bawomolo:

kai and i thought drew brees and the saints would shut you and ricky generator up.  yall don't give up easily eh 
dwayne wade is signing this summer, it's a do or die affair 

Shut wetin?colts won 14 games and got to the superbowl. where were the bears and their Jay 'da Diva of INTs' Cutler? 
Wade is going nowhere. Instead either Amare or Bosch is joining him this summer. He will be bringing the heat in south florida till his retirement.
Go checkout my boys 8 game winning streak. We headingf into the playoff in good form, while your bullshiits are heading to lake michigan for some overdue fishing

edoyad:

biina Tell me where in the world a military system of govt has a president as it's head ? Military system of govt has a dictator at the helm just like any other form of undemocratic govt

During IBBs tenure, we had elected officers (governors, LG chairmen, etc) and a legislature at both the federal and state levels. It was far from a military government.

A dictator is defined by his style of government (and not his origins) e.g. Mugabe is a civilian dictator. Being undemocratic has more to do with what you do when you are in office and less with how you got into office.
Rawlings got into office through undemocratic means but his regime was seen as being democratic and key in turning around Ghana's fortunes.
Elections and democracy are two different things, and in Africa, are usually uncorrelated.

edoyad:

A president is an elected head of state, in reference to countries cos american colleges, companies and some civic organisations also use that term. A military man or unelected head of state cannot be president unless he/she got into power constitutionally eg. Jonathan.
Nigeria's presidents would be: Zik, Shaggy, Shonekan(?), Shege, UMya and Goodie.

A president is defined by the system of governance and not the process of ascension. The UK does not have a president even though they have elected officers.
Shonekan was the head of an interim government.

@OP
A president is the head of a the executive arm in a presidential system of government.
Azikiwe was only a ceremonious president and had minimal executive powers compared to the PM, as the first republic was based on a parliamentary system.
IBB was Nigeria's first and only military president.

naijaking1:

What is the conjecture here? I'm sure you were not living on planet earth when a senator challanged and querried the appointment of a CBN governor from Kano when the ministers of finance, national planning, and economic adviser in addition to the president are all from from Katsina/Kano/Kaduna. The senator wondered whatever happened to federal character.
Lose of confidence in our financial system did not just start with this appointment, but it contiuned with the guys behaviors as a CBN governor. Almost nobody trusts the fin. minister---alh. whatever to supervise the rogue activities Sanusi.
Anyway, thanks for not asking me for evidence to show that Sanusi is really from Kano

The conjecture is that you made claims that Sanusi fired some directors because they disagreed with him.
- you failed to provide any evidence that the directors did disagree with Sanusi (all you referenced was a misguided article with no credible sources, which didn't even know that they were non-executive directors and not deputy governors)
- you failed to show that the directors were actually fired by sanusi, but that their tenures were simply not renewed. You subsequently claimed that it was sanusi that manipulated this.
- You failed to provide any evidence of Sanusi manipulating the presidency or senate.

Your recent claim (without evidence) was that Sanusi "basically worked his personal agenda into the the financial policies of this nation" simply because he is from Kano and 'K3 buddy' with minister of finance, national planning, or the the president. You provided no substantiated evidence (and please dont make reference to the nonsense from RP) that he is implementing a personal agenda nor that his actions are supported only by the other 3 personalities. Hopefully we will have a new finance minister who is not from the north and we will see if you soon condemn that one too if he supports Sanusi's actions

Note: prime candidate for FM, Aganaga has already hinted at his approval of Sanusi's actions saying
On the capital market crisis, he stated, “When you talk about issues about the capital market, most of it are homemade issues and that is the fact that we were too fast, but I think some of my colleagues are already taking actions to correct that and we need to focus on both the banking and capital market reforms.”

Now you are jumping to the question of federal character which has nothing to do with the topic at hand, or Sanusi's overall competence or did Sanusi also 'fire' the senator that raised the issue of national character?

BTW you have provided no evidence that Sanusi is indeed from Kano or that he is a prince

@superbrain
Congrats on the admit.
If you are into pet, I think conocophilips has some research facilities somewere around there, and might worth looking into for job or research funding opportunities.

bawomolo:

happy easter people.

maverick fans, how market 

e be like say d chicago bullshiit go need fishing trawler dis season
dem still dey wait for d-wade to come and save dem, haha - I laugh in ashanti!

illusion2:

@bgees,pls forget about 4th place,lets concentrate on winning the Europa cup,pray we don't lose Torres & Steve G in the summer & hope Hicks & Gillet finally bow out this year

You are a realist

paddy_lo:

True however oil is at $85 but the budget is priced at $67, so excess crude should begin to fill up for the rest of the yr
as long as there is no more sharing

Not just sharing but that our revenue stays above the projected $67 X 2.3 billion. A fall in price or production can result in reduced revenue meaning deficit spending.

True but hedging is usually based on price. . .Also with the amnesty in place,Nigeria output has room to rise,
dont forget our quota does not include condensate which alone is 600,000 barrels on top of our quota of 2million barrels
right now we actually produce a little over 2million bpd, plus our condensate production
As for the Govt,well i believe a strong federal Govt can prevail on the states to reduce Govt spending
afterall its the Fed Govt that usually produces the budget,and can equally refuse to sign any supplementary budget based on excess crude funds
click on my profile and read my post that didnt register on here(due to the spambot),and u will know why even though lots of companies do it
its not really easy to pull off and usually does blow up in such companies faces, esp commodity hedges

The agreement has been made to spend the money. $4.8 billion was deducted in March and the account is simply being abused.
Besides our OPEC quota (which we are currently exceeding), unrest in the Niger delta could result in reduced production and in turn reduced revenue

as for my conclusion, i only really became alarmed based on this quote below from sanusi,
"Mexico has done it, and you can hedge half of your production at $37 per barrel so that whatever happens to the price of oil you will not be hit hard".

I just believe with oil at $85, US economy expanding,Asian and BRIC countries growing again, Europe flat and Africa projected to grow this yr as well
that any talk of $37- $40 oil is misplaced.  . . . .if he really wants to hedge, he should hedge in a range of strike prices btw $70 - $100 a barrel. . .(involving a downside put @70 and an upside call @100 on oil Futures)
to put it in lay mans terms if the price falls to Zero, Nigeria would still be paid $70 a barrel for each barrel of oil entered into contract to deliver

and if oil prices rises past $100 to say $140 our gains are capped at $100, and we forfeit whatever upside there is to be had(or unwind the trade,whichever is cheaper),

However i feel all this is unnecessary, our politicians are too much of illiterates to understand it anyway
Try explaining to the NASS why oil is at $140 but u can only make $100 due to some hedging contracts u entered into?

The much simpler way like i said earlier is to stick with Excess crude and put political pressure on the politicians to cut spending,
afterall they were the ones that raised the benchmark budget from $57 TO $67 For this yr
It will make it easier for everyone to understand. . .we save whatever is above the budget,times whatever we produce for the month

The statement says 'you can' and not you should or must. Where, when and how to hedge will depend on various factors e.g. the lesser our projected revenue is from actual, the less we need to hedge.
There is no guarantee that oil prices will stay up: it could sky rocket to $100+ and could also nose dive to less than $50. Nobody knows the future, and all are speculations (some more reasonable than others).
The uncertainty in oil revenue is more towards the second half of the year, when the winter is no more and Iraqi supplies might result in a glut.
A hedging position guarantees us a minimum price for our oil, which makes managing the ECO account easier (cos even if they dont spend anything from the ECO acct, if average cumulative oil revenue for the year drops below our projections the government will need short term loans). It comes at a cost and that is what should be weighed against the probability of and potential losses.
For me the key is to do it right - hedge at the right cost for the right amount of security.

Note: You dont necessarily have to hedge on both sides. In fact, given that we supply the commodity, we can let the higher end free run and only secure the lower end. Bracket edging is more suitable for investment portfolio management.

mikeansy:

Perhaps you have more info on the character of the man than everyone else.

I advise you to share that with us because you will come to realise that only a few people on Nairaland may have had more knowledge of the man's character.

I don't know about his person.

I just know that his economics and temperament does not fit the office of CBN Governor in a capitalist economy like Nigeria.

When did Nigeria become a capitalist economy?
Nigeria (like most countries) runs a mixed economy.

So what is the current balance in the excess crude oil account? just $3.2billion and will likely be empty soon.
The excess crude oil account saves excess revenue (not price differential) and is managed on a monthly basis. The 3 tiers of government (and not the FG alone) have agreed to spend the excess.
Oil revenue depends on both oil prices and oil production. Nigeria has fallen below the projected revenue on several occasions (due to lower prices and/or reduce production)
The ECO account (if properly maintained) buffers the governments income from short term ripples in our oil revenue. It does not protect the revenue from adverse events.
Hedging would bound the variation in revenue which will in turn make managing the ECO account more effective. They are complementary and not to be interchanged.
Hedging is used to minimize the impact of an adverse effect, and even taking out an insurance is a form of hedging your position.
The decision on hedging should be based on the potential losses and the cost of the hedging.
But seems you have already concluded on how, and the associated costs of the hedging, and thus it is wrong. If hedging is as bad as you paint it, I wonder why so many people do it
I dont know what you do for a living, but hedging is not as esoteric as you are trying to make it.

naijaking1:

@biina
You're faking ignorance of Sanusi's strong political connections with the presidency of Yar'dua. Despite being a member of the Kano/Katsina/Kaduna-K3 mafia, everybody knew that Sanusi basically worked his personal agenda into the the financial policies of this nation without interuption from either the mininster of finance, national planning, or the the president, because they were all K3 buddy buddies. Sanusi is a better politican than he is a banker.

I dont have the time for someone whose argument are based solely on conjectures and flase claims. Feel free to believe anything that lets you sleep at night

The excess crude oil account approach is just an internal buffer and its effectiveness requires that your average oil price be above your budgeted value. If it ever falls below, you will need to borrow money or default from your budgeted expenditure, and likely end up with a budget deficit. It is even less effective if the excess of 'good' months are spent as has been agreed by the three tiers of government in Nigeria. Also the excess crude account provides no buffer against variation in oil production or opec quota changes.
Hedging is complimentary to the ECO account, and not a replacement. You want predictability and bounds on your income.

@paddy_lo
So Mexico that saved $5billion from hedging its oil prices last year, and is spending $1.2billion this year, must be quite stupid.  
You are so quick to take the words of Rubin like the Koran, without any reference to other sources. Here is someone who disagrees with Rubin http://www.thisismoney.co.uk/oil-predictions
Already one of Rubin's premises was that OPEC would increase production to meet increased demand, but OPEC on March 17 declined to make changes as demand has been 'sluggish'.
But the general idea behind edging is to trade returns for reduced volatility, something that is bad for a nations budget and expenditure. That there is no consensus on oil prices trends means increased volatility, and thus hedging is the right move. The only issues that needs to be addressed is what fraction of our production and at what price.

naijaking1:

@realman
Thanks for the article, I know I have seen it before paraphrasing it in an earlier write-up

Not surprising that you would remember an article filled with erroneous statements and falsehood.

@biina
I don't expect you to tire-o, and shamelessly too.
You ask for names, you got, you ask for circumstances, you got it , I know that soon, you will ask for evidence that Soludo was replaced by biina Sanusi

In your profuse denial of events, you have simply forgotten to acknowledge that a wise ruler listens to both consenting and dissenting opinons. You can weave it anyway you want, it's obvious Sanusi's personal animosity trumps national interests. Are you surprised that the same 2 board members who adviced and insisted on due process are the same ones unable to renew their contracts?

Hello

So you expect me to simply ignore your false statements?
You have now changed your position from Sanusi firing the executives, to accepting that their tenures were not renewed.
But you stick to your baseless statements that their contracts were not renewed by the president and senate, simply because they disagreed with Sanusi. Sanusi must  then have control over the presidency and Senate.

That they disagreed with Sanusi itself is yet to be substantiated. All you have is an article by someone who made such false statements as they being deputy governors and that they were only appointed this year. The article provides no verifiable references or witnesses. Even a statement from said directors, no matter how subjective, was not quoted.

A more reasonable and logical explanation is that the author noted that two members of the CBN board had left, assumed erroneously that they were deputy governors, and with the recent actions taken by the CBN, further assumed that they must have been removed for disagreeing with Sanusi. I cant blame the author though, since people like you are so blinded by your personal dislike for Sanusi that you gobble up such nonsense without a second thought.

You can keep deceiving yourself that Sanusi's actions are guided by personal issues with some bank executives, but please try not to preach such nonsense to others.

With this uninspiring display against wolves, una go fit beat spurs and citeh so?

realmen:


Why Two CBN Deputy Govs Lost Job
o ANAN Chief Faults CBN's Strategy
Intercontinental Recovers N4.8B
By Ade Ogidan and Godwin Ijediogor, Lagos and Simeon Nwakaudu, Makurdi
AS operators, regulators, customers and the public take stock of the fallout from the sacking of five banks chiefs, information reaching The Guardian indicated that the action did not actually enjoy the total backing of the apex bank's helmsmen.
A sharp disagreement was said to have emanated during meetings summoned to agree on the action, which saw five banks' chief executives lose their positions.
It was gathered that some of the apex bank's deputy governors opposed the move, its timing and motive.
But that might have cost the deputy governors, Mrs. Juliet Madubueze and Professor Akpan Ekpo, their own jobs, as they were dismissed from their positions to which they were appointed early this year, as recently reported, though the reports were silent on the real reasons for their removal.

Further misrepresentation of the facts.

1. Prof. Akpan Ekpo, and Mrs Juliet Madubeze were non-executive directors of the CBN  and not deputy governors as claimed in the article
2. They had been appointed to the board of the CBN since 2005 and not 'earlier this year' as claimed by the article
3. Non-executive directors are appointed to a renewable 4 year term. The duo were not removed, but had come to the end of their tenure, and their tenures were not renewed. In fact , Prof. Akpan Ekpo was appointed as the Director General of West African Institute for Financial and Economic Management at the Central Bank of Nigeria Learning Centre

naijaking1:

Sorry, I don't have access to all the newspapers for the past 9 months like you do, but everything I said are in the public domain.

what do you need all the newspapers for?

The article you referenced clearly states

The President also approved the appointment of two additional members to the Board of the CBN. They are Mr. Stephen Oronsaye and Mr. Nebolisa Arah. Oronsaye, who is currently the Head of the Civil Service of the Federation, is to serve on the CBN board in his personal capacity and is to replace Prof. Akpan H. Ekpo (South-South Zone), while Arah who was the pioneer managing director of Fidelity Bank is to replace Mrs. Juliet Madubueze (South-East Zone).
The appointments of Mr. Samuel Olofin, Dahiru Muhammad and Joshua O. Omuya to the CBN board were also renewed by the President.
All the board appointments are subject to confirmation by the Senate.

But you earlier claimed that Sanusi 'fired' the board members because they disagreed with him

Seems you find it difficult to admit that you misrepresented the facts.

naijaking1:

I take it that you have never heard about Prof. Akpan Ekpo, and Mrs Juliet Madubeze, or you just want to play your old 'show it to me' game?

http://allafrica.com/stories/200908170390.html

I thought you said the directors were sacked by Sanusi for disagreeing with him?
Why then are you making reference to two non-executive directors whose initial 4 year terms were up and were not renewed. Did Sanusi sack Soludo as well? Seems you just wanted to misrepresent the truth again. FYI the CBN governor has no power over the appointment or removal of directors. Its under the purview of the presidency and senate.

Also, you claimed (no proof provided yet )that the directors disagreed with Sanusi were in the right, while the remaining 11 board members were in the wrong. Are you now claiming that those two directors know better than the rest of the CBN board?

What is to be achieved by showing the audit report to the CEOs?
Were they not already aware of the poor situation of their banks hence their need to continuously borrow money from the CBN?
Were they not the ones that mismanaged the banks into insolvency?
Have they not failed to  utilize the opportunity provided by the EDW and have only worsened the position of  the banks?
Showing the CEOs the audit report and giving them time would have only served to undermine the process of cleaning up the sector. They had the opportunity to turn things around via the EDW and failed to do so, and instead were busy hiding their non-performing loans. The executives knew the truth and what they were doing, and if they were ignorant, the more reason to fire them.

Spurs will play Arsenal, Chelsea and ManU next. They are out of the running for 4th place.
Villa and Liverpool pose greater threats.

With their 6-1 thrashing of burnley, and spurs loss to Sunderland, Citeh have moved to 4th place. Villa and Liverpool are now 5pts behind them with 6 games left to play.
Spurs will next play Arsenal, Chelsea and ManU, and the shocking loss to Sunderland might have ended their bid for the CL spot

The definition of an indigene as used in the constitution is"
"belong to" or its grammatical expression when used with reference to a person in a state refers to a person either or whose parents or any of whose grand parents was a member of a community indigenous to that state;
I doubt Aganga qualifies as an indigene of Lagos state.

People that are approving Aganga to represent Lagos state will rue your stance when an Hausa man is nominated for your state simply because he was born there. Appointing Aganga on the tab of Lagos will set a bad precedent.

If the presidency feels Agagnga is the right candidate for a job, he should be appointed as a minister, but only on the tab of his true state.

naijaking1:

Are you kidding me?
We have said over and over that Sanusi's approach belied his inexperience, immaturity, and possibly personal/ethnic agenda. No-one has doubted that everything was honky dory with the banks, but creating 12 more problems while trying to solve 3 problems is not the correct approach.

Remember, the 2 memebers of CBN board who disagreed and advised Sanusi to be more professional in his approach were hurriedly fired a few days after the first 5 CEOs were fired. These experienced board memebers adviced him to share his bad audit reports with the CEOs, give the CEOs time to correct any percieved deficiency/manipulation/over-lending, etc, and to approach the whole issue in a way that would not have resulted in lose of confidence in our banking system.

Instead, Sanusi got rid of what he saw as an opposition inside the CBN board, began a World wide road show to highlight how corrupt, criminal, and ineffective our banking system had been before he--- the messiah arrived.

So, you can see that it wasn't the problems with the banks that people detaste most, but Sanusi's retarded approach to those problems.

You admit that there was a problem, condemn Sanusi's actions, but cannot profer a viable alternative?

So who were these 'experienced' CBN board members that were 'fired' by Sanusi for disagreeing with him?

naijaking1:

I take it that the 3 circumstances you listed above is an attempt to show that other people saw the "rat" too. Well they didn't. It's the amature hunter that screams "python, python" while others simply call the snake a cobra. What those people saw definitely was not the same thing your boy Sanusi saw in the banks.
Nobody would have denied that problems existed in our banks prior to Sanusi's arrival(just as it existed in every facet of Nigerian life), but only Sanusi and his supporters agree that the solution lied in creating a bigger problem than existed before.
Soludo probably knew that some problems existed, hence his creation of the EDW, and then possibly gradually solve the problems while maintaining confidence, intergrity, and confidence/jobs in the banks.
Have you not yet understood that the art of solving a problem without creating a bigger one is learned rather than inherited. It's like surgery, you have to remove the diseased tissue without whacking off the whole organ. Sanusi has not leant the art, and as the CBN governor there is little or no on-the-job-training.
Who would dare train a Kano prince?

Now we have gone from rats to snakes?
Those 3 items I cited, and others like them, confirm Sanusi's statements about the state of the banks. You on the other hand have never provided any evidence to counter Sanusi's position, but only say it was false simply because you dont believe them to be true (talk about a circular argument). But seems you are now admitting (though I expect you to go back to your old ways soon) that there was a problem with the banks.

So now that you have accepted that their was a problem, which was created under Soludo's watch and that same Soludo failed to solve, what is your proposed solution that Sanusi should have applied. So that you dont go off track, lets restate Sanusi's primary actions
1. The banks were audited
2. The banks accounts were reconciled to reflect their true status e.g. provisioning for marginal loans
3. Those that were insolvent had their executives fired
4. loans were given to the insolvent ones to make them solvent for the short run
5. CBN advertised the list of debtors of the insolvent banks in a bid to help them recover some capital to improve the solvency

So which of these actions do you disagree with and what is your proposed viable alternative?

Dominoifet:

@Biina
So, this so called Licensing of a jaiz bank international by Alhaji Soludo done in good faith without pulling down pillars while managing monetary affairs suppose to b a reason for Pastor mallam Sanusi Favor Sanusi for his hasty conquest, or is it an alibi?

So Soludo licensing islamic banking was done in good faith, but you were criticising muslims earlier as goons and condemning 'sharia banking'?
Go and learn to be more tolerant of the religion of others, and not lest bigotry cloud your judgment, so much that you are making erroneous statements.
The actions of Sanusi are not based on religion, and only people who cant present sound arguments on the core banking issues make ad hominem refs

KnowAll:

Its a simple question: Should someone be appointed a minister representing a state that he is not an indigene of - Yes or No? Undecided


The Answer is - Yes

A PDP led FG can appoint whoever it deems fit to any position as a representative of lagos state, if the said appointee claims to be from that state,  as far as the FG is concerened the party is non existant in that state and any Nigerian who claims to be from that state would do for the time being.

The selection was not down to a AC led administration, but to a non existant PDP, all of a sudden PDP Lagos Chapter has a voice when it comes to come and chop, but election time they disappear into the thin air.

It is within the realm of possibility for Dangote to be appointed as a business Czar reprensting PDP from lagos state, having traded in that city for well over 30 years.

While you are entitled to your opinion (which I disagree with), your reasoning is flawed.

1. The governorship of a state should in no way dictate their representation at the FG level, else if we dont have a dominant party, we would have a handful of states ruling the entire nation
2. It is irresponsible to advise that the FG take the word of the individual as sufficient to prove citizenship.
3. The requirement to claim citizenship is stated in the constitution and that is what should be applicable.
4. Dangote can only represent lagos to the extent the laws and constitution permits it.

While you may have your grouse with the Lagos state chapter of the PDP, that is irrelevant to the topic at hand. The reason for having federal character in the constitution is to protect the interest of all. Having anyone be able to represent anywhere he so desires will make the FC provision meaningless. Such a precedent should not be set (particularly not by southerners) cos we will be the one crying foul when the north abuses it to their advantage

I have nothing against Aganga being a minister, as long as he is appointed to the portfolio he is qualified for (I dont get how you screen ministers without a portfolio unless their qualification and competence are irrelevant), nor do I have any particular issue with a state not being represented as long as the post is filled with credible people that can do the job., but I do have an issue with changing the rules just to get someone into the office. There are rules and everyone should play by them. 

No one should represent a state that he is not an indigene of.

KnowAll:

I guess you are one of those LAZY PDP card members from Lagos State that cannot even deliver their wards in a general election, and yet want to benefit from the largasse of the PDP, people like Koro should be touting around lagos trying to lure voters to thier hold. But silly Yaradua rewarded a man that cannot deliver his ward with an abassadorial post.

If AC where the goverment at the center or the FG,  the imposition of Aganga would not have being possible. Look PDP in Lagos State has no leg to stand they have not delivered and so should not be rewarded. Aganga stays,  and u lazy card holders get your butts of the ground and start working the streets of lagos and win some votes for PDP otherwise nothing for you lot.

Whats with all the extraneous references. Seems you are intent on diverting the topic to other issues you have gripes with.

Its a simple question: Should someone be appointed a minister representing a state that he is not an indigene of - Yes or No?

KnowAll:

Let Aganga be appointed from Edo State. As someone pointed out, he didn't even school in Lagos State, so what is his claim to Lagos indigeneship exactly, just accident of birth


Olusegun Aganga is more a Yoruba than Edo, he might bet ancestorially linked with the Edo's so are the Binis that settled in lagos in the 1700's. I saw him speak in that conference and the way he pronounced some Yoruba names nobody has to tell u he is a true son of the soil. Even his English language speech is tainted with a ting of Yoruba accent. How more Yoruba can he be, as far as I am concerned he is more Yoruba than some self acclaimed Yorubas.

Apart from that diasopoaras who have exelled in any displine should be allowed to return to the home country and give their own quota to the development of the country, they should also be allowed to claim any one of the 36 states since some of them might have lost touch with the home country.

Lagos state dosen't even have the f****ing right to deny someone wanted by presidential fiat to be a representative of lagos state, lagos being the most cosmopolitan state in the country hence the reason why Aganga was attached to lagos. Secondly the PDP in lagos did not deliver Lagos to the FG why should Federal Authorities listen to a bunch of loser PDP politicains who cannot deliver their state to the centre goverment.

If lagos state was PDP today this kind of imposition would have being impossible but because lagos is an opposition state,  they get treated like opposition, they need to go and find their voice by voting PDP in the next general election or shut up. What has people like Koro done to deserve an ambassodorial posting.

F***k*ng bunch of losers.  

Nobody said Aganga shouldnt be appointed, but it should not be as a rep of lagos if he is not. I dont know of any precedence where people are to represent where they are not from.
If the Presidency want to appoint Aganga into any office, he should feel free to do so, on the ticket of whatever state he is truly from (and the fact that he is yoruba or not is irrelevant).
If you cant trace your routes, then there is no evidence that you are even a Nigerian.
I doubt people would be saying all these nonsense if it was an Hausa man being nominated on the ticket of Anambra simply because he was born in saabo 

Dominoifet:

Thank u.  Naijaking1 and invisible papabrowne and co. It goes way beyond witch-hunting. U see all this nefarious activities by this so called islamic goons. Now this bow-tie sharia son-of-a-gun come brandishing what he felt is the best alternative for Nigeria.

Why is it everytime u have a muslim in public positions b it president, governor or others, they always want to institutionalise their dark age philosophy of cloak and dagger?

Why is it that they(muslims) always have this inferiority complex to compete where there is no competition?

Why is it that religion can not b successfully practised personally until it is turned to a national carrier? We all know examples of places this practise is failling- iran and all. And how devil steps in as a country starts practising such.

So becos sharia banking has zero interest rate, is it that the current banking system can not b adjusted to zero and vary as money works and economy becomes better?

So this sharia banking is it that it would b always zero interest and when economy starts getting better and better it would still b zero? Pretty dumb fit only for muhammad and his goons.

Pls NLanders on this thread help me out
Pls this is not OP as it is knitted with subject

Thanks for exhibiting your religious bigotry and intolerance.
BTW Islamic banking must have been introduced by 'Alhaji' Soludo with the licensing of Jaiz Bank International  

naijaking1:

You can do better than these convoluted examples with facilities that didn't work. Why is it difficult for you to agree that the banks in Nigeria were working better than before Sanusi came in. Remember my "rats in the house" analogy? Those rats were only seen by Sanusi, and Sanusi alone, no other person saw the rats given as a reason for burning down the whole house. Infact, the RP group actually believe that no rat existed in the first place. They always said "if it aint broke, don't fix it" You've neglected to mention the area where Sanusi's little personality issues with Akingbola and Ibru might have been the main reason for his irrational behaviours towards them, their banks, and the closely connected economy as a whole. He is fixing what's not broken, and making excuses as he goes along.

Yes the rats were only seen by Sanusi yet
- Soludo created the EDW stating that some banks were having liquidity problems
- The MD of NDIC, after consulting with SEC, wrote a letter to the CBN to investigate the manipulation of stocks and exposure to the capital markets
- The finance minister followed up on same letter
- that no one has come up with counter figures that show that the 'rats' were fictitious

The banks were in trouble before Sanusi took office. Sanusi wasn't in office in 2008, when the banks became over exposed to the stock market and the market crashed, were exposed to oil & gas and the oil prices fell, or when their numerous debtors were defaulting on loans. All Sanusi did was make the banks reflect their true pictures in their statements, and those who were insolvent had funds injected to prop them up on the short term and their executives fired.

Now if you feel Sanusi should have left the banks with the false accounts and/or left the executives who had mismanaged the banks into insolvency (and were dragging the sector down with them via interbank lending), then please say so.

As to personality issues between Sanusi and the sacked CEOs, there is no evidence to suggest such. The de-marketing that was alluded to in the RP post started in 2008, before Sanusi became MD of FBN, and so he couldn't have been the instigator and hence had no reason to apologize to anyone over it. Yet, what was claimed to be de-marketing actually turned out to be true as Soludo created the EDW a few weeks later to bail out same banks. Soludo's efforts failed primarily because he left those executives in office and was simply pumping water into a leaking tank.

@papbrowne, naijaking1 and co
Its nice to know where someone is coming from, so as to better understand his motives and what he is aiming for.
You have admitted that your main reason for criticizing Sanusi is because his action cost you money, and has little to nothing to do with if his actions were in the best interest of Nigeria and Nigerian. Show consideration for national interest is an after thought.
I guess people like you would criticizing someone who fixes Nigeria's power problem, if his actions cost you your investment in the generator and/or diesel business.
You would condemn someone who fixes the railroad, if he cost you your investment in the trailer business
You would hate anyone who fixes the police force because you would lose access to stolen goods.

I think the RP are also coming from that same background. Birds of a feather . . . . .

It irritating the kind of nonsense that people spew these days.

realmen:

How Sanusi Allegedly Set Banks MDs Up
By Onyedika Agbedo
AGAINST the backdrop of the recent sacking of three more bank MDs, by the Central Bank of Nigeria (CBN), bringing the number of banks whose managing and executive directors have been sacked to eight, analysts have continued to look at the critical reasons behind the controversial 'reforms' by the apex bank.
Industry sources alleged that most of the banks affected by the reforms were wittingly or unwittingly set up for the circumstances that eventually led to the sack of their directors.
For instance, it is being alleged that the CBN's deliberate and sudden switch from Expanded Discount Window (EDW) to Inter-bank market signalled the beginning of erosion of liquidity and stability in the banking sector.

So it was the EDW that led to erosion of capital, and not the huge non-performin loan portfolios, nor being over exposed to the stock market and Oil & Gas ?
Was the EDW not created because some banks were already in trouble?

Sources alleged that through a text message on June 16, this year, the CBN Governor, Mallam Sanusi Lamido Sanusi had directed nine banks managing directors to proceed to Inter-bank henceforth "in view of the closure of EDW."

Unnamed sources making allegations BTW the CBN sends circulars and not text messages.

According to the source, banks going to EDW did not mean they had problems. "It was a trading window popularly called arbitraging in money market. It is not a liquidity window. At EDW, banks borrow at 10 per cent interest and lend at between 14 per cent and above," claimed the source.

The person should go and read the terms of the EDW, under which arbitrage was illegal and punishable by withdrawal of the bank's license. Patronizing the EDw was admittance of illiquidity (be it short or long term).

The Guardian also gathered that 23 of the 24 banks were at the EDW with Standard Chartered Bank being the only exception and that out of the 23 banks, 11 were regular at the EDW.
At the time of CBN's first intervention, FinBank, for instance, The Guardian learnt, had taken N50 billion which it placed in other banks. It had Inter-bank placements with other banks totalling N45 billion. This was the same setting for Union and Intercontinental Banks.

Borrowing from the EDW is not a crime, but borrowing without repayment was symptomatic of illiquidity and insolvency

"When Sanusi shut EDW without notice, the banks were predictably caught in-between and naturally requested enough time to enable them to recover the money they had already lent out to other banks. The CBN refused on the grounds that the window was inappropriate.

The EDW was being abused and was appropriately shut. At no point did the money lent out become irrecoverable. The transactions were simply reborn in the interbank market.

"Sanusi instead directed them to go to 'Inter-bank' and went ahead to introduce 'Guaranteed Inter-bank'. The banks were now forced to patronise this in compliance with his text message of June 16."
The source said: " If Sanusi had given the banks the shortest loan tenures of 90 days notice (but did not because he had already made up his mind to undermine them) these monies lent out would have come back. The contradictions in the debtors' list showed that the money was back between June, July and August whereas CBN cut off date was May 31, this year. This was the major reason why CBN's debtors list was so controversial."

This is just nonsense and shows how clueless the author is.
The interbank loans were given to other banks and not customers. The banks in question were not owed money, but rather were the ones owing money. Sanusi actually saved their behinds by injecting the funds he did allowing them to meet their obligations to other banks.
The debtors list is totally unrelated, and simply list those loans that the bank gave out to customers that were now in default. Those loans needed to be provision for and accounted for a substantial part of the capital erosion. The CBN was simply trying to help the banks recover some of the loans, so that there will be less non-performing loans to provision for and thus less capital eroded.

The banks had non-performing loans and failed to declare them in their accounts as required by SAS 10.