₦airaland Forum

Out of your foolish attempt to ridicule the best perfomer this useless country have ever had, you ended up displaying your illiteracy, stupidity , tribalism,prejudice, frustration in london and your desperate desire to gain online attention,

First, let me start by correcting your lack of knowledge of Nigerian affair, Soludo spent only 5 years of a single tenure as CBN governor against your malicious accusation of 8 years, He was truely a lecturer and also ,an international and united nations consultant on economics and banking,and then chief economic adviser to president Obasanjo, and finaly appointed CBN governor by Obasanjo, he (Soludo) along side Okonjo Iweala are the most famous, educated, intelligent and globaly sort after economist the whole Africa has ever produced since the history of life, Soludo made first class in his First, second and third degrees, he was a self made scholar, he became a profesor at the age of 40, a record no other nigerian have ever made.
When he came in as CBN governor, he inherited a banking institution that was half dead, he revied it by consolidated our banking institution and gave us a global banking standard, without consolidating nigerian banks, this global economic crisis could have damaged Nigeria beyond repair, You talked of sanusi fishing out four CEOs, do you know how many banks that closed and how many that emerged with other banks as a result of Soludo's consolidation policy ? Soludo and Sanusi are not in any way comparable, Soludo is by far , greater than sanusi, Soludos CV before he became CBN governor is by far more impresive and loudable than that of sanusi before and now he is CBN governor, I bet you , in two tenures, Sanusi can not achieve for Nigerians what Soludo achieved in a single tenure. Soludo is the best performed public servant Nigeria have ever had all through her existence. (this is jus a little about Soludo).

And finaly, i would like to warn you, this should be your first and last time you would log on to nairaland to bore people with your half informed post, as an adult and a person who claims he is in UK,you should be more reasonable and informed and know that if you want to make a post against a person, you should do more research and come up with some thing more reasonable, than waking up one sunday morning to display your illiteracy.

Where did you stop in school ?


Whether he was there for 5 years or 8 years is irrelevant, if the new Governor can detect the rot in the system within 3 months, Soludo spending one more day in office would have be an unnecessary waste in all ready scarce resources, he should at least have had the decency to quit rather than waste the FG's money warming the seat and doing nothing about protecting the Share Holders equity. People like us see our portfolio drop from N2.8 million 18 ymonths ago to less than N300,000.00 today. Is that creating wealth or ceating poverty.

The writer of this piece is a big fool. what Nigerian dont know is that the north has an agenda and that is what sanusi is expertly executing. when the wool is lifted from our eyes, it would be too late. the fact is none of these banks had any probem that would warrant a take over. oceanic has N217b in capital base. their total risk assest (or loans & advances) is N45b. if they are to make a full provision which has been done, they still have over N150b capital base! Fin bank has N105b capital base and total risk asset of N25b. if they make an unlikely 100% provision for the risk asset, thier capital base is still over N70b! Intercontitental bank has over N300b capital and total risk asset of N70b. You do the match. The north is coming back and that is why these people are being pushed out. Dangote has already been imposed on the stock exhange. these banks will soon change ownership to northerners who will 'repay CBN' with the 'injected funds' (when this happens me & u wont hear it) and be sure the take over will be packaged from d north. last month sanusi launched islamic banking and granted them licence. they will take 20% each in these banks. we are so blind. by the time we put two and two together it will be too late. None of these banks have problems. i work in a company that audits these banks. i was shocked when these lies are spread as truths and soon we discovered why. whenever cbn says banks have problems they know the public will buy it hook, line and sinker! there is something seriously wrong going on and we should be very very very careful and pray for this country

Firstly I am not a fool, secondly if the banks believe they have a geniue case they should go and seek re-dress in the courts. They should be transparent open their books for the whole world to see, it is not nuclear science it is common sense.

I doubt the new central Bank governor will just use words willy neely using the big "I" word for insolvency in describing the financial mess some of the banks find themselves is not to be taking lightly if they have 1 trillion Naira as you claim what are they waiting for they should be knocking the courts door first thing on Monday morning.  

Soludo was a comforatble lecturer who became Adviser in Aso-Rock and got close to money and the good life. From there he became CBN governor - the regulator of one of the most unprofessional and corrupt sectors of our economy (@ 2004).
He was a man for his time, his first meeting with the CEOs, he told them point blank that some of them will soon cease to be MDs as it was better to be manager of something than MD of nothing. He was bold, took the decision to consolidate and OBJ stuck with him. The successful guys raised the 25B required and with so much money in their hands and no idea in their head, they started to work on corrupting Soludo and the tough guy started to melt.
I won't blame him, there was success for him and acknowledgement of his brilliance but no money and he knew (or must have been reminded by pple like Jim Ovia) that he will cease to CBN governor someday, you better make your money. That was then end of the regulator.

Soludo also loved glamour and probably a bit arrogant and with that he was destined to FAIL!. I  believe he knew of the problems and even the solutions but he must have been too compromised to take the hard decisions. He was the darling of the MDs, they loved him to death and they were willing to pay any price to have him do a second term - they went for cheap blackmail, bribed, coerced but YAR ADUA no gree and the result is what we have today.

I will also excuse Soludo because he had some policies they didn't allow him to carry out - like paying the states allocation in dollars staright to banks.

To play the Devil's advocate also for the banks, until government policies stabilize and there is power supply, the banks cannot do well legitimately. Who can the banks trust with their money when one government policy can mess up any business not to talk of unavailable infrastructure. The only people to trust are the Dangote's, Otedolas and politicians who can control the policies.

The monies lost to bad loans can transform our economy and this should be a learning point for Sanusi, influence government to stick with policies and also build infrastructure. with 1 trillion, we can create a mortgage industry and construction will thrive and there are young men/women with jobs who can be paying back these mortgage monthly. Let's liberalise the power sector. the over 400B lost to margin loans can bring uninterrrupted power supply to the whole nation. The 36 Billion Intercontinental gave to the "oil magnate" can transform Lekki-Epe way or Badagry -Seme border and they will recover their money. There are bankable projects in infrasturcture but govt. policy can destroy it. until we have infrastructure, banks will not give money to SMEs.

Once again Soludo failed for lack of character but this is Nigeria, who cares. I'm sure his Children and wife will be glad with the path he chose. I'm still waiting on him to finish the hospital he said he wants to build in memory of his mother - if the banks didn't give him bad checks. Bye to Soludo - the most glamorous CBN governor (he may become a politician in Anambra). he has the tendencies of a PDP politician. we've come a long way from where Soludo started from and I will credit him for that. it's Sanusi's turn, hopeful he can finish the race and I hope Yar Adua supports him especially with infrastructure.



You hit the nail on the head, most people think Soludo was born into money not knowing he was from a humble lecturer background and was more than overwehlemd by these bank bosses who have been in position for decades, to start lecturing these money men on how things should be done is like a small child lecturing an adult about the realities of life.

what u dont realise is that this argument is floored

are u suggesting that there were no banks? no regulation? no monetary policy? before civilian Government?

Are u suggesting that countries like china where their democracy is less than perfect have no reserve bank?

Joseph Sanusi was CBN Governor untill 2003 before Soludo took over. so where do you get your argument from.

this thread is just for the purpose of isolating Soludo, his records and murdering it.

its of no use to people who wanna talk about economics.

By the way like I said, firing bank bosses is not much of an achievement . . . . . it gets even more questionable when 60% of those bank bosses were replaced by ex-FBN players a bank which happens to be from where Lamido Sanusi himself originated from.

Like I said, time will tell.



You are employed as a London Bus driver to drive from point A to B, on your first day at the Bus depot you were handed the keys to your Bus, you opened the doors to your Bus, entered, adjusted the seat to your prefrence, notice a bit of dirt at the back seat of the Bus, did a quick clean out of the Bus, both inside and outside. Checked your time it is almost noon decided to have your sandwich and then read the Sun newspaper meanwhile all the time eyeing the sumptious page 3 girls steering back at you, her steer made u wonder wether she was really staring at you b4 you where brought back to reality by a knock on the door.  Seeing that the person on the door was an old lady who was enquiring if the bus was in operation. You quickly answered back in your brash harsh voice No!! No!!.  You now took the Bus round the corner from your depot parked and have good keep (sleep) only to report back to the depot at 5.00 pm to hand over the keys to the depot manager.

Using the above analogy would you say this gentleman accomplish his primary task which is driving the Bus from point A to Point B. The answer will be no, no.

Would you say the gentleman took possession of the Bus, the answer is yes, yes. The fact that he took possesion of the bus does not mean he acheive his primary goal which is driving from point A to B

Would you say Soludo occupied the CBN's  seat, of course yes,

did he supervise, regulate, and enforce banking rules and regualtion to the letter, the answer will be a Capital NO,

hence a very wide shift in policy by the current CBN Boss, it simply means due process was not adhered to and followed it has been seriously compromised.

You have to remember the CBN has other mundane task aside its regulatory duties these aspect of the job might have been giving more priority by Soludo. So it will be ill judge to say he was a total failure. But then you ask yourself that a boss who gives more priority to mundane task over  its core regulatory duties is such a boss fit to be labelled a financial genius or top dog in finance I think I beg to differ on that.

In fact, everybody was unanimous dat Soludo floored his predecessors, bringing vibrancy to a position dat, hitherto, nobody other than bankers cared about. If not for Soludo's bringing of life to CBN governorship, the debate on who succeeded him would not av been dat intense. This will be anoda test 4 whoever is going to succeed Sanusi dat CBN guvship is no longer 4 d lily-livered. The whole nation is now interested. You must be seen working. You av to improve on ur predecessor's shortcomings.


Unfortunately Soludo did not have any predecessor neither did the Nation have a central Bank in the real sense of it, or how else can one explained the over night closure of Society Generale and the bank's vault emptied by the Saraki family. To compare Soludo to whoever was supposed to be the CBN boss at the time is to belittle Soludo. Soludo can only be compared with Sanusi and Sanusi has started well by firing a huge salvo.

I don't think you did a good job with that when you suggested in your earlier post that folks who were Igbo will jump on the thread to defend Soludo, thereby suggesting that all who think Soludo succeeded do so because they are Igbo.

I am not against any objective crititism either for or against, what I am against is blatant support for what is clearly a deceit just because the person concerned is your kins man. I call it the Hutu/Tutsi anomaly which could be devastating to any society.

He is about the most successful CBN Governor so far, if you disagree tell us who was better and why?


I only know of 2 CBN bosses Soludo and Sanusi any other Governor under Military regimes have a gun to their temple and will only do as their master wishes.

but it will take a good for nothing tribalist to conclude that Soludo was a failure.


Tell Mr Moderator to post my stance on Fasholas LG develoment council, after reading that peice u will know where I stand in trying to sanitise our nation. To call me a bigot or tribalist is an unfortunate term in which I reserve my comment, I will not go down that line it sets the men from the boys in forums like this.

Who cares what you think or what is in your book you bigoted dirty minded Nigerian!
Tomorrow, you will be the first to start a thread enjoining all nigerians to start a revolution. Why wouldnt I think that you will sabotage me with your dirty tribal mind?


I expected the one  way traffic thinking Igbo man to come out all guns blazing in support of his kins man earlier rather than this late, and true to my gut feeling they will always show up, face it man your guy cocked up and I am not against him because of his tribe, I am only pointing out his short comings which is hard for you to swallow because his from your tribe. The fact is he is a wealthy man now I dont suppose he is sharing his loot with you why let him off the hangman's noose. If he were a yoruba man I will attack him with the same venom.  You can ask your Mr moderator I posted somthing about Fashola and the Lagos Local Coucil development area, it was deleted 3 times. I am very objective.

His tenure has passed and he left with flying colours in my book.


I dont think he left in flying colors if gross maladministration and dis-regard for banking rules and regualtion is surfacing 2 months to the end of his tenure. It simply means that he has not be doing his job. If these inadequecies were to come to the open 2 years after his tenure, he could be exempted not 2 months to the end of his tenure. He is culpable.


Soludo has done his bit and his name is forever written in gold for all fair analysts -

not in my book if u own a company and the managers have mis-managed all the funds, the company is now dithering on bankruptcy and insolvency, and Soludo is suppose to be the overall boss I dont think u will be too happy to write his name gold.

Go and research what continuous improvement means and stop posting topics without giving opinions, just annoying headlines


This is not continious improvement, this is a titanic shift, and sabotage cannot be ruled out.

@KnowAll, if i have to chose btw the civilian govt of OBJ to that of Military rule of IBB, i will surely chose IBB.


How can u choose something that is illegitimate, no rule book, no constitution, is like a teacher invading the general hospital and saying he wants to take over the doctor’s job what u will get is catastrophe, can u imagine the Naira went from 1Naira to $1 dollar during Shagari’s regime to $155.00 it is today thanks to IBB. We have over 10 million Nigerians in diaspora thanks to IBB, we have 20,000 Nigeria women doing Ashewo in Europe thanks IBB.

Agreed.

Yar'Adua is just a siddon look oluku.

Corruption is like a cancer, u have to deal with at source, and the source is OBJ, if you ignore the source then the cancer will spread.

OBJ's civilian regime was more like a military government.
Lies, deceit, thuggery, murder, fraud just name it. The list is endless

Obj's regime is still like a miliatary regime but unfortunately is not a miliatary regime that gives it credence and validility all over the world

But he is not the head of IBB, so who do you kill to get IBB?


In most advanced countries u cannot prosecute anybody if the case has gone beyond 7 years because some of the principle actors and palyers in those regimes might have died and secondly recollecting events after so many years cannot be relied on for prosecution because of passage of time. However there are exceptions. If you want to go beyond 1999 then it becomes a witch-hunt a line has to be drawn, it make sense to start from 1999 because there is a constitution in place to back-up those prosecution.

so you think IBB's regime/government/reign was illegitimate but OBJ's was  legit?
are you serious?
Please you better not say 'yes'


If we have people who beleive a military regime is a legitimate regime in 2009, then God help us we are not in the 1890's it bad enough we had it up till 1999. That part of History should be discarded into the bin never to mentioned. Buhari still owes Shagari an apology for over throwing a legitimate goverment.

o boy, i'll take a military regime over a thug and a hypocrite in sheep clothing or agbada

Is like an arm- robber stealing your car and when caught now start boasting that he drives the car better than you the owner. The issue is not whether he drives it better than you the issue is did he steal the car yes or no. How can an illegitimate government claim to better than a government chosen by the people albeit through fraud (In case of Nigeria ). That still doesn’t make IBB’s regime legitimate becuse in the first place they have no business govering.

IBB was a better president by a long mile.


IBB’s regime is an illegitimate regime I will take the worse civilian than give any kudos to any military regime.

Was it Hillary Clinton that sold you this cheap lie?


Dont you think this man has some explanation to give, we have a demorcracy and the institutions are in place to deal with any grey area.

if the ex-president will not honour the summons of the house of reps then that chambers authority has been compromised and should be seen as a talking shop which is not only a drain to the limited resources of the state but an institution that is not needed in our polity since her summons does not carry any weight.

Please, you people should think straight. When Jerry Putnam became president of the NYSE in 2006, besides being a shareholder in a couple of companies, he was also a shareholder in the New York Stock Exchange itself via the acquisition of his electronic company, Archipelago Holdings some years prior to that.

In terms of integrity, the same Putnam was investigated for his involvement in a controversial trade with Wolfang Flottl which saw the collapse of Refco.


The question y'all should be asking yourselves is:

WHY DO YOU HATE SUCCESSFUL PEOPLE SO MUCH??!


We are talking Nigeria here, not USA, Naija is a jungle without any law, a wild wild west, anything goes, Dangote's sole aim at the moment is not to slip out of the next edition of forbe's list of world billionaires, he will swap being on that list than being the occupier of Aso rock.

Mr moderator put Soludo's name and Ngozi Iweala's name on the list and let us see how popular they are.