Anambra Youth Observers Rejects Prof.Soludo

The statutory delegates from Anambra State must vote for their candidates. PDP must observe due process.Anambra youth observers will not and can never accept any form of irregularities in Any stage of Anambra election.

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                                             Nigerians call for Soludo's head


                                                       By Daniel Osunkoya

                                                           September 11, 2009

Nigerians have asked security agencies to probe the immediate past governor of the Central Bank of Nigeria, Chukwuma Soludo, for allowing the banking industry to degenerate to the level it did before the incumbent governor, Sanusi Lamido Sanusi began a house-cleaning.

In a town hall meeting organised by The Market Ombudsman yesterday in Lagos, where issues pertaining to the banking crisis were discussed, panelists said Mr. Soludo's attitude of covering up the weaknesses in the system (especially those of the five banks whose chief executive officers and managements were fired by Mr. Sanusi), was deceptive and misleading.

The participants therefore called on the Economic and Financial Crimes Commission to investigate Mr. Soludo's contribution to the troubles in the industry.

CBN is culpable

B. Zulu, a stockbroker, said, "If Sanusi had not taken such fast action, there would have been earthquake in the financial industry, which would have affected depositors in a way that would have been difficult to survive.

"Soludo's action is criminal because he actually hid the banks. Instead of confronting them, he treated them like children. And when these banks were sinking he was busy telling us (the public) that they were immune to a global recession that was affecting big banks in developed countries."

Sola Salako, the President of the Consumer Advocacy Forum, who also condemned Mr. Soludo's actions or inactions as it were, said, "The past action by the CBN positioned them as champions in the eyes of the public; whereas, they were just as culpable as the banks."

Capital market suffers

However, Obiamko Ume, a shareholder, argued that the takeover of the affected banks by the CBN should be condemned because the risk that the CBN wanted to manage was not well planned.

"The CBN's action has impacted negatively on the capital market making it impossible for new and existing companies to raise funds from the market," said Mr. Ume.

"The CBN, as a management institution for both micro and macro economy, should have looked for better ways of achieving the same result without grinding the entire country into a halt."

Ope Banwo, the lawyer who anchored the proceedings, promised that the communiqué arrived at by the forum will be passed to the relevant authorities for necessary actions.

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