₦airaland Forum

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.

PapaBrowne:
We knew the story started when Sanusi as First Bank MD was accused by Intercontinental’s Erastus Akingbola and Oceanic’s Cecilia Ibru of championing an obnoxious corporate de-marketing (unethical negative communication against competitors) against the two speedily growing banks. They were taking business from First Bank and changing the industry order.

The crux of the matter came when the Kano Prince was forced by his Board to go apologise to Mr. Akingbola. As it would happen, he had to wait for some minutes as Mr. Akingbola was in a meeting. Stuck to his aristocratic high horse, the Mallam felt doubly disgraced: the man should have broken his meeting to see him! He took his vengeance as soon as he was made CBN Governor, and what a vengeance he took irrespective of the debilitating consequences to our economy.

Unfortunately, in his angry haste to devastate his perceived enemies, he committed blunder after blunder, confessed to the truth one after the other, and above all unwittingly started this Peoples movement.

Nice concoction.  

The statement lacks credibility.
1. Who are the 'we' that knew?
2. Where is the evidence that the FBN board 'forced' Sanusi to apologize to Akingbola?
3. Where and when did the 'waiting for Akingbola' happen?
4. Who did sanusi confide in (or any other evidence) that he felt 'doubly disgraced'?
5.  Who were the witnesses of these events?

Its interesting that only RP seem to be aware of this. How did they come about the info? From a possible 'eye witness' e.g, Akingbola?

RP are like a secret cult and are only out to protect their selfish interests. If there intentions are honest, they would not be faceless.

naijaking1:
Time will tell that when compared to Bart Ebong, Akingbola and Ibru, Sanusi with his post graduate degree in Islamic studies would turn out to be the charlatan in our banking system.

If you wonder the source of income for this group, then you totally underestimate the "hurt" inflicted on people by Sanusi. I lost millions of naira to his crazy quest for personal agenda, so it would be no big deal to spend a few more thousands in support of any group that seeks to make him accountable for his actions.
I can't wait to donate money to this RP group, hopefully they take Visa/Mastercard

If true, then we can say that your anti-sanusi position is simply borne out of selfish interests because you wrongfully blame him (and not the executives that mismanaged  the banks) for the loss of your money.

Okuko na-arogoro ite onu, chetekwe mma gburu ya. (The chicken frowns at the cooking pot, ignoring the knife that killed it)

bgees:
^^fck off!!! no one asked for contribution.

truth dey pain u gaga

Make benfica come show una pepper!!!

bgees:
Aquilani is injured again, another ankle injury in training. he will be missing the Benfica game.

what kind of problems are we having.

Thats what you get for wasting money on a glass foot player.

Fi ori ejo/oka ho imu
Lit Trans: Using the head of snake/cobra/mamba to scratch/pick the nose
Meaning: Playing/trivilaizing something very dangerous/serious/deadly.

Fi ina si orule sun
Lit Trans: Setting the roof ablaze and going to bed (of same house)
Meaning: Being nonchalant/careless about something that can easily get out of hand or cause great harm.

2-2 is a flattering scoreline for Arsenal. They got a footballing lesson today.

That penalty was a poor decision by the ref

Wenger don gamble. Arsenal fans make una go buy basket.

All the Arsenal fans wey dey laugh ManU last year, see ursef now - u don wound!!!

I cant imagine why arsenal will not man mark xavi - d guy go kill dem

Wenger has got it wrong tactically. He is never going to win the possession battle against farca. He needed to have fielded Eboue or Denilson in place of Nasri to give more steel to the midfield

Farca wan kill wenger pikins!!!

With 7 (or less) games left to play, who is your favorite team to clinch the final CL spot?

The contenders

1. Tottenham Hotspurs:
- Currently 4th with 58pts and 7 games to play.
- Remaining EPL games include Sunderland (A), Arsenal (H), Chelsea (H), ManU (A), Bolton(H), Citeh(A) and Burnley(A).
- They are still in the FA cup and that adds a few more matches to their schedule.
- The game against Citeh in the final mid-week could be the decider, but then spurs could also be out of the race by then, given they will be playing the top 3 teams in succession (two on the road) and are likely to come out of that sequence averaging less than 1pt a game.

2. Manchester City:
- Currently 5th with 56pts and 7 games to play.
- Remaining EPL games include Burnley (A), Birmingham (H), ManU (H), Arsenal (A),  Villa(H), Spurs(H) and West Ham(A).
- They are out of the FA cup and can focus squarely on their remaining games
- They have to be the odds on favorite to clinch the final spot, but their recent form has been disappointing. They have key home games against other contenders in Villa and Spurs, and wins in both games will more or less clinch the fourth spot for them. Their remaining games also include games against ManU and Arsenal.


3. Liverpool
- Currently 6th with 54pts and 6 games to play.
- Remaining EPL games include Birmingham(A), Fulham (H), West Ham(H), Burnley(A), Chelsea (H), and Hull City (A) 
- They are out of the FA cup but still in the UEFA cup and being their last chance at silverware, may take priority over the EPL.
- The game against Chelsea in the penultimate weekend is the only opposition from the upper echelon of the league and they should get maximum point from their other games. Even so, they are still
favored as they are a few points behind spurs and Citeh, and have played one more game. If Spurs and Citeh win their games in hand, liverpool will have to make up at least 5 pts in 6 games.

4. Aston Villa
- Currently 7th with 51pts and 7 games to play.
- Remaining EPL games include Bolton(A), Everton (H), Portsmouth (A), Hull City (A), Birmingham (H), Citeh(A) and Blackburn(H).
-They are still in the FA cup and that adds a few more matches to their schedule.
- The game against Everton gives them a chance at knocking Everton out of the race. They will need to win all their remaining games to stand a chance, but the humbling they got from Chelsea makes it unlikely. Still they may turn out to be spoilers for Citeh.

5. Everton
- Currently 8th with 49pts and 6 games to play.
- Remaining EPL games include West Ham (H), Villa (A), Blackburn(A) Fulham (H), Stoke(A), and Portsmouth (H)
- Out of the FA cup and have only the league to play for.
- Everton's bid for a CL place could be over very soon if the lose to Villa. Already they need a miracle to get the final spot, and any slip up essentially nails their coffin.

6. Others
- Other teams with mathematical chances of making the final spot are Birmingham City, Blackburn Rovers, Fulham and Stoke City

mallorca:
@kuubi,the question is can they stand the smoke that will be coming out of old Traford?

and evra will contain robben?
First begin fast and pray say Shrek go play for weekend and next week

Bayern deserve the win as they were the better team.

Some fan boiz will now say Evra is the best LB in the world?

T'owo omo re bo aso
Lit Trans: (of child carried on the back) keep your child's hands under the wrapper cloth (usually done so that the child does not play with things without the bearer's knowledge)
Meaning: Curb your excesses or restrain your subordinates.

Mo nle eku si o; o n le ejo si mi
Lit Trans: I am sending rats your way; you are sending snakes/serpents to me
Meaning: An unfair exchange or exaggerated retaliation

tu ito s'oke, f'oju gba
Lit trans: Spit upwards into your own face
Meaning: be blind with rage

Katsumoto:
I agree with you that he should not be appointed as a minister using the slot for Lagos State. There is a law in place, and no state should be left out. We should welcome his appointment but it shouldn't be at the expense of Lagos State or any other state. His appointment should be on the slot of Edo State.

In my opinion, this practice of appointing a minister from each state is at the heart of the issues bedevilling this nation. Nigeria can not develop with this pre middle age solution. What does it matter if all the ministers are from Delta State and every Nigerian is able to enjoy basic amenities such as power/electricty, good durable roads, health care, security, etc?

We need the 'federal character' because the judgement of being 'qualified for the job' is subjective in Nigeria, and without it, all political appointees will be just from a handful of villages.
Even now, the amount of political appointees from Katsina is alarming.

This thread really brings back some memories. The failed banks and discount houses saga of the late 80s to mid 90s was surely something else. Banking took a back seat to politics as everyone tried to save their necks by swearing allegiance to the powers that be, and  betraying friends and partners to save their own skin.

One memorable case involved some managers and executives of IBWA/Afribank. Initially 13 officers of the bank were accused, but after some major maneuverings, 11 of them became 'witnesses' and only 2 officers (who obviously lacked connections) bore the brunt of the charges and were sent to kirikiri staff quarters.

A lot of chairmen who were ring leaders and masterminds (particularly in the discount houses which were no more than ponzi schemes) ended up going scott free and are now key players in Nigerian politics at various levels.

mekusxxx:
There are tons of indigenous Edos with Yoruba names. This Aganga is definitely an Edo. Those ngbatis here claiming him by all means are doing so because he seems to be super-qualified and Yoruba people like to claim everything good. The man should be made a minister with no state attached, if they really want him. Period.

and who are the ngbatis 'claiming him'?
Wasnt the core issue raised was that he is from Edo?

BTW there is nothing 'super-qualified' about Aganga. He is not even an economist.