@RichyBlacK

To your questions, i think that you should know that the law establishing the code of conduct bureau empowers you( as a citizen) to walk into their office as ask these questions that you are asking me. As a bonafide Nigerian, you can make that request and post your findings here, i am not Soludo's lawyer but i have followed this development from the time of the controversial consolidation issue. I know some University Profs that say that he was living in a fools paradise to dare dream of Nigeria as Africa's financial hub. If you want to convince us all that Soludo is evil, you have to prove it,  it is a common idea in law that he who asserts bears that burden of proof, and going by the way you sound( quite enlightened) i know that you are aware that the onus of that proof lies on your shoulder. And for your information, Soludo is not ' a professor in the US, he a visiting professor in many universities as has been mentioned in my post, a consultant to world class financial bodies, a researcher, and an author. That guy does not need to steal to buy a house or send his children(only 2) to the best schools if that is what he wants to do.

@doyin13

Lets know the shady deals and refer to the CBN act to justify what the central bank would have done that it did not do to institute financial discipline in the polity. CBN does not the control the EFCC, ICPC or the Nigeria Police that have the responsibility of prosecuting economic and financial criminals. Your AGF(Aandoaka) does. It is under Soludo's CBN that i even know that CBN job goes beyond printing money. And hey, the stock market, i learnt a stock brocker friend is driven by speculations, which is not based only on logic but substantially on the emotions of FEAR and GREED. The moment the fear set in, greed took the back seat and the guy did his bit to shore up investors confidence ( addressing those fears) to extent of making the controversial statement of the isolation of the Nigerian market. We know the cause: capital flight to Europe and Americas to address their own problem back home and it got the local stock price plummeting and only a foolish CBN governor will come out and say it as it is knowing that people like me would have sold off all my stock the very day i hear it. And besides, as of the time the comment was made, the guy was te only credible voice in the horizon, i am sure you believed him more than you would have believed your own president and that was why he was the messanger!

Nigerians and the way they rationalise crime. " it is ok to steal on the condition you build hospital and roads" Our greatest enemy is simply our mindset

blacksta:

Nigerians and the way they rationalise crime.  " it is ok to steal on the condition you build hospital and roads"     Our greatest enemy is simply our mindset

Thank you! In societies where the populace have not been massively brainwashed, these crooks would be investigated, definitely convicted, jailed and their assets transferred to the state. Not in Nigeria. We give them chieftaincy titles.

@Frank-C

Like the irresponsible practice of dicing mortgages in the wider global banking system
which is causing so much stress, the peculiar practice of giving loans to customers for the
express purpose of buying up the share issues of the lender, has led to a lot of doubt over
the bank balance sheets and the extent of their exposure to these so called margin loans.

I cannot think of any reasonable explanation for the CBN to ignore or turn a blind eye to this practice

.

Soludo is innocent until proven guilty

doyin13:

@Frank-C

Like the irresponsible practice of dicing mortgages in the wider global banking system
which is causing so much stress, the peculiar practice of giving loans to customers for the
express purpose of buying up the share issues of the lender, has led to a lot of doubt over
the bank balance sheets and the extent of their exposure to these so called margin loans.

I cannot think of any reasonable explanation for the CBN to ignore or turn a blind eye to this practice

CBN banned the extention of margin facilities and the stock brokers blamed him for the downturn on the market.

The ban was last year, about a year ago. My broker complained bitterly about it.

Just like Frank C said, Soludo except he is daft or a spenfthrift does not need to soil his hand to afford his lifestyle.

I have said this before and i will say it again.

@Post
Evidently there is a campaign of calumny against Soludo by those who are interested in taking over his job when his tenure expires in May. I gather that hese fifth columnist have a budget of N100 million to spend on propanganda to tarnish Soludo's image. Evidently sahra reports must have collected their share of the money.

Is it N100 million or N12 billion?

Anyway see this one if Tribune is to be taken serious

FG shortlists 3 for Soludo’s job - Moves to reclaim CBN gov’s official residence
From Taiwo Adisa and Gbola Subair - 17.03.2009

AS the tenure of the Central Bank of Nigeria (CBN) governor, Professor Chukwuma Soludo expires in May, three people have been reportedly shortlisted out which one will be named to take over from him at the helm of the country’s apex bank.


Nigerian Tribune gathered that out of the several names being bandied in government circles, the three names that have remained prominent include the incumbent Chief Economic Adviser to President Umar Yar’Adua, Mr. Tanimu Yakubu; the Minister of State for Finance, Mr. Aderemi Babalola and former Minister of Finance, Dr. (Mrs.) Ngozi Okonjo-Iweala.


Besides, sources have also said that the Federal Government has concluded arrangements to retrieve the official quarters of the Governor of Central Bank purchased by Soludo at the cost of N400 million in 2006.


Sources close to the government said at the weekend that the Presidency had already ruled out the possibility of retaining the CBN governor for five more years.


A source said on Sunday that the government had started raising questions as to the reasons for the sale of the official residence of the CBN governor, located at Wuse 11 area of Abuja, to Soludo.


Already, questions have been directed to the Ministry of the Federal Capital Territory (FCT), which set up the committee on the sale of Federal Government Houses under the Obasanjo administration.


The committee, which operated under the then Minister of the FCT, Mallam Nasir el-Rufai, did not recommend that the house where the CBN governor lived should be sold.


The House was not categorised as an essential building, whereas sources said that it was known to the committee that the nation must continue to produce CBN governors who would need an official residence.


“So where do they expect the next occupant of the CBN office to live, on the tree or at the hotel? It must have been due to indiscretion on the part of the committee that recommended the sale of the official residence of the CBN governor,” a source close to the government said on Sunday.


Government sources claimed that the decision to sell the official residence of the CBN governor was inconsistent with the exemption of houses of similar heads of government agencies like the head of the Code of Conduct Tribunal and others.


“Remember that the official residence of the Inspector General of Police (IGP), which is the operational headquarters of the police, was sold by the last administration and this government had no other option but to reverse that sale. That is the same situation government has found itself with the CBN governor’s residence. Similar houses located around the Presidential Villa, which were unduly sold to aides of the former president, have since been recovered. It is not about sentiment,” a source said.


The source also said that government was yet to probe the source of the money used in purchasing the residence.
If the inquiries lead to a reversal of the sale, it was gathered that

Soludo’s money might be returned to him, while the cost of the changes he had effected in the residence would be estimated accordingly.


It was gathered that questions about the official residence of the CBN governor became recurrent when government insiders started weighing the options on Soludo’s likely successor.


A source said that the decision to drop Soludo was not unconnected with his role in the AFC financial crisis, while some sources also said that his policies were clearly at variance with those of the current government.


A source pointed to the naira denomination controversy and the decision of the CBN to appeal the court ruling on Societe Generale Bank against the grain of opinion in the government.


According to sources, some bank chiefs had lately reported some dealings with Soludo, which the government had commenced investigations into.


“As it is now, the government does not want to embarrass the governor, they want him to complete his tenure and then face questions from appropriate authorities on the AFC issue as well as other issues, that is why he will not be re-appointed,” a source said.


When contacted on Monday, the CBN Deputy Director and Head, Corporate Affairs, Mr. Festus Odoko, told the Nigerian Tribune that people are flying so many things these days about Professor Soludo.


According to him, recently, it was on the net that Professor Soludo bought a house in London; he built one in his village, the house that he built when he was a university lecturer.


Disclosing that he could not understand what the faceless people were up to, Odoko advised the people to stop peddling such rumours.


On the government’s attempt to take over Soludo’s Wuse 2 official residence, the deputy director said he was not aware of such attempt.


“I don’t understand why people are peddling so many things about Professor Soludo. Recently it was on the net that he bought one house in London, built one in his village, the house he built when he was a university lecturer, this one you are talking about, I don’t understand it,’’ Odoko said.

So those who want to remove him are doinbg their best and hopeful they will get a northerner who will reverse all the consilidations so that the north will be involved.

Yar'Adua has almost reversed every positive thing that OBJ did and left all the negative ones.

He has as his CJF one of the most corrupt Nigerians.

Good luck to to Nigeria. Investigate Soludo and arraign him if he is found wanting. Or lese let him be.
Character assasination is unfair.
If they have found anything on him, they should make it public instead of saying they do not want to embarrass him.

I wonder the why this campaign, when the last CBN governor was changed, there was no drama about it. This must be a case of guilty conscience. Name the dog and hang him. probably they feel he desearves a second tenure. If he does not, there would be no such effort to make him look ordinary.

Naija we hail thee

agabaI23:

CBN banned the extention of margin facilities and the stock brokers blamed him for the downturn on the market.

The ban was last year, about a year ago. My broker complained bitterly about it.

The ban came long after the unscrupulous practice had wrought its egregious effects on our system . . .

What did you expect him to do? Keep facilitating what was by and large a Ponzi scheme

I guess the assertions by Sahara reporters that several Banks were already in trouble and had to be bailed out with N1 trillion turned out to be true. Sanusi's coming actually showed that our dear professor was practicing voodoo economics.