₦airaland Forum

Now, this news caption is for all the very mischievous  knowledgeable geniuses on Nairaland who are trying so hard to mis-educate us (I wonder why), always abusing Sanusi everyday that he messed up the Banking system when he is actually trying clean up the mess. Also it's for the ignorant fools; rather than educate themselves properly on an issue, they just open their mouth making gullible un-informed arguments and ridiculous predictions on what will become of Sanusi. It is also for those who are crying: Ah! Soludo is the best. Sanusi is trying damage the reputation of his predecessor. He is operating an Hausa agenda.

All the Pro-Soludos in the house: let's have your comments now.

Note that the Bill being proposed in the report is a direct and express reaction of the House to the unbelievable mismanagement of depositor's fund in the Banking sector by the CEOs. Yet some are saying they should not have been removed.






Soludo Misled Nigeria On Banks’ Consolidation –Mark

By Adetutu Folasade-Koyi , Assistant Editor, Abuja



Senate President, David Mark, has said former Governor of the Central Bank of Nigeria (CBN), Chukwuma Soludo, misled the National Assembly on the banking consolidation exercise he supervised in 2005.

Mark said this at the one-day joint public hearing on a Bill for an Act to Establish Asset Management Corporation of Nigeria (AMCON) organised by the Senate Banking, Insurance and other Financial Institutions Committee.

Nkechi Nwaogu chairs the committee.

Declaring open the public hearing which had stakeholders in the banking industry in attendance, including CBN Governor, Lamido Sanusi, Director General of the Nigeria Stock Exchange (NSE), Ndi Okereke-Onyiuke, the Senate President reiterated the setting up of AMCON because of toxic debts of banks which has climbed to as high as trillions of naira.

“We have found ourselves where we are today as a result of one thing; the Central Bank of Nigeria’s inability to supervise the banks properly.

“I recall that in Soludo’s time, we called the governor of CBN no less than three times to come and brief us when the economic melt-down started, and on each occasion, we were assured and re-assured that the situation in Nigeria was excellent and that there was no problem at all.

“Now we know better.

“So, I think that is the point that we must note straight away. AMCON has become necessary because of the toxic debts that have been incurred by various banks.

“I believe very sincerely that if the supervision was alright, we would not have found ourselves running debts up to trillions of naira. I think that point is very important and we must note it.“

“What is even more disturbing is that while the banks were running these toxic debts, they were also declaring profits.

“But those banks had these debts and then fat profits and all of us were clapping for them because we didn’t know the inside story but they are people who are being paid on daily basis to know the inside story of the banks; they didn’t do their work,” Mark said.






http://www.nigeriannews.com/


Now can anyone sincerely that Soludo didn't know what was going in these banks and their activities concerning the manipulation of the prices of stocks.

Universal Banking is an attempt to make tighter the noose of supervision on the necks the future CEOs of these banks. And like Jarus rightly said, if the 25Billion capital-base requirement for commercial banks is maintained, all these talk of mushroom banks springing up everywhere and families having their own banks will never arise.

I cannot really understand why some people are so much out for Sanusi's blood, saying he ruined the Baking sector. The man he's simply cleaning up the mess that has being made by some people before him who are definitely not patriots of this country. Cry all you can, but there is no way Soludo can occupy such a lofty position without being aware of all the rot and sharp practices that were going in the system by the CEOs and management of the banks.

Soludo he's very much liable for the terrible state the banks are in now. In a country with law and order he will be in prison by now. I've heard many say on Nairaland that Sanusi should just have left things the way they were, that he only made things worse.

Can't people understand that if those measures were not taken, when it gets to a point everything will just collapse. Is  it possible for any reforms to take place while the old CEOs were still tightly on their seats. Won't they resist every move Sanusi makes. They were ruling the Banks like it was their private kingdoms, doing whatever they like with people's sweat.

Now to go to the point. I'm not a banker but the idea behind making a divide between Commercial banking and Investment Banking (the 2 arears  which mainly constitute Universal banking) is so simple it's commonsensical

Universal baking may be the trend in the world now, but Nigeria is a peculiar country. It is because of Universal Banking that the cEOs were able to loot the bank as if there politicians and the people's deposit was public treasury. It was because of universal banking that a Cecelia Ibru was able to approve gigantic loans to a infant company investing in real estate (investment banking), only that the company was secretly owned by her and through the company she had acquired over a hundred properties in Dubai. That is just single case and it is not an isolated incident.

The primary duty of banks are to develop the economy and not to trade. Development of the economy, the real development takes place through traditional Banking. You give loans business men: people who need like a 100k, 250k, 500k, 1m, 2m, for small and medium enterprises. It is the bulk of businesses like this that takes an economy of the woods into glorious sunshine.

But what happens in Nigeria: they deny all this people facility to loans under the guise of all sorts of reasons and they turn around to give millions of dollars to themselves and their friends. Most of the companies awarded these fantastic unsecured loans are into one high risk investment business or the other, but most times it's just a cover. Most of those loans are taken with no intention of paying back

The CEOs are not intersted in traditional Banking anymore, like a projects manager being assinged to small and medium bisiness, which they will grow and the bank will make money from the interest they get from the loans obtained by the citizens. No, it is too slow for them. And really, they have come to despise the miserable looking citizens who are daily begging the banks for loan facilyies. They only want to roll with the big players who are mostly crooks. They push to one side the genuie business men who will generate real waeth that will raise estandard of living and not.
some stupid statical figures.

So by restraining the mega bank(s ( they are the ones that will have the required capital) to traditional banking, the CBN makes sure they do what they are supposed to do, real banking activities; that they help develop the economy, that they be bankers and not traders.

This way they will stop using the people's deposit to fund their lust and ambition for empire-building under the guise of universal banking; stop giving loans to fictitious companies. They will stop using the bank's resources to manipulate the stock  market and concentrate on real banking activities.

In another countries this may not be necessary but Sanusi has thought it through and decided to give it what it takes.

Thanks everyone. It really is now N26 500 at slot. Will buy it there.

Why do you think I cannot get a fairly used 5230? I'm asking for 5230 because its much cheaper than 5800. I'm getting it for an elderly person whe needs a big screen with big bold letters to type on. The extra specs of 5800 is really of no use here. Can your 5800 go for like 22k? Guess not.

Nokia 5320 is a number pad phone with a 2 inch screen. Nothing like 5230 which is a downgraded 5800. Thanks for replying.

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Is there anyone in the house with a clean Nokia 5230 xm for sale. Its a downgraded version of 5800 xpress music. Indicate here please or call 0808 745 5817, 0803 832 1289.

Hey Michelin, never felt like commenting on any of your posts before, but i must confess, you got a really good sense of humour. Please keep posting. This is really innovative and interesting.

Hey bytorrent, why do you post a number that is never switched-on on your 5530 advertorial.

I will like to buy your phone. The price seems alright if it's as new as you say. So when you see this posting, no need posting a reply, just call on any of these two numbers and lets get it over with. 0808 742 5817, 0806 832 1289.

"Facebook of all places" says THE-AMAKA. You simply do not understand her motive. Remember her said lover lives in Dublin with his wife and kids. I believe her plan is to cause serious marital problems (as much as possible) for the guy. There is no way the information she placed on facebook won't get to the wife. And she will say, "so this is the real reason you are always travelling home and you'll be lying that you have some stupid part in a movie," And when she sees pictures of the purported beating her husband is supposed to have given his lover, no-way no-how,it will raise some doubts in her about the true nature of the man she married. Even the kids (if they are old enough, don't know their age) will wonder about their dad.

And maybe she hopes his wife will leave him (if the wife is an european, this can easily happen) and then he will return to her.

As for Aduni's husband, it would seem his opinion or feelings is irrelevant in the equation. Aduni definitely believes so.

After reading all the comments, seems to me guys/guys are saying: they lost the right to marry just because they are short. Yeah i do wonder myself whether guys like them could get married to a normal girl. so if a girl says yes to them, why crucify the girls. Or you think they should look for dwarfs like themselves to marry.

Some said it has to do with money. Another female says "nija girls will marry monkeys as long as there is money". first the guy is not a monkey. Second don't all girls consider money as a factor in their decision whether to marry even handsome normal guys. so why shouldn't the girl consider money especially as the guy is so disadvantaged in other areas.

So of course money has to do with it. but that does not mean the girl has no feelings at all for him. I'm sure she likes him to a very considerable extent.

Look at this for minute: For instance a man of 43 years old wants a young girl, well educated of 26 years old to marry him. now what is point in this if the 43 years old man is unable to do for the girl what even 27 year old guys can do. so the man should be able to provide reasonably more than the guys in her age range can do. The girl is giving him her youth which is a big deal.

So the same way, if a beautiful woman of almost 6 feet tall is marrying a guy as short as Aki and PawPaw, it only makes sense the guy be a rich guy. OR DON'T YOU AGREE?

Have an 8 gigabyte kingston fashdrive for sale. It's brand new and sealed so you know what you are buying is new. Very good for

very good for moving large amount of information/data at once, like large music collection, movies, office files etc. if you are

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I have for sale an 8 gigabyte original Kingston flashdrive for sale for the cheap price of 6000 naira. it is sealed and has never being opened, so you can be sure what you are buying is brand new and not used. This is very good for carrying or transferring large amounts of data at once. if interested call me on 0806 832 1289 or 0808 742 5817. I stay in Lagos, specifically Ikotun.

I have for sale a Dell Pentium-4 desktop.
Specifications:
Harddisc: 40 gigabytes
Memory: 512 megabytes
Speed: 2.5 gigahertz
Cd drive

it's compact and small enough to fit into a roomy small bag, like d type students take to school.

Price is N16,000.
If interested, indicate your interest or call me on 0808 742 5817 or 0806 832 1289. I stay in Ikotun in Lagos.

I upgraded from a Pentium 3 desktop computer to pentium 4, 2.5ghz. Discovered that my small china generator which I normally use to operate the former system could not carry the load untill I increased the power GREATLY. When its switched on, u can feel d great impact on d gen. My question is: does the power consumption of a desktop computer increases as the speed of the processor increases?

Are you browsing on a pc. If so, how fast is it? What is the speed? This information is usually available on every browser.

Are you browsing on a pc. If so, how fast is it? What is the speed? This information is usually available on every browser.