₦airaland Forum

Unfortunately I agree with arewa on this one

We have no business reforming the constitution when we cant even fully implement the current constitution and explore its benefits.

The whole process of constitutional review is very tedious, un-productive, and time consuming.

Most of the things we are seeking to address have already been addressed in the 1999 constitution. Just that out of ignorance we have refused to interprete them correctly.

I think we should focus on fully implementing the 1999 constitution and exploring its benefits.
When we have exploited all of that, at the appointed time the constitution will change and their will be less achrimony.

I also believe that if their are aspects of the constitution that needs changing, they can be sent to the NASS as bills to be delibrated on and adopted.

A wholistic change in the constitution is very complicated and I doubt Nigerians are ready for one.

Adaeze1:
2 viewpoints:

The personal side of Ribadu's 'resurfacing to Nigeria'. While he was fighting graft, GF was one of the very few who gave him any kind of support. Ribadu is probably not aware of the kind of support he enjoys on nairaland. My point is, the man suffered a personal loss - like that of a 'father'. His coming back might make a political statement but he is in mourning.

Secondly, Nigeria simply needs persons who can help itis people forge a collective identity and sense of solidarity to this 'group of many nations in one' called Nigeria. We can unite around the fight against corruption to do that. We can suceed at it if we can. Ribadu could be the one of these persons but definitely not the only one. Nairalanders like all Nigerians ought to eschew the habit of clinging to one personality. We are the new voice of Nigeria and should not follow the same paths as those who clung to individuals and their patronage systems. They put us in this mess.

They have used and are using ethnicity, regionality or religion as a weapon of mass distraction in Nigeria making us forget albeit momentarily of the identity of crime, graft and corruption which they have bequethed to us. The state apparatus may have failed but we live,

fight graft,

everyday for the Iboris one day for the 'ribadus'?

Nigeria rising,

PS: back2back - you need to have your posts edited from time to time. if you want to air an opinion, make it an informed one, good luck.

Wonderful post!!!!

I wish I could, I would have loved to buy you a drink

Bull ring or anywhere on Broad Street will be a good stop

even becomerich knows the position of the law on this issue

lol

otokx:
She surrendered to the authority of the EFCC as commanded in the bible; they will probably seize her passport and tell her to go home and report periodically.

seize her passport ke!!!

the woman don go collect court injunction to protect her fundamental human right

EFCC can only charge her to court or leave her alone.

The whole seizing of passport is an innovation and EFCC can't do that without a court order.

adigun101:
While I would say I approve of his motives, I definitely do not approve of his actions. I have got a few questions to this regard.
1. Sanusi's objective as he claims are by all accounts needed and commendable.
2. The manner he has gone about it to me have by all accounts been reckless, haphazard and destructive.
3. Where there other less damaging ways to deal with this issue apart from how he's gone about it ?
4. What were the true situation of the banks , were there insolvent ?
5. Are the actions of the bank MDs and their deptors criminal ? So much so to call in the EFCC and call for prosecution ?
6. Has he got enough evidence to prove allegations of fraud against the bank MDs and their debtors as this is the only way they can and should ever be prosecuted as criminals ?
7. Has he considered the Long term damages to Nigerian Economy and stock market and confidence in the banking sector, including investor confidence ?
8. Did banks like RBS, Nothern Rock, Citigroup, Bear Sterns, Merryl linch, lehman brothers,AIG etc have their executives charged or thrown in jail.
9. Will anyone agree with me that most of the bailouts done by western economies where done after approval from the legislature, with little or no details/disclosures about the liabilities and toxic debts of these banks. Was there ever a name and shame campaign ?
10. None of these banks claimed insolvency, would it have killed sanusi to give them time and backing in recovering their non performing loans.
11. A loan is a contract between a lender and borrower. The terms of this contract are varied and complex. Including conditions for defaulting. How does the CBN arrive at a not performing loan ?

Well after what a certain analyst at described as a "Bull in a China Shop" action by Sanusi. I guess we haven't got any choice but to sit back and watch events unfold.
I predict that is going to be long. Suits and counter suits against the CBN, EFCC and banks. An impasse that would last and would stunt the growth of our financial sector and possibly spread to other areas of our corporate sector. We will not notice it now, but just imagine you are a foreign investor possed with investing in Nigeria.

Well I predicted this. Sanusi is a man with strong personal qualities/ character/ethics. He has shown this for the world to see by going head on to enforce ethics in the banking sector.
Sanusi is also a man with relative little/insufficient experience and exposure as he is apparently clueless with little knowledge on the legal and macro-economic issues that lurk behind.
I am only warning but only time would tell.

God bless you Adigun

I take particular interest with the bits in bold

I don't understand the point of this media circus

dason4life:
@ mckren: u are just being sentimental, mikel use to be an attackin midfielder but now a defensive midfielder. If only Amodu can play Etuhu not Olofinjana in attackin & Mikel in defensive midfield, any other combination with solid defense makes a perfect team.

I am not being sentimental

I hoped and prayed Mikel turns out the great player he should have been. But he has not.
I am not particularly concerned about his ability as an attacking midfielder, its his attitude. He does not have the capacity to be forceful, lead from the midfield, and impose himself on a game. He can neither be an Oliseh or an Okocha. He will not even be humble enough to be a Garba Lawal.
Yes we want Mikel Obi to remain Mikel Obi but football is a team sport and when a player can not work hard for the team it makes their place untennable.

Zidane, Okocha, Ronaldinho, Maradona, Messi can get away with having any kind of attitude because they have the capacity to get into a match and redefine the match. Mikel does not have that capacity.

Right now and for now, I think the future of Nigerian football lies with Ogbuke Obasi. We can look up to him to be our play maker not in the mold of a midfield maestro but like a support attack play maker like Gerrard

He can hold forth while Haruna Lukman or Rabiu Afolabi grows up

everlast:
McKren, I don't need to be told by you the difference between the two, what ever the real story is we should wait and see. The truth will come out eventually - Presently I believe what the efcc man said - PERIOD , I stand to be corrected but certainly not to be influenced by anybody

you are entitled to hold an opinion

the reason you got a response from me was because you posted it in a public forum

if you have any proof of their offence it will be very helpful

please don't speak in generalities

try to be specific

everlast there is difference between a false news and blatant disobedience of court order

and I think the latter is the case in this situation.

Jarus is one guy who has attempted to defend Sanusi with reasonable arguments.
Even though sometimes I think he has a perception of Sanusi as a disciplined public servant who can do no wrong. (But the problem is its possible Sanusi is being used without him even knowing it.)

But you can only understand how silly the arrest of the non-EDs is considering that Jarus does not even approve of it. He has defended Sanusi with everything he has got including insider info.

But JARUS believes the arrest of non-EDs is wrong. And yes it is wrong both logically and legally.

fyneguy:
I keep wondering how people form their opinions on this forum.

These guys are alleged to have done some shady deals, were instrumental to bad loans, and used fictitious names to get loans from the bank.

And some people are still questioning the rationale behind their arrest?

This is something else!

Btw, I briefly worked in Intercontinental bank and I knew what's up.

Go and find out how these guys got money to even set up Intercontinental bank- you would be shocked.

Do you by any chance know the role of non-executive directors in an organisation?

when you do that research, come back and review your post.

Daji31:
So why were all these speculations not on when we were consolidating? Has any deptor denied owing the banks? Will it be in the best interest of Nigerians that these debt be considered as bad debt.

There is no need drawing parallels between two unrelated situations

We need no bank restructuring right now, we just need better regulation

We can not have a situation where every new CBN Governor who comes in begin to restructure the Banking system. There should be continuity in these things.

If Sanusi wants new banks or foreign banks all he needs to do is grant them licences when they have met every requirements and they will be in business. There is no need taking over existing businesses by force through the back door.

If Northerners want a bank, let them start up new ones
If Sanusi wants foreign banks, let him start new ones

I doubt it is written anywhere in the constitution that we can only have 24 Banks at a time. So why the circus ?

I heard he was a female native doctor and wife of otokoto during the otokoto days!!!!!!!!

I think you are looking for rumous and speculation, you got one there.

Hope you will not make up evidence to charge Bank chiefs for making up their books.

Make the guy take holiday for this dust to settle down first, then make him plan new sets of policies

which kind blind sturborness be this ?

Our Banking system need no restructuring for now, it just need better regulation.

Any foreign or Local Investors interested in the maerket share should kindly start up a bank in Lagos or Abuja. I see no point for all this politics.

For once I agree with Amodu's squad list

I hope he makes the right team combination

He should forget celebrities and go for those ready to work hard for the team.
This is why I still miss Siasia or Eguaveon as coach.

My Favourite team will be

                                                                        Enyeama/Ayenugba (depending on who is fit)

Adefemi/Nwaneri                                      Adeleye                                       Yobo                                        Taiwo



                                              Kaita                                                                     Ajilore


Ike Uche                                                                                                                                               Nsofor
                           

                                                    Obasi                               Osaze (Kanu 85:00)





I Have chosen Sani Kaita and Ajilore because we just need to come to the realization that we do not have a Midfield Maestro like Okocha and will not have one anytime in the neasrest future.
So the best thing is to use two standing Midfielders who are ready to mark and win the ball, they will act like a shield to to the back four while the four players up front are given the freedom to rove about in a counter attack format.

Siasia used this Strategy in Olympics and we almost won Argentina in the finals if not for just one defensive mistake. USA also did the same thing against Spain using Ricardo Clark and Bradley and cancelled out spain at the confederation cup.
Even Man Utd does this with Daren Fletcher and Micheal Carrick at times.

We have no midfield maestro, we should stop trying to clone one at the moment. Okocha or Zidane is a gift from God.
Mikel will never be an Okocha and yet Mikel is not a ball winner.

The Midfield of Sani Kaita and Ajilore will do it for me if they are fit and get the kind of motivation they need from the coach.

And by the way they should stop inviting Danny Shittu to the National team, that one no be footballer

Sanusi Drops Plan To Sack More Bank CEOs
By Kingsley Ighomwenghian,Emma Chukwuanukwu (Lagos) and Alexandra Mede (Abuja)
Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi may have dropped the idea of sacking more bank chiefs, apparently caving in to pressure from some quarters not to do so.

He beat a hasty retreat on an earlier statement that more bank chiefs would be sacked after the release of ongoing audit of 11 banks in the country in an interview he granted to an international newswire, Reuters, at the weekend.

In the interview, Sanusi noted that sacking of more bank chiefs is now unlikely.

But on the sack of the five bank chiefs and appointment of new ones, Sanusi told Reuters that "the basis for removing the executive directors and managing directors was that their banks were in a grave situation."

He said: "There were infractions. There were violations of the law. That was not the basis for removing them. The basis was that they were in grave situations. Those actions were required to protect the system. It was my central responsibility to do that. Subsequently, we'll deal with the other issues and we'll bring them to court."

Sanusi was in Kinshasa, Democratic Republic of Congo, to participate in a conference of African Central Banks.

He assured that despite still awaiting the result of the audit of 14 banks, it "doesn't look likely" that any more chief executives would be fired."

Last week, unconfirmed reports said Sanusi gave three bank CEOs the option of resigning before December 31, this year to avoid being forced out.

The CBN Governor had on August 14,sacked the chief executives and top management of Intercontinental Bank, Union Bank, Oceanic Bank, Afribank and Finbank, whom he accused of running their banks aground.

Specifically, the banks were accused of exposing their banks to none performing loans valued at about N747 billion, especially in the stock market (margin loans) and oil and gas sectors of the economy.

Intercontinental Bank was said to have a non-performing loans portfolio of N210.903 billion; Afribank Nigeria, N141.856 billion; Union Bank, N73.582 billion; Oceanic Bank, N278.204 billion; and Finbank, N42.445 billion.

The apex bank had also published names of companies and their promoters responsible for putting the banks in trouble.

But a lot of those whose names were mentioned in the list have either contested the amount ascribed to them or the fact that the loans are not performing.

Dangote, listed as owing Oceanic Bank N2.5 billion, which the CBN said is non-performing, told Reuters on telephone: "Personally I think it is not right to publish companies' names on the pages of the papers because there is what you call confidentiality between a client and a bank."

Amidst threat by Nigeria's anti-corruption watchdog- the Economic and Financial Crimes Commission (EFCC) to arrest those listed by the CBN unless they settle their debts within seven days, Prof. Ndi Okereke-Onyiuke, director-general of the Nigerian Stock Exchange (NSE), is also not happy that individuals are being named for corporate debts.

She was named against Transnational Corporation of Nigeria, listed as owing Union Bank N30.583 billion and Intercontinental Bank another N6.553 billion. Okereke-Onyiuke, who is also chairman of Transcorp, in a telephone chat admitted that the corporation secured a loan from the bank to acquire 51 per cent interest in the Nigerian Telecommunications Plc (NITEL), under the Federal Government's privatisation programme.

The CBN in response have also apologised for typographic errors on the list of debtors, which was as of May 31, 2009.

A statement by the bank last week urged "any of the defaulters/debtors (who) have made any repayments after that date (to) sort it out with the relevant bank."

Meanwhile, the EFCC on Saturday took into custody two more bank officials who were among those wanted by the security agency in connection with the recent sack of five managing directors of banks.

The two bank executives arrested are John Maha, Managing Director of Afribank Securities Ltd and Niyi Opeodu, Managing Director of Union Capital Market Ltd. The EFCC also interrogated auditors of the five troubled banks whose CEOs were sacked penultimate Friday.

The auditors interrogated were officials of the Akintola Williams Accounting firm and Pricewaterhouse Ltd. The auditors were earlier invited to the EFCC Headquarters in Abuja on Saturday and they all showed up. They were interrogated and allowed to go home but were asked to report back to the EFCC on Monday.

The EFCC spokesman, Femi Babafemi confirmed the interrogation of the bank auditors and the arrest of the two bank managing directors picked up Saturday at their Lagos residences.

Opeodu was arrested at his Lekki home while Maha was picked up at his Lagos Island residence, according to Babafemi.

The EFCC also said its operatives are still trying to locate former Oceanic Bank Managing Director, Cecilia Ibru and her Intercontinental Bank counterpart, Erastus Akingbola. Babafemi said the Commission believes the two officials have not fled the country as being speculated.

http://nigeriamasterweb.com/paperfrmes.html
Culled from Daily Independent


Even Sanusi Lamido Sanusi does not believe in his OWN initial approach anymore.
If he does why is he making a retreat
Why is he backtracking?

What do you guys think?

But I was also wondering whether she is a woman too

But the trouble I have with the sports body is, they should have determined whether she is a woman before the tournamemnt

not because she is winning we are all now debating

will we be having this debate if she came last?

Nigerian stocks fall 10 pct in week after bailout
Fri Aug 21, 2009 11:26am EDT Email | Print |Share| Reprints | Single Page[-] Text [+]

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Housing and consumers may drive rally next week
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By Oludare Mayowa

LAGOS, Aug 21 (Reuters) - Nigeria's all-share index slipped further on Friday, bringing its losses since a $2.6 billion banking industry bailout a week ago to almost 10 percent.

Sub-Saharan Africa's second-biggest equities index .LAGLG dropped 0.9 percent to 21,973 points, its lowest level in more than three months, with two banking stocks among the few gainers for the first time since the bailout.

Guaranty Trust Bank (GTB.LG) and Diamond Bank (DIAM.LG), which have received clean bills of health from government auditors, were two of only 11 gainers on the index of more than 200 companies. They rose 4.9 percent and 3.9 percent, respectively.

The central bank's 400 billion naira ($2.6 billion) capital injection into Afribank (AFRB.LG), Finbank (FIBP.LG), Intercontinental Bank (INBK.LG), Oceanic Bank (OCBK.LG) and Union Bank (UBNP.LG) has knocked confidence in Nigeria's financial sector.

The regulator has completed audits of three other banks but the country's remaining 14 institutions are still being probed and investors are nervous that more bad debts may be exposed.

Banking stocks have led the declines on the stock market for much of the week.

The central bank on Wednesday published a list of more than 200 firms, individuals and state bodies including conglomerates Transcorp (TCNP.LG) and Dangote Industries (DANG.LG) (DAFM.LG) and fuel distributors African Petroleum (APET.LG) and Oando Plc (UNIP.LG) identified as defaulting debtors of the banks.

Dangote and Oando have denied holding non-performing loans but the extent of the bad debt built up at the five banks -- 1.14 trillion naira, according to the central bank -- has raised concerns about which companies might be affected. ($1=156.45 Nigerian Naira) (Writing by Nick Tattersall; editing by Karen Foster)

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLL65453620090821

Banking shake-up in Nigeria sets off jitters
By Joel Olatunde Agoi (AFP) – 4 hours ago

LAGOS — Panic withdrawals by depositors and a thick cloud of uncertainty are shaking Nigeria's financial sector after the sacking of the directors of five key ailing banks, operators and analysts said.

Central Bank of Nigeria (CBN) governor Sanusi Lamido Sanusi earlier this month removed the heads of Afribank, Intercontinental Bank, Union Bank, Oceanic Bank and Finbank for piling up billions of dollars in bad debts.

The books of about a dozen other banks are also currently under CBN scrutiny to determine their viability, debts and liquidity status.

"There are apprehensions in the industry on what will be the fate of the remaining banks because of CBN's action," a treasury manager in one of the nation's banks, Sunday Adeola, told AFP.

The dismissals of the bank chiefs and the anti-graft agency's threat to arrest, prosecute or seize property of the debtors of the banks if they failed to pay in a week has put the heat on the sector, analysts said.

"The, system has witnessed massive cash outflows in recent days. Depositors are jittery and they are withdrawing their money," said analyst Joel Allison.

"Bank vaults are becoming empty and if the trend continues we may have another bank failure on our hands," he said, recalling the liquidation of dozens of distressed banks in the 1990s after bad management and fraud.

Dozens of the owners and managers of those failed banks were prosecuted or jailed while others fled the country to evade arrest.

The CBN chief earlier this month accused the management of the five ailing banks of giving loans to prominent Nigerian businessmen and companies without adhering to good corporate governance and risk management practices.

He put the total loan portfolio of the ailing banks at 2.8 trillion naira (17.8 billion dollars, 12.6 billion euros).

The CBN has also published a list of dozens of prominent Nigerians businessmen as debtors to these banks.

The list includes tycoon Aliko Dangote, rated by US Forbes magazine as one of the world's richest Africans with a net worth of around 3.3 billion dollars.

Dangote, 52, who is also the new president of the Nigeria Stock Exchange (NSE) has denied managing the oil and gas company listed as owing Intercontinental Bank more than eight billion naira.

The Nigerian government has in the past days tried to calm the nerves of agitated bank depositors by assuring them that their money is safe and that it will not allow the debt-ridden banks to sink.

The government has already announced a 400 billion naira (2.55 billion dollars/ 1.8 billion euros) bailout for the affected banks.

Nigeria's central labour movement NLC lauded Sanusi's action, and urged the CBN to restore public confidence in the industry.

Rasheed Yusuf of the Association of Stockbroking Houses of Nigeria also called for proper management of the situation "in a way that the market will not be jeopardised."

The confusion in this important sector of the Nigerian economy is further exacerbated by the fact that three key players -- Dangote, NSE director general Ndi Okereke-Onyiuke and International Bank's ex-boss Erastus Akingbola -- were listed by the CBN as bank debtors.

Okereke-Onyiuke is also a director in Transnational Corp, a failing conglomerate, which the CBN says owes Union Bank about 31 billion naira.

Five years ago, in a bid to shore up the capital base of these financial institutions, the number of banks was cut from more than 90 to 25 solid ones.

The figure later dropped to 24 when two of the banks merged.

But that early caution appears to have dissolved in more recent times and the global economic crisis has made the credit crunch that much tougher.

Mindful of the 1990s banking crisis, weary Nigerians are being cautious.

"Yesterday I took all my money from my bank to avoid possible unpleasant consequences," said Femi Afolabi, a Lagos hotelier, who lost almost three million naira (19,250 dollars/ 13,500 euros) in 1995 when his bank failed.

http://www.google.com/hostednews/afp/article/ALeqM5i-x412WYTZk3WEFYU3FOcSf_5mig

I hope at the end of this process there still will be a Bank for the Risk Manager to regulate

US is a very useless country

the kind of arguments I have heard on this healthcare issue proves thus.

I honestly did not know hitler was so kind to have a healthcare policy.

again you are justifying the arrest of a man based on what you think he is saying or what you think what he is saying could actually lead to and not ultimately his actions.

The law does not convict anyone on speculation

We need to get out of military psyche and begin to think like people who want to live in a nation of laws.

tell me what is wrong with the statement in plain english

not what you would do or what you think the consequences are.

Patriotism is not all about keeping quiet and being insulated from politics, it also includes advising the Government of an impending crisis and the consequencies if they don't change course.

That is just a paraphrase of Nwodo's comments, what is wrong with a statement like that and how does it amount to coup plotting?

I love the way Gadaffi is exposing the British on this issue

He is now thanking the Queen, the Prime Minister for their cooperation. Which in essence means that Buckingham Palace and Number 10 were all complicit in the deal.

Gadaffi also deployed his son to state clearly that this is about trade and oil deals.

I think I love what Gadaffi is doing, for years the British keep choosing their policies arround the world based on oil and trade expediency and yet comes out to lecture the rest of the world on ethics.

The British are very dishonest. I hope more people expose them.

and Nigerians need to learn to ask question and stop swallowing everything they hear because the new man at the helm says so

Sanusi will soon leave this office and we will hear from his successor.

This was how they said OBJ embezzled 16Billion energy fund. It filled the media, now nobody talks about that.

They said Ribadu had houses in UK, US and Duba . . . .the last time I checked they are only charging Ribadu for not declaring his assets which Ribadu claims he did.

They said El-Rufai stole 32 Billion and continue to make this false claim even after Remi Babalola (the Minister of State for Finance) said the Money was in Government Account.

Now its Soludo, they will accuse him of everything but no one will charge him to court because they have no evidence against him.

It only begs the question why does this cycle continue ? The only reason in my view is that they do it to attack your records of achievement when they think they can't match. I am very disappointed Sanusi has chosen this path.

naijatoday:
huh! Thanks for the correction.

U did not need all that info.

No body becomes an MD or CEO without having a stake in their company. Even when you are hired from another company, most times you have to buy a stake on arrival.

Its like selling a product you don't believe in.

jacobs123:
I guess some people can't just this SAnusi guys. Soludo was also accused of getting rid of a deputy governor (Msheila or so, ) and no one complained. by the way, what has been the contribution of these deputy governors that were sacked. it's an appointment and it can be terminated, did they not know.

Soludo was not tolerating of opposing views either. Pat Utomi had issues with him because of this, even Atedo Peterside disagreed with him on consolidation. The consolidation was kicked against by most people. by the way, those who tolerate all views may not be too successful. You can't satisfy everyone. There is no doubt that a good number of people support Sanusi.

please tell us what is working in the banking sector. I guess you must be an outsider or one of the few insiders feeding on the incompetence of the regulator. A few people come together to set up a bank and drive young men/women to the extreme in meeting deposit targets only to squander the money away to their friends. The sector hardly contributes to the real sector of the economy yet they've driven property prices through the roof. I prefer that the foreigners come and take over. I'm sure many bankers will prefer to work for these foreigners than the Elumelu's Ovia's, Akingbola's who use you like their servants. Atedo Peterside saw the sense in this and teamed up with Stanbic but these slave drivers will rather die there.

If Elumelu are using people like slave as you suggest, Sanusi should bring his Foreign Freinds to come and compete and drive them out of Business with their fair minded policies. To bully people and take over their Business smacks of dictatorship.

bilymuse:
Sanusi is the man, brave and courageous
In a single sweep , he has bastardized the legacy of Saludo, whose reform can said to be a window dressing, that is falling apart.

Really ?

Nigerians are funny!!!
So its ok to risk the economic future of 150 million people just to attack Soludo's records

I sorry for Nigeria.

You have a point but what you are talking about is mid-cycle and not at the heart of why Manufacturing is failing in Nigeria.

The fundamental cause of failure of Small Businesses in Nigeria is Energy cost.

On the issue of Banking policies, Banks have a duty to access whether you have a viable business capable of paying back these loans before they give you loans, you can not claim to magically have a viable business when a fundamental resource as energy is not there and for most Nigerian small Businesses Energy cost is as much as 5 times as they should be. In an atmosphere like this its only fair to suggest that most loan applicants will struggle to get it or prove that their Business is viable.

The Banks also have not been helped by poor identity system which means that in Nigeria before you access loans you either have to have a collateral of more worth than the loan facility you are seeking.

These two issues are not under the remit of CBN, the Energy Ministry and the Ministry of Interior as well as the Presidency have not done their job in that respect. The various arms of Government are interdependent and we can only make progress when we treat these issues as such.

So to put our economic failure squarely on CBN is not very accurate . . . .the CBN under Soludo made giant strides against all odds.

This is not the time to choose politics over progress . . . . Sanusi should work closely with these Banks and other aspects of the economy with the understanding that we are yet a young and developing economy that needs a lot of help and nuturing to succeed.
Any system Designer will tell your that you build in stringent quality control systems at full capacity, if you build in a First Rate Quality system in a 3rd rate process the system will surely crash.

This is the point Sanusi misses, we know that he likes to call himself a Risk Manager and a Strong headed Islamic Scholar who does not tolerate nonsense. I will not get into speculation that there is a tribal or some premediated objective . . . . . but I know that Leadership includes understanding the system you are to lead and nuturing it. Unfortunately Sanusi has started by talking down the economy and trying to implement text book risk management systems without considering whether those techniques were designed for a developing and strugling economy like ours.

A CBN Management that puts out statements with wrong debtors can not be trusted to accurately and thoroughly audit Banks

Sanusi needs to take a step back, otherwise the wheels will soon begin to come off and the credibility of the CBN under him will be irrevocably destroyed. HE SHOULD CHILL.

George Galloway has made even much more distasteful remarks than what Nwodo said.

And by the way lets put what Nwodo said in context.

Nwodo had remarked during the interactive session of the summit that "We cannot thank you (army) enough for your professionalism and for your patriotism, but I dare say that it does not stop with keeping quiet. As Minister, I remember that General (Muhammadu) Buhari and other General Officers Commanding (GOCs) came to give the President ultimatum that if certain things were not done, they can no longer guarantee security."

He stated further : "The fact that you wear a uniform does not insulate you from the politics of your country, in fact, it gives you more responsibility because when everything fails, it rests on your shoulder to defend the territorial integrity of the country, so speak up."

If those where Nwodo's comments, what's wrong with them.

The Army all over the world warn the Government of impending security crisis when it needs to, so saying that the Army Heirachy should speak up when it thinks its necessary is not inciting coup as some of us are even making it out to be.

Or is it no longer the duty of the Army to defend the territorial integrity of the country.

Forget for a moment what you think Nwodo said and read the comments as produced and tell me what is wrong with it. Thank you.