₦airaland Forum

MrCrackles:
You keep ranting facts are facts. . . .On the other 44-paged thread, i shoved your daft comments on the issue back in your face. . . .
You need to be sensible and caste sentiments coupled with hate aside. . . .
This is all about some poor bloke who commited a terrorist act which every sane person outhere should condemn. . .
It has nothing to do with Sanusi and CBN as far as we know. . And Sanusi's closeness with Dr Mutallab doesnt mean they strapped the ol dude with bombs
Common man, be objective and realistic for once. . .

I haven't said anywhere that Sanusi or Dr Mutallab strapped the guy with bombs man! I'm pretty sure they knew only little about his intentions.

However, facts are facts. Sanusi knows the bomber personally and that happens to be a fact. I'm just making a statement of fact.

Sagamite:
bleeping hell.

You finally replaced the blown fuse in your brain.

Welcome back to the land of the sane.

One question: Has your statement changed the fact that Sanusi knows the terrorist personally??
Lots of things are going to unfold and I pity for Sanusi, because he is getting roped in anyhow.

Have you asked yourself how come Mutallab resigned his Chairmanship of First Bank only ten days before his sons terrorist attempt??
He probably knew about  his sons intentions. It doesn't mean he supported it. In fact he actually reported his son to the US embassy in Abuja a few months ago.

Facts are facts, boy. [b]Mutallab [/b]and [b]Sanusi [/b]are best of Friends and they have known each other for over two decades.

Sagamite, You are far away and you know nothing!  I'm in the system boy.
Sanusi worked under Mutallab in UBA. Mutallab brought Sanusi in as CEO of First Bank in preparation for the job as CBN Governor. Mutallab single-handedly recommended Sanusi to Yar Adua as the man for the job.

Does Mutallab's son's action make Mutallab a terrorist?? No. Does Sanusi's closeness with Mutallab make Sanusi a terrorist?? Not really!
However, it doesn't change the simply stated fact that Sanusi is not only best frieends with Mutallab, he personally knows the terrorist bomber!!

Interesting thing is that US intelligence sources have taken note and are surely researching Mutallab, Sanusi and Rilwanu intensely in relation to this young man.Their names have been mentioned  on BBC already so I'm not the one making up the links.

Sanusi is linked to Mutallab

MrCrackles:
I dont wanna see no bloody youtube video. . .
I dont condone terrorism and extremism
What i dont understand is your point. . . .Just because Sanusi knows Mutallab doesnt mean fuc.k all!
The story started as a terrorism bullshit move, then you guys linked it to tribal and religious war. . . .Now you bringing Sanusi into the picture
What for?
You guys should cut the fuc.king fuc.k crap and get real. . .
As for me, i stand by facts and i try to be objective. . . .God knows the raw deal behind the dude's plans and motives, then let God deal with him
His father or Sanusi might not even know anything about the whole drama so why start linking and thinking in the negative all the time
Psssf!!!!!

Facts are facts!! Sanusi knows the guy(terrorist bomber) personally. That is a fact.
Its big news anyhow, especially considering Sanusi's extreme Islamic views.

Everybody must ask questions. We cannot just rest on the assumption that that his father knew nothing about it.
Question: How come the bomber's father, Dr Umar Mutallab resigned his chairmanship of First Bank, just last week without any prior warnings?
I could assume that he had an inkling of his sons intentions. But I sincerely don't think so.

Lagosboy:
Personally knowing someone does not translate to knowning his intentions to "blow " up a plane.

Now lots of people know Mutallab , he probably know yaradua and all other big dudes in the country , so by your claims they all know about the intentions. Get real ol pal , Sanusi isnt the only friend of Mutallab why single him out and try to link him with this.

I haven't insinuated that Sanusi knew his intentions. I don't even think his Father Muttalab knew his intentions.
However, I'm making a statement of fact. CBN Governor Sanusi and Muttalab are best of friends.
Everybody in the business community is going to be talking about this.

axeman85:
the guy is supposedly the son of the recent retired chairman of first bank nigeria and currently the chairman of islamic bank of nigeria. link on sahara reporters.

He actually is. Interesting thing is that Muttallab just retired as chairman of  first bank last week, 15th of December 2009 to  be precise.

Lagosboy:
@papbrowne

Get real what has Sanusi got to do with this for goodness sake and who on earth will believe his father will know any poo about this. This is obviously going to be an embarrassment to them

I just stated a fact. CBN Governor, [b]Lamido Sanusi and Mutallab are best of friends [/b]and have known each other for 2 decades or more.
There is all likelihood that Lamido Sanusi personally knows the terrorist bomber.
I didn't make it up. It is just a fact. I didn't say he has anything to do with it.

I think its high time muslims learn to condemn terrorism. Why is there an argument on this thread at all??
Why are the muslims on the thread finding it sooo hard to condemn what is an obvious attempt at terrorism??
I used to respect muslims until I came to Nairaland and met this very despicable attitude!

The man is a nigerian engineering student from University college london and- wait for this- SON OF DR UMAR ABDUL MUTALLAB RETIRED CHAIRMAN OF FIRST BANK OF NIGERIA PLC. Case closed

http://www.saharareporters.com/index.php?option=com_content&view=article&id=4631:northwest-flight-253-leg-bomber-is-son-of-drumaru-abdul-muttalab-former-first-bank-chairman-from-yaraduas-home-state-katsina&catid=1:latest-news&Itemid=18

Add that to the fact that Dr Umar Abdul Mutallab is CBN Governor Lamido Sanusi's best friend.  Mutallab appointed Sanusi as CEO of First Bank. They also worked together in UBA.

Hahahahha!!!
Dr Umaru Mutallab!!! That is CBN Governor, Lamido Sanusi's best friend.

Mutallab who has been Chairman of First bank for ten years single handedly appointed Sanusi as the CEO of First Bank in preparation for his posting as CBN Governor.
Mind you, both  Muttalab and Sanusi were also together in UBA and have been very close friends all these years.
In short, Muttallab is Sanusi's mentor.

Only last week, 15th December 2009 to be precise, Muttallab resigned his appointment as Chairman of First bank probably in preparation for the onset of his Islamic Bank- Jaiz International Bank.
Sanusi has been pushing for the establishment of Islamic banking, with Jaiz Bank as the first off shot.

Now his son is involved in an international terrorist attack!
No wonder Sanusi has been going about his job at CBN like a terrorist, causing unnecesary catastrophe in the whole banking sector!


ABOUT MUTALLAB

Dr. Mutallab was born on December 15, 1939 in Katsina Town, Katsina State of Nigeria. He is a Fellow of both the Association of Chartered and Certified Accountants (FCCA) and the Institute of Chartered Accountants of Nigeria (FCA).

Mutallab is a former Federal Commissioner of Economic Development (1975) and also of Cooperation and Supply (1976). He played a major role in introducing Islamic banking into Nigeria.

A versatile professional and businessman, he was the Executive Chairman & Managing Director of United Bank for Africa (UBA) and the recently retired Chairman of First Bank of Nigeria Plc

http://www.jaizinternationalplc.com/board_of_directors_management_staff.html

Afam:
You want all the loan department staffs of the banks affected to be sacked and the positions left taken up by the middle and low cadre? Wonderful!

The over bloated salaries of bankers were not in order and today order is being restored and in the long run the banking industry will be better, salaries will be realistic, banks will be more proactive in generating legitimate money instead of falsifying accounts and they will not need to turn our young women into professional love-peddlers to meet unreliable targets.

Water will find its level with time and the time has come for the banking industry to be sanitized.

Ever wondered why a genuine trader cannot access N50,000.00 loan due to the very difficult conditions whereas another person can access N2,000,000,000.00 without collateral just because he knows the bank CEO and the funds are usually wasted and the bank in turn claims the loan is a bad loan?

What Sanusi is doing today is ok and is actually saving a lot of jobs that would have just disappeared in a few years when the effects of the lies and falsification of accounts would have gone full circle.

Meanwhile, the disengaged workers I understand where not sacked but advised to resign and I believe they were adequately compensated. I doubt if any bank would just sack someone without a good reason. Sack and resignation (whether cajoled, induced or advised) are not the same thing. The disengaged bankers can use the money paid to them to start a new life.

You are still there deceiving yourself. Even Sanusi himself now knows that he went about the whole thing in a very wrong way!
Please for once be objective!

Nigerians are not smart folks at all. Nairalanders especially!
So we just read an article and without digging deep into the articles, we just jump to very shallow conclusions.
Haba people! Read between the lines.

Jonathan and the FEC knew Lukman planned a trip to Austria long before the announcement across the press that the ministers had been barred from taking holidays.
It is obvious that they used this opportunity to set the proud and arrogant Lukman up for a fall. They all knew he would defy the order that is why the FEC made that part available to the press. The man Lukman is proud and foolish.

Come next week, the FEC and not Jonathan alone, would issue a warrant for the sack of Lukman!! It's all a plan peeps. Always read between the lines.

The real reason behind his sack would be the silly arrogance he is using to go about the Petroleum Industry Bill.

What a brilliant analysis! Never knew Seun was that intelligent. Now no wonder Nairaland is so shuckshessful!

Sanusi is the disease infecting the whole of the financial industry.
We need to cut him off soooooonest
He will not only kill the banks, he will kill the whole economy!
We need to cut him off fast!!

Me sef, I am on facebook! Big Deal!

This Sanusi guy is like a disease!!
Ever since he came in, it has been bad news throughout the whole financial industry!!!

@GABRY:
You would definitely love this name: UYI- It means something like Glorious!! And it is unisex!

Lagos is an impossible place to live in. Please poster, reside somewhere else.

If you live in lagos, you will spend approximately 5-8 hrs daily in traffic, depending on where you work and live.
In the next one year that would equate to three full months in traffic!! That is not a life.

How can I wake up and leave the house at 5 am and return home at 11pm. That is no life.
I would rather go and farm in some village.

Ibime:
As a data analyst, claiming 80% drop in loan provision and attributing it to Sanusi is a serious faux pas.

I am assuming that you are talking about 80% drop from last year.

Lets assume that things were running as normal before Sanusi's appointment in June.

Lets also assume that Sanusi froze credit completely, and no single loan was given from June till now.  Lets also assume that aggregate supply of credit does not vary from month to month. Using a slide rule, we can assume that credit doled out from January to June (6 months) should be 50% of the previous year. Am I right or am I wrong?

Now, if credit has dropped 80%, shouldn't the January - June statistics give us only a 50% drop from the previous year at least? Even if Sanusi froze the market completely, we should still be on 50%.

A more objective view would tell you that the 80% drop you claim is as a result of the banks eroding their capital base and not having the money to give loans, whether under Sanusi or Soludo in the 6 months prior. Otherwise, we would only notice 50% drop in the worst-case scenario.

Even your own data verifies the fact that the credit squeeze is ongoing and has been so since the start of the year.

Picking data like this to explain issues is as much misguided as picking yearly data to show us that car sales have dropped 38% from last year.

The least you can do is give us Jan-June, then June to Dec, and compare that with the equivalent periods from the previous year. This would help us differentiate between Sanusi and the previous status-quo.

You are absolutely right!! And I must admit that I admire the logic of your argument. Extremely brilliant!
However, the data I refer to is for the last quarter 2009(Sep- Dec) in comparison with the last quarter of last year and it is raw and inconclusive.
Results for the period won't come out until early next year. Right now, I am depending on pointers, and these pointers are turning out really bad results.
Remember that the global crisis, the oil price crash , the Naira crash and Nigeria's stock market decline all happened last year. How come the last quarter of 2008 of is giving us much better results than that of this year.
How come the impact of Sanusi's action is greater than the impact of the these four major events??

Even Sanusi himself isn't arguing the fact that his actions have caused tremendous crisis, he is defending his actions with the nonsense claim that if he didn't act, things would have been worse off. The question is: did he act right??

edoyad:
@ Ibime and biina, i'm so proud of you two my eyes are becoming misty.
@papabrowne, you seem to have exhausted your "Lamido" calumny cache.

Sincerely, I should naturally have exhausted my cache, but there is truckloads of  arsenal coming out everyday that Sanusi himself has gotten worn out and all of a sudden become press shy.
Only last week, Pat Utomi who applauded Sanusi's actions initially, has now filed a lawsuit against the CBN. Many more lawsuits are on the way.

biina:
Please clarify what you mean by 'real credit', and provide a credible source/evidence to support your '80% slump' claim

Everybody that is involved in some form of entrepreneurial activity needs credit to keep running. Be it overdrafts or short term loans or Letters of Credit. Importers need LOCs. Small scale industries need these credit facilities. Bakeries, Pure Water manufacturers, FMCG distributors, Building material traders, etc were getting credit under the previous regime. These people make up the Nigerian economy. They are the ones bearing the brunt of Sanusi's actions.
Not so much because Sanusi sacked the CEO's, but because he has created an environment where banks are scared stiff to take the risk of issuing loans for the simple reason that he has criminalised risk taking.
There is no business in Nigeria that would qualify for a loan if you over assess the risk implications. Nigeria is an extremely risky business environment. You have to take immense risk to give out loans.

As regards a credible source/evidence to support my 80% figure, I work with data everyday. The figures are actually worse off, however, they are not conclusive, hence the 80% is just an estimation.

Ibime,  Interbank lending cannot in anyway be used as a measure to assess lending to the real economy at least in Nigeria.
Nobody cares about Sanusi's impact on interbank lending.
The credit that is frozen right now is that which is usually given to businesses to operate. This economy has stifled as a result.
NIBOR rates might have reduced just 6%, but real credit has slumped much more than 80%!

strangleyo:
10 years ago we were up there.

And the OBJ we hate so much helped us get out of that list!

Otobroto:
Are you sure there will be 8 airports in Niger Delta?

Yep!!

Delta State has Warri and would be completing Asaba in the first quarter of next year.
Akwa Ibom now has one.
Benin has one.
Port Harcourt has 2. The international Airport and the Nigeria Airforce Airport(It was used during the temporary close down of the main airport in 2006/07).
Cross River has the Calabar Airport and the Bebi AIRSTRIP(Not exactly a a big airport but it has regular scheduled flights).

Interesting thing is that  Port Harcourt, Warri, Calabar and Benin airports are amongst the most viable in the country. They are actually amongst the top 7 airports in the country. Lagos, Abuja and Kano are the remaining 3.

^^^^^^
Biina,
You are too smart not to know that Sanusi's actions have done more harm to the nation in 3 months, than did the purported mismanagement of the CEO's do in 3years.
Many financial experts that supported Sanusi's actions in the beginning have begun to withdraw their support.
First , because the results of his actions are beginning to tell heavily on the whole industry. Secondly, because the guy has not even come out to tell anyone his plans for the financial sector and how he intends to recreate the confidence that has been lost as a result of his actions.

Go and ask Atedo Peterside whether he hasn't been impacted negatively by Sanusi's actions. He supported Sanusi's actions initially. His bank alongside the others have suffered immensely,

!

Wooooooooooooooooooooooow!!!!!

To think that Donald Duke did all this without oil money!!!
That guy should come out and become our President somehow!!!!!

biina:
so your problem with Sanusi is motivated by the lost returns on your investments?

Nope. Any body that made loses probably made them b4 the advent of Sanusi.

These motivate and spur my fury:
It is the damaging of potential prospects for the nation's economic future.
The crippling of what I call "High Finance" which is usually dependent on risky credit.
The catastrophic blow he has given to the term "risk".
The destruction of the entrepreneural spirit of the financial sector.
And the gusto in which he goes about in his ignorance.

I heard this airport cost somewhere in the region of 300+ million USD. Doesn't seem worth the cost to me.
Delta state is building one in ASABA  that is pretty good and it is costing just 40 million USD.

Nice airports though. Now there will be 8 Airports in the Niger Delta. Funnily majority of them are viable.

adigun101:
Ladies and gentlemen.
Sanusi is our CBN governor and I think we have far gone past the stage of questioning his competence.
Right now we should be looking at the issues and not the individual.
We should all move on and learn to live with Sanusi banking sector whether we like it or not.
Unfortunately those of us that enjoyed the rejuvenation, modernisation and the boom in Nigerian banking under Soludo should just learn to live with Sanusi own idea.
Soludo banking apparently came with a cost but in the long run lets see which one we prefer.
Banks that grew at a very fast paling SA as sub-saharan African banking hub. All that is history.
I have moved on by taking all my money out of Nigerian banks, sold all my banking shares and have advised my clients to buy banking shares only as speculative investors.

I remember as a kid I saw Nigerians jubilating on the streets after a military coup only to witness the same  Nigerians dying for democracy.
It is only a matter of time we will learn.
Things are even going downhill faster than I predicted or anticipated.

Thanks for you excellent quote.

Truthfully, with Sanusi's actions, prospects are bleak for investments. For me, I'm moving on too. Don't care about my shares anymore.
I've changed my investment mode form a Long-term-Build-structures kind of mentality to a Short-term-Get rich-and-Get-out strategy.
The economic data resulting from Sanusi's actions are alarming. The impact might be worse than expected.