₦airaland Forum

its Oyinda ure chasing now

u go see pepper soon

yeah, igbo gurls dey fine no be lie but have u seen fulani chics?

u go holla

Van Gaal says UTD, Chelsea, Barcelona and Inter are stronger than Bayern

good to know he knows his masters

take her to obudu cattle ranch for a weekend

or buy a folli follie platinum wristwatch for her ( i know gurls love this)

Show me the effect of OBJ's borrowing

OBJ was busy throughtout his tenure chasing debt cancellation

so what are u saying?

;d ;d ;d ;d ;d

IBB? he killed in tons

thats a good one on his CV

Lol

ok we shall see

@Justdtruth

thank you

i hope Funkyonijogbo babe read that piece

@tkb .The annoying thing about ignorance is that when you see it , you know what it is, but one can only just watch it march on it's course. Do you know what economics is ? So i've been a top level manager at a bank for oink years means what ?
May be the problem has to do the misnomer "central bank", other countries know it's not only about banking so their "central banks" aren't termed as such.
That position is more of an academic appointment if anything and that's where we've missed the mark here. Aliko has built a business empire so i guess he's suited for the job too. I don't even see any reason going further.

sharrap and go to romance
edoyad edoyad

my paddy

[quote author=~Sauron~ link=topic=443065.msg6067231#msg6067231 date=1274375831]TKB, stop this wishful thinking. . . . .
SAF is not going to buy more than one player this summer. . . . . .Not because United don't have money or SAF is senile.
It's because of the 25-man squad limit that will be enforced next season.
The era of buying 5 players from Europe in one summer is well and truly over. . . .DEAL WITH IT.[/quote]brilliant!!!

sell Gary, Oshea, Carrick, Berbatov and Foster and add better players and we'll still have 25 players
or dont you think so?

England can never beat Germany where it matters!

i see

is this a prophecy or what?

hehehe

hehe

na wa

no vex

whats the difference between this ID and the old one?

hehehehehehe

i cannot see anythin o

madam trader

funkybaby:
********* sighs *******
i find it amusing when people compare naija banks with foreign banks

now, what is the basis of comparism between Lehman Brothers and say Savannah Bank
For crying out loud, US and Naija are two different economics with different policies influenced by totally different factors.

tkb, what you need is a kiss from me this morning to bring you back to reality cos this your idolization of Sanusi don pass normal

Lemme break it down cos its difficult

As the Investment bankers in the US can be accused of the sub prime issues in the US, we can also point accusing fingers to our CEOs in Nigeria for the shady parctices that resulted in this fiasco

the 2 govts put measures and policies together to bail the economies out innit?

the resultant effects for the 2 economies is credit contraction abi no be so?

is the govt in america being blamed for the tightening of credit in the US?

can you see the logic in my comparisons?

its difficult ehn?

hehehehehe

if you like blame Sanusi


im sure some people will blame the govt for the fall of Lehman Brothers

so whats ur point?

hehehehehe

Sanusi's gut reaction is right. But it must be fine tuned. We can not spend foreign cash and open it to everyone. At some point, our ability to make foreign money will fall far short.

exactly

Ten percent of the population is 15 million. If 15 Million can afford a product in a country as poor as Nigeria, then that product cannot in anyway be deemed to be a luxury product.
The worldwide drop in car sales as a result of the recalls did not have a single effect on Nigeria, as there were almost no recalls here. Asides, Toyota has already experienced a 24% rise in car sales in the USA in March alone. So I am not sure what on earth you mean.
Nigeria started experiencing aggravated drought in credit flow after Sanusi criminalized lending and that is what lead to the drop in sales of Automobiles.

Sanusi was ED Risk Management at the time which means that decisions taken by First Bank regarding stock market activities passed through his desk. He was very much a part of the system. He either participated in or overlooked the messiness which begs the question regarding his moral authority!
txb417, tot U worked at some investment firm! Ah, With these your points here, you are embarrassing the profession oh!

hehehehehehe

first thing first
i said less than 10% and that doesnt translate to 15% except ur maths is bad
less than 10% could be 2% so all ur analysis paralysis = zilch


as per ur last line, i refuse to comment but i doubt if their is anbody better than tkb in the street of Lagos

first off, u said he was the MD, now as the head of Risk, he would sanction all manouvering in the market?

i doubt you know how prices are manipulated on the floor

papabrowne you dont know these things

How can you have this as a valid point to butress your argument. So you are trying to say that a maybe 10% increase in the price of cars resulted in a 55% decline in the purchase of cars? That is an absurd argument. It can never hold water in economics.
Again, why is the decline coming now after Sanusi's actions? Why didn't it come in the quarter after which Soludo devalued the Naira??
These are some of the reasons I say it's hard discussing with folks that speak in confident ignorance. But then again, I respect you point, but sorry it doesn't carry weight!

i have told you that the automobile industry wahala is not a Nigerian thing

all over the world, car sales dropped so pick another line

moreover, most people bought cars through car loans and if the loans are not forthcoming, how will they buy more?
papabrowne, its common sense not economics

Hehehehhe
Automobile is not luxury where?
In Nigeria?
How many Nigerians can afford to buy cars by paying upfront without running to the banks for car loans?
I'm sure it would be less than 10% of the population. So how do u expect car sales to jump up when banks have closed shop?

By the way, car sales dropped in virtually all the countries in the world cos of the probs in automobile industry
So why should Nigerias case be attached to SLS?

Pls, I may be wrong but what year did SLS become d MD of FBN and what year did the stockmarket sham start? Was SLS the MD of FBN in 07/08?
Pls clarify

My guy
I don't understand o
These banks got billions of Naira as bailout and yet omo 9jas want them to start sharing the money in the stockmarket
LOL

I cannot laff abeg

[quote author=na_so link=topic=448462.msg6068113#msg6068113 date=1274385186]And you are sure of your facts that he had the money buried somewhere in his house and only had to exhume it. abi?[/quote]im sure you dont think FBN , GTBank and co are the only banks in planet earth

hehe, i personally know someone who took money from one of the banks to finance his tank farm in Ikot Abasi but liquidated the loan when alarm blew from his balance in BNP

so? which bank will give another loan when MDs are getting sacked?

try again!!

darqly:
@papabrowne, I'm not sure your analysis on the automobile industry will hold water. As with any other right thinking business concern,it'll take more than just imports to attract car assembly plants to Nigeria. Have you considered the overhead they'd be servicing vis a vis power,zero infrastructure,dearth of skilled workers etc? Car imports slowed cos we don't have luxury money at the moment,and its that simple. Why do we think our economy has to be insulated from the crises? Last time i checked it was global and even the major car manufacturers slowed on production, shut plants and fired staff. Our entire stock market,which mirrors the economy was built on a fraud and sheer window-dressing. Can you imagine a firm like Fbn aiming to have its share valued at N100 pre sls? Hell they can't even attain N20 now. Numbers don't lie,they always add up. Try another one.

thanks

Even a nursery school pupil knows that sanusi's celebrated debtors list was a sham. Why did he not publish the enter list of bad debtors in the entire industry? As a banker is sanusi feigning ignorance that the Jimoh Ibrahims that paid  billions after some days , only went to some other banks not under sanusi's radar to collect money and weaken the entire system more?

well for some of us who know most of them, we all know the list was not a sham

and of course no banks gave Jimoh money to pay any loan

get your facts right

Ok Funky. Since tkb417 is reluctant, let me help him out with just one.
I would use the Automobile industry which I think is one of the most ideal indicators of the economic temperature of any Nation.

Before the advent of Sanusi, Nigeria was by far the fastest growing automobile destination in the entire world. Many folks don't know this, but between 2004 and 2007, our growth rate in automobile purchases exceeded that of the BRIC Countries- Brazil,Russia,India and China.
It was outstanding and it would have been just a matter of time before the Automobile giants begin rushing out here to establish massive assembling plants. That was the era of Soludo.
Less than one year after the advent of Sanusi, the Automobile industry has suffered a massive setback with a drop of 55% in new car sales in the first quarter alone. This is outrageous. Y'all don't know what this means.

the automobile industry like any other consumables will shrink cos the banks are not lending

is that hard to figure? ok now
This is it.

SLS came in and met sick banks and in a bid to put them back on a sound footing , he began his reforms and as a result, these banks are now on a mission to get back the bad debts in the economy. Prior to these, we all wee living on fools paradise where fictitious results were been declared

now back to reality, these banks are on a mission to get back their trapped money in the economy, stabilise and then commercial again

how do you expect a bank who has more than 50billion outside to continue doling out money like no one knows tmr

this is a contraction phase,  when the banks stabilise, they will go back to their old ways and blimey we can go back to our unbridled ways of spending. If you think the inability of Nigerians to buy cars is a direct impact of SLSs actions, then youre entitled to your opinion cos if he hadnt done what he did, i doubt if we will be here chatting.

funkybaby:
i hold you? lol
all fingers keep pointing at sanusi

things were not this bad before he came in.

let me break it down for you my dear : fine, the economy had S-leg, but rather than fix the K-leg using careful and gradual physiotheraphy, he decided to bend the leg to S- shape, now he is considering removing the S leg and replacing with a leg purchased from either malaysia or sigapore (he is yet to decide).

fact is, he is just playing trial and error by introducing all manners of policies. i still insist that he is clueless regarding how to run CBN and how to tackle naija's economy

you need to start reading books
start from biz dailies so you'll understand this lil things

i dont know how to explain it anymore

funkybaby:
he is a liar. the banks were lending ''small small' before he came in. But since he came in, all that has stopped.
Some people actually benefitted from loans from MFBs. Go and ask various market women, okada riders and keke marwa owners.

naija banks are known not to 'mortgage' friendly but some banks had already began investing in that sector of the economy before he came in. now, go to GT Homes or Standard Chartered and tell them you saw a fancy crib at Lekki and you will be happy if they can work out a mortgage plan for you. You will hear the story and excuses they will give you

yeepa
whats SLSs own in this

abi u no sabi read english again? den don scatter 9ja b4 the guy reach there

u no dey tire

abi na pidgin u wan make i dey speak nau

leave me joh

Q: Although the reform progress may have been impressive in the past nine months, the banks have become extremely risk averse, so lending to the private sector has gone down while lending to the public sector has gone up. Is that going to create a problem in the real economy?Yes there are a number of issues, but it is a question of the chicken and the egg. The bank can only lend if they have capital and if the banks have had bad loans and the capital has been eroded they are not going to increase their lending. Looking at South Africa, credit growth was negative year on year and they haven’t even had a banking crisis. In the United States and Europe, you find negative growth in credit. The US, for example, has had a reversal of the credit crunch but if you look at the numbers there is still a decline in lending for business, the increase is still coming on lending to mortgages, so when you compose the numbers you still don’t have money going into the real economy and production; it is still going into the area that caused problems.
The first thing is to have some perspective on that. The banking system lost 66 percent of its capital in Nigeria; it’s a miracle that it is still standing and lending. Most of the lending is coming from the banks that have not been so badly affected. You must also look at the overall macro picture. Prior to our intervention the banks were not lending to the real sector anyway. Agriculture is 40 percent of GDP, in 2008 lending to agriculture was one percent and lending to SMEs was less than 5 percent of total loans.
All the growth in credit has been to the capital market and to the importation of petroleum products, so some of the criticisms are misplaced as it is assumed that the banks were lending to the real sector before and they were not. You then need to look at why the banks were not lending to those sectors; there are the technical issues of the bank not being able to assess the risk in SMEs, but looking at the wider economy, there is no power.
Most of the manufacturers are not viable, they don’t have power, there is no infrastructure. So, it is always easier to lend to the capital market, the federal government continues to borrow domestically and issue bonds. Until recently, the government was paying crazy rates of interest. If you have bonds out there in the market and the federal government is borrowing at 12 or 13 percent that is sovereign debt in the sovereign currency: risk free and tax free, you create a system-perverting incentive.

this is another one for funky

None of the people that have been criticising the Central Bank has come up with what they would do if they were governor. That's the way I see it, I have to make sure that I don't get myself into confrontation with critics. Criicism is very good and I'm willing to engage anyone who has a criticism on an intellectual basis and I think it is a good thing thatn people should criticise, and I think it is a good thing for us because when people aren't doing anything, there's nothing to criticise.
So, I'm not troubled at all, I am worried that some of the insinuations the suggestion that there is selective justice, basically case aspersions on many bankers who have run their banks very well and have been honest. So for him to say that al banks did that and a few are being selected is avery unfair comment. I have said in an earlier interview with the Nigerian press that I have read the story in the newspapers, I have not spoken to the National Security Advisor. I do not know exactly what he said. But the point is as far as he economy is concerned our reformes have been very good for the country and its image, and our managment of the economy has been very good.
When I became Governor of the CentralBank, the rate of inflation was 15 percent; as of March it was 11.8 percent. The differenial between the official rate and the parallel market rate was about 25 percent, the naira was trading at 189/190 i the black market. t's been down to about 150/152 for a year now. the gap between official and parallel market rate is less than 2 percent. Interbank rates were a 22 percent and have now been down to about 2 percent for a long time; the stock market has gone up 30 percent since January 2010 so all the indicators of market confidence have gone up.
If you look at the lending of foreign banks to Nigeian banks that had been disappearing before we intervened, this has now come back up. We've got US EXIM giving credit lines, the European Investment Bank has come to give credit lines to Nigerian banks, the AFC which used to restrict itself to trade finance is now giving long term loans to Nigerian banks; the IFC, USEXIM, EIB, everybody is coming into Nigeria, how this hurts the economy I don’t understand, but everyone is free, obviously, to criticise and we will respond.
Sanusi Lamido Sanusi, Governor Central Bank of Nigeria, talking with Africa Correspondent magazine. Reproduced in BusinessDay, Monday, 18 May 2010.

Funky read this

funkybaby:
well said.

oya, TKB, come and tell us oh.
what direction is sanusi taking us to? what are the beneficial effects of his 12 months in office?

Funky

how many times will you be spoonfed Funky?

read up the posts by TeeZero on SLSs briefing on the economic indicators as pre SLS and right after he came on board

its as simple as this

if youre lazy, ill go look for the post and put it right here

dont u go nowhere
rable rousing wont do u no good.