₦airaland Forum

when 2 elephants fight the grass suffers.

The sins of nigeria is catching up with it. we had refineries we ran it to the ground because of the theiving technocrats that handled the refineries. We have never made money on the Refining of Crude, governmnet has always lost money, The money meant for the poor.

I say deregulate Fuel so that the refineries will come. If it was that easy to refine fuel why isnt it the state governments refining crude. We will suffer but it is better to suffer now than to suffer for a long time.

The fact is not just Deregulation there must be massive price increase.

I KNOW SOME PEOPLE WILL NOT AGREE WITH ME BUT THAT IS FINE.

THE PRICE OF FUEL IS WHAT MAKES IT AVAILABLE NOT BECAUSE YOU HAVE CRUDE IN THE ND.
WHAT WOULD BRING REFINERIES IS PRICE NOT THE NAME NIGERIA


YOU CAN SELL YOUR CRUDE OIL FOR 1 BILLION DOLLAR NOT UNTILL YOU GET IT INTO FUEL SORRY YOUR CAR WONT WORK
IF I TOLD YOU THAT I MADE THE FUEL FOR 2 BILLION DOLLARS YOU MUST BUY BECAUSE YOU DONT HAVE A REFINERY.

YES SOMEONE SAID NIGERIANS ARE 70% ENTERPRENUERS. I think it is Kobojunkie

The small scale business people dont want to Merge and sit together to bring Ideas. We are all running our weak individual businesses that cannot stand meanwhile we claim we want our businesess to grow?

Now Lookt at these 2 scenerios

1)

supposing i am running a transport business of moving farm produce from the village to the city, if i save and manage to buy one truck and my family and live on it activities of the truck. Ok Now if a police man demands bribe from me or my truck and i decide not to pay he will impound my vehicle for one flemmzy excuse  right? Good so I can come here on NL and tell you that because of Nigerian police and Nigerians i cant do business so everybody should run away. The thing is that the police now that we are disunited so they continue to rob you hense you meet like ten check points all asking for money

See Another scenario
2)
I have a truck and I register a trucking company with just one truck and I call My class mate that did Law (lawyer)(or any renowned lawyer) to be on my board. I tell people that I have a trucking business duly registered with the state transport company and I want people to buy truck and bring it to my company. If you bring 1 truck I would give you i company share if you bring 2 i give you 2 company share and you are on the board of directors.  if a police man comes to my truck for bribe my driver does not need to worry because he has a renowned lawyer that is on my board.

There are one thousand Ideas but most African business man like to do business in the dark, making money is an art form people must see it. Why Nigerians like to be masters of there own is because of pride, arrogance and dishonesty.

Nobody wants to sit with anybody and plan research.

When you are going to the bank say you want to build a super hospital you must go with

1) Senior doctor
2) Senoir Nurse
3) accountant
4) with yourself armed with data that will convince the bank

The money that the bank lend out did not have the name of the others written on it.

What stops us having the most efficient and powerful hospital in Nigeria where you have heads of state flying to come and receive treatment which bank would not support that.

@OPCMAN

Help themselves? How? I feel like coming back home and can you tell me how to help myself.
To come back home,

I need a generator to have constant electricity, There are other alternatives and since you are in a country that has power barges and co why dont you get it on credit. you can even start your own power company[/b]I need pipe borne water, I need gas not Kerosine or firewood to cook.
I need two years rent for a decent flat, [b]You can rent a room, why, does everybody abroad live in Flats?
I need a car to move about in search for business as public transport is not very reliable, You dont need that, you can use public transport and since you are abroad you can always get a tokunbo car
I need to pay my exorbitant re-charge cards to transact business, No need just print business cards and hands bills besides there is VOIP
I don't need security guard as I will put my life in the hands of God, In south Africa where there is alot of business and companies their lives is not in the hand of SATAN
I have approached the banks for loan and all the banker managers told me was that, I need collateral (land/property) which I haven't got, That is a big lie banks when you sit with them with a good busines idea they can help you finance a project that can make the banks richer.  One of the reason why our banks almost went dead is because they kept lending to Individuals and NOT IDEAS

Example

I have a business that can bring millions and billion to a bank but needs will power and reseacher the banks will loan you quick.

ok Let me just give you one practical exmple

You are a computer scientist and you know very well that people are very anornymous i.e people are not who they say they are to banks. So what do you do you can set up a Verifiable data company.

but you need

1) power
2) Super mega computers
3) Security
4) Scanner and other biodata equipments

You open centers where honest people will come and give there information so that if they want a loan or credit they can be given. The information gathered will be  accessed by

1) Immigration
2) police
3) SSS
4) BANKS
5) cooperatives
6) Schools


All these would access for a fee

You dont need to Register the whole of Nigeria just a few thousand innitially. what will later happen is that  the above named instituition will be asking for verifiable Data and you will be the source. So people will be forced to go on the data may this time for a token fee.

All the technology is outside where the diaspporeans but you need to do alot of travelling and research on this. I am not saying it will be perfect but I have imagined it but I need to be in nigeria and discuss with the scientist.

God bless Nigeria

Some people think that it is robots or Angels that run PHCN The Refineris The roads et all.  The theives are in the Ministeries and those instituition. you have people in the civil service.

Supose we have had 15 presidents since indepence and we have all as theives (just for arguement sake) lets say they stole  $2 billion on the Average so we have $30 billion stolen by the Leaders and this means that the official are either saints or Idiots. Where did the other moneys go?

THE TECHNOCRATS
THE CIVIL SERVICE
THE MINSTERS
THE UNIONS

THESE ARE THE PEOPLE THAT WITHOUT THEM NO SOLDIER OR TEACHER CAN STEAL ONE NAIRA FROM NIGERIA.

TO EVERY THEFT THERE IS NOT ONE PERSON INVOLVED IT IS A SYNDICATE.

@toba

Thank you for your post.

1) The OMC know how to throw the cost on your so called Deregulated DPK and Diesel. The same company that carry Fuel is the same one that carry the DPK and Diesel.

EG I bring in 100 million liters of fuel and 100 million liters of diesel. If i made a loss on the import of Diesel i would common sensely Charge you for the my loss on the Fuel which you still foolishly SUBDSIDIZE.

2) Should we then boycot this OMC? Then you will see people buying fuel for 500 hundred a liter. Should we put a gun in their heads and force them they have right and the same labour Union would say all kinds of things.


THE RICH HAVE DISCOVERED THAT THEY HAVE ROBBED US ENOUGH AND THE NLC IS NOT READY TO LET GO BECAUSE NUPENG AND PENGASSAN THEIR MEMBERS KNOW HOW MUCH MONEY IS MAKING.

THE NLC IS THE BATON THE OIL CABAL USES TO WHIP THE GOVERNMENT.

As usual.

The Deregulation of the oil sector should have been done a long time ago. Nigerians Claim that the government is robbing them. but lets see.

1) Majority of the Hummer Xfive range Rover and land Cruiser is driven by the Rich and not the poor
2) After the OMC get the Petrol from Spain (note the banks in Spain did not suffer from the credit crunch) they Charge whatever they like. because there is an ETERNAL variable cost that you or your government can never determine!!!!!!
3) The poor dont have the big engines on the average every commuter can be given a transport voucher if the need arises.
4) The rich have had enough they now let us face it.

first of all I am very angry with Nigeria I SAY ITS ABOUT TIME WE DEREGULATE HABA

I JUST DONT KNOW WHERE TO START BECAUSE

If Nigeria pays 700 million on petrol everyday

75% of that money goes to susidize the Middle class and the Elite. The NLC is just not getting it. The petrol that is subsidized is used by the Elite.
Government is saying we are stealing you and we know that we are, we dont want to Subsidize petrol for our girl friends and family that we buy cars we want to focus on other issues.

The Farmers dont have cars that they drive. We see people cars with 5.6 liter egnine that drink petrol, they are like moving petrol stations. Nigerians Should tell NLC to go to hell because they have lost it.

THE Poor that the NLC is pretending to fight for knows nothing on the other side. The subsidy is on The big Generators and big cars that your BIG MEN drive.

Do the farmer have generators or big cars?

I have said it until we start paying heavy prices on fuel no one would dream of opening a single refinery in Nigeria. Deregulation is the way.

IF PEOPLE SAY THAT YOU INCREASE FUEL AND EVERYTHING GOES UP AND SO WHAT? FUEL IS NOT OUR GOD WHAT IF WE DID NOT HAVE CRUDE OIL? THIS IS A SHAME ON YOU NLC. YOU KNOW THE TRUTH AND YOU IGNORE IT.

Every OMC knows that at the end of the month he will earn so much because they just fix the price and the same government pays for it.

@aloy~emeka

dont waste your time on these tribalist. There is what is called transmutation you can become like them when you argue with. I salute you.

The yoruba have a proverb when the sponge has stayed with the soap it becomes soap. Dont spend much time with the tribalist.

@all the bigot on both sides

I know that Ewe and Egun(a langauge spoken from parts of lagos to parts of Ghana)

Infacts when Yoruba say ENU which means Mouth in yoruba the EWEs say the same thing just as word like

Death Iku or Ku in ewe and yoruba
Ancient breakable Plate Agba
Top cloth Ewu just slightly in ewe Awu

Now with the Igbo and yoruba

The list is divided into rough and ready subsections: Body Parts, etc; Common Medical Conditions, Medications, etc; Relations and Usual Members of the Community; and so on. It is intended that by considering the examples, the reader will be able to form a good impression of how the languages have diverged over time. And the items listed include:

agba (or akpÍ, akpå)/agbÍn (= ‘chin’),

awÍ /ewu (= ‘grey hair’),

aga (or Ëga)/agan (= ‘barrenness, infertility, a barren woman’)

, Ígwå/oogun (= ‘medicine, poison, charm’),

dimkpa/ igiripa (or giripa) (= person in prime of manhood, strong man, man of strength and courage’)

, Ëra (or Íra, Íha, Ísa)/ara (or ira (CY)) (= ‘the citizenry, the people, the masses, the public’)

, onye/ eniyan (or Íniyan(CY)(= ‘person, anyone, someone’)

, agå/ ¹kun (= ‘tiger, leopard’)

, enyin/ erin (= ‘elephant’),

anwå /oorun (= ‘sun, sunlight’),

ifufe (or ifufu)/af¹f¹ (or efuufu) (= ‘wind, breeze, air’),

ogbodo/ogberi (or ogbere (CY)) (= ‘person not yet initiated into a masquerade or similar secret cult , a novice’),

and akårËkÍ /iharihÍ (or ihaahÍ) (= ‘charred part of food which adheres to the pot or sauce pan’).

Very many examples, and not a few from even the deeper recesses of traditional life!

Now i ask again what is tribe language?

More below

Yoruba Imu = Igbo, imi which means nose.
Yoruba eti = Igbo nti which means ear.
Yoruba enu = Igbo onu which stands for mouth.
Yoruba orun = Igbo onu meaning neck.
Yourba Eniyan = Igbo Onye Person

body parts where these similarities abound. In Yoruba and Igbo, the jaw and the cheek are found in the same category. Igbo has it as agba onu Yoruba egbe enu. Armpit in Yoruba is abiya, while in Igbo it is abu. Intestines, stomach, stand for ifun in Yoruba while in Igbo it is afo or avo. So also is aka which is hand in Igbo but apa in Yoruba. In some cases in Yoruba dialect however, aka also stands for arm or hand. The Igbo aka as in finger also signifies Yoruba ika which also stands for finger and toe.

@opcman

OPCman:
They say 'Yoruba started it'.
But we all know where 'kidnapping is rampant' and the tribe behind it. Can anyone paste here where a Yorubaman posted a topic that certain tribe is kidnappers'.

Forum is where people learn from one another, where we discuss issues going on in the country and how we can put head together to solve it.

We can discuss tribes (because Nigeria is a multi-tribe, multination country and it might be difficult not to mention the tribe concerns sometimes i.e. the Anambra political issue, Ibo can come into it) but you don't come here to disparage or start calling a tribe names because you don't like the tribe and the people.

and the tribe behind it

Not the tribe behind it but the people behind and where the crime happens

or you can say the ethnicity of the people behind the crime.

There is what you call reverse rascism in this context it is reverse ethnocetrism or tribalism

@Mekus

What is Sizable?
What has yoruba and being a thief have in common?

If you are intelligent as you claim you are you will make it difficult for people to be tried convicted and sentenced.

Tell you what

any other Judge of the same tribe with the accused would rethink of your statement here before passing any judgement. This judgement would come off as weapon in the hand of the PERCEIVED ENEMY OF THE YORUBA.

What if the Judge was Igbo?

Dont you think your intellectuallism is grossly exposed here?

IF ALL YORUBA'S WERE DUMB NOT LITERALLY WILL THEY STOP BEING YORUBAS?
IF ALL IGBO'S WERE DUMB NOT LITERALLY WILL THEY STOP BEING IGBOS?



I AM GOING TO PUT YOUR HATRED TO THE TEST AND LET YOU SEE YOUR HATEOMETER READING.

IF MR BODE GEORGE WAS SENTENCED BY THIS JUDGE TO DIE BY HANGING WHAT WOULD YOU SAY?

A TRIBALIST HAS THE FOLLOWING TRAIT

1) Is completely illiterate
2) has a hatred that makes him look very unreasonable
3) There is a biased jundiced view because he sees everybody through blood line
4) He is easily deceieved because he has faith in the encyclopedia of sounds that is made by a man called his tribes men.


You might be Educated but you are coming off as very illiterate.

WHAT MAKES A TRIBE. A LANGUAGE?

hmmmmmm yoruba play ibo ibo play yoruba some minority tribe are laughing.

It is looking like the bigger tribes are the bigger and gullible.

Who knows the opposite of yoruba? It must be Igbo  ( understand my sarcasm)



willywilly that trick is not going to work here find somewhere else to practice your promotion of hatred.

Nigerians hear me Hitler came from Austria and moved the germans to great hatred.

I have told you that Satan is using people so that we hate ourselves. This pays them. A divided major tribe gives the FAKE THINKING that the smaller tribes are better. We are related in some way or the other

A SWAHILI MAN WILL SAY BWANINI
A HAUSA MAN WILL SAY MAININI
AN IGBO WILL SAY OGINI
A YORUBA WILL SAY KINNI


THEY ARE SAYING THE SAME THING WE ARE ALL FROM EGYPT AND ETHIOPIA.  NIGERIA IS NO MISTAKE.

In my thinking he should be the next president of Nigeria

10 percent of nigeria are the core unpatriotic ones. the remaining are may be 88 nigerians the MAY BE regarded as the sheep component. The remainder are the very silent undefiled mature Nigerians positive optimistic in heart.

There are the 13 year old to the 16year olds you would have about 40million this should be the core of the new nigerian. We need to restart with this people.

@KNOWALL

If you have time you can read all this if not dont say a word on this matter again ever.


Clampdown on banks: God would not have forgiven me if we did not strike — Sanusi Lamido Sanusi
Cover Stories, Interview Oct 24, 2009 By JIDE AJANI, Deputy Editor OMOH GABRIEL, Business Editor, BABAJIDE KOMOLAFE & MICHAEL EBOH

Sanusi Lamido Sanusi: An activist as Central Banker

FOR those who know him, activism is his life. Whatever he does, he does with passion. He may not be tiny but describing him as being on the skinny side would be more appropriate – his shirt size would be 15 and a half. We are talking about Mallam Sanusi Lamido Sanusi, governor of the Central Bank of Nigeria (CBN). Sanusi’s belief in the Nigerian state is unbelievable. He proved that much when he visited Vanguard’s corporate headquarters in Lagos last Thursday.

Speaking on the rot in Nigeria and, specifically the banking sector, Sanusi’s illustration was: “If my son’s friends ask him what can a rich man do in Nigeria and which would make him go to jail what would he say in response: Is it to kill? No, he would walk free. Is it to steal money? No, nothing would happen to him. I want my son to be able to say something worthwhile, like, if you steal money in the banks, my father will put you in jail. We can start from there. Our children must have values. I’m not a saint and I have never claimed to be one and I am not looking for saints to run the banks.”

From the reasons why the CBN struck, to putting a lie to some of the claims being made by bank executives who are facing the law for acts committed while they were in charge, to Islamic banking, possible takeover of Nigerians banks by foreign banking interests, the laws guiding actions of the CBN governor, the powers at his disposal to ensure that the banking sector is put right, and many other burning issues, Sanusi demonstrated his superb understanding of the issues at stake. For effects, every response Sanusi provided during the about three-hour session he had with Vanguard editors, he never consulted any book or diary. Every response he gave was extempore. He did not consult any manual neither did he resort to whispering with the two staff he brought on his entourage. For good measure, Sanusi would throw banters, occasionally making light of otherwise very serious national issues – but he could be excused because there were times when the tension in the conference room of Vanguard became very palpable. This is a three part interview and this is just the first in the series. Excerpts:

MY views, background and my world

Let me by way of introduction say that I have never defined myself by my job and I have also believed that this country will not change unless every Nigerian commits himself wherever he finds himself to the general good of the people. Whatever you are, when you are outside government, unfortunately, when you get into government it gets magnified. The good things that we do in government have a very wide impact on the generality of the people of this country and the bad things that we do in government also have a very wide impact on the generality of the people of this country as well and, therefore, our actions have to be subjected to scrutiny and criticisms of Nigerians and this is the way I see it. There is nothing that I am doing now that will surprise anybody in the industry. Anybody who has followed my career as a credit officer, as a risk manager and anybody who has followed my comments when this global financial meltdown started and what I said the Central Bank should be doing, everybody knew what my views have always been. I have said that the Central Bank will not allow any bank to fail. This is coming from the lesson I learnt from the collapse of Lehman Brothers.

What were the lessons that I learnt from the collapse of Lehman Brothers
From the collapse of Lehman Brothers, I learnt three lessons. The first lesson was that we should never let a big bank fail. The US had the option of spending $700 billion to save Lehman Brothers; they said they did not have the money then. Since the collapse of Lehman Brothers, the US government has spent $16 trillion. They have found that money from somewhere. Over 700 banks have collapsed in the US, they have had to pay and they are still paying. You can ask again the question, why we are spending public money to bail out private banks but let me tell you that should I allow Intercontinental Bank or Oceanic Bank to fail, it would be a matter of when other bigger banks would follow. I think that point is very important for us to understand. The day the nation and the international community believe that the CBN governor cannot save Oceanic or Intercontinental Bank, they would never believe that we can save others. So, a decision had to be made to save these institutions and then we can begin to deal with the fallout thereafter.


Central Bank Governor, Sanusi Lamido Sanusi , I have said that the Central Bank will not allow any bank to fail

The second lesson is – and this is very ironic – that after the collapse of Lehman Brothers, we then realised that there were hundreds of financial institutions that appeared extremely okay from outside but which were actually walking corpses and it took just a little trigger to make us realise that. The second lesson for me as a regulator is that you should know what the problem is before it strikes. So, what we did with the 24 banks was to go into those banks and identify what their problems really were and to look at ways of solving these problems to the best of our abilities. The third lesson, which we learnt, is that if you look at the United Kingdom and the US, trillions and trillions have been lost and yet nobody has been held accountable for the banking collapse. Now, for me, the lesson was that people must be held accountable. We cannot just lose billions or trillions and then no one is held accountable especially if you can trace that loss to errors of omission or commission on the part of those who are supposed to be accountable.

How Nigeria became affected by the meltdown

We were faced with a financial system that was rocked by crisis, but you know people can say anything and we all knew that as at May this year, some people had acknowledged that all was not well, that something was wrong somewhere, somehow, they may not be able to place their fingers on the problem but people knew and each time the government came out to say all was well, people would simply say to government: “liar”- that is the truth.
It was impossible for us not to be affected. You had a mono-cultural economy based on oil; a growth had been predicated on oil prices of $147 per barrel; oil prices had crashed to under $40; output had almost halved as a result of internal and external issues and you had a stock market that was wired and engineered to fail. Seventy per cent of the funding of that market was not private sector saving but leveraging. It was a market driven by margin trading and margin loans were not regulated. In the US, margin loans were handled by something called Regulation T. We had no regulation. Anybody could borrow anything and even the stockbrokers had turned themselves into banks. They borrowed from banks on margin loans, they would take the money and lend to their customers, and nobody was looking at the rules and the guidelines around those margins. It was a stock market that was headed for failure. All it needed was a small trigger.

Banks were carried away by the euphoria of stock market gains
The stock market everywhere in the world is correlated with prices of commodities in commodity exporting countries. In Nigeria for instance, when oil revenue grows, there is liquidity in the system and the first place it flows to is the stock market where investors were reaping three to four times profit on a short term basis and after making such money, they then took it to real estate or manufacturing but the first thing they were doing is when they make money, they buy shares. So, not only did you have an economy that is made up of two channels – commodities and asset price channels, you also had a problem that both channels were highly correlated. Which means if a bank decides to expose itself to the oil market and the stock market based on commodity prices and asset prices, it had already set itself up for a highly correlated default situation. And this was precisely what happened with the Nigerian banks.


, once the stock market crashed , bankers should have known that they had lost money

We had banks that were carried away by the euphoria of the stock market; exposed themselves in two or three different areas in the capital market and in some cases, had excessive margin lending. You could charge any rate of interest and at times charged as much as 35 per cent because the bank knew it will make that 35 per cent in two or three weeks. And bankers assumed that the market trend would continue that way. It was so sweet that they decided they could even begin to trade on their own accounts – so, why lend to a stock broker and make 35 per cent per annum when you can make the same yourself per quarter by trading. They took shares on their books. Sometimes they took their own shares. I can tell you for a fact that by the latest numbers we have today, 65 per cent of the shares of Afribank is owned by its subsidiaries, in addition to owning 18 per cent of AP and 12 per cent of Spring Bank. Is that banking?

These shares were bought at N25 to N30, they are now worth N3. Total mark to market loss is now over N120 billion for Afribank. These are depositors’ funds, burnt away. This is the kind of thing that has brought banks to their knees. The others were involved in oil marketing and we are not talking about people who lent to Total, or NNPC or Trafigura or Glemco - none of those loans were bad. We are talking about people who took money and lent billions to “fly by night oil marketers” who just appeared from nowhere, who did not have orders; there was no hedge on the price. If you had an order receivable, you took the loans in naira; if you take in dollars, you have a dollar receivable. You are taking a risk so if you had an order from PPMC and an order from Mobil and that order says I will pay you three days’ flat stuff plus three per cent, by the time the bank established the letter of credit, it knows exactly how much you are getting. It had a domiciliation, a clear receivable and its exposure was fully covered and it got paid.

Riding in the market

On the other hand, if someone just goes to establish an LC because oil prices were going up; and they were riding in the market, look people made a lot of money that way. You buy petrol for instance at $80, by the time it lands here, it is $92. You get PPMC to issue an invoice and you sell at $92 because that is the current price. The problem, however, is that it also works the other way. You go and buy at $80 and by the time the ship arrives Nigerian waters, it is $50 and that was exactly what happened. By the time the ship arrived, oil prices had crashed, because of the impact on government oil revenues, the CBN overnight devalued the naira and people were in for a double warming. They had borrowed to purchase a commodity in dollars, oil prices had crashed, the exchange rate had also crashed, it moved against them and businesses were wiped out.

It is not a crime to make a bad loan but own up


, it is not a crime to make a bad loan

Is anybody to be blamed for that? May be not, except maybe for exposing yourself to the risks in the business? But it is not a crime to make a bad loan, nobody has said it is a crime. But what the problem was, was taking your shareholders’ fund, a huge chunk of it and exposing it in one or two markets without giving thought to the possibility of an eventuality. What was the next offence was to fail to acknowledge that you had a problem. Once the stock market crash happened, bankers should have known that they had lost money and the solution was not just a liquidity problem. It is like a boy running a temperature and you keep giving him Panadol, at some point you would have to realise that maybe the boy’s problem is not just headache, but that the temperature is a symptom of something much more serious.

The warning signals

I came to CBN in June and before then, my views were known. Being a risk manager, my attitude to a problem is to take the bad news, don’t hide it. If people give loans and there is a problem, I would want to know what the problem is so we can fix it. Before I came in, CBN had put some measures in place like the discount window, it had reduced cash reserve requirement. As at June when I came in and as I’ve made known before that addressing the liquidity issue was merely addressing the symptom and not the real problem. My views were well known on that. I looked at the records of the amount of money given to banks in liquidity support and I saw that five of the 24 banks in the country had taken 90 per cent of the money in the discount window and the banks were Oceanic, Intercontinental, Afribank, FinBank and Union Bank.

An IMF blind stress test on the 24 banks

The next point which I have never mentioned to anybody before was that we called the International Monetary Fund, IMF, and we gave them the financials of the 24 banks in Nigeria as at March and we did not give them the names, it was just serial numbers and we requested that they run a stress test on the banks and you know what? These five banks came up – they didn’t have the names of these banks we just gave them the information on the books of the banks without names but these five banks came up as the weakest banks in the industry.



, if Intercontinental Bank has bad loans of N333bn, how much capital does it have?

I looked at the trend.

As at June, Oceanic Bank wanted to pay dividends even though they were exposed to the tune of N90 billion at the discount window and I refused. The question I asked the bank management was how can you pay dividend when you cannot meet your obligation to your customers without CBN support to preserve your capital? And the compromise we reached was that they take provisions up to the limit that their earnings will allow until we finish the audit. This was the agreement I reached with Mrs. Ibru. You had discount window exposure and you had the IMF stress test. To be honest, I did not need anyone to tell me that if I dealt with the problems in those five banks, I would have gone a long way in solving the problem in the system. But we said we know that this is where the problem is and until we actually look at the books, we can not assume that our hypothesis was right and so we sent in examiners. We could do only 10 banks because we had limited human resources.

Due process was followed

We sent in 10 examiners because people just talk about due process. We had five examiners from CBN and five examiners from the Nigeria Deposit Insurance Corporation, NDIC. They came with their report and the reports were examined by the CBN Director of Banking Supervision and the Director of Bank Examination at NDIC and at that stage, most of the banks had the opportunity to defend their positions. Some bank MDs spent the entire day or two in our office. I hadn’t seen the reports but I was aware they were coming, and discussing with them does not mean they had the veto and the examiners would say to them, this account is sub-standard, this account is doubtful and so on and the guidelines were there. Up to this point, nobody beyond the level of a director saw the report.

For me, it was if in the course of examination, they discovered things they felt I should know, they would inform me but none of us in the Committee of Governors saw that report until the exercise was completed and the quality control completed. The report went to a deputy governor and some MDs called the deputy governor if they had disagreements with the directors and from there, the report and its summary went to every member of the committee of governors and every member of the executive committee of the NDIC and then we started a meeting with the CBN governor as chairman, all the deputy governors of CBN, the MD of NDIC, executive directors in NDIC, the two directors that I’ve talked about. This was the committee and we looked at all the reports. It was a decision we reached at that meeting on what to do so it was not the CBN governor who decided. It was a decision taken by all the people who had anything to do with regulating the industry. And we took decisions on each bank; there are minutes of the meeting; there are decisions of the meeting, what we rejected and what we added.

Powers of the CBN GovernorUnder the CBN Act, if the CBN governor is satisfied that a bank is in a grave situation, he is allowed to take a number of steps and that judgment is mine to be taken. If a bank is failing, I have the option of handing that bank to NDIC for liquidation and I have said I would not allow a bank to fail. I did not believe, I may be proven wrong but I did not believe that the industry would be better served if I allowed Oceanic or Intercontinental to go into liquidation. I did not believe that and I still do not believe that.

Why I injected funds into the banks

I had ruled out having a failed bank and having ruled that out, I had to face reality. We have published names. Everything people talk about – process, fair hearing or that what we did was dramatic and all that – have you ever heard anybody talk about the fact that there was N300 billion bad loans? No one has said that. We published the names. Nobody has said that Ascot does not owe Intercontinental N45 billion or that Ascot has paid. The records are there. So, if Intercontinental Bank has bad loans of N333 billion, how much capital does the bank have? And if it is true, should that bank be allowed to continue standing and, can that bank in fact be said to be standing? That is the fundamental question; everything else is irrelevant. They have come to say they were helping businessmen but if it is true that they had that quantum of non-performing loans in their capital, then is it not true that the bank is in a grave situation?

And if it is in a grave situation, gentlemen, it is the governor of the CBN that is in the best position to take certain steps to save it and the steps are that one, we put in money to make sure that depositors and creditors do not lose anything. And that, two, we would remove the management because we felt the management has brought the institution to that state. Sometimes you take a decision and you go to bed and for the next two weeks, you keep asking yourself: “Was I too harsh? Was I too precipitate in my actions? Could I have done it in any other way? I tell you, with every passing day, having entered those institutions, with the other information that came out after entering those institutions since August 14 if I had not taken the decisions that we have taken, God would not have forgiven me.

Shocking discovery in the books of banks

We looked at the institutions and saw on their books huge non-performing loans and when we entered the institutions, we discovered that 75 per cent of the non-performing loans were given to the companies directly related to the CEOs of those institutions. We didn’t know that from outside. Is that why a bank is set up? Is that why we raise capital? We raise those deposits so that we can give the money to our own companies. You can blame Soludo any which way you want but I can tell you that there was no way Soludo would have known that. We didn’t know until we went inside that company X was actually not different from the CEO of the bank. It was not until we had our people in the bank and we said let’s talk to the management of this company and you discover that they are nowhere to be found. It’s when you have an MD in the bank that you know this. How did you give a company N5 billion and you don’t know where the company is, that is when you discover, and things start coming out and that this company really was not different from the person approving the loans.

Have I gone beyond my brief?

So, have I gone beyond my brief as governor of the CBN? Possibly. I’m a Nigerian and I believe that we have been living in a country where people believe that there is no line that cannot be crossed. In this country, the chief law officer, the attorney-general was killed and nobody has been held responsible for it. If my son’s friends ask him what can a rich man do in Nigeria that would make him go to jail what would he say in response? Is it to kill, no, he would walk free. Is it to steal money, no, nothing would happen to him. I want my son to be able to say something worthwhile, for instance, ‘if you steal money in the banks, my father will put you in jail.’ We can start from there.


, 75 per cent of the non performing loans were given to firms directly related to CEOs of the banks

Our children must have values. I’m not a saint and I have never claimed to be one and I am not looking for saints to run the banks. There were some things that we saw in the banks that we have not talked about. There were some that we saw and I would call the MD and say this is not good, do not let it happen again and it ends there. There were things we saw but which I cannot just in good conscience close my eyes to. The other ones we have sorted out and I will never tell anyone except the MDs concerned do. There were some that our examiners wanted us to take up but I would say let that pass because these were mere human errors.

Foreign investors

There are some things I have seen like foreign investors. The law of the Federal Republic of Nigeria does not place any limit on the shareholding of foreign banks in Nigerian financial institutions. That is the law, it was not a law written by Sanusi. It would please you to know that a former CBN governor had said foreigners would not own up to 10 per cent of the top 10 banks in Nigeria. There was no circular to that effect because such a circular would be illegal. That is why you have Stanbic, Citibank, Standard Chartered. My attitude to banking is that it is not a life and death matter but a privilege. The license serves the purpose of you and I having the confidence to put our money in the bank knowing that it is safe. Then the bank is also a transmission channel, taking the money and lending to those who need it for industry growth and mortgages among others. It is not to go and buy shares.

For me, far more important than who owns the bank is that a bank performs its functions and performs the functions well. If a Nigerian is going to own a bank and at the end of the day, your money is not safe or if he is going to take your money and deploy that money to areas that would not benefit the economy, I would rather have a foreigner who would build the economy. Look, this banking problem may cost us as much as N500 billion or N700 billion I do not know yet. Am I not going to allow institutions to continue and three years from now we are still digging and pumping money without the ability to bring back the assets – some may come back but not much.

Foreign ownership

For me, if there’s a foreign institution that is determined to set up shop and promote economic development in Nigeria, I would support it, that was the essence of amending the law to allow for foreign ownership. That is very different from saying I have gone to look for foreigners to buy the troubled banks. When I went to London, I went there to brief creditors. My responsibilities include to protect depositors and creditors and among the creditors of those banks were foreign banks and they had a right to know that their money was safe with Nigerian banks. I never met foreign investors but I met regulators. I also heard that government, on the basis of that had told those banks not to invest. I went to China for the World Economic Forum, I had attended every year from my days in First Bank and when I became the governor of the CBN, they wrote back to me not to disappoint since I had committed to presenting a paper there. I came back and heard that I went to China to look for investors, nothing like that happened.

Second round of audit

We went through the second round of audit and found out that what we discovered was not as terrible as the first round and therefore, we decided to issue a statement and again, what did I hear? They said that the government had set up a committee to look into our activities and government then called me to say that I should change my approach. Nothing like that ever happened.

Northern agenda

Then there was the issue of northern agenda. The issue of ethnicity for me is something very alien and I do not like defending myself against such things. Kano for a long time was one of the most cosmopolitan cities in the North. My grandfather was an Emir and we grew up knowing that you have to love all. My father was a federal civil servant, he was a career diplomat. At the age of eight, I went to a boarding Catholic school in Kaduna. At the age of 10, I came to Kings College in Lagos and I have worked all my life in Lagos. There is no tribal organisation that I have not fought in this country. I have fought Arewa Consultative Forum, ACF, I have fought Afenifere, I have fought MASSOB. I have been called a non-Muslim because of my disagreement with the politicisation of religion. And then to find people who are in journalism and who I know are familiar with my background and debate and choose to ignore 20 years of intellectual work and brand me as one pursuing northern agenda is disheartening. Yes, I was born in Kano 48 years ago on July 31; that was just a historical event. That is not my life, and after that day that I was born, a lot of water has passed under the bridge. I have made friends, I have my views.

Having written over 100 articles, if you read well you are likely to find a debate between may be me and Ike Okonta where I made some arguments about the Fulani supremacist issue but look at the context of the debate because Okonta blamed the Fulani for all the problems that has confronted Nigeria and that was the context in which that debate came about. Or you might find me in a debate with Frederick Fasheun, or G. G Darah or Reuben Abati. When we were in the university; my intellectual mentor was Bala Usman.

The reason we were unpopular was that we insisted that this was a nation and that it was about a small group of Nigerians who were using their network to enrich themselves under the guise of religion and ethnicity and that was the basis of the Zaria group. I would not allow office to change me.

Islamic banking

That is very interesting. BOFIA was amended in 1991 to allow for a non-interest banking. The CBN gave the first approval in principle for an Islamic Bank in 1992. When I became the governor of the CBN, a bank had already been given a licence. Governor Soludo had drafted a framework for Islamic banking, which was being implemented.

He had applied and paid subscription so that Nigeria would become a member of the Islamic Financial Sector Regulatory Authority, all these before I became the governor of CBN. You have Islamic bank in the US, UK, the UAE. The progress that was being made for Islamic Bank under Soludo has been slowed down since I became governor.

May be we should talk about Islamic bank because I have a degree in Islamic law. In Islam, lending is not a business, that is a fundamental point. If you take a loan by definition, it is only when you are in need – for shelter, for feeding, for school fees – you come and borrow because I am not allowed to exploit you in your time of need.

If you want to borrow money to do business, in Islamic law you are looking for a business partner – which means we share the profit if it succeeds and if it fails, we share the loss; it is just non-interest yielding as in conventional banking. That is all that is Islamic banking. In fact, my argument is that why should we call it Islamic banking because there is nothing Islamic about it, it is not unique to Islam. The governor of the Bank of England, Eddy George was the first to amend the law for the setting up of Islamic banking. It is not religion, it is a product but I don’t know why there is this fixation about it. HSBC has a bank, Amana which does Islamic banking. Now would I promote it because I am a Muslim? No. But I would deepen the process and system because people need to have options. Would I say I won’t do Islamic banking because they will say I am Islamising Nigeria? I would not. The Islamic Sukuk is now becoming the best form of raising money in the world. American companies are going to Malaysia to issue Sukuk – these are bonds. There is nothing about it.

We owe it as regulators and operators and intellectuals, given the environment in which we are, to educate people and I can understand within Nigeria in the context of Sharia and all that. A man in England reading that we in Nigeria are fretting because of Islamic banking, he would just laugh because we have them in England and that did not make people say Tony Blair wanted to Islamise England. We often ridicule ourselves. For those who talk about a northern agenda, I just laugh. Go and ask Akin Osuntokun, I was a member of the Progressive Advance Movement, PAM. I started with the Kudirat Foundation. There were some northerners who saw any fight against the military or Abacha then, as a fight against the North as if military dictatorship or its phenomenon is a creation of the North.

They just deceived people and it’s the same thing that is now playing out again regarding this issue of northern agenda. Well, if you say money laundering is a southern phenomenon, then fine. If you say insider trading is a southern phenomenon, then fine. People just like hiding under these guises. Was the money given to southerners? How many factories would have been set up otherwise with the money? If it was invested into factories, how many people would have had jobs?

What’s the effect of your action on the banking industry and the economy because banks are no longer lending money? Nobody even wants to borrow because of the shame game

People have been saying that credit squeeze is one of the unanticipated consequences of what we did. But no, what you are seeing are not the consequences of the CBN action. They are the consequences of the actions of those management and the bad loans. We say that banks must recognise the losses made, the capital of the bank is automatically impaired and by definition, once you have an impaired capital, your ability to lend is impaired. I told the National Economic Council, NEC, that we’re auditing banks and that when we do, there would be a liquidity squeeze.

After consolidation, credit growth in the banking industry was at an average of about 69 to 70 per cent. This was unsustainable, year on year. And we have now discovered that the bulk of that growth is either capital market related or simply just non-performing loans. So, if you go to the United Kingdom today, the chancellor of the exchequer is always complaining that the banks are not lending to the SMEs. There is a credit squeeze in the United Kingdom, there is a credit squeeze in the United States of America.

Even yesterday (Wednesday), there was a story on CNN about the credit
situation in the USA. So, gentlemen, let us understand that a credit squeeze is not a uniquely Nigerian phenomenon. It is all over dispensations where the financial system has taken a hit as a result of coming face to face with the consequences of their own decisions, whether it is sub-prime mortgages, toxic assets or stock exchange margin lending in Nigeria, it is facing the realities of the implications of those decisions that have led to these things.

Now, what can we do?

Some banks cannot grow because of liquidity constraints. We’re trying to address that through the asset management company by trying to unlock some of the funds that are currently locked up in the stock market. That should, hopefully, provide liquidity on bank guarantee, reduce the non-performing assets on bank’s balance sheet because we’re now moving from loan into cash. It should, hopefully give some form of practical recovery, depending on what price we pay for the shares, and, hopefully, stimulate recovery in the stock market because the asset management company can then negotiate payment terms with operators and stockbrokers and their profits will not immediately go back to payment of debts. We then have to follow that up to fast track the resolution process for the banks. We have 10 banks that we have said are under-capitalised. They either raise capital or go into some merger and acquisition, local or foreign but we have to get these banks out of limbo. When people say I am in a hurry, it is because I understand the consequences of vacillating. When we put these banks on life support, we can then move to rescue it fully.

Shareholders you have lost your money

The shareholders need to understand what we are doing and we are merely being charitable when we talk about shareholders. Look, you’ve lost your money. If your capital is zero or negative, you no longer have a bank. That is the truth people do not want to hear. Somebody says he’s speaking on behalf of shareholders. If we publish what we have, they will see; there is no capital, it’s been gambled away – that is the truth. But we’re trying to have discussions so that the shareholders would still have something.

The rich must suffer some discomfort and pay

People are complaining that we’re causing some rich people discomfort. These are people who believe in their mind that they are rich. What I get is not so much the rectitude of it but people feel scandalized ‘how dare you publish my name; how dare you say I should come and pay’. They must pay. People have got used to this mentality of when a bank is distressed, they go to NDIC but this time it is different. People on the streets must know that their banks have been badly managed, that this bank doesn’t have capital adequacy ratio. The act even says nobody who is not licensed by CBN should operate a bank. Where are the people who took away the money, they come back and contest elections. We’ll ensure that the common man on the street gets protection, but you the big man who is trying to cause people pain, you will pay. Look, let me tell you, the same people whose name you see on the list of bad debtors are the same people messing up the polity, messing up the petroleum sector, messing up the power situation in the country, they are the same people who are going to rig elections so we have to deal with them. That is true. Is that the mandate of the CBN governor? It is not. But it is the mandate of Nigeria and I am a Nigerian.

If you look back at the posts you will see alot of the Loud pessimistic few firing and in your heart you would want to agree with them.

WELL IT IS A CHOICE THEY DID NOT BECOME SO OVERNIGHT. THEY ARE SO PERFECT AT MOCKING AND THROWING STONES AT NIGERIA.

The choice is yours.

@posakosa1

so the million dollar question- are u willing and ready to lead the "militant few"?

No need Mallam Sanusi is already leading the fight of the millitant few. I know how much it takes me to reply post and read articles(though very insignificant)

We are not talking about armed struggle. There is core of nigerians that are dissillusioned (Loud pessimistic few) the Parasitic Elite did not need to take arms and shoot them to bring to the state of pessimism they are now.

@bolalanleolu

Leaders are not evil spirit they are human beings. We must patiently tell our leaders what we want in love and good imaginations.

NOTE MANY OF OUR LEADERS READ YOUR POST ON NAIRALAND SOME SEE YOU DONT HAVE HOPE IN THEM SO THEY MAKE EXCUSE FOR NOT TRYING. YOU ARE ALSO PLANTING THE SEED IN THE HEART OF THE YOUNG LEADERS THAT NOTHING WILL WORK SO WHY NOT I STEAL.

A MAN ONCE SAID THAT MOST GOOD AFRICAN LEADERS ARE POOR WHEN THEY LEAVE OFFICE. SO THEY ARE CORNERED SO THAT THEY STEAL BEFORE THEY LEAVE OFFICE.

THERE IS AN ELITE THEY ARE AMORPHOUS THEY ALWAYS GET HORRIBLE DEALS WITH YOUR LEADERS THEY ARE TRAINED TO DO THIS JOB IT IS BEEN LIKE THIS FOR CENTURIES. THEY MAKE YOUR LEADERS LOOK LIKE BABIES AND MAKE THEM FEAR OF TOMMORROW. THEY ARE YOUR TECHNOCRATIC ELITES THEY STEAL MAJORITY OF THE MONEY AND TRUMPET THE ONES STOLEN BY YOUR LEADERS.

THE GENERALISATION THAT ALL OUR LEADERS ARE THIEVES SHOULD STOP.

IF WE CONTINUE TO GENERALISE WE LEAVE OUR NEW, OLD AND UPCOMING NO CHOICE TO TO BE BAD LEADERS.

WE ARE CONDEMNED TO IMAGINE GOOD THINGS

GOD BLESS NIGERIA

take away money from politics and we would have less bloodshed.

Your security men that pretend to keep the law that is made are no fools. Law making should be voluntary service. The makers of the law should be people of respect and the fear of God.

The keepers of the law should be paid those monies not the makers of the law.

@rebarobyn

The Elite have the media and the real men need to stand up and lead the militant few if you can lead them you can Educate them. There are so many Elite here some are here to maintain a stranglehold on the mind of nigerians.

texazzpete is correct in his observations.

There is no difference in USA and Nigeria. There are theives in the USA so there are thieves in Nigeria. Our security service dont have any reason to die for Nigeria because the people they protect steal money and sleep with their wives and future wives to be and so they must also show to them that they are men by condoning crime.

If you give Nigeria free 400 years of men hours of work alone we would surpass america by a millenium.

@texazzpete

The intelligence of a few loud typical nigerian is Summative. This Loud Core Nigerians of a 20 year bracket from 1980 to 2000 have what i call simplified mindset, it is not a bad thing it is a good thing but the application is the problem.

If you read you post you will see it in application where you said we are Sheep. Categorization is a lazy way of communicating to people. Somethimes I think it is a wicked way to speak.

If you looked yesterday in the U17 worldcup where people just walked out before half time when nigeria was down you will that it just took one person to get up for others to follow.

We need to have a militant core that would counter this loud dissillusioned core The optmistic patriotic militant core must identify the selfless elite and aline themselves with them so that they can counter the parasitic elite and the Loud disillusioned few.

God Bless Nigeria

He was also accused of failing to give true and fair view of the state of the affairs of the bank to CBN by incorrectly importing N47.6 billion of commercial papers under the Expanded Discount Window in FinBank's statement of assets and liability.

According to EFCC, the offences are contrary to and punishable under Sections 28 (3) and 50 of the Banks and Other Financial Institutions Act (BOFIA) CAP B3, Laws of Nigeria, 2004.

The next to be put in the dock were Sebastian Adigwe; former MD of Africabank Plc, Mr Peter Ololo; and his company, Falcon Securities Ltd.

Adigwe was accused of granting loans of about N91 billion to Falcon Securities Ltd, Rehobet Assets Ltd, Kolvey Company Ltd and many others without adequate collateral contrary to the provisions of Failed Bank (Recovery of Debts) and Financial Malpractices in Bank Act, Cap F2 Laws of the Federation of Nigeria, 2004 and other offences punishable under the same law.

Other charges levelled against Adigwe were that he failed to keep proper books of accounts and classification of commercial papers as contingent liabilities of his bank.

He was also accused of failing to take reasonable steps to ensure the correctness of the bank's monthly return to CBN from October 2008 to May 2009.

The seven non-executive directors and members of Board of Directors of Intercontinental Bank, who were the third set to be arraigned on 18 count charges, were accused of colluding with the former managing director, Akingbola (now at large), to grant various credit running into over N36 billion to companies, in which they are also directors without security.

They were also accused of taking $10,000 as holiday allowance in contravention of the code of conduct for banks issued by CBN.

The bank directors were further accused of ensuring that the balance sheet of Intercontinental Bank did not give a true and fair view of the state of affairs of the bank with regards to the non-performing credit amounting to N87.6 billion.

For these, they were said to have committed an offence contrary to Section 28 (1) (2) of the Banks and Other Financial Institutions Act Cap B3 and Cap F2, Laws of the Federation, 2004 and punishable under Section 28 (3) (A) of the same Act.

Ibru, who was arraigned on a 25-count charge, was accused of granting bad loans running into over N12 billion.

Specifically, she was accused of granting a non-performing loan to seven companies and to one Ibru Edesiri Onateji without security contrary to the Bank's regulations.

She was also accused of granting over N25.5 billion without the approval of the apex bank contrary to the laid down procedures and thereby committing offence contrary to provisions of Failed Bank (Recovery of Debts) and Financial Malpractices in Bank Act, Cap F2 Laws of the Federation of Nigeria, 2004.

The last to be arraigned were Ebong of Union Bank and Henry Onyemem and Niyi Opeodu whose identities were not disclosed.

Ebong's major offence was that he allegedly granted loans of over N150 billion to several companies without collateral thereby committing offence contrary to provisions of Failed Bank (Recovery of Debts) and Financial Malpractices in Bank Act, Cap F2 Laws of the Federation of Nigeria, 2004.

However, the former CEO of Intercontinental Bank, Akingbola, could not be arraigned alongside others as he was said to be at large

@Chuckvyl

Those banks never filed for bankruptcy and everything happening today have been orchestrated by the North.Believe it or not.Just use your mind.

You are right everything happening today even including the fact that Atiku a notherner is involved. Sorry I will use my brains no matter how insignificant they are not my mind.

It is because people like you are in that country that those people in power can do whatever they do and get away with it.Can you use your brain for just one minute?Just one minute use that brain in your head and ask questions about finance and get answers.Those banks never filed for bankruptcy

Are you serious? some of these banks were massaging their books and some Newspapers were just awarding this or that Award. Please if I am sinking and you saw me would you wait still I write a on a paper signed that I was sinking?

Yes I am using my brain sir but you are smarter than me sir.

As for the money I put there even if it is one naira I deserve to have it back. Imaigine if one million account holders loose just 500,000.

We southerners are becoming very discrminatory

1) Bokom Harram killed off in 2 days Militants rewarded with money Masob leader freed.
2) Northern governors thrown in Jail but touch southern governors they dealt with Ribadu

OOh I can now see how you intend to use me to see that the problem is not just the theiving Elite but the North. I think we should Ethnically cleanse these cow chasing second class citizen dont you think? We should kill them all


I have lived in a democrasy for 14 years.

Education is a big money business. A friend of a friend's wife is owing $60,000 to banks in America she took a double loan. The universities most be run as a business. There is a lot of unneccessary waste in the University system in Nigeria.

people are just going to school but the schoo; is not going inside them. If you know that if you finish school you have to pay your school loan you will

1) sit up
2) not get some useless type of Education
3) Not join Cult


bodies that can form loaning blocks can be

Fishing communities provide loan to students with priorty given to people that want to study aqua science
Farming communities provide loan to students with priorty given to people that want to study Agriculture
oil communities provide loan to students with priorty given to people that want to study petroleum science
banking communities provide loan to students with priorty given to people that want to study Bussiness studies
Gold and other mineral communities provide loan to students with priorty given to people that want to study minerals science Geology


This communities should be aiming to build study villages or even universities

The government should flee from Education handling. They must regulate and earn money from it. We have people just going to school and learning nothing. Nigerians are every where. There is a lot of danger even for the children of the rich I know this because I see it.

I will give you and example

A 15 year old has finished secondary and is about to get to university but the parents are scared because they are afraid that the kid will

1) Die whilst in school from cult activity
2) Not get a quality education
3) fail to graduate on time because of strikes

So they the parents the innocent child outside nigeria to lets say benin republic. She or he meets a whole new world out there where freedom to do anything. On semester breaks comes home and you find this kids behaving as if there nothing wrong, but you would be surprised that the kids would some home someday be pregnant or start using drugs.

It is neccessary for all to read and write but it is not neccessary for all to go to University.

Set the rules and let it apply strictly some universities will close down and we shall have the real university stand we need a Sanusi here also.

Insert Quote
CBN governor don crase o!
I pity the Nigerian financial landscape. Boko Haram in charge. . .

Yes Bokom Haram

The Chinese that build stuff for us and we run to for all kinds of things, kill people that steal money in their country Sanusi said if not for rule of Law. I dont subscribe to capital punishment.

The leader is a microcosm of we the people. So many people wish those people dead for their sins but are the sins equal to the crime?

it is either We are foolish followers or some people think we dont have sense. You can tribalize for all I care I will be happy with a man that defends me wether he speaks my language or not.

I know how much money I have in shares in banks in Nigeria I might have lost it but I dont give a damn if a man from Afghanistan catches a man stealing me I dont care If that guy was my mothers son.

If Sanusi is doing is job and people have failed in their cooperate governance and even committed crime they should be dealt with Period. I dont care if it is a Turban wearing and Knife wearing muslim from the Caliphate that solve the problem.

Which Script?

These Elite with their machinery of the media. People are going to die because of the crimes committed allegedly by these people in big suits. Some kids will die before their time. The CEO have destroyed Generations. The bank is like a country if this was yaradua or our president you will see our Elite shooting all kinds of news.

You know there was a time I sat with some one and he was telling me that he will never become minister that he was ok with the contracts he got from the government of his country. He told me that when a contract is executed the minister is held responsible.

We have a governance problem and why because some at post tend to look at their pockets first.

@disguy

I remember in the Good book where one of the Advisers of AHAB the king did not believe that things will get better in Isreal THE NEXT DAY. The Prophet of old told him he will see it but he will not enjoy it.

Alot of people will not see Nigeria prosper because of Mockery, Disbelief and Disillusionment.

MOCKERY DISBELIEF AND DISILLUSIONMENT IS A FORM OF HATRED.

THIS IS NOT MOTIVATIONAL STATEMENT IT IS EITHER YOU BELIEVE OR DIE.

This is what I call freedom of Expression

God  Bless you Dora. From what i see on this thread is just that Nigerians think that badmouthing everything they themselves are better. I call this the FELA SYNDROME.

SING ABOUT HOW BAD OUR LEADERS ARE AND DANCE ABOUT IT KILL OUR LEADERS AND THEN CONTINUE THE BLAMING AND BUCK PASSING. One of the trait of a Nigeria is dissillusionment.

Nigerians forget that our leaders come from the people like me and you. Every Leader was a follower. A bad leader was a bad follower. WE NIGERIANS WHAT TO CUT OF THE HEAD TO JUSTIFY A BODY?

WE NIGERIANS THINK THAT IF WE SING BAD GOOD WILL COME. WE LIE.

DORA DOES NOT OWE YOU OR I ANY EXPLANATION. SHE CAN PACK AND GO IF SHE LIKES OR HAVE YOU FORGOTTEN HOW THIS ONE WOMAN SAVED THOUSANDS OF PEOPLE?   SHE SAVED THE POOR SOLDIERS THE FARMERS THE WORKERS FROM THE HANDS OF EVIL MEN.

LAUGH FOR ALL YOU LIKE. THEY LAUGHED AT SOLUDO BUT NOW PEOPLE ARE DISCUSSING HOW THE BANKS ARE OWED OVER $2 billion !!!!!


I remember that they mocked Germany back in the day before hitler came.  

Yes Nigeria is a Joke now but there will come a time they will not laugh any more but grin and say they are Nigerians and proud they are


God bless Nigeria

The Yoruba is The Weak Link?

Whoever said that the yoruba is a weak link does not live or knows what happens in Nigeria.  What do you define by weakness. This Biafra Aftermath stereotype should stop now.

Yoruba have one of the best political structure. We the yorubas have an ancient Civilization and we believe that Worship is a Private business. I believe other tribes have this trait so why single out the yoruba.

I am dissapointed in Dede1 for making such a statement.

The most strongest link is the Hausa because the have a command structure. The oil you are clamoring is nothing. I have been living outing Nigeria for over a decade and paying heavy taxes here I have not died. I dont care about your oil and so does alot of people.

The other Strong link is the yoruba because it allows for freedom of religion. Another is the Igbo because it allow for flourishment.

The writer of the Article is right but it is in the hand of God to keep Nigeria. There are alot of people that want to be yoruba we dont need to force them to join a yoruba agenda. From what I know the Yoruba state that stood for months without any allocation from the Government is Lagos state so where is the weakness.

What makes a yoruba weak the language or the food? So many Ibo and hausa speak yoruba and eat Amala.

Lets stop this tribal pushing.

NO NIGERIAN IS WEAK THE IGBO IS STRONG THE YORUBA IS STRONG WE ALL STRONG GOD BLESS NIGERIA