₦airaland Forum

They are cowards, fools, or were asleep at the wheel. That a man like this was confirmed as CBN head boggles my mind. Shame on them all.

Take it easy man.You are obviously enraged. I am pained too, but what can we do?The deed is done already and the poverty of the people SLS claimed he came to salvage has continued unabated. I started questioning SLS's ability to manage the CBN back in 2009, (not on NL though) and today, i feel more pain and frustration than in 2009, because my fear has become reality.It is painful my bro.

Nope; not defending SLS but inaccurate info, subjectivity.

Neutral bro.

Ok.Now i get your point

Let me never ever ever hear anyone claim some sort of intelligence or competency for Sanusi again in their lives. Any such folk who claim Sanusi got his positions through anything but nepotism is imo either a m0ron, a fifth columnist, or a sectarian agent.

I think this should be the conclusion.

Yep. Good point. Good point.

This is what I'm talking about.

You mean it? I thought you were defending SLS or did i get you wrong?

I read that article on NL too and had been looking for it to reference it here. Thanks Daddy katz

https://www.nairaland.com/nigeria/topic-714434.32.html#msg8727781

SLS is obviously a bigot.

Can you afford the MBA now and where do you want to get the MBA? Work experience is better than all these degrees, unless you want to teach.

Sanusi wrote that speech while he was at UBA, presumably before OBJ became president. How did anyone who was so openly biased against other ethnic Groups get to become CBN Governor? There is some truth in the article but Sanusi clearly ignored some truths about his ethnic group, the Hausa-Fulani. Are the Hausa-Fulani and other Ethnic Groups blameless in the mess Nigeria finds itself? Are the Yorubas and Igbos, the only Ethnic Groups that are responsible for Nigeria's mess?

I read the article in one of the threads here on NL, and that further opened my eyes to what SLS represents.He seems to be on a revenge mission.He gave a bigoted account of the Nigerian civil war and situations surrounding Nigeria's underdevelopment. He systematically exonerated northern leaders from all blames of our currently economic chaos.Any body with minimal knowledge of Nigerian political development and leadership trends will disregard sanusi's submission in the article above.This goes a long way to show that SLS is pursuing a northern agenda.

All those economics, sociology, and accounting/banking & finance/bus-admin students. They all graduated with STDs as far as I'm concerned.

You are right.The thing is rampant among the social sc, humanities and business majors, majority even copied their final year projects .But not all are bad as you reposed.I always say this;if not for lack of facilities our science and engineering graduates will be among the best in the world.This is evident in the level of academic discipline which they exhibit.

Stupidity reigns supreme on NLand, a country that PRODUCES NOTHING of note, IMPORTS nearly EVERYTHING and EXPORTS only ONE product of note wants a relatively strong currency. This thread is riddled with so much ignorance its alarming. Wrong information on CBN policy, upside down economic analysis (guys please review your O.A Lawal) Very few people here know what they are talking about. *bracing for the inevitable insult that will follow*

You are yet to make any meaningful contribution.What does your A.O Lawal say about the current issue?

We are waiting

when buhari was head of state, USA and co presidents told him to devalue the naira, and he blantantly refuse, so what are u saying??
abeggy gej is very dumb,, mschew

Don't show your ignorance here.There is a difference between devaluation and depreciation of currency.Devaluation is official and deliberate, why depreciation is a detect of market conditions and overall competitiveness of the economy.So far (this administration), Nigeria has not implemented any devaluation strategy/policy. In fact the last move by the IMF was rejected.The Naira has just depreciated and NOT devalued, get it.

Why doesn't GEJ come out to tell us what Obama told him in the US? He was sworn in, and immediately called over to the US for talks with Obama. Next thing we start hearing of cash limits, Okonjo-Iweala resurfaces, and then Naira has started sliding uncontrollably for the last 2 weeks.

what are you saying? Why not ask the CBN governor what is happening to the naira?GEJ's visit to Obama has nothing to do with the issue at hand.The CBN under sanusi has a responsibility to stabilise our currency, yet he is busy pursuing islamic banking and all what not.

Shame on Sanusi, Shame on a clueless CBN governor.

This is really too bad for our university system.I happened to be a course representative during my undergraduate days in Nigeria, i can say without mincing words, that the picture presented in the article above is a clear reflection of the situation.As soon as exams ended students would cluster around lecturers and ''connected'' students seeking ways to ''sort'' the course.A friend got his degree in a Nigerian university while still in the US.You can see how bad the system is.He won a visa lottery during his 3rd yr and left for the US.He has done his NYSC and now, the rest is history. But, throughout this period i have come to realise that the problem is not entirely that of the students or lecturers, rather, the university system as a whole. Most of this ''sorting'' are done by PG students who are attached to some professors and snr lecturers as graduate assistance.The workload for lecturers is really overwhelming, and in order to handle most of this work, marking and grading of students are given to graduate assistance, secretaries and whoever was available.This people being Nigerians resort to sorting in order to enrich themselves.So, the real sorting are done by the GAs and most lecturers seem not to be aware of the situation.I am not trying to exonerate the lecturers, sure there are few dishonest ones among them, but the bulk is done by secretaries and graduate students.

Also, our merit system in this country seem to have decayed.Mediocrity is celebrated at the expense of meritocracy.For instance, I have a few friends whom i know quite well worked hard during our school days and deserved whatever grade they may have graduated with, based one local standard.Until this moment (3 yrs now) they are yet to secure a job despite graduating with 2.1 whereas those who ''sorted'' are in high paying jobs earning fat salaries.So, why do i need to work hard when at the end of the day those who didn't apply the same principle get better results afterwards?

I do understand that  student laziness which leads to ''sorting'' is not peculiar to the Nigerian system, but ours seem to be endemic.Our school system is a reflection of what obtains at the larger Nigerian society.Honest and hard working people get rejected, dishonest and lazy people get promoted and celebrated.

conclusion: Lamido Sanusi - bigot, Over-hyped, and a Mediocre

Now that the heat among the ''big heads'' on the thread is over, can we then summarise ?

I just read a post on facebook now that bomb just went off at the NYSC camp in Jigawa State.The authenticity of this news is yet to be confirmed.Call your loved ones in Jijawa.

Here is further proof of sanusi's incompetence as the CBN governor;

''Sanusi recently asked all those who have a problem with his pet-project (meaning the Christian Association of Nigeria) to go to court. For someone who has never had any problem with the introduction of Islamic banking or Christian banking or Jewish banking in Nigeria, that statement irked my sensibilities and further confirmed my strongly held views that Sanusi not only lacks the intellectual capacity to head the Central Bank, he is also deficient of maturity, sense of proportion and seems to have assumed that the widely held public sentiments against the bank chiefs he sacked in 2009 equates to an impenitent faith in his cause, ideas and person. Sadly Sanusi has only added the noble idea of Islamic banking to another cause of religious dissatisfaction among a large population of Nigerians.

It is pertinent for the Central Bank Governor to take a lesson in public relations from his predecessors who handled this most simple of issue without fan-fare, without abrasion, without acidic language and most of all without vehemence and fervour.
When Jaiz bank sought for a license to engage in Islamic banking under Governor Joseph Sanusi and a provisional license was given them under Governor Chukwuema Soludo, there was no outcry or the clashing of war drums because the process was professionally handled. Hajara Adeola led Lotus Capital has been operating since 2005 as an asset management company with an Islamic bias and no one has cried foul or carried placards against the company. The problem this time is the messenger not the message. Sanusi Lamido Sanusi confrontational headship of the Central Bank has been characterised by extreme division, bitterness, the unsettling of the financial landscape and the edification of self over the system. Sanusi ought not to have been allowed to be the chief salesman of the new CBN policy; alas he has bungled it as usual!
Nosa James-Igbinadolor is an Economist and Journalist''

http://newafricanpress.com/2011/07/12/islamic-banking-blame-the-messenger-not-the-message/

I can see that the purpose of this thread is lost.People now resort to insults to make their points known.For me, the basic argument remains;

1.Is SLS competent enough to head the CBN taking into consideration his performance so far?What evidence do we have to support Sanusi's performances at the various banks he worked prior to his appointment as the cbn governor?Did the banks perform better than previous periods prior to his appointment?In this case, evidence such as (a)the share price of the banks (b) revenue/income of the banks (c)customer retention, service delivery and growth in operations.(d)efficiency in operations evident in reduction of per unit cost.(e) expansion programs and branch network etc

This is because Risk Mgt goes beyond financial measures.It deals with the overall risk exposure of the organisation.Risk can emanate through various sources.I do not know how risk mgt is done in the banks, but i think the approach may be the same.So, lets assess his performance using verifiable evidence, rather than mere stating that he worked in various banks.Working in an organisation and contributing to overall growth of the org. are two d/f things.

2.What are the core functions of the CBN and what has the cbn got to do with the construction of hotels, farms etc when there are competent private individuals who are already into this business?What expertise/competency does the cbn has in hotel mgt, farm mgt, commodity trading etc?

3.The issue of islamic banking and SLS's education qualifications has been dealt with, even though we are still unconvinced of his Msc etc

4.Looking at various indices of economic growth and development, and comparing our country with her neighbours like Ghana etc can we say that the CBN under sanusi has performed creditably? Lets provide evidence for our assertions.

5.The inconsistency in the CBN policy under sanusi is alarming and disturbing to informed minds.Since the beginning of his tenure, SLS has not concluded even a single project.The banks he claimed to have bailed are worst than they were prior to the bailout.SLS has become the most controversial CBN governor in the world in present time (i wonder why he is yet to receive an award for this).Do you think SLS's actions are healthy for our young economy?

The above will give us a locus point rather than jumping from train to tipper.

The Maiden Lane subsidiaries of the FED are limited liability companies.

Maiden Lane Transactions refers to three limited liability companies created by the Federal Reserve Bank of New York in 2008 as a financial vehicle to facilitate transactions involving three entities: the former Bear Stearns company as the first entity, the former American International Group's lending division as the second, and the former American International Group's credit default swap division as the third. The name Maiden Lane was taken from a street which runs beside New York Federal Reserve in Manhattan

http://en.wikipedia.org/wiki/Maiden_Lane_Transactions

The highlighted words above makes it quite different from what our CBN is currently doing.Let me refer you to KAT's statement below:

''Central Banks derive income from their[b] monetary operation[/b]s and not through commerce. The Central Bank of Nigeria also makes money from its monetary operations. Please list the limited liability companies that are owned by Central Banks (Federal Reserve) and the operations they are engaged in.''The company is still under the main activities of the FED-ensuring smooth and flexible financial transactions.

Does the FED have LIMITED LIABILITY COMPANIES OR NOT?

why not support your claims with evidence rather than hoping to get a YES or NO response?This is supposed to be a forum where participants learn from one another.

Let's start by taking a cursory look at Sanusi's background:
EDUCATION:
St Anne Primary School, Kaduna
King's College, Lagos
ABU Zaria, BSc Economics(1981). Msc Economics (1983)
Let's forget about the Sudan degree. He decided to do so at 30, for personal reasons, probably to become Emir of kano in the future, being a prince.

Jarus, you are welcome.

The claim that SLS has a Msc in Econs is causing a lot of heat here, kindly provide evidence to such assertions.This has been an interesting and matured thread so far, i do hope you will enjoy the discussions.We do not wish to rubbish the person of SLS, engage in north-south divide or muslim-christian dichotomy, rather our interest is to assess the person of Mr.Sanusi and his performance at the CBN so far.

Micro-macrowikkinomics using the collaborative power of the internet, DUDE, U R JUST SPEAKING JARGON, U SAY THAT SLS HAS FAILED WOEFULLY, I AM YET TO SEE IT, IF CECELIA IBRU RETURNED 200 BILLION NAIRA AND THE AKINGBOLA'S AND OKEY NWOSU KNOW THAT THEY ARE NEXT, IF BANK CEO'S STOP COOKING THEIR BOOKS AND HONOURING CBN GOVERNORS WITH DINNERS AS THEY DID WITH SOLUDO, IF WE HAVE ONE MORE PUBLIC PUBLIC OFFICER WHO CAN LOOK THE SENATE IN THE EYE AND TELL THEM THEIR ALLOWANCES AND SALARIES ARE KILLING NIGERIA, I AM SATISFIES, LIKE SANUSI SAID, I LOVE MY JOB BUT CBN IS NOT MY LIFE, the collaborative power of the internet in nigeria is to insult public officers and ourselves, the question we should be asking ourselves is what are we doing as nigerians besides talking on the internet, what proactive actions have we taken to help our immediate communities, Do your job, let sanusi do his?

Did the sacking of the CEOs create jobs?Did it stabilise our currency?Did it reduce inflation and interest rate?Did it make credit available to the small businesses?Did it attract FDI?If the answers to the above questions are in the negative, then SLS has obviously failed.

Sanusi questioning the huge salaries of the lawmakers is like kettle calling pot black.What happens to his own jumbo pay and allowances which he uses to feed his numerous wives and concubines?Let him live by example.let him start by reducing his pay and allowances, then we can take him seriously.Sanusi is an attention seeker, and surprisingly most Nigerians are falling for it.

I'm not disputing the fact that Nigeria with over 150 million peeps ain't going to be able to produce an egg head miles better than SLS in knowledge department. My question is do you honestly think all geeks will be natural born leaders? Be reminded that Nigeria is a country that nothing works according to plan and only guerrilla tactics delivers results in Naij.
Okonja Iweala/soludo alike was partly able to succeed with there respective championed policies cos we had an enabling environment at the time provided by none other than General OBJ before he started fighting an uphill task (3rd term agenda)

I am an ardent believer of the Great Man Theory which posits that all men are born leaders.It is only that we do not know that we posses leadership thrust.

Nigeria is a country that nothing works according to plan and only guerrilla tactics delivers results in Naij.

No, i don't buy the idea that only guerrilla approach delivers result in Nigeria, at least our experiences with the various military regime will disprove such claims.What we need is the right people at the right place with the right attitude and the right training.This happened during OBJ's tenure and the result was overwhelming.

Any link to this claim of yours with particular emphasis on the CBN appointment?
Do we actually know how many peeps where being considered for the position before SLS was appointed. I'm only asking so i can convince myself that favouritism wasn't the order of the day at the time of the appointment.

That is the story making the rounds, but i think there is truth in it.Looking at the currently campaign for islamic banking which is been championed by SLS and Mr. Mutalab, then one would be forced to believe the story.

Well if it doesn't exist then surely that's what we ought to be fighting so this case doesn't keep repeating itself. We need a transparent process

That is exactly what we are doing on this thread, providing the platform for such collaboration.

So who is the best man/woman for the Job?

I was reading the profile of the head of Economics dept of U.I (i can't remember his name) sometime ago, and i was shocked at the kind of resources this country is wasting.This man has both industry and academic experience, having worked in the US and then Africa.This is just one out of many.

Why didn't they promote from within?

Available information has it that Mr. Mutalab, the father of the suicide bomber and former MD of first bank, was instrumental in the promotion of SLS and subsequent recommendation for the post of the CBN governor.So, what do you expect from a man who never worked himself up the ladder.It is said that whatever you don't work for is valued less and often discredited.This can be said of Sanusi's promotion, appointment, and mannerism as the CBN governor.

Why wasn't he screened appropriately?

Sir, in a country of over 150m people with over 70% literacy level, SLS is obviously not the best for us.

Screening?I doubt if such word exist in Nigeria.What you need is just presidential blessing, screening can go to hell.

What if he was what was needed at the time of that vacancy?

I come to nairaland to have fun and read people discussing politics. I have better Things to do than hang on the internet on social networking sites posting every few second, I am a research scientist and the point i am making is If i disagree with anything in science I do not come to nairaland and open a thread that would discuss such issues. We have a monthly lab meeting where colleagues can discuss such issues. If you feel that the SLS is not qualified for his Job, Get your facts, write a petition and send it to the senate where other professionals can look at the merits of your petition and take a decision on his suitability for the job. I would have expected Bank CEO's to raise some of these points you are raising at Sanusi's Senate Confirmation. Hiding behind your screen to push out these ''facts '' does not help your case if u want to be taken seriously and believe me If you do not have your name on your petition no one would listen to you. Like you rightly pointed out I am not a Sanusi fan neither Im I a fan of Ivy league graduates, You can reel all the statistics in the world, If the average lives of Nigeria's are not improved thsoe statistics mean nothing. The economy in The US and all over the world today is in a deep poo and we have ivy leaguers behind the wheels of these economies. Sanusi may not have all the knowledge you feel he has for his good, He comes across as honest and brave and I will certainly take that. You sound like a brilliant person and I would have love to have you discuss on an intellectual level with the utomis, aluko's etc. IMO the economy under abacha was far better than under obasanjo with the iwealas and soludo etc, why do i say that the exchange rate was stable and nigeria's had a better purchasing power.
Again, If you really expect sanusi or his assistants to defend him, you are in the wrong forum, I am a neutral guy but I hate cowards, BTW, you are a southerner tru and tru, u dont have to hide it, its obvious from your writing

I don't even know where to start.Do i start from the beginning or begin from the starting Some folks are so funny.The internet has progressed beyond the era of fun having, real solutions to most problems are found on the internet.I even wonder if people need to go to school again owing to the vast array of information available at the click of the mouse.This Sanusi supporters expect us to gather at the town square to discuss issues that bother us as a nation.A scientist who does not know the power and collaborative potentials of the internet must be living in the stone age.Did you know how modern day revolution in some islamic states started, the internet of course.On Saturday, Malaysia witnessed the highest turnout of supporters who are dissatisfied with the current leadership of the country through internet collaborations and online discussions such as NL.For your knowledge, there is a new wind of change blowing through the universe currently called Micro-macrowikkinomics using the collaborative power of the internet.So, suggesting that we gather at the town square to discuss issues of national importance is a sheer display of ignorance and mediocrity.

For the records, SLS has done nothing worthy of commendation.The circumstances surrounding his appointment as the MD of first bank and subsequently the CBN governor is a clear manifestation of the decay in our merit system.I mean, how can an ordinary head of Risk Mgt in a bank progress to become the MD of the bank without any visible track record and accomplishment?I have always said that quota system, ''I know you'', mediocrity and greed is the bane of our development as a nation.A country where meritocracy is sacrificed in the alter of ethnicity should not be taken seriously in issues of development.All indices of growth and development point to the fact that SLS has failed abysmally.

This is an open discussion and the beauty lies in its degree of anonymity .So, if you feel SLS has done us great then come out clear and state your facts order than hiding under north-south divide, muslim-christian dichotomy blah blah blah.

1.   There are four main areas where the Islamic banks find it difficult to finance under the PLS scheme: a) participating in long-term low-yield projects, b) financing the small businessman, c) granting non-participating loans to running businesses, and d) financing government borrowing
2.   Banks do not have the required expertise and experience required for time consuming complicated assessment procedures and negotiations. Evaluation of all projects is required and banks don’t have the capacity for this.
3.   Despite excess liquidity in the banks, small businesses are unable to obtain financing. Similarly, many businesses can’t obtain working capital funding because it isnt provided for in the banks
4.   Legislation is required to regulate islamic banking and this is lacking particularly in non-muslim countries where conventional and islamic banking operate in parallel. The lack of proper definitions of property rights may have constrained bank lending.
5.   Bank staff will have to acquire many new skills and learn new procedures to operate the Islamic banking system. This is a time consuming process which is aggravated by two other factors. One, the sheer number of persons that need to be re-trained and, two, the additional staff that need to be recruited and trained to carry out the increased work.

Good work.One good thing about you is in your level of objectivity.This is unlike most folks here who are swayed by emotion and sentiments rather than reason and insight.But, on a more serious note does it mean SLS and his cohorts overlooked the above five items in their campaign for the introduction of islamic banking in Nigeria?If that is the case, then there is an underlying motive for this vigorous campaign by sanusi.I wish this your findings could be published in our dailies.We are lazy in this country, nobody bothers to do simple research on national issues like this.Everybody seems to rely on the opinion of these so called regulators turned religious leaders.

@Katsumoto

A summary of the entire page will do.

This epistle of yours was unnecessary and should have been saved for your freshmen  students. Can you people read at all, who is saying that the money injected  did not go into the money supply? The point you misssed was that, that injection alone cannot be blamed for the inflation rate of 10%. olodo.

Who is the olodo here?One of the attributes of a good economist is the ability to present facts in a simple and understandable format.You just made a statement and then leaves the reader, who may be a non professional, to figure it out.So, you are the real olodo

You really think you can lecture me on Economics? You are too funny? You simply don't understand the basics of Money classifications and you want to lecture someone else. Whether M1, M2, M3 (US) or MO, M4 (UK), an increase in the supply of money results in higher inflation; this is the 9th principle of Economics.

Don't mind that empty thing.

I could have sworn the idea is being promoted only as an ALTERNATIVE which off-course comes with the unequivocal choice stance

You are right sir, but the way SLS is parading the idea of islamic banking leaves one in doubt as in its ultimate objective

When sanusi was in First bank as the head of risk management which recorded a bad debt profile of N=200 billion and he turned a blind eye to this mess as the CBN governor. why?

That is why most people still think that SLS has ulterior motives in this whole brouhaha

Both of you guys don't fool me for a minute. Your posts above suggest that you are ignorant of the causes of inflation by t[b]elling us that it was the money which sanusi and CBN pumped into bailing out the banks that are responsible for pushing inflation upwards.[/b] This technique of yours amounts to lying with statistics. Yes money supply affects inflation, you however conveniently blame Sanusi's injection for inflation while ignoring the other 2 money supplies (so-called M2 & M3) and several other major factors.  Your monetarists explanation of the cause of the 10% inflation is selective at best and probably intellectually dishonest.

You seem to be missing something very important.Money supply simply means the total amount of money in an economy at a given time.This includes currency in circulation and demand deposits.For your information, Money supply has a great impact on the price level, inflation and the business cycle.There is a direct relationship b/w longterm price inflation and money supply growth.Though this relationship is still being questioned by some economists, but empirical findings seem to support the claim.

So, when the CBN injects a huge amount of money into circulation through the banks, where do you think this money ultimately goes?Ultimately, the money finds itself to the economy.Also, when we say a bank is distressed what it means is that the bank is unable to meet it's customer's financial obligations.So, when the cbn pumps money into these banks in the form of bailout the money ultimately finds its way into the economy, part remains in the bank and that is what constitutes the money supply.These activities of increased money supply if not matched with increase in the productive capacity of the economy leads to inflation.And this is the case of Nigeria.