violent:


Forgive my ignorance, but can you provide a link to the source of this?

These things did not happen in a day, I am not following anybody's analysis. I think my brain is still strong enough to put things together and arrive at a conclusion. Anyway, dont tell me u didnt know that CBN disbursed 200bn last year for Agric and it was never used.

I wonder how some people reason on this esteemed forum. Gusau said the reform damaged the economy, Is it a lie? He said few banks were punished for what all banks seem to be doing, was he not saying the truth? Then what is all the hullaballo all about? I hear some people saying that the economy and the banks would have collapsed if Sanusi had not taken that ignoble step, who told you that Sanusi was saying the truth?

I always say Sanusi is a liar and a fraudster. Shey una hear wetin dey happen as per the 200bn loan that was meaant for Agric development. Sanusi gave loan (200bn) to farmers through first bank i.e he disbursed the money from CBN and gave first bank to give to farmers. After a little protest by the other commercial banks that only First bank should not hold the money, he asked first bank to give part of the money to UBA. This happened early last year. I know we all aware that they never gave these loans to the farmers. Can u imagine how much food and export 200bn would have provided if Sanusi had forced these banks to give these loans to the farmers?. Instead, he allowed these banks to keep this money and they traded with it. First bank and UBA lent out these money to other banks at interest. Early this year, when senators and other stakeholders started asking Sanusi where the money was, Sanusi said the money was with the banks and that he would withdrawal the money because proper due proccess has not yet been done on the farmers. HE SAID THIS AFTER HIS FORMER BANKS (UBA AND FIRST BANK) MUST HAVE ENJOYED FLOAT AND INTEREST OF NOT LESS THAN 30BN ON THE GOVERNMENT MONEY THAT IS MEANT FOR PROVIDING FOOD FOR US. This means that Sanusi never had the intention of giving the money to develop Agric, he lied and used the opportunity and gave free deposit money to UBA and First Bank. And you are saying these man is a saint that came to cleanse our society?

Watch out as you discover the over 100bn loan that First bank( under Sanusi as the risk manager) gave to an oil company in 2007. The loan is bad and they never provided for it.

@ sagamite, if u were half as smart as i tot u were, u would know that Sanusi will not go straight and put hausas as MDs? If you knew half of what i tot you knew, u would know that ownership of banks is not about who the MD is. It is mostly about the shareholders, the EDs and the board. They have the power to remove an MD. Take time and ask yourself why Sanusi is so eager to sell the banks without recourse to the shareholders. Also ask yourself if those MDs were the only ones that were guilty of those allegations, instead of you posting the same thing twice and trice on nairaland. U are consuming bandwith u know.

Let that emir go and sit down!!!!!!!!!!!!!!!!! who dash am Doctor sef? These abokis will not stop to disgrace us in this country. When they refuse to recruit quality teachers and provide necessary facilities for students, why wont they fail? The emir no dey see small small children at league matches in Europe? Do they complain over there that students fail? Seriously, our leaders dont think before passing blames, how many hours is premier league in a week? Help me ask the slowpoke if his children dont watch premier league and also ask if those children fail. Idiot.

axeman85:

@kafanchan

in as much as it is sad to lay off staff, your posr or should i say analysis is totally wrong. because a bank gives a waiver of 32b doesnt makes the bank strong in anyway shape or form. i work in the financial sector in the uk with good knowledge of how things work here and an idea in naija also. this is not about sanusi or anything. its not sanusi giving the order for retrenchment or sacking so why drag him into this. its has always be a norm in naija and all over the world when the unfortunate happens, the innocent and masses will suffer.

I am not saying that Intercontinental is strong by giving 32bn waiver, I am saying that Sanusi shouldnt have allowed Intercontinental's MD give 32bn if he thinks the bank is distressed. That means either Sanusi is either not straightforward or he is trying to wreck the bank the more.

I wish Naija were UK where a Jihadist is not the Governor of Bank of England, where the governor cannot say in the public that the accused ex-MDs deserved to be shot, where the result of an audit can never be worked on unless and audit query is issued and answered to, where CBN governor does not give "distressed" banks loan without the consent of the bank as well as the public, where the CBN governor can never say in the public "sometimes I can be sentimental in making my decisions", where the CBN governor cannot defy court orders by publishing PHB's financial result when court asked him not to do so, where the main aim of the governor can never be to sell publicly quoted banks at all cost without allowing shareholders recapitalise, where the governor can never deny his statement, where the governor can never allow a "distressed bank" give waiver of 6bn to a politician owing the bank 8bn (mind you, the politician's name was not published in August 2009 as part of people owing the bank money), where the governor is more of a monetary expert than a risk manager. And so on. My man, naija is not UK, things are wrong here and that is what we are trying to make people realise. Sanusi was put there to hijack the banks, things are not really working as planned and it is having a side effect on our economy. What are the advantages of his reforms - nothing.

Also, I am suprised that you did not see the letter that CBN wrote to intercontinental bank to reduce salary and allowances by 30% and also to "RATIONALISE STAFF STRENGHT IN ORDER TO REALISE FULL POTENTIALS"(i might not get the phrase word for word but i bet that if you see the phrase, you will agree with me that he gave an order of retrenchment). The letter was published in THISDAY on either 15th or 16th dec 2009. the letter was published by an activist group when CBN first denied giving such orders to Intercontinental bank. CBN is being headed by liar.

Sagamite:

I am on the side of objectivity and pragmatism, mate.

Yes, you feel sorry for people that lose their jobs but that does not excuse irrationality or unfounded, conjectural criticisms.

Would it have been better to not make the decision and then the business collapse under the stress of cash holes and everybody in the company loses their jobs?

Your business environment changes. If they have to let people go, they have to let people go. Unfortunate and sad (especially in Nigeria), hopefully people can cope and have saved for raining days until something else comes up.

Hmmm. Banks were almost the only hope of this country with more than 70% unemployment rate. We were happy when young Nigerians were employed in banks. We all thought "thank God for banks that employ, if not, rate of unemployment would have been higher". Suddenly , there was recession, Soludo tried to manage it because he knew the implication of exposing the banks - which is what is happening now. A northern group saw the opportunity and imposed a boko haram as CBN governor. The boko haram saw it as an opportunity to avenge his humiliation by some other banks MDs when he was the MD of first bank plc. He audited banks and refused to give the banks chance to defend themselves (this violates both the natural and civil law of fair hearing). He imposed new MDs that are equally thieves. He made policies and introduced accounting methods that are totally wrong in order to potray some banks( so called R8) as dead horse.

Sagamite, did u know that Intercontinental bank, under the new MD gave Saraki waiver of 6bn? Did u know that intercontinental bank, as at november last year had given 32bn as waivers to customers? Can a bank that is almost collapsing give waivers? Do you know that it is Saraki that nominated Sanusi as CBN gov, and do you know that it is Saraki that nominated Lai Alabi as the MD of intercontinental bank. And sadly, do u know how many years salary 32bn can pay in intercontinental bank? So dont even say downsizing was an attampt to reduce cost, no, it was an attempt of Sanusi to reduce those banks to second tier or even third tier banks. Shey u know he s trying to categorise banks according to their size?

I have friends in intercontinental bank, prior to the "ïntervention", there was no hausa man among the 6 EDs in the bank . Now , the bank has only three EDs, two are hausas.

As long as southerners still continue to support Sanusi, we will still be slave to the hausas.

In case u still need more conviction that your opinion is wrong, please let me know

All those ones supporting the sack, I hear u. Wetin dey vex me for the sack na the fact that this is avoidable. If that idiot CBN governor and his puppet at PHB had not cooked up losses for PHB, there wouldnt have been any need to downsize. Sanusi and cyril went ahead to publish fake financial statements for PHB disclosing losses, despite a court ruling stoping the publication, after everything sanusi will say he is pro corporate governance, transparent and Nigerians will applaud.
He published the statement unsigned by company secretary, is that not enuf to render the statements invalid. Sanusi will die where his corpse will be eaten by dogs by God"s grace. He threw 10,000 people out of their jobs a week before xmas. Yes he planned it, I m so sorry to say this but that is the truth, he wanted bankers(most southerners) to have bad xmas.
Goodluck should please remove him, sanusi wants to sell these banks at all cost(including sending pple into labour market). That is what saraki and co put him there to do. I want nigerians to stand up and pray against the criminal cabal trying to buy thse banks at cheap rate and the only way they know they can do it is to give the banks bad names. Forget all those foreign investors indicating interest, no sensible foreign investor will buy those banks, they are fronting for a group. The sacked MDs did wrong, yes, but close observers in the banking industry will know that that was the common trend in the industry then, sanusi was also guilty, he gave loans without collateral, he gave loans to his friends (he does not have a company that is why he did not give his company),he had bad loans in first bank and uba. He would have done what dem ibru and akins were accused of doing if he was also the owner of first bank, but unfortunately for him, he was just a bloody employee in first bank. Christains, muslim and traditionalist should pray and commit the economy of this counttry into Gods hand. Sanusi still wants more people people sacked.

I have aquestion. Has it been ascertained that these banks cannot survive without being sold or Sanusi just wants to sell these banks at all cost?If the banks can survive without being sold, why not allow shareholders to recapitalise their banks. Sanusi is not straightforward, he has his hiidden agenda. The CEOs that refuse to cooperate with him know that selling the banks might not be the best options considering the fact that some Nigerians that have shares in these banks can still recapitalise the banks. Let these banks go to the stock market, if they cant make enought capital, then let him go ahead and sell them. I hear somebody talking abount bankers losing their Jobs. I can say that UBA records the highest casualties after Oceanic. Remember, UBA is strong according to to SLS. Diamond and Fidelity also cut staff strenght, so retrenching is not a sign of distress.

wetin dey sweet me be say some nairalanders don dey see say Farida dem were not working for our interest but for their pocket. Farida, sanusi and co go chop the money.

na_so:

@kafanchan

You self get malaria , if you think say na only you see and talk say SLS no dey do the job professionally.

NO VEX

ALL OF UNA DEY CRAZE!!!!!!!!!!!!! PROSANUSI AND ANTISANUSI ALL OF UNA DEY MAD. PRO SANUSI DEY CRAZE BECAUSE DEM NEVA STILL FIT STILL SAY THE MAN IS CORRUPT AND BIAS. E BE LIKE SAY NA WHEN THE MAN LOOT OUR TREASURY NA IM UNA GO KNOW SAY THE MAN NO BE AM.

ALL OF UNA WEY DEY YAB SANUSI NOW, UNA FATHER !!! WHERE UNA DEY ABOUT TWO TO THREE WEEKS AGO WHEN I DEY SHOUT FOR THIS NOBLE FORUM SAY SANUSI HAD BEEF WITH THOSE MD THAT IS WHY HE SACKED THEM, I TALK SAY FIRST BANK , UBA AND ZENITH GET BAD LOANSS TOO. SHEY ALL OF UNA DEY YAB ME THEN SAY I DEY RELATED TO DEM IBRU. UNA NEVER SEE ANYTHING. DEM TALK 75B BAD LOAN UNA DEY HALLA ABI, NO WORRY, BY THE TIME UNA HEAR LATER SAY THE REAL FIGURE NA OVER 200BN, UNA GO FAINT.

SHEY UNA HEAR SAY SANUSI WAN (DON) HAND OVER ETB BACK TO ADENUGA?

WE MUMU FOR THIS COUNTRY NO BE SMALL, WE JUST DEY CLAIM SAY WE GO SCHOOL, NA FEW OF US DEY REASON. SANUSI AND CO DEY USE US DEY DO KALOKALO AND WE DEY HAIL AM, HE DEY AVENGE HIM ENEMIES AT THE EXPENSE OF OUR ECONOMY AND WE DEY SAY "CARRY GO".

MAKE UNA YAB ME WELL. THE MORE U YAB ME, THE MORE I WILL PROVE TO YOU THAT SANUSI IS NOT A SAINT.

I DEY HEAR SOME OLODO DEY TALK SAY SANUSI JUST SPENT 6 MTH FOR FIRST BANK MD. IF U NO KNOW BANKING , KEEP QUIET INSTEAD OF EXPOSING YOUR FOLLY IN PUBLIC.

saworoide:

Your 1st post said Sanusi is pursuing a Northern Agenda, this one suggests Jim Ovia and Tony Elumelu were unfairly spared by the same Sanusi that is pursuing a northern agenda. I guess you are telling us Elumelu is from kano and Jim Ovia is from Zamfara states. When are we going to stop all these unfair criticism and suspicion? If somebody is not deemed to be supporting a tribe, it must be a religion or a particular geo-political zone being persecuted.

God will neither come down nor send angels to govern this country, it will be human being like you and me. The earlier we stopped this suspicion and hate mindset, the better for the future of this country.

Bros, check zenith and UBA board and top management whether no be mallams full there

temmytanny:

the question isnt who owns guardian? rememeber vanguard was the first to leak the planned invasion of banks by CBN in march.no body took it serious.they even talked about islamic bank and sanusi hasnt hidden is plan for such.

am not saying ex-CEOs have done right by issuing loans without collateral but all banks are culprit in these act.

the way CBN auditted some first and allowed others to clean up b4 auditing theirs is questionable.

CBN scared the whole of nigeria and international communities by injecting 420billion but only less 100b was used by the banks.

why wasnt UNITY bank axed? just last year CBN injected 70billion into it and stil CBN claim there isnt fund for them now to operate.where is the 70Billion?(northern agenda?)am not being tribalistic but why was UNITY allowed to go free despite been given 70bilion last year with nothing to show for it and they stil more money now?

why was ETB axed when its non performing loan is just less 40billion and not even an inch close to that of firstbank,access and zenith?

out 8trillion naira loan,only 1trillion are owned by the 8 axed banks,who owns the remaining 7trillion naira loan(FG-3trillion)?

my people many question begging for answers.

in my own opinion,i think CBN should have given the banks some time to recover these laons,axing the CEO isnt the way forward.

a bank in USA (the 99th bank to record such)lost over $3billion dollars to loans last week and the CEO wanst axed by their apex bank

lastly we nigerians should keep our fingers crossed and lets see how the drama goes. i see the whole thing as nollywood film

very soon,we shall see the victors and the losers.

Thank God say i don see somebody wey dey reason along the same line as I do. I was opportuned to read BOFIA ACT sometimes ago and saw that the only reason why a CBN Governor can remove the MD of a bank is if the bank is in a grave condition. sanusi said the banks were in a grave condition knowing fully well that is the only way he could remove them, and he removed them. He said the condition was so bad that they needed 420bn but we discovered that the banks used only 100bn or so. That means the banks were not in a grave condition as the IMMAM had said. So what does this mean? Either sanusi is so dull that he could not estimate the amount the bank he audited needed or he was just trying to paint the banks'condition as so bad that they needed 420bn (of course Nigerians and other obsevers were scared). Either way, it means the man is not fit to run the organisation. This country does not need a dullard , oops, or Vindictive fella as our CBN Goverenor.

Like I have been saying before on this respected forum, Sanusi had beef with these people when he was MD first bank. Most of these banks snathed his customers as a result of better customer service. He envied what they had achieved as individuals. He tried to win the customers back, and he could not. So he tried to achieve it through a means of setting target for his staff(of course , an act that is strange to first bankers). The staff found it very strange and prayed for his exit. Ask any first bank staff that has spent a year in first bank, he/she would tell you they had to pray for him to go. They did not like him.
Just think about it, Intercontinental bank that CBN gave less than 100bn as bailout has lost over 300bn deposit to competitors since these saga, (most of them went to first bank) and they are still standing. Likewise oceanic, they lost more than they were given. He is now using CCFE to pursue debtors to gain Nigerians confidence in him.

God help us in this country, we need good willed leaders.

kofi nti:

some nigerians are jealous of us Ghanaians as usual.why shud a nigerian support brazil instead of your own brother Ghana, oh africa!!!!when shall we get there?

koffi abi nene na ur name, be warned. No dey yab us anyhow. Well, na true u talk sha, we can jelous in naija ehn, we dey always beef people wey dey succeed. As una get sense pass us in naija, abeg make una dey succeed dey go so that e go dey pain us the more. Maybe tru that we go know the more say naija na big for nothing except for corruption. Ghana must win

Nezan:

Where are the people abusing Farida and wondering about EFCC's involvement in the case? Let them cover their faces in shame.

If we cover our eyes in shame, we will not see them when they are running with the money. So our eyes are opened godogbo. By the way the woman neva fall my hand, she is still living up to my expectation, atleast she is quiet about the over 10bn naira that they have received as recovery fees. We no go gree. Dem must tell us where the money dey go. Useless woman

oyb:

^^^

viva madam bill collector!

now if you can just go after ibori and co . . .

i hope you realize all this pursuit of bank debtors by waziri is not out of any desire to do the right thing, but the pursuit of cheap popularity and credibility in the international stage ?

I share your view

otukpo:

kafanchan, am trying hard to understand u.

Are u related to Ibru or Akingbola?

Mr man, I dont have to be related to them to fight for them if I can. I dont understand why SLS had to remove them illegally If I no talk now, one day they will come and remove me illegally out of beef and there will be nobody to fight for me.

alanbolo:

kafanchan and others have started saying it already, We always look beyond our nose to find reasons for everything.

I always look beyond my nose to find reason for everything, atleast I am better than people that judge based on the surface and present.

I looked at the so called Sanusi, looked at his past record, looked at his past beef with the culprits of his 'reform'.
I then looked at the calibre of the people in EFCC
I then looked at the fact the he sef is guilty of the offence he accused of others doing
I then remmbered Savannah bank - poor them
I then forsee that they plan selling those banks
I then read that those banks that passed the test also have big bad loans that sanusi  refuse to uncover
I then know that zenith and UBA too should fail the exam
I then know he is biased
I then concluded that I cannot trust him

Nlanders, curse me from now till next century, I ll not change my beleif about Sanusi - Trust him with our economy at your own peril. He has little or nothing positive to offer for our economy. My own is that he should stop painting himself as a saint and other mds as bad. ALL MDS ARE FRAUDULENT. WE DONT NEED SOMEBODY LIKE SANUSI TO CLEANSE US. HE WILL NOT DO IT WELL BECAUSE HE HIMSELF NEEDS CLEANSING.

I look beyond my nose to find answers to puzzles. Please I ll advise you all to think beyond the box.

Dont judge based on what Sanusi is saying. Analysts are asking him for the parameter he used in auditing the banks. He refused to disclosed it. Mennnn, this guy has something up his goddam sleeves

Dereformer:

Nigerians, this has become too unbearable, time to act is now. Nobody should put his money in any of these commercial banks. The first person to see any of these culprits on the street should stone him/her to death. The much needed reform/revolution has finally started. I hereby declare Ibru, Akingbola, etc enemies of the state.

Declaring people that employed over 20,000 people wanted just because they were accused by their former arc rival. haba dereformer, atleast hear their own side of the story first. Akingbola is in London exchanging plesantries and living large with London Police, EFCC knows he is there and yet they ve not extradited him. What does that tell you?
The 5 sacked mds have told senate to give them chance to hear their own side of the story. What does that tell u.

Dereformer, u fall my hand,I bin think say u wise pass this

Marymos:

@Dereformer,i agree with you.Nobody should put his money in any of those banks.

una beta siddon for those banks wey una dey whether rotten or no rotten, because one day another cbn gov go come open the rot in those so called healthy banks and then , u might be too old to absorb the shock.

Finecat:

And innocent kids are dieing everyday in our hospitals accross the country over something as cheap as N500. Ibru and others may your decendants rut in the worst of prison cell.

See ur mentality, misfiring like arsenal fc , is it Ibru s fault that children are dying across the country? I dont know why these Idiots called EFCC are trying to divert our attentions from stealers of trillions of naira to stealers of billions. And we sef dey fall mugun. I have a dream that one day Nigerians will wake up to realise that EFCC and co are not after our interest. I am not pro -corrupt MDs, only that I am not convinient with SLS reform just because of the kind of people he uses to achieve his aim -  Aodoanka and Waziri. ? Ko si omo 're ninu ibon.  

SLS appointed a former MD of a failed bank as an ED of one of the 'troubled banks'. This is totally against the law and standard he claims to uphold.
The man refuses, among popular demand from Nigerians to publish the list of debtors of the banks that passed the test. Is that one transparency and fairness he preaches?

Nlanders, SLS has a hidden agenda, and those good for nothing EFCC  are trying to win our heart by exposing people that stole just less that 0.001% of the total stolen money.

Unity bank has been operating with capital base less than the 25BN prescribed by law, is that one not enuf to sack the MD?

SLS said it categorically he didnt want one man bank, yet ovia of zenith and elumelu of uba were not fired. Kai, we don suffer for this country

No be im fault sha , na d sickler president wey nominate am i go blame.

Point of correction, Soludo saw all these things but refused to expose anybody because he knew ALL the banks were guilty and he knew the implication the exposure would have on the economy. He knew all those borrowed money would come back when oil market rebounds. He is futuristic unlike Sanusi that is short sighted. Shey una dey see  wetin dey happen for the economy now as a result of that SLS that should rather be in National mosque leading prayers as an Imam? Atleast that is what he read in school.

55gal:

I am speechless! God where are you?please just speak
.
whyThe  people we believe are failing us.
Can't say a word any more.
CORRUPTION MUST DIE.

so for ur mind , na those ppl corrupt? Bros, u don miss am. Make EFCC nab OBJ, Anenih, Ibori etc and all the serving senators, Governors and ministers then I can start thinking they are representing our interest. But for now, na the 10% recovery fee wey dem dey collect from the debtors na im dey their eyes. I am too wise to be deceived by EFCC.

ud4u:

Both those that catch and those they catch, they are all theives

Quote from the only person that has not been deceived by SLS and co's "reform". Make we reason am 2geda, anything beta fit comot from Waziri led EFCC? Waziri and Aondoaka that have been accused by London Metropolitan Police for not cooperating with them to nab the master scammer? Aondoaka and Waziri that have been disowned by nigerian bar association or is it SLS himself that is accused of giving 1. 5bn loan without collateral when he was in first bank? I swear with my eye glasses that the whole thing na vendetta. Dem wan tell me say other banks no get bad loans or other banks no dey do money laundery? Let those baggers release the list of bad debtors in first bank, zenith and uba whether there will not be riot in the whole country.

I am not saying those MDs are right but I just want us to know that the prosecutors (SLS and co) are more guilty. I am still hoping for somebody to substantiate the allegation that SLS had over 200bn bad debt when he was in first bank then everybody go come understand wetin dey.

make d woman go siddon joo, we all know wetin make am dey pursue debtors for recovery -  na d 10% recovery fee wey she don dey pocket na im bin enter her eyes. so far dem don recover over 100bn, i.e she don collect over 10bn as recovery fee. The question we should be asking now is "wey d money?"

as we no go qualify good well well. By the time there is nothing to keep us happy again. we will now know aw wowo this country be.

wetin dey pain me for all these mata be say the whole world go think say na so all Nigerians foolish. Walahi we don suffer for our leader's hand

He stole our money, right, but he used it to employ part of us, what of people that took our money run. Yab am well, then praise am small