They have no choice than to praise him, if they do not want the hammer to fall on them, mind you that was more than 20 billion voluntary disclosure, i don t want to guess what the figure will be if they were compelled to make provisions just like how the taken over banks are being scrutinize and forced to make provision.

20 billion is not small money, before Soludo, that was 20 banks going down in one go.

Finally under-provision should be discouraged likewise over-provision because of profit smoothing.

Dis Guy:

Mind you experience bankers are part of thise praising the action of the CBN
How long was he the head of First Bank
I dont think anyone is can avoid bad debts anyway compared to what some other banks went into N20b is still 'safe'

Sanusi is obviously power drunk, the man does not know anything about building confidence in a sector that is sensitive to speculation and misinformation, people praising this man seem to be clueless without fundamental knowledge of finance, corporate law and governance.

Mind you, under his watch first bank had to make a provision of over 20 billion in bad debts and he is being tagged as a specialist in risk management, lol "joker!"

Sanusi and Waziri are just attention seekers, none of the charges against this woman has anything to do with theft, the most serous of the charges borders on giving out loans to herself and granting loans to others without adequate security. Mind you, they have not said anything about her defaulting on the loans she granted to herself. This is just an attack on the private sector by the real thieves in the public sector e.g governors, senators e.t.c. If you need to vent your frustration on someone focus on them and leave ibru alone to the courts.

Nigerians are so gullible.

Another principle of good corporate governance is independence, how can the cbn be independent when it acts as a regulator and a counter party to the transactions of those it is regulating, it introduces a conflict of interest which impairs its objectivity.

I advocate a structure similar to the UK, where there is a separate body (FSA) that regulates the financial services industry which includes obviously banks, with this you have a regulator who is not a participant in the money market.

The governor is busy talking about corporate governance, when the main culprit is the cbn.

Total mismanagement of an industry that relies on confidence, this is an analogy for those who find it difficult to understand how the industry was mismanaged by the cbn governor, imagine you have a family disagreement, do you go around bad mouthing your wife to your neighbors? or do you handle things internally? if you chose the first option then ask yourself this question, provided you did not divorce your wife, what perception of your wife do you expect your neighbors to have after settling with her.

My next point is based on corporate governance (CG), transparency is a key fundamental principle of CG, part of the infringements of the sacked MDs was bad CG, the question is, has the cbn governor exhibited this principle in his audit? definitely not, disclosure is another term for transparency, has the cbn disclosed its basis of opinion and how this opinion was reached? definitely not.

Based on my audit the cbn has violated corporate governance principle so lets start a bonfire of the regulators, but after a second thought CG in Nigeria i believe is based on comply or explain since it is not embedded in the law like SOX, in that case i will ask Sanusi to explain his non-compliance with good CG as oppose to setting him on fire.

Finally regulators should be at the forefront of good CG and this should be evidence in the way it conducts its affairs.

DISCLAIMER

I DO NOT SUPPORT THE THEFT OF DEPOSITOR'S AND SHAREHOLDER'S FUND, HOWEVER I WILL LEAVE THE COURT TO DECIDE WHO STOLE, LAUNDERED AND MISMANAGED THEM

@ REMII: I think the chief made valid points, u seem not be objective in your thinking

This is the outcome of a decision hastily taken, Sanusi's policies seem to be anti-people. people seem to forget how banks were before Soludu, bad customer service, lack of innovations, little emphasis on IT infrastructure, catering for the rich only, i guess we are going back to that