₦airaland Forum

And who is Gasau ?
Where was he all this while ?

Who de hell is he !!!

In Nigeria you are good until u occupy a public office.
So Abiola no matter what he did would've turned out a bad president.

EzeUche:
Mostly filled with Hausa and Yorubas I could only count like 4 Igbo names. Wow!!! I am speechless.

Well not that shocked. We Igbos do not need to cheat when it comes to business.

Ethnic groups don't steal money, people do.
You just have a very limited mentality and you are an embarrassment to your so called tribe.

@poster what u are saying basically is that anyone who has occupied a public office is a thief.
Well, that is typically Nigerian, we are all fools to let these guys rob us bare and can't do anything about it.

Shame on Nigerians !
Cowards !

When Dora was talking of re-branding Nigeria,s image, most of you short sighted fools were talking rubbish !

I hope you now understand wot she was trying 2 say.

Let me see how many of you are complaining now ?

I dont understand all this thing with senators.

The oofice of INEC chairman is supposed to be a presidential appointment.

Senators or no senators !

biina:
seen the light? You seem to be confusing issues.
There was a provisioning scheme in place that the banks were not adhering to. The CBN made them comply and resulted in some banks being insolvent. Should Sanusi have enacted a review and back dated it?

The reason a suposedly learned economist and banker was hired to head the CBN was because, he would be required to make consecions and forebearances in special situations.

If it was all about reading and sticking to already written laws  then an administrator of any sort could've been hired.
Maybe a headmaster, ex-police or army pesonell with track record of administrating with an ability to read and write in english would've been more suitable.

There is a difference between ideals and real situations always.

^^^^^^^
,  since we never noticed how Alhaji Whatever worked with Sanusi.

Dede1:
I suggest you get grip of reasoning faculties before you establish yourself as a novice. All these east central Igbo, south central Igbo, south western Igbo and north central Igbo are spurious creations by detractors of Ndigbo that found their way to the figment of your imagination. Quit worrying about Biafra and concentrate your energy on the fast dilapidating cesspit called Nigeria.

Sometimes I could not stop myself from laughing at the blind ignorance publicly displayed by a cross-section of so-called Nigerians in order to spite Ndigbo. Does it occur to you to engage in self-criticisms why Igbo is the only ethnic group subjected to unmitigated geographical nomenclatures? In the next instances, it will be Cameroon or Togo Igbo. Since the discovery of crude oil in eastern region in 1951, Britain had infused idiocy in the minds of many so-called Nigerians about a certain ethnic group within the region.

igbos and their siege mentality !

Sun of god:
I dont think Ghana can yet boast of being 'Richer' than Nigeria.

I dont think that will ever happen - But they are making good progress.

Nigeria has the biggest economy is west africa by a mile.
Nigerias annual GDP is more than the rest countries put together.

Even Nigerians don't know this.
Its a pity doras re-branding dint yield the expected result.

I just watched the movie but all i can say is ,

This is what Dora has been trying to say all along.
And we chastised her cause we did not understand her.

There are a lot of ills in our society but will it be fixed if a huge mis-representations of the situations are being spewed daily.

This movie is far from the truth.

Dora spoke and is bad!
Dora doesn't speak and she's bad.

You see why you lost the services of Ezekwesili and Okonjo-iweala ?
Nigerians deserve what they get.

maddock:
i did not insinuate that, what i said was that she should have responded with tact and diplomacy knowing fully well that she is not a very liked person this time around.[/b]Questioning my insanity because i said why cant Dora be diplomatic and tactfu in responding to the question askedl,knowing very well the senator is from yaradua constituency and the [b]damage done by her infamous memo.Then brother you are long gone and your insanity is incurable

Not very liked by who ? (Nigerians/Senators/Politicians).
Damage to who or what ? (Yaradua/PDP/Nigeria)
And how was the memo infamous ?

NB: We are still assessing your sanity.

The only true dynasty is the Ibru family.

Micheal Ibru (Olorogun himself)
Felix Ibru (First executive governor of delta state)
Alex Ibru (Editor in Cheif/ Proprietor Guardian newspapers ltd)
Goddie Ibru (Federal Palace Hotels)
Oscar Ibru (Chairman sheraton hotels and towers)
Cecilia Ibru (Former MD Ocenic Bank ltd)

More to come !

THE IBRU GROUP

IBRU SEAFOODS LIMITED
ADEN RIVER ESTATES LIMITED,
AEROCONTRACTORS NIGERIA LIMITED,
COMPLANT ENGINEERING SALES AND SERVICES LIMITED,
EMSEE SHIPPING LINE LIMITED,
IBACHEM (IBAFON CHEMICALS) LIMITED, IBAFON OIL LIMITED,
IBRON NIGERIA LIMITED,
IBRU MERCHANDISE 33 LIMITED,
IKEJA HOTELS PLC (LAGOS SHERATON AND FEDERAL PALACE HOTELS),
SOCIETE BENINOISE DE PRODUITS DE MER (SOBEPROM),
ZABADNE AND COMPANY LIMITED, OSADJERE FISHING COMPANY LIMITED,
MARINE HARVEST LIMITED, SPIBAT NIGERIA LIMITED, RUTAM MOTORS LIMITED,
NITREC LIMITED, OCEANIC BANK INTERNATIONAL PLC,
AQUAMARINE FINANCE AND SECURITIES LIMITED, QUEENS PETROLEUM COMPANY OF (NIG) LIMITED,
GUARDIAN NEWSPAPER LIMITED, EXPRESS PROCESSING AND PACKAGING LIMITED, WASKAR LIMITED,
MITCHELL FARMS, NIGERIAN HARDWOOD COMPANY (NIG) LIMITED, F. STEINER & COMPANY LIMITED,
BLUE WATER MARINE, DELTA FREEZE LIMITED, LILLESHALL (NIG) LIMITED, SUPERBRU LIMITED, W.F. CLARKE (NIG) LIMITED,
BOARDROOM SERVICES LIMITED, MINET NIGERIA LIMITED (Insurance Brokers), ATLANTIC ESTATES LIMITED,
SOCIETE CAMEROUNAISE DE PRODUITS DE MER-SCPM DOUALA.

A situation where some people in an ethnic group think they are Igbo and others think they are not.
Reflects a crisis of identity.
Especially as it concerns a whole tribe.

A very sorry situation  

biina:
The interim executives are working to protect the interests of the bank, which includes the shareholders and depositors. The banks will be  back under the control of the shareholders once the CBN funds are refunded and the banks are adequately capitalized. With AMC almost ready to buy most of the toxic assests, hopefully that should happen before the end of the year. The more debts recovered, the less injection of capital are required by the banks, and the faster the shareholders can regain their banks.

@biina
I am getting a bit confused by all this words.
Let us summarise this.
CBN forcefully took over these banks from the shareholders because they were under capitalised ,insolvent and mismanaged.
The CBNs justification is that the banks owe money to the CBN and until the money is refunded, the CBN will continue to run the banks.
Are the appointed MDs answerable to the CBN ,the shareholders or are they independent ?
If they are anserable to the CBN, can we assume that for now, the CBN has assumed the role of the regulator and the regulated?

Where can you categorise the affected banks.

Bailed-out - Helped/Injected with capital or funds to be repaid later (Maybe with interest as in the case in US and UK).
Taken Over - Injected funds converted funds preference shares with CBN controling a majority stake and proportionate major boardroom powers.
Nationalised - Seized by CBN, to be resourcetated and then re-sold. All assets and liabilities are owned by CBN.
Liquidated - Administration (sell of the bank assets and compensate depositors). Withdraw their licences.
Other - Explain (within rational limits)

In a modern world you should be doing things within ethical/legal means .
This is the reason sanusi is being treated with a lot of suspision.
Because even if he claims to be doing the right thing, his methods lack any ethical or rational foundation.

While Sanusi had the right to fire the erring bank executives and appointing new MDs.
There is no where in the BOFIA act(I am not a fan ) or constitution which empowers the CBN to take over or run banks
Sanusi is well aware of this hence his application in February this year to the house of assembly.

It also demanded powers to acquire the shares of an ailing  bank up to a level that guarantees the apex bank’s control  and management provided  that the CBN shall  at the earliest  opportunity dispose  of such acquired shares  when it is satisfied that the state  of affairs of the bank concerned has improved.
http://www.proshareng.com/news/singleNews.php?id=9146

I did not say they were owned by the CBN (which is what owning majority stakes imply). The current executives were appointed by the CBN which puts the bank under the control of the CBN otherwise who is in control of the banks?   More evidence is that the CBN requested that the shareholders cooperate with the interim management i.e. the shareholders are not in charge.
The CBN has injected funds into the banks, and it is only reasonable they help the banks back to profitability.

I thought that as the former MDs were sacked for incompetence and mis-managing the banks.
I thought that the new MDs were working for the banks.
If so when will the banks be returned to the board(Become independent).

I think it is very wrong for CBN to be running a bank without nationalising them.
While sanusi might be pursuing ethical banking, this issue is ethics turned on its head.
Unexplained holes makes sanusis reform to lack credibility.

There is something totally wrong with this approach .

biina:
The affected banks are under the interim control of the CBN, and while the CBN have made the publications, there is nothing to suggest that any CBN official is directly involved in the collection.
You are free to suggest an effective alternative.

Really !
I thought it was a bailout !
Have the bailout sum been converted to majority stakes ?
Are the appointed MDs working for the banks or for CBN ?

Can someone help me with answers pleeease !

It just occurred to me that it makes no sense comparing Sanusis CBN to what happens in US or UK.

Sanusi is no Bernanke or King.
CBN is no Bank of England or FED reserve Bank.
Aso rock is no white house.
No one knows if our president is dead or alive.

Sanusi is not the first nor the last lunatic that will occupy positions of authority.
This is Nigeria anything can happen and still look normal.

^^^^
Bernanke cannot take all the blame for the subprime crisis. No one foresaw the coming situation.
Plus the US system or citizenery are not interested in mud throwing.
If your job is to fix a problem, you fix it.

What a responsible CBN governor will do on taking office is to paint the market positive and then go on to talk about improvements and express concerns were applicable.
This is combination will instill confidence and attract investors to the Nigerian markets.
That is what a Soludo & Bernanke did.
Not that what they said on taking over was their candid opinion.

Sanusi first action was to create panic in the markets.
It was laughable when after he had slandered Nigerian banks as being widely corrupt and insolvent, he was then acting all surprised that Nigeria was degraded by S&P.
All Nigerian banks experienced rigorous credit rating downgrades which has led to their inability to access previously established international credit.
Is this commendable by your standards.
@biina No one is saying sanusi is doing the wrong thing but he approach is totally wrong and damaging.

Bernanke, King and Soludo have one thing in common.
They kept on saying till the last minute that things were not very bad. (But we all know things were).
Can you guess why they did it ?
While Soludo was saying that the banks were sound.
At the same time he was creating EDW.

Same with king, who was availing about 60 billion pounds to RBS, LLoyds and Nothern rock all in secret.

Like Condoleeza Rice quoted in Abuja last month.
"The presidency is bigger than the president".
So also the office on the CBN governor is not about person in charge.

Soludo did what he had to do at the time.
His priority was invigorating the Nigerian economy through a vibrant banking system.
If he was still there I trust he would've done what needs to be done now but not the Sanusi way.
Same did bernanke.
Now the crisis has cooled Bernanke and King are talking about eliminating too big to fail Banks.
Emphasizing risk management.
Insurance against failure etc.

Sanusi strikes me as someone who's suffering from a complex.
Hes got nothing to prove.
Qualified or not, he's been appointed CBN governor and he needs to see the Banking sector as something he should protect and not fight against.
In 5 years Sanusi will be judged by his impact on the banking sector and not on the number of banks that did not fail !

I have been asking and will ask again.
Can someone come up with pictures from somewhere on the internet on Obis accomplishmets.

Pleease !

biina:
I dont remember Bernanke inheriting a crashed system hidden under false reports from Greenspan, and when trying to fix things is aske the question why.

Well you will not remenber because Bernanke did not go trading blames in the pages of the media. But if you must know, the sub-prime mess that led to the global finacial crisis all happened under Greenspans watch. Even he at a certain speech I remember accepted responsibility for the crisis.
Yet, he is still highly respected and credited with sucesses of the american economy during his term.

You asked why Sanusi was fixing things, and he explained, but you turn around and say he is placing blame. are you saying he lied?

You are a Sanusi type of person. You see the world in black and white. Right or left.

It is possible to raise concerns without over-exeggerating, you can kill a rat without burning down the house.
It is possible regulate the sector without tearing it down.
But you are stuborn and no matter how anyone tries to make you see the point you still manage to miss it.

Soludo's banking growth was a sham. When the banks were made to own up to their true positions, it became evident that the sector was in trouble, but seems you would rather we continue deluding ourselves with the falsified reports. The banks were 'vibrant' putting money into the stock market and buying their own shares

But the increased lending capacity was real. The upsurge in the branches and employess were real.
The venturing into foreign countries was real.
Except for the exegerated state of the accounts as you allege.
Evenm at that the global financial sector was in crisis.
Even sanusis first bank declared loses too. So what are you saying ?

Sanusi is putting first thing first, and whatever gains the sector makes will be solid growth and not some figment of someone's imagination.

But for now the dead banks are not a figment of anyone's imagination.

biina:
why dont you explain why Soludo, having failed to do his job, is the next best thing since slice bread?

Because he turned the banking sector into the next best thing since crude oil.

biina:
You are the one with ethnic bias, as you came up with no evidence to counter what I said.

I dont remember Bernanke being found wanting at his job, so your comparison is unwarranted.

I never saw Bernanke trying to blame greenspan instead of facing challenges due to present circumstances.

When Soludo was appointed, he admitted that (you can verify from his first speech) the banking sector was in good health and he rightly identified the problems of the sectors as

Every newly appointed CBN governor should sound positive and upbeat. You cease being an ordinary individual and your comments can easily jolt the markets and dent investor confidence. Research on Bernankes speeches he too did not start mud throwing.

Seems you guys cant admit that a northerner is delivering where a southerner had failed. Learn to positively criticize failings, and give credit where credit is due.

with the way the office of the CBN governor was politicized and locked to the north, you cant blame anyone.
And what credit are you talking about.
Abi na ethics you we go chop.
Sanusis ethics and standards have to yield to growth and vibrancy in the banking sector.

Something no one can deny Soludos banking sector had.
Nigerian banks are presently comatose. They are presently just safe deposit houses.
A lot of us miss the Soludo days.

biina:
Soludo led us into the quicksand we are in. Upped the bar? maybe of failing banks!

Quicksand  that almost all the affected banks have so far alleged as overly exaggerated.

I heard Olusegun Aganga of Goldman Sachs, has been nominated as finance minister.

I hope he gives Sanusi the much needed oversight.

Maybe till 2011 when they will select another sharia expert, emir, prince, mallam or adamu from Katsina or Kaduna to run the economy.

I don't see anything wrong with the way Sanusi is operating.

As a matter of fact he is doing a good job in Nigerias standard .

He is neither the the President or the Economic Minister.

The only reason sanusi is finding things so hard with most of you are comparing him to Soludo.

Compare him to Ahmed, Ogwuma and Joseph Sanusi and you will discover that he is doing an above average job.

Sanusi's CV was there for all to see, hence his simplistic policeman attitude to the job.

naijatoday:
But Soludo was the one that introduced Islamic Banking. Two banks already have Islamic license under Soludo.

Then there goes, one less from Sanusi.

OAM4J:
Thank you Uju, exactly my point. I have nothing against SLS, infact I admire his intelligence & courage. But we need to have/understand his clear roadmap.

So far, IMHO the Nigeria economy is not looking good. I just asked my biz manager to cut down on lots of our biz activities and staff.

If we understand his goal, the essence of his policies/reforms & thier impacts on the economy, we might have the faith & confidence to follow him like we followed Soludo.

Sanusi strikes me an erudite banker, and no one can fault him for all his policies on regulation of the banks.
Pre-determined or Nothern Agenda. I dont know 
But the truth is that nothing points to that effect.

Nigerians were confident in Soludo because
He makes himself look too good and come up with groundbreaking visions that was even too hot for Nigerians to handle. Hardly anyone could stand him in a debate because he would explain himself and leave you lookin puzzled.
He neglected the small everyday duties like all that Sanusi is tackling at the moment but wanted to be the czar of Nigerian banking.
He proposed issues like Lekki Financial Hub, Mega-banking (Consolidation), Naira re-domination, ADB etc.
Sometimes its hard to beleive all this happened in 5 years.
Even his speach in Davos won over world economists.


But sanusi struggles when he has to come out with visionary ideas.
The guy has been coming up with stuff like Islamic Banking,  baning univesal banking and limiting the tenure for CEOs.
Idont see any of these making any significant effect positive or negative. Except for alenating the most experienced hands in our banking industry.
I think guy just over-emphasises regulation and laid down ethics just to make up for his inexperience and lack of confidence and ideas.
Nigerians on the other hand are sensing it and are not confident in his ability to steer the sector.
Hence all these attacks on news papers.

What amazes me though is how Soludo has stayed away from all the Sanusi talk.
To be critisized by your sucessor and not say a word points to the fact that he is he's some skeleton in his cupboard or he is just too classy to get involved.

It is just a matter of time and Nigerians will either thank their lucky stars for Sanusi or greatly miss Soludo.

Ahhhhh !

My brothers and sisters. U keep talking about dividing this country and leaving the North to go on their own.

What will happen to my people in Plataeu and Benue.

Do you want to leave us at the mercy of these aboki men ?

You cannot leave us to suffer alone. We must all stay together, whether you like it or not !

Da Grin - Pon Pon Pon
U wan try ?

The CBN is not about Sanusi or Soludo.

The perfect banking sector as far as Soludo was concerned is

A vibrant one capable of providing alternate source of long/short term funding to the economy.(Private and public)
Contributing its quota in form of employment and job creation.
Expanding Nigeria's economy by way of their own expansions abroad.
Wealth creation etc
But he must have been guilty of trying to achieve this in a very short time and at the same time relegating a lot of CBNs core responsibilities which led to the erosion of standards.
But no one can deny that at least he made huge strides towards achieving the set goals.

Sanusi on the other hand
Has followed the rules to the letter.
Pushed for a higher role for the regulator by way of ensuring ethical standards.
He has pushed policies which would check the occurence of crisis in the banking sector and curtail excessiveness.
But at the expense of a vibrant/growing banking sector.


I guess its just a matter of which you place more importance on.
For me, I am a pure capitalist and you can guess the model I prefer.

Emperoh:
Asha80,

KJ
I really don't have so much time to analyse your statements one after the other.
I hate to try to compare Ngige and Obi cos there is a wide gulf in between them in terms of achievement assuming they are compared 34 months apiece. . . . . . . .his motive was very clear. . . .building just roads showed him as trying to buy public sentiments. . . .it was that clear

Once again it is very hard to support Obi without being verbose.
What were Obi acheivement in material.

However, i am not after Ngige here. ,  i want to diffuse that notion that there something on ground for Obi to work with
I wonder if Roads alone consisted of something enough to start from? What of other sectors? Education, Health, Sanitation, Security?
What of macro-economic indices, developmental economics and the likes. . ,  i kept telling people that the true colour of Mr. Ngige will be known assuming he won the last elections. . . . . .its not gainsaying that he used that opportunity to launch himself into Political relevance

You sound biased and contradictory.
Firstly you said you are not here for Ngige and the you go ahead to talk of Ngiges true colors.
You talk of  Education, Health, Sanitation, Security ?
What of macro-economic indices, developmental economics and the likes. .
Any proof on such indices ?
And how Obi improved it.

Give achievements like this
Before Ngige, teachers were owed 9 months salary areas.
Ngige cleared them.
Pensioners were hardly paid.
Ngige cleared them.
The state of roads in Anambra was worrysome.
Even the blind cannot deny Ngiges impact.

Give me figures, facts and proof to Obis imapact and stop being evasive.

Haven said the above, Obi i know started most developmental indices in Anambra. . . . .Anambra was just an enitity with close to zilch going on!!

I will come back at a more relaxed time to pick on your posts one after the others!!!

Happy Wknd!!!

I am waiting for your indices

Every governor since the inception of Anambra has always used this misconception that Anambra was a poor state.
Ngige debunked the claim.
And you are trying to parade such a lie.

Anambra has always been a state undermined by the outright insincerity/greed of its citizens.
Unfortunately, it will continue to be so for the next few years.
With what I can see in towns like Onitsha and Nnewi since Obis inception.
Some people can still come out to praise the guy.
It just goes to show how bereft of expectation the people of that state are.