Jarus:

What should EFCC arrest Soludo?
Did he commit any financial crime?
Did he aid or abet any?
Did he defraud anybody?

Not supporting jailing him but he definitely aided these guys!

what did he do to rectify these problems?

The CBN gave the following statistics to back up its action.
1. Total Loan Portfolio - N2.8trillion
2. Total Margin Loans - N456billion
3. Exposure to Oil & Gas - N487billion
4. Total Non-Performing Loan - N1.143trillion (rep 40.81%)
5. Outstanding balance at EDW - N127.85billion (rep 89.81%)
6. Net guaranteed interbank takings - N253.30billion
7. Liquidity Ratio - 17.65% -24% (below 25% minimum)
8. Capital Adequacy Ratio - Below 10% minimum (one has 1.01%)
9. Market Share – Total Assets - 31.47%
10. Market Share – Deposits - 29.99%
11. Market Share – Loans - 39.93%
12. Minimum Capital Required - N204.94billion
13. Capital Now injected - N405billion

@Kunde
True talk

I think Nigerians can be funny and at worst careless with words sometimes.
I don't know who the poster is but from his question he sure needs some education on what a financial crime is or is not.
For example,the guys charged with oversight in UK,Europe and America banking system under whom the banks collapsed.Where they ever charged to court or arrested for being negligent?Citigroup,Royal bank of scotland,Northern Rock,Lehman Brothers all had big financial issues but the Federal reserve and the Bank of England respectively couldn't do much to stop them from caving in.Lehman brothers is dead but nobody said Alan Greenspan or Mervin King of UK should be arrested.And somebody is saying Soludo should be arrested.Please my advice for you is to go and read up and learn more about the world around you.Nigerians most times cloud politics with common sense.I use to have respect for this EFCC and CBN guy but it's clear they are simple guys and not really intelligent as i thought they were.Why do i say so?
Reason is because it is not a criminal offence to default on a loan,if a loan or debt facility is non-performing,the rules are clear on what to do and not to criminalise them by threatening them with prosecution and jail.You freeze their assets(collateral) by obtaining a court injuction.It has nothing to do with crime please.It's not different to obtaining mortgages and borrowing with credit cards.If a debtor defaults,it doesn't call for sending him/her to jail because it is not a financial crime.Unless we run a different system in Nigeria.I stand to be corrected though.

Soludo goes to jail,,,,,

Am not a fan of soludo but the info below shows that this revealing process started while Soludo was still Governor.

Source http://www.thisdayonline.com/nview.php?id=152171

The CBN also acknowledged some typographical errors regarding the titles of some government officials and some companies “and wish to comment as follows: “The general public and all concerned should note that the list published is as at 31st May, 2009 and if any of the defaulters/debtors have made any repayments after that date, they should sort it out with the relevant bank; the title “Accountant General” under Intercontinental Bank Plc list, should have read “Accountant General of Zamfara State”, while the name “Delta State Government” under the Oceanic Bank list, should have read “Delta Steel Company”.
Consequently, the CBN said it regrets “any inconvenience caused as a result of the typographical errors mentioned.”

sorry my bad

http://www.cenbank.org/Out/publications/pressRelease/GOV/2009/Press Release 190809.pdf

the list was compiled as at May 31st 2009, Soludo was still CBN governor then.

i can see nigeria moving closer to anarchy

I guess the problem here is that Sanusi was in so much haste to show that he has outshined Soludo forgeting that he was not there to compete against Soludo but to continue from where he stopped.

The ex governor of the CBN has done very well and should be applauded for bringing sanity and stability into the Nigerian financial sector. It's not his job to check the financial status and health of commercial banks.
He has done marvellouslly well.

stiyke:

sorry my bad

http://www.cenbank.org/Out/publications/pressRelease/GOV/2009/Press Release 190809.pdf

the list was compiled as at May 31st 2009, Soludo was still CBN governor then.

The list of debtors is as at 31st May. that doesn't mean it was compiled when Soludo was there or compiled by Soludo. 31st May is supposed to be a cut-off date.

There was also an advert (that's the only thing I can call it) in thisday probably on behalf of Aig and Wigwe (both of access) that their loans are performing forgetting that the list was compiled with a cut off date of 31st May, 2009 and will not reflect those who hurried to pay after.

http://www.thisdayonline.com/nview.php?id=152170

In the letter from Intercontinental Bank to the Chief Executive of United Alliance,  jointly signed by the Head, Remedial Management of the bank, Rasaq Yusuff and the Group Executive, Credit Risk, Yemi Ogunfeyimi, Intercontinental Bank stated: “Please be informed that you are up to date on both principal and accrued interest due on the account as at today.”
Intercontinental Bank in the letter, which was obtained by THISDAY acknowledged the receipts of payments made recently on the loan by United Alliance. The payments included N170 million paid to Intercontinental by United Alliance on July 3, this year; the sum of N725 million paid to Intercontinental on July 15, 2009; N440 million paid the bank on August 11, 2009 and N360 million also paid to Intercontinental on August 10 this year.[color=#000099][/color]

akpolopez:

The ex governor of the CBN has done very well and should be applauded for bringing sanity and stability into the Nigerian financial sector. It's not his job to check the financial status and health of commercial banks.
He has done marvellouslly well.

whose job is it to check their status and their health. why is CBN called the regulator? Or is your job to check their status and health?

What is all this about? Can't somebody leave Nairaland for even a day without the place turning to Oshodi Market?

Mr Charles Soludo should not be arrested but questioned together with some staffs of CBN, Though he tried in some part but there was too much rot throughout his regime as the CBN boss. He knew all these but turned blind eyes to them because he played too close with the bank big heads. Inshort , he compromised one of his main duty  which is regulating the commercial banks for some very personal gains. I may say he was a good consolidator, but what's the need of consolidation when there's no transparency. It's maintaining adequate decorum in the banking sector that's transparency that will sustain the consolidation. This is why we 're facing this wahala again.

@ AKPOLOPEZ!!!!!!!!!!!!!!!!

Hey dude, if u don't have something meaningful to impact here i suggest u take a walk. Or rather u can go back to school and learn the primary duties of central banks, not only in naija but worldwide.

And what happens if they are arrested or questioned ?

Did anything happen to Obsanjo,


Let create a standard for ALL and not just for some.

@ Jaru, Thank God u said, he knws who killed Nike not that Soludo was the one who killed him. why do u hate him bitterly? He tried 4 Nigeria.

Soludo performed excellently well during his time.Sanusi is also taking his own steps to perform as well.Their method of performance are viewed from different perspective because they are different names.Mr Poster if tomoro you become the CBN governor,u will map out your own area of perfection so that your score card can be high.Please NEVER TRY to undermine Soludo's performance as CBN governor.However,i will like Sanusi to look into the so called female prostitutes called marketers in the bank,whose job are always how to meet the targets given to them by such banks either by hook or by crook.Many of these ladies are out there to sell their body not to talk of the kind of seducive dress they always wear.How can a bank enter your office in hunt of customers,and will be almost naked that u the customer will not even know where to position your eyes during the course of discussion.Same applies when you go to the bank for payment or withdrawal.Please Sanusi,look into that.

Nigerians are sooooo very funny. I am very sure that these same set of people will be the first to ask for the head of Sanusi when he leaves office.

hmm, Naija

akpolopez:

The ex governor of the CBN has done very well and should be applauded for bringing sanity and stability into the Nigerian financial sector. It's not his job to check the financial status and health of commercial banks.
He has done marvellouslly well.

Whose job is it?

Soludo was a playboy at the tail end of his career as the helms man of CBN. parleying with the stakeholders not wanting to make
enemies. thus allowing Sanusi to come and do the dirty stuff. thats smart one as an economist. EFCC are toothless bulldogs
that need to be probe for mismanaging their function of arresting person(s) that are culpably. Soludo is a world class citizen

UNLESS THERE IS NO GOD OR SOLUDO HAS KILLED GOD.

SOLUDO WILL SURELY END UP WRETCHED AND DIE SCREAMING AND SHOUTING UNLESS HE REPENTS AND CONFESSES.

DOES WHOM PRAISE SOLUDO CAN PRAISE SATAN?

THOSE WHOM PRAISE SOLUDO CAN PRAISE SATAN?

THE NEAREST BEING TO SATAN IN HUMAN FORM I KNOW IS SOLUDO.

IF SOLUDO DOES NOT GO TO JAIL THEN SURELY PRAY THEE OH GOD RELEASE THINE GRIP FROM THE NECKS OF THE DEMONS OF WAR,CHAOS AND

DESTRUCTION FOR THESE PEOPLE DO NOT KNOW THE DIFFERENCE BETWEEN GOOD AND BAD. AND AS SUCH LET SORROW OVERCOME THEM IN THE

STREETS AND IN THEIR PLACES OF REFUGE LET BLOOD SEEM AS TASTY AS FRESH MILK AND LET THEM THINK THEIR NEIGHBOURS AS FOOD LET THEM

DESTROY ALL THE WORKS OF THEIR HAND LET THE PRAYERS OF THEIR MEN OF GOD BE CURSED WITH PLAGUES. THE PRAYERS OF A SINNER IS AN

ABOMINATION BEFORE GOD. THESE PEOPLE PRAY WITH THEIR LIPS BUT THEIR HEARTS PLAN THE KILLING OF THOSE WHOM LOVE THEM.

@Poster, what exactly is Ur point?Sb just referred to Ur post as Stupid,i think the guy is very correct.As far as Sanusi's action is concerned,it's debatable whether he has gone beyond his power to issue sack to those CEOs of privately owned banks depending on the context and the technicalities of the law.It's not the function of the CBN to tell the banks how to give out loans or whom to give loans to.Besidez,I don't support sanusi's style of removing confidence from these banks,perhaps this is a grand plan to a take over these banks by his cronies and northerners who ve made it obvious that they have a score to settle with Soludo, whom they alleged has shortchanged them with his #25bill recap policy which unfortunatly,non of the banks owned by northerners scaled through.
Fact is,there's a lot of partisan politics going on in the banking sector,it goes beyond reforms.Nigerian banks are not the only banks having problems but we don't see the central bank chiefs of other countries rushing to remove CEOs in the middle of an audit exercise and talking down on the sector like everything is pre-staged.Nobody is in denial that these banks are in problems but to handle it in a way that helps U score some cheap political point is where I don't understand.Am even wondering if they want to nationalize these banks with the huge sum they are putting into them.Somebody is cooking up stories just as good as the cooked books of our bank CEOs.

SOLUDO has a lot of questions to answer and should be cooling his heels in EFCC. Just take a look at AFC, these criminals just wasted Nigeria money yafu yafu.

This is the problem with public forums, every fool sees a platform to utter their balderdash.

Since when did incompetence in your job equate to being arrestable for financial or economic crime?

soludo is as guilty as the guilty.
he committed the same crime of owing carelessly.
his company is part of the arrangements to mess up with the masses funds.
tell me anyone who worked under obj and i will tell you he is part of the deciet that colonized nigeria and nigerians 1999 till date.
it is obvious that okonjo iweala could not work with the deciet elite hence she called it a quit.
we are begining to see the lights of the day.
we all have come to terms barely after two years that the consolidated banks are not consolidated in any manners.
obj in all his madness has no institution in place in all his ten years tyrany.
the sufferings of the poor nigerians must surely be their portion in this world and worlds to come.

chidichris:

soludo is as guilty as the guilty.
he committed the same crime of owing carelessly.
his company is part of the arrangements to mess up with the masses funds.
tell me anyone who worked under obj and i will tell you he is part of the deciet that colonized nigeria and nigerians 1999 till date.
it is obvious that okonjo iweala could not work with the deciet elite hence she called it a quit.
we are begining to see the lights of the day.
we all have come to terms barely after two years that the consolidated banks are not consolidated in any manners.
obj in all his madness has no institution in place in all his ten years tyrany.
the sufferings of the poor nigerians must surely be their portion in this world and worlds to come.

Oh, please, shut up!

I think we are condemning Soludo while we should be condemning OBJ or whoever appointed him.
The guy did his job well while in office, however, if he truly stayed on as the chairman of a company, i am sure he know better, but arresting him by EFCC, i don't think it has got to that level.

Fhemmmy:

I think we are condemning Soludo while we should be condemning OBJ or whoever appointed him.
The guy did his job well while in office, however, if he truly stayed on as the chairman of a company, i am sure he know better, but arresting him by EFCC, i don't think it has got to that level.

OBJ will be the one to know if banks are not following a good risk process in giving out loans?

At the same time he is monitoring this bank chiefs, somehow you also expect him to provide education, power, healthcare, economic policy, foreign affairs, fight corruption, manage oil and gas etc?