What ever that is what doing is what doing well, so Sanusi should be careful in exercising his powers.

My fingers are crossed as I watch events unfold.

Lets see how they will perform.

He alredi started so he should just complete it and damn whatever consequences.

Reviewing the appointments by CBN

The disclosure today of the appointments made by the CBN is another example of a nation going southwards at a rapid pace,

Today is unlike any other day. Something changed today and we must ask ourselves some hard questions.

The Central/Key Question:

What has happened to the Nigerian intelligesia - Why is no one asking or answering a fundamental question that goes to the heart of our nationhood: Where does ownership rights of firms/shareholders end and regulatory rights begin?

What is going on in this country?
These are landmark developments that define us as a people and a nation. Our economy and socio-political life is dependent on the resolution of this one question.
While we all acknowledge that things have gotten too bad and that action was needed to be taken, enter SLS and we expected that radical changes - much anticipated will occur to shake our banking foundations becaue it was rotten. He was a man whose value system indicated that he would not be moved by self interest or the very trappings of wealth that made others dizzy. He started controversially, but we could all live with that because we knew that achieving change in nigeria was not going to be easy.
The developements - flip flops, actions and unclear basis of actions since then have all made us all to stop and wonder. What could be going on. This is no longer a case of those affected spinning issues - it is about rights and responsibilities, the very underpinning of this administration.
When the appointments of new ED’s were released we saw some odd names there but most analyst decided to let it go because we felt we should cut him some slack – after all there cannot be a perfect being and in this endeavour we accepted that there would be a few missteps.
But the appointments he made today leave much room for concern. They concretise the legitimate fears of a decision process not designed to deliver the el dorado we seek as a people.

We should be asking questions from CBN, in the spirit of full disclosure. They should provide insight, explanations and information to the following:
1. What criteria were used in the appointments of CEO’s and Executive Directors of these banks?
2. Did it consider the rule that said that former directors of a failed bank cannot be appointed into an executive position of another bank?
3. How do you situate the appointment of a CEO who was asked to resign from the management of a failed bank so many years ago from the position of a Treasurer based on incompetence to manage a bank?
4. What input did the new boards have in these appointments?
5. How do we deal with the new reality of customers choosing not to do business with any of the banks with such leadership challenges?
6. Why does the ‘rush’ to raise funds through issuance of corporate bonds by the banks cleared in the first wave of the SLS audit support the ‘coincidence theory’ of the action taken?
7. Why would a bank like Wema Bank Plc (with Tunde Lemo as former CEO now at CBN) explain the 2007 audit report by the NDIC that it never had the N25bn which was the basis of the bank licence to operate under the consolidation era especially with the ‘mud’ thrown out for which no concrete explanation was provided?
8. What does the CBN want the market to take away from this exercise where the banks cleared in the first wave are not able to explain away their problems giving the revelation that some of them are now chasing debtors whom they had giving uncollaterised loans and are calling same in with limited success?
9. what happens to investors who are now at the mercy of CEO's and ED'S who have no stake in business?
10. Who does the new CEO'S report to?
11. Why would this individuals, who appear not have succeeded in running or owning anything in their lives at scale and magnitude they are now being asked to manage, take on this assignment? What is their motivation and who do they represent - regulators, depositors or/and shareholders?
12. Did the CEO's needed to have managed a bank before like in the first set or what was it the second set had and why the difference in criteria for appointments?
13. Where this people headhunted for the jobs and what is their brief or since when did they know of their job responsibilities?
14. What is the investment advice to shareholders, depositors or customers?
15. Are these CEO's going to be non-shareholders in the banks they run and how do we prevent the 'homogenisation' of banking being put in place by SLS inevitably.
I am dire need of someone to step up to the plate and provide answers.
This is a dark day but I am hopeful that someone somewhere will have a conscience and do the right thing and start asking this question or seeking answers to the questions raised here.
CBN has deliberately blacked us out and refused to accent to any request we have. The reasons appear obvious and in such a clime where anything goes - we are hopeful that what we seek would not lead to a permanent silencing of our voice.
An EGM was held today by one of the banks (the first beneficiary of the CBN grand plan) seeking to raise funds and throughout the meeting, the question on what it seeks to do with the N500bn bond it seeks was not answered.
What is going on? We definitely cannot continue like this,

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