₦airaland Forum

This is a cover up for an assassination plot. When they finally get someone to poison Sanusi, the clan chiefs will claim that their ancestral spirit "finished" him off.

Sanusi should be very careful.

@adconline,

I think we have divergent views on this matter. However, I appreciate your point of view. We will wait and see how this pans out.

First of all, there is no evidence that foreign banks have rejected LCs. Even if they have, it will not affect banks that have passed the stress test. In case you do not know, some of these banks are going to the market very soon to increase their capital base through bonds.

I doubt if they will have such problems when it is obvious that they can withstand external and internal shocks.

An LC does not have to be a credit facility. If you are a businessman and your bank can no longer support your business, simply move your account to another bank.

BTW, I find that snide "normal naija" remark very distasteful. Do not use it again when you are referring to me.

@adconline,


Our good banks are doing fine. I think it would have been much worse if some banks had collapsed and tainted the entire banking sector.

@adconline,

Citigroup and SCB don't have more than 20 branches between them in Nigeria. Still they manage to corner a huge percentage of the international trade business because they are foreign-owned banks.

It is true that Citigroup, Citibank's parent company was bailed out by the US government and booted off the Dow Jones index. However, this was because they had experimented with a "financial supermarket" model that eventually failed.

On the contrary, Citibank Nigeria Limited recorded abnormal profit for the last financial year. I was at their AGM and it was a cash bonanza for shareholders (It is not listed on the stock exchange).

And as I pointed out earlier, The Guardian has not named any banks to support its report. I can assure you that Diamond, GTBank, First Bank, UBA and company are not facing this LC acceptance problem.

@Diggler,

Thank you for pointing out that LCs are not purely credit facilities.

@SapeleGuy,

First of all, The Guardian did not name the banks whose LCs have turned to "tissue paper". I am positive that the five banks that scaled the initial audit are still enjoying good relations with their correspondent banks. If they are referring to Intercontinental, Oceanic, Finbank and company, then their argument is baseless because for the past seven months, those five banks have been seldom operational in the forex market talk less of facilitating international trade.

@Bialegend,

Why did the great leader Ojukwu run for the Nigerian presidency?

Bialegend:
Complete product of kafanchan community sharia school. Who ever lumped these almajiri illiterates together with us in one country deserves to be shot. About 20 million people that doesn't have up to 200 of them in nigeria universities. There's nothing more dangerous than resourceful idiots.

Poor Bialegend.

Please take my advice and start posting in Igbo.

I can't bear your atrocious English.

df2006:
and that is a solution to the problem? my friend get out of here if u don,t have any contribution, when you  phuck up the best thing to do is to keep quiet and do a damage control, you are still rolling your empty vessel. sanusi ass licker

I love sparring with buffoonish clowns like you.

I support Sanusi because I've looked at his actions and they make perfect sense. Morons like you are afraid of losing their jobs but the truth is that you are too obtuse to actually educate yourself.

You are actually a perfect example of the problem with our banking sector. You lack basic punctuation skills and you probably paid for your degree.
Griping on the Internet won't change the fact that he's the CBN Governor. If you can't handle that, please take a gun and put a bullet in your head.

Did you just say that Standard Chartered and Citi are not major players in the Nigerian economy? You obviously think that a bank should be judged on the number of its branches.

Nigeria's biggest trading firms operate accounts with SCB, Citi and Stanbic. By the way, the banks that passed the audit are definitely not having problems with their LCs. The Guardian's dumb article must be referring to Oceanic and Intercontinental which have been on life support for some time.


SCB/CITI/STANBIC

Oando/ Biggest oil trader
Dangote/ Big trader
MTN/ Biggest Telecommunications firm
Shoprite/ Biggest Nigerian Mall
Maersk/ Global powerhouse
QBlaze/ International businessman


Do your research and come back with a new argument.

1. Dim Odumegwu Ojukwu
2. The rest of them

Bialegend:
You dare not bring that your useless awusa illiterate mentality here. What provision have you made for local production to gear up before embarking on disrupting foreign importation? You should take that your brainless discuss to www.kanoonline.com where your almajiris will hail your madman thought without first thinking for themselves as it's their trait.
This is how your useless illiterate awusa people destroyed nigeria and still have the guts to defend their madmen actions. Tomorrow, some iddiots will come out here to write that it's only the elite that destroys the country. Look at what kind of response a human being is given in this situation of sanusi's madness policy only because he is from the same northern nigeria as sanusi. Nonsense!!!

@Bialegend,


Your high school teachers deserve to be flogged for letting you out of Umuahia Community School with a certificate. Even teenagers do not write such drivel. Please, take it easy with your decimation of the English Language.


Perhaps you should seriously consider writing in Igbo.

And please stop repeating that hackneyed "Ewu Awusa" line.

Iti Bolibo!!!

@Beaf,

Have you heard of Standard Chartered Bank, one of the only financial institutions that successfully managed the financial crisis? That bank is focused on trade finance. They have branches all over Asia, Europe and the Americas. They also have a licence to operate in Nigeria. If you are a serious businessman and your bank's LCs are being rejected by foreign banks, there is always the alternative of moving your account to Standard Chartered or Citibank Nigeria especially as they do not have to go through a correspondent bank.

This is just one example that shows the flaws in Guardian's argument.

@Beaf,

This is shameless propaganda from The Guardian. The LCs are not being rejected because of Sanusi.

Bialegend:
Purchases that you can not afford with your own personal money. Then you can seek for LC from your bank.  
If you can afford to pay for your imported goods with your own money, there would be no need for you to seek for LC from your bank. Once your bank agrees to issue the LC to you, the trade between you and your foreign business counterpart would go ahead after your foreign business counterpart have received your LC and also confirm the authentication of your LC with your issuing bank. The foreign business counterpart will then ship out the said goods to your country and on your receipt and confirmation of the goods, your bank will then (immediately) release the payment funds to the bank account of your foreign business counterpart. I hope this simple  kowashiation will be easier for you to understand)

The moronic Bialegend has decided to assail us with his limited grasp of international economics. The use of an LC is not limited to businessmen that have to borrow money. It is also a means of ensuring that you do not get swindled by a trade partner as the bank will only remit the funds after the terms of the transaction are fully met.

And why are you commenting on this thread? I thought you were a Biafran nationalist.

You've still not explained why the great leader, Dim Odumegwu Ojukwu took part in the Nigerian presidential elections.


Delusional nincompoop!!!

@Ekwere,

Sadly, Adeboye is not a man of God.

Na Wa O!

What is the difference between Reverend King, TB Joshua and Daddy G.O?

After all, Reverend King used to personally go to heaven and collect that 'holy water" that could cure HIV. These clowns feed off the ignorance of the masses. I challenge Enoch Adeboye to accompany me to a hospital of my choice and cure one sick person of his ailment.

@Michelin89,

You OBVIOUSLY don't live in Italy.

@Whiteroses,

You don't have to hammer it into our skulls. We get it. You speak a little Italian.

Dear Daddy G.O,

For how long will you and your fellow pastors keep misleading Nigerians?

Yes, of course. Are you from his senatorial district?

@Vikiviko,

Hey, you are the guy that writes for that Niger Delta newspaper.

Wonderful syntax from the inimitable Ibadan beauty, Whiteroses. Do those English boys scratch their heads when you try to ask for directions to the mall?

Ribadu is the man.

Halliburton is just too powerful. Dick Cheney was once its CEO, you know. Check out the size of the contracts they got from the Bush Administration.

Nothing dey happen.

My father is the only senator that belongs to the Accord Party. Isn't that great?

This is one of the reasons I support birth control.

Do alfas have money to buy jets like Daddy G.O? If I were a kidnapper, I would head straight to the RCCG Camp. I would probably chop off Adeboye's head after picking up the ransom.

Nigeria has too many tribes.

Daddy G.O is a pastor for hire.