₦airaland Forum

dipotepede:
the lines are opened

chuckvyl:
Well,it never stops to amaze me the way Nigerians think.I think our problem could be traced to poverty and  poor education.Nigerians attach sentiments to most political and financial issues.Don't get offended guys.But i shall explain.Some people here are comparing Bank CEOs to politicians in terms of 'sitting tight'.What a shame.
Well,banks are private companies guys.It is a privately owned company hence CEOs should be determined by shareholders' votes.As a matter of fact,i expect the banks to challenge this in court.This is dictatorial in nature.CBN should not dictate to the shareholders how long they intend to keep a CEO.As a private company,Zenith bank is similar to Dangote Group PLC.Most of those guys who are CEOs are the majority shareholders in the banks.Removing them with this new CBN regulation is similar to asking Dangote to quit as Chairman of Dangote Group.Because both of them are private companies and not government run companies.Reason this critically before you comment.This new CBN law is a shame.It means that  Jim Ovia cannot be appointed  as CEO of another bank(by shareholders' vote) just because he has served 10 years at Zenith.Ovia has lots of experience in the banking industry.In developed countries people like him are well sought after.[/b]A bank that needs his experience should be free to appoint anybody as their CEO.You must not have been a staff of a bank to be appointed as CEO guys.The current CEO of Citi Group was never a staff of Citi Group.This is a draconian law from CBN.There is nothing ethically wrong with a family  run bank.We need sound bank policies and regulation Sanusi.This will have no positive effect   on the banking industry.

rasputinn:
[b]Sanusi Ousts Ovia, Elumelu, Akinfemiwa

He said that even after the bank chief executive that has served a 10-year tenure must have left, he could only take up an appointment with the bank or any of its subsidiaries only after three years of his exit.

“Chief executive officers of banks shall henceforth serve a maximum of 10 years; All CEOs that would have served for 10 years by July 2010 shall cease to function in that capacity and shall hand over to their successors; Where a bank is a product of a merger, acquisition  or takeover or any other form of combination, the 10 years shall include the pre and post combination  service years of a  CEO, provided the bank, which he served as a CEO  was part of the new banks that emerged after the combination; Any person that has served as CEO for the maximum tenure in a bank shall not qualify for an appointment in that bank or its subsidiary until after a period of three years of his exit as CEOs,” he said.

chuckvyl:
Dangote group of companies is a public company listed on the stock exchange.It is no longer solely owned by Dangote any longer.But he reamins the majority shareholder.I think in Nigeria for a company to  be quoted on the stock exchange it has to sell either 49% or 51% of the company's shares to the public through an IPO.
As for trading with public funds,tell me any major company that does not trade with public funds(bank loans).As long as you borrow from a bank,you are essentially doing the same.