| Even Sanusi Does Not Believe In His Own Approach by McKren(m): 12:20pm On Aug 23, 2009 |
Sanusi Drops Plan To Sack More Bank CEOs
By Kingsley Ighomwenghian,Emma Chukwuanukwu (Lagos) and Alexandra Mede (Abuja)
Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi may have dropped the idea of sacking more bank chiefs, apparently caving in to pressure from some quarters not to do so.
He beat a hasty retreat on an earlier statement that more bank chiefs would be sacked after the release of ongoing audit of 11 banks in the country in an interview he granted to an international newswire, Reuters, at the weekend.
In the interview, Sanusi noted that sacking of more bank chiefs is now unlikely.
But on the sack of the five bank chiefs and appointment of new ones, Sanusi told Reuters that "the basis for removing the executive directors and managing directors was that their banks were in a grave situation."
He said: "There were infractions. There were violations of the law. That was not the basis for removing them. The basis was that they were in grave situations. Those actions were required to protect the system. It was my central responsibility to do that. Subsequently, we'll deal with the other issues and we'll bring them to court."
Sanusi was in Kinshasa, Democratic Republic of Congo, to participate in a conference of African Central Banks.
He assured that despite still awaiting the result of the audit of 14 banks, it "doesn't look likely" that any more chief executives would be fired."
Last week, unconfirmed reports said Sanusi gave three bank CEOs the option of resigning before December 31, this year to avoid being forced out.
The CBN Governor had on August 14,sacked the chief executives and top management of Intercontinental Bank, Union Bank, Oceanic Bank, Afribank and Finbank, whom he accused of running their banks aground.
Specifically, the banks were accused of exposing their banks to none performing loans valued at about N747 billion, especially in the stock market (margin loans) and oil and gas sectors of the economy.
Intercontinental Bank was said to have a non-performing loans portfolio of N210.903 billion; Afribank Nigeria, N141.856 billion; Union Bank, N73.582 billion; Oceanic Bank, N278.204 billion; and Finbank, N42.445 billion.
The apex bank had also published names of companies and their promoters responsible for putting the banks in trouble.
But a lot of those whose names were mentioned in the list have either contested the amount ascribed to them or the fact that the loans are not performing.
Dangote, listed as owing Oceanic Bank N2.5 billion, which the CBN said is non-performing, told Reuters on telephone: "Personally I think it is not right to publish companies' names on the pages of the papers because there is what you call confidentiality between a client and a bank."
Amidst threat by Nigeria's anti-corruption watchdog- the Economic and Financial Crimes Commission (EFCC) to arrest those listed by the CBN unless they settle their debts within seven days, Prof. Ndi Okereke-Onyiuke, director-general of the Nigerian Stock Exchange (NSE), is also not happy that individuals are being named for corporate debts.
She was named against Transnational Corporation of Nigeria, listed as owing Union Bank N30.583 billion and Intercontinental Bank another N6.553 billion. Okereke-Onyiuke, who is also chairman of Transcorp, in a telephone chat admitted that the corporation secured a loan from the bank to acquire 51 per cent interest in the Nigerian Telecommunications Plc (NITEL), under the Federal Government's privatisation programme.
The CBN in response have also apologised for typographic errors on the list of debtors, which was as of May 31, 2009.
A statement by the bank last week urged "any of the defaulters/debtors (who) have made any repayments after that date (to) sort it out with the relevant bank."
Meanwhile, the EFCC on Saturday took into custody two more bank officials who were among those wanted by the security agency in connection with the recent sack of five managing directors of banks.
The two bank executives arrested are John Maha, Managing Director of Afribank Securities Ltd and Niyi Opeodu, Managing Director of Union Capital Market Ltd. The EFCC also interrogated auditors of the five troubled banks whose CEOs were sacked penultimate Friday.
The auditors interrogated were officials of the Akintola Williams Accounting firm and Pricewaterhouse Ltd. The auditors were earlier invited to the EFCC Headquarters in Abuja on Saturday and they all showed up. They were interrogated and allowed to go home but were asked to report back to the EFCC on Monday.
The EFCC spokesman, Femi Babafemi confirmed the interrogation of the bank auditors and the arrest of the two bank managing directors picked up Saturday at their Lagos residences.
Opeodu was arrested at his Lekki home while Maha was picked up at his Lagos Island residence, according to Babafemi.
The EFCC also said its operatives are still trying to locate former Oceanic Bank Managing Director, Cecilia Ibru and her Intercontinental Bank counterpart, Erastus Akingbola. Babafemi said the Commission believes the two officials have not fled the country as being speculated.
http://nigeriamasterweb.com/paperfrmes.htmlCulled from Daily Independent Even Sanusi Lamido Sanusi does not believe in his OWN initial approach anymore. If he does why is he making a retreat Why is he backtracking? What do you guys think? |
| Re: Even Sanusi Does Not Believe In His Own Approach by OYBMEND: 1:20pm On Aug 23, 2009 |
dem don bully am to change his mind
even if it means sacking all 24 bank MDs I am with him Sanusi
Let the Huricane Sanusi go full circle. |
| Re: Even Sanusi Does Not Believe In His Own Approach by lannre(m): 1:48pm On Aug 23, 2009 |
NIGERIA IS CHARLY BOY SHOW ! ANYTHING CAN HAPPEN- WILL NOT BE SURPRISED IF SANUSI IS SACK SOONER THAN EXPECTED. |
| Re: Even Sanusi Does Not Believe In His Own Approach by Edoji: 2:38pm On Aug 23, 2009 |
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| Re: Even Sanusi Does Not Believe In His Own Approach by Nobody: 3:17pm On Aug 23, 2009 |
Edoji:
So why is Sanusi backtracking? As I pointed out in this article(http://elombah.com/index.php?option=com_content&view=article&id=1400:lamido-sanusi-is-he-being-naive&catid=52:daniel-elombah&Itemid=73) : Now that Sanusi has indicated no more bank bosses will be sacked no matter the findings of the result of the audit of the remaining ten banks; wouldn’t this give credence to the argument that the CBN by sacking the 5 bosses when the CBN has not finished auditing of the remaining 14 banks were working to an answer?
My brother the way this things happen in Nigeria is very frightening People expose these plans we refuse to take them seriously, all of a sudden the plan begins to come to past step by step. Sanusi has made a mess of himself, and this is an irrepairable damage to Sanusi . . . . .the guy looks more confused than everyone else right now. |
| Re: Even Sanusi Does Not Believe In His Own Approach by DisGuy: 3:56pm On Aug 23, 2009 |
cant see the correlation
You as the bank chief know the worst culprit, you know those coming to borrow the most from the inter-bank scheme
you know those coming daily to demand huge foriegn currency for their marketers
you know those making the most provisions year in year out without questions, you take action against the worst offenders
it's very easy to predict the number of remaining casualties b4 the end of the shakeup
backtracking ko backsliding ni
why do people like sorting things behind closed doors? why don't we wants things in the open?
many agree these banks are not acting professionally but don't want them to pay the price for the
incompetency-a slap on the wrist has not been working- lets try another approach! |
| Re: Even Sanusi Does Not Believe In His Own Approach by Jarus(m): 4:34pm On Aug 23, 2009 |
@OP,
I don't see how Sanusi's statement you quoted amounts to Sanusi not believing in his own approach. If anything, you are the one working from answer to question. You wanted to make a claim and you are 'buttressing' it with a statement that doesn't support your claim. |
| Re: Even Sanusi Does Not Believe In His Own Approach by Nobody: 6:37pm On Aug 23, 2009 |
There are 24 Banks in the country
10 Investigated, 14 yet to be investigated
5 MDs sacked, 400billion bailout spent, and an ascertion that regardless of the outcome of the remaining 14 investigation there will be no sack.
How did he know that 400billion bailout money is all that is needed when he has not even audited up to half of the banks.
this sounds to me like we had an end result and then started a process to work towards that end.
Its shameful and its a charade. |
| Re: Even Sanusi Does Not Believe In His Own Approach by asha80(m): 6:40pm On Aug 23, 2009 |
mikeansy:
My brother the way this things happen in Nigeria is very frightening
People expose these plans we refuse to take them seriously, all of a sudden the plan begins to come to past step by step.
Sanusi has made a mess of himself, and this is an irrepairable damage to Sanusi . . . . .the guy looks more confused than everyone else right now.
Maybe we wanted to be viewed a s being politically correct.Make i siddon dey look. |
| Re: Even Sanusi Does Not Believe In His Own Approach by naijatoday: 7:26pm On Aug 23, 2009 |
Jarus:
@OP,
[b]I don't see how Sanusi's statement you quoted amounts to Sanusi not believing in his own approach. [/b]If anything, you are the one working from answer to question. You wanted to make a claim and you are 'buttressing' it with a statement that doesn't support your claim.
Me neither. I personally do not think any more CEO's will not be fired. Because based on his reason for firing the 5 CEO's, he said they made up 90% of the EDW and when that was shut, they were the heavy users of the inter-banks. |
| Re: Even Sanusi Does Not Believe In His Own Approach by Nobody: 9:31pm On Aug 23, 2009 |
bunch of tribalistic noisemakers - if any of them had money in intercontinetal bank, they would have known that bank was in trouble - they were so despertae that they actually tried to raise their minimum account balance - when that failed they emabrked on the usual promo where u win big big money if you keep over 10,000 in your account for a month |
| Re: Even Sanusi Does Not Believe In His Own Approach by ikeyman00(m): 1:14am On Aug 24, 2009 |
Re: Even Sanusi Does Not Believe In His Own Approach
« #4 on: Yesterday at 03:17:00 PM »
--------------------------------------------------------------------------------
Quote from: Edoji on Yesterday at 02:38:09 PM
So why is Sanusi backtracking? As I pointed out in this article(http://elombah.com/index.php?option=com_content&view=article&id=1400:lamido-sanusi-is-he-being-naive&catid=52:daniel-elombah&Itemid=73) : Now that Sanusi has indicated no more bank bosses will be sacked no matter the findings of the result of the audit of the remaining ten banks; wouldn’t this give credence to the argument that the CBN by sacking the 5 bosses when the CBN has not finished auditing of the remaining 14 banks were working to an answer?
My brother the way this things happen in Nigeria is very frightening
People expose these plans we refuse to take them seriously, all of a sudden the plan begins to come to past step by step.
Sanusi has made a mess of himself, and this is an irrepairable damage to Sanusi . . . . .the guy looks more confused than everyone else right now.
Report to moderator Logged
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kindly open up my profile or ahut me out entirely, I did nothing wrong
Dis Guy
Yakutsk
Posts: 3740
Offline
Re: Even Sanusi Does Not Believe In His Own Approach
« #5 on: Yesterday at 03:56:10 PM »
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cant see the correlation
You as the bank chief know the worst culprit, you know those coming to borrow the most from the inter-bank scheme
you know those coming daily to demand huge foriegn currency for their marketers
you know those making the most provisions year in year out without questions, you take action against the worst offenders
it's very easy to predict the number of remaining casualties b4 the end of the shakeup
backtracking ko backsliding ni
why do people like sorting things behind closed doors? why don't we wants things in the open?
many agree these banks are not acting professionally but are don't want them to pay the price for the
incompetency-a slap on the wrist has not been working- lets try another approach!
Report to moderator Logged
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Hasta La Vista
Jarus (m)
Lagos,Nigeria
Posts: 1993
Offline
Re: Even Sanusi Does Not Believe In His Own Approach
« #6 on: Yesterday at 04:34:24 PM »
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@OP,
I don't see how Sanusi's statement you quoted amounts to Sanusi not believing in his own approach. If anything, you are the one working from answer to question. You wanted to make a claim and you are 'buttressing' it with a statement that doesn't support your claim.
GBAMMMMMM!! |
