₦airaland Forum

otawa:
umm, may be you forget about South Africans killing and burning fellow blacks.

whats do you can that?

Or our fellow Jos brothers killing themselves?

I wonder why Nigerians should be out in a foreign country protesting oppresion when back home we cant do nuffin when our leaders oppress us.

Jakumo:
In my bathroom mirror not long ago I noticed a strange individual peering back at me, and copying every gesture I made, in an attempt to confuse me into thinking that he was me. I brandished a loaded handgun and demanded that the intruder leave my premises, but was taken aback to see a weapon of identical caliber in the hands of the impostor. Without calling his bluff, I decided to ignore the provocation and go to work.

Later as I walked down the street, a person dressed in the same exact clothing as myself appeared in every shop window that I passed. Concluding that the suspect from my bathroom was now stalking me on my way to work, I launched an attack against a plate glass window, which shattered just as my adversary vanished into thin air, sending me flailing into a tangle of mannequins and window dressing.

My clarifications to the arresting officers fell on deaf ears, and I was hog-tied, gagged, sedated and sectioned into a secure psychiatric facility. Shortly after my arrival there, I visited the bathroom, and to my horror, saw in the mirror that same relentless sadist who had ruined my life and sent me to a private rubber room.

Please, fellow Nairalanders, what should I do next ?

A Jakumo Classic!!!

Devonian:
After over 10 years in the UK where I obtained my bachelor's, master's and doctorate degrees, in addition to teaching for a few years, I am planning to return to Nigeria and contribute my own quota to my fatherland. I intend taking up a teaching appointment in a University, preferably a Federal University.

Is there anybody on Nairaland who, as professionals or academics returned home from UK, USA, Canada or Australia, who can share their experiences with me here on:
(a) what to expect; and
(b) the pitfalls to avoid.
If you do not fall into this category please DO NOT respond to this posting. I need ONLY professionals or academics (not hustlers, no offence intended, please!)who have already experienced returning home after a long spell in European, North American and Australasia countries.

A tad bit arrogant and somewhat close minded I might say(no offence intended too)! One answer from a hustler or even a deportee sef can make all the difference in your life mister!!

So the first pitfall I'd say you avoid is ¹arrogance! Nigerians hate it with a passion especially when it comes with a Nigerian on a foreign accent.
So even if you very good at what you do, try avoid shoving it in the faces of your fellow workmates(Lecturers in your case)

One good way to avoid pitfalls is to visit first for a month or two before making a final decision. You might use such an opportunity to check out various universities and intimate them on your desire to join their team.
Thirdly and very importantly, always have an exit strategy. That means if things get messy and don't go as planned, you can be sure to have something to fall back on.

On expectations, I'd say anticipate a tough environment that is funnily, laden with immense opportunities.
I should also add that you engage in some kind of business as a Lecturer's salary is not likely to sustain the comfort you've been used to while overseas.

For me, when I returned 2 Nigeria I had much of my priorities misplaced, so things almost got messy until I switched plans and ventured into business. Can't say I have regrets!

blacksta:
My God - Most Nigerians suffer from serious inferiority complex - What is the big deal with Non Nigerian signing in one's local dialect. I find the whole thing disgusting and wonder why a church will drag itself so low to amuse it followers instead of addressing real issues. Church is not a social club. I am sure many here can sing songs in french, chinese or other Non Nigerian languages.

Really?? I beg to differ and I wonder somewhat how it connotes inferiority complex!
French and Chinese are universal languages! Yoruba is not.
If a black man is caught singing in Icelandic especially when he hasn't lived in Iceland, it surely would amuse the Icelander.
Beyonce sang the Nigerian national anthem in Lagos and people were in tears. I was in a Femi Kuti concert in a Central European country and you should see how excited the crowd got anytime he identifies with their language!!
It's a natural thing! I don't see where inferiority complex comes in.

Asides, I don't think the post is so much about the video(I haven't watched it), but about Nigerians getting up to fix our problems!

EzeUche:
Shouldn't this be in the culture section?

I don't really care if an Oyibo can sing a Yoruba song. 

Naaa. . . it shouldn't!! I think. . . . although it might appear religious, it is actually a political topic since the entirety of the post mirrors to a large extent the reason why most Nigerians and indeed Africans still suffer poverty. I always say poverty is a mindset and the best tool to fix it is enlightenment.

To Nigerians one and all this is the role of God in your life to use an example:
1. If you are hungry God is not going to make food jump in your mouth - that is your responsibility.
2. If food is not on your table God is not going to put food on it - that too is your responsibility.
3. If you don't have money for food, God WILL NOT bring food to your house - that too is your responsibility
4. God will not go to the farm for you or go to work for you - your responsibility sir/ma
5. If you do plant casava or okra God has put plans in place for rain, but that plan is not fool proof and when it fails he expects you to irrigate
And so on and so forth.

True!!
I like this topic because it engages a philosophy that has so gained ground in Nigeria where people are wont to expect God to fix all our problems without us having any input whatsoever. It almost begs the question why we have a brain at all.
The philosophy prescribes that if we have bad government, we should do nothing and leave it in the hands of God.If we have no jobs, we should do nothing, but pray and wait for an answer.
God gave us a brain with extraordinary capacity so we can create solutions to existing problems.
The more problems a society has, the more opportunities within it.

Truth is, until we begin to take our destinies in our hands and impact our little spheres of influence, we would remain complainants and expectationists for decades to come and Nigeria as a society would be worse off with no escape for the teeming populace.

Nairaland for instance is a marvellous platform where ideas should flow freely and enhance creation of solutions to our existing problems, but naaaaaaaa. . . . . we would rather use it to complain about government and bash ourselves with silly tribal sentiments while we wait on God to solve our problems. He would, but only when we start fixing ourselves.

Ikengawo:
if the Nigerian government did everything on that list you would complain that they're not building floating cities LOL.


i love the idea, and economic boost in construction, real estate, capital, and the boost to science and technology this will give is better then 'electoral reformers'

it's not our election process that need to be reformed sef. if the rules we have in place are followed nigeria would have the most full proof elections in world history. our laws are actually ahead of their time.

[size=14pt]the problem isn't the process its the people. we have a culture of not following rules, so what's the use of making new ones?[/size]


I love the idea, projects like this will bring investment into nigeria and these investors will bring electricity because
THE PRIVATE SECTOR PROVIDES ELECTRICITY IN CAPITALIST COUNTRIES. NOT THE GOVERNMENT

The bolded part in rred is right on point!! If you reform the laws, the people are the same, so it changes nothing. Its the people that need reforming, not just the laws.

Meddler:
How in the hell is that Socialist are u even listening to yourself!!!! Dude wants to build a bloody freaking floating city what sense does that make? Initiative means starting from the basics and building up. You don't go from point A to Z. It makes absolutely no sense at all. Floating city is not gng to help anything in the Niger Delta. Have you stabilized the environment, have you gotten to the root cause of the problem? NO

I really don't understand the way some ppl think. WAKE UP LEADERS OF NIGERIA. THE DEFINITION OF MADNESS IS DOING THE SAME THING OVER AND OVER AGAIN AND ALWAYS EXPECTING A DIFFERENT RESULT.

floating city ko, floating city ni. Dang morons!

Ok. How do I begin now to explain to you that the article you have fallen for is a ploy by Jonathan's enemies to make him look like a directionless and sectionist president with outlandish aspirations!
First, if you read my article, I didn't comment on the Floating cities. My comment was on electoral reforms.

Now let me explain. Compass Newpaper(the originator of the article) belongs to Gbenga Daniel(OGD).  OGD is working towards an IBB presidency. The only way for IBB to become President is to make Jonathan unsellable to the Nigerian public. And incase you don't know, that is the purpose of this article. And it has already started working on you. Its a pity.

FYI, anytime the FG comes out with any plans, Ima Niboro(Special Adviser on Media) or any of the Ministers serve as the mouthpiece. This article is telling us that presidency sources are the ones telling them. Isn't that signal enough??
Please, lets learn to read btw the lines. Don't just follow headlines.
I took time to explain to you because I percieve U as someone that is quite logical in reasoning and advanced in thinking.

As for the talk on Socialism, yes,the average Nigerian is socialist by inclination. And they hate big projects.

Kobojunkie:
UUgh~!!   
Does  the UAE already have 250 ethnic groups all vying for power?

I just used the UAE as and example because it was mentioned here. But the best example I should use is the Miracle of China. They didn't need any electoral reforms there. They just got their economy right and the world is now in awe!!
After the electoral reforms, we would start asking for electoral restructuring after which it would be electoral organization.
Electoral reforms might be neccesary to get the political processes right, but I bet it's impact on the well being of society would be minimal when compared with creating an enabling enviroment for economic development.

Ok. The socialists would naturally gather here to condemn the initiative!
Who cares about electoral reforms sef?? It is a grand deception to believe that electoral reforms would put an end to our problems.
We need an economic outburst and not electoral reforms. The UAE has no elections but their citizens are amongst the wealthiest in the world!

Hmmm! Nigerians! Everybody here is looking for ways to put the posters 200k in his/her own businesses??
Haba!!! Abeg Nigerians we can be better than this. Must we always act as opportunists

RoadStar:
I think having a masters in economics or any finance degree for that matter makes you over qualified to be a CBN governor.
Lets face it we do not have an exactly sophisticated economy.
All we do is sell oil and distribute the money amongst a few.

Sanusi is right afterall because I was taught in elementary school that a bank is for depositing money and that alone.
So his only function will always be to protect depositor funds.

Well done Sanusi !

Exactly the sentiment of many on here!! For them, its all about protecting depositors funds!! Its a world of narrow thinkers out here!!

tkb417:
Hehehehhe
Automobile is not luxury where?
In Nigeria?
How many Nigerians can afford to buy cars by paying upfront without running to the banks for car loans?
I'm sure it would be less than 10% of the population. So how do u expect car sales to jump up when banks have closed shop?

By the way, car sales dropped in virtually all the countries in the world cos of the probs in automobile industry
So why should Nigerias case be attached to SLS?

Pls, I may be wrong but what year did SLS become d MD of FBN and what year did the stockmarket sham start? Was SLS the MD of FBN in 07/08?
Pls clarify

Ten percent of the population is 15 million. If 15 Million can afford a product in a country as poor as Nigeria, then that product cannot in anyway be deemed to be a luxury product.
The worldwide drop in car sales as a result of the recalls did not have a single effect on Nigeria, as there were almost no recalls here. Asides, Toyota has already experienced a 24% rise in car sales in the USA in March alone. So I am not sure what on earth you mean.
Nigeria started experiencing aggravated drought in credit flow after Sanusi criminalized lending and that is what lead to the drop in sales of Automobiles.

Sanusi was ED Risk Management at the time which means that decisions taken by First Bank regarding stock market activities passed through his desk. He was very much a part of the system. He either participated in or overlooked the messiness which begs the question regarding his moral authority!
txb417, tot U worked at some investment firm! Ah, With these your points here, you are embarrassing the profession oh!

texazzpete:
Of course people are reluctant to buy new cars. All the Nigerian Automobile sellers jacked up the prices of their cars astronomically, blaming it all on the new exchange rate. Instead of doing a pre- and post- Sanusi piece, why not find out how much the price of a new Honda City has moved before and after the Naira fell from 115 to 155 to a dollar (which happened under Soludo's watch). At least i know at one point the Hyundai Sonata jumped in price by nearly 400k.
It's more costly to buy a new car now, so fewer people are buying.

I have no sympathy for these car salesmen. When car manufacturers were slashing prices to sell more during the recession, they didn't pass on the savings to us. Now they are blaming Sanusi when many of their usual clients can't afford their exorbitant rates.

How can you have this as a valid point to butress your argument.  So you are trying to say that a maybe 10% increase in the price of cars resulted in a 55% decline in the purchase of cars? That is an absurd argument. It can never hold water in economics. 
Again, why is the decline coming now after Sanusi's actions? Why didn't it come in the quarter after which Soludo devalued the Naira??
These are some of the reasons I say it's hard discussing with folks that speak in confident ignorance. But then again, I respect you point, but sorry it doesn't carry weight!

jay bee:
TKB
I swear u don try. Remember most Nigerians ride/hump on hear-say bandwagon.
It's laughable that someone can actually bring up the automobile industry's woes during the credit crunch like Nigeria was supposed to be immune from it. Little did they know that Germany and UK had to bring in emergency policy/incentive (Customers had a trade in offer of about 2 grand for any old banger towards a brand new car) to help stabilize the industry.
Funny thing is funky is a very smart girl but she is just anti-sanusi 

This is why I keep saying that the only folks supporting Sanusi are either 9-5 jobbers or Nigerians permanently based overseas. Your speech here has just given you away as someone that is so detached from the Nigerian economic system. I was once in your shoes and I know what confident ignorance feels likes. Until I returned to Nigeria, I always pontificated on issues relative to what existed in Europe and USA.

FYI,There is a huge difference btw the Global economic crisis and what happened in Nigeria after the advent of Sanusi. The NSE crashed in January 2008. The price of oil started crashing in Sept 2008. These two affected Nigeria but not anywhere as bad as August 2009 when Sanusi torpedoed the banking sector. All data available indicates that Nigeria suffered massively after the actions of Sanusi despite the fact that there has been very high oil production output with excellent price regimes!

I find it difficult going back and forth with folks that speak so confident about issues they are so ignorant about! I respect your point though. It would have been valid but not in this case.

Hehehe!! Five thousand Naira 2 start a business!! E go hard oh. Except you've got some kind of unique expertise in which case you would'nt exactly be needing to invest 5k!
Ignore most of the comments telling you jack about online business. It's nonsense! Any business that doesn't require you to put in any effort is a scam in the making!
If you must do a business without cash, you would be required to put in more than enough effort.

Olivetree,

Are U sure you've done your research properly?? Do you really think an Internet cafe is good business at this time?? Internet Cafes are closing up everywhere, as many people now access the internet either at home or in the work place. Anyways, there are still some areas where this m ight still be a good business opportunity, but sincerely I have my doubts.
Do your research properly oh, especially since you'd be seeking a loan to execute your business plans.

Nice question.
I think it would be a daunting task to get the stock market back on its feet.

One big problem that would keep affecting investors confidence is political stability. Power has just changed hands and investors seem upbeat and appear to repose some confidence in Jonathan. But then again, what happens in 2011, if there is another change of Government??

Secondly, the attitude of regulators. The current CBN Governor appears like someone with an ideological slant that tends to frown at the concept of  trading in the stock market. His actions and utterances would also have an impact on the markets potential for revival.

As for me, I think I am done with the stock market. I think this is the time for financial entrepreneurs to begin to innovatively create new kinds of financial instruments- unique types that would focus more on adding real value to sectors like agriculture, infrastructure, housing, etc.

Mortgage finance, Stock markets, Bonds, Derivatives, Options, Futures etc were all instruments created to enhance value. They worked real good for the west. I think entrepreneurs can develop unique financial systems here in Nigeria. The opportunities are there. The stock market is good but I think we need something different.

darqly:
@papabrowne, I'm not sure your analysis on the automobile industry will hold water. As with any other right thinking business concern,it'll take more than just imports to attract car assembly plants to Nigeria. Have you considered the overhead they'd be servicing vis a vis power,zero infrastructure,dearth of skilled workers etc? Car imports slowed cos we don't have luxury money at the moment,and its that simple. Why do we think our economy has to be insulated from the crises? Last time i checked it was global and even the major car manufacturers slowed on production, shut plants and fired staff. Our entire stock market,which mirrors the economy was built on a fraud and sheer window-dressing. Can you imagine a firm like Fbn aiming to have its share valued at N100 pre sls? Hell they can't even attain N20 now. Numbers don't lie,they always add up. Try another one.

Darqly. . . . you've just brought out a very strong point here. Just one question: Wasn't Sanusi either the MD of FBN or the Ed Risk Management when First Bank(FBN) kept manipulating their share value?  How come he didn't say anything at the time?? Your statement has pinpointed exactly what Gusau brought out- that Sanusi's actions were very selective and as such harmful with security implications.
I cannot understand how you seem to refer quickly to the CEO's as corrupt, while you fail to remember that Sanusi himself was a CEO and very much part of the system.

On the automobile part, my analysis is accurate. India has grave power and infrastructure problems and yet there is a huge automobile industry there.
Mind you, the cost savings on shipping and tariffs per vehicle would easily compensate for the cost of generating power. Asides, large plants of that nature hardly depend on the grid. They usually run their own plants. Sometimes it even comes cheaper.
FYI, Automobile purchases are not in anyway luxury as mobility is an item of necessity. A growing automobile industry is a sign of an improving middle class.

funkybaby:
thank you. am waiting. post it here.

economic indicators : pre-sanusi and post-sanusi

Ok Funky. Since tkb417 is reluctant, let me help him out with just one.
I would use the Automobile industry which I think is one of the most ideal indicators of the economic temperature of any Nation.

Before the advent of Sanusi, Nigeria was by far the fastest growing automobile destination in the entire world. Many folks don't know this, but between 2004 and 2007, our growth rate in automobile purchases exceeded that of the BRIC Countries- Brazil,Russia,India and China.
It was outstanding and it would have been just a matter of time before the Automobile giants begin rushing out here to establish massive assembling plants. That was the era of Soludo.
Less than one year after the advent of Sanusi, the Automobile industry has suffered a massive setback with a drop of 55% in new car sales in the first quarter alone. This is outrageous. Y'all don't know what this means.

Post Sanusi: Ist Quarter 2010

Nigeria’s car imports drop by 55%
By Rasheed Bisiriyu with agency reports
Wednesday, 19 May 2010


Nigeria has recorded a drop of 55 per cent in the number of new vehicles imported in the first three months of the year, a manifestation of the effects of the banking sector reform and the global economic meltdown on the automobile business.

Some of the chief executives of new vehicle dealers in Nigeria, including the Managing Director, Hyra Motors, Mr. Seyi Oyinlola, said banks had been reluctant in financing new cars, especially for private use.

Investigations also showed that cash-strapped individuals and firms were not willing in investing in new cars.

Car sales in Africa‘s most populous nation are seen by economists as a proxy for measuring private purchasing power, a leading economic indicator which is publicly unavailable in the country.

Reuters on Monday, in a report, also quoted the General Manager, CFAO Motors, Mr. Navin Chander, as saying that the figures for new vehicle imports in the first quarter showed a drop by 55 per cent to 7,893 units. CFAO is the sole Nigerian importer of Chevrolet cars and vans.

Industry officials said car demand in sub-Saharan Africa‘s second biggest economy was likely to remain bleak for the rest of the year with credit tight for Nigerian customers.
The Chairman, Globe Motors, Wilson Anumudu, said, ”Our orders have come down ,  Businesses are not asking for vehicles while individuals are reluctant to invest in new cars,”
Anumudu is said one of the dealers for Toyota Nigeria Limited, which controls 40 per cent of the domestic car market.

Getting credit flowing freely again in Africa‘s biggest energy producer has been the country‘s top priority after last year‘s $4bn central bank bailout of nine of its weakest lenders shook confidence and tightened lending.
Industry sources say that in 2008 credit sales accounted for about 22 per cent of all automobile sales, but now almost all cars are being bought with cash. This has directly impacted car sales in the OPEC member nation.

”If you annualise our performance in the first quarter, you will see it‘s a very far cry from 2008,” one vehicle importer who did not want to be named told Reuters.
The central bank has left its benchmark interest rate on hold at six per cent since last July to try to encourage banks to grow their loan books, but the impact has been limited.
http://www.punchontheweb.com/Articl.aspx?theartic=Art201005191393654

funkybaby:
@ jaybee

Inflation?? That's a laughable answer and it is obviously not the reason why rates crashed.
Naija has always suffered from inflation for as long as I can remember.

Let's narrow it down to the rate of inflation in the last 5years. . . . Pre-sanusi : inflation existed, it has risen steadily, yet bank interest rates were good and some banks gave out loan.

Now post sanusi: inflation still exists and banks are very relunctant to loan out one kobo

Don't mind Mr Jaybee jare!
He doesn't know that the drop in the inflation rate is a big indictment on Sanusi's failures!
Inflation rates dropped because spending dropped significantly as a result of Sanusi's actions. When there is reduced economic activity, it is only natural that inflationary pressures would wane. Sanusi knows this part, so he knows not to count this as an achievement!

Ok. On this page, is an assemblage of 9-5 Jobbers(no disrespect intended) .  And as usual, there is a lack of an understanding on economic matters and y'all care too little what ya bosses go through to ensure you have a salary at the end of the month!!
Ask your boss , my friends and he will tell you how much damage Sanusi has done to his business and how if he(Sanusi) is not sacked soonest you would soon be loosing your jobs!!


Ok. Are u guys sure you read the article Can you pinpoint one place where the FG said they endorse Sanusi's approach to the reforms?? Please,biko nu.Just one place.

Akunyili just repeated what Sanusi told the council.  And that is usual after every FEC meeting. Mind you, after such a briefing, there is going to be deliberations after which the FGs standpoint  would be known. Those deliberations have not taken place.
Please Nigerians, we have to be  more intelligent and read btw the lines. Akunyili just briefed the media on what transpired during the briefing.

Everybody knows that the system needed some cleaning, but anyone that knows anything about the economy knows that Sanusi has no idea what he is doing, neither does he have an idea how to go about anything. His ignorance and slanted ideological leanings have caused so much damage.
Can you please point to me what exactly Sanusi's direction is? Because that is all investors care about. What is his direction? Where is he going? What is his strategic intent? At least, with Soludo, we could tell the direction. Please its  been one year already since this guy came in and we are still looking for just one beneficial result of his action.

utotomi50:
25k, damn thats bullshiiit. Even university part time jobs pay 10 times more than that.

A big fat lie!!!

Lets do the maths!! A part time job of 20 hrs/week at an average of $8-10 per Hr. That is $160- 200 per week! In a month that would be $640- $800 per month which is just btw 96k and 120k!

So my guy. . . . cool down!

BIGER BOY:
First city monument bank is unbelievably carlous. they employ contract staffs pay them 25k and ask them to go sell their products with unreasonable targets such as 5million. yet they dont give u their car for marketing, neither do they pay fone bills 4 calls u made, they expect the 25k to be your salary, transportation and fone call bills

25k for 5million that pathetic, exploitation. its only in Nigeria that employers can use the rampant unemployment to exploit graduates like this.

How much do you think the bank makes on the 5 Million deposit You think that the money automatically becomes the bank's own??
FYI, the money belongs to the depositor and the average maximum COT that can accrue to the bank from that amount is actually just 25k using the standard 0.5% rate.

So if the bank will make only 25k on COT(in most transactions there would be no COT) from the 5 million you brought in, then I think that if they give you 25k, they are been way too generous!!

Nigerians and una"suffering worker" mentality!! If I had my way, I will hardly employ any Nigerian workers!!!

^^^^
@Lastpage
Thank you joor!

Haaba Ibime. . . . .U are using Sanusi's tactic to hoodwink and bamboozle ignorant fellows with this 38% increase.
Thats how Sanusi is telling all those that care to listen that he has set aside 500 billion Naira for the power sector and 200 billion for SMEs. Hoodwinking and bamboozling the ignorant public!!
I

Ibime:
Yes, we do have foreign investors queueing up to invest, thats why most foreign investors are increasing their Nigerian portfolio, and that why Nigerian stockmarket is one of the fastest growing this year.

You want achievements?. . . Sanusi has improved disclosure in the banks,(1) he's wrestled inflation, he's kept Naira stable, [b](2)and he's protected depositor funds. . . . [/b]

The only stick y'all have to beat him with is credit. . .

Credit is growing . . . YOY credit growth is slowing. . . .some dont understand the difference. . .

The supply of credit depends on the size of the balance sheets of banks. . . . . why wont people acknowledge that simple fact?

Credit growth has been slowing YOY since 2008!


(1.) (3)The foreign investors that ran away during 2008/2009 are coming back thanks to better disclosure.

(2.) Why do you like propagating falsehood? (4)Naija stockmarket has grown at 40% this year alone.

(1) The reduction in inflation is an indictment of Sanusi. His actions weakened the economy and the resultant effect was reduced spending which naturally impacted on the inflation figures. It had nothing to do with any monetary policy decision.

(2) Protected depositors funds?? To the best of my knowledge, the last time depositors lost monies was a while ago  before the onset of Soludo, so why would you list it as one of his achievements!  

(3) Foreign investors are coming back?? I dont think so oooh! Not at all. I haven't seen any signs of that yet. I have a friend at Emerging Capital Partners and from what I see they don't seem keen on making any new investments in Nigeria right now. . . at least until they know they the direction the industry is going. Right now, under Sanusi , it isn't clear at all!

(4) The markets have grown this year simply because they hit rock bottom when Sanusi struck. I think Lastpage has answered this you on this one. "If people's stock portfolio 'real value' has crashed by more than 500% between 2008 and today, comparatively and you say there is a 40% growth, please EXPLAIN!" Sanusi himself said it is not likely the markets would pick up (obviously as a socialist, he wouldn't want it to).


On the RCCG and Northern Agenda stuff you mentioned earlier on page 4, I maintain the points I raised in previous discussions even though they seem politically incorrect.

JaaizTech:
Cecilia Ibru and Erastus Akingbola are rogues; they robbed investors and depositors of their money. They mismanaged the trust placed on them. Sanusi came; kicked them out and got EFCC to investigate them. Why is that so difficult to swallow. Ask yourself: "Was it fair to kick these guys out of office"; Did the former CEOs commit any financial crimes These are the issues; forget the sentiments.

While we criticize the bank MD's, we should also remember that Sanusi himself was a bank MD. And before he became a bank MD, he was ED Risk Management. That means he was a top player in the banking industry which he loves 2 criticizes so much.

He was a part of the rot in the system. If he wasn't then he had a responsibility to speak out loudly or resign while all the mess was going on. But he didn't. He jollied with them at the same parties! He spoke the same language as they did and his bank declared humongous profits alongside their peers.
The same unethical practices the other banks engaged in, First Bank and UBA also engaged in and Sanusi was there and said nothing.
First bank also gave out loans without collateral and without proper risk assessment- The Seawolf loan is a good example.

In 2007, First Bank set out to raise funds from the exchange to the tune of 100 billion naira. They did a manipulation before releasing the offer.
Interestingly, the offer was way oversubscribed to the tune of somewhere in the region of 400+ Billion naira.
They held the monies for months, made massive profits on the oversubsciption before returning the excess to the shareholders. By any count, these were very unethical practices and Sanusi was there and said and did nothing!

Now, what moral authority does he have now to start maligning his once upon a time compatroits? These issues are the exact point Gusau raised on the CBN governor's selective/vindictive approach. All the banks were involved in unethical practices. Why then did he choose to punish some and leave others??

How come the courts haven't been able to find a single one of the accused CEO's guilty of any of the charges??

[size=14pt]Fresh wave of retrenchment looms in banking sector[/size]

FinanceMay 17, 2010
By Victor Ahiuma Young
INDICATIONS have emerged that some banks have been discreetly easing out staff in a fresh wave of retrenchments in the nation’s banking sector, even as the dust raised by the recent retrenchments which claimed not less than 10,000 workers occasioned by Mallam Lamido Sanusi led Central Bank of Nigeria, CBN reform, is yet to settle.

sanusi
Already, Vanguard’s findings confirmed that organised labour in the nation’s financial institution, under the aegis of Association of Senior Staff of Banks, Insurance Institutions, ASSBIFI, has written a strong worded petition to the Group Managing Director/CEO of First Bank of Nigeria, FBN, Plc, warning against any unprocedural disengagement of staff to avoid industrial unrest.
Investigation also revealed that organised labour is planning a showdown with banks that have failed to pay disengaged employees full benefits.
Vanguard’s findings revealed that because of the public outcry and the tension the last mass retrenchments of workers in the sector caused, most of the banks are now retrenching their staff in trickles and discreetly to checkmate suspicion and public uproar.
However, Vanguard’s findings confirmed that two bank, a first generation and a new generation bank are planning to release over 1500 workers into the unemployment market any moment from now.
In fact, the said first generation bank, according to sources, plans to ease out nearly 1000, while the new generation bank is looking at not less than 500 employees.
Reacting to this development, the Secretary-General of ASSBIFI, Comrade Mr. Javis Erhomosele, told Vanguard that the Association is aware that some banks are retrenching workers and that ASSBIFI is indeed talking to one or two of such banks.
He however, warned that the association was prepared and ready to close down any bank or financial institution that failed to adhere to the laid down rules governing employer-employee relationship especially the subsisting collective bargaining in the sector.
Comrade Erhomosele advised banks to avoid anything that would unearth the fragile peace in the industry, warning that any bank caught indulging in discreet sacking of workers would definitely incur the wrath of organised labour.
He confirmed that the association had petitioned the MD/CEO of FBN, over alleged planned mass retrenchment when the dust of earlier mass retrenchment has not settled.
In a petition dated May 11, 2010, and titled “Unlawful staff rationalisation by default”, ASSBIFI said: “We are in receipt of the letter dated 5th May, 2010 from our Unit to your Management on “discreet disengagement of members of staff without following due consultation”.
The Union is highly disturbed that your Management can again resort to the reprehensible tactics of mass lay off of our members under the guise of “Early Retirement Scheme”; a failed approach which our letter dated 3rd September, 2009 profusely thrashed out before your management saw the wisdom in maintaining industrial sanity and equilibrium by entering into negotiation and redundancy agreement with us on 14th October, 2009 which led lawfully to the disengagement of some of our members at that time.
Without any ambiguity therefore, we are indeed certain that your Management is aware that its current ill-guided, subterranean handing of retirement letters to two hundred and ninety one (291) of our members is unlawful and a clear violation of the provisions of our extant labour law and industry wide Collective Agreement.
Section 20 of the Labour Act and Articles 5 (b) of Part II (Section 1) of our Collective Agreement requires that you enter into negotiation with the National Secretariat of the Union before your present exercise can be sustained.
As a law abiding corporate citizen, we expect that you will immediately guide your Management to respect the law and procedure as the only means of sustaining our well cherished industrial harmony as we look forward to the immediate reversal of the on-going rationalisation exercise and, receiving your invitation to properly negotiate and discuss as required by law. Your Management is fully conversant with all the requirements and you may therefore agree with our justifiable position of taking no guise as an excuse.”
In a related development, the ASSBIFI Secretary-General, disclosed that organised labour is planning an assault on another first generation banks that has its head office on Marina, Lagos, over lingering dispute on non-payment of full benefits to ex-staff disengaged in the last couple of years.
He lamented that all efforts at making the bank see reason and settle the former employees their entitlement yielded no positive response and added that organised had no other option than the take the bank head on.

http://www.vanguardngr.com/2010/05/17/fresh-wave-of-retrenchment-looms-in-banking-sector/

[size=14pt]Businesses groan under the impact of banking reforms[/size]
Cover Stories May 17, 2010

By Babajide Komolafe, Yinka Kolawole, Godwin Oritse, Franklin Alli, Amaka Agwuegbo & Naomi Uzor
LAGOS—THE business community, weekend, protested the negative effect the ongoing reform of the Central Bank was having on their businesses and the economy in general. A random sample of the apex bank’s reform on the business community conducted by Vanguard showed that almost every aspect of the economy was negatively impacted by the reform.
A cross section of maritime operators, real estate developers, manufacturers as well as financial sector operators lamented that the banking reforms created more problems and had caused the death of several businesses, unemployment and low capacity utilisation.
National President of the Real Estate Developers Association of Nigeria, REDAN, Chief Olabode Afolayan told Vanguard: “The ongoing banking reform is destroying businesses and has created crisis of confidence in the system.
“We had expected that cushioning effects on the economy would have accompanied the reform. The short and long-term effects of such reform ought to have been envisaged. For almost six months, there has been no single transaction in real estates.
“The intervention in the banking industry by CBN has created fear in the minds of people generally and no bank wants to take the risk of giving loans to creditors. Some people actually rely on credit facilities from the banks because there is no economy that grows without the involvement of banks.”
Some property developers who spoke to Vanguard observed that in the first quarter, the economy witnessed severe credit squeeze due to the CBN intervention in banking operations. They noted that this manifested in a slump in the real estate business as funding was not forthcoming for new property development. They also noted that there was a sharp decline in demand for property, especially in areas like Ikoyi, Victoria Island and Lekki, with some of them having had their valuations reduced by as much as 10 per cent.
A facility manager admitted that the banking reforms forced property prices to fall in some areas. He stressed that most of the prices fell due to banks’ debtors selling off their property below valuation prices to enable them settle their debts and thus avoid prosecution by the Economic and Financial Crimes Commission, EFCC.
See more on Financial Vanguard

http://www.vanguardngr.com/2010/05/17/businesses-groan-under-the-impact-of-banking-reforms-2/

SapeleGuy:
You people are speaking too much grammar.

Ask yourselves some simple questions and please be honest.

What has this man achieved since he became governor?
How has he improved the economy?
Is there anybody that can say since he came their business has flourished?
Do we have foreign investors queuing up to invest?

The answer I got was a resounding NO.

We should all be judged on our results, Sanusi must go, his record is atrocious.

Thank you jor!
The answer I get is a resounding No too.
Businesses are struggling because of credit squeeze. Foreign investors are scared stiff because of policy reversals. Jobs are being lost left, right and center. The stock market is dead because risk has been criminalized. And our financial sector is now an international laughing stock because the Sudanese graduate took us on a roadshow (sharia style) to wash our dirty linen on CNN!

Now the man is crying and blaming his failure on the Nation's infrastructural problems forgeting that those problems also existed in 2004 when Soludo started our with catapulted our banks into international reckoning!

Ibime:
Its either you wanna engage in self-delusion, or you want the truth. . . .this is a verifiable lie. . . . many journalists have written on the LCCI conference, and Nkechi was the only one who noticed the CBN Governor crying. . . .CBN cannot concern itself with dispelling the many myths that our journalists print. . . .that would be too noisy. . . . it already is. . . . no Central Bank in the world has to contend with such. . . .

Am not concerned with lies or whatever (which are aplenty), but the recklessness of this lie is ridiculous. . . . we are talking about an institution of severe national importance here. . . . this is why I always go to businessdayonline to get my financial info, not these National Enquirer wannabes. . . . needless to say, if the CBN Governor suffers a breakdown in public, his position is no longer tenable. . . . .

The two phrases bolded in red and the one in green are quite contradictory, Don't you think so?

If the article is false, then the CBN surely does have a responsibilty to deny the statement especially given the points you have noted; that (1) the CBN is an institution of severe national importance and  (2)breaking down in public makes his position no longer tenable. . . .
I have waited for a denial of this article. . . . it hasn't come. . . . so it stands as a solemn fact that the CBN Governor broke down in public!!



@Ibime. . . I think you are too smart to keep holding up your argument for Sanusi! I'm 100% sure that you have lost confidence in him as he hasn't done anything positive in one year as CBN Governor to warrant your continued support. But pride would not let you switch sides. I understand!
The results from his actions are so negative that he is now blaming it on poor infrastructure.

Me sef:
Let me make my point about Sanusi's failures by using this analogy: [b]After carrying out a series of test on a patient, a Neurosurgeon founds out that the problem is that some foreign substances are mingling with the brain and causing some troubles that may likely get aggravated if not corrected. He sets out to carry out a surgery to remove the foreign substance so that the brain can start functioning well. Because he was more concerned with the speed with which he had to carry out the operation, he threw caution to the wind and did not exercise due care in seperating the foreign substances from the brain. He damaged the brain (a delicate and important body organ) in the process even though he succeded in removing the substances. At the end of the operation, he left the patient worse off because the damage to the brain had caused a nervous breakdown to the patient. Then, some friends of the Neurosurgeon came forward to defend him for carrying out the operation saying there was a problem and the only feasible solution was to operate the patient at that time. As tenable as that sounds, the fact remains that the patient is worse off after the operation. [/b]

Sanusi is not different from this Neurosurgeon. I really do not blame him, i blame those (maybe Late Yar'adua) who offered the job as technical as that of the CBN Governor to a Sudan-trained Islamic scholar whose only life ambition is to be the Emir of Kano.

naijaking1:
Thank you. My only addition is that Sanusi in this case is not even a qualified neurosurgeon, he couldn't complete the required 8-7 years of residency. Because he was politically appointed a neurosurgeon, he has to make up for his deficiencies by attacking the previous surgeons who left a foreign object in the brain. He actaully went to the patient's family and told them how careless the previous surgeons had been, he took to to the airwaves to denounce carelessness in the surgical profession, and then vowed to correct every anomaly. He took his road show to the politicians in the senate, house of reps, and to everywhere lay people could listen, however he avoided confronting his fellow surgeons, either at professional meeting, or even panels of experts. While he performed his road show, surgeons in other countries couldn't believe their eyes, while fellow Nigerian surgeons who are not already in jail, simply waited, because they know that foreign body in the brain could be a clip purposely left in place to stop a bleeding aneurysm.

Perfect analogies! The best I've seen on Nairaland! They give a fair picture on Sanusi's actions on the Banking industry!

It explains everything we've been saying about this guy! He rose to his position in the banking industry by virtue of his royal lineage.
I have always wondered why Sanusi never deemed it necessary throughout his career as a banker to develop himself further.

The guy is a misfit for the position he sits upon. He would definitely be better off as an EFCC Chairman or better still he should be considered as a Chairman off the Pilgrims Board where he can make adequate use of his Sudanese degree in Islamic studies.