Has it gotten to the stage that some of them are now trying to escape from the country? That means more or less they know d allegations are TRUE. Becos of their activities that contributed in fall of stock market, almost the whole of Nigeria's citizenry were led to their untimely graves. CBN should fast track the audit process & also those of other banks so we can know wat we r dealing wit.

BRETHREN, I think this HOLLANDIS on nairaland must be from the IBRU family.

no court should stiffle this sanitation process o!
any attempt will be resisted with all the might of the Peoples of Naija, meanwhile they should stop all the involved persons from leaving the country.

well lets wait for the result of the audit of the remaining 11 banks, then we can blow the whistle on all of them!  

i really agree with rhymz,cos in as much as lamido intends to sanitize the banking industry(according to him)i think things should have been done properly and totally if not more problens would just be created.i just hope all these mess gets sorted out soon.

aquita:



@ hollandis, are you related to Cecilia Ibru in any way?

Is that question necessary?

FELIX30:

BRETHREN, I think this HOLLANDIS on nairaland must be from the IBRU family.

What has consanguinity got to do with my posts?Is it a crime to be objective again?
Na wa o.Naija problems plenty
Every where you go.Ibru this,Ibru that.Are you guys jealous of her achievement?or are you chauvinists ?

wot will happen to our monies in Oceanic bank? and other affected banks?

You get money for Oceanic?
No wahala, CBN is in control aight! 

Too bad for the folks.

muhsin:

Too bad for the folks.

Two bad for what folks?

Judgement Time has come on them

Rogo:

Judgement Time has come on them

Dont start dancing yet, they will all party and play golf together soon, while me and u can do nothing

Fhemmmy:

Dont start dancing yet, they will all party and play golf together soon, while me and u can do nothing

Na so Nigeria be o! Sanusi just used them as scape-goats to score brownie points in his new job. Though it is a good development, the way Sanusi went public about it may affect these banks terribly because their customers are now panicking. EFCC should stop all these their anti-corruption hypocrisy and arrest all the governors and presidents who are still enjoying stolen money including OBJ, IBB, Gowon, that is when we will take this their propaganda seriously.

P.S. --Its a shame for those insulting Soludo, what that guy did in the banking sector is unquantifiable, the consolidation process alone saved Nigerians a lot of future financial trouble and if not for him, Sanusi would not even have the chance to make this "banking watchdog move" but all of a sudden people have forgotten, very typical of humans!

Soludo tried, however, he has his flaws, but in all, i think he did a good job, with consolidation and all that stuff, was nice.
i hope the Sanusi guy will do something too, if he can pls address the prob with foreign exchanges, that will be great and will bring more biz to Nigeria.
Sanusi has done well, but the EFCC needs to arrest all the past leader, presidents, Head of states, senators and all the past leaders and have them all jailed, seize all they have, and i am sure many will sit up

cecilia means snake!!!!, the oceanic woman is a rattle snake. beware of dangerous vipers !!!

The sad truth is that nothing will come out of all this. This is the elite vs the elite ,they have where they meet. These looks like a pre arranged diversionary tactics from MEND activities which has been a source of great heartache to this administration.

I keep my mouth shut for now. This is Naija where anything can happen.

I think Sanusi has a hidden agenda, When he was MD/CEO of First Bank he was at loggerheads with Erastus Akingbola and Cecilia Ibru.He told the Adamawa State Government to withdraw their money from Intercontinental Bank and Erastus Akingbola reported him to the then CBN governor Soludo who brought Sanusi to book.I think it would have been better to have warned these bank chiefs and given the an ultimatum to fix things rather than outright sack,i hope he has nt done more harm than good.

this is getting very interesting!

I just don't have faith in the current EFCC. How I wish Ribadu is still around.

On the demarketing accusation,Sanusi was not behind any demarketing, it was an attempt to smear his name for his conservative banking approach as GMD of FBN. That was earlier this year. Even b4 becoming CBN guv, Sanusi had always been critical of the unethical approach to banking by his colleagues. It was ds dat made them attempt to discredit thru d demarketing allegation.

Jarus:

I just don't have faith in the current EFCC. How I wish Ribadu is still around.

On the demarketing accusation,Sanusi was not behind any demarketing, it was an attempt to smear his name for his conservative banking approach as GMD of FBN. That was earlier this year. Even b4 becoming CBN guv, Sanusi had always been critical of the unethical approach to banking by his colleagues. It was ds dat made them attempt to discredit thru d demarketing allegation.  

Ribadu was just a noise maker, a tool for the OBJ regime, and he was just as useless as useless could be.
With all he send to court, how many people was convicted?

Guyz pls,sb should explain to me whom to air my grievance to cos lately sth very unfair has been going on here in Nairaland.For whateva reasons sb has intentionally been deleting my comments and it's getting very annoying.I dont use bad language,neither do I engage in any tribal war of mouth here and yet sb i don't know keepz deleting my comments.Even if U don't agree with my stance,do U have to take off my posts,i ve read very racist,tribalistic and anarchist postings here,no1 has raised an eyebrow or taken off those comments,so why should sb in wateva capacity be deleting my honest views about the recent happenings in the banking sectorz.Pls fellow nairalanderz help me luk into this and inform whoever is in charge abt dis.I shall post that particular opinion of mine that they keep deleting for reasons best known to them.

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.

rhymz:

Just like I have been arguing since Lamido for reasons best known to him rushed to anounce the sack of these CEOs and further plunge into details of how insolvent thier banks were and almost even declared them bankrupt,obviously,this decision does't look like it was well thought out.Now there are reports that these 5 banks might need up 1trillion due to thier indebtedness both to the CBN and other banks.The question that comes to mind is,what if they discover at the end of the audit exercise that more banks are deeply insolvent?Yes,he was able to decipher the insolvency symptoms from these five banks due to the fact that they accounted for more than 80% of the EDW and the inter-bank market but are these enough guarantees to conclude that the remaining 13 banks won't throw up another shocker?He must have underestimated the extent of the problem to think that anouncing the overhaul of the managements and injecting a mere #400bill into these 5 banks will solve the problem,I guess he now realizes that the problem goes far beyond risk management.For instance,according to report,one of the banks almost immediately exhuasted it's own share of the #420bill,it was reported that the said bank was owing CBN #60bill and other banks #70bill,one just wonders if sanusi and his team did a thorough audit of these banks before rushing out cos obviously they ve been caught unawares.Another question which many of us re not asking is where are these funds coming from?I mean this is a government that is still deadlocked with ASUU over funds talking about saving 5 privately owned banks with #1trillion.Besides,does the national assembly know about this?Is this mystery money coming from Yaradua's or Lamido's pockets?If it's from our reserves then I want to believe it's not a CBN solo project,the merits and demerits of releasing this huge amount will ve to be debated at the national assembly and this might take time,my gues is the banks will have to wait.
I believe Sanusi should ve been a bit patient and do a thorough auditing on all the 23 banks,work out less fatal modalities for solving this problem especially in these areas:formulate laws that make it almost impossible to indulge in bad corporate governance etc,root out the bad eggs in the CBN that ve hitheto given pass marks to these banks even when it was glaringly clear that they were gravely distressed,go after the crooks that have collected huge non-servicing loans from these banks without making any attempts to pay back,evaluate the actual extent of the problem so as to know how much fund to be mobilised to solve the problem and then finally, systematically depose of the management team of the failing banks.This way,his sanitization exercise will be more effective and ppl won't ve any insinuations but with his present mafia style,which makes the situation more about him, there's so much to read into it and they re very strong arguements.God help this country.

can sb pls tell me why they keep taking off my posts.

Someone needs to check Sanusi himself,maybe God will.

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.

[size=16pt]BUT FOR NAIJA WE DEY VEX OHHHHHHHH![/size]

Matinho:

Someone needs to check Sanusi himself,maybe God will.

why does he needs to be checked?

It is obvious that there is so much more to this than meets the eye and hence a proper investigation is required. The list of debtors to the five banks makes for a very interesting read indeed. I did not even have to go far and Rockson Engineering already stood out like a sore thumb as being the company that was named in the EFCC interim report against Peter Odilli. Rockson Engineering company was alleged to be one of the avenues used by Peter Odilli to loot the Rivers State treasury. Due to how messed up the country is with regards to corruption something as remote as bank audits can end up indicting and exposing so many people. The corruption in Nigeria is so intrinsic and wide spread in the country that I wouldn't be surprised if an akara seller farting in public can also potentially indict and bring down Babangida if investigated thoroughly. A thorough investigation is important but since this is Nigeria we speak of I would not hold my breath.

Link to list of debtors
http://cenbank.org/Out/publications/pressRelease/GOV/2009/ADVERTORIAL2.pdf

Link to a copy of EFCC interim report on Peter Odilli
http://www.chatafrikarticles.com/articles/379/1/Interim-Report-of-the-EFCC-on-Governor-Peter-Odili/Page1.html

Unsurprisingly, Nigerians are unable to process information rationally once again. The facts are clear. In most cases, for such obscene loans to have been approved for individuals and companies with no visible or tangible business operations indicates massive incompetence on the part of the banks execs on the one hand, and criminal activity on the other. Massive incompetence in that do these bank execs understand the concept of being “credit-worthy”? Have they ever heard of the term “credit risk”… or even “risk management”? Helloooo… Clearly, there have been shady deals going on between bank execs and “business men”. The bank execs, most likely, have been conniving with these “business guys”, approving massive amounts for loans to buy IPOs and getting cuts off the total loan figures in the first instance. Hence, as a matter of practicality, there never was any way these loans were going to get paid. This should be criminal.

How on earth can you, as a bank exec, approve a loan of over a billion naira for a shitty computer company in Palmgrove called “Omatek”? How the f--k are they going to pay back? What do they even do? Who the f--k is buying their shitty omatek computers? How did a one billion naira loan for such a mediocre company get approved? I mean, clearly, you have to be either profoundly stupid or irredeemably criminal to approve such a loan.

For Soludo to have been CBN Governor while this clusterfuck was happening demonstrates that he is a failure. In any sensible country, this level of incompetence/negligence would be criminal. These fucktards ever heard of “corporate governance”?

SMFH.

George_D:

this is getting very interesting!

Movie part two i go watch to se the next part