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Larez's Posts

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PoliticsRe: Nigerians Please Read This: by larez(m): 8:35pm On Sep 07, 2009
Afam:
I agree a lot of people are corrupt but certainly not everyone.

It is all about integrity and credibility and in all honesty these things are not common with Nigerians.

I try to maintain a sane environment around me regardless of what is happening around me by insisting on the right thing all the time regardless of the consequences. Not an easy way of life anyway but worth living if you must not become like the average Nigerian that does not see anything wrong with 419, murder, bribes, other vices etc.
You just keep speaking my mind Afam. Can you imagine how the coward ends the thread? Condemning all Nigerians as corrupt. What a slowpoke. I feel so insulted. He cowardly gave up his rights and begged and bribed to avoid standing firm and letting them know that they cannot keep getting away with travesty. And then comes back talking about all Nigerians being corrupt. I hope he gets more of the seeds he has sown by feeding a corrupt system.
PoliticsRe: Celebrating Gani In Pictures by larez(m): 3:00pm On Sep 07, 2009
May his Soul rest in peace, and may many of us be strongly motivated to follow his dreams. God Bless Gani, a big Brother and Father for all of Nigeria.
PoliticsRe: The Sensible Thing To Do Is To Split Nigeria Into Its Component Parts: by larez(m): 2:43pm On Sep 07, 2009
We keep focusing on the problems rather than tackling the sources. We only need to cut away the fingers fostering unrest in Nigeria. Libya is about to get richer with UK kneeling down for it's oil. We all know what Ghaddafy wants for Africa, and should start with dealing with that issue.

Nigerians need to start a petition drive to force our legislators to pass stricts laws about Nigerian agents of countries that want to disrupt our union. We should charge them with treason and ask them to explain the sources of their funds and the agenda behind them. All treasonable offences that cost the lives of Nigerians should be punishable by death.

We should stop our market-women approach to resolving problems and begin to visit our intellect and creativity in handling these issues. By the way, how many of you are totally indigenous, and have not inter-married or have cousins that are parts of other Nigerian tribes? It is madness to suggest and promote the breakup of the country.
PropertiesRe: Any Architects In The House? by larez(m): 11:54am On Sep 07, 2009
larez:
Thanks for your encouragement. But would you believe that I actually know the Governors Brother very well, His Brother-in-law very well, and many other direct contacts to him. My personal estimation is that these guys are scared of my direct contact with him, and will rather milk me for ideas that they will go claim as their own. Some people do the work while some just want to "chop". Once again, thanks for caring though.
Thanks for your encouragement, and yes you are free to use the post as you wish. For your information, I am currently working on combining satellite imagery of various areas such as Surulere in an effort to critique current traffic layout and create a comprehensive solution. In seeking solutions we really need to plan for 25 years down the road rather than containing current traffic issues. We need to define highways, collector roads (Avenues), primary and secondary roads, all the way down to cul de sacs. From defining these, we can then start looking at restricting access to major roads from secondary ones, while allowing 2 paths out of the secondaries. I believe we can all add our quota to better our environment, but will anyone listen?
PoliticsRe: Nigerians Please Read This: by larez(m): 11:32am On Sep 07, 2009
Afam:
The laughter is understandable because in your opinion all we all need to do to stop corruption in the police force is to dress in suits all the time instead of defending your rights.

About people who have been forgotten in prison because they failed to pay N2,000.00 may I also remind you that some have even lost their lives without having anything to do with the police.

Offer bribes or put on suits even when the sun is shining like mad if you want to but do not attempt to justify any bribes offered because it will be like an armed robber trying to justify his robberies.
You are an enlightened Brother, and thanks for speaking out. Not only have I been arrested by these criminals in uniform, but one has put a pistol to my head threatening to shoot me and bragging about how many innocent people he had killed in the past. I stood my grounds and told him people only die once. In Surulere, I have refused to give any Police anything from demand, but sometimes at night, I would stop at their checkpoint and chat with them (not by demand) and then dash them something while encouraging them with about their work. Some of them may even think that I work with SSS or something because of my lack of fear. 3 different times, I may have been killed by wayward Policemen, included one that uncocked his rifle and threatened me while I stepped in to his face and commanded him to "back down". He called me a "crase man" who dey argue with man wey carry gun (This was the commandant of the group who had been stoned silly). Honestly, I believe that they will have pulled the trigger if I had shown any kind of fear, instead my bravado made them decide that I must have been a Military Boss.

Nigerians are so afraid of dying but are dying unfairly everyday. When will people understand that life is not worth living if there is nothing to die for? As long as you are not a criminal, you should not have the need to feel intimidated by any Police man. They are actually violating United Nations laws which Nigeria is a signatory to, by their illegal stop and search routines. People should constantly remind them of this and stand for their rights. Cowards however, always die useless deaths.
PoliticsRe: Fasheun's Response To Sanusi: Must Read by larez(op): 12:16am On Sep 07, 2009
uchlukez:
Sanusi must be mad to have suggested that the igbos are paying for their sins in Nigeria. He has shown himself in many occasions to be appologetic to the nothern agenda. He is very tribalistic and is not worthy to occupy that exalted position.
How many rich Nigerians are not tribalistic? Is this not the surest way to galvanize and win political office in Nigeria? Sanusi is actually one of the better devils in my estimation. How many others can you suggest? I really don't have anything against this guy, and only hope that he is genuine in his aspiration to make Nigeria better. let's see the Naira rise to N80/Dollar and he will make a believer in me.
PropertiesRe: Any Architects In The House? by larez(m): 12:01am On Sep 07, 2009
jazzsoul:
Larez, please find the Lagos state Governor's email and send your thoughts to him directly. I understand that he is actually net literate unlike some other Governors. Your response to Topup was very moving and profound and I feel your pain about the lack of foresight and imagination of our national planners. Keep up the good fight as we will have to take back Nigeria from the current retrogressives.
Thanks for your encouragement. But would you believe that I actually know the Governors Brother very well, His Brother-in-law very well, and many other direct contacts to him. My personal estimation is that these guys are scared of my direct contact with him, and will rather milk me for ideas that they will go claim as their own. Some people do the work while some just want to "chop". Once again, thanks for caring though.
PoliticsRe: Fasheun's Response To Sanusi: Must Read by larez(op): 11:56pm On Sep 06, 2009
Here is my prediction: real Estate prices will be falling drastically soon. So anyone who wants to purchase properties should wait about 8 months and let those that picked up loans to acquire large estates without servicing the loans will sweat for a while and reduce the prices to offload them. This is where most of the money is hiding in my estimation. They grab the loans, sit on the real estate for 2 years and make huge profits off them by starving supply. They simply pay back the Bank when the profits have been made without taking any risks. Sanusi has come up with an equalizer that will quell the crazy rates being asked for real estate. Just look at how many properties are being advertized on Nairaland after the CBN saga, lol, Many more to come. Let's see them sweat with their graft practices.
PoliticsRe: Fasheun's Response To Sanusi: Must Read by larez(op): 11:49pm On Sep 06, 2009
oyb:
@ larez -

bad analogy, imho

lets try a pure nigerian context

i am the ceo of a bank. my friend who incidentally is the nephew of the bank chairman comes to me and tells me he has a surefire business idea that just cannot fail. he is going to sell computers to a state government. the governor of the stae is his personal person, and has been assured of a cut in the proceeding. what the hell, it can't fail - we will be selling the computers at a 300% markup - the guy is my friend and chiarman's fav nephew - nothing can go wrong - so i lend him a couple of billion to supply the pcs with no collateral.

then horror of horrors - the governor loses the rerun election, the new governor voids the inflated contract - meanwhile - my paddy has already bought the pcs, and also licked a lot of the money. what to do?

that imho, is a more accurate depiction of what has been going down in the industry.

in your case though, i think the equipment you are buying can serve as collateral
I feel you on your analogy, and I am glad that you understand that the collateral resides in the purchased equipment. It is obvious that many people on Nairaland don't know the difference, which includes many bankers as well. I have approached a Banker with EcoBank on a similar scenario and all she was focused on was the Real Estate or cash that I will need for collateral. I told her she was a blinking idiot and ended the meeting. These people don't even know the difference between a consumable such as a sports car and working equipment.

There are so many ways to make a lot of money in Naija, but we have too many pretty faces in the Banks without an Iota of brains. People walk past cash everyday all over Lagos without even seeing it, but when you take the idea to a Bank, they deny you funding and then turn around and steal the project. Sanusi needds to investigate how Bankers are stealing ideas to hand them over to their cronies and give them the funding as well. We know how these usually end up as white elephants, since their cronies did not develop the ideas, they lack the insight to successfully execute them. I don tire for Naija.
PoliticsRe: Fasheun's Response To Sanusi: Must Read by larez(op): 10:51pm On Sep 06, 2009
@Oyb:

We keep hearing about high-risk and collateral etc, But I want you to look at the following example and tell me what you think. Say  for instance:

I apply for a loan from a Bank because a Friend of mine in the US who owns a Road construction company decides to retire while business is down. He plans on auctioning his equipment, and decides for the sake of our friendship, he would sell me a couple of loaders and Asphalt laying equipment at 25% of their value. This means, when I land these equipment in Nigeria, they will be worth 4 times what the market prices for the same equipment are. Do I need to put up a house or a pint of blood to get this loan for the the purchase? Tell me what type of collateral I will need for a situation like this, and then I will add my comments after your answer. Thanks.
PoliticsRe: Fasheun's Response To Sanusi: Must Read by larez(op): 9:37pm On Sep 06, 2009
I appreciate the educational material being shared about Sanusi, since I haven't quite made up my mind about him. I feel his need to crush corruption and nepotism, but at the same time, I wonder about his democratic disposition. My earlier comments about this issue was in regards to preservation and civil rights. EFCC should not circumvent the law in a witch hunt and each person should be allowed his dignity intact until proven guilty. My quarrel basically lies with the thoroughness of his process. He may have had an insider's insight about the illegal activities being performed by Bankers, but he should have built his case with preponderance of evidence to make sure that they could be convicted of illegality. So far, he has played the role of accuser, prosecutor, judge and hangman. This is not a feasible solution in a democratic world.

It will be nice to see Sanusi humble himself, and make moves to preserve the rights of all the parties involved. This will clearly showcase him as someone above the fray who indeed only wants to do his job effectively.
PropertiesRe: Pictures Dont Lie: The Real Mowe And Ofada Agents Wont Tell You About by larez(m): 7:29pm On Sep 06, 2009
Oh, by the way, let me add one more for the hatas, even though I haven't even begun to mention 1/10th of my past famous clients. I designed and personally built Evander Holyfields former business Manager's home, which Evander paid for. Both Evander and his Ex-wife Paulette know me very well. Go and dispute that one too, lol
PropertiesRe: Pictures Dont Lie: The Real Mowe And Ofada Agents Wont Tell You About by larez(m): 7:24pm On Sep 06, 2009
[quote author=Busy_body link=topic=306563.msg4492369#msg4492369 date=1252260104]Hmmn, you are putting a lot at stake here, are you sure of what you are saying? Sure that you can stand up to his scrutiny? You berra do a Houdini before he shows his face here cool[/quote]Yada yada yada, I made statements, he disputed them and said he would check on my statements. He never came back to rub anything in my face simply because he found them to be facts. I dare him to come say otherwise.
PoliticsRe: Fasheun's Response To Sanusi: Must Read by larez(op): 6:53pm On Sep 06, 2009
Someone once said, and I forget who: "Power corrupts, absolute power, corrupts absolutely. undecided
PoliticsRe: Fasheun's Response To Sanusi: Must Read by larez(op): 6:01pm On Sep 06, 2009
davidylan:
if, according to Sanusi, the igbos shattered the unity of this country . . . why then is Sanusi and his ilk PERSISTING with one nigeria? Isnt this hypocrisy?
My Brother, many Northerners are no longer investing in Southern Nigeria, and many that I know personally are selling assets like Real Estate that they own in the South. I think Becomerich has infected man, and don't be too sure that Nigeria will remain as it is in 2015 as predicted by CIA. In a way, with the impunity that Yar'Adua is nominating only his people without regards for federal character, it may be a sign of a last looting spree.
PropertiesRe: Pictures Dont Lie: The Real Mowe And Ofada Agents Wont Tell You About by larez(m): 5:56pm On Sep 06, 2009
If you cannot answer yes to any of the above question, MIND YOUR BUSINESS, lest I call Negro-Ntns on your behind to expose you further for the scheming, lying, fraudster you are
And I am still waiting for your hero Negro_NTS to come back to apologize. He has obviously checked to know that I stated facts. It doesn't matter how much money you have, you still can't have a "Larez" home to belong on that level. tongue Eat your heart out now. lol My challenge to Negro_Nts still stands and he never came back to refute my statements, Bring him on. Just because i be Naija no mean sey levels no get levels.
PropertiesRe: Any Architects In The House? by larez(m): 2:31pm On Sep 06, 2009
Post reappeared.
PropertiesRe: Any Architects In The House? by larez(m): 2:29pm On Sep 06, 2009
;
PropertiesRe: Pictures Dont Lie: The Real Mowe And Ofada Agents Wont Tell You About by larez(m): 2:01pm On Sep 06, 2009
sonety2k:
@Busy_body
Please   don't  be  annoyed  with   larez and co grin                     


@larez

Take  am  easy  now,  and  pls   put  an  end  to  it  nowwwwwwwwwww
Yes Sir!!! Field Marshall, honourable Chief, Prince, Justice, King of Kings Doctor, Professor, Engineer, now Mister commanding Officer SIR!!!
PoliticsRe: No More First Ladies In Nigeria by larez(m): 1:33pm On Sep 06, 2009
I really get tired of these uncouth women who are quick to bring up issues by tackling mothers. When will men begin to ask them the same questions about having fathers. You can just tell a mouthy woman by how fast she refers to people's mothers. Yeah we get mama, and our mama no be thief. Geeeze.
BusinessRe: Sanusi Justifies Islamic Banking by larez(m): 1:25pm On Sep 06, 2009
@Black_Revo, you have my props. My first instinct was like Hell no, here they come again with their Sharia selves. But before judging despite my prejudice, I read more about it to determine that it is very equitable for societal development. But what comes with it though? These are the questions. I have noticed that most upward mobile Christians have been converting to Islam to by absorbed into the Elitists group running Nigeria. Even Asari Dokubo became untouchable after becoming Muslim. This was the cause of my initial hesitancy because fairness is at stake.
PropertiesRe: Pictures Dont Lie: The Real Mowe And Ofada Agents Wont Tell You About by larez(m): 1:11pm On Sep 06, 2009
MrCrackles:
What is going on here angry angry angry angry
Busybody and Larez, i respect both of you a lot so knock it off wink
I'm beginning to suspect that she likes me and is very attracted to me but doesn't know how to approach. lol. na wah oh.
BusinessRe: Sanusi Justifies Islamic Banking by larez(m): 12:31pm On Sep 06, 2009
I really don't see anything wrong with Islamic Banking if opportunities are open to all. From reading about it, I actually like it. Basically, an Islamic Bank is a venture capitalist which creates opportunities for entrepreneurs. My only question is if it will be open to everyone and not only Muslims. Let's not use ignorance to breed prejudiced fears. We should be asking questions for clarification.
PoliticsRe: 'Repentant' Militants Go On Rampage In Bayelsa by larez(m): 12:28pm On Sep 06, 2009
Who would employ guys who will pull out guns and threaten their Bosses when reprimanded? Criminals belong in prison where they should get enough time to reflect on their flawed ways.
PoliticsRe: Fasheun's Response To Sanusi: Must Read by larez(op): 12:26pm On Sep 06, 2009
I thought so too. Looks like what Government owes combined with what Government contractors being owed by Government makes the allegations relatively minute in comparison. Have you read about the newly appointed CG as well? Lol, we have a lot to think about.
InvestmentRe: EFCC Orders Bank CEOs To Surrender Shares by larez(m): 11:40am On Sep 06, 2009
And more to come. I hope the SSS deploys agents to secure the well being of these Bankers before they are poisoned or killed. People in power today who think they can get away with anything should know that nemesis is bound to catchup.
PoliticsRe: Nigerians Please Read This: by larez(m): 11:37am On Sep 06, 2009
It's a damn shame having to suggest dressing corporately because of the criminals in uniform. The guys that actually have the most impact of the computer industry are the nerds who will not conform to things like corporate dressing. These are the guys who wear flip-flops and uncoordinated colors into corporate boardrooms. The ones in suits hardly know a dang thing about what is going on. Meanwhile, all the 419ners and criminals know to dress up in suits and are friends of the biggest DPOs in Police Stations.

Nigeria we hail thee.
PoliticsFasheun's Response To Sanusi: Must Read by larez(op): 11:15am On Sep 06, 2009
Fasehun: 'Sanusi Neither Considers The Economy Nor Banks' Shareholders'

* Being the text of a speech delivered by Founder and President of the Oodu'a People's Congress (OPC) during a press conference at Century Hotel, Okota, Lagos, at the weekend.

I called this Press conference to review the Central Bank of Nigeria's recent action against some prominent banks, bank executives and their investors. Of the 25 banks that survived the mandatory N25 billion recapitalisation, the CBN Governor has declared five insolvent and incompetently managed. They are Union Bank, Afribank, Finland Bank, Oceanic Bank and Intercontinental Bank. The banks were said to have been owed bad loans totalling about N747 billion (about $5.1 billion).

Governor of the Central Bank, Mallam Sanusi Lamido Sanusi, said he has injected N420 billion (about $2.6 billion) to bail out the affected financial institutions.

But many Nigerians like me cannot forget the fact that just last March, Vanguard Newspapers exclusively reported that some faceless interests planned to take over five banks. Initially, we took the story with a pinch of salt. But the benefit of hindsight has bestowed upon that Vanguard's report an uncanny degree of accuracy, because not only did it pinpoint the five target banks to be disgraced, it also identified the future CBN Governor that would undertake the job.

Now that the newspaper's prediction has materialised, the public will like to know if this whole affair were not a carefully scripted secret agenda. In the light of the newspaper's accurate prediction five months ahead, can we resist the urge to say that these banks and their executives were simply sitting ducks for a well-schemed frame-up."?

Apparently, this insinuates that the CBN has not told us the whole story. Our private investigations, for example, showed that the Federal Government itself owes Nigerian banks about N3.2 trillion (about $220 billion). These uncleared government debts certainly compounded the problems of the banks. The Government also owed local contractors over N1.5 trillion; many of these represent loan obligations these contractors have been unable to discharge.

So, does the government really have the moral right to cast stones? It would be wiser for the Federal Government to lead by example and first liquidate its own debts before pointing fingers at "fellows partners in debt." Maybe for all these unpaid government debts, the CBN should go ahead and hand over the Accountant-General, the Auditor-General of the Federation and the Minister for Finance to the Economic and Financial Crimes Commission (EFCC) as well.

Curiously too, all the loans that the CBN has taken to the cleaners are private loans. What about the various bonds and loans that State Governments sourced from the capital market and the banks, why has the CBN not addressed them?

Moreover, what is wrong with borrowing? The United States is the world's biggest debtor with trillions of dollars indebtedness to virtually every institution including the World Bank, the International Monetary Fund (IMF) and even the United Nations. Its whole economy, like those of other developed nations is built on credit. This is because no nation develops or industrialises with 'cash-at-hand'. There is no way young men like Jimoh Ibrahim, Femi Otedola, Pat Utomi and Aliko Dangote employ the great number of people they have employed without solid bank backings.

Curiously too, we find that the five indicted banks are headed by Southerners. In view of this, we will caution the CBN to refrain from fanning the embers of Northernisation, which the Umaru Yar'Adua's administration appears to be pursuing since inception.

Sanusi has remained unapologetic and unrepentant of his ethic chauvinism. In the past, he has said of the Igbos, in a newspaper article titled, "Issues in Restructuring Corporate Nigeria," that: "The Igbos themselves must acknowledge that they have a large part of the blame for shattering the unity of this country."

Having said that this nation must realise that Igbos have more than paid for their foolishness, he said in the same piece: "The Yorubas, , the greatest obstacles to nation-building, are the Yoruba Bourgeoisie, I say this also to underscore my point that until they change in this attitude, no conference can solve the problems of Nigeria. The country cannot move forward if the leadership of one of the largest ethnic group continues to operate, not like statesmen, but like common areas boys."

And on Afenifere he declared: "A Syllabus of Errors, , the problems of this country have a lot to do with the shift in power away from the Fulani to individuals like Babangida and Abacha, products of lower cultures. The Fulani of the North, proud of the history of the establishment in Nigeria - Ahmadu Bello, Murtala Mohammed, Aminu Kano, Shehu Yar'Adua, Shehu Shagari, Jibril Aminu. They are sad that other Nigerians do not know the difference in ethnic background between say, Murtala Mohammed and Ibrahim Babangida."

Information at my disposal also showed that the between January and April this year, all the banks borrowed N8.7 trillion from the CBN, the country's lender of last resort. That makes all the banks equally liable.

So, if the five banks under investigation borrowed only N800 billion out of the gross N8.7 trillion released by the CBN, which other banks owed or borrowed the balance of about N7.9 trillion? Why have they been spared? And why should the CBN deal with a general problem instalmentally? Let the CBN tell the whole world where its N8.7 trillion went.

The CBN Governor should have handled the present scandal administratively and internally. Financial markets are naturally fragile and sensitive and require the apex bank's reinforcement, and not erode confidence.

The CBN Governor should be temperate and mild, and his first line of action should have been to give the affected persons the benefit of doubt. After all, these executives have not been accused of personally embezzling the funds in question. It is rather unfortunate that the CBN is criminalising routine commercial transactions.

Granted that the Central Bank carried out an independent audit of the banks, it should have followed due process by inviting the bank executives to defend themselves about the result of such auditing. CBN should never have gone public ab initio.

Moreover, the steps taken so far raise fundamental questions. As the Federal Government has released N420 billion to the ailing banks, do we regard the injected fund as a loan to be repaid or a grant to prepare them for the government's virtual take-over? Where does all this leave the shareholders? Who protects the shareholders and their interest especially in a situation where the Federal Government goes ahead to fulfill its threat to bring foreign investors to buy the concerned banks? Would it not make more sense to accord shareholders first-line bids? Or is the Government saying that the country, with nationals in leadership positions at the World Bank and IMF, cannot get suitable Nigerians capable to run the banks profitably? Moreover, we wrested our economic independence from foreigners through such policies as the Indigenisation Act, is it wise now to sell ourselves back through the backdoor to new foreign interests? Or could it be that the foreign interests are masquerading for faceless Nigerians? The shareholders have been completely ignored in the whole process, when they should have been called to an emergency meeting where they would have democratically elected another Board.

Well-meaning Nigerians like me hope that the Federal Government does not produce a paradoxical result from this unilateral bank regularisation scheme. The entire episode smacks of an exercise designed to cut the nose in order to spite the face and this is dangerous.

The affected banks are employers of labour, having at least 5,000 branches and well over 100,000 people in their employ. In the light of this confusion, the employees' job security cannot be guaranteed. The agitated economy will provoke capital flight and inflict greater damage on the economy than whatever misdemeanours these bankers may have been accused of. Because many of these beleaguered bankers originally founded the concerned banks, their present travails can discourage future generations of investors.

Rather than sack the bank executives, CBN should have borrowed a leaf from other economies that have similarly bailed out their mortgage, stock-broking, banking and industrial institutions. President Barack Obama injected $700 billion into corporate America and allowed the executives to continue in office. The only debate was whether benefiting American executives should take a cut in their usual fat allowances in view of the injection of public funds. The debate is still going on. I entirely condemn the detention of the bank chiefs by the EFCC. They should be released to enable them work out creative and feasible modalities for revamping their banks and liquidating the offending loan facilities.

Banks may have problems but the CBN appears to have over-amplified the situation. The world over, financial institutions are going through a rough time. In Europe, Asia, America, Australia and other parts of Africa, banks have failed. This was what gave rise to the global economic meltdown. In fact, prior to the CBN exercise, the Nigerian economy was the envy of the world. And experts internationally commended the last administration and the banks for the foresight in recapitalising our banks. But if Nigerian banks fail now, the explanation may simply be that finally, the Economic Meltdown has caught up with our banking industry. How? Larger economies like USA, UK and Japan, most of whom have begun to look inwards for economic salvation, have forced their indigenes to reverse capital flight back home.

On the other hand, if this exercise was designed to please Mrs. Hillary Clinton, then we must point out that she has no way incited us against the rule of law. Like her, we all want an anti-corruption crusade, which we complained had become lukewarm and stale. But in hunting down these bankers, government has pointed the gun against wrong persons.

The CBN exercise is diversionary; it is insensitive; it is hasty, making respectable bankers and shareholders to become scapegoats unjustly. This is unacceptable.

Moreover, have we weighed the implications that this will have on our Re-Branding Project? Virtually, it has smeared the cr�me de cr�me of our economy - the Cecilia Ibrus, the Isyaku Umars, the Hyacinth Enuhas, the Raymond Obieris, the Chris Alabis, the Erastus Akingbolas, the Barth Ebongs and many more. This move indicts not just these bankers, but the public, the government, the shareholders, event he CBN. It tells the international community that even the best of us is a crook and a thief. And this is far from true.

Suffice to say that although some of these controverted loans are inexcusable, a lot of them would have performed if only government had delivered on key economic issues, including, stabilising the Naira, providing electricity supply, pushing through the amnesty deal to secure a viable bridgehead for profitable oil business in the Niger Delta, enhancing Nigerian's buying power by providing employment, ensuring good road networks, fighting corruption, resolving the crisis in the education sector, especially the ASUU strike and succeeding with the seven-point agenda.

On the part of the CBN, what needs its immediate attention are indices that will make the banking industry more attractive, more proactive and more productive, such as outlawing the use of young girls for marketing, taming the legal and administrative charges that usually balloon loans, establishing a regulatory framework for interests and stabilising the exchange rate.

In the present circumstances, the coercive organs of State should act independent of the CBN, which is wearing the toga of the aggrieved party. They way Sanusi speaks of confiscating assets, jailing people, etc, makes him the complainant, the investigator, the Judge and the enforcer. Such autocratic methods are strange to our democratic constitution.

The National Assembly, should as a matter of urgency, pass a motion requiring Sanusi to ensure that existing shareholders are given an opportunity to recapitalise the five banks within a timeframe of not less than 180 days. These banks are public companies owned by several Nigerians. They must not suffer double jeopardy. Their reemptive rights as existing shareholders, which is duly recognised by Companies and Allied Matters Act, Banks and Other Financial Institutions Act, Central Bank of Nigeria Act and the records of CBN must be protected and respected.

The National Assembly should pass a motion requiring Sanusi to follow due process and immediately revoke the removal order on any of the Executives who are not personally culpable. It is wrong to punish people who have not committed any offence. It is repugnant to equity, natural justice and good conscience to dismiss over 30 officers in one stroke without establishing individual responsibilities.

The National Assembly should compel Sanusi to exercise due care in all subsequent actions. The unnecessary drama and bravado accompanying the "reform" has caused a downgrade in Nigeria's credit rating and slowed down economic activity. We have seen other economies, which recently handle more complex and larger interventions in their banks in a more mature manner, without unnecessary costs on their economies.

Conclusion

In conclusion, let us remember that many of these bankers are well known locally and internationally by many institutions and many of them are advisors and consultants to nations and world financial establishments. Nigeria needs them for her own good. They may have made some erroneous judgements, but they do not deserve to be so summarily destroyed; for one experienced horse rider who falls is more valuable than a tenderfoot just learning the ropes. Consequently, we detest the rubbishing of these first-class bankers and we demand their immediate release.

If politicians have been allowed to learn from their own mistakes, bankers and the managers of our economy should not be crucified for making sincere errors in corporate governance.

Culled from the Guardian online: [url]http://www.ngrguardiannews.com/business/article01/indexn2_html?pdate=060909&ptitle=Fasehun:%20%27Sanusi%20Neither%20Considers%20The%20Economy%20Nor%20Banks%27%20Shareholders%27[/url]
PropertiesRe: Pictures Dont Lie: The Real Mowe And Ofada Agents Wont Tell You About by larez(m): 11:10am On Sep 06, 2009
Lunatic
PropertiesRe: Cost Of Iron Rods Exposed ! by larez(m): 10:15am On Sep 06, 2009
Good job Tosola. I am subscribing to this thread so I can have access to you when I need you. Thanks for being transparent.
PropertiesRe: Block Moulding Machine by larez(m): 10:13am On Sep 06, 2009
I think the better and biggest manufacturers are out of South Africa. Read some stuff a while back about a particular South African manufacturer that would also assist you with formulas to use indigenous soils for structural blocks. Try Googling "concrete blocks"+"South Africa"+Manufacturer. Copy and paste that in Google. They may have local reps in Naija, so copy and paste that in Google. Goodluck.
PropertiesRe: Badagry The New Lagos: Need A Land In Badagry Call Me 08079201118 or 08060989506 by larez(m): 10:02am On Sep 06, 2009
They say, "A picture speaks a thousand words". Why don't you post pictures of the general area and research what kind of developments and infrastructure that are in planning stages or being developed. Are there any shopping centers/Malls? Are there good schools going up in the area? Access to beach fronts etc, Just saying there is Land available alone doesn't quite cut it in today's competitive world. You may need to take a trip to Alausa to arm yourself with information that could assist your sales. Goodluck.

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