aimans:

1stly, we should stop sentiments & think objectively as nigerians who pray 4 d betterment of this country. It's a general fact that lapses of a leader can be easily covered up while in office.

Soludo is an academician, a prof. of economics. His facts of live about finances is book and not really what is happening in reality. Sanusi is a co-banker right away from beginning of his career. Soludo was a lecturer b4 his tenure at CBN while Sanusi has been in banking system as a risk analyst & credit management officer. Soludo had little intrics of banking system b4 he moved 2 CBN but Sanusi is more acquinted with the system.

Base on the above view points, there were lapses in Soludo's administration while he was in office as CBN Governor. Virtually all banks in nigeria did cook their books. Surprisingly, Soludo & his management team couldn't un-cover one despite the credit crunch that hit the global economy during his tenure. All what our then CBN Gov could say was that Nigeria would not be affected as if we were living in another planet different from other worlds. Definitely, he covered up his backside & patch the path.

Let's look @ it from another angle. I believe we all did economics while we were in secondary school. In the subject, we have a topic called Commerce which is simply defined as Trade & Aids to Trade. Trade means Manufacturing & Producttion while Aids to Trade  means Services. Manufacturing & Productions are the bed rock of economic development while service firms oil the bed rock for easy growth. Banking falls under services.
But the "reality" then in Nigeria was that our manufacturing companies were collapsing while bankings were thriving up. Meaning that foundation is collapsing but surface is rising up. Without production NO service. Nigerian economy is a funny where foundation collapsed but top "rised firmly" surviving global economy crisis.

Soludo has failed in discharging his duty as CBN Gov. who ought to regulate nigerian economy through commercial banks. What the man end up doing was to be wining & dinning with "Bank-thieves" who, obviously had given him his own share of "Bad-Debt Planned Profit Sharing Surplus Declaration".

Fellow Nigerians, let's put sentiments aside. I can't praise Sanusi for now, cos he's still in office. I give lots of credits to Tinubu & little to Fashola. This is because if Tinubu's administration had not been good, Fashola would have been able to perform to this level. That's the way we should look at it.

God bless our father land, NIGERIA.

stealth01:

@ Metal-gong, I'll answer your 4th question only. I have answered the others earlier in the thread. It's simply because our leaders lack shame while their conscience has been seared with hot iron of greed and people like you refuse to hold them accountable for their actions. If Soludo is the best you guys have for 2010 then may God help this country.

babalawo:

@stealth01

While you made a lot of sense about your views and I truly see the angle that you are coming from I will be more comfortable with a topic heading like
' Of Soludo's reforms, Bank massive Layoffs and soludo's timing and integrity as a Guber.Candidate".-To say Solodu is the CAUSE will be wrong.It will be right to say he wasn't responsible enough as a CBN Governor to have managed our banks.While I view his consolidation agenda as laudable he did poorly and he did great injustice to his academic and professional pedigree in the manner in which he handled his job when it mattered most.

In Time of crises you know what a man is made of. Soludo was the CBN governor when the global economy was booming. Between 2002 and 2007 nearly all economies in the world witness a robust boom.It was easier to consolidate banks then-and it was the right thing to do but as an Economist I had expected him to know that business boom and bust cycles applied to the broader economy.-Just like the proverbail Joseph in the Bible who dreamt of seven years of excessive wealth followed by seven years of great famine.-But our Soludo was not as smart as Joseph,aside from the excess crude account consolidate account accurals,soludo maybe was carried away by the boom in the banking sector that he threw sound and risk management pratices to the winds.

The CBN under soludo did liitle or nothing to regulate the banks!-now I wonder why some Nigerians attached emotions to issues.Soludo as competent as he was did say all was well with the banks-while its was obvious to discerning analyst that there was fire on the mountain.The CBN under him even went as far as making advertorials in favor of intercontinental shedding the truth from us when it was obvious to us that foreign investment in the bank has been repatriated and the bank had made a lot of losses due to high exposure and an unregulated exposures to the Oil price surge.

I have noticed that any body that tries to put the point straight about Soludo is quickly painted a Sanusi apologist.This view,which depicts a very hollow reasoning is not surprising bearing the culture of mediocrity that holds our political culture sway in the country .Sanusi the clean-up master has made some mistakes in his clean up approach which has also given credence to tag some of actionshighly questionable.

Now the big one ,is it morally right for solodu to now come out immediately after a messing ending of his CBN career to seek political post? This action to me gives up a clearer picture of the man Soludo. Alan greenspan former FED chairman under which the seeds of the present Subprime crises were sown has in a couple of time come out to admit some inadequacies on his part when he was the FEd chairman. Greenspan will not seek a political office while the US still battles out of recession.One is quick to ask that are we sub -humans in this part of the world

I understand while some people, particularly anabarians are blindly supporting Soludo.This is under the quise of '' the crip of Chris UBA must be broken '' .Now we have a new tandem that is the DEVIL you know Is WORST than the Devil you dont know!!! But for even minded person a spade is a spade,Soludo is not the type of leader that will take anambra out of its current quarmires.

I have strong reservations againts Soludo:

1.Soludo is not a level -Headed Individual-He took all the glory with the banking consolidation-great job! but we should all remember that the world economy was really expanding then now the world is in recession he's detaching himself from his inaction's.Is this the type of leadreship we want in Nigeria?

1.Soludo is not just a common politician but a desperate one-He came out like all other politician has been saying'the people pressured me to contest".we are tired of this story we need people who believe in themselves and will come out and say I want to be governor because I have prepared myself to be governor not people who dont have direction in life and will always claim my people asked me to contest.-Nobody will go for a job interview and answer to a question in such manners!
Secondly on this point, there is nothing to suggest intelligence in his approach,and speeches so far in his quest for the government house in anambra. his campaigns has been what we have been used to- sycopancy and empty promises -making anambra dubai while not telling us how he will get the power supply to build and sustain his dubai,where he will get the police to police the dubai.

1.Soludo has no moral conscience- a Soludo that those not have the guts to accept his inadequacies whilst as a CBN governor is not cultured enough to lead Anambra.

I would have viewed him a man of content and character if he has been sending his time oustide office highlighting on what went wrong with his reforms,and how to cope with the damaging effect of a world recession on Nigerians banks.

I can only pray for those that have lost jobs- the courage to forge ahead.

stealth01:

Jodeci it is because of psychofans and praise singers like you that this country is yet to be developed and the sooner we start holding our leaders accountable for their actions and non-actions the better for all of us and if you are well informed you would have heard the present governor admit the failure of the regulatory framework of the previous CBN administration


Fire007 On the contrary, I am not a fan of your so called “silly mallam” neither do I approve of his recent unreserved comments in the media (considering the sensitive nature of his office), I also do not support the manner in which the banking reform was executed as there was obviously some selective justice in the decisions that were taken but the truth of the matter is that “if wasn’t broken in the first place there wouldn’t have been any need to fix it”

Before you come out to make public comments like “the banks were all fine” you need to have sufficient information to prove it. There’s enough data to show that these stressed banks were frequent borrowers in the Expanded Discount Window of the CBN (created by Charles Soludo) which is more than enough reason to tell you these banks were virtually struggling to meet their obligations locally and internationally

Also, if Mr. Akingbola’s bank was fine before Sanusi Lamido took over affairs at CBN and he has nothing to hide why hasn’t he surrendered himself to the authorities for investigation up till now?

The problem with us Nigerians is that we celebrate mediocrity in the lives of our leaders but until we make our leaders accountable for their actions we cannot make headway.
We need to put in place systems that would make anyone seeking political offices understand that such positions are meant for service and not to feed their greed

Ceebee I agree with you that we may be heading for a negative progression but you should note that the seed Soludo sowed while in office was that of bad leadership which must not be celebrated both in the past and recent CBN administrations

I am not from the eastern part of the country neither am I a northerner but I foresee a Soludo if elected to be governor of any state in this country would not represent the interest of the people but choose to pursue a selfish agenda

The harm he caused the industry and society at large due to his lax supervision while at the Apex bank is enough reason for him to drop his political agenda if he has an atom of conscience left in him.

St. Edwin:

Well, One thing about this discussion is that Those blaming soludo for the banking woes are those who were once bank workers and have lost their jobs or are related in one way or the other to sacked bank workers on the other hand those in support of soludo are Anambrians who believe that their salvation lies in Soludo hands.[font=Lucida Sans Unicode][/font][color=#006600][/color]

on which premise is your argument based

aimans:

@ denzel20009

We are not arguing nor fighting over this issue. But I will keep saying it; Let's be analysing issue from objective viewpoint. I'm not going to answer your question nor fire back.


All contributors should know that the bets analysts over this issue are people from financial world. And the issue requires simple wisdom & analysis.

God bless our father land, NIGERIA.

babalawo:

babalawo:

@stealth01

While you made a lot of sense about your views and I truly see the angle that you are coming from I will be more comfortable with a topic heading like
' Of Soludo's reforms, Bank massive Layoffs and soludo's timing and integrity as a Guber.Candidate".-To say Solodu is the CAUSE will be wrong.It will be right to say he wasn't responsible enough as a CBN Governor to have managed our banks.While I view his consolidation agenda as laudable he did poorly and he did great injustice to his academic and professional pedigree in the manner in which he handled his job when it mattered most.

In Time of crises you know what a man is made of. Soludo was the CBN governor when the global economy was booming. Between 2002 and 2007 nearly all economies in the world witness a robust boom.It was easier to consolidate banks then-and it was the right thing to do but as an Economist I had expected him to know that business boom and bust cycles applied to the broader economy.-Just like the proverbail Joseph in the Bible who dreamt of seven years of excessive wealth followed by seven years of great famine.-But our Soludo was not as smart as Joseph,aside from the excess crude account consolidate account accurals,soludo maybe was carried away by the boom in the banking sector that he threw sound and risk management pratices to the winds.

The CBN under soludo did liitle or nothing to regulate the banks!-now I wonder why some Nigerians attached emotions to issues.Soludo as competent as he was did say all was well with the banks-while its was obvious to discerning analyst that there was fire on the mountain.The CBN under him even went as far as making advertorials in favor of intercontinental shedding the truth from us when it was obvious to us that foreign investment in the bank has been repatriated and the bank had made a lot of losses due to high exposure and an unregulated exposures to the Oil price surge.

I have noticed that any body that tries to put the point straight about Soludo is quickly painted a Sanusi apologist.This view,which depicts a very hollow reasoning is not surprising bearing the culture of mediocrity that holds our political culture sway in the country .Sanusi the clean-up master has made some mistakes in his clean up approach which has also given credence to tag some of actionshighly questionable.

Now the big one ,is it morally right for solodu to now come out immediately after a messing ending of his CBN career to seek political post? This action to me gives up a clearer picture of the man Soludo. Alan greenspan former FED chairman under which the seeds of the present Subprime crises were sown has in a couple of time come out to admit some inadequacies on his part when he was the FEd chairman. Greenspan will not seek a political office while the US still battles out of recession.One is quick to ask that are we sub -humans in this part of the world

I understand while some people, particularly anabarians are blindly supporting Soludo.This is under the quise of '' the crip of Chris UBA must be broken '' .Now we have a new tandem that is the DEVIL you know Is WORST than the Devil you dont know!!! But for even minded person a spade is a spade,Soludo is not the type of leader that will take anambra out of its current quarmires.

I have strong reservations againts Soludo:

1.Soludo is not a level -Headed Individual-He took all the glory with the banking consolidation-great job! but we should all remember that the world economy was really expanding then now the world is in recession he's detaching himself from his inaction's.Is this the type of leadreship we want in Nigeria?

1.Soludo is not just a common politician but a desperate one-He came out like all other politician has been saying'the people pressured me to contest".we are tired of this story we need people who believe in themselves and will come out and say I want to be governor because I have prepared myself to be governor not people who dont have direction in life and will always claim my people asked me to contest.-Nobody will go for a job interview and answer to a question in such manners!
Secondly on this point, there is nothing to suggest intelligence in his approach,and speeches so far in his quest for the government house in anambra. his campaigns has been what we have been used to- sycopancy and empty promises -making anambra dubai while not telling us how he will get the power supply to build and sustain his dubai,where he will get the police to police the dubai.

1.Soludo has no moral conscience- a Soludo that those not have the guts to accept his inadequacies whilst as a CBN governor is not cultured enough to lead Anambra.

I would have viewed him a man of content and character if he has been sending his time oustide office highlighting on what went wrong with his reforms,and how to cope with the damaging effect of a world recession on Nigerians banks.

I can only pray for those that have lost jobs- the courage to forge ahead.

Johnpaul88:

Lets be sincere for once. During the time Soludo held sway at the CBN, banking is one of the best job in the country. Are we arguing that monies used to pay the numerous workers never existed or did it suddenly grew wings and flew away as soon as Soludo completed his term in office ? I find it difficult to appreciate the magnitude of blame being heaped at his head, as the masterminder of these present plight. Again,Where did these "troubled banks" get the money they used in multiplying their branches' strenght or don't they have them ab initio ? In as much we keep holding Soludo culpable for the present travails, let us not lose sight of the fact that he actually iniated the audit process,on the premise that he will be given second tenure to implement them. Not withstanding the foregoing, presence of a few cobwebs and rats in a 50-storey building, is not an indicator that the building is near-collapse or have collapsed, as we are being mearnt to understand. I know if it were under Soludo that the audit process was actually implemented, not too many people will know that it took place b/c it will not hold the media frontburner like this. If it were Sanusi that was at CBN when Soludo did his consolidation exercise,i bet u he will never have handled this situation thus. He's just in a hurry to create an impression.

saltnsugar:

Its appalling to discredit the gains in the banking sector during Soludo's tenure.In Nigeria ethnicity,Religion and the pull him down syndrome reign supreme.One person asked a question what was the banks like before he came into office,what was it when he was in office,and what was it when he left.If soludo is still in the office will there be all this banking crisis?
In Nigeria its easier to cast doubt on your predecessor when you cant match his  good deeds in the office eg. Modibbo on El rufai etc. For Sanusi's sychophants what will he say he has achieved,is it lack of confidence in the banks,lay offs of breadwinners {in Nigeria an average breadwinner is taking care of 10 persons}.The whole story has been Sanusi's story.We hope the story stands after he has left office.
During Abacha regime there were explosions in Nigeria and he blamed it on the opposition but the truth came out when he left or died.
@ poster you can blame soludo all you want but the truth remains,what is the state of the bank as we can see when he was there and now.

Well, One thing about this discussion is that Those blaming soludo for the banking woes are those who were once bank workers and have lost their jobs or are related in one way or the other to sacked bank workers on the other hand those in support of soludo are Anambrians who believe that their salvation lies in Soludo hands


The above statement is ludicrous, So Soludo was working for the Anambrians,or that Anambrians dont work in the bank or are immuned to Sanusi's actions? The opposite is the case because those affected by the layoffs will blame Sanusi because if Soludo has been in office they will still have been providing for their families.With the above statement i conclude that there alot of ill informed people on this site.

babalawo:

Nigeria will continue to be impossible if  in anything that we do we narrow it to religion and ethnicity.people have the right to expression without prejudice to all these.
A country is like a coach of trains while  a leading coach will be in front- we all move together.No body no ethnic group can really move and leap above the other.Just like the banking  industry,when it was booming some of us noted that no sector can outpace her immediate environment now we all see that the correction has taking its toll.We either grow together as a people or fall together any temporal distance by a subset or group will always correct towards the critical mass.

To your question :what was banking b4 during after soludo.-this is not an intelligent question for the mindset of the inquirer is far from basic corporate and business sense.For me its just like asking this question: you rush an accident patient to an hospital your patient has no external injury but deep internal cuts.Unfortunately your patient dies under the surgeon knife.then you ask what was the condition when you brought the patient to the hospital!!!For all you care your patient was alive when he got to the hospital and it is beyond reason for you to see any reason why he should die.
It takes industry watchers and not the general public to know what has been happening underneath.

It doesnt take a second thought that you too might be suffering from the ill -informed glut.  

BIGER BOY:

I have noticed that the argument here is caused by misunderstanding especially by those with non finance background, thats why some keep arguing that durring soludo things were good. Here is a crash coures in Finance;

1 No doubt soludo did a good job in consolidating the banking sector, but that was just half of the job

2 When u create banks that 'big' u need to monitor them moren (regulate), that second part soludo did not do

3 I just did a thesis on the consolidation and I found that some banks had negative working capital as early as 2005, the implication is that they were definately taking on more risk than they could handle

4 Here is a finance Basics Leverage (which the banks r guilty of having too much) creates abnormal profits, but so is the other side of it (losses)

This is where risk mgt comes in, Soludo should have known better as a financial economist that those profits the banks were making dont justify the excessive gambling and risk taking of those banks giving the vital role banks those banks play in the economy.

Looking at it in another angle we r lucky the productive economy (if we even have one!) dont depends on these banks coz they neva granted loans to the small bizs, But if it had depended the story would have been worse coz not just bankers will be loosing jobs, but the entire economy will be shedding jobs, and then we will start demanding our leaders be hanged for their omissions or commissions

Specialist900:

some responses points hope for this country. it shows us that some people really went to sch. and learnt something while some just wasted their time going to sch. have you ever seen a smoke without a fire or any shadow without an object? How on earth can pple say the crises started today. Soludo tried by leaving all the problems for sanusi to solve.

Specialist900:

@bidemi, seriously we need to educate these pple. about the issue of mallams, i can say boldly that there are mallams that are better than the ndi-igbos.

mekusxxx:

Competence is all about clearing the mess that an incompetent predecessor left behind. If Sanusi is better than Soludo (which of course I doubt 100000000x) left him clear the mess and etch his own name in gold (at least Soludo's name is etched in silver, if not gold, in the annals of CBN banking in Nigeria). Until then, Soludo is gone and Sanusi is in now charge. He takes the heat, just like Obama is taking the heat for George Bush's incompetence.