You can disagree with him being a bureaucrat, but that doesn't make him a politician.

As to his bringing a menace by forming the Pyrates, that is just delving into urban myth, as far as I know, he formed a student organisation infused with political and social ideals to fight for what he sees as an injustice, he was not the first to form a student fraternity, it is unfair for us to equate that with student cultism and not recognize that similar student fraternities exists in universities all over the world doing good works by giving students an avenue to develop their leadership skills, network, participate and push for social causes they believe in.

Urban myth? Pyrates was the first confraternity, and even though their initial goals were lofty and noble, they left the door open for miscreants to abuse the opportunity they created. He should dedicate himself to kicking those miscreant out and closing that door.

There is no sensible correlation between Soyinka forming the Pyrates and the unfortunate metamorphosis of some Nigerian students organisations and Student fraternities into banditry, violence and pure hooliganism, it's like condemning an inventor simply because people use his/her technology and ideas to perpetrate
evil and fraud.

Wrong. No pyrates = No bucaneers = No airlords! The idea of confraternity was foreign, and like most imported things in naija, was adopted poorly.
I will condemn any inventor who creates a weapon of destruction and does not restrict who has access to it. Soyinka and co let those miscreants in.
The right analogy is that of some one who gets a gun permit and buys a gun, only to leave it unguarded and let a criminal use it in a murder.  The owner of the gun can be charged for negligent homicide.

Also, good followers of US judicial politics know that Supreme court justices are sometimes full fledge politicians, a recent example is retired Supreme court justice Sandra Day O'connor who was twice elected to the Arizona state senate, there are other examples, you can look it up on your own. Politics of the US judiciary is a major part in the study of US Jurispudence.

Seems you miss the word 'entire'  

The guy is a politician. I dont know what else people expect.