₦airaland Forum

youngies:
@wirinet
You cut out like an intelligent fellow, but your application of logic is twisted and shallow.
I wouldn't be surprised if some people will also consider you to be a HERO.
For you have the uncommon courage to see TRUTH staring at you in the face and call it a LIE

It is never too late to purge yourself of this BLIND HATE and get a life

I decided to refrain from further comment on Ribadu because Ribadu's case has left the realm of facts and logic to the realm of Religion. You are asked to believe the miracles and exploits of Ribadu without asking questions. And his believers are really getting emotional that they term all unbelievers to be corrupt and evil.

Why are you shifting the goal post, the subject matter is Ribadu and not about wirinet, we can discuss whether i am a hero or not when i become a matter of discussion.

Please tell me what the truth is so that i can see it. Let me tell you the truth as i see it.

OBJ set up EFCC not to fight corruption but as an effective tool to fight his political battles. He needed to control those pesky Governor that betrayed him during his second term bid and those juvenile legislators that was always threatening him with impeachment during his first term.

Sorry have to go now as Nepa has struck and gen down. Will continue tomorrow

@ Lastpage

I still find it hard to see the so called extraordinary achievements of RIBADU. No Ribadu fan had been able to furnish us with statistics on how much Ribadu was able to reduce corruption in Nigeria. They should be able to furnish us with information on how much was being stolen from Nigeria before Ribadu, then compare it with the corruption during the time of Ribadu and then after he left. Even the so called Yahoo yahoo, was did Ribadu initiate any strategy to curb internet fraud from Nigeria. Was internet scam from Nigeria less during Ribadu's time. Imagine Ribadu fighting internet crime on the streets and in cybercafes instead of fighting them using the internet and other information technology devices. the EFCC website is crap and not functional

People make me laugh when people say Ribadu Nailed the police I.G. and some governors. Ribadu had no such power, EFCC act or no EFCC act, a police I.G. is only responsible to the President and as long as he remains Police I.G. no body can arrest him except with presidential orders. So it was OBJ that nailed Ribadu and not Ribadu, it was not even the the brilliant investigation of Ribadu that exposed Tafa Balogun, but an aggrieved accomplice, how come no other person was arrested and charged with Tafa.

Same with Governors, Tafa had no powers to Arrest and prosecute any serving governor, even the EFCC act does not empower him to initiate (by blackmailing house of assembly members) impeachment proceedings. All that was orchestrated by OBJ and prosecuted by Ribadu just to achieve the aim of removing the governor from power and installing OBJ's preferred option.

About your comment on dead heros, Any hero that is not ready to suffer any inconvenience and be ready to pay the ultimate sacrifice is not worthy to be called a hero. The common thread among all heros  is the readiness to pay the ultimate price for a cause.

I have not seen or even heard of any hero that runs at the first sight of inconvenience or danger, even in films and comics, what defines a hero is the readiness to face overwhelming odds. Most times a dead hero achieves much more in his death that he could ever have achieved had he been alive and succeeded. Most heros of classical Greek and Roman history achieved immortality for their heroic deeds in their death. Even the biblical heros were able to achieve their cause in their ability to die for what they believe. I under stand most African do do not believe there is any cause strong enough to pay the ultimate sacrifice and that is why we celebrate mediocres as Heros.
Most Nations of Europe and the US was build on the bloods of their heros, and we just love to take the short cut and enjoy the fruits of their forefathers.

All those people i mentioned in my earlier posts, fought corruption more vigorously and much more effectively than Ribadu without any external power or resources. In fact i think Ribadu underachieved given the enormous power and resources at his disposal.

Finally please what exactly are Ribadus philosophy, when Ribadu could not make any positive impact on the Nigerian Police ( which is still the most corrupt organization), how can he impact Nigeria as president. Was Ribadu the odd ball out of the Nigerian police? maybe we should look at all Ribadu's past  staffs and junior workers and see what impact Ribadus over 15 yrs in the Nigerian police had on them. At least we can see the impacts of all people that worked with Gani, Fela, and ken saro wiwa on their students and workers.  

Let me add that Idiagbon took on corruption headlong and was winning until his government was overthrown. It was only during Buhari/idiagbon era that corruption reduced in Nigeria and Nigeria was paying back her debt with oil money hovering around $10/barrel. Then drug traffickers and oil bunkering thieves were  executed. and Nigerians were learning to make money legitimately again instead of the present get rich quick decease afflicting the nation now.

I think most Ribadu's fans do not know what a hero means, to them a Hero is somebody whose sole claim to Fame is media hype, like in the movies. They do not know that qualities of a hero must include courage, fairness, consistency and ability to fight for what is right no matter whose toes are stepped upon. Ribadu falls short of any of these qualities. Let me give a few examples of Past heros.

1 Chief Gani Fawehinmi, thought he has his own eccentricities (we all do), but no body can argue that he is a true Hero In all languages and definition. I cannot imagine a Gani being declared wanted and him running away, he would rather face his oppressors and die in the process. I cannot even remember Gani going on Exile under Abacha, please someone with better memory should remind me if Gani had run away from any body or government.

2. Chief M K O Abiola, I was never a fan of Abiola, because I believed he was entrenched in the corrupt Nigerian establishment. But after winning June 12, he shown the character of a real hero, He fought and died for what he truly believed in. If he had wanted to Run away as Ribadu's supporters suggest i am sure he would have lived and even be Richer today. IBB promised to Give him any amount he required to forget the mandate and he refused. He knew his life was threatened was still bold enough to declare himself president in the open even when most of his backers chickened out.

3. General Tunde Idiagbon, He is a typical hero reminiscent of any classical Greek hero, he was out of the country when he was toppled over in a coup. The saudi Government offered him asylum as no body knew what the new helmsman IBB would do to him, his boss Buhari was already in Jail. But in a show of courage he refused asylum and wrote to IBB he is on his way home, he came home and was subsequently arrested and detained. Now that is a man with a clear conscience.

4. Fela, I aso doubt if Fela would be declared wanted and he would rum away. I am sure the minute Fela is delared wanted, he would report immediately to the IG's office.

There a a few others like ken saro wiwa, but i gave these few examples to show Ribadu's fans what a Hero is and their hero who boasted than that he was ready to die fighting corruption is now running and hiding like s scared crow, and they are making excuses for him.

I have always said ribadu does not deserve the persecutions from the federal Government, he is far from being a Hero figure.

It is a pity i have been off Nairaland for a week (man cannot live by Nairaland alone), and i have missed this very interesting and cerebral thread. Well done to Deep Sight for the thread and to my able bothers, Pastor, Huxley, Toneyb, Tudor,Chrisbenogor , etc. you guys make me feel proud to be a Nigerian. Now let me add my own thought on the matter, i hope i am not taking you all back because i am joining the debate late.

Deep Sight, the major flaw in your argument is your equation is wrong, mathematically, logically and scientifically.
First there is nothing like 0 +0 = 0 in mathematics, in all my years of studying mathematics, i had never come across such equation. Because zero is used to represent absence of a quantity, so how can you add two quantities that is not present. When we try to divide 0 by a figure we get an indeterminate quantity.

Secondly zero does not mean absolute nothing, it only means the absent of a specific quantity we are dealing with. Because a space has zero amount of matter  does not mean it has zero amount of all other physical quantities known to nature, like energy, gravity, magnetism, electric charge etc.  And because of the interchangeability of matter and energy, a space with zero matter but with photons can change to a space with zero photons and matter instantly.

Then finally in there realm of quantum physics, quantities are not absolute but as a result of complex interactions and probabilities of energy and particles. Also note in the area of relativistic physics, 1 + 1 is not equal to 2 but depends on their speed relative to each other and to the observer.

Let me finish by adding that when you say zero, you will have to tell us  zero what?  As pastor says maths is abstractions but science does not allow abstraction like 0,1,2, etc without specifics.

I totally concur with Krayola2 that any argument with David is like arguing with the Kitchen table, It is senseless. He throws in incoherent arguments all over the place. That Mutation causes cancer, what else does mutation cause, heart attack?. I think he does not know the meanings and terms of what he is arguing about.

He equates evolution to Metamorphosis, mutation to defects in individual cells, etc.

Sometimes i wish i knew who his professors are, so that i can show how bad a job they did on him, by sending some of his posts here on Nairaland to them.

Kobojunkie, you are wrong to insinuate that majority of Nigerians are spammers. you do not even need statistics to prove that, it can be reasoned out by a secondary school student.

First how many Nigerians are literate, the last time i checked the illiteracy level was put at about 70%. Out of the remaining literate percentage, how many knows how to handle a PC, i would guess maybe 50% of that, and most of them are in high profile companies like banks, insurance companies, oil companies, etc. So i can safely say that the yahoo yahoo boys (who are mainly jobless youths who knows how to use a computer) are less than 3% of the Nigerian population. How many cybercafes do we have in Nigeria? We have few ones concentrated in large cities around the Nation.

So i make bold to say that scammers are less than 3 millions Nigerians out of a population of 160millions. So it is morally wrong to label all Nigerians Scammers.

davidylan:
I dont think the evolutionists have a more persuasive argument than creationists . . . i think the problem is a lot of people are desperate for an excuse not to consider the creationist angle. Daring to accept the creationist theory would force you to play by God's rules which no one wants to.
the rejection of creationism is not really the goal here, rejection of God is . . . rejecting creationism is simply one more excuse.

David, i cringe with pain every time i read your misinformation, lies and deceit. I would not have replied but you will end up deceiving may genuine knowledge seekers. Besides i though someone would have pointed out your misinformation by now, but i guess they are tired of repeating the same thing over and over again.

There is nothing to consider in the creationist angle, it is either you believe the two pages of text that deals with the biblical creation story or not. Nothing to reason or argue about. It is 100% belief and faith, just like a believer of any other creation story.

Obviously anybody that rejects the Biblical creation story must also reject the Biblical God.

davidylan:
This strikes me as funny. Evolutionists say we did not come from dust and it appeals to you? Even though their alternative is that you come from err dust too . . . popularly known as primordial soup?  

There is no where in the theory of evolution that says we were made from dust. It is outright falsehood to equate the primordial soup to dust.

Please check the meaning of dust and what it is composed of. If you do not know, ask a geologist.

davidylan:
Glaring characteristics dont mean much . . . why hasnt an ape morphed into a human ever since? There are glaring characteristics between a goat and a cow but are they the same?

Nobody has anybody ever talked about metamorphosis, what we are saying is evolution. An ape can never morph into a human (except in the movies). An ape can not even evolved to a human, they followed different evolutionary path from a common ancestor.
Yes a cow is different from a goat, just like a panther is different from a leopard, a mammoth is different from an elephant and an eagle is different from a falcon. It depends on how far they share a common ancestor.

What Sony did was in bad taste, and i cannot phantom how any body with a drop of Nigerian blood can support the advert.
I think it is because of the way western media portray us and a lot of us feel we have to flow with western thoughts and ideas to show we are civilized.

As i say, in terms of value of cybercrime nigeria would not take the pole position. much more money is lost to cyber crime by Americans than can ever be lost by Nigerian 419 crime. Americans are involved daily with credit card fraud and identity crimes. The east Europeans are far worse in terms of hacking than Nigeria, even the Vietnamese are way ahead of us. The only problem with our cyber crimes is that it is rudimentary and embarrassing (even for people that fall for it). It is usually perpetuated by thousands of young boys (mostly secondary school drop outs or jobless youths), who cook up an incredulous story about a politician ( present or past), who needs to move stupendous stolen amount of money into a foreign bank account to be provided by the MUGU for a percentage of the cash (running into tens of millions of dollars). The mugu is then milked by asking for various small sums to facilitate the transaction until the victim is tired, wiser or run out of money. Other variations is informing a prospective Mugu that he/she had won millions of Dollars (without the person playing any lottery), and also must pay small transaction fees.

I had always wondered how people fall for such scams most of which are written in very poor English. The only problem is these young boys sends hundreds of thousands of spam mails everyday, hoping to catch one stupid person.

What would happen if Sony tries a similar Ad using the Arabs, by insinuating that they are all suicide bombers. Will you see any Arab supporting the Ads. And i am sure these same Nigerians supporting Sony in its denigration of Nigerians would condemn them if they insult Arabs.

I know that proper steps were not taken before the CBN injected 400 billion naira into the banks, but when had the right steps ever taken in Nigeria?. Sanusi was following past precedence. Why did the house not ask Soludo, where he got the billions to bail out Intercontinental bank last year?. where did CBN get the money it places in the Expanded discount window.

It is now that a National assembly who collects billions with little work to show for it beside the yearly ritual of appropriation have woken up from their 10 year slumber.

Why did you all not attack EFCC under Ribadu for fighting corruption on the pages of newspaper or on CNN for that matter. No body saw nothing wrong in Ribadu, bringing out a list of corrupt politicians without investigation or prosecution only to be declared guilty of corruption (without stating the exact offense) and subsequently punishing the politicians.

It is now that a list of debtors and their accomplices in the banks are published than Sanusi and Waziri ( i am not a supporter of Waziri though) are fighting on the pages of newspaper. As Ribadu's supporters would say, Did these people not take loans and refuse to pay back, or did the sacked CEO's not give out unsecured loans?

1. The correction about "performing and non-performing loan--in which the CBN admitted that some of the loans were actually being serviced as required by the lending agreement between the banks and the customers. So, why did he rush to label them non-performing loan?

2. There're 10  more banks that have not been fully evaluated by CBN, so why the rush in making such a wide conclusion when you have not actually finished "reading the whole book"? Now the evaluation of the remaining banks have been hopelessly compromised or even suspended.

3. There's a report that most of the CEOs affected has had personal and professional disagreements with Sanusi over the course of his career, so my question is why settle personal issues with our country's finacial future?

4. The north's Unity bank's report was said to be as bad as some of the ones dissolved by CBN, but it was left intact, so I ask, Is this tribally motivated?

1. If the loans were performing and debts were not threatening the operations of these banks, then why all the noise?. So the fact that a few mistakes were made by the banks themselves and subsequently CBN means the is no problem.

2. from CBN's fiqures, it is these five banks that is putting the most pressure on CBN's expanded discount window (85%), so it is logical to assumed that they are the worst managed banks.

3. Sentiments, sentiments. Please can you enlighten us about the personal disagreements Sanusi had with each of the 5 sacked CEO's.  So you have concluded that he is settling personal issues and that his assertions about the state of the banks are baseless.

4. Who said, that is a "dem say". please give us facts and figures on unity bank and show us that they are being mismanaged.

At times i get annoyed at Nigerians, the way they defend the bankers and their debtors. They under play the importance of money or economics in our everyday existence. Modern nations go to war based purely for economic reasons, and some people are justifying the fact that a few individuals are own this Nation (our collective wealth), over 200 billion Naira with the connivance of some banks.

Even I, who is an economic illiterate, knows that you weight your risks before loaning our any money to individuals, and I cannot loan out money i cannot live with in case of default, no matter how sure the repayment loots. So how do you excuse professional bankers giving unsecured billions to persons without assessing the risk of default, only to beg the president to help you collect such loans, as if the president do not have enough problems.

If it is not that the banks were toying with the hard earned money of ordinary Nigerian, i would have asked that sanusi allow the Banks to die a natural death. Not that it would affect the CEO's though

Soludo did not speak "at last", he was only campaigning for 2010 governorship election that is just round the corner.

Even though i did not know of Sanusi's antecedents, i support his moves 100% sharia scholar or not. He is the only person that is different in all the govt officials of the past few years. Know that i am reading about his past, i am falling in love with this guy. If he continues and is able to clean the banking system, i might start a Sanusi for president campaign. Even a blind and deaf person does not need a Dayo Coker to tell him that those five banks are ffucked.

jacobs123, nairakween, Ess, reindeer, Affalatus, etc, you people are symbols of our future Nigeria. Immune to ethnic, tribal, religious, class and tribal sentiments.

@wirinet,
Dont be deceived. We all went to school so we can be smart and intelligent to know what is happening in our environment by putting 1 and 2 together. You can read below a write-up curled from today's Sun Newspapers. We Nigerians are smarter than Sanusi, a Sharia Studies gratudate turned banker!

thank God, we went to school, that gave us the opportunity to analyze happenings in our environment and interpret those events according to our understandings and expectations. The fact that Sanusi is a Sharia Graduate banker does not make him less competent. In fact if he was that incompetent, he would not have made it to top management positions in two of the top (privately owned) banks in Nigeria.

"The North’s anger
Besides, the North had believed that Soludo was playing President Coliseum Bosanko’s script to the effect that the Arabic inscription on the naira was yanked off and that the former governor of the apex bank planned to crowd the North out of the foreign exchange market by classifying the Bureau de Change (BDC) into ‘A’, ‘B’ and ‘C,’ which made it impossible for all the operators to access the CBN foreign exchange window. The attempted redenomination of the naira was another policy, which Soludo’s administration thought would curb inflation and reduce the overbearing effect of the dollar against the naira. This was also counted against him. Northern top shots misconstrued that to mean that the policy was against the bureau de change operators, who are the major operators of the business.

I do not know what to say about your allegations about the inability of the north to be crowded out of the foreign exchange window, because the foreign exchange market in Nigeria is like a mafia organization with all banks being actively involved. It is the banks that buy Forex at official rates and give it to mallams to sell for them at black market prices.

I had never seen the usefulness of Soludo's Redenomination Proposal. I do not know how just removing two zeros from the Naira can help control inflation. I had though inflation was caused by too much money chasing  to little goods. And since we have very little local goods, our inflation rates would be set by the quantum of our dollar earnings put into the system, the international price of goods we import and the quantum of naira put into the system - officially and unofficially. Please i need a bit of education on that as i did not take economics beyond 200 level.

So, it was against this background that Sanusi Lamido Sanusi emerged as the new CBN boss. Soon after he assumed office, he liberalized the forex market, which made it possible for all the BDC operators to participate in the forex market. The action elicited reactions from experts, who believe that Sanusi was in a hurry to upturn the achievements of his predecessors and stamps his feet in the economic sphere. He was believed to be aiming at ensuring the return of Arabic inscription on the naira and the licensing of more banks of northern origin with lower capital base and of course or further shrinking the banks to 15. Indeed, even before the conclusion of the auditing of the banks, Sanusi had told London Times that his target was to shrink the existing 24 banks to 15 strong banks.

I am sorry to ask, but where did the BDC get their forex before? and why is it detrimental to the financial system for BDC to source their forex from the CBN directly, maybe it might further bridge the Gap between the Official and black market rates.

I will not support returning Arabic Inscription on the Naira notes, but i must add that the present numerals used in the western world, stems from Arabic. It superseded Roman numerals, so the Islamics should take solace that the whole world already use their Numerals.

I had always been a critic of Soludo's Consolidation.  From a practical perspective Nigeria needs small banks as well as big banks, he should not have killed other banks based on capital base, he should have categorized the banks into three categories - Big, Medium and Micro  Banks. And each would cater for a different client. The girl who had learnt tailoring and had enough practical experience should be able to get a loan from a small bank to buy, machines, pay for shop, buy a small generator and hire one or two staffs - all these would cost less that N300,000. That niche can be filled with small local banks. I think Soludo realized his mistakes and introduced Micro-finance banks later, but then why did he have to kill other medium capital banks before.

Also his introduction of coins was a colossal waste and failure, even a market woman knew that coins would not work in the Nigerian environment, unless they are N10 and N50  coins. imagine minting 50k and N1 coins.


Although i also feel the situation could be handled better, it was a welcome development to halt the rot in the system. I feel he should go after those debtors in the other banks also as Jimoh Ibrahimoh says. But CBN under Soludo had been helping the Banks and all these banks do is ask for more help.

Lets wait and see, if Sanusi is pursuing another agenda, it would be apparent in no time and i will be the first to crucify him. I was an avid supporter of Ribadu first, before i turned against him

McKren

You make a lot of sense there. But even banking policies has a lot of effect on even energy. If we leave in a stable financial atmosphere were every department of Government work in unison, and banks can give ten year loans and relatively low interest rates, then qualified technical experts can borrow funds to build power stations, refineries, etc, and help ameliorate the energy crisis.

macfarland:
@wirinet,
Dont be deceived. We all went to school so we can be smart and intelligent to know what is happening in our environment by putting 1 and 2 together. You can read below a write-up curled from today's Sun Newspapers. We Nigerians are smarter than Sanusi, a Sharia Studies gratudate turned banker!

thank God, we went to school, that gave us the opportunity to analyze happenings in our environment and interpret those events according to our understandings and expectations. The fact that Sanusi is a Sharia Graduate banker does not make him less competent. In fact if he was that incompetent, he would not have made it to top management positions in two of the top (privately owned) banks in Nigeria.

macfarland:
"The North’s anger
Besides, the North had believed that Soludo was playing President Coliseum Bosanko’s script to the effect that the Arabic inscription on the naira was yanked off and that the former governor of the apex bank planned to crowd the North out of the foreign exchange market by classifying the Bureau de Change (BDC) into ‘A’, ‘B’ and ‘C,’ which made it impossible for all the operators to access the CBN foreign exchange window. The attempted redenomination of the naira was another policy, which Soludo’s administration thought would curb inflation and reduce the overbearing effect of the dollar against the naira. This was also counted against him. Northern top shots misconstrued that to mean that the policy was against the bureau de change operators, who are the major operators of the business.

I do not know what to say about your allegations about the inability of the north to be crowded out of the foreign exchange window, because the foreign exchange market in Nigeria is like a mafia organization with all banks being actively involved. It is the banks that buy Forex at official rates and give it to mallams to sell for them at black market prices.

I had never seen the usefulness of Soludo's Redenomination Proposal. I do not know how just removing two zeros from the Naira can help control inflation. I had though inflation was caused by too much money chasing  to little goods. And since we have very little local goods, our inflation rates would be set by the quantum of our dollar earnings put into the system, the international price of goods we import and the quantum of naira put into the system - officially and unofficially. Please i need a bit of education on that as i did not take economics beyond 200 level.

macfarland:
So, it was against this background that Sanusi Lamido Sanusi emerged as the new CBN boss. Soon after he assumed office, he liberalized the forex market, which made it possible for all the BDC operators to participate in the forex market. The action elicited reactions from experts, who believe that Sanusi was in a hurry to upturn the achievements of his predecessors and stamps his feet in the economic sphere. He was believed to be aiming at ensuring the return of Arabic inscription on the naira and the licensing of more banks of northern origin with lower capital base and of course or further shrinking the banks to 15. Indeed, even before the conclusion of the auditing of the banks, Sanusi had told London Times that his target was to shrink the existing 24 banks to 15 strong banks.

I am sorry to ask, but where did the BDC get their forex before? and why is it detrimental to the financial system for BDC to source their forex from the CBN directly, maybe it might further bridge the Gap between the Official and black market rates.

I will not support returning Arabic Inscription on the Naira notes, but i must add that the present numerals used in the western world, stems from Arabic. It superseded Roman numerals, so the Islamics should take solace that the whole world already use their Numerals.

I had always been a critic of Soludo's Consolidation.  From a practical perspective Nigeria needs small banks as well as big banks, he should not have killed other banks based on capital base, he should have categorized the banks into three categories - Big, Medium and Micro  Banks. And each would cater for a different client. The girl who had learnt tailoring and had enough practical experience should be able to get a loan from a small bank to buy, machines, pay for shop, buy a small generator and hire one or two staffs - all these would cost less that N300,000. That niche can be filled with small local banks. I think Soludo realized his mistakes and introduced Micro-finance banks later, but then why did he have to kill other medium capital banks before.

Also his introduction of coins was a colossal waste and failure, even a market woman knew that coins would not work in the Nigerian environment, unless they are N10 and N50  coins. imagine minting 50k and N1 coins.

macfarland:
The CBN governor had commissioned the auditing of the banks. So far, only 10 had been fully audited. Analysts are wondering, therefore, why the CBN did not wait for the completion of the auditing before taking actions on banks that fall short of its expectation. This is why some are actually insinuating that the action was premeditated and that the real intention is to hand over some banks to new investors, the majority of who may come from a particular section of the country.

The suspicion
Sources say that this suspicion is more rife as the CBN did not make effort to help the banks, in other ways instead of outright take over"

Although i also feel the situation could be handled better, it was a welcome development to half the rot in the system. I feel he should go after those debtors in the other banks also as Jimoh Ibrahimoh says. But CBN under Soludo had been helping the Banks and all these banks do is ask for more help.

Lets wait and see, if Sanusi is pursuing another agenda, it would be apparent in no time and i will be the first to crucify him. I was an avid supporter of Ribadu first, before i turned against him

Haba macfarland,

Please tell me if we are also going to use Religion in banking business. We use tribal sentiments to judge every action that is not favourable to us, if that fails we then try religious.

Please tell me how the Islamic Bank Cooperation can take over all five banks even if they are interested in doing banking business in Nigeria.

Why does the Islamic Bank have to take over any of the five banks? Or is Sanusi/Yaradua offering them for free? What stops the bank from acquiring a license, raise the 25 billion naira share capital and start doing business in Nigeria.

Then even if the Islamic banks take over the Five banks, is that going to affect Christians negatively?, maybe they would not return their deposits to them or they would refuse to do business with Christians.

Even if the 5 banks are bought by the Islamic Bank, there are about 19 other banks in Nigeria, so you can withdraw your money and take it to other Christian (maybe Redeem) bank.

Mad_Max:
They disagreed with the TIMING and MOTIVE. They're certainly entitled and it shouldn't have cost them their jobs. They're not there to play YES MEN in a govt organisation, and a CBN Governor shouldn't be a MY WAY OR THE HIGHWAY despot. Na him go first reach there? Nonsense

I agree with you 100%, if the disagreements are not fundamental, or the deputy can work with the governor despite his personal disagreements, then i do not think they should be sacked. But the impression the report gave was that they had a fundamental difference of opinion. Nigerian press seems to exaggerate a lot.

If even even a bank is your personal property, one should not expect all other staff to be yes men, or else you would not need any other management staff. It is very wrong to sack someone for his opinions.

McKren:
I did not know that what was stiffling local manufacturing was CBN policies rather than lack of cost effective Energy Source.

One important factor stifling the productive sector in Nigeria is CBN (banking policies), a situation whereby banks are not lending small and medium scale industries capital would stifle any production, even at times more than the lack of energy. Then an interest rate of between 17 - 20% cannot allow for any legitimate production to take place.

I know people who have medium scale manufacturing outfits worth over N150 million naira and cannot get loans for raw materials from any commercial bank (because he is not a speculator or trader). He utilizes micro finance banks and has to pay close to 30% interest rate. Although he manages to survive but finds it very difficult.

Why do you think Chinese and indian manufacturing outfits still perform well in spite of poor power and infrastructure, because the bring in cheap funds from their home countries.

bombay:
Why should soludo be arrested for what reason[b] if not for him do you think nigerian economy will be where it is today.[/b]
Watch and see you moroons will beg that soludo should come back.
Of all the cbn govs we have had in nigeria he his the one that has done the most in fact he his the best.
We have had how many cbn govs, who has performed better name it is it alhaji alhaji,or adamu ciroma who name them who i challenge anyone to name .
Some of you will just open your mouth to say crap without proper research.

Please explain to me where the Nigeria Economy is today. How many factories have soludo's policies create. How many production outfits have more money to to produce?. Soludo policies only created maga speculators (traders, oil and forex) and traders. So we were overly exposed to the vagaries of the international oil and stock market, while our factories and production capacity is falling. No economy can succeed that way in the long run.

SapeleGuy:
Wirinet - There is no country where fraud does not exist. That fear should not stop Sanusi from say gauranteeing the first 10 million naira in all deposit accounts. Let him see how it was done in England.

Is it really worth it that international banks are no longer honouring letters of credit from nigerian banks. On that score alone his policy has failed. How long will it take for that confidence to return?

My guy how area, i am from waffi, so u be my broda.

Yes fraud exists in most countries, but the Nigerian case is exceptional. Other countries corruption does not have as much effect on the country is it is the case with us. Besides people caught in those other countries are actually punished when caught.

Do not worry, i am sure they are waiting for the new man to finish whatever he is doing. Also i am certain that they would deal with one or two banks like first bank.

Nigerians are extra ordinarily religious but possess very low moral gauge. If those banks have been in the us or britain, i am sure the CEOs would be cooling their heels in prison. If it was China, their heads and their bodies would have been at different locations by now. ( i am not pronouncing the them guilty), but the laws would have taken its course.

In America there is something called Anti- Trust Law and a law against bridge of public trust. They are nor criminal offense per se, but if you put your self at an unfair advantage, you could pay a heavy fine.

Even Bill gate (microsoft)had to pay hundreds of millions in both US and Europe as punishment for unethical monopolistic behaviour.

That is the only way to ensure a vibrant economy.

Guardian and their spin on the story, well i do not expect them to do otherwise.

Sanusi is the defacto CBN governor, the buck stops at his table. If any deputy disagrees with his course of action, honour demands they resign, at least that is how it is done in other climes. It would be difficult for someone to implement a policy you disagree with. You do not wait to be sacked. Anyway this is Nigeria.

SapeleGuy:
By not guaranteeing the hard earned deposits of average and honest nigerian, he is guilty of what he is accusing others. If the banks crash the people will still lose their money. The common man or woman is not protected.

I wonder why you are blaming  you keep blaming Sanusi for not guaranteeing deposits, he had only been there for two months, why do you not go to anambra and ask soludo that question. Besides how do you guarantee deposits, when the banks do not give the CBN a true picture of their state of affairs, they cook up the books. That would be an avenue for dishonest banks to perpetuate fraud. He needs to clean up the system first.

Do not worry about foreign banks, they are just waiting for the dust to settle to know the true state of affairs, they will still be doing business with us. After all under the most repressive military regimes, they opened letters of credit, how about now when we are in a "democracy".

Sunny_bobo:
I still ask the following questions;

1) why the rush?

Because, waiting any longer would give the people involved (suspects), time to plan a counterattack, and they are very wealthy, have political clout, and control the media (almost all of them). They even have international connections.

Sunny_bobo:
2) Why didn't he wait for the audit of the 24 banks to be completed?

Because, one time factor as stated above. But more importantly, they are the ones over-borrowing from the central bank and other banks to meet their financial obligation,  putting stress on the inter-bank rates and interest rates in general. Also if all 24 were completed before taking action and it was found that a lot of them have breached public trust, it would be impossible to sanction them all without collapsing the entire system. Beside CBN would not be able to cope. Piece meal method is still the most practical approach, taking the severe cases first.

Sunny_bobo:
3) is he not giving undue advantage to the banks yet to be audited?

Maybe, but the health of the other banks is not as severe as the once axed, and their suspected misdemeanor is not as serious.

why did the poster not ask RIBADU those questions when he did ten times worse that Sanusi , Nigerians were hailing him for using extra-judiciary means because they felt the judiciary system is slow and ineffective.

What would have happened if sanusi allowed the 5 banks to continue to put CBN and other banks under stress by over-borrowing, and then finally crash. Just one of them crashing can bring down the whole financial system. And i suspect that if Sanusi did not act fast alone, the matter might have been resolved "the PDP family way" and Sanusi would have been powerless.

Do not forget, Sanusi could not be investigating the Banks and have the former management in place, they would confuse the whole figures and use the media to frustrate Sanusi. In some cases, you might even hear of "mysterious fire" gulping up the account section of the head offices and their server crashing at the same time. THIS IS NIGERIA.

So until someone can prove to me that Sanusi is pursuing a personal, political, ethnic or religious agenda, and show he is lying against the former managements, or even being selective in his operations, then i would withdraw my support for him. After all the courts are there (remember Savannah bank). Until then i support Sanusi 100%.

I am in love with this Sanusi Guy, you cannot compare him to Ribadu. Men this man has guts. In his statement during confirmation by the senate, he lashed out at yaradua's 7 point agenda, telling him to reduce it to one or two. Now who else has enough guts to tell that to Yaradua's face.

He then went after the real "untouchables" the all powerful omnipotent and omnipresent bank MD's who flounts riches here and there and sponsors most politicians sinister projects. He went further to actually publish a list of Nigerias "rich men" who live on our hard earned money saved by market women and okada riders.

I am sure more heads would roll.

Someone here is suggesting he waits until a comprehensive audit of the accounts of all the banks before he takes action. If Sanusi should do that and take necessary  action, do you think Nigeria would have an economy left. Anybody that has done business with Nigerian banks would know that it is a cesspool of corruption only surpassed by government parastatals like NNPC.

The five banks are the ones that shows the worse symptoms of distress and have been on life support for a long time.

Other people alleging witch hunting  or tribal sentiments, Have the removed MDs denied complicity in the alleged crimes? why are they not going to court to protect their fundamental Human Rights? I am sure Erastus is suing to avoid being arrested, since the case would be in court and all parties would be asked to keep the status quo.

See the result of consolidation, Mega Banks in a Lilliputian Economy. What we need is more capital availability to the start up, small and medium scale companies, which can provide common goods and services and provides tens of millions of employment. But soludo wanted a few megabanks providing loans for mega companies who provides very little jobs and provide no productive goods or services.

Soludo wanted to turn the laws of industrialization upside down. All industrialization the world over started from cottage industries, it was the successful cottage industries that grew to be mega corporations we celebrate today.

I am in love with this Sanusi Guy, you cannot compare him to Ribadu. Men this man has guts. In his statement during confirmation by the senate, he lashed out at yaradua's 7 point agenda, telling him to reduce it to one or two. Now who else has enough guts to tell that to Yaradua's face.

He then went after the real "untouchables" the all powerful omnipotent and omnipresent bank MD's who flounts riches here and there and sponsors most politicians sinister projects. He went further to actually publish a list of Nigerias "rich men" who live on our hard earned money saved by market women and okada riders.

I am sure more heads would roll.

Someone here is suggesting he waits until a comprehensive audit of the accounts of all the banks before he takes action. If Sanusi should do that and take necessary  action, do you think Nigeria would have an economy left. Anybody that has done business with Nigerian banks would know that it is a cesspool of corruption only surpassed by government parastatals like NNPC.

The five banks are the ones that shows the worse symptoms of distress and have been on life support for a long time.

Other people alleging witch hunting  or tribal sentiments, Have the removed MDs denied complicity in the alleged crimes? why are they not going to court to protect their fundamental Human Rights? I am sure Erasmus is suing to avoid being arrested, since the case would be in court and all parties would be asked to keep the status quo.

See the result of consolidation, Mega Banks in a Lilliputian Economy. What we need is more capital availability to the start up, small and medium scale companies, which can provide common goods and services and provides tens of millions of employment. But soludo wanted a few megabanks providing loans for mega companies who provides very little jobs and provide no productive goods or services.

Soludo wanted to turn the laws of industrialization upside down. All industrialization the world over started from cottage industries, it was the successful cottage industries that grew to be mega corporations we celebrate today.

davidylan:
Celtic has been excellent!

celtic excellent? , how many shots have they on goal, Almunia has been having a stroll  in the park.

@ SEFAGO and other PHD economists in the house

Please can you explain how Nigerian banks are able to sustains some of the highest emoluments in the world, competing with those of advanced economies like the U.K ans US.

I am also at sea as to what business the banks engage in, to be able to sustain their huge overhead cost (diesel, equipment, maintainable, etc) and still declare billions of Naira (or is it dollars) as profit, while all other sectors are going down. I know they are not engaged in traditional banking business because to get a loan from any bank to finance any project is like the proverbial camel passing through the eye of a needle.

That is why i am always surprised that they open branches like Redeem (apology to redeemers), with some steets having up to 3 branches all within shouting distance of each other.

Even Chinese and Indian banks and bankers cannot compete with their Nigerian counterparts.

SEFAGO:
"Intelligence is far more important that academic qualifications."

I hear this argument a lot and its very confusing though. Let me restructure what you said "Academic qualifications usually correlates to intelligence, and sometimes surpasses experience when that experience is not outstanding'

I disagree with you that the correlation between academic qualification and intelligence is clear cut. Other things like experience, passion and even the hunch (inspiration) factor comes into play in determining intelligence. I am not underplaying the importance of academic qualifications to achieve a certain threshold  of intelligence, but from that threshold to being exceptionally intelligent requires more. If you look through history of really exceptional people who achieved very great things, you will find very few professors among them and not many doctors either.

SEFAGO:
Lamido's experience is limited. They call him a risk manager (naija ppl like name sha) but what risk firms has he worked for, do these risk firms have a global presence, what was his performance there. Man if your experience is limited to nigerians banks, in this age, then your view would be very limited. If sanusi spent all his time in naija banks then it is likely that he is susceptible to all the problems of the nigerian banking industry itself.

Yes i agree with you that Lamido's experience is limited, but i think he is the best we have in that field within the Nigerian banking industry. If he was not i do not think he would have made it to M.D of first bank. Remember the government needs a risk manager as CBN governor in this era of economic melt down. I do not think it will be wise to bring in a more qualified and experienced  risk manager from abroad, who has no experience with Nigerian banking.

SEFAGO:
So he wants to create a banking hegemony consisting of 3-4 banks. But thats not what we need 3-4 semi strong banks. We need a lot of strong banks. What he should start doing is reforming financial laws, trying to help drive the nigerian economy using a socialist based system of providing credit for strong banks to encourage entrepreneurship- basically what we need are two things production and consumerism to push our economy. One side cannot exist without the other.

You do not decree a strong bank into being, the bank grows according to its performance. The banks by themselves cannot drive the Nigerian economy. First we are practicing capitalist based system and have never (in modern times) practice anything socialist and besides the conservatives hold power in Nigeria. A more important sector to help drive the Nigerian economy is the judiciary. Debts and contractual defaults are responsible for a lot of companies going under in Nigeria and the courts do not help matters.

SEFAGO:
If we can begin to increase production of goods by providing credit to small and big businesses (well researched business plans not just high worth individuals with inflated incomes), it would really help reduce unemployment and drive growth. A reduction in unemployment would give people the spending cash to bolster the consumer side. The nigerian consumer taste is very similar to that o America and is not as conservative as Asians. We like to buy, buy, buy. Th problem is that we dont have money. If a stimulus provides this money  in a way that does not increase inflation  then we can improve our economy.

I an surprised you are saying this. I can tell you that credit (yes money) is the least important factor to drive industrialization (production). where the atmosphere is conducive, capital will surely flow there. Other more important factors are Manpower, Adequate laws ( the land use act in Nigeria is a stumbling block to production - especially agriculture),  social and societal practices (people see loans as part of our national cake, and marry many wives, buy more house and cars, etc, with loans collected from banks).