₦airaland Forum

@onlytruth,
Welcome!
Sanusi 'bought' me over with his writings. I spent whole day and night reading his writings when I did research about him shortly b4 he became CBN governor.  The guy has depth. He freely delves into philosophy, politics, history, religion(all religions) , name it. I became his biggest fan after reading his write-ups. This guy is so brilliant. His analytical skills is mesmerizing, his choice of words is fascinating. Whoever thinks this Sanusi is just one aboki is the one that is ignorant. He may not have gone to Harvard, but I can place my money on his depth of multi-disciplinary scholarship.

Interested in reading his past articles, type Sanusi Lamido Sanusi on google.

Here we come again. . . .

FACE:
The part in bold is very misleading Jarus. Of course, Islamic banking system must be profitable and must have its benefits for it to have the success attributed to it. However, you can bring those benefits to the fore without latching onto publicity stunt (business strategy/deceit) by the bank you mentioned designed to maximise their income.

Islamic banking forbids quite a lot of stuff practiced by western banking, so do you not see the irony in Islamic units of western banks? If for instance HSBC group declare a profit and dividend for the year, will they exclude the profit made through their Islamic banking unit ? Will the profit made therefrom be forbidden from further investments by the group as they deem fit ? Will they refuse to pay dividends to shareholders on the profit made by a business they funded through their shares?

The answer to those questions will expose the business deceit/hypocrisy or sincerity of those institutions. It is like buying petrol from Texaco and Shell into the same tank; at what point in your journey do you determine which petrol is responsible for keeping your car in motion ?

Just like you, I believe that the introduction of Islamic bank will not be a prelude to Islamising the country, however, public funds should not be used to establish such bank regardless of the (academic) benefits.

Misleading again. The banks are merely seeking to extend their business reach, which is what capitalists do. They capitalise on things and do not discriminate the source of money, as far as is permissible in existing laws. Approve the use of cocaine today and see how many of them will rush to finance cocaine factories. If they were planning to leave one in favour of the other, then you would have a solid point, but they are just expanding their territories.

If western banking was that bad, you will not see hard core Arab (Muslim) billionaires investing billions into western banks.

I believe that both systems can exist side by side or as a fussion, as chosen by the owners (not CBN).

The way forward is to educate skeptical Nigerians (and rightly skeptical too) on the benefits of Islamic banking, let private investors put their stake down in the market and let Mr A, B and C decide what's good for their finances.

A reasonable and well articulated input, even though it departs slightly from my views in one or two areas.

And on the way forward you proffered, do you think Nigerians are ready to be educated? For example, Ibime is trying to educate some folk here about Islamic banking but they are already with the mindset that it can never bring any advantage to the economy. I wonder how such sealed mind can be educated.

Ronaldinho also used to be called Eyin(teeth) in Yorubaland.

Inna Lilahi Wa Inna Ilaehi rajiun. . . .

MrCrackles:
Henry - - - Igwe _{Heard about this on NL}!

This is all over Nigeria.

Some nicknames are global(e.g CR7), some are national(just within a country e.g in Nigeria, Henry is Igwe, and more recently Anelka is Alhaji) others depend on locality.

C. Ronaldo: C. Gogongo ( common in some part of Yorubaland)
Fabregas: Fabrepass(almost nationally), Nokia(in some hausaland- think of 'connecting people')

Hypertension

See wanton display of ignorance about global trend in finance. At a time when countries the world over, even the core capitalist ones, and global financial heavyweights are looking the way of Islamic banking aftermath of the latest financial crisis, Nigerians are attaching sentiments to Nigeria trying not to be left out.

Nigerians will not cease to amaze.

thank God else ur own case would have also reached NL.
Maybe the amala come from the same stock wt d current killer one

LOL @ coolguyz analysis, pls I'm eager to know where I fall in the two categories.

[quote author=Xavier. link=topic=317164.msg4457267#msg4457267 date=1251729241]Jarus

We ve enough petrol dollar to solve all of our immdeiate problems.[/quote]And the UK, US don't have?

[quote author=Xavier. link=topic=317164.msg4457267#msg4457267 date=1251729241]Jarus

What is lacking is a free and fair business environment, devoid of sentiments (be it religious, ethnic etc).[/quote]I sharply disagree. Sanusi's actions, to me, have no religious or ethnic dimension. And indeed, he's trying to create a free and fair business environment.
And majority of other reputable analysts like Simon Kolawole(ThisDay), Yomi Odunuga(The Nation), Reuben Abati(Guardian), Ogho Okiti(BusinessDay), Gbenga Sobowale(Vanguard), Olu Obafemi(The Sun) all from different tribe and religion as Sanusi will swear that Sanusi is pursuing a national agenda.

An analysis of the Vanguard article placed against a similar predictive report in BusinessDay, and why I go with the BusinessDay prediction.

How well are Sudanesse banks faring?

Here we come again after all our dialogue in a past thread where you bumped into my debate with Davidylan on this topic.

His education and sojourn in Sudan absolutely has nothing to do with banking. He resigned voluntarily at 30 as an Area Manager in a bank to pursue a degree in Islamic studies. At certain stage in our life, we take some decisions that are solely personal. Obasanjo decided to go for theology after being president, Soludo once said after leaving office, he will go and learn Chinese. These are personal decisions one takes at some point, and may not have anything to do with one's professional career. Not all actions in one's life are tailored towards one's profession.

Sanusi is a Kano prince, and who knows, he may be eyeing the emirship seat in the future and felt he needed Islamic knowledge to stand a chance, hence his going to Sudan to study. That does not in any way diminish his being a Banker and Economist.

How many of the top ten banks in the world are islamic banks?

How do you expect Islamic bank to be among world's Top 10, when it is just gaining currency the world over?
Islamic banks need not be among the top 10 in the world, but I can tell you that HSBC, BNP Paribas and other global financial heavyweights all have Islamic banking units.

Lets be disppassionate about this, do u really think non-interest banking would work. The few western bank that ve adopted it, only did so to trap free petrol-dollar deposits.

Dispassionately speaking, I believe it will work. If adopting it will make us also attract 'free petrol-dollar deposits', then why don't we also go for it?

muhsin:
Assalamu alaikum,

Wish you brothers and sisters had a momentous time together.

Salam.

Wa alaikum salam,
Yes, and I passed your message across to everybody

[quote author=Xavier. link=topic=317164.msg4456764#msg4456764 date=1251725182]Cant understand why alot of people here find it convenient advocating an archaic, retrogressive practice in this age.[/quote]Retrogressive in your understanding, when the whole world is looking its way.

[quote author=Xavier. link=topic=317164.msg4456857#msg4456857 date=1251725943]This is what u get when u bring in a Sudanesse trainned banker to come head the country's Apex bank at a critical time such as this.[/quote]You are still here. . . good for you. And all our  Harvard-trained bankers have done better.

ok

Being a copy of my latest article for publication in Nigerian dailies:

SANUSI’S REFORMS: A TALE OF TWO PREDICTIONS
                                                                                                 By:XXXXX XXXXX
Since Mr. Sanusi Lamido Sanusi, governor of the Central Bank of Nigeria, announced the sack of the Chief Executive Officers of five of the nation’s banks a couple of weeks ago, newspapers and internet discussion forums have been flooded with series of analyses and commentaries, some objective and informed, and many sentiments-filled. Opinions are sharply divided over the intentions of the Kano prince. One camp of analysts and commentators believe Sanusi’s actions are altruistic and in order, while another believe he has some hidden agenda up his sleeves. Northern and sharia agenda they call it.

The ‘strongest’ evidence put forward by the ‘northern-agenda’ critics is a cover report by Vanguard newspaper of March 23, 2009, titled: “Nigeria: Group Plots Takeover of Five Top Banks”. The internet is now filled with copies of this Vanguard story and the anti-Sanusi ‘internet warriors’ (apology, Professor Pat Utomi) are basking in euphoria of having killed off every argument put forward in support of Sanusi’s actions. A group has even gone ahead to publish the Vanguard article as advertorial in some national dailies. The article is now the hottest story in town, and may be in contention for newspaper story of the year!

Reading through the story, it is very difficult to dismiss the claims with a wave of hand, especially as the steps outlined for the wrecking and subsequent take-over of the banks appear to be in tune with what is currently happening. For example, a part of the article reads: “A CBN official who spoke on condition of anonymity said that it is unfortunate that top five banks are the target. The banks, he said, are sound.” Could it be a co-incidence that the number of banks mentioned here agrees with the number Sanusi’s axe fell on? This is the most difficult thing to counter, as the ‘soundness’ and ‘top’ claims can easily be dismissed; after all everybody now agrees that the banks were not as sound as portrayed and two of the them do not qualify to be called top banks.

Another striking area in the Vanguard prophesy is the opening paragraph that reads: “Anti-consolidation forces have regrouped with the hope of dismantling the structures and forcing a takeover of the top five banks in the country, Vanguard can now reveal.
The grand plan by the group is to cause panic and uncertainty in the industry and make the target banks look unsafe for depositors”. There is no denying the fact that there is panic in the system at the moment, consequent upon CBN’s actions, and the take-over song by Mr. Sanusi makes it difficult to shut up the ‘Sanusi-is-playing-a-script’ analysts.

Vanguard newspaper further claimed that their investigations revealed that “the aim of the anti-consolidation forces is to cause loss of public confidence in the banking industry and compel the Federal Government to move in by injecting funds.” The funds injections prophesy also appears to have come to pass. And to cap it all, the newspaper reported the Arewa Consultative Forum as saying: “All that seem obvious is that our commercial banks had lent out too much money to too many people who had invested them in stocks or petroleum importation but who are now unable to pay back. Beyond that, the public has no clear idea as how or why the loans were given and on what terms." How did this ACF’s claim support the outcome of Sanusi’s audit exercise? This is another question that seems to lend credence to the northernization argument.

However, as a religious follower of the current debate as it has been unfolding in the last couple of weeks, I have read virtually every material that analyzes or retrospectively reviews the motives for and consequences of Sanusi’s actions. I have also laid my hands on the past articles which are now being referenced as predictions of the current series of events.

Strongly justifying the necessity of Sanusi’s decision is a series on the Nigerian banking sector run by BusinessDay, Nigeria’s leading business daily, from February 16-20, 2009. This came earlier than the oft-quoted Vanguard article and the newspaper aptly exposed the abracadabra going on in the banking system which Sanusi’s reforms have come to buttress.

In it’s cover story of February 17, 2009, titled: ‘How regulatory failure created margin loan crisis’, the paper wrote: “A failure of regulatory oversight by the monetary authorities, charged with the responsibility to monitor and supervise how banks lend and disburse loans in the financial system, has been identified for the massive margin loan crisis hanging over the banking industry”.

“The banking regulator, the Central Bank of Nigeria (CBN) is believed to have taken its eye off the ball while a number of banks moved recklessly into the capital market to perpetrate unwholesome practices designed and calculated to shore up the value of their shares in the capital market.”, BusinessDay further stated.
In another story in the series, the newspaper quoted a banker as saying: “all over the world, when you reach out to the lender of last resort, what you get is at a premium. BUT HERE BANKS WERE TO ALL INTENTS AND PURPOSES BEING REWARDED INSTEAD OF BEING PUNISHED.” (Capitalization mine). The banker was responding to the decision to open wider the Expanded Discount Window(EDW) by the CBN.

Furthermore, on the same February 19, 2009 edition of BusinessDay, the newspaper ran a story titled ‘With blurred supervision, banks are back to cooking the books’. In the story, the paper wrote, “Declarations of bogus profits and failure to disclose toxic assets have crept into Nigeria’s banking system. And analysts, worried by the trend, say banking in the country has gone back to the old days when banks kept more than one statement of account for different purposes”.
“But the understanding of many was that the Central Bank of Nigeria would be up to the task of supervising and discouraging banks from cutting corners. Information reaching BusinessDay indicates that the apex bank may have been looking the other way while banks cheated their shareholders of billions of naira.”
Rounding up the series on Friday, February 20, 2009, the paper hinted on why Soludo may not be deserving of a re-appointment. Read them: “Soludo’s current five-year tenure ends in May. While Soludo gained widespread international respect for his leadership in pushing banking sector reforms and a massive consolidation of the Nigerian banking system under the Obasanjo administration, his recent miscues on the direction of inflation and currency policy have left his much vaunted credibility damaged.”

“Whoever replaces Soludo from Yar’Adua’s inner circle”, the paper predicted, “is likely to be more strongly market interventionist than Soludo, who had until recently been fairly neo-liberal in his policies.”  Shortly emerged a risk expert in Sanusi Lamido Sanusi and his plethora of market interventionist policies. What an accurate prediction!

While the Vanguard’s prediction basically bordered on motive, BusinessDay’s centred on the issues and corroborated Mr. Sanusi’s findings. Given the enormity of the rot in the system, as alerted by BusinessDay far back six months ago, I personally believe any CBN governor that took over from Soludo and refused to do what Sanusi did will be a non-performer. If BusinessDay editors and economists sincerely believed what they saw and called our attention to, I believe they would have toed a similar path with Sanusi, if given the opportunity to cleanse the system, in which case, the steps will look like what was predicted by Vanguard and I wonder if that will be called an eastern agenda,going by the fact that most of BusinessDay’s economists and editors are from that part of the country. This is why I personally believe that BusinessDay’s analyses and predictions are more relevant in looking at current issues than Vanguard’s report. BusinessDay, to cap it all, has no other business than reporting and analyzing the financial system and the economy at large.

While the northern agenda propagandists can continue to invoke their Vanguard story, I, as a believer in Sanusi’s reforms (at least for now, and so long as he doesn’t deviate) will not get tired of tendering BusinessDay’s reports that justify the necessity of Sanusi’s actions and buttress the fact that anybody determined to uproot the problem would not have done less. Any thing less than that is compromise.

Finally, putting aside the two ‘prophetic’ reports, nobody has been able to prove that the sacked superbankers did not perpetrate the crimes leveled against them. More and more cans of worms are being blown open every day about the atrocities committed by the bank chiefs. If what, from all indications, appears to be a genuine effort at sanitizing our financial system, is a northern agenda, I wonder if financial recklessness and wanton disregard for professional ethics is a southern agenda.

XXXXXX, an Economist, Accountant and Public Affairs commentator wrote from  Victoria Island, Lagos.

Coming Soon: A HUNTER'S MISFIRING SHOTS: A look at Dele Momodu's recent write-ups and the widespread debates generated.

[quote author=Xavier. link=topic=317164.msg4455504#msg4455504 date=1251713142]"I have not read him say he was going to sell the troubled banks to Islamic banking investors. The introduction of Islamic banking is separate and has nothing to do with the the troubled five banks."

Yeah right.[/quote]Yes. . . . and I expect a professional Accountant and Finance person like you to know the place of Islamic banking in modern finance discourse.

PapaBrowne:
The merits of non interest banking cannot be denied. Whether we call it Islamic banking or whatever, it is okay to have such banks in Nigeria.
The problem is when you creep up with an agenda like Sanusi is doing, takeover some already built up banks and then hand them over to Islamic banks!
This is immoral and would further divide the already very fragile cacophony of a country called Nigeria.
They tried to set up Jaiz Bank a few years ago, everybody was fine with it, but the bank couldn't raise the required 25bn naira.
To now take over banks other people built up with their sweat and blood and hand them over on a platter to these Islamic banks is a slap on the face of the Islamic religion itself.

I have not read him say he was going to sell the troubled banks to Islamic banking investors. The introduction of Islamic banking is separate and has nothing to do with the the troubled five banks.

becoomrich:
majority of ilorin people are yorubas, they just bear muslim names. It is just the emir that trace his root to fulani.

Now who owns kano? Hausa or fulani. the answer is hausa. Who is the emir of kano, is he fulani or hausa. Answer he is fulani. who is the majority in kano? fulani or hausa? answer, hausa

Emir is a religion title, not a tradition one. It has root in Religion. you need to read about the hausa. only Murtala was hausa. Buhari is fulani. yar adua is fulani, shagari is fulani. The fulani are not up to 10 million people in nigeria. Hausa are the majority in the north. they claim, which is questionable now with satellite pictures. fulani may be the majority. not the hausas. if you could tell me the area which the fulani are, i would tell you the answer.

Hausa language is very different from fulani. Very very very very different. Hausa most of the time do not understand fulani language, which they call Fulfulde. They do not speak fulani , they speak Fulfulde. Look i tried learning Fulfulde before. it was difficult to learn. There are two different people.

Fulanis are normadic people. so they can be found every where only the ocean stop the fulani man. immigration officer does not affect the fulani man even while the population of fulani is so small in nigeria, they position themself in all area. Those people in power are mostly fulani people. They make sure not to allow others in power in the north. that why jang and yar adua have problem.

The hausa man normally calls the fulani man a bad name boro, boro. This is not something good to call a person. Fulani people dont like been called that, do not call them that, they can kill you for that. it really mean like bush man or uneducated. Since the hausa live in town and the fulani dont , they move around. but the fulani minority are the ones in power in the north over the majority hausa. But i am not sure who is really majority between the two. because yola is more fulani than hausa. the fulani own yola in adamawa state. Hausa majority may not be true, since satellite picture shows bauchi an empty place. so I am not sure if the hausa can really claim majority over the fulani any more.

Turai yar adua looks like 100% fulani woman, light skin. most fulani woman are. The fulani women are very beautiful. While I live in mayo belwa which was mostly fulani , the fulani women tend to please her husband, old fashion way. their life is centre around thier husband. fulani women are simple to deal with.

Sokoto is a fulani state, kebbi state is mostly fulani, kano state is mostly hausa, jigawa state is mostly hausa, bauchi , gombe, state is mostly hausa. while yola is fulani, not hausa. the upper part of katsina state is mostly fulani

The politics in the north is so deadly that is why murtala did not remain in power for too long. He may have been seen as a threat to the fulani domination.

One of the ways to know a fulani man is the nose and most fulani men are tall and skinny

https://www.pointblanknews.com/turaiyaradua.jpg

Best and most sensible analysis I have seen from Becomrich on NL.
And the grammar was less fatal.
Good one, BCR.

While admitting that introducing Islamic Finance at this time will further fuel the ethnic/religious campaign against Sanusi, I believe the enlightened will not object to it.
Islamic finance has been taken to the frontburner in global economic discourse in the last few years. Even in countries like UK, US and other western countries, Islamic banking opportunities are being seriously looked into. The Economist ran a cover story on Islamic finance in a recent edition: http://www.economist.com/sponsor/qfc/index.cfm?pageid=article104

Financial giants across the world like HSBC, BNP Paribas, Deutsche Bank, Barclays Capital, Citibank, Standard Chartered have all thrown their weights behind Islamic banking and have Islamic banking units and products.

It does not in any way amount to Islamizing the country. It's expanding the frontier of the country's finance and another way of integrating our financial system into the global trend. This article may as well be enlightening: http://www.radioaustralia.net.au/news/features/s2425127.htm

Appoint a Nuhu Ribadu as IG.

Thread retitled and modified .
Tanx 4 calling my attention to that.

@Ify, were the igbo meets held abroad too?

In any case, I will modify the thread title to FIRST MUSLIM NAIRALANDERS MEETING; which appears more appropriate.

@tubabie, Did the London gathering eventually take place? If so, I have to add 'in Nigeria' to the thread title.
Tanx 4 calling my attention to that.
While posting this, got ify's comments too. The title and claim will be modified appropriately. But I want to believe the past meetings are physical, not online meetings, and a coordinated one, not three people just jamming.

In what will go down memory lane as the first physical meeting of Muslim Nairalanders, some Muslim Nairalanders living in Lagos organized a 'breakfast' session at MamaCass Restaurant,Ajose Adeogun street,Victoria Island, Lagos on Friday, 28th August, 2009.
The program had in attendance 13 nairalanders, and ably convened by yours sincerely as the moderator  of the Islam for Muslims section. The programs featured joint breaking of fast with sumptuous meals, prayers, unveiling of faces behind the IDs, introduction, and general gists. It lasted for two hours and it was interesting and fun-filled. The planning and all that took place on the pages of NL and it was a huge success, glory be to Allah. People that were not able to show up sent their apologies, while Muslim Nairalanders from Kano, Gombe and some from outside the country sent in their goodwill texts. The presence of the popular Abuzola could have made the event more interesting as everybody looked forward to meeting him, but he couldn't make it. The programs will be held annually, during Ramadan, and there are plans to have a similar event for Abuja posters.
The NL admin was duly informed.

We hope to see more of NL physical gatherings, as we congratulate ourselves for setting the pace.

Should there any plans for ALL LAGOS  NAIRALANDERS CONFERENCE, you can count me in.

An issue like this, involving death, will go beyond emotion, no matter how innocent the man is. I personally believe the man is innocent and was only doing his philantropy which he had been doing for years,but what it unfortunately degenerated into  is too grave(already national) for the authorities to work on moral argument.

Even if the authorities(Police, government) themselves know, presumably, that the man is inocent, it has to be investigated and facts brought out before being let off the hook or at least he may be granted bail.

The cook, the supplier of the yam flour etc all have to be investigated, who knows it could be that yam flour was contaminated. NAFDAC should be brought in.

I pity the man sha.

[quote author=Sunny_bobo link=topic=316137.msg4450326#msg4450326 date=1251619377]@ Jarus

U have been jumping from one thread to the other promoting sanusi and his actions but you have not been able to give us an answer as to why every action sanusi has taken so far is in tandem with what Vanguard reported five months ago and more than two months before Sanusi was appointed (maybe Vanguard now has Primate Olabayo as a reporter). untill you provide an answer to the above, I will never take your view on the babking crisis serious. I'm even begining to suspect you to be a PA to sanusi!![/quote]I have provided answers to that many times in the several threads on this topic, if you bothered to read my previous posts.
As I am now, I'm even writing an article, titled SANUSI'S REFORMS: A TALE OF TWO PREDICTIONS for publication in national dailies, solely to counter that article.

I'm not Sanusi's PA. I have never met him. I first heard his name around August 2008 when he was announced as replacement for Jacob Moyo Ajekigbe as FBN GMD, but I've been on NL since 2007. I only believe he's doing the right thing, at least for now, that is why I have taken it upon myself to defend him. Once I realize he's going astray I'll be teh first to criticize him on NL and on pages of newspapers. Count me out of sycophancy.

Chairman is a non executive position, has little say on operational activities. Hold Florence and her executives responsible. Moreso, Fola's appointment as Chair is just to give the coy reputation.

Chairman is a non executive position, has little say on operational activities. Hold Florence and her executives responsible. Moreso, Fola's appointment as Chair is just to give the coy reputation.

@outstrip,
You can eat any food to break your fast or as sahur, in as much as the food is ordinarily legitimate i.e halal. I've neva heard of anybody dying of fasting or from breaking fast all my life.

Just left the police station now. Saw the man and tears almost dropped from my eyes. I'm new in this area but people attest to his innocence. That's how he feeds people as charity during Ramadan every year. Maybe he was innocently supplied killer am flour to make the amala.

Saw the wealthy philanthropist in handcuffs and almost cried. He is a very popular man and fuji Musician Wasiu Ayinde once praise-sang his name. . I wont mention the name.