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Re: Is Lamido Sanusi Acting Out A Script Drafted Before He Became Cbn Governor?
« #1 on: Today at 02:16:48 PM »

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Definitely,there is foul play.When the CBN makes errors in the published names of debtors and say they compiled the list of debtors as at May 2009 only to find out that some people have paid their debts as far back as August 2008,what does that tell you.Let us Nigerians not be deceived.Sanusi deserves to be removed himself,we need honest and straight foward men in this nation and not people who will do whatever 'Oga' (Yaradua and his cohorts) orders them to do

mikeansy:

sorry for Nigerians

people will cook up plans and hatch them and then ordinary Nigerians will start thanking God for their new found Messiah without asking real questions. This insatiable quest for hoping in miracles is what has been destroying us.

I was suspicious of this move from the outset and its amazing how far people are willing to go just to alter the political and economic landscape of the country. Even though it means destroying the country itself they don't care just so long as they emerge on top at the end of the process.

Dangote got anything he wanted during the OBJ government, he had the capacity to start a new bank, other Northerners would have been able to set up banks if they wanted. So to continue to spin this argument as if Soludo had some kind of software or barrier that screens out Northerners is far from the truth and very shameful. The Northerners probably did not believe in consolidation and refused to come forward to form Banks.
So this line of argument to justify the clear destruction of the Banking system just because some are interested in the market is very shameful.

By the way what stops those interested in opening Banks to open one under the system as it is without having to falsely destroy 5 banks with politics. With the rotation of power between North and South every 8 years is this the kind of cycle we want to entrench in this country? So much for guaranteeing foreign investor confidence.

Those who lecture the rest of us about one Nigeria should mean it for once.

Bialegend:

Confused man, seems the scales are falling off your eyes. Were you not the one praising to heaven this same sanusi  and even went as long as declaring him fit to take over from Yar'adua? That was on the very first day of his appointment as the CBN governor, and this was merely because you saw his photo where he dressed on suit. So, you now know that those who lecture us for one nigeria should mean it for once? You are still waiting for them to mean it? FOOLS. Others of your ilk will soon fall in line with you. Blind people.

Hehehe. . . . .

Bialegend:

Confused man, seems the scales are falling off your eyes. Were you not the one praising to heaven this same sanusi and even went as long as declaring him fit to take over from Yar'adua? That was on the very first day of his appointment as the CBN governor, and this was merely because you saw his photo where he dressed on suit. So, you now know that those who lecture us for one nigeria should mean it for once? You are still waiting for them to mean it? FOOLS. Others of your ilk will soon fall in line with you. Blind people.

Bank debtors panic - Bank chiefs relocate families abroad -Buy $1 million mansion in Canada -As Afribank recovers N3bn -CBN promises to release more names -Seeks foreign, local investors for troubled banks
From Odidison Omankhanlen, Gbola Subair and Lanre Oyetade, with Agency Report-
Friday, August 21, 2009

THREATS by the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to deal decisively with bank debtors have begun to yield dividends as some of the debtors are rushing to pay up.


This is just as some bank chiefs had anticipated the whirlwind blowing through the banking sector now and relocated their families abroad.

Some of the bank officials, who knew that the bubble would soon burst, started relocating their families to Canada since 2008, using the opportunity of the country’s federal skilled worker/business class programme which gave them the opportunity to secure Canada permanent residency.

Notable among them are two officers of Intercontinental Bank, whose families currently reside in Richmond Hill, one of the most expensive areas of Toronto, where the said officials recently bought houses worth $1,000,000 and luxury cars for their wives.

The wife of one of the bank officials, who hails from the Eastern part of Nigeria, is a very popular member of Christ Embassy Church in Toronto and drives around town in a brand new Toyota Sequia Jeep worth $100,000.

However, as the news of the sack of CEOs of five banks and imminent EFCC’s involvement in the matter became known, families of the bankers have withdrawn from all public activities in the North American country and resorted to spiritual help from some clergymen to protect their spouses who are officials of some of the affected banks.

Meanwhile, some Nigerians abroad who have money and investments in some of the affected banks have started to return home to recover their assets while urging the CBN to make good use of the EFCC to recover the bank’s bad debts. They commended the new CBN boss for taking prompt action to save the banking sector from collapse.

In another development, Nigerian Tribune investigations in the affected banks revealed that, in spite of several denials and disputations, the debtors have begun to pay up with some others making frantic enquiries with the respective banks, with a view to paying back their owed debts.

Briefing newsmen in Lagos, on Thursday, the new acting Group Managing Director and Chief Executive Officer of Afribank, Mr. Nebolisa Arah, stated that a few hours after the CBN made the debtors’ list public, one of the debtors paid N1 billion, adding that two of the debtors had also promised to pay N2 billion and N100 million respectively before the close of the day’s work.

According to Arah, the debtors would have no hiding place, as all efforts would be made to recover debts owed the banks, adding that the banks, regulators and relevant security agencies had the mandate to recover the debts.

A source in Union Bank, who pleaded anonymity, told the Nigerian Tribune that many debtors also made enquires with a view to paying their debts, stressing, however, that none of the corporate debtors had come forward.

Meanwhile, the Chairman, Economic and Financial Crimes Commission (EFCC), Mrs. Farida Waziri, told newsmen, on Thursday, that the anti-graft agency decided to get tough with the debtors, because of the urgent need to salvage the financial sector from total collapse and restore discipline to it.

The EFCC boss said the opportunity of repayment of the loans within seven days was to enable the borrowers to either pay through bank drafts or cheques in the name of the Federal Government.

She warned that it was in the interest of the debtors to comply with the directive rather than wait for arrest and prosecution.

“I will advise the debtors whose names had already been published by the Central Bank of Nigeriia to take advantage of this ultimatum by issuing their cheques and drafts in the name of EFCC for proper and coordinated recovery after which we restitute by returning the funds to the appropriate banks,” Waziri said.

A breakdown of the loans, which are classified as non-performing, is as follows: Oceanic Bank Plc, N278.204 billion or 37 per cent; Intercontinental Bank Plc, N210 .903 billion or 28 per cent; Afribank Nigeria Plc, N141.856 billion or 19 per cent; Union Bank of Nigeria Plc, N73.582 billion or 9.8 per cent; and FinBank Plc, N42.445 billion or 5.6 per cent.

But the CBN has said that it will soon come out with the list of chronic bank debtors.

The apex bank, in a press statement issued by its Corporate Affairs Unit, stated that Nigerians and the world at large should expect the release of more names of debtors.

According to the statement, the names of bank debtors/loan defaulters were being compiled and would be published on a regular basis.

On the furore generated by the release of the names of the first batch of debtors, the CBN told debtors/ loan defaulters disputing the quantum of debt listed against them to approach their respective banks to reconcile their books.

The CBN, which said the amounts listed against their names were as of 31 May, 2009, said if any of the defaulters/debtors had made any payment after this date, they should sort it out with the relevant banks.

It will be recalled that the apex bank, on Tuesday, released names of prominent Nigerians, which, it said, were indebted to five banks, to the tune of N747 billion.

On the list were firms in which billionaires, Aliko Dangote and Femi Otedola, were said to have substantial interests, Transnational Corporation of Nigeria, whose chairman is the Director-General of the Nigerian Stock Exchange, Professor Ndi Okereke-Onyiuke, among many others, mentioned.

It also noted that there were some typographical errors regarding the titles of some government officials and some companies, commenting, For instance, that 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 read “Delta Steel Company.”

A statement signed by the CBN spokesman, Alhaji M. M. Abdullahi, and made available to the Nigerian Tribune added that the bank regretted any embarrassment caused as a result of the typos.

Meanwhile, Nigeria will ask local and foreign banks and investors to bid for the ownership of five banks whose chief executive officers were fired after a Central Bank audit found the institutions had been mismanaged, its governor said.

Once the bank has finished its audit of 21 of the banks, expected by mid-September, it will “[b]invite expressions of interest” from private-sector operators “as quickly as possible,” Governor Lamido Sanusi said in an interview at the sidelines of a conference in the Democratic Republic of Congo’s capital, Kinshasa.
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Sanusi fired the CEOs of Afribank Nigeria Plc, Intercontinental Bank Plc, Oceanic Bank International Plc, Union Bank Nigeria Plc and Finbank Plc last Friday after a Central Bank audit found the lenders were in a “grave situation” and their management had acted in a manner “detrimental to the interests.

sleekymag:

Is the current tsunami in the Nigerian Banking Industry a staged script? If so, the scriptwriters already know how the story will end, unless there are new twists to the story and the plot thickens. What do you NLanders think?

Here's a news article from the Vanguard Newspaper published in March 2009, a few months before Sanusi became CBN Governor.

Nigeria: Group Plots Takeover of Five Top Banks


Omoh Gabriel and Emeka Mamah

23 March 2009

ANTI-CONSOLIDATION forces have regrouped with the hope of dismantling the structures and forcing a takeover of the top five banks in the country, Vanguard can now reveal.

The grand plan by the group is to cause panic and uncertainty in the industry and make the target banks look unsafe for depositors.

Meantime, indications emerged yesterday that the Federal Government may announce the names of a new Governor of the Central Bank (CBN) and the Auditor-General of the Federation (AGF) in April just a few weeks before the tenure of the incumbents run out.

However, the Arewa Consultative Forum (ACF) has expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to make public information on causes of the development as well as the scale of the crisis.

Vanguard investigations revealed that the aim of the anti-consolidation forces is to cause loss of public confidence in the banking industry and compel the Federal Government to move in by injecting funds. Further, they ultimately plan to instigate government to take equity holdings in the targeted banks.

Vanguard gathered that the group at work is made up of former bank owners who lost out during the consolidation exercise, a powerful clique in the present government, and some aggrieved persons in three of the six geopolitical zones in the country who felt left out in the consolidation exercise.

Presidency sources disclosed that those who felt left out in the consolidation exercise are up in arms to recoup what they felt they lost during Obasanjo years.

Part of the plans hatched by the group is to ensure that the incumbent Governor of the Central Bank, Professor Chukwuma Soludo, does not get a second term. The plan is also to ensure that whatever gains consolidation recorded are discredited. This, it was learnt, was meant to force the President to act quickly in the matter of appointment of a successor to Soludo as they anticipate that the president's slow move may scuttle their dreams and cause the renewal of Soludo's re-appointment for a second term.

The group's second game plan is to make Nigerian banks look unsafe in the eye of the banking public. Part of the game is to spread rumours that some banks are unsound and are on the verge of collapse. They send out text messages to individuals and account holders passing wrong information on their target banks. At the moment, the group's target is one of the high-flying new generation banks where they have sent out several messages.

New CBN Gov, Auditor-General to emerge April

The tenure of the CBN Governor, Professor Chukwuma Soludo and Auditor-General of the Federation, Mr. O. R. Ejenavi from Delta State will lapse in May 2009.

Naming nominees for the top jobs, according to a presidency source, will afford the Senate ample opportunity to work on them before they assume office.

While Soludo will complete his first term in office as CBN governor by May 29, Ejenavi will be due for retirement on age grounds on May 18.

However, among those being considered for the position of CBN governor include the Minister of National Planning, Dr Shamsuddeen Usman from Kano, who was a former Finance minister and deputy governor at the apex bank; another former CBN deputy governor, Obadiah Mailafia from Nassarawa, Mallam Isa Hayatudeen from Borno, a former managing director of FSB International Bank, incumbent Managing Director of First Bank, Mallam Sanusi Lamido Sanusi, also from Kano, and Mallam Falalu Bello from Kaduna, Managing Director, Unity Bank.

But the most touted name so far is that of Mallam Isa Yuguda, the Bauchi State governor who won election on the platform of the All Nigeria peoples Party, ANPP, but defected to the ruling PDP last week. Yuguda is also an in-law of President Umaru Yar'Adua. Yuguda was also a former Managing Director of Inland Bank, a legacy bank in post-consolidation FinBank.

Past CBN governors include late Dr. Clement Isong (Akwa-Ibom), Alhaji Adamu Ciroma (Yobe); Mr. Ola Vincent (Lagos), late Alhaji Abdulkadir Ahmed (Bauchi); Mr. Paul Ogwuma (Abia), Dr. Joseph Sanusi (Ondo) and the current Professor Charles Soludo (Anambra).

It was also gathered that strict obedience to civil service rules will be observed in the appointment of a new Auditor General for the Federation going by the constitutional provision.

Section 86 Subsection 1 of the 1999 constitution states: "the Auditor-General for the Federation shall be appointed by the President on the recommendation of the Federal Civil Service Commission, subject to the confirmation of the Senate." That of the CBN may be determined by other factors, mostly political considerations which are at the pleasure of the President without recourse to the commission.

The most senior director in the office of the Auditor-General currently is Mr. Ogunsina G.F from Ekiti State who may be appointed unless there is political maneuvering. Having been a director since 2004, it may not be smooth sailing for Ogunsina because, there is another senior civil servant Mr. Osonuga T. A. from Ogun State who was promoted a director in 2007 and is being propelled by other forces to occupy the office.

It's unfortunate top 5 banks are targeted, says official

A CBN official who spoke on condition of anonymity said that it is unfortunate that top five banks are the target. The banks, he said, are sound. The CBN had mistaken in the past the ongoing move as de-marketing by competitors in the banking industry, saying it is unhealthy competition.

The group is using this means to make depositors panic and undertake massive withdrawal of funds from the targeted banks in an attempt to cause liquidity problem in the bank. In that state they hope to cause a take over by the government which may buy a stake in the bank and later sell to members of the privileged group who may be appointed in the interim into the board of the banks.

Arewa worries over liquidity problem

However, the Arewa Consultative Forum (ACF) expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to inform the people the cause of the development as well as the scale of the crisis.

ACF said that the commercial banks must have obviously lent too much money to people who either invested them in buying stocks or in the importation of petroleum products in the country, but are unable to repay such loans.

A statement signed by the National Publicity Secretary of the Forum, Mr. Anthony Sani however blamed the CBN for enquiring "into the volume of the so-called toxic assets of the commercial banks while refusing to tell Nigerians how or why in the first place, the banks found themselves in trouble.

The statement reads "The Working Committee of the National Executive Council of the Arewa Consultative

Forum (ACF) held its meeting at its national headquarters in Kaduna on Tuesday, the 17th of March 2009. In attendance were all National officers of the ACF drawn from the 19 northern states and the Federal Capital Territory (FCT). General IBM Haruna, the Chairman presided.

"Among other things, the meeting reviewed and discussed a number of issues and other troubling developments in the country. At the end, it resolved to issue the following statement.

"The ACF deliberated on the rapidly deteriorating liquidity situation in the banking industry and observed that Nigerians are feeling increasingly frustrated by the failure of the Central Bank of Nigeria (CBN) to disclose the true the true nature and the scale of the crisis.

"Even members of the National Assembly, despite their best efforts, have been unable to get to the truth of the matter.

According to Arewa consultative forum "All that seem obvious is that our commercial banks had lent out too much money to too many people who had invested them in stocks or petroleum importation but who are now unable to pay back. Beyond that, the public has no clear idea as how or why the loans were given and on what terms."

mikeansy:

you are a big fool

you have no business commenting in the politics sections

cos you know nothing, you are a very little kid . . . . . . I don't expect you to get it. Because you brain is too blocked to get it.

My only advise to you is to change your history and geography books and read other books too.

If you think I am falling in line with you wake up, a blind man can not lead a line where people have there eyes open. MUGU. Stop learning politics from Aba'cha and tombo joints. Those joints are meant for relaxation not to learn politics or geo-politics.

agabaI23:

Mikeansy a sanusi worshipper . . . not.

Bialegend you are getting something wrong here. If you said he/she is a Soludo's foot soldier, I would have agreed with you.

agabaI23:

Mikeansy a sanusi worshipper . . . not.

Bialegend you are getting something wrong here. If you said he/she is a Soludo's foot soldier, I would have agreed with you.

mikeansy:

The guys has no clue

I love Soludo and still do, I doubt if anyone can fault that and I am not ashamed of it. But Soludo's tenure came to an end and the only man who had the cards to extend Soludo's tenure had no interest in doing that. I said Soludo for me remained a successful and about the best CBN Governor so far.

However, whoever is appointed CBN Governor deserves at least best wishes to succeed because a country's economy is at stake. When Sanusi emerged, the man to me is as qualified (at least on paper) as anyone to be CBN Governor and at least more Knowledgeable compared to the current occupant of Aso Rock.

I said since Segun Adeniyi was suggesting that his boss was not in the habit of renewing tenures he and his boss should also realise that Nigerians are not interested in seeing them beyond 2011, that I will rather Sanusi is President of Nigeria than a Yar'adua second term and I still hold that view. Sanusi is more presentable as President than Yar'adua. (What Bialegend does not seem to get is the strategic calculations that informed these lines of argument for me. How he continues to interprete this as love for Sanusi smacks of naivette. He continues to grumble and I hope he does not grumble to death about whatever it is he thinks he believes in.).

I can only hope Sanusi succeeds and I still do hope he wakes up to see the light and chage course where necessary, but I also have a duty to call him out when he starts acting foolish as he is doing now.

Politics is not for the emotional and shallow minded; and I think Bialegend is out of his depth each time he comes to comment on the politics thread.
The kind of politics Bialegend wants to play is you either agree with him or you are naive and foolish, he does not understand that politics and democracy is a game of numbers and the art of building consensus in which only those capable of building majority always win.

This is why I think he is learning about politics and history in nkwobi and ugba joints where people talk about history and politics for the sake of it without seeking to learn from past mistakes.

Bialegend just make sure you dont die filled with so much hate and grumbling.

bombay:

Hausa/Fulani agenda
Take the wealth away from the south keep them in poverty and they will come begging.

Union Bank, Intercontinental, 3 others may be acquired
Gbola Subair, Abuja - 27.08.2009

THE five troubled banks, Union Bank, Intercontinental Bank, Afribank, FinBank and Oceanic Bank, may cease to exist as the Central Bank of Nigeria (CBN) wants them taken over by other banks in a recapitalisation plan to be unfolded in London on Friday.

A CBN source told the Nigerian Tribune that the apex bank governor, Mr. Lamido Sanusi, preferred the ailing banks being taken over by other banks rather than setting up an asset management company to take over the non-performing loans.

To ensure that other banks take over the ailing banks, the apex bank source said the banks would be valued properly by a consortium of valuers to ensure that they were not undervalued.

Friday’s meeting with international banks, lenders and rating agencies, according to the apex bank would also be used to discuss the recent N420 billion bailout for the five banks.

Sanusi will be accompanied by the new management teams of Afribank, FinBank, Intercontinental Bank, Oceanic Bank and Union Bank.

The CBN had, on August 14, 2009, injected N420 billion into the five banks and sacked their managing directors and the executive directors over what it described as weak and unethical management, which left the banks very weakly capitalised to the point of collapse.

In injecting the bailout, the apex bank said the capital injection was only a temporary measure and that the institutions would be run as ongoing concerns until new investors could be found to recapitalise and take them over.

However, this intention of the CBN may pitch the CBN against the shareholders of these banks who have vowed to resist any takeover of the banks through the backdoor.


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