₦airaland Forum

I wear my wedding ring on the wrong finger because I married the wrong woman

Dede1:
Any person or group of persons that unsuccessfully precipitated coup against a seating government and reneged on the negotiated agreement of succession to power based strictly on military doctrine and parlance has set the path for war. I hope you still remember the chronicle order of events that led to Nigeria/Biafra civil war.

Yes we still remember
1. After the UPGA loses the 1964 elections, Azikiwe (an igbo) tries to use the military to seize power even though he didnt have the constitutional rights.
2. An Igbo dominated group of military mutineers, citing various excuses including corruption by the current NPC led government, killed prominent members of the government and military, of which only one (unegbe,  a supporter of maimalari) was Igbo
3. The coup was suppressed by Ironsi (Igbo) and he subsequently deposed the civilian government when orizu (Igbo) unconstitutionally handed over power to him.
4. For the next six months, the mutineers were neither executed nor tried, even though they should have been executed as mutineers under the armed forces act for killing their senior officers.
5. On the feeling of being denied justice and fear of a second coup to finish them off, the northern soldiers led by murtala, carried out a counter coup in June, an act that led to the unfortunate pogrom.
6. Gowon assumed power but then governor of the eastern region, ojukwu, refused to recognize him based on military hierarchy
7. The aburi meeting and subsequent accord failed to solve the matter as Gowon reneged on the agreement and made moves to check ojukwu.
8. Ojukwu declared an independent state of biafra in the eastern region.
9. Gowon initiates police action into the eastern region/biafra and thus began direct hostilities.

Please feel free to include any omissions or correction you deem necessary to suit your version of history.

RoadStar:
What's all this talk about an individual that took over without actually planing a coup being one of the worst harm on Nigeria ?
Just because he did not shoot the coup plotters.
I guess Jerry Rawlings is the biggest harm 2 Ghana for planing a coup.
Some of you just don't belong to this day and age.

Are you trying to justify his taken over of power from an elected government that he was suppose to be serving? That would be shocking coming from someone who feels that he , instead of others, belongs in this day and age.
It was Ironsi's failures that sent us down the path of military rule, counter coup, pogrom and eventually civil war. If he had not taken over, and simply backed the government, we would probably have averted those subsequent cruel events. That he didn't execute the coup plotters was just the nail on his coffin.

No mind me jare. My abuse of Ivy seem to have stemmed from continuous discourse with Nigerians who assume stanford and MIT are ivy league schools. Also I always have issue with saying 'top schools' without specifying a number e.g top 5 schools.

The true ivy league schools are Brown, Columbia, Cornell, Darthmouth, Harvard, Princeton, Upenn and Yale. I really dont like any of them (have a baseless feeling that they try to entrench a caste system ).
I too doubt that Asians are as popular in these schools when compared with the caltechs and Berkeley.

4 Play:
Your premise is clearly false. Your presumption is that the proportion of applicants to Ivy League institutions who are Asians reflects the proportion of humans who are Asians. If we go by the same logic, at least 10% of Ivy League students should be Black Africans as Black Africans constitute at least 10% of the world's population. We can use  this for every racial/religious/ethnic grouping on the planet.

It seems you failed to follow the logic. what you refer to as the presumption was the conclusion. the premise was that if students in Ivy league were selected at random from the general population.

Enough financial support to explain Asian over-achievement? There is no evidence that Indians/Chinese students receive any more financial aid than others.

A salient point is missed by you. Asian over-achievement applies just as well to Asian Americans and, here in the UK, British Asians. Fact is these people do not receive funding from Asians Govts or Asian companies but they significantly overachieve. How can you explain away over-achievement by Western nationals of Asian origin at even high school level to funding(which they don't receive) from Asian Govts/companies?

The topic was on their population and not their performance. If you want evidence you can go and ask at an Ivy league institution. For example, pick a professor that is endowed by an asian company and then look at the composition of the research group. Check with financial officers and look for distribution of external financial aid. External funding for Nigerians are usually limited to Petroleum and Geo-sciences.

The Ivy League institutions started as white dominated centres. Surely, if it was a case of racism, Asians won't gain any such foothold in these institutions? By your logic, the whites would have kept out the Asians as whites, not Asians, are the majority population.

At no point did I say things have always been like this nor did I say that race is the only admission criterion. A sit in on an admission committee would provide the evidence that you need that professors of foreign birth often advocate for students from their region.

That's an absurd point. Of course, intellectually gifted people will make conscious efforts to continue to dominate.

That it is logical does not make it absurd. The point was that asian phd student are willing to take a lesser income to improve their collective position in academia and that this action has the desired effect. You can either dispute that they make the choice, or that it has the said effect, otherwise concede the point.

Pretty much as your 4th point.

Performance of current students go a long way towards evaluation of prospective ones. In a top program like MIT or Stanford etc, the support infrastructure goes a long way in settling down and doing well. A bad start in a graduate program can set you back so much that you never recover, and your poor performance will further limit the chance of prospective students from your region as the faculty would feel that you couldn't cope because your background and/or innate ability wasn't good enough.

Last time I checked, in the UK and the US, blacks outnumber Asians. British Asians and American Asians, both of who are outnumbered by blacks in their respective countries, far outperform blacks. Seriously, who is the minority?

I am not familiar with the situation in the Uk and never made an example of it, and so do not see the relevance. Graduate admissions in top schools select from a broader international student body, and application statistics are closer to global (and not local) population distributions.

Were/are you enrolled in an Ivy league program? cos it would be pointless to debate with someone who doesn't have a relevant perspective.

Note: My reference to ivy league, is less of the old ivy league schools, but more a reference to top 5-10 programs in a field irrespective of school. Example, in engineering it would mean MIT, Stanford, Berkeley, UIUC, Caltech etc

PapaBrowne:
Yeah, it might sound like "self aggrandisement of importance"but its neccesary sometimes to talk down on folks that just speak recklessly without the slightest form of understanding on a given issue! For you Biina, I know you have understanding on the given issue, probably a different kind from mine, and I respect that. However, majority of folks that support Sanusi, both here on Nairaland and outside have little or no understanding of the impact of reckless policy decisions on overall economic performance! Majority happen to be 9-5 jobbers!

Do not try to justify that which is wrong. It is one thing to disparage someone's understanding of issues, its a whole different thing to be condescending to a social class.

So you finally own up to the fact that since the advent of Sanusi, the economy has been damaged, but you'd rather blame fifth columnists than place responsibility on the man whose very unprofessional pronouncements, very crude methods and very aggressive sectional agenda caused all the damage!

Have there been damages to the economy since Sanusi assumed office? Yes.
Have said damages been a result of his actions? No
Damages to the economy did not start with Sanusi, nor will it end with him. poor corporate governance, power failure, dependence on oil etc are some of the many things that have damaged our economy in recent years and are still damaging parts of, or the whole economy. People like you on the other have damaged the trust in the sector by spreading unfounded doom and gloom. Sanusi di that which needed to be done.

Whether we like it or not, we have to start coming to terms with the fact that the new Ag President is not a fan of Sanusi and would not allow most of Sanusi's actions. Sanusi would have a frustrating stay at the CBN  if he chooses not to resign. He already said he is well ready to go on exile! I say hurry!!

I wonder what you will do if Sanusi is still in office after in May.

4 Play:
The fact is that a disproportionate part of the migrant population is drawn from the most educated and successful demographic of the country the migrants are vacating from. To the extent that these factors are linked to higher IQ, the migrants would have, on average, higher IQ than their home communities.

The average African immigrant does not represent his home community. Is the average Nigerian a graduate? 

That's anecdotal and it doesn't have much value. The fact is that Ivy League institutions have an over-representation of Indians/Chinese. If ability did not differ amongst races, unless we are talking of a clear case of racism, each race would more or less be equally represented.

That there are more asians or people of asian descent in Ivy league institutions is due to several factors which include:
1. Asians are about 60% of the world population and thus even if picked at random, you would expect them to constitute more than half of the student body.
2. Government and private institutions (like samsung) from those regions provide strong financial support for their graduate students; directly through fellowships and scholarships, and indirectly by giving financial supports to professors with strong asian content in their research groups.
3. While sad, there is a racial under current in graduate admissions, with most professors having a bias in admitting one of their own. This has resulted in existing majority populations growing bigger, hereby dominating the PhD products and thus in turn by feedback increasing their presence at the faculty level. Essentially an avalanche effect.
4. The asian communities are making conscious efforts to increase the dominance, with most female asian students (particularly in science and engineering) heading into academia to further increase their presence at the faculty level.
5. My people perish for lack of knowledge. The asians provide communal support for prospective students and existing ones, which help them to sustain the required level of academic excellence. While blacks, already handicapped by being in the minority, do not work together nor share information well enough to help each other. The problem being that everyone feels they have enough troubles of their own and cannot afford the time or resources to help another (particular when there is no direct relationship involved). We suffer from the syndrome so aptly described in aeosops's fable of The Mice in council and their problem of  'who will bell the cat'

Fitch says Nigerian banking sector making improvements(The following statement was released by the rating agency)

Feb 18 - Fitch Ratings says in a report published today that the Nigerian banking sector's historically weak corporate governance and limited accounting disclosures have begun to improve, but notes that disclosure could be improved further.

"The Central Bank of Nigeria's (CBN) initiatives to improve corporate governance and overall levels of transparency should assist to further stabilise the Nigerian banking sector," says Anthony Walker, a Senior Director in Fitch's Financial Institutions Group.

"Investors will now begin to benefit from improved financial statement and periodical reporting disclosures, together with a common year-end for all Nigerian banks which will assist investors in assessing the risks within these institutions. At the same time further improvements made to corporate governance regulations since the conclusion of the CBN's special examination have also been considered to be positive." Following the conclusion of its special examination, the CBN made the managing directors and several of the executive directors at eight of Nigeria's problematic institutions redundant and appointed new management teams.

Fitch notes, however, that most of the non-executive directors of these institutions have remained in place. The agency considers this surprising given the apparent breakdown in corporate governance and risk management controls at the institutions.

"One of the challenges that Nigeria will face, a feature of most emerging markets is the ability to find suitably qualified and experienced individuals to serve as non-executive directors," says Denzil De Bie, a Director in Fitch's Financial Institutions Group. Although Nigerian regulations provide guidance on the structure and composition of board committees, the agency considers that the shortage of adequately qualified and experienced non-executive directors will continue to impact overall levels of corporate governance.

Moving forward, Fitch believes it would be beneficial if bank compliance functions are strengthened and given a greater role in identifying and reporting corporate governance weaknesses to relevant board committees and the CBN.

http://www.reuters.com/article/idUSWNA422420100218

PapaBrowne:
There isn't much reason to fear any longer! Sanusi's hands have been tied behind his back! [/b]All he has right now is a mouth to talk and no fist to punch!Very soon his mouth will be glued to his tongue and he will speak no more!!
Jonathan's Government is doing the right thing by calling him to order! It's a matter of time, three months max b4 Sanusi puts in his resignation!

All the same tell your friend to move his funds to a safer bank like GT!

[b]The folks on here supporting Sanusi are mostly 9-5 jobbers with zero stake in the banking industry! You have no deposits in the banks, you hold no shares in any of the banks and you have no investments whatsoever, hence you have no understanding about the impact of Sanusi's actions on the economy!!

So says the bank 'chairman'. Your self aggrandizement of importance like a toddler is just hilarious. 
With all your claims to seeing what others 'miss', I am yet to see you backup your position with facts and figures, only opinions and innuendo. The truth is that it is the likes of you that have been damaging the economy by preaching doom and gloom
Still, you are free to make whatever 'prophetic' statements you want about sanusi, but I would advise that you stay away from boxing those who do not share your views into any societal class or caste.

SEFAGO:
Indians are smart thats the basic truth. Instead of us acknowledging it and working to be as brilliant as this people we will keep denying it claiming its their large population. I am sure when the guy is done he will get job offers from Boston Consulting Group while the Nigerian is obsessed with getting a job at an oil company. One way mind  .

I disagree. There is no racial bias in intellectual abilities. What you could say is that those from less well off background tend to be more aggressive and while those that are from more comfortable origins often get complacent. Same percentile of students from different countries, often have similar intellectual abilities. Those from better academic foundation might fare better initially, but thing usually even out after the first year.
Unfortunately, there is an avalanche effect in academia, as programs tend to use existing students as a strong measure of the performance of future admits. Thus you have a situation of the 'rich getting richer' and certain populations grow at the detriment of others, not because they are inherently better, but more because they are the incumbent majority.

I expect liquidating the banks would be a last resort for the CBN, otherwise why inject funds and try to help them recover their bad loans.

The banks need injection of capital, in the least to replace the CBN rescue funds. Getting said funds from foreign banks is probably the best option cos (as have been said by others)
- we get an influx of forex, which is better than us playing musical chairs with local funds
- the investing banks should be able to bring in needed expertise, technologies and best practices
- and the affiliation should add more credibility to our sector in the global market

Please keep in mind that these local banks in question can be described as the worst off in the sector and I think it will be a great coup if we get to sell the worst of the sector to foreign investors while keeping the top ones under local ownership. We eat our cake and have it, so to say. If they fail under foreign ownership, then it simply good riddance to bad rubbish, after all they were on the failure already

honeric01:
menn, guys, we need to do something oo, alot of people want us to fail and they won't hesitate to insult and mock us, God abeg, help us oo,

can the young lads help us tomorrow?

The main reason people go mock you if you fail, na cos some una too make mouth when u win. Its a bad time time to be getting injuries.
BTW leave God out of it, as I dont remeber you thanking him when u were winning.

RoadStar:
With all due respect, I would like to differ with you on that.
Regarding Soludo's first speech, I would like a source reference or something.
The message I got from Soludo on assumption of office is that he inherited a fragile banking sector with little capital resources, mainly one man businesses that had no focus or direction and hence could not make any impression on the wider economy.

From soludo's first speech http://www.cenbank.org/OUT/SPEECHES/2004/GOVADD-6JUL.PDF

12.  The latest assessment shows that while  the overall health of the Nigerian banking system could be described as generally satisfactory, the state of some banks is less cheering. Specifically, as at end-March,  2004, the CBN’s ratings of all the banks, classified 62 as sound/satisfactory, 14 as marginal and 11 as unsound, while 2 of the banks did not render any returns during the period.  The weaknesses of some of the ailing banks are manifested by their overdrawn positions with the CBN, high incidence of non-performing loans, capital deficiencies, weak management and poor corporate governance. These shortcomings have, in recent years, led to the revocation of the licenses of two banks and the suspension of three others  from clearing house activities, prior to the commencement of the new settlement system.

13.  A further analysis of the returns of the marginal and unsound banks reveals that they account for 19.2 percent of total assets of the banking system, 17.2 percent of total deposit liabilities while the industry non performing assets account for 19.5 percent.  Although these ratios, except that for deposits, were below the trigger points for declaring the system as distressed, they are nevertheless of major supervisory concern.  

14.  The fundamental problems of the banks, particularly those classified as unsound, have been identified to include: persistent illiquidity, poor assets quality and unprofitable operations.

For clarity, we can summarize the major problems of many Nigerian banks as follows:  
a)  weak corporate governance, evidenced by high turnover in the Board and management staff, inaccurate reporting and non-compliance with regulatory requirements, falling ethics and de-marketing of other banks in the industry;
b)  late or non-publication of annual accounts that obviates the impact of market discipline in ensuring banking soundness;
c)  gross insider abuses, resulting in huge non-performing insider related credits;  
d)  insolvency, as evidenced by negative capital adequacy ratios and shareholders’ funds that had been completely eroded by operating losses;
e)  weak capital base, even for those banks that have met the minimum capital requirement, which currently stands at N1.0 billion or US$7.53 million for existing banks and N2.0 billion or US$15.06 million for new banks, and compared with the RM2.0 billion or US$526.4 million in Malaysia.
f)  Over-dependency on public sector deposits, and neglect of small and medium class savers.
Soludo skipped the first four and went after the last two. The move was premature IMO.

Asides Sanusi himself who was MD of first bank, I dont know of any bank MD who alleged that the banking sector in Nigeria was a failing sector as at when Sanusi took over. I heard a comments for and against but this were just people stating their opinions for or against.

Sanusi provided figures to back up his positions. http://www.chairmanking.com/why-bank-ceos-fired-lamido-sanusi-20090815/#more-2702
Those figures have not yet been disputed.

As to the need of an independent audit, that is a joke. The CBN is the regulatory body of the sector and to second guess its fairness is to take away its authority and make the sector lawless. That aside, the figures provided by the CBN were from the banks themselves and not new. It was same figures that made Soludo create the EDW, a move that simply swept the problem under the carpet, evidenced by the continued borrowing without repayment by the 5 banks in question.

No one can say they are true. As far as im concerned, we have two Sanusis the un-vocal Sanusi at the helm of First bank and the now too vocal one at the helm of CBN.
This now begs the question. Sanusi is a man known to have foraged into the political arena and done critical write-ups , He must have at least seen the rot in the banking sector so why did he not speak up then.

( Please see above). They are true until proven otherwise.
As FBN MD Sanusi has no business commenting on the business of his competitors as he is not suppose to be privy to such details and could be sued for try to bring disrepute on those banks for the gain of FBN. As CBN governor, its a different matter.

People are not just making sanusi the bad guy. Most ordinary people see the mass retrenchments
The credit squeeze and the fall in the baking functions generally, so why should you blame them ?

The bulk of the retrenchment has been coming from the distressed banks who have had to down size to survive. The bulk of the downturn is from speculation, based on doom and gloom spread by some with ulterior motives and some just misguided.

It not about cleaning any mess in the banking sector. It is about the manner and approach. The assessment and impact of his positive actions. This reminds me of those that call for military coups any time there is a political crisis. Not all solutions solve problems, some create more problems.

The question then is what was the better approach e.g. what should he have done with executives that were doctoring their account books- invite them to dinner?

There hasn't been enough transparency from Sanusi in my own opinion. He has acted independently and has made little or no attempt to carry the people along.
There are genuine questions being asked by ordinary folks.

What should he have done - seek public approval before taking actions, so that those that would be affected can take counter measures? Enforcement of supervisory infractions should not be a thing of dialogue.

Like how much of the banks exposures were as a result of Governments non-payment of contractors and petroleum importers.
What transpired with transcorp. They had un-performing loans but the FG was partly responsible.
Even the yara'dua government has found it necessary on more that one occassion to step in and excuse a certain group of the borrowers.

This is a common misconception. The bank executives were fired not just because they had under performing loans, but that they doctored their account to hide it. They were declaring profits when in truth they were running at a loss. To meet their obligations, they were continuously borrowing money without repayment from other banks in the EDW (which is guaranteed by the CBN). In short they were taking the other banks and the CBN down with them
That the government fails to service its loan is a risk you take as they are no different than any other private entity. The CBN should not indulge any bank or any company by proxy, simply because the government has failed in its obligations to them. Those parties did not seek the approval of the CBN when engaging in business with the governemnt.

What is his blue print for the banking sector reforms.
From the initial days of Soludo, no one will deny that he made attempts to detail a blueprint he was going to see out as CBN governor, From Consolidation, Microfinance banking, Nigerian mint, Forex policies and Naira redenomination etc.
He prided himself on how many of those he managed to acheive in office.
It was amazing how he laid down this blueprint and even tried to see them off !

Soludo to me is not entirely a success story but no one can deny his impact !

The first stage is primarily the enforcement of existing regulations. It after that that we can talk of moves for the future. It will be stupid to make plans without know the true state of things.

Soludo was an academician, who made plans that were often impracticable, which was not surprising given that he never had a true picture of the sector.

ElRazur:
You are one funny guy. So a nuclear explosion under ground was carried out exactly where? I suspect underground water analysis should be throwing up all sort of contaminants etc.

At no point did I say a nuclear explosion being sole cause of the earthquake, rather simply said that the statements of the geologist does not rule out such an event catalyzing the quake

We do not need to have access to certain information before one can conclude on that the US do not have a hand in what have happened to haiti.  I suppose given your knowledge, you know better than the expert and can paint a picture of suspicion?

You need to know the 'when' and 'what' off the events before you can do a proper analysis of cause and effect. I assume you have heard of the butterfly effect which is at the extreme of the spectrum in chaos theory.

The expert have stated [see link I posted] that is an earthquake [and nothing man-made about it]. No?

No. They only state that the region was at the risk of experiencing an earthquake. They have said nothing categorical about what triggered it. With resonance, even a small seismic event can result in a major earthquake.

Further more, you theory of an underground explosion may be flawed. The ripple effect and amplification will leave behind a trail of destruction from the point of detonation. How this will travel 1000 of miles seem shaky to be honest.

No offense meant, but you dont seem to know much about such things. Wave propagation in any medium is not necessarily permanently disruptivee.g. beating on a table generates sound waves that does not necessarily destroy the table.

You also left this bit out.

left out? I linked to the entire article as a source on the issue of relating nuclear detonation to seismic activities. You are free to reach your own conclusions.

Nice try Binna.

At what? You sound paranoid. Guess you were looking for someone to argue, but sorry I dont have time for a pointless debate with you.

ElRazur:
Yeah and no radioactive material fall out? No. Erm Okay. BTW Welcome back.

I just find it ridiculous when people tend to think the US is responsible. Even there are no proof further coming.

radio active fallout where? the shockwaves will travel well beyond the point of detonation e.g 1000Km, while radioactivity will be more localized (else the whole world would have been contaminated by now).
As long we are not privy to the details of relevant US military operations, it would always be an inconclusive argument which does not make either side right or wrong. The seismologist and geologist have only said that the fault line was ripe for picking, and cannot say if the fruit dropped of its own will or was plucked by an unseen hand.

asha 80:
yes declaring biafra and coup are the same .i can see why now they say eduaction in nigeria is in a mess

declaring an independent state within a sovereign nation his treasonable felony against the sovereign state.

@Roadstar
1.Soludo inherited a healthy banking sector. He said so in his own words (in his first speech).
2. Sanusi, based on the evidence he provided (and I am yet to see anyone including the sacked executives dispute this) inherited a failing sector.
3. If the above statements are true, then the sector was ruined under Soludo's watch, and that was the hidden price we paid for the apparent growth i.e.like you said 'seemed to have been working'.
4 But now people are making Sanusi out to be the bad guy, when he simply doing what needs to be done.

But then this is not about excusing Sanusi on the basis of actions/inactions by Soludo. Its simply a case of there is a mess in the sector, and Sanusi is cleaning it up.It is after a substantial part of the mess has been cleaned up, and we have a truer picture of where things stand, can we then make the right plans and move forward.

The problem I have is with people who feel the history of Nigeria began with the pogrom, and that subsequent events were the fault of only one party. Many Nigerians, most of them being masses from various parts of the country, lost their lives because of the actions and choices of a minority group of leaders. These leaders were not isolated to any particular region. Some Igbos on this thread seem to want to exonerate the protagonists from their tribe, and put the blame on the rest of the country, and that's just BS. Until they are willing to admit the fault of those from their region, they cannot demand (even if deserving) of an apology from the other regions for the act of their protagonists.

The problem with Nigeria and why it seems we cannot work things out is that the masses have been deceived into blindly thinking that our problem is horizontal i.e. between tribes, while in truth our problems are vertical i.e. leaders oppressing the people. Dividing the country will not solve our problem, even if we get fragmented on an hamlet basis. We have failed to learn from our experience of the British using divide and rule to conquer us.

Yes we are different people, but that diversity should be our strength, but instead the masses foolishly see it as our problem. Whereas our leaders are united in embezzling our money. A cursory look at our history is enough to show that no Nigerian government has been constituted solely by one ethnic group, and that they have all been corrupt. Each group in Naija deludes themselves into thinking they are the goose laying the golden eggs, blaming faceless entities from other parts of the country, and might only realize the truth, after we have split up and each has been exploited from both outside and within.

This does not mean that I am satisfied with the way things are in Nigeria. Definitely far from it, but I am interested solely in ways to make the country better and equitable, and not some divisive solutions that would only make the position of the masses worse. Hold our leaders accountable to the people, starting from each in his region, and our problems will start to go away. Not so, and our suffering just begun.

asha 80:
You have not yet answered my question.Where have you seen a coup whether succesful or not power is being handed over immediately to a civilian government that was about or was toppled?This is reality here not idealism.Do you know the level of tension and uncertainty immediately after a coup?

You think say na beans?A coup where a serving prime minister has just being assasinated?Power should just be left for the civilians?I laugh.My guy face reality and not ideal situation.

I dont get your point. Are you calling Ironsi a coup plotter?
Secondly, there was no question of handing over power to a civilian government as they were still in power until Ironsi took over. There was an acting president that handed over power to Ironsi. The death of some individuals does not end a civilian government.

As to your questions (though I dont see their relevance)
1. A coup plotter wants to seize power, so if successful, he will not hand over power to another. The Nzeogwu led coup failed, so this does not apply.
2. If the coup plotters failed, they do not have any power to hand over, and thus the question is moot
3. It is shameful that you would suggest that the assassination of the prime minister was justifiable excuse for the military to seize power, particularly when the act was orchestrated by a handful of officers. I wonder why the US Army didnt seize power after JFK was assassinated? 
That you think 'power should be left for civilians' hints that you feel it belongs to the military and that the choice was theirs.

asha 80:
The Nzeogwu coupists were stopped by someone.Who was that?Was that the senate?You think the senate has or had any mouth or clouth in a coup

Where in the world have you seen a coup where the coupist whether succesful or not that the power was immediately handed over to a civillian

Okay let us say Ironsi should not have taken over,who should have taken over?

Was it not Ironsi's job to stop the coup plotters or is not his duty to protect the nation from threats abroad and within?
Was Ironsi not under the authority of the president and prime minister?
Or do you want to classify Ironsi as a coupist, cos he cannot be both. While key figures were killed, there was still a civilian government in place until Ironsi took over.
Ironsi did his job by stopping the coup, and should have done the right thing and declined power. Do not try to legalize an illegality.

Afam:
The content in bold refers, how did you come about the execution of coup plotters as military justice?

Information like this continues to be presented without paying attention to details.

The coup was the first coup in Nigeria under a civilian government. Under a civilian government who would execute the coup plotters? The civilian government?

We should have respects for facts and try to understand what happened rather than making blanket and sometimes very wrong statements.

The coup plotters  were mutineers, who intentionally killed their superior officers and were also guilty of treason. Hence, under military law anywhere in the world (except until recent in countries where the death penalty has been abolished), were punishable by death. The coup plotter should have faced a military tribunal, and should have been shot.

asha 80:
If i may ask who should have taken power at that time after the coup?

The Senate President and acting President of the republic, Dr. Abyssinia Nwafor Orizu, and it was him who handed over the reins of government to Ironsi. Ironsi could have declined.