₦airaland Forum

Me sef:
Soludo’s tenure at the CBN focused more on economic growth stimulated by the improved capacity of indigenous banks through re-capitalization while Sanusi’s focus is on managing the risk precipitated by the improved capacity; it doesn’t matter, though, that this was gingered by personal/ethnic agenda. Soludo did not address the entire problem in the Banking industry but he deserves some applause for the ones he dealt with.

Sanusi’s aspersions at Soludo’s tenure in CBN are uncalled for. Judging from Sanusi’s actions and utterances, he seems to think that all a CBN governor should care about is banking supervision. The guy took actions and made utterances without considering the effect on the economy. The job of a CBN governor is meant for sound economists who understand the significance of the role of banks in stimulating growth in the economy and not vice versa. Consolidation meant that Banks were empowered to take more risks and the consequences of that could either be positive or negative as we have now found out. Now that the Banks got certain decisions wrongly, the apex bank should not leave them to themselves because their collapse or incapacity will impact the economy negatively. Sanusi’s own approach is to chase the few “thieves” who profited from the wrong decisions and settle scores with those who have earlier referred to him as a “small boy banker” while he cared less about what happens to the rest of the economy. In the Americans’ similar experience, Ben Bernanke (US Fed Chairman) stated his priority in addressing the US banking crisis as not focusing on the decision makers but first on the survival of those institutions and their ability to continue unhindered business as failure to achieve this could spell doom to their economy. So Bernanke introduced TARP (Toxic Asset Relief Package) funds to absorb toxic assets from the Banks and allow them resume their lending functions. What became individual debts became a collective debt for the American government. So the rule is survival first before dealing with internal banking issues and the American banks have been dealing with them.

Unlike Sanusi, Soludo had a broader approach to discharging his functions as the governor of the apex bank. Yes, Soludo did not spend much time emphasizing corporate governance, but it will be unfair to say he ignored it. I am banker and I can tell you authoritatively that Soludo deployed resident CBN examiners to all banks in the first week of January 2009. Part of his reasons for doing this was to strengthen supervision and also compel sound corporate governance. Those examiners sat in ALCO and Credit Committee meetings as well as in meetings of other governance committees. Sanusi should check his records. Having said this, Soludo is only a human being and could get it wrong somewhere, maybe his close romance with the Bank Chiefs became a debacle to him. But he did his best and deserves some accolades.

Did you read the actual speech?

Legal in the first trimester, and only on medical grounds beyond that.

Beaf:
Are you a natural blockhead? When did I ever say I detest Yar Adua?

Jonathan is Ijaw, I am Isoko . Please stop talking rubbish, it has a way of making grown men look stup!d.

@topic
What Jonathan is proposing for the NNPC is the right thing. The NNPC has been run as a looting corporation. Its equivalents in other countries (even those without oil) are building refineries all over the World; they are properly organised, money spinning ventures.

why cant you give credit where it is due? The reform was initiated by Yaradua as far back as 2007 (and the PIB from much before then).

freezy:
Ok, but what was the impact? Any impact assessment report? I'm not sure I can pinpoint any particular effect other than the worsening fuel crisis which is directly making life difficult in all areas for everyone.

The same impact you get when the different levels of govt get their monthly allocations i.e. they have funds to meet their obligations. The government simply paid themselves a 13th month salary. To evaluate how well they met their obligations or how much it affected their local economy, you would have to assess it on a state by state basis. The funds were not meant for the private sector nor were they fuel subsidies.

rasputinn:
Dude are you in this planet at all,just watch out

Trust Sanushit @ your own peril

why cant you simply say what he has done that makes him anti shareholders?

inspired_m:


2007 Honda CR-V EX Leather is 3.5 Million Naira

2007 Toyotoa RAV 4 Limited Leather is 3.5 Million Naira

Sun/Moon Roofs are Standard on all Full Options.

Prices deliver to your Door Step

1 Year Warranty 

Thanx for the quote. I take it this is your final price?

BTW moonroof is not standard on any of the 3rd generation (MY2006 to present) Rav4 irrespective of the engine size and/or drivetrain. Its an option on the sport and limited trims, and unavailable for the base trim. Specifically for the MY2007, see http://www.toyotacertified.com/ebrochures/07_rav4.pdf

naijaking1:
You have not obviously been following many Sanusi's numerous road shows.

Then provide a quote where he said greed is illegal.
I doubt you have even read the recent speech that is the topic of discourse.

RoadStar:
What is the impact of the $2bn late last year by FG.
Was there any impact assessment.
Now CBN is about to spend more.

CBN should try and stem the mass sack in the banking sector before trying to induce jobs in other sectors

Maybe re-open the EDW(Soludos approach) but with another name (Sanusi approach)

The $2bn was from the excess crude oil account and was disbursed to the FG and states accounts to ensure funding of capital projects and avoid recession. CBN did not 'spend', money.

naijaking1:
My point?
You too don't seem to understand the issue here: morality vs legality. Over 2 pages above, you Sanusi supporters and advisers have demonstrated ignorance of the difference between the 2. Sanusi himself has also gone out of his way to show his own ignorance by talking about people being greedy, selfish, etc. I tell you something, for someone in his shoe, GREED should be good, and regulated.
No question that lying-forgery/cooking the books, etc are clearly illegal, but lending money to potential business people, living expensive lifestyle, being greedy, owing many properties are quite good for our capitalism, they creat jobs.
Are you sure Sanusi understands all this?

Sanusi did not say greed was the offence, but that it was the driving force behind the illegal acts.
You on the other hand wrongly believe that greed is required for success. I disagree. Greed, which equates to trying to obtain more than your proper entitlement, is often a precursor to illegal acts. Ambition and aggression are what is required and not greed.
Still, you are free to be greedy as long as you act lawfully, and Sanusi has only made it clear that those that step over the legal boundary will be held accountable irrespective of social or economic status.

naijaking1:
I am going to resist the temptation of going back to sociology 101 in order to teach you how codified laws emanate from established moral, religious, and ethnic rules/regulations, because you have shown complete ignorance of this relationship.
Many social morales end up as laws, others don't, and that where you guys get it confused. This is not just an arguement over sementics, it is going to expose the apparent misunderstanding between people who think that they're investing in a lawfu, capitalist, and secular environment on one hand and those who think that they're bound by some cryptic religious obligation to enforce morality on everybody, and who happen to be in charge of the financial system at the same time.
Stealing, lying/falsification are some of the ethnic and religious rules that have become laws in many societies, but making too much money, having personal jets, having personal banks, having too many landed properties while some people have none maybe morally frowned upon from a religious or even cultural perspective, but it doesn't break the law.
This is the axiom you people need to teach Sanusi. He shouldn't go around opening his dirty mouth about how some people are too rich, then he turns around looking for evidence to show that they acquired those properties illegally.

and your point being? The sacked executives doctored the books and abused their office to siphon money into their private pockets. That is both immoral and illegal. Nobody is being persecuted for having too much money or too many landed properties.

naijaking1:
Once again, I disagree with you that Sanusi did what needed to be done, the way he did it. He did not need to wage a sustained public relations war against the banks, CEOs, shareholders, and now workers. He could have had far more impact without playing to the gallery at every opportunity he gets to undermine confidence in our banking and financial system. He did all these on the pretext that if he had not come in on time the roof would have collapsed on the banking sector. Of course, many don't believe him.

Sustained PR war? he simply fired the executives. It people like you that are waging a PR war and trying to discredit him.
You say you disagree with that Sanusi did what needed to be done, can we then be a more specific: are you one of the 'many' that dont believe the system would have collapsed if left unchecked?  If yes can  you provide evidence (facts and figures) in support of your position? which part(s) of the assessment by the CBN is/are untrue?

Mkpotu:
@biina, the qualifications for both men are not and cannot be placed together. Soludo was appointed CBN governor because of his rich academic qualifications especially in the area of economy as well as his international experiences, besides being onetime economic adviser to the former president which he did creditably well.

But the purported grounds of Sanusi's appointment cannot be academic ofcourse, because he doesnt have any special qualification more than I do, however they pitched the appointment on the grounds that he has been in the banking industry & should have experience , but I still make bold to say that he is an amateur in the industry especially where the grounds of his appointment is on experience. There are several other experienced bankers from the North that would have ordinarily made it as CBN governor.

That aside, I must boldly tell you that the main reason why Sanusi was chosen was because of his RADICAL NATURE, they needed somebody that can be bold & achieve whatever plans unlike politicians like Isa Yuguda who though is more experienced as a banker but may not easily be a good candidate to execute the agenda.

Soludo was a theoretician who lacked corporate experience before his appointment. This reflected in the way he ran the CBN with heavy focus on policy and lax supervision. Sanusi is a different type of governor, and while he might lack the paper credentials of Soludo, he has enough experience, having worked in different banks and risen to be MD of one of the biggest  in FBN (a position that has been dominated by southerners). His peers in the sector admit that he is one of (if not) the best at Risk assessment and management. Your request to have Sanusi evaluated for a year before being appointed as CBN governor was baseless, as anyone fit to be appointed as FBN CEO is qualified to be CBN governor. Yuguda on the other hand has inferior credentials IMO, as I wouldn't trade UBA and FBN for Savannah Inland and NAL. That yuguda is an active politician was just the nail on the coffin.

Yet my problem is more with people who are biased in their criticism of Sanusi for doing what needed to be done, when they cannot offer viable and effective alternatives. Soludo's appointment put the cart before the horse, and while Sanusi is trying to clean up problems that existed before soludo, and which soludo compounded, some are making it out to be as if Sanusi created the problems.

The stock market was in decline well before Sanusi took over, but the likes of naijaking1 would have us believe that the decline during soludo's time was the fault of the global economic crisis, but same became the fault of the CBN the moment Sanusi took over. That is simply disingenuous and in bad taste.

Fhemmmy:
Ask the Nigerian govt and their people

If you dont know, then what were the basis for your earlier statements?

Fhemmmy:
The lending has never gone to the right people

why?

blacksta:
I guess you have you have answered the question  - with the above  - Stimulating the economy without it benefiting small medium business is complete waste of time. Money should be diverted somewhere else.  I suspect the so cold funds will be used to bolster deplted customer deposits by the so called useless banks

The CBN is not responsible for lending directly to businesses.
The move to reduce interests on bank deposits with the CBN will act as an incentive for banks to lend to the private sector, and improved power supply will only help increase production and help manufacturers meet their loan obligations. These will all benefit businesses at all levels.

Fhemmmy:
Lol

blacksta:
Stimulating an economy that does not trickle down to the masses.  Banks dont lend and if they do lend is with stringent conditions

Generally, effective stimulation would trickle down to the masses via job creation, and not through the bank lending you money. More relevant in this case is the proposed financial support for the power sector, which should result in improved power supply and thus improved productivity in the economy, and, increased standard of living for everyone.

@mkpotu
What corporate experience (talk less of executive management) did Solduo have before his appointment?

Need a price quote for

1. 2007 Honda CRV EX

2. 2007 Toyota Rav4 limited with moonroof

Both should have less than 45K miles. The quote should include shipping to Lagos, and clearance.

why cant you post it in the thread?

Don't look back, don't look down, hold ya head up high, and just move on.

VIN report?

What is the cost-yield analysis of the venture?

A fool and her money are soon parted

WORLD'S WEALTHIEST CLUBS BY REVENUE (Source: Deloitte 2008/09)
[table]
[tr][td]Position  (prior)[/td] [td] Club [/td] [td] [/td] [td]Revenue (€m) [/td][/tr]
[tr][td]1 (1)[/td] [td]Real Madrid[/td] [td][/td] [td] 401.4[/td][/tr]
[tr][td]2 (3)[/td] [td] Barcelona[/td] [td] [/td] [td] 365.9[/td][/tr]
[tr][td]3 (2)[/td] [td] Manchester United[/td] [td] [/td] [td] 327.0[/td][/tr]
[tr][td]4 (4)[/td] [td] Bayern Munich[/td] [td] [/td] [td] 289.5[/td][/tr]
[tr][td]5 (6)[/td] [td] Arsenal[/td] [td] [/td] [td] 263.0[/td][/tr]
[tr][td]6 (5)[/td] [td] Chelsea[/td] [td] [/td] [td] 242.3[/td][/tr]
[tr][td]7 (8 )[/td] [td] Liverpool [/td] [td][/td] [td] 217.0[/td][/tr]
[tr][td]8 (8 )[/td] [td] Juventus[/td] [td] [/td] [td] 203.2[/td][/tr]
[tr][td]9 (9)[/td] [td] Internazionale[/td] [td] [/td] [td] 196.5[/td][/tr]
[tr][td]10 (7)[/td] [td] AC Milan[/td] [td] [/td] [td] 196.5[/td][/tr]
[tr][td]11 (11)[/td] [td] Hamburg SV[/td] [td] [/td] [td] 146.7[/td][/tr]
[tr][td]12 (12)[/td] [td] AS Roma[/td] [td] [/td] [td] 146.4[/td][/tr]
[tr][td]13 (13)[/td] [td] Olympique Lyonnais[/td] [td] [/td] [td] 139.6[/td][/tr]
[tr][td]14 (14)[/td] [td] Marseille[/td] [td] [/td] [td] 133.2[/td][/tr]
[tr][td]15 (n/a)[/td] [td] Tottenham Hotspur[/td] [td][/td] [td] 132.7[/td][/tr]
[tr][td]16 (16)[/td] [td] Schalke 04[/td] [td] [/td] [td] 124.5[/td][/tr]
[tr][td]17 (17)[/td] [td] Werder Bremen[/td] [td] [/td] [td] 114.7[/td][/tr]
[tr][td]18 (18)[/td] [td] Borussia Dortmund[/td] [td] [/td] [td] 103.5[/td][/tr]
[tr][td]19 (n/a)[/td] [td] Manchester  City [/td] [td][/td] [td]102.2[/td][/tr]
[tr][td]20 (n/a)[/td] [td] Newcastle United[/td] [td] [/td] [td] 101.0[/td][/tr]
[/table]

Real first club to exceed annual revenues of 400m euros

Real Madrid became the first team in any sport to post revenues in excess of 400 million euros (362.2 million pounds) in a single year, according to the annual survey of the richest soccer clubs by accountancy firm Deloitte.

In its survey released Tuesday, Deloitte said the figure of 401.4 million had been helped by high broadcast revenue. Real topped the "Football Money League" report, which ranks the 20 biggest clubs by revenue, for the fifth consecutive year.

European and Spanish champions Barcelona overtook Manchester United, who were hit by the weak pound, to move to second.

Barcelona posted the largest absolute increase in the Deloitte report, from the 2008-09 season. The club's revenue rose by 57 million euros to 366 million euros.

"Real Madrid and FC Barcelona have created a clear revenue gap between themselves and their European competitors, and look set to contest the top two positions in the Money League for the foreseeable future, particularly if the pound doesn't strengthen against the euro," Alan Switzer, director in the Sports Business Group at Deloitte, said in a statement.

Top clubs weathered the worst economic crisis in decades thanks to their loyal fan bases and large broadcast audiences, according to the report. The combined revenue growth for the 20 clubs slowed compared with previous years to over 3.9 billion euros.

"However, it will not be until 2009-10, the season currently in progress, before we see the full impact on clubs' revenues," said Paul Rawnsley, director in the Sports Business Group at Deloitte.

The top 20 was little changed from last year, with Werder Bremen and Manchester City replacing VfB Stuttgart and Turkish club Fenerbahce. The list was again dominated by European clubs, with seven English clubs, four from Italy, and two each from France and Spain. The number of German clubs grew to five from four.

Its funny that some people find it convenient to ascribe any problems in the banking sector, or Nigerian economy as a whole, before june 2009 to external factors, while after june 2009, same problems shockingly become the fault of the new CBN governor

mikeansy:
What you fail to realise is that there is no evidence that it is not the current CBN under Sanusi that is actually doctoring its records to support their convoluted and irrational policies.

But you know what? in the midst of this confusion as to who is wrong and who is right? the economy is hurting and people are loosing their jobs and this is a direct result of Sanusi's prefered approach to running the economy.

He should own his failures.

No evidence? Even Soludo knew those banks were having problems, or why do you think he created the EDW?
The bulk of the damage is from people spreading doom and gloom, and less from the actions of Sanusi. If Sanusi had failed to act, the sector would have eventually collapsed and we would have experienced another crisis like we did with the merchant banks/discount house saga.

It is disingenuous to say that there was no problem in the sector, as even Soluduo admitted as much when he took over office, and did little to nothing about it. The CBN has provided facts and figures which even the back executives have not countered.

If there was a problem, the next question would be on how best to effectively tackle it? I believe Sanusi's actions were the best way to deal with the problem. If you disagree, then come up with an alternative approach that would be at least as effective, but do not condemn Sanusi's actions when you fail to provide a superior alternative.

mikeansy:
http://www.ainewswire.com/?p=161

This is Fitch rating for Intercontinental bank in 2007 which Sanusi now describes as house of fraud. So who is lying?

So forget theories and ratings lets talk about the realities

People have lost job since Sanusi came in, people have also lost confidence in the economy since Sanusi came in

All of these drags us back to what Donald Duke was saying which I posted above. It's all based on perception and Sanusi has simply destryed our economy.

were the fitch ratings not based on the doctored books of the bank? what is their rating now that we have a clearer picture of their position?

naijaking1:
Interesting to see how folks who have no genuine point to add to the converstaion always quickly go personal.
Even if Utomi was named as a debtor, what has that got do with his professional opinion?
I mean professional opinion, because I doubt whether you, Sanusi, and other blind supporters on this forum understand that.
If you don't enough professional opinoin to counter his(Utomi) argument, there is no need to resort to cheap personal attacks and wild allegations to sway the public like Sanusi does all the time.

Professional opinion eh?

The bank's result published recently revealed a whopping loan loss provision of N232.16 billion, while its stock of non-performing loans stood at N415.11billion.
Bank PHB's net loss for the period under review stood at N438.65 billion.
http://allafrica.com/stories/201002230978.html


where was Utomi's professional opinion when the bank was wallowing in debt and publishing accounts like if all was well?

@OP
Is the pope catholic?

RoadStar:
I guess the UK with BBC is a communist state
And VoA is not goverment owned.
What of SABC.
Some of you just come here and type away just for the sake of it 

and some people lack basic reading comprehension skills. 
Stating that a non-communist country does not need a state owned media station, is not the same, nor does it imply, that all countries with state owned media are communist states.
English comprehension is not as hard as you make it seem