If everyone goes abroad, who will lecturers sell handouts too? Abi you are not concerned for their welfare

Abeg consider others

With all this bruhaha in the banks and financial services, I think having skills and certifications in the following with be quite advantageous now -

Risk Managment and Risk Analysis - (Operational, Credit and Market)
Financial analysis
Regulatory Compliance
Technology - (To support the increased regulatory, compliance and risk models sure to follow)


Abi what you think?

Sanusi should be careful lest he appears as a man playing out a script.
His actions, in retrospect, looks hasty at best,  too pre-emptive for my liking!


CBN Begins Fresh Audit Of Banks
By Rotimi Durojaiye , Group Business Editor, Lagos
Anxiety still runs deep in the financial sector, as a fresh audit of the 24 banks begins on Tuesday, which may culminate in more sacks besides the five Managing Directors (MDs) who lost their jobs in the cleansing done by the Central Bank of Nigeria (CBN) on August 14.

Investigation showed that the CBN began last week another examination of the books of the five troubled banks - Intercontinental, Afribank, Finbank, Oceanic, and Union - to garner more evidence against the sacked MDs.

But sources in the banks countered that the examination should have been done before the hammer was applied to bring the MDs and bank debtors under public scrutiny.

The new audit will be on domestic and international operations, including credit lines; and the passports of officers in key departments have reportedly been seized to prevent them from travelling out of the country.

It is alleged that staff are being asked to implicate their former MDs in return for promotion.

It is also alleged that the audit is to get strong evidence which the CBN did not have before getting rid of the MDs.
"That, " said a source, "is the reason behind the spate of arrests of bank chiefs which as at last Saturday numbered about 15. Arresting and harassing them is aimed at getting all the evidence of 'mismanagement ' needed to nail the bank chiefs. "

It was learnt that the computers at the five troubled banks have been seized and the telephone lines bugged by security agents seeking information.

The CBN may have been jolted last week by the resistance put up by two of the banks former MDsww - Erastus Akingbola of Intercontinental, and Cecilia Ibru of Oceanic - who appear ready to fight the CBN to the last man.

Sources said the CBN did not anticipate hitting such firewalls.

Back in 2004 when the CBN under Chukwuma Soludo shocked the industry by demanding N25 billion as minimum capital for all banks, there was no resistance, except for murmurings which quickly fizzled out as the banks swung into action to beef up their capital base.

The requirement led to about 50 banks losing their core identities, but there was little or no faulting of the motive behind the initiative.

However, top on the table now are the mounting contradictions in the figures released by the CBN and bankers ' faulting of its mode of examination as well as its motives.

While Ibru and Akingbola are said to be on the run, the Economic and Financial Crimes Commission (EFCC) has so far arrested 15 bank executives, some of them belonging to the subsidiaries of the troubled banks.

Among the activities expected this week is the outcome of the deadline of seven days given by the EFCC for bank debtors to pay up.

On Sunday, federal Attorney General and Justice Minister, Michael Aondoakaa, threw his weight behind efforts by CBN Governor, Lamido Sanusi, to reposition the banking system.

A statement issued by his Media Assistant, Onov Tyuulugh, said the drive is to ensure confidence in banks, and urged shareholders to consider it a positive step to avert calamity.


http://www.independentngonline.com/news/tfpg/article01

What's the difference between Tony Elumelu and Erastus Akingbola? Or the between Cecilia Ibru and Jim Ovia?

Well, I think these executives may be much worse, criminally that is! Besides, to now suggest that no other CEO's will be fired makes this whole exercise appear too pre-emptive, pre-meditated for comfort.

The fact that 5 banks have a greater reliance on the EDW or the inter-bank market for short term funding does not automatically infer criminality (Whether or not they are the major sources of systemic risk!)

Though I've lost significant value in my Oceanic investments, I'm uncomfortable with the way these CEO's are being hounded and criminalized. It smarks of selectivity. It just doesn't seem right.

they were booted out smacks lack of indebt analysis of after-effect of this choreography

My friend, cool down. Which kine grammer be this sef?

Looks like we're in phase 1 of the Operation Discredit Soludo project (ODS).


Long live the nation.

Abeg every body calm down jare!

The worst these executives may be guilty off is mismanagement / destruction of shareholder value - not unlike most CEO's of banks in developed countries. How many of these became police cases? How many are in jail today? The weak regulatory frameworks in Nigeria encouraged weak corporate governance and risk management practices, so lets not suddenly start singling out individuals for punishment or looking for scapegoats. ALL the bank CEO's are in the same boat!

Besides, most of these executives have made positive contributions to our economy, one way or the other (and much more that all our politicians put together!). In the case of Erastus, from what I've gathered, he may have reasons to fear persecution, to fear that the new CBN helmsman has an axe to grind.  This is Nigeria my people. Anything is possible.


All these allegations of fraud, threats of prison should cease. These are soft targets. Yar should go after ex governors like Ibori to prove his mantle.

Though I'm impressed by Sanusi's decisiveness, his actions fall short of the rule of law
Yaradua has been harassing us with. The same rule of law that led to our Ribadu being
hounded into exile.

For me, this only confirms the double standards of Yaradua and that his actions against Ribadu
were motivated by other factors.

By publishing the names, Sanusi has shown that he is bold. I applaud his actions, particulary in our society where only desperate actions like these gets result.

However, I doubt this process adheres to the Rule of Law of mr president. I doubt many of those loans are non-performing, or the figures accurate as is now coming to light. Publishing what should in essense be a private arangement between a bank and it's customers is also a violation, particularly if the loans are indeed performing.

This shouldn't have been done without proper checks and verification.  This is not the rule of law.


Yaradua, this is no different from what Ribadu did and you, Ibori and your AG hounded him into exile.  You're complicit in this and I sense double standards in your actions.

Go to Abuja and drop it with a lady called Farida Waziri for safe keeping! Tell here I sent you. Don't forget to take your toothbrush!

Ah, you are still asking about banking, You haven't heard it's now an occupational harzard?

I like this Sanusi's crusading zeal though. Reminds me of my old friend Ribadu.

But coming to think of it, I'm starting to fear for bank workers and their jobs. I see very serious "right sizing" in banking industry, with only the most competent, professional being retained!

May not be such a back thing as staff overhang contribution to operating cost for most Nigerian banks is too high and certainly unsustainable (especially oceanic and uba)

Na Ibori house for Oghara or the one for London you wan collect? Or is it Dangote's private gulfstream jet? All that na story.

But on the other hand, maybe the shame (doubt these dudes have any shame though ) of appearing on the weekly publication of debtors might help concentrate their minds

Nothing will happen to the big boys in the list. Ribadu said it all that in nigeria when you fight curruption, curruption fights you back! And wins!

The names on the list are simply too powerfull and i doubt they have the money to "dash" anybody!

And to think that Oceanic and Intercontinental each dashed N1Billion to the Yar campaign effort. Oh how they'll
be regretting that move now,  

As for depositors, there should be no cause for alarm.

I'm more worried for the shareholders. What may follow now is massive dilution of their holdings. It may soon become a case of "money waka enter latrine".

And look at me FULLY loaded on Oceanic. Big lesson I will never forget.

ive never onced lived in the village a day in my life

The CBN failed in it's supervisory and regulatory responsibilitie. These banks did what they did because the regulatory frameworks were non-existent. The CBN should shoulder much, if not all, of the blame.

I don't support these individuals being harrassed, unless malpractice or fraud can be proven. CBN should take it's regulatory and supervisory responsibilities more seriously.


Weak institutions is the bane of our society. Police, Legislature,  Law etc etc. Financial services is no exception.

While I commend the EFCC for this achievement  (atm fraud was getting out of control and eroding confidence in the technology), I would like to see a concerted effort in investigating and prosecuting more serious cases of fraud, particulary amongst politicians.

Activities of currupt politicians presents a SYSTEMIC RISK to our nation and must be the # 1 priority if they are to be taken seriously

OffTopic: - With these developments in context, the IG's oder for withdrawal of orderlies must be seen as a joke.  Can you imagine Andy Uba in Anambra state without a retinue of 10 heavily armed MOPOLS in tow? Or any businessman / politician of note for that matter?

Unless armed Mossad or SAS bodyguards are now permitted in the streets of Nigeria, this will never happen.

Me that I'm an 'ordinary' citizen, I'm already making plans for plain cloth, armed mopols to accompany me on my next trip to delta state.

Amaka, I feel your pain. Problem is that in Nigeria (like most of Africa), leaders don't resign. They either die in office or get kicked out. I never imagined a day would come when I'll look forward to military coups or a violent revolution!

Very unfortunate. The sad thing is that the target of this rampage are often innocent people.

But on a serious note, it's a surprise that kidnappings are'nt more commonplace, in a country where curruption is raised to state policy and is the rule rather than the exception, where there is zero governance and accountability, where graduates have no jobs, no infrastructure, no social justice, while a few thieves in high places flaunt ill-gotten wealth as though it were their last day on planet earth!. It was always going to be a matter of time.

What's stopping a bunch of disgruntled young graduates from pulling this off, getting paid handsomely then releasing the victim? 


It's certainly going to get much worse before it gets better. If at all.

He is simply the perfect athlete. Like someone pointed out earlier, I was paying attention to him at the starting block, and looking at him physically, you understand why he's a bolt.

Oat almost 6 feet 5 inches, he's head and shoulders above every other athlete.
His muscles are so well developed it puts even Ben Johnson to shame.
His sprint technique is near perfect. He deploys those long legs to excellent effect.
He's constantly improving his starting form, now getting the timing almost to perfection.
He's got the right attitude. A winners mentality.


It'll take a lot, or through injury, for this man to be beaten anytime soon.

Aliyu Modibbo came into office attacking El-Rufai's records just so that he will set the standards for himself very low. we all know how Modibbo ended. Waziri took the same path too

It's a common strategy of Yaradua and most of his appointees. After terminating many of obj's programmes, what effective alternatives has he proffered? None. That's what happens when under-achievers replace effective leaders.

Sanusi's attempt at rubishing his predecesor's accomplishments has been quite obvious.  However, like someone stated earlier, firing executives is the easy bit. It's the results that'll count.

Abeg, OBJ tried jare. He was courageous and did much more than all past leaders put together.

@Sagamite,

Don't mind these IBB surrogates.

OBJ was the best amongst a bad lot. He's so unpopular because he tried to use force to deal with difficult problems.

IBB on the other hand, is the architect of Nigeria's downfall (after the colonial masters that concieved our nation and failed to hive off the Northen states into Chad!).

IBB took curruption to very dizzy heights and established the crazy 'settlement' culture which prevails to this day.

Flawed as he was, OBJ gets my vote as the best president Nigeria ever had.

Talking about spirits, one thing that baffles me is the scale of fetish and
diabolical activities of our leaders, I heard from the grapevine (I don't have evidence, though
he was my state governor), that Ibori is such a powerful man in the dark world and commands
major following and respect within his wider cycle of ocultic politicians.

That's one reason given for why  Aoondakaa, Yar and co know of his influence / importance (as the
most influencial amongst them are in the boat) and will never touch him, no matter how costly the
implications.

I say high powered rifle and 300 meters from IBB's minna residence or James Onanefe Ibori's Oghara mansion should set us up quite well.

Jeez, heads of States have been to Nigeria & no one said jack. But a mere secretary of State comes, and everyone's whining like crazy. It's no wonder the americans look down on us.

Most leaders come to Nigeria and turn a blind eye to gross mis-management and our incompetence. Perhaps if they'd spoken earlier, the ND issue would not have gotten this bad.

HC is bucking the trend and stating things are they really are. I guess it's an effect of Obama's policy direction. Our rulers don't listen to us. Maybe they'll pay a little ore attention to America, wether they want to or not.

BTW, forget the Chinese and Rusians and all their 'imperialist' objections. They are much worse and will dine with the devil anyday to close a deal.

Truth is that Clintons behaviour has a lot to do with America's perception of our president today. Unfortunately, he  just doesn't command much respect. He's dull, un-intelligent, ineffective, unwell, compromised, complicent, coniving,   

Fortunately, the American goverment (led by the charismatic Obama) is just too smart to be respecting symbols. For him, I'm sure, nothing short of constructive and progressive interactions will do.

he US embassy and the State Department chose not to inform us of her itinenary. That on its own is a dipomatic NO NO and an insult to the host country

Simply because they don't trust our goverment's ability to get anything right, including providing security. I bet if she had her way, she wouldn't have stopped over in Nigeria at all, but I guess that would have just been too obvious after visiting all other African countries.

I'm so so ashamed of our leaders, to be honest.

I've been thinking of a way out of the mess we find ourselves in as  Nation. And hard as I try, the only solution I can think of is extermination, assisination of our leaders and cross section of our political elite!  How can this be achieved and who should make the list! I'm starting the list with IBB,

"Investors will not be attracted to states with failed or weak leadership, crime and civil unrest or corruption that taint every transaction and decision.”

This has to be the quote of the day!

THANK YOU VERY MUCH SECRETARY CLINTON. You, an outsider, have spoken for us, where ALL our leaders have failed to heed. Thank God they can't second you to NIPSS!

We can talk up rebranding much as we like, dream up vision 20/20 for all we care, all America is stating is that until drastic action is taking to confront curruption (the way Ribadu did), you're simply wasting everybodies time.

You probarbly hoped to fool the world with your RuleOfLaw facade, and maybe attract a warm embrace from America. I've got news for you slowpoke. They (and most of us) can see through you and what you represent -   Desperately weak leadership coupled with a programme designed to protect a dirty, currupt, imcompetent political elite

Since our vengeful President cannot lock up Obama or Hilary

He he,  nice one. But don't hold your breath. Through is proxy Aoodorka (sic), he may send her to NIPSS, demote her to ambasador then post her to Nigeria as American Ambassador. He'll then file charges of 'improper asset declaration' against her. Such is the complex intrigues they busy themselves with rather than provide strong, purposeful leadership.


May fire and thunder strike the wasteful, imature, vindictative, short-sightedpast and present set of rulers that have held us captive for so so long.

Kudos to Yara-slow never imagine he had some guts

Extremely immature, though I'm not surprised,  as this is consistent with the lack of leadership
prevailing in our country today. Yar is no leader!

Well done Hilary. Tell them the truth. You've certainly earned my respect. Gone are the days when American presidents and ranking officials dine with despots because of oil!  No point landing in Abuja and making out like all is well when most other parts of Naij's on fire.

This is the leadership the world needs today.