₦airaland Forum

cap28:
The sooner nigerians wake up and understand what is really going on the better for us, we are yet to take control of our political and economic destiny, nigerian is  a client state of the US and Britain and will remain one until we have a revolution which will clear out this band of criminals who have decided to collude with foreigners to destroy our country and the lives of future generations to come.

Most countries which have partnered with the US have turned out extremely successful. Examples abound. South Korea, Japan, Germany, UAE, Qatar and a host of other countries. So I don't see why it is bad to partner with the almighty U.S of A. The country I detest is the the U.K.

Ibime:
What you mean to say is that they must have started going through the process at the 11th hour and missed the deadline though their own incompetency/credit unworthiness?

Well, given the turmoil Sanusi created in the banking sector, even if they started going through the process in the 3rd hour, theY probably would still have fallen short. The fault is not their but GTs.
To think of of it, the only reason DSTV had $100 million cash, wash because of the bounty they ripped off the world cup. Before the world cup, they wouldn't have had that kind of money.

otawa:
alarm, alarm.

US never cares about anyone but their own interest.

Alas, gullible Nigerians will be jumping for joy!

If their interest coincides with our interest then it is all good. That is why the term "mutually beneficial" exists.

[quote author=paddy_lo link=topic=484520.msg6439915#msg6439915 date=1279913898]@Papabrowne

I gotta fault u on this one men. . .

Sanusi might be a charlatan,but i dont think he takes the blame for this one

Both companies(DSTV and HiTV),are engaging in unproductive endeavors

shipping dollars overseas just to get some silly football match beamed to Nigeria

I say let HiTV develop home based programmes and sell it to Nigerians and the rights to the rest of Africa

Am not a big fan of this business model ,   .

With $100 million a bank should fund things like cocoa export and bring FOREX into Nigeria instead of shipping it out. . . . [/quote]You are right in the context you've spoken. I hate Nigeria's extreme fixation on premiership. I stopped watching premiership religiously when Mourinho left. I strongly believe more home based programming should be developed. HiTV had actually begun to do just that. They bought over Tinapa studios to help in enhancing the quality of content in the industry.

However, the blame on Sanusi is the negative impact he is having on the ability of Nigerian companies to compete favourably. The crux of the matter is that Sanusi's actions in the CBN have compounded liquidity problems for many Nigerian entrepreneurs and this one is an obvious example.

Ibime:
Why did HiTV have guarantee of payment in the next 4 days? Perhaps someone forgot to submit their loan application in time?

GT Bank has equity in HiTV. They knew what was at stake and must have wanted so badly to just push the money out to HiTV quickly.
But that is where the Sanusi factor comes in. They guy has criminalized risk taking. The industry is afraid to take bold steps.

Bank Gurantees shouldn't be a problem for something as lucrative as the premiership.The four days was probably needed because some stupid bureaucracies would take time to sort out.

mikeansy:
I am not a fan of Sanusi and I think that much is clear.

But as much I am a fan of football I think the domination of Premiership around the world is not a good thing. HiTV should invest that money that would have been shipped overseas in helping to ensure that our local league is covered with better TV images.

I believe they can also make monney from the local league if they liaise with NFF on how to make our league watchable.

So may be this is a blessing in disguise.

Even if money is spent on our local league, nobody is gonna watch them. The league standard is so low. Match fixing is  normalcy.
The premiership is a hotcake the world over. Even in countries with very strong local leagues, premirship is still as hot.
HiTV was never going to stand a chance against DSTV without the EPL rights. I wonder how they would survive this one, especially with the loss of $40 million bid deposit. I hope it really is a blessing in disguise.

Those British folks are some crafty fraudsters!

HiTV wanted just 4 days extra to present their guarantee. But they hurriedly called DSTV to come and pay $100 Million.

You know why?? Because that way, they(the british) get $140 million. Based on the bid agreement, HiTV loses the $40 million deposit it paid. 

Sad thing is that just 4 years ago, DSTV was paying $4 million for the same rights. You would think they should be glad to have HiTV as a new friend. But no, the backstabbers that the British have always been known to be, would rather have the White South Africans dominate the landscape.

Even more annoying is the fact that Sanusi, the cause of this loss wants to take all our banks and give it to the same White South Africans!!
This is an apogee of rapery on Nigeria's only hope- The Private Sector!

This is very sad! If you have Nigeria at heart, you will understand the pain that comes with this loss.
HITV is one Nigerian company to be proud of. From nowhere, they took on the South African behemoth called DSTV and changed the Pay TV landscape in Nigeria.
DSTV had been paying  $4million dollars for premiership rights and charging Nigerians heavily (N9000). HITV came on board and bought over the rights for $32 million dollars and went ahead and crashed the price of subscription by half(N4500). The rights were to expire this year. The bid process was open again and this time around HITV placed a bid of a whooping $100 million knowing full well that DSTV was out to get them. DSTV bid far less, so HITV got the deal again.

Sadly, GT Bank which has equity in HiTV couldn’t  raise bank guarantees for the balance. You know why  Because Sanusi has killed the banking industry with his orifice!!  It is beyond sad!!

DSTV that started in Nigeria almost 15 years ago has 400,000 customers. HITV, within just three years was able to garner 200,000 customers.
DSTV killed Nollywood with AfricaMagic. HITV, on the other hand is seeking to develop the industry. It bought over TINAPA studios to create world class content  here in NIGERIA.
This is a blow to a Nigerian company. I wonder how HITV will survive without the EPL rights.

Sanusi ‘s evil will get back at him. Lots of Nigerian entrepreneurs are suffering needlessly because of his evil actions. Once again, this is beyond sad!!

I cryyyyyy!

Nigeria’s most lucrative television rights, the English Premier League, EPL, changed hands Tuesday in a $100 million high wire business deal that saw up and coming Nigerian broadcaster, HiTv lose out to DSTv, the multi-channel digital satellite television company. The new deal was signed in London. BusinessDay learnt that HiTv which emerged as the highest bidder paid only $40 million of its bid price of $115 million and did not provide guarantee of the balance on the due date.

It is understood that directors of HiTv were working round the clock negotiating funding with bankers when the deadline for payment expired. It was at this point that owners of the EPL right called up DSTv to make good its bid. DSTv promptly wrote a cheque for $100 million and the deal was signed. Analysts were quick to point to the pervading banking liquidity issues as HiTv’s main obstacle rather than the bankability of the EPL project. Some analysts warned that more companies are gradually dropping off the radar because of the persisting liquidity squeeze in the system.

“This confirms the fact that banks are not really lending and firms can’t find money in the capital market”, says one analyst who was vexed that HiTv could lose its $40 million deposit as provided for in the bid terms. A statement jointly signed by DSTv and EPL yesterday said the arrangement to host the Premiership includes 380 Barclays Premier League matches, plus the Premier League’s 24-hour Content Service in High Definition. This seven day-a-week service launches on August 13 and will be broadcast across the whole of sub-Saharan Africa, including Nigeria.

Premier League Chief Executive, Richard Scudamore was quoted as saying that the organisation is pleased to extend its partnership with SuperSport into Nigeria and are confident that it will continue to deliver a premium product that will showcase the Barclays Premier League to many fans in the territory. The Premier League has traditionally enjoyed outstanding viewership ratings on SuperSport and this commercial arrangement is expected to amplify the league’s popularity.

The Barclays Premier League is the biggest continuous annual sporting event in the world, followed by more than 2.5 billion fans and broadcast to more than 500 million homes. “Nigeria will be one of the very first countries to receive the 24-hour Content Service,” said Imtiaz Patel, CE of SuperSport. “We are delighted to be leading the way with our partners at the Premier League and associates in Nigeria.”

According to the statement, chairman of MultiChoice Nigeria, Adewunmi Ogunsanya, said: “We are happy to welcome back the English Premier League to the DStv platform in Nigeria to stand alongside the other exciting international soccer coverage we already provide to our subscribers here. “However, our focus remains firmly on showcasing homegrown talent from the Nigerian Premier League and we will continue our investments in this regard.

“As a Nigerian business which is committed to providing our growing subscriber community across Nigeria with the world’s best channels and programming, we are pleased that SuperSport were able to take up the opportunity when it presented itself to ensure that fans of this league will not miss any action from it.”

Currently, DSTv and HiTv have subscribers base of 400,000 and over 200,000 respectively in Nigeria.

http://www.businessdayonline.com/index.php?option=com_content&view=article&id=13024:dstv-regains-lucrative-english-premiership-rights-in-100m-deal&catid=1:latest-news&Itemid=18

Everything is in billion [/b]these days. Me sef, I need me some billions to get me a new ride and some more[b] billions to change my wardrobe and a few other billions for dinner. It's all gots to be in billions these days.

55 Billion For voters register alone?? Abeg make them go buy exercise book! How much will the whole elections cost if they are to spend 55 billion on voters register?? Abeg we can do without elections.

Who even wants free and fair elections sef?? I don't care about free and fair elections, all I want  is a good economy. Afterall there are countries thriving successfully despite never having elections.

Uuuum!! Look at the innocence on their faces!!Their future looks bright already!!

Aishatu is Heroine of a rare kind. Hilary Clinton, Mother Theresa and Halle Barry packed in one personality.
Your courage is inspiring! Keep doing what U do. May every smile on those faces put silver linings on ur pathways!

Hehe!! At what cost A tonne of cement in Vietnam is about $50. In China it is about $40. In Ghana it is a little above $100.
In Nigeria, a tonne is about $200.
So it is either the Dangotes are ripping Nigerians off big time or they would find it impossible to compete in West Africa with their current prices.

My take is that Nigerians are paying heavily for cememt to ensure that Dangote remains on the Forbes list.

^^^^^
Ok. Your new post is not too different from what I believe, so I think I'd rather rest my case.

^^^^
@Ezeagu
Sincerely, I applaud your contributions. And I genuinely understand the points you have tried to make through the thread. However, your posts indicate you haven't thought through thoroughly, the policies you advocate. Yes, More should be done to alleviate poverty. I sincerely feel that Government is should do much more to create job friendly environments.

The need to focus attention on poverty alleviation should not eliminate the need to develop projects that would eradicate poverty. Mind you there is a difference btw poverty alleviation and poverty eradication. Eko Atlantic would contribute to the eradication of poverty.

I believe there are ways to encourage private sector to invest in social projects and I also believe that it could be very profitable.
There is something called Social Entrepreneurship. It usually focuses on improving the lives of those at the bottom of the pyramid by creating products and services that are suitable to their condition.

Now the problem is that Nigeria is not ripe for such investments. No investor would put money into social housing when there is no mortgage system in the country. No investor would build hospitals for poor people when there is no reliable health insurance scheme in the country.

Kobojunkie:
I take it you have never really met any one of the christians up north, have you?  lol You probably do best to speak to the @Moderator so she can give you a clue on where Northern Christians HAVE BEEN on these issues and how not much has really CHANGED in the way many approach these things.

Really?? FYI, I speak fluent Hausa. Secondly, like 30% of my "friends" are Northerners. So I surely do know what I'm talking about.
Allegiance ? ? ? Isn't it a problem that one group owes another alle. . . . looks like you removed the word allegiance from you post. . .  . . you are smart! You knew I'll get U with that one.

gadogado:
Point of correction, i think people like you just talk without knowing whats on ground! just because there was a crisis in jos doesn't mean that the north is broken, you just wish it was but it isn't not even in the least bit, there a sizable Christian populations in adamawa, borno, bauchi, gombe, kebbi, niger, taraba, kaduna, plateau, nassarawa, and in all these states, the only ones to have any serious religious clashes are two or three!! so pls put things in context. Furthermore, we know that the jos crisis is not even religious, its political and economic and we know members of the same religion can fight over politics and economics, you people just wish the north would die but it never will, its too dominant in nigeria for it to fall!!! sorry for your dashed hopes!!! but the north will stay as one powerful bloc in nigeria!

Seriously Gadogado! You don't want to accept the reality. One of the quickest ways to loose a battle is to deny the existence of a rift in your camp.
The sizable Christian populations in the states you mentioned are saying they no longer belong to "one north". They now call themselves Northern minorities and they call the hausa/fulani the "core north". Looks like you are not following events in Nigeria.

"One North" philosophy is dead and and would be buried in 2011. The middle belt have found new friends in the south. They now have a voice of their own. They no longer want to be lumped up in "one north" to the benefit of the "core north" who rewards them by burning their churches and macheting their women and kids.
Good news Gadogado is that a new north is emerging. A north where everybody, both Christians and Muslims thrive in harmony. A north where education is a key priority. That new north is being led by the likes of El Rufai and Ribadu. The old north can't stop the change. It is bound to happen.

^^^^
How absurd your thinking is!! In your mind, Jonathan is not yet the president. Funny how some people think. You obviously belong to the theory of the Old North that believes power is a birthright.

Jonathan can only come to power? ? ? ? ? Wake up buddy! He is already "the Power"!!

A SINCERE OBSERVATION AFTER READING THIS THREAD

---

Reading through this thread, you would obviously see that there is a disparity between the intelligence of those against the project and those for the project.

Protagonists(those for the project)
It is easy to see that the protagonists are well read, understand development issues and are very good at articulating their views.
Their diction is sound and their speech is clear. You read their posts and you learn a thing or three from it.
Need I say more?

Antagonists (those against the project)
For the antagonists, it is pretty obvious from their posts that they love their country. They would really love to see the standard of living and quality of life improve. However, you can easily detect via their postings that they haven't studied enough to understand the theories of development or the policies required to drive growth. They aren't well read enough in the issues of development which I think is permissible given that it might not be their area of endeavour.
Sadly also, they are not good at articulating their points. While some of the antagonists do have good diction, it is apparent that puuting it to appropraite use is a hard task for many.


Now, I 'm not sure why the more intelligent are likely to support a project of this nature and the less intelligent likely to do otherwise.
I can safely assume however that it is a function of "Circular cause and consequence". That is to say the same factors that caused the intelligent to be intelligent is the same  factor that caused them to support the project. Same goes for the antagonists. Same factors that induced low intelligence are same factors that inhibit their abilities to see the benefits the protagonists see.

My ADVICE to Protagonists: Sympathise with the antagonists for their knowledge is limited.
My ADVICE to Antagonists:  Up your game, expand your knowledge base. Or better still, learn form the Protagonists.

I no bi teacher I no dey mark WAEC. It is just an honest observation.

gadogado:
@dede1

I absolutely concur! some people are so eager for the north to break up, but i dont think it ever will

It already has. The recent Jos crises was the final axe!!

It is good for Nigeria. What I think would happen is that a new north would emerge. A north that is more interested in contributing to Nigeria's development rather than protecting the status quo. One reason I like OBJ is that he empowered progressive Northerners. These progressives have issues like almajiris and VVF on their minds and not some useless philosophy that was passed down by Ahmadu Bello.

dlox01:
WELL SAID , im with you all the way!!!
im presently in Warri at the moment an d i must tell you they dont know thier rights and wHO to direct issues to,  no roads, water, nothing o!!things thier Local govt should do arent done,even basic things the state should provide have not been done, instead they blame everything on the oil company. Oil companies pay heavily to the state and also the elders of these communities and the citizens of the state but greed is what is a static factor in thier lives and lack of foresight. A weekago 47million was paid to a community by shell(for no reason)they collected it and one of them wanted to chop everything and they ended up killing each other,im asking, why did they not reject the money and say please build a hospital here in 3 months
lagos has the option of sharing money but chose the path of development and that is what the retards in delta state govt choose sharing cash. U should see the free money given to them, you will faint!!!!

Crap!!! You are talking nonsense. If truly you are in Warri, you would have noticed that Warri is a much more liveable city than Lagos. There are almost no untarred roads in Warri . Lagos is filled with potholes the size of which can be caused only by earthquakes. So don't tell me Lagos chose the path of development. Money is shared is Lagos too.

The question I have 2 ask you is who is at a loss for the neglect of the communities. The oil companies loose heavily. The FG losses heavily and the communities loose heavily. The only beneficiaries are individuals which include Government officials, Oil company executives and militants.
The FG has a part to play, the IOCs have a part to play and the communities have a part to play. Everybody is at fault but the key culprits remain those that are closest to the problems and have the ability to solve them.

bidemi12:
People still dont know how dangerous it is for a family to own such huge stakes in a sensitive institution like a bank. Especially in a country where regulatory authorities do not function properly. Hmmmm, upon all that has happened people still do not understand. Amnesia is a serious disease in nigeria.

Sad commentary!! Statements like these contribute to the death of entrepreneurship. So individuals & families should be prevented from owning business because regulation is poor. My question: Who then would start banks??

However, that aside. Read your statement again and you will find that you've actually indicted Sanusi's CBN and not Family owned business.

Who is the regulatory authority for banks?? Isn't it Sanusi's CBN? If the CBN is not functioning properly, isn't that what Sanusi should be seeking to fix rather than making policies that are inimical to entrepreneurship??

Also ask yourself why most American financial institutions are names of people. Wells Fargo, Merrill Lynch, Goldman Sachs, Charles Schwab all initially belonged to individuals or groups of individuals.

If you've ever been to Escravos, you will understand why these women are justified in their actions. The amount of projects sitting on Escravos is currently worth over $30 billion dollars. It is actually the most invested piece of real estate any where in Africa. You have the Chevron Tank farm, Escravos GTL Project and a whole lot other projects. Escravos

Sad thing is that side by side all these sits Ugborodo community. A ramshakle village with rusted zinc roofs and mud brick walls. This is a community from which tens billions of dollars are harvested yearly. With say 10 million dollars, you could set this commiunity up to be as self sufficient as possible and they would never worry your projects no more. But naaah, they rather leave them in darkness.

Lovely Chic! Watched her on David Letterman and she represented 9ja wella!

What a wack plan! Staggering elections vor six weeks?? We would experience the most rigged elections ever. When Ekiti thugs are through ith Ekiti elections, next week they will move to abia state. Then the following week to Kano state. And so on.
First I don't believe the article. Seconddly, it is a very wacky plan.

@Gbawe
You are speaking sooo 90's. The times have changed dramatically. The north is no more what it used to be.
Three major factors which have changed the political landscape in Nigeria are:
1)Jos Crises
The Jos Crises has angered most of the minority northerners. I bet you, a minority northerner is more loathsome of a core northerner than a southerner is. This factor has split the north into two distinct zones. If you look at the composition of the attendants of the summit, you'd find that majority of them are from minority states. Mind you, minority states contitute about 40% of the north.
2) Southern Money
Previously, especially during the military era, Northerners(politicians) wielded all the financial power. They had access to all the instrumenst of power and used it to oil their political machinery. Southerners(politicians) were bought at ease. Today, the tide has changed. The southern politicians, especially Niger Deltans are far wealtheir than their northern counterparts.
3)Niger Delta Militants.
The Niger Delta militants are a counterforce to the military which was dominated by the north. Their strenght is not in their ability to fight the military, but the capacity to cripple the nation economy in the shortest possible time.

Now, given these three factors, you should understand that the core north is not as politically relevant as it used to be. for Jonathan to win the elections, he doesn't have to win all the states in the north. he just needs six of them to add to the 18 southern states. And he can get those six easily in Plateau, Nasarawa, Taraba, Kogi, Kaduna(sambo's state) and Adamawa.

The task (political) b4 Jonathan is unexpectedly easy. He only needs to win the people which I think he is lucky to have done already. His approval ratings are off the charts for doing nothing. You should visit his facebook page to see comments. He gets an average of 2000 -3000 comments daily which is extremely high compared to other celebrities worldwide. Asides that, there is no other credible candidate on the horizon to put up a good fight.

Lovely expose! I like the down to earth rapport of the article. It is rare for politicians.
We need people like this in government.

Also we need to be real. From what Donald Duke has recounted, it is practically impossible for free and fair elections to hold in 2011. Even if Jonathan and Jega do their best to ensure a free and fair election, it would not work. Did you hear that there are 120,000 electoral officers?? How do you control that number of people. Lets hope for free and fair elections in 2015, 2011 is a not possible. To the best of my knowledge , most young Nigerians are not going to be voting.

What a sad mistake the arewa made. They assumed military rule will last forever and continue to weild immense political power.
While they were busy building military schools, southerners were sending their children to universities.
Today, the south owns the economy, industry, media, resource, and manpower.

And no it (The south) didn't stop there. It now owns political power plus its own private army to checkmate the northern military.

The good news though is that a new north is rising. A north that consists of progressives like El Rufai and Ribadu. A new north that thinks differently. A new north that cares about the hordes of Almajiris dotting the landscape. This new north would EMERGE and the old hegemonists can't stop it.

Willkommen zu 9ja!! Nairaland is about the only place to get updates. Forget anything run by Government. They don't work.; All  the Government staffers want is a payrise. They are not interested in any improvements.
News updates?? They'll wonder what the heck you want 2 do with that.

Anyways there is cool new private News Channel called NN24. They are pretty cool and different from the rest, however their programs and news are way too repititive.

mikeansy:
I hope this man has not used the likes of Bigb1 and kaseem afegbua once again to buy himself some political relevance.

I will not be suprised to hear from them once again in the run up to 2015 elections.

IBB will remain Nigeria's perenial Presidential candidate till he dies and may never get to that office.

But the sad truth is whether honestly or dishonestly IBB has remained the only Presidential candidate who has tried to debate policies, ideas and his vision for the future of Nigeria. Eventhough I have no interest in giving him any benefit of doubt, he is the only candidate who has attempted to debate issues and lay out an agenda. If we are at a stage where the only candidate that has made sense so far is the candidate we simply do not want, then that I think is a collective failure of politics in Nigeria.

So true. He talks about policies! Which is a good thing. Only problem is the guy is doing all that just to appease his haters. I wish other candidates can talk about direct policies they intend to pursue. That way we know what we can hold them to.

Lovely!!! Congrats Siena!! Congrats!! Such a beautiful baby!!

Yeap!! Finally finally! It took them almost a full year to simply do what is right. Thank God for Jonathan and his crew!!

All Sanusi wanted(IMO) was to sell the banks to predetermined foreign fronts. That is definitely off the cards now ! Yeah!!

[size=14pt]CBN: Shareholders Now to Recapitalise Rescued Banks[/size]

By Emele Onu, 07.16.2010

The Central Bank of Nigeria (CBN) has enhanced the participation of shareholders in the recapitalisation of  rescued banks by bestowing on them the power to midwife the process.
They would also take the final decision on who invests in the financial institutions.

With this development, the apex bank has heeded to the wishes of the shareholders, who have been clamouring that they be allowed to recapitalise the banks.

Addressing stakeholders of the rescued banks in Abuja yesterday, CBN Governor Sanusi Lamido Sanusi,  according to a statement made available to THISDAY, said the apex bank would not usurp the rights of shareholders.
He assured them that the final decision on recapitalisation rests with them.

Present at the meeting which was chaired by Sanusi were the boards of directors of the rescued banks, their management as well as shareholders. The meeting was the second in the series of dialogue initiated by the CBN  to ensure effective collaboration in the process.

Sanusi was also said to have reassured them that having secured the depositors’ fund with the reform programme, the focus of the CBN now is to salvage some value for the shareholders.

He made it clear that the CBN would not sell the banks, as it is not the business of the banking watchdog to do that. The CBN, according to Sanusi, only recommended some reputable financial advisers who are working with the board and management of the banks to source and negotiate with any of such investors.

He emphasised that the process of repackaging the banks is being driven by their board, some of which have held discussions with strategic partners, without direct involvement of the CBN.

“The Governor reassured the stakeholders that the shareholders would definitely play an important role in the recapitalisation exercise and that the process of giving value to their shares is already assured with the coming on board very soon of the Assets Management Corporation Of Nigeria, (AMCON),” the CBN statement read.

“On the issue of on-going litigations against the CBN, it was noted that a few individuals took the action without the consent of the seven zonal shareholders associations and that these few individuals who went to court only did so for personal reasons, as such individuals do not represent the opinion of the shareholders," it added.

The CBN, however, said that if the on-going process to recapitalise the affected banks is not successful, the apex bank would have no other option than to go for liquidation as provided by the existing legal framework.

Sanusi noted that liquidation and nationalisation are not desired options for the banks, stating that he is convinced that fresh injection of capital through strategic partnership remains the best approach.

The stakeholders, according to the statement, commended the CBN for reaching out to the shareholders and urged that the two options of liquidation and nationalisation should not be considered.

They also recommended that the CBN should go for the option that protects both the depositors and the shareholders and promised to consult with other shareholders to withdraw all court cases. Besides, they advised that the new management put in place by the CBN should be communicating with the shareholders regularly.

The CBN had some months ago engaged the boards of the banks and their major shareholders to a similar meeting, during which it urged them to support the recapitalisation programme or risk losing their investments.

The CBN governor has said repeatedly that the recapitalisation programme is in the interest of local investors who stand to regain their lost investments in the organisations after their recapitalisation, the recovery of reasonable portion of bad loans and the return of the banks to profitability.

AMCON set to take off in about a fortnight, after presidential assent to the bill, it is believed that all issues surrounding the recapitalisation of the banks would be resolved.

The CBN intends to clear $10 billion (about N1.5trillion) of bad loans from the banking system by the end of this year, in support of the recapitalised banks.

Sanusi said recently that bids on the banks would be released by September or October this year, adding that four international banks were among the likely bidders.
He said bids on the banks are to close by the end of July.

Sanusi recently said he is optimistic about the rescued banks’ recapitalisation. “Foreign investment in Nigeria is expected to rise as investors bet on rising oil prices, increased Nigerian oil production, and improved regulation of the banking sector," he stated.

The rescued banks are those the monetary authority found in “grave financial situation” following the joint examination of the CBN and the Nigeria Deposit Insurance Corporation (NDIC) and the release of the findings on August 14 and October 2 last year. The banks are Intercontinental Bank, Afribank, Oceanic Bank, Finbank, Union Bank, Bank PHB, Spring Bank and ETB.

http://thisdayonline.com/nview.php?id=178453