Below are the photos of before and after the photoshop of Oshiomole and Amechi with dollars.
http://www.thenaija.com/original-photo-of-oshiomole-and-amechi-that-was-photoshoped/

President-elect Muhammadu Buhari needs N1 trillion naira on May 29, 2015 or within his first 90 days in office.
Clearly, nobody is pretending anymore that Nigeria is not broke. President Jonathan’s finance minister/the coordinating minister of the economy, Mrs. Ngozi Okonjo-Iweala, has given up any pretense that she has a clue as to how to rescue Nigeria’s economy from total collapse. Recently, she confessed that sourcing where to borrow money has been more than a nightmare. In her own words, it has been causing her hypertension.
And borrowing, she had been doing with alacrity. The Central Bank of Nigeria recently announced that the federal government has over-spent by N365.3bn between July-Dec 2014. The minister herself announced that, "We've borrowed N473bn out of the N882bn we are allowed to borrow this year.” So there is no room to borrow a lot more. And borrowing to pay workers’ salaries and pay oil marketers for oil subsidy is as dumb as throwing bags of money into River Niger.
Meanwhile, Nigeria’s debt profile has risen to N12 trillion, which is about three times our annual budget.
Despite the staggering debt ratio to the size of Nigeria’s economy, Nigeria still needs to pay workers. And since President Jonathan and Ngozi Okonjo-Iweala decided to include only about N150 billion in the 2015 budget for oil subsidy, when in the last four years they have spent an average of N800 billion a year, there is an urgent need for money to keep the basic elements of the economy going as the new government settles in.
The Nigerian workers cannot go for another three months without pay. The consequences of that for the new government will be dire. And the Nigerian consumers of petrol cannot go for another three months of long lines at gas stations and live with fuel sold at exorbitant prices. And that will continue until oil marketers are paid the outstanding debt owed them or someone figured out how to stop them from holding Nigeria hostage.
In the last 16 years of the People’s Democratic Party rule, the political class squandered an equivalent of $500 billion US dollars. To go back to find the books, including those already reduced to ashes, open them, separate the scratched off figures from the original figures and prosecute those whose fingerprints were on the record books would be a difficult task. An easier way would be a mixture of plea-bargains, fees, surcharges, amnesties and luxury taxes imposed on these categories of past and present officials, all aimed at recovering a fraction of our commonwealth fleeced over the last 16 years.

So here are the top ten places President Jonathan can get N1 trillion naira.
1.) Go to the 36 governors that served with Olusegun Obasanjo from 1999 - 2007. Offer them immunity from prosecution if they will all return N2.5 billion naira each for every four years in power. Those who spent eight years in office should return N5 billion each. After all, most of them were facing charges totaling over N100 billion before their files disappeared from the EFCC. That will give President Buhari N180 billion naira.
2.) Go to the 36 governors that served with Umaru Ya’Adua and Goodluck Jonathan from 2007 - 2015. Offer them immunity from prosecution if they will all return N5 billion naira each for every four years in power. Those who spent eight years in office should return N10 billion each. After all, most of them collected over N2.5 bn each year as security votes. That will give President Buhari N360 billion naira.
3. Get all former Directors of the NNPC in the last 16 years. Offer them immunity from prosecution if they will all return N1billion for every year they were directors. Having been part of an agency of the government that does not know how much oil the multinational corporations are drilling out each day and cannot account for the crude oil dedicated for domestic consumption, and have failed to report revenues from natural gas sales in years, they should each give the government N1 billion and we let bygone be bygone. This will give Buhari at least N100 billion.
3.) President Buhari should cancel all import waivers given to religious leaders in Nigeria for 2015. Nigeria lost billions of naira just on the waivers given to Pastors Adeboye, Oyedepo, Oritsejafor and their likes under the Obasanjo-Jonathan administration - waivers they used to import expensive cars and luxury goods. Who knows what the big Imams get in waivers? Right there, another N50 billion will be readily available.
4.) A 50% cut in the salaries and allowances of members of the Nigerian House of Representative. At $1.4 million each for 360 members, Buhari can easily get $252 million dollars, which is over N40 billion. In the senate, with 109 senators each making $1.7 million, a 50% cut in their pay package will give President Buhari over N14.8 billion naira.
5.) President Buhari should audit the record books of the government with oil importers. A good auditing firm will easily unearth stolen wealth of the nation. Past audits have shown substantial stealing on their part. In a 2012 audit conducted by Mr. Aigboje Aig-Imoukhuede of the subsidy claims of 2011, discovered that the Federal Government had overpaid importers and marketers of petrol by a whopping N430 billion naira. Of this amount, less than N30 billion was ever recovered. Since these so-called cabals are friends of every government in power, the president should just ask them to refund N300 billion and we will let bygones be bygone.
6.) The president should, as a matter of urgency, investigate and evaluate all workers associated with the importation of fuel into Nigeria. Those found wanting should be prosecuted and fired. A good investigation of their assets and accounts will recover at least N10 billion. The same thing should be done with staff of the NNPC, both those serving and the retired staff. A good investigation will net over N10 billion.
7.) Go to all the ministers who served from 1999-2015. Depending on the ministry they manned, how long they manned the ministry and the budget of each ministry, each minister would be assessed. A special surcharge of each minister could net the government another N50 billion.
8.) The security votes of all state governors should be cut by 50%. At an average of N300 million a month, it runs up to N3.6 billion for a year each. For the 36 state governors, that amount is N129.6 billion naira. A 50% cut will give President Buhari N64.8 billion a year.
9.) The president should close half of Nigerian missions abroad in a major scale back and find other countries to manage Nigeria’s consular affairs. That will save at least N10 billion.
10.) Along with that, the government will impose a significant luxury tax on people who own private jets, luxury boats and those who own houses worth over N0.5 billion naira. If you may, just call it one-time tax to help feed Nigerian public school children. Let us see the billionaire that will grumble about giving a little back to help educate the disadvantaged. That will bring in another N100 billion.
Putting the savings together, we have N1.19 trillion for the President. That will be enough seed money to give the incoming government a breathing room to assess the damage done to the economy in the last 16 years.
Alternatively, President Buhari could move in security forces to the Niger Delta and stop crude oil theft. Since 2009, crude oil thieves have been increasing the amount of Nigeria’s oil that they steal. According to the 2012 Ribadu Report, crude oil thieves steal over 100,000 barrels a day. That is over $3.6 billion dollars a year. Some foreign sources put the figure of oil theft at 250,000 barrels a day. Mrs. Okonjo-Iweala in 2013 told the Vanguard newspaper that the loss to oil theft could be up to $12 billion.
Now, that is over a trillion naira. QED!

http://www.amazingafricanews.com/2015/05/ten-places-buhari-can-get-trillion.html

Thousands of Maiduguri residents living around the Nigerian Army’s Giwa barracks fled their homes Wednesday as Boko Haram terrorists launched a late evening attack, PREMIUM TIMES can reports.
The attack, which commenced at about 6:30pm was heralded by distant sounds of gunshots that continued to get louder and louder.
Residents of the troubled city living around the southern flank of the town had to defy the 7p.m. curfew to flee.
An officer with Nigeria’s secret police, the State Security Service, who asked not to be named because he had no permission to speak with journalists, said, “The attack is going on in Kayamla village right at the outskirts of Maiduguri.”
Kayamla is about 10 km away from Maiduguri town.
Fleeing men, women and children were seen crying for help as those with asthma or arthritis were collapsing on the way as their relatives cry for help.
The attack came exactly a year after Boko Haram insurgents attacked Giwa barracks, and freed some of their members.
The spokesman of the 7 Division, Nigerian Army, Col Tukur Gusau, told journalists troops had moved in to bring the situation under control.
He said, “Please be calm as we are right on top of the situation.”

Source: http://www.amazingafricanews.com/2015/05/maiduguri-residents-flee-as-boko-haram.html

St. Louis business school dean from Nigeria selected to lead 164-year-old liberal arts college
Dr. Benjamin Ola. Akande (ah-KHAN-day), of St. Louis, MO, today was named the 21st president of the 164-year-old Westminster College in Fulton, MO.
He will take office July 1, succeeding Dr. George B. Forsythe, president since 2008, who is retiring after 10 years at Westminster.
“We’re proud to introduce Dr. Akande as president of Westminster College,” said Wallace L. Head, chairman of the Westminster Board of Trustees. “We’ve achieved our year-long goal of finding the most qualified person to lead Westminster and to continue executing ourstrategic plan.
“It includes developing leaders for a global community by establishing one of the country’s most internationally diverse colleges, and maintaining a graduate placement rate that exceeds 95 percent,” he added.
Dr. Akande, a Nigerian-born American citizen, serves as a professor of economics and Dean of the George Herbert Walker School of Business and Technology at Webster University in St. Louis. He also leads Webster’s global Office of Corporate Partnerships.
Raised in Nigeria, Dr. Akande came to the U.S. to attendWayland Baptist University in Plainview, TX, where he earned his Bachelor of Science degree in Business Administration. He earned his Ph.D. in Economics from the University of Oklahoma, and completed his post-doctoral studies at Harvard and Oxford.
Head said Dr. Akande was selected for his academic and administrative qualifications and because “he’s a results-oriented leader with strategic vision and proven experience in the areas of global strategy, marketing, and leadership.”
Akande said he proudly accepts this new challenge and looks forward to continuing Westminster’s mission.
“Westminster offers a distinctive destination for undergraduate education focused on student achievement and diversity, which are critically important,” he said. “We must prepare graduates to live and work in a world that is far more diverse and richer in new opportunities than ever before.”
Dr. Akande also recognized Webster University’s administration and faculty for the support and opportunity they provided the past 15 years.
Westminster College is the nation’s eighth-highest ranked small liberal arts college for percentage of international students. Westminster’s nearly 1,000 students are from 28 U.S. states and 76 countries worldwide.
Source: http://www.amazingafricanews.com/2015/05/nigerian-benjamin-akande-named-21st.html?m=1

Ladi Delano is a 35-year old Nigerian serial entrepreneur who made his first million as a liquor entrepreneur while living in China.
At the age of 24, in 2004, he founded Solidarnosc Asia, a Chinese alcoholic beverage company that madeSolid XS, a premium brand of vodka. Solid XS eventually had a 50% market share and went on to become a mainstream liqour brand and was being distributed in over 30 cities, pulling in $20 million in annual revenue.
Delano then sold the company to a rival liquor company for over $15 million and put his funds into his next venture – a real estate investment holding company with a focus in mainland China.
Today, Delano is the co-founder and CEO of Bakrie Delano Africa (BDA) – a $1 billion joint venture with theBakrie Groupof Indonesia. Bakrie Delano Africa stands as the Bakrie Groups’ investment partner in Nigeria.
So far, the Indonesian Conglomerate has provided over $900 million worth of funding for investment in Nigeria and Bakrie Delano Africa identifies opportunities for investment in mining, agriculture, oil & gas, and executes the investment processes.
He was on Forbes’ list of the youngest millionaires to watch in Africa in 2012 and is the youngest Nigerian billionaire.
Source: http://www.amazingafricanews.com/2015/05/meet-ladi-delano-nigerias-youngest.html?m=1

The Chadian President, Idris Deby, who earlier this year was quoted as saying he knew the whereabouts of wanted Boko Haram leader, Abubakar Shekau, has backtracked on his claim while also insisting on keeping any possible knowledge of the location of the terrorist to himself.
“I cannot tell you today that I know where Shekau is hiding and even if I knew I won’t tell you,” Mr. Deby told journalists on Monday at the Presidential Villa, Abuja.
Mr. Deby spoke after a meeting with Nigeria’s President Goodluck Jonathan.
The Chadian President stated that the war against Boko Haram had not yet been totally won because Chad and Nigeria were not working together on the field.
He said it was regrettable that the “two armies that is the Nigerian army and the Chadian Army are working separately in the field”.
“They are not undertaking joint operation,” he said. “If they were operating joint operation probably they would have achieved more results.”
Mr. Deby had, sometime in March, accused Nigeria of downplaying the threat from Boko Haram and failing to cooperate with the regional coalition battling the jihadists, saying there had been zero contact between their armies.
Chad, Cameroon and Niger were believed to have also joined forces since January to battle Boko Haram, whose insurgency has claimed more than 13,000 lives in northern Nigeria since 2009.
The Chadian President at the time said he was baffled by the Nigerian government’s lack of cooperation with the offensive.
“Two months after the start of this war, we have not had any direct contact with the Nigerian army units on the ground,” he had told the French weekly.
In his response to journalists at the State House Abuja, the Chadian President said it was important for him to come to discuss with the Nigerian President as he leaves office to review “what we did together, what we achieved together in the fight against Boko Haram”.
He further stated that it is true that Boko Haram has not been completely eradicated.
“But they have been tremendously weakened,” he said. “I did not want to wait and come during the inauguration of the new government. I thought I should come to consult with Mr. President, to congratulate him and to have this exchange and have overview of what we have been able to achieve in the fight against Boko Haram”.
Chad, one of Nigeria’s closest neighbours has been involved in the fight against Boko Haram as it is also being affected by the insurgency.
Responding to questions on the multinational task force fighting in Lake Chad, he explained, “In the Lake Chad Basin, there are four countries Cameroon, Nigeria, Chad and Niger that are currently securing the area. The four countries have managed to form a multinational mixed force that will metamorphose to what is probably known as a Rapid Response Force that the African Union is trying to form for Africa.”
On the 2015 general elections, Mr. Deby congratulated Mr. Jonathan for the show of statesmanship demonstrated during the elections.
“We all know that elections in Africa is always contested but Mr. President demonstrated a lot of statesmanship, that he is a real democrat by conceding and congratulating the President-elect,” he said.
“You all know that when Nigeria sneezes, the neighbouring countries catch cold. If Mr. President had not taken that laudable initiative you all know what would have happened now. Nigeria is still living in peace, you all are living in peace and that would not have happened but for that laudable initiative he took.
“So I came to congratulate him for leaving a legacy not only for Nigeria but for Africa as a whole”.

Source: http://www.amazingafricanews.com/2015/05/if-i-knew-shekaus-whereabouts-i-wont.html

Today, 9 May 2015, WHO declares Liberia free of Ebola virus transmission. Forty-two days have passed since the last laboratory-confirmed case was buried on 28 March 2015. The outbreak of Ebola virus disease in Liberia is over.
http://www.amazingafricanews.com/2015/05/ebola-outbreak-officially-over-in.html?view=sidebar

On 9 May 2015, WHO declares Liberia free of Ebola virus transmission. Forty-two days have passed since the last laboratory-confirmed case was buried on 28 March 2015. The outbreak of Ebola virus disease in Liberia is over.

Continue reading: http://www.amazingafricanews.com/2015/05/ebola-outbreak-officially-over-in.html?view=classic

Source: http://www.amazingafricanews.com/2015/05/ebola-outbreak-officially-over-in.html?view=classic

so no serious infraction was found during auditing of ETB and the MD and Otunba Mike were sacked/removed from his bank.
SLS/CBN want to return Adenuga, what about the MD. no apology for both of them bah
I think this SLS should be sue for all the embarassment and damages.
i believe more revelations are on there way,

may God save us, help nigeria from evilsssssssss

well, these CEO's were axed on the ground that they have committed all those atrocities mentioned.
but what happen later.
as i post this write up now, many able nigerians are being axed out of banking employment.
more especially those that were given clean bill.
another question is

why First BAnk and Zenith Bank that are that Capitally boyant raising more Capital of N500b and N300b respectively.

nigerians pray,

Doubts Over Integrity Of CBN Audit Persist

http://www.ngrguardiannews.com/news/article02//indexn2_html?pdate=181009&ptitle=Doubts Over Integrity Of CBN Audit Persist


Apex Bank Doesn't Know How Much 'Sanctioned' Banks Need

Says N200bn Offer Isn't Bailout

New CEOs Asked To Make Requisition

Anxiety Mounts As Oceanic Plans Massive Sack
By Marcel Mbamalu
MORE than two weeks after the sanctioning of additional bank chief executives, the Central Bank of Nigeria (CBN) is yet to release the N200 billion package it promised the affected banks.

The apex bank, however, said yesterday that the money was not a bailout for the banks - Equitorial Trust Bank (ETB), Bank PHB, Wema Bank and Springbank.

Rather, the managing directors of three banks, whose chief executives were recently removed, were asked to analyse the banks' records so as to determine the exact amount of fresh capital to be injected into the banks, and to present the figures to the CBN.

It is expected that the new managing directors would tomorrow convey their requirements, the total sum of which could be higher or lower than the N200 billion announced by the CBN.

Industry watchers say the failure of the CBN to determine the exact size of fresh capital required by the affected banks "has cast doubts on the integrity and transparency of the CBN audit exercise."

Former banker and Managing Consultant, Simeon and Rose Associates, Mr. Cliff Mbagwu, yesterday said the failure of the apex bank to release the funds, weeks after it announced the package, was ironical and contradicted its liquidity claims on the banks.

According to him: "Asking the new managing directors to analyse and determine how much the banks actually needed, after the CBN had announced a stipulated amount, cast doubts on the integrity of the overall audit process."

But explaining the development, the CBN said its decision on the last four banks was different from that of the first five sanctioned some months ago.

In a telephone chat with The Guardian, CBN's spokesman, Mohammed Abdullahi, said the funds would come when the banks demand for it. "As they demand, they get," he said.

"This time around, we did not use the word, 'injected'. We said we are giving them liquidity support. So, if they ask, they get it. That is why injection is different from providing liquidity support," he added.

Meanwhile, sources in some of the first five banks that got N420 billion from the CBN, said the new executive directors were subjecting marketers to unrealistic targets, an issue of worry to regulators before the current intervention by the Sanusi-led CBN.

Certainly, anxiety is reportedly mounting in Oceanic Bank Plc as the new management plans massive sack over what the workers regard as frivolous excuses such as staff indebtedness to the bank and failure to meet unrealistic targets.

A source at the bank said the new leadership of the bank had indicated interest that it "wanted to get rid of some staff through what they called 'saving cost.' This is believed to be a way of cleaning up the bank's economic profile in preparation for certain foreign concerns said to be showing strong influence in acquiring the bank.

The source said the management had, last week, released a memo requesting that all staff "with debt in their account or record" would either be requested to pay up or be advised to leave the bank; and since many of the staff cannot repay such debt, the alternative would be for them to leave the bank."

It was gathered that the new CEOs are in consultation with the CBN Governor, Sanusi Lamido Sanusi and will, by tomorrow, come out with the actual figures to be injected in the troubled banks.

After the second phase of its audit of the 24 banks on October 2, the CBN had raised the red flag on another five banks, three of which were said to be in grave liquidity situation. It thus announced an immediate package of N200 billion to shore up their liquidity.

The action, which was sequel to an earlier intervention in five banks whose chief executives were removed, also saw the exit of three chief executives -Ike Oraekwuotu of ETB, Francis Atuche of Bank PHB and Charles Ojo of Springbank.

The monetary offer was to ensure that the banks were restored from the brink of failure, which was reportedly caused by high ratio of non-performing loans and poor corporate governance practices.

But authoritative sources in some of the affected banks said that contrary to its public position, the CBN had not injected any fund into the banks two weeks after.

The indication emerging is that the apex bank was at a loss regarding the exact size of fresh capital required by the affected banks, a development, which casts doubt on the integrity and transparency of the CBN audit exercise.

It is expected that the new managing directors would tomorrow convey their requirements, the total sum of which could be higher or lower than the N200 billion announced by the CBN.

Reacting to the new stand by the CBN, Mr. Mbagwu queried: "Could that not even mean that the banks may not really need the money? If they (CBN) did an audit and felt that those banks actually needed funds, and several weeks after, the funds are not released (and they are holding another meeting to know how much to release), that could either mean that the audit wasn't properly done or that the banks don't actually need the money after all. If they needed it, the action should have been immediate."

He continued: "The actual amount needed by the so-called troubled banks should have been determined by the auditors that examined the banks.

"They should have been able to know what the shortfall is in each of the areas that caused the problem. They don't need the input of the banks again to determine what is needed."

Mbagwu said the questions to ask are: What are the recommendations of the auditors in terms of what is needed to bring the banks back to life? Are the new managing directors doing another audit to determine the level of needed input by the CBN?

He said with the foregoing indications, the banks' situation is nowhere as grave as the CBN alleged. "It would have immediately provided the banks the funds to survive else they would have run into trouble," he added.

After the first phase of its audit on August 14, the CBN had sacked the five chief executives of Oceanic Bank, Intercontinental Bank, Union Bank, Finbank and Afribank and injected N420 billion into the banks.

But indications later suggested that the banks did not actually need the size and volume of the bailout to stabilise their operations.

According to reports, out of the N420 billion, the banks had barely used N100 billion on the whole, with Oceanic using N50 billion, Intercontinental N32 billion and Union N16 billion.

This, analysts say, could have necessitated the current measure applied by the CBN on the reported health of the recently declared troubled banks.

As it did with the first five banks, the CBN appears to have perfected moves aimed at reassuring foreign investors and correspondent banks of positive liquidity status of the embattled banks.

Checks by The Guardian revealed that the new chief executives of the affected banks had been briefed on proper response to queries concerning the apex bank's intervention.

A statement reportedly sent last Wednesday to officials of the banks reads in part: "Our bank is strong and has enough capital and liquidity. Provision of N200bn by the CBN as liquidity support and long-term loans for the four newly affected banks has enabled them to continue normal business while pursuing recapitalisation plans.

"The Special Examination was undertaken by the CBN. All questions about it should be addressed to their advisers, but the CBN has announced that our bank is strong and has enough capital and liquidity to support itself now and in the future.

"We are continuing to work normally and we have benefited from the successful actions of the CBN to maintain stability in the banking sector.

"The first phase of the process of restoring financial sector stability is complete, with ongoing action to focus on: building capacity within the regulatory regime, improving risk management framework, easing the flow of credit, particularly to the real sector of the economy, improving governance structures and practices in the financial services industry, and improving confidence in the economy in general."

You people especially the Sanusi's proteges/folks should go through the story below as carried by today's guardian.

http://www.ngrguardiannews.com/news/article03//indexn2_html?pdate=101009&ptitle=How%20Sanusi%20Allegedly%20Set%20Banks%20MDs%20Up


How Sanusi Allegedly Set Banks MDs Up [/b]

By Onyedika Agbedo

AGAINST the backdrop of the recent sacking of three more bank MDs, by the Central Bank of Nigeria (CBN), bringing the number of banks whose managing and executive directors have been sacked to eight, analysts have continued to look at the critical reasons behind the controversial 'reforms' by the apex bank.
Industry sources alleged that most of the banks affected by the reforms were wittingly or unwittingly set up for the circumstances that eventually led to the sack of their directors.
For instance, it is being alleged that the CBN's deliberate and sudden switch from Expanded Discount Window (EDW) to Inter-bank market signalled the beginning of erosion of liquidity and stability in the banking sector.
Sources alleged that through a text message on June 16, this year, the CBN Governor, Mallam Sanusi Lamido Sanusi had directed nine banks managing directors to proceed to Inter-bank henceforth "in view of the closure of EDW."
According to the source, banks going to EDW did not mean they had problems. "It was a trading window popularly called arbitraging in money market. It is not a liquidity window. At EDW, banks borrow at 10 per cent interest and lend at between 14 per cent and above," claimed the source.
The Guardian also gathered that 23 of the 24 banks were at the EDW with Standard Chartered Bank being the only exception and that out of the 23 banks, 11 were regular at the EDW.
At the time of CBN's first intervention, FinBank, for instance, The Guardian learnt, had taken N50 billion which it placed in other banks. It had Inter-bank placements with other banks totalling N45 billion. This was the same setting for Union and Intercontinental Banks.
"When Sanusi shut EDW without notice, the banks were predictably caught in-between and naturally requested enough time to enable them to recover the money they had already lent out to other banks. The CBN refused on the grounds that the window was inappropriate.
"Sanusi instead directed them to go to 'Inter-bank' and went ahead to introduce 'Guaranteed Inter-bank'. The banks were now forced to patronise this in compliance with his text message of June 16."
The source said: " If Sanusi had given the banks the shortest loan tenures of 90 days notice (but did not because he had already made up his mind to undermine them) these monies lent out would have come back. The contradictions in the debtors' list showed that the money was back between June, July and August whereas CBN cut off date was May 31, this year. This was the major reason why CBN's debtors list was so controversial."



I pray God saves us,the economy and Nigeria before it is too late.

How Sanusi Allegedly Set Banks MDs Up

By Onyedika Agbedo (Guardian online news sat 10/10/09)

http://www.ngrguardiannews.com/news/article03//indexn2_html?pdate=101009&ptitle=How%20Sanusi%20Allegedly%20Set%20Banks%20MDs%20Up


AGAINST the backdrop of the recent sacking of three more bank MDs, by the Central Bank of Nigeria (CBN), bringing the number of banks whose managing and executive directors have been sacked to eight, analysts have continued to look at the critical reasons behind the controversial 'reforms' by the apex bank.
Industry sources alleged that most of the banks affected by the reforms were wittingly or unwittingly set up for the circumstances that eventually led to the sack of their directors.
For instance, it is being alleged that the CBN's deliberate and sudden switch from Expanded Discount Window (EDW) to Inter-bank market signalled the beginning of erosion of liquidity and stability in the banking sector.
Sources alleged that through a text message on June 16, this year, the CBN Governor, Mallam Sanusi Lamido Sanusi had directed nine banks managing directors to proceed to Inter-bank henceforth "in view of the closure of EDW."
According to the source, banks going to EDW did not mean they had problems. "It was a trading window popularly called arbitraging in money market. It is not a liquidity window. At EDW, banks borrow at 10 per cent interest and lend at between 14 per cent and above," claimed the source.
The Guardian also gathered that 23 of the 24 banks were at the EDW with Standard Chartered Bank being the only exception and that out of the 23 banks, 11 were regular at the EDW.
At the time of CBN's first intervention, FinBank, for instance, The Guardian learnt, had taken N50 billion which it placed in other banks. It had Inter-bank placements with other banks totalling N45 billion. This was the same setting for Union and Intercontinental Banks.
"When Sanusi shut EDW without notice, the banks were predictably caught in-between and naturally requested enough time to enable them to recover the money they had already lent out to other banks. The CBN refused on the grounds that the window was inappropriate.
"Sanusi instead directed them to go to 'Inter-bank' and went ahead to introduce 'Guaranteed Inter-bank'. The banks were now forced to patronise this in compliance with his text message of June 16."
The source said: " If Sanusi had given the banks the shortest loan tenures of 90 days notice (but did not because he had already made up his mind to undermine them) these monies lent out would have come back. The contradictions in the debtors' list showed that the money was back between June, July and August whereas CBN cut off date was May 31, this year. This was the major reason why CBN's debtors list was so controversial."





I profoundly weep for

nigerians, nigeria ecenomy and nigeria as a nation