₦airaland Forum

back2back:
after destroying Nigeria Banking system, Jeez

Next time, try and come across as a literate fellow instead of promoting silly inuendos.

mikeansy:
Some of these guys just they find who go pay them off

e.g. Chuma Nzeribe know say him no go be Governor

Instead of Chuma Nzeribe, Anambra State is better off with Andy Ubah.

Chuma Nzeribe as chief security officer to Mbadinuju corrupted all the boys in UNIZIK Awka and kept using them for all sorts of rigging in the state. It is no suprise that some of those boys who probably did not graduate from school as they hardly entered class are now the ones running Anambra State. These are boys who as recent as 2002/2003 were still in school.
They include Tony Nwoye as PDP Chairman, Uche Lake as Anambra House of Assembly member, Okota Obulu as a top politician in Anambra State.

Chuma Nzeribe was also responsible for slapping of Ngige and colluded with Federal Forces for his illegal kidnap even after he had elected himself a member of parliament.

That guy is bad news to Anambra State. May Andy Ubah never rule Anambra State but Chuma Nzeribe is sure more of a bad news than Andy Ubah.

hahahahahaha .  .  .  . You probably know Anambra politics like I do. Chuma Nzeribe used Mbadinuju and dumped him during his re-election
campaign when he decamped to AD . . . . . confidential sources even had it that he was the one that took Ngige to OKija Shrine; hence that was why he was one of the lead mastermind of Chris Ngige's kidnapping saga and woes.

I was even surprise to see Eucharia Azodo on the guber list, was she not the house speaker that was impeached and later sacked by the electoral tribunal whom Chris Ubah camp used to spearhead thier dirty job.
 
       Anambra politics is always that of a kamikaze action.

Chei !! My state don suffer no bi small  .    .    .  I'm just trying to discern why all these millionaires are jostling for Anambra state
government house_treasury, even two current senators, ambassador, and the immediate past VC of UNIZIK . We already have 22
guber candidates on the PDP umbrella. . .   imagine the number of candidates that will be contesting under the oppositon parties.

Bialegend:
Ewu Yoruba, whatever niggu means. I said it and you have proven me right. Anyone thinking you are Igbo should start having a rethink now. You are not and will never be Igbo. I asked you to make a simple sentence with Igbo language just to prove yourself of being Igbo that you are claiming, and i predicted about your response, and you came back proving me right. Clown Yoruba arsshole claiming Igbo. We have been seeing folks like you from time immemorial. The next thing left for you is to declare that your "best friends are Igbos" which have become the trade mark of Yorubas and awusas of this forum and other nigerian forums. Umu ewu Igbo wannabees.

hahahaa. . . . ROTFLMAO!!  
                Nwanne leave us these efuruefus alone, O ha niile bu nsogbu ndigbo.

ezeagu:
Replying to the original post: Well directly I don't know, but indirectly, of course.

Nwanne idikwa egwu . . . . . You just answered like a quitessential Naija politician , Infact let me call it the Obama voting style which is voting PRESENT instead of a YES or NO whenever it comes to controversial debates.

Phocked up TRUTHERS will always do what they know best which is to be bombarding the internet with baseless and moronic conjectures.

Today they will tell you that Apolo moon walk was a hoax, HIV/AIDS was invented to kill blacks, Bush masterminded 9/11 attack, may be tomorrow they would say that Obama masterminded the out break of swine flu in order to kill whites.

             Truthers, please spare us the gotcha journalism.
   ,

german007:
@akigbemaru


Whao bros, Where you an agbero before? or are you on now urself? You seem to know all their names and aliases.??

I hail oh

ROTFLMAO!! Maybe he is well versed in the history of agberos in Lagos but not an active member.

Please no body should trojan into the way of these Agberos, they are one of the spinal cords of Nigerian democracy

I dare say that they are the only group that can protest on the streets of Nigerian cities without being cowed by the trigger happy Nigeria
police and army officers. How many of us in this forum have protested before on the streets of Nigeria?

redsun:
Tribe aside,yorubas are banks specialist,they crack them like piece of cake and they are very territorial with the game,non yorubas are less likely to be initiated,[i][/i]unless of course one is fluent in yoruba language.

Igbos could be good in 19 but as good as yorubas in bank jobs

However,it is a dog eat dog world.Who is good?

SPOT ON!!
Know some of my Yoruba home boys doing it real big with those shits. Let me cease to strees further.

please you guys should allow Lamido Sanusi to implement his Sanuconomics theory, afterall the discipline called economics is dependent
on the trial and error of differrent theories,

At least we can see that the curr ent world recession have thrown most of the prominent economists into a state of disarray: thats why most of
them are proposing differrent theories day after day. Economics is not Engineering.

SLEEZY, IKEYMAN and BECOOMRICH, you guys really have to form a mega party,afterall there is no doubt that you warriors are not bound to
be together.

Nonsnelly:
I still do not get it all, how do I enroll? I am based in Aba right now.

To be transgbawed from animale to nwa mmuo, you have to meet chiefos of the nearest Ilya{higher institution} in Aba so that they
     can give you the required orientation necessary for the transformation rites of a non karid entity.

But mind you that keggites club is not a secret cult{ie otu ndi anyamelele/nkutanbali},hence; you have to do your research dilligently.

     How ever, its always good to see Jankariwoos like you willing to denounce their spirit of animality.

                                                             may d longatua of methusaleh also b d keske of all fellow ashainas.

pres-elect:
my IUPAC nomenclature is karidity venus, inherited from the book of bookosis which was captured from the wilderness of darfur by karid agwalagwa st bachus in the karid yr of I434, after the war of liqour

Even the devil can quote d bible, Pres-eleect when shall it become.

LWKMD
I saw the piece in vanguard news. . . . . the man is really made of excess verbosity.

By Abdulwahab Abdulah
THE last may not have been heard about the crisis facing Nigerian financial institutions as the Yoruba socio-cultural group, Oodua People’s Congress (OPC) leader Dr Federick Fasehun yesterday disclosed that the Federal Government is owing Nigeria banks a sum of N3.2 trillion.

A fresh twist was added to the ongoing crisis facing the five troubled banks when OPC accused the Federal Government and the Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido acting out what Vanguard newspaper published five months ago.


[b]Dr. Frederick Fasehun, Founder and President, Oodua Peoples' Congress (OPC) and Mr. Adeoye Jolaosho address a press conference on CBN's hammer on 5 banks' executives Lagos.by Sylva Eleanya.
Addressing journalists in Lagos, founder and president of OPC, Dr Frederick Fasehun bombarded both the CBN leadership and the administration of President Umar Yar’Adua, saying that the Federal Government of Nigeria is one of the ‘big debtors’ that are killing Nigerian banks.
over $220 billion. He said: “These uncleared government debts certainly compounded the problems of the banks. The Federal Government as well as local contractors owe over N1.5 trillion; many of these loan obligations, these contractors have been unable to discharge.”

Fasehun therefore queries the CBN and the Federal Government’s moral rights to attack the five banks and also injected N420billion public funds into the banks. He based his arguments on the fact that both the CBN and Government of Yar’Adua are acting a prepared script.[/b]Quoting the Vanguard exclusive reports on the banks to support his arguments, Fasehun said: “But many Nigerians like me cannot forget the fact that just last March, Vanguard newspaper exclusively reported that some faceless interests planned to take over five banks. Initially, we took the story with a pinch of salt. But the benefit of hindsight has bestowed upon that Vanguard report an uncanny degree of accuracy, because not only did it pinpoint the five target banks to be disgraced, it also identified the future CBN Governor that would undertake the job.
“Now that the newspaper’s prediction has materialised, the public will like to know if this whole affair were not a carefully scripted secret agenda. In the light of this newspaper’s accurate prediction five months ahead, can we resist the urge to say that these banks and their executives were simply sitting ducks for a well-schemed frame-up?”
Specifically, Dr. Fasehun said Federal Government alone is owing Nigerian banks, including the troubled banks to the tune of N3.2 trillion, representing

Fasehun therefore queries the CBN and the Federal Government’s moral rights to attack the five banks and also injected N420billion public funds into the banks
He said that the CBN Governor took several wrong steps in his efforts to right the wrong allegedly committed by the five banks. He accused Lamido of not following due process and that the injected government’s fund and invitation of foreign investors were part of the plan to take over the banks.

Accusing the CBN Governor of hidden agenda, he said Sanusi has “always remained unapologetic and unrepentant of his ethnic chauvinism.” He said “Curiously too, we find that these five banks are headed by Southerners, Because of this fact, we will caution the CBN to refrain from fanning the embers of Northernisation, which the Umar Yar’Adua administration appears determined to push since its inception. Otherwise, we will be fighting corruption with corruption and the result will be greater corruption.“Apparently, this insinuates that the CBN has not told us the whole story. Our private investigations, for example, show that the Federal Government itself owes Nigerian banks about N3.2 trillion, roughly over $220 billion. These uncleared government debts certainly compounded the problem of the banks. The Federal Government as well owes local contractors over N1.5 trillion; many of these represent loan obligations these contractors have been unable to discharge.

“So does the government really have the moral right to cast stones? It would be wiser for the Federal Government to lead by example and first liquidate its own debts before pointing fingers at ‘fellow partners in debt.’ Maybe for all these unpaid government debts, the CBN should go ahead and hand over the Accountant-General, Auditor-General of the Federation and the Minister for Finance to the Economic and Financial Crimes Commission (EFCC) as well. Curiously too, all the loans that the CBN has taken to the cleaners are private loans. What about those various bonds and loans that state governments secured from the capital market and the banks; why has the CBN not addressed them?”

[b]He noted that as at April this year, all the banks borrowed N8.7 trillion from CBN, making all of them liable. “So, if the five banks under investigation borrowed only N800 billion out of the gross N8.7 trillion released by the CBN, which other banks make up for the balance of about N7.9 trillion? Why have they been spared? And why should the CBN deal with a general problem instalmentally ? Let the CBN tell the-whole world where its N8.7 trillion went to?”[/b]He said what needs to be done was for the CBN to handle the problem administratively, considering the fragile and sensitive nature of the financial markets. “It is very unfortunate that the CBN is criminalizing a routine commercial financial transaction.”

He also spoke for the shareholders, asking what would be their fate in the on-going process, if the troubled banks are sold to foreigners.

Blaming government for the problems, he said “Suffice to say that although some of these controverted loans are inexcusable, a lot of them would have performed if only government had delivered on key economic issues. including: Stabilizing the Naira, providing electricity supply, pushing through the amnesty deal to secure a viable bridgehead for profitable oil business in the Niger-Delta, enhancing Nigerian’s buying power by providing employment, ensuring good road networks, lighting corruption, resolving the crisis in the education sector especially the ASUU strike and succeeding with the seven-point agenda.”

To save the situation , he called on the National Assembly to urgently pass a motion ensuring “that existing shareholders are given an opportunity to recapitalise these five banks within a time frame not less than 180 days.

These banks are public companies owned by several Nigerians. They must not suffer double jeopardy. Their preemptive rights as existing shareholders, which is duly recognised by Companies and Allied Matters Act, Banks and Other Financial Institutions Act. C B N Act and the records of CBN must be protected and respected.”



Let the drama continue---------------------

davidylan:
CNN is no better . . . you have Lou Dobbs and Rick Sanchez if you want its own version of Fox and MSNBC.

We dont get news anymore, what we have is media outlets informing us (to the point of death) about the opinions of the uninformed. That's what gets ratings. If you want a life of peace try not reading the news at all. Hard to do!

Me thinks that MSNBC is the worst of all-------   You can get undiluted news from WOLF BLITZER of CNN during his Situation Room time
             slot and also from BRET BEIR of FOX NEWS during his Special Report time slot.

@ Post
                  Because all ladies are now "Financially independent and strong women", as they always claim.
                  Hence, whats the essence lavishing money on someone who is in the same class with you.
                  In other words, _{ADAMs don wise up}

The CBN Chief even reiterated that he has the mandamus to lend out money with out the appropriation of the upper and lower house.
All I can say, let the drama continue------------------------.

By Henry Umoru
ABUJA—THE Governor of Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi said yesterday that it would have no option than to print naira to save more ailing banks in the country, just as he said the apex bank had concluded the auditing of 11 other banks.

Addressing newsmen at the end of the 210th   Monetary Policy Committee,MPC, meeting of the bank, Sanusi who stressed that CBN does not require any appropriation by the National Assembly for it to lend money to the banks as part of its statutory responsibilities, said as the lender of last resort, what it did was to create money in line with CBN Act which gave it the power to create and lend money “whenever the situation arises.”


Central Bank Governor, Mallam Sanusi Lamido Sanusi (right) and the Deputy Governor, Financial Surveillance, Mr Tunde Lemo at a briefing in Abuja, yesterday. Photo by Gbemiga Olamikan.
According to him, the management team of the bank would today meet the Senate committee on Banking aimed at answering questions ranging from whether the bank has the right to lend money or answer to charges of improper appropriation of money to the five troubled banks, adding, “we will go and meet them today to tell us whether we need any appropriation to perform our statutory duties”.

Defending the injection of N420billion to save the banks, Sanusi noted that what the apex bank did was not a bailout, but liquidity support and financial intervention to bring them back to a position where they would then be able  to provide their contractual obligations to their customers, adding that much of the money borrowed out by the banks will not come back.

The CBN governor who reiterated that on-going debt recovery efforts in these banks were to ensure that depositors and the banking industry were strengthened and not endangered, said that at the end of the day if any of the remaining eleven audited banks were found to be defective, the CBN will print naira to bail them out.

“We are going to create money, we will increase money supply to provide financial intervention to bail out any of the banks in the recently concluded auditing for the next batch of eleven banks,” he said.

Sanusi who noted that CBN will be consistent in all its actions, stressed that the financial intervention which attracts 11 per cent interest was given out to ensure that depositors are not at risk, adding that actions so far taken on the five banks, were done in good faith, just as he said that if at the end of the day it is found out that he took a wrong decision, he would not hesitate to throw in the towel.

According to him, the hammer fell on the five banks after going through a series of processes, adding that bank examiners that were engaged to audit the 10 banks were five each from the CBN and the NDIC, even as he explained that after the initial auditing by the joint examiners, the papers came to the deputy governors who did thorough analysis of the report before forwarding it to him and the Managing Director of the NDIC, Alhaji Ganiyu Ogunleye before the final decision was taken on the banks.

Sanusi, who said he was a human being and that the decision he took on the five chief executives was not personal, but for the entire banking industry, stated that each time he “sees the former bank chiefs who were his friends being paraded on television like criminals, he gets worried.

‘’When I see them on television, it grieved me but it is a difficult thing , they have been my friends for many years, but  they have broken the law and they must pay for it.

“The only thing I will say in general is that regulators all over the world have had to re-examine themselves and we are no exceptions. We have gone through an internal period of self re-examination, asking ourselves what we could have done better, putting in place measures to ensure we do not repeat the mistakes of the past.

“The board of the stock exchange is not regulated by the Central Bank. That insider- related transactions if there are any, are not done by bank or by the stock brokers may be on behalf of bank or on behalf of people, or are done by stockbrokers who are licensed and regulated by the stock exchange.

“I will not want to comment specifically about what we have seen because the matter as at yesterday is actually subjudiced so I will not make specific comments about any of the issues that are before the court of law today.
“CBN does not need any appropriation to create and lend money to banks

Nchara:
What happened to NAL merchant bank under Akabueze?

I guess they didnt meet the 25 billion naira recapitalisation deadline during Soludos tenure as CBN chairman.

zugoboss:
What?! I can't believe no one mentioned the man .
And the undisputed champion is , CHINWEOKE MBADINUJU of Anambra state.

I concur with you--------------------- the man is the worst governor Nigeria had seen.

Imagine, Anambra state teachers witnessed almost one year strike during his administration, yet he used not less than 350 million naira
to finance his failed re-election campaign.
Even the pensioners were not spared from his kamikaze political tussle with Emeka Ofor.