₦airaland Forum

Hehhehhehehehehe!!! Becomerich, oya oh! Your response is being awaitened.

Ok. Always, Just when I think I should cut this Sanusi guy some slack. . . he strikes again.
Is this guy serious Why on earth would a CBN Governor speak like this?? Sanusi probably drinks Absinthe from the same cup with Ahmedinejad. He must've been high to speak like this.

"Nigerian banks are gambling centers and the stock market is a Casino"? ? ? ? ?  Isn't Sanusi just gruesome??. This happens only in Nigeria.

People have their savings holed up in the markets and all the guy does is take a microphone and use his orifice to wipe out their hard earned investments. Does he understand the consequences of these kinds of statements?? I thought he was the CBN Governor for crying out loud. Looks like he is unrelenting in his desire to totally crumble our economy.

Sanusi should be sacked after this ooh, if not I would have to conclude that Jonathan is a Liverless, Bowlerhat wearing, , lucky-to-be-in-Aso-rock, no-good fella whose Job would soon be threatened by his best friend Ribadu.   

[size=14pt]Sanusi hits banks again[/size]

Governor of the Central Bank of Nigeria, Mr. Sanusi Lamido Sanusi, on Friday, in Asaba, described most Nigerian banks as gambling centres.

Sanusi also described the Nigerian stock market as a casino, where fraudulent business transactions are perpetuated to the detriment of the citizenry.

He said politicians, particularly public office holders, were accomplices in the shady deals in which depositors of banks and investors in the stock market were being manipulated.
He tongue-lashed politicians for being responsible for the failure of some banks in the country.


The CBN governor stated these in a lecture titled, ”The Economy In Perspective: Consolidating The Gains of The Banking Sector Reforms,” which he delivered in Asaba, Delta State capital.


The lecture was organised by a non-government organisation, The Knowledge Centre, based in Onitsha-Ugbo, Aniocha North Local Government Area of the state. Sanusi said that members of the management and board of the banks easily gambled with depositors‘ money and colluded with the operators of the stock market for selfish motives.

He said the investors in the stock market had been turned to casino players by those who freely manipulated the market, warning depositors not to entrust their money to banks operated by those he referred to as ”gamblers.”


The CBN boss, at the event chaired by a former Head of the Interim National Government, Chief Ernest Shonekan, and attended by the Delta State Governor, Dr. Emmanuel Uduaghan; his Anambra State counterpart, Mr. Peter Obi; Managing Director of BGL Plc, Mr. Albert Okumagba; and President of Afreximbank, Cairo, Egypt, Mr. Jean Louis Ekra, reiterated that CBN embarked on the ongoing banking reforms to save depositors and investors from being fragmented by the failed banks.


He accused the boards and managements of the banks of creating a false impression about their well-being in order to manipulate unsuspecting depositors, warning that the CBN was poised to put an end to the ugly trend.


He said, ”Although financial crisis is an integral part of every capitalist system, banks should stop preventing depositors and investors from Technical and Fundamental Analysis and Investors‘ Sophistication.


”We had a banking system in the past that was exposed to the capital market but without guidelines and regulatory system on lending margin. In the stock market, what people think about is how it will go up. But this market, this casino, is what those entrusted with depositors‘ money gamble with.


”A stock market is a very funny casino. Don‘t entrust your money with gamblers. CBN rules and regulations around the banks cannot be compromised. We are not just doing the sanctioning, we are combing the banks for excellence. The banks must stop creating the impression that they have values when in the actual sense they are dying.”


To salvage the situation, Sanusi advocated for a Bank Use Act, to overcome what he described as ”Insurance Business and Fixed Income Bubble,” adding that the current and saving accounts of depositors would no longer be allowed for use in executing private businesses.


”The CBN will no longer allow the use of current and saving accounts of depositors by banks to service insurance businesses, construction of roads and bridges by governors, senators and other political office holders, and the days of Intercontinental Bank‘s 30 per cent ownership by an individual, Oceanic Bank‘s 40 per cent ownership by a family and Afribank‘s 12 per cent by an individual, aside all other bad loans, are gone.”


The Convener of the forum, Prof. Sylvester Monye, said the centre was a charitable organisation with specific focus on the promotion of the development of knowledge as a key source of empowerment for the youth and less privileged members of the society. According to him, the centre was designed to provide cutting edge platform for modern and efficient information technology.


”It (the centre) will be equipped with a reference library, e-library, an ICT Centre and a multi-purpose conference centre. We are planning to create an enduring institution that will support and propagate the development of knowledge and the empowerment of our youths,” Monye added.
Governors Uduaghan and Obi, in their separate remarks, advised banks to give out loans to small scale industries and farmers and address the challenges Nigerians were facing in attracting foreign investments into the country.

http://punchng.com/Articl.aspx?theartic=Art20100710262423

[size=14pt]Ribadu to emerge as AC presidential candidate[/size]

Musikilu Mojeed
July 8, 2010 11:15PM



If the Action Congress and its new coalition partners stick to their plans, the former chairman of the Economic and Financial Crimes Commission, Nuhu Ribadu, will fly the flag of the new Action Congress of Nigeria in the 2011 presidential election.
NEXT learnt yesterday that AC top brass as well as some chieftains of the Peoples’ Democratic Party, Democratic Peoples Party, All Nigeria Peoples Party, and Congress for Progressive Change have in the past weeks engaged in a series of meetings and negotiations expected to culminate in the drafting of Mr. Ribadu into the presidential race. The National Conscience Party, led by Lagos lawyer Femi Falana, is expected to join the coalition.
Our sources said at several meetings held in Abuja and Lagos by the group, it was agreed that Mr. Ribadu was the strongest and the most credible candidate that could be fielded by the opposition to dethrone the ruling Peoples Democratic Party.

No decision has been taken on who Mr. Ribadu’s running mate would be.

Leaders of the coalition, it was learnt, met with Mr. Ribadu during his visit to Nigeria from his Washington base in June. Another delegation from the group also reportedly met the former EFCC chairman in Washington to pressure him to shun offers of appointment from President Goodluck Jonathan and return home to participate in the political process.
The former police officer is expected back in Nigeria later this month, during which arrangements for his formal declaration for the presidential race would be finalised.
Mr. Ribadu’s candidature might alter Nigeria’s political equation. The country is dominated by the PDP, which has been in power since 1999 when the nation returned to constitutional democracy.

The ruling party is still bickering over whether it should retain a zoning formula, which allows the presidency to be rotated between the North and the South.
Before zeroing in on Mr. Ribadu, others considered by the group for the presidential ticket were a former minister of the Federal Capital Territory, Nasir el-Rufai; a former governor of Cross River State, Donald Duke; and the presidential candidate of the African Democratic Congress in the 2007 election, Pat Utomi.
“But after extensive discussions, we decided that Ribadu is our best bet,” a member of the coalition said. “If he agrees to run, that will be great for our country. He is a credible and energetic young man who will do well. All we want to do is to enthrone credible and efficient leadership for our country.”

When contacted yesterday, Mr. Ribadu was evasive on whether he would contest the 2011 election or not.
“Whether I will run or not is a decision for another day,” he said. “But I will quickly add that what Nigeria needs is good leadership that the people believe in, that will bring the people together, provide stability, security, justice and peace.
“We need a leadership that will not allow wastage of our resources. I agree with the Greek proverb that says a society grows great when all men plant trees whose shade they know they shall never sit in. People should be willing to selflessly serve their country without wanting anything in return,” he said.

On whether he has been contacted by the Action Congress coalition, Mr. Ribadu laughed and said, “I don’t want to single out any one group. I have been in constant touch with a lot of Nigerians of all shades and opinions who mean well for our country.”

Selling the candidature

The National publicity secretary of the AC, Lai Mohammed, could not be reached yesterday, but he had told journalists in Ado-Ekiti on Wednesday that the new Action Congress of Nigeria would unveil its presidential candidate, who will not be older than 50, at the end of this month.
Mr. Ribadu will be 50 in November.
Mr. Mohammed and some party chiefs have reportedly been travelling round the South West region to sell Mr. Ribadu’s candidature and planned coalition to party members in the zone.
A visit to the five other geopolitical zones, NEXT learnt, will follow in the weeks ahead.

Before arriving at the candidature of the anti-corruption activist, our source said the group also considered former Head of State, Muhammadu Buhari. But he was reportedly ruled out after some participants in the negotiations argued that Nigerians might be reluctant to vote for former military dictators believed to have brought Nigerians to its knees.
“There are those who also argued that Mr. Buhari is yet to, and may not embrace democratic tenets, being a former military ruler,” said a source who did not want to be named. “But the greatest factor against Buhari is that he is not sellable to Christians and to people in the South who still consider him a religious zealot.”
He said the team was already reaching out to the former head of state to drop his presidential ambition and support the candidature of Mr. Ribadu.
“Buhari is a good man. He has done his best for our country. But what we are saying is that it is time for him and his likes to allow fresh blood to take charge of our country. He should give others a chance.”

http://234next.com/csp/cms/sites/Next/News/Metro/Politics/5591660-146/ribadu__to_emerge_as_ac.csp

^^^^
Thanks 4 the article. I read it.
Two striking points:
1) The automobile manufacturing industry contributes 10% of Thailand's GDP. Thailand's GDP(ppp) is over $500 billion. 10% of that will be $50 billion. That means Thailand gets more from it's automobile production than we get from our crude oil production.Except they are refering 2 nominal GDP.
2) Did you notice how all the automobile giants are falling over each other to open new plants in Thailand??Now the striking part is that this is all happening despite the numerous political unrest that have plagued Thailand since the coup that sacked Thaskin Shinawatra in 2006. Since then there have been 5 leaders of the country.

Nigeria has all it takes to attract these kinds of investments if we can just get the basics right especially with regard to power infrastructure. And the only way to do this is to allow the private sector develop these things while the Government focuses on regulation.

@Paddy_lo
Kudos to you for holding it down on this thread. Every sentence in your post is good education for those willing to learn.
Sad thing though is that many Nigerians are by design Socialists and would find it hard to appreciate many of the things you've stated.
People don't just understand that to get the best you would have to pay for it. Nothing comes for free. If we must get adequate electricity, then we must pay for it.

All those fellas asking how the poor would pay; I have just one question for you:
How come the poor are paying happily for the privatized telecoms services been rendered by MTN, Glo , Zain and co.? ?
Gatemen, Okada Riders, Beggars, Bricklayers, Househelps and whoever you could define as poor are ever happily making calls. Infact they probably constitute the largest market for the TELCOs and that's why you have the 100naira recharge cards selling like candies.

If privatization took us from 400,000 lines to 70 million lines, from 150,000 naira per line to 200 naira per line and from 2 years wait time to instant access all in less than a decade, then Privatization is a winner. If you cannot see it, then it's because you are too slow and all I can wish for you in that case is that you find the ability to put your brain into better use.

This move to privatize power is about the only solution to Nigeria's power problems. Government should hands of everything the private sector is capable of handling- Railways, Roads, Power, Airports, Seaports, everything should be handed to the private sector. Let the little resources we have be used in developing more advance healthcare and education and other social systems.

Marvellously excellent article. The best I've seen on Nairaland in a while.

All I see from the postulations provided is massive entrepreneurial opportunities. So much money 2 be made from Nigeria.
So much opportunities in construction, agriculture, human resource management, technology, finance, research, media, entertainment, design, etc, etc! The opportunities are endless.

Sad thing though is that most Nigerians would not see these opportunities coming our way over the next ten years. We would rather spend our time waiting 4 govt 2 do this and that while the chinese, indians, lebanese, europeans, americans, south africans and arabians would damn the consequencies and take advantage of these massive opportunities.

The is loads of money 2 be made in Nigeria over the next decade. My advice: Do some research and position yourself 4 the windfall. The ball is already rolling & gathering momentum!

Mr Fire:
Quote from article
Papa brown:

What does the above quote mean? What do you have a problem with in my response? Use of cancellation (instead of revocation)? Is Jonathan still deciding whether to cancel the dredging contract or he has carried out that decision already?

Mr Fire. . . . don't mind the writer. First, Jonathan never revoked the dredging. It was propaganda used by the Yar Adua cabal to paint Jonathan as anti-north. But, if you read the artticle properly, you'd find he said the decision was rescinded. There was no decision in the first place, however, if he said it was rescinded, then there is no reason for you to ASSUME IT WAS CANCELLED.
Anyway was joking when I said you'd have 2 gop back 2 school.

Mr Fire:
Beaf:

As I read from the article, GJ has cancelled the dredging of the River Niger. Is that true? If so, be informed that he has already lost the Igbo vote as we will make sure of that. Thanks.

You are not a good reader. You might have to go back to school. Read it again or go and buy WAEC form.

[size=14pt]Iranian president to visit Nigeria as W. African nation assumes UN security council presidency[/size]



LAGOS, Nigeria

LAGOS, Nigeria (AP) — Iranian President Mahmoud Ahmadinejad will visit Nigeria this weekend as the West African nation assumes the rotating presidency of the United Nations' security council, an Iranian diplomat said Thursday.

Ahmadinejad's visit to Nigeria comes after the leader made similar visits to Uganda and Zimbabwe in April, as the pariah Middle Eastern nation tries to build alliances against stronger U.N. sanctions over its nuclear program.

Khosrow Rezazadeh, Iran's ambassador to Nigeria, on Thursday confirmed Ahmadinejad's planned visit, but declined to offer further details. Nigeria's foreign ministry also declined to tell reporters about Ahmadinejad's plans, though his arrival comes as Nigeria's capital, Abuja, is scheduled to host a conference for a group of developing countries known as the D-8.

Nigeria took over the presidency of the U.N. security council on Thursday. As president, Nigeria's U.N. Ambassador Joy Ogwu will serve as the ceremonial head of the 15-member body. She also will be able to set the council's schedule and lead mediation on any crisis during Nigeria's monthlong tenure.

Nigeria last served on the security council in 1994-95.

The U.N. put new sanctions in place against Iran in June over its nuclear program. Among the new restrictions, the sanctions freeze assets of new organizations linked to Iran's government, bans the nation from pursuing "any activity related to ballistic missiles capable of delivering nuclear weapons" and bars it from investing in uranium mining.

Ahmadinejad responded by vowing retaliation if Iran's ships are searched over suspicions that the cargo may violate the new sanctions.

Meanwhile, the U.S. Commission on International Religious Freedom criticized Nigeria on Thursday for taking over the security council presidency while religious violence continues to plague the nation. Nigeria, a nation of 150 million, is split between the Christian-dominated south and Muslim north. Hundreds have died in central Nigeria this year alone in sectarian fighting.

The bipartisan U.S. government commission asked other members of the security council to pressure Nigeria into addressing the violence.

"Nigeria's own security and stability is put at risk by a culture of unchecked and unpunished sectarian violence that gives rise to divisiveness along religious lines and repeated reprisal attacks," commission chairman Leonard Leo said in a statement. "Nigeria has the ability to prosecute perpetrators of sectarian violence, but so far lacks political will and determination to actually do so."


http://www.foxnews.com/world/2010/07/01/iranian-president-visit-nigeria-w-african-nation-assumes-security-council/

Ahmedinejad is coming to Nigeria this weekend. What he is coming here to do when he is being hounded by the UN, I don't know.
Anyway, Nigeria is now in charge of the UN security council. He is probably visiting to seek our support to help prevent the UN's sledgehammer.

He claims to be coming for a meeting of D8 heads of state. Nigeria is a member of the D8. The term D8 refers to Developing 8. It was PURPORTEDLY formed in the same light as the G8- Group of 8 Industrailised countries. Members of the D8 include- Indonesia, Turkey, Malaysia, Bangladesh, Iran, Nigeria, Egypt and Pakistan. All the countries have huge Islamic populations.


Sanusi would be hosting the CBN Governors of the D8 countries and I'm pretty sure their main discussion would bother on harnessing Islamic Finance which in my opinion is OK. However, while the other countries have predominantly Muslim populations, Nigeria is split btw Muslims and Christians and is a hotbed for religious violence.

Lets see how all these play out. The US would definitely frown at Ahmedinejad's presence in Nigeria. Secondly, I doubt other heads of state of D8 countriues would be present.

Links
More info about D8: http://en.wikipedia.org/wiki/Developing_8_Countries

http://www.developing8.org/index.php

Danmmm!!

I did the Microsoft wingdings thing!!!!! Woooooow.

Now this is much more than just a conspiracy theory. This cannot be coincidental. . .So I thought!


[b]Until [/b]my inquisitiveness made me search further and realize that it's all a hoax as Q33 NY was not a flight number for any of the planes that hit on 9/11.

Even though it is fake, it is still very creepy.

Excellent! I've always said that the private sector would solve all of nigeria's problems. Government should just focus on regulatory oversight and leave the rest 2 the OPS. MAIN ONE has done great with this.

Whats up with Glo One? I tot they landed last year. How come  they havent started? Anyways, they've got competition now.

And what on planet earth is Scanning Probe Microscopy?

Nice article. Those northern leaders don't know what time it is. They'd better wake up and train their younger ones cos they've lost the baton and I bet they wouldn't be getting it back in a while. OBJ surely knew what he was doing. To change this country for the better, the northern hegemonists have to be decimated and thats whats happening right now.

In the eighties one of my old tutors, and Englishman, told me a story he said symbolised Nigeria.  Three men - one Yoruba, one Hausa and one Igbo - were walking along a country road when they came to a pawpaw tree with ripe fruits.  The Yoruba man said it would be good to have the fruits.  The Hausa man said if it was the will of Allah they would have them.  The Igbo man climbed up the tree, plucked the fruits, came back down and sold the fruits to the other two.

Keen to show that I knew my country better than any foreigner, I told him the story did not end there.  The ending, I told him, was that the Yoruba and Igbo men woke up the next day to find the Hausa man now owned the pawpaw tree.  That was 1988.

Lovely article.  I totally agree.

Niiice! This is great. Benin City has one of the greatest potentials in the country. All the factors responsible for development are already existent. The governor just has to provide the right environment and investments especially from Benin's in Diaspora would start flowing in droves.

@Poster
Enjoy Yourself Mr! Enjoy. I know that feeling.
London and Dubai are some of my Favorite spots. Been to Cairo as well. Loved it.
I love travelling. I go to the oddest places. Places the usual traveler would never venture.

If that's your first time in the U.S, visiting Denver alone would surely not do sha.

OAM4J:
So Nigeria is now getting getting back on track . . . WHAOOOOO, This is news to me. tell me more.

Yaradua 7 point agenda is a punishment, so on what agenda has Jonathan been performing his action or it is a case of 'as the spirit leads'

How do you follow or campaign for someone you dont know his agenda - (vision, goal, aspirations, targets, plan of action)? 

Of course Nigeria is getting back on track. If you can't see the pointers, it surely isn't mine or Jonathan's fault.

Jonathan's Government is very pro private sector. Now for me that is all I care about. I believe the private sector would fix Nigeria. Trust me, I know what I mean when I say that.
I believe I understand Jonathan's ideological leaning. He leans towards the same school of thought as that of the likes of El Rufai, Ezekwesili, Duke, Soludo, OBJ and a host of others.
I only need to understand his ideological leanings to vote him in and not his agenda. His ideologies would form his agenda.

Kobojunkie:
When common sense goes out the front door . . . . .  be sure stupidity is probably sneaking in through the back

Common sense is for commoners!! Sometimes, to make a diffference you need to get rid of common sense.

^^^^^
Alright! Its all good. I think they are doing pretty good in disseminating info, even though it might not be as you expect. As with most projects of this nature, the project is not fully defined at this point as it appears they would like to allow for some flexibility so that potential investors can have adequate input in the eventual outcome of the projject.
Probably as the project evolves more specific info (that might suit you) would be available.

What type of consultancy are you into??

OAM4J:
Excuse me people. Has Jonathan declared his intension to contest?

What agenda [/b]is he planning to implement? How does he intend to achieve them?

If he has not given answer to the above, [b]I wonder on what basis someone is promising him 100% vote

On the simple basis that he is currently putting Nigeria back on track.
You are talking about[b] Agenda[/b]. Haba. Have we recovered already from the punishments meted out on us by YarAdua's seven point Agenda?

Abeg, we don't want agendas. We want action. Simple and short. No agendas any more. Just freaking get to work. And I think  Jonathan is doing just that.

Onlytruth:
Believe me I have been to that website and more. [b]I have actually made phone calls, sent emails yet nothing came back.[/b]
I own a company that is involved in such projects and I was proud that one of such would come to Nigeria, but alas, I came out with nothing.
You have the CORE actionable information you need.

@onlytruth
After you wrote this^^^, I sent a basic inquiry email to the handlers of Eko Atlantic City. I got a good reply in less than 24 hours directly from a top shot in the company that owns the project- one of the Chagouris.
Any information I need would be given me and they wouldn't mind scheduling a meet-up. So I don't know why they didn't respond to you.
They probably didn't see you as a potential investor . I no be potential investor, but them treat me well well!

Below is the mail.

[quote author=mama-gee link=topic=470025.msg6306567#msg6306567 date=1277854536][color=deeppink]I think it's time you change your username to MrCrackles cause you both behave the same.

Are you by any means related to him? [/color][/quote]So U noticed they act alike. . They are brothers!!

Mr Fire:
Beaf, sorry to ask but are you a Jonathan arse-licker? What has been his achievements since he took over last year from Ag position?

Since Jonathan took over, have you heard of fuel scarcity?? Have you seen queues in gas stations??Have you bought fuel above 65 Naira since Jonathan took over In less than three months of his presidency Nigeria is finally on track.


My diesel consumption has gone down by over 70% since Jonathan took over. PHCN has improved dramatically.

Nigeria is back to serious reckoning on the international stage. Our respect is growing tremendously since Jonathan's take over.

His achievements are too many in this short period abeg. For me, the simple fact that he is taking steps to privatise electricity generation is enough for me to sing the guys praises.

[size=14pt]CBN clears sacked bank chiefs for new jobs[/size]
*Okays return  of seized properties, passports
By Omoh Gabriel & Victor Ahiuma-Young

Indications emerged, weekend, that the Central Bank of Nigeria, CBN, has been secretly giving clearance to executive directors of  the rescued banks, raising questions as to why they were sacked in the first instance.
Some top management staff of the apex bank who disclosed this to Vanguard, said letters have been going out from the Governor’s Office since January to the affected directors, saying that CBN has not blacklisted them.
The officials added that CBN’s letter also stated that the affected executive directors could seek gainful employment in the financial services sector and that security agencies had been advised to release the EDs’ seized properties and travelling documents.
According to the CBN officials, almost all the executive directors of the rescued banks had been issued the letters except one or two that have refused to cooperate with CBN and the Economic and Financial Crimes Commission, EFCC.
The executive directors were sacked along with their managing directors by CBN Governor, Mr. Lamido Sanusi, on the allegations of running down the banks and putting them in grave situation.

Sanusi’s letter
A copy of such letters signed by Sanusi reads in part:
“Please, refer to my order dated 14 August 2009, directing your removal as an Executive Director of …. bank. Following the said order, several representations were made to the Central Bank of Nigeria (CBN), for a review of the circumstances leading to your removal from office.
“The management has duly considered these representations and wishes to state that your removal does not amount to being blacklisted by  CBN. Accordingly, CBN hereby confirms that it has no objection to your seeking employment in the financial services sector subject to the express approval by CBN where required.

“However, it should be noted that the position stated above does not constitute a waiver of any action which CBN or any other agency of government may take against you should the on-going investigation in … bank reveal any serious misconduct or any infraction of extant laws or regulations.
“All relevant agencies are being advised to release your travel documents or any property in their possession,” the letter stated.

Sanusi’s action hasty
CBN officials said that usually when anybody is sacked from a bank or any financial institution, he/she is blacklisted by CBN and will not be employed by any bank in the country.
By this, the official said, CBN has nothing against these bank executive directors and should not have been sacked in the first instance. It shows, they said, that the Governor’s action was hasty. If he now realised that he made a mistake by sacking the bank chiefs, he should do the proper thing by restoring them back to their jobs.
It will be recalled that CBN on August 14 sacked the managing director/chief executives and executive directors of five banks to wit, Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic Bank Plc and Union Bank Plc. Two other banks— Bank PHB and Equatorial Bank— followed in October.
The affected chief executives were  Mr. Sebastin Adigwe (Afribank); Mr. Okey Nwosu (Finbank); Dr. Erastus Akingbola (Intercontinental Bank); Dr. (Mrs.) Cecilia Ibru (Oceanic Bank) and Dr. Bath Ebong.
The apex bank also announced the appointment of new chief executives for the banks namely —Mr. John Aboh, MD/CEO, Oceanic International Bank Plc;  Mr. Mahmud L. Alabi,  MD/CEO; Intercontinental Bank Plc, Mrs. Suzanne Iroche, MD/CEO, Finbank Plc; Mrs. Funke Osibodu, MD/CEO, Union Bank Plc.
Why bank chiefs were sacked
Sanusi had said the banks’ officials were removed due to high level of non-performing loans in the five banks which was attributable to poor corporate governance practices, lax credit administration processes and non-adherence to the banks’credit risk management practices.
He added that CBN was also injecting N400 billion tier two capital into the five banks to salvage the financial condition banks.
He said, “As at June 4, 2009, when I assumed office as Governor of CBN, the total amount outstanding at the Expanded Discount Window, EDW, was N256.571bn most of which was owed by the five banks.
”A review of the activity in EDW showed that four banks had been almost permanently locked in as borrowers and were clearly unable to repay their obligations. A fifth bank had been a very frequent borrower when its profile ordinarily should have placed it among the net placers of funds in the market.
”Whereas the five banks were by no means the only ones to have benefited from EDW, the persistence and frequency of their demand pointed to a deeper problem and CBN identified them as probable source of financial instability, most likely suffering from deeper problems due to non-performing loans.”
Sanusi declared that, the impact of the situation of these banks was being felt by the market in different negative ways. Because of this strain in their balance sheets, the banks pushed up the interest rate paid to private sector deposits and their competitors had to follow suit.
They also contributed to the destabilisation of the inter-bank market as many of their competitors were unwilling to take an unsecured risk on them. It was primarily because of these banks, or, at least some of them, that CBN took the step of guaranteeing the inter-bank market when it stopped granting new lines under EDW.
Without that guarantee, almost four banks would not have been able to borrow in the inter-bank and would probably have collapsed.
According to him: ”As you are aware, we guaranteed the inter-bank market to give us the time to conduct a thorough diagnostic of the banks and ensure that appropriate remedial action is taken. At least, four of the banks in question, have since the guarantee came into force either remained heavy users of funds at the EDW or drawn heavily from other banks under cover of  CBN guarantee to wind-down at this window. In all events, it is clear that they do not have the ability to meet their obligations to depositors and creditors.”

http://www.vanguardngr.com/2010/06/28/cbn-clears-sacked-bank-chiefs-for-new-jobs/

@Lagbaja
Right on point.

Nice article, but it surely does have it's deficiencies.

For one, Abuja is not an economic hub. It has almost no economic base besides being the political capital where money is shared.
Before other cities can tie their futures to Abuja, Abuja would have to secure for itself an economy.
For instance, the FCT in which Abuja is located has a size of 8000 Sq Km. The city of Abuja occupies just about 400 sq Km leaving off 7600 sq km unused.

What I think Minna should do is to seek to create an industrial economy that would use Abuja as its key dumping ground for the products it would manufacture. That would serve Minna better than it seeking to play second fiddle to the Abuja Property market as you suggest. Similar to how Ogun state has Ota and Agbara Industrial areas serving Lagos.

@Kobojunkie
If after reading the above^^^^^ by Paddy_lo, you don't find satisfaction, then I'm sorry to say the you do have a problem with comprehension. I don't know what other kind of information  you would be seeking regarding a project of this nature. I follow up and read about projects of this nature all the time and the information provided about Eko Atlantic City is as good or even better than you get on similar projects happening around the world

Kobojunkie:
So, what exactly has all you have provided so far done to answer that question of his?

OH!! OH MY GOSH!!! Now you admit you have NO CLUE what I want but you have taken it on yourself for over 10 posts now to INNUNDATE me with USELESS information though.
I came in wondering why no one was answering the question asked and BOOM  . . . you and @Papabrowne took it on yourselves to then FEED me with CRAP as answer to Questions you now admit you have no clue of? Are you seriously going to lay this one on me still? ROFLMAO!!
For that I will send you to read what I posted on how it works in America since sjeezy asked.

You are just running from pillar to post. Come on, be matured.

Can you state clearly the exact information you or Onlytruth would like to know Please be specific.

Eg. I want to know how many plots of Land would be in the Eko Atlantic city:
Answer: 1500 plots excluding the financial district.

Please be as clear as this^^^. I will take the pains to answer you.

Kobojunkie:
OH WOW!!

So, telling you[b] YOUR argument is crappy at best implies I am a SOCIALIST AND ANTI-THIS PARTICULAR PROJECT  AND EVERY OTHER PROJECT OUT THERE [/b]? Your pathetic self is showing. . .  cover your shame!


That you are again unable to separate the ridiculous argument you are supplying on this FROM THE ACTUAL PROJECT goes again to confirm that you are likely the worst person to debate on a sensible level on things like this or anyother.

Naahh Kobojunkie. My associating you with socialism isn't because of this discussion. It is a result of your contributions over time on Nairaland. You have a Socialist disposition and there is nothing wrong with that. It's Ok to be anti-capitalist. Socialism in the context I mean it is not bad in anyway.
You want hospitals, schools, public toilets and the like. That's fine.

Kobojunkie:
I have a question for you. I have myself not done much more than the website myself in the line of research on this, but since you are there QUICK to claim the reason @Onlytruth has yet to get additional data on this is because he does not know how to go about researching this. Now I know that what goes on CNBC, CNN, BBC are just advertisements, and many of these same sites tell you to go to the ekoatlantic website for more info[b]. Could you possibly provide us with links to the detailed information you seem to be privy to?
[/b]

Why would you assume that everything has to be on the internet I can't provide links to data that isn't available on the net!

[quote author=paddy_lo link=topic=469173.msg6284191#msg6284191 date=1277511826]
ehm. . that would be closer to $300,000 a plot dude. . .

If u are serious about spending such a large amount of money,then it should be no big deal go to see what u want to purchase

or can u buy a plot of land in china on the internet?. .without first going there. . .i dont think so

anyway,this issue is real simple. . let any Nairalander who resides in lagos,go to V.I(Bar beach)
and get info on this project for us. . .also take some pictures. . .[/quote]The actual projected cost per plot is something like $3 million. Initially I thought it was outrageous, but already plots in neighbouring VI already sell for almost as high.