oyb:

maybe if u read up on enron rather than on how to knock islamic scholars you will know morality's place where capitalism s concerned

You have a poor undersatanding of ENRON, do you not see how the guys were convicted and imprisoned in a court of law? Nobody judged them based on christian or islamic moral codes, but you guys and Sanusi want to use morality as yardstick for judging our enterpreneurs/bankers, instead of using established legal codes.

Just like your brother, texapette, I recommend that you go look up and study the word morality to see its subjective limitation, religious/ethnic bias, and temporal limitations.

When you do, then come back and speak to me.

Well while Sanusis actions might make sense im rather uncomfortable with the complete exposure of our banks to foreign investors.
Kenyas economy is 80% foreign, even south Africa.
These economies are stagnant compared to china and India which had been protectionist for decades and are now reaping the fruits.
Even the asian tigers learnt a bitter lesson during the 90's with this kind of practice.
Opening the Nations financial institution without limits is dangerous.

But that is only my opinion though.

@biina, the qualifications for both men are not and cannot be placed together. Soludo was appointed CBN governor because of his rich academic qualifications especially in the area of economy as well as his international experiences, besides being onetime economic adviser to the former president which he did creditably well.

But the purported grounds of Sanusi's appointment cannot be academic ofcourse, because he doesnt have any special qualification more than I do, however they pitched the appointment on the grounds that he has been in the banking industry & should have experience , but I still make bold to say that he is an amateur in the industry especially where the grounds of his appointment is on experience. There are several other experienced bankers from the North that would have ordinarily made it as CBN governor.

That aside, I must boldly tell you that the main reason why Sanusi was chosen was because of his RADICAL NATURE, they needed somebody that can be bold & achieve whatever plans unlike politicians like Isa Yuguda who though is more experienced as a banker but may not easily be a good candidate to execute the agenda.

RoadStar:

Well while Sanusis actions might make sense im rather uncomfortable with the complete exposure of our banks to foreign investors.
Kenyas economy is 80% foreign, even south Africa.
These economies are stagnant compared to china and India which had been protectionist for decades and are now reaping the fruits.
Even the asian tigers learnt a bitter lesson during the 90's with this kind of practice.
Opening the Nations financial institution without limits is dangerous.

But that is only my opinion though.

That's why I decry this undue focus on morality/religion in our banking and finance system. We should be focusing on attracting, retaining, and growing our economy so that we can compete at the international scene. We can't do that when we undermine confidence in our own system, attack shareholders and enterpreneurs, and you still want people to come here and invest?

naijaking1:

You have a poor undersatanding of ENRON, do you not see how the guys were convicted and imprisoned in a court of law? Nobody judged them based on christian or islamic moral codes, but you guys and Sanusi want to use morality as yardstick for judging our enterpreneurs/bankers, instead of using established legal codes.

Just like your brother, texapette, I recommend that you go look up and study the word morality to see its subjective limitation, religious/ethnic bias, and temporal limitations.

When you do, then come back and speak to me.

stop throwing around big words - you are simply showcasing your crass ignorance. this is not a village or street where you can bamboozle halfwits with meaningless bombast

http://www.google.com.ng/search?client=opera&rls=en&q=morality+and+enron&sourceid=opera&ie=utf-8&oe=utf-8

read that - you will see that as sharper minds than you have pointed out - the relationship between morality and god corporate governnce

people like you make me sick

you prefer to live in a fools paradise - like one of those big men bank debtors - up to the eyeballs in debt and still fronting a lavish lifestyle, and dispensing advice to people with better acumen but lesser connections. no house of cards can stand forever.

keep crying because u invested without understanding the business - warren buffets first law - never invest in a business if you don't understand how they make money

Well while Sanusis actions might make sense im rather uncomfortable with the complete exposure of our banks to foreign investors.
Kenyas economy is 80% foreign, even south Africa.
These economies are stagnant compared to china and India which had been protectionist for decades and are now reaping the fruits.
Even the asian tigers learnt a bitter lesson during the 90's with this kind of practice.
Opening the Nations financial institution without limits is dangerous.

But that is only my opinion though.

while the consolidation had good intentions - it failed in one critical spect - it failed to get rid of the likes of cecilia ibru - which i believe was prt of the original intention.

the previous framework with 2 billion capitalisation meant that any crook could set up a bank and start playing games with people life saving.

unfortunately, through omission, collusion or luck - some bankers scaled through - which meant they got to be incompetent on a far grander scale,

what is happening now is unfortunate, but inevitable - just as 911 led to stringent airport security, the banking debacle will lead to stringent regulation, since the shareholder, directors and xecs have demonstrated that they are not capable of monitoring their stewards .

oyb:

stop throwing around big words - you are simply showcasing your crass ignorance. this is not a village or street where you can bamboozle halfwits with meaningless bombast
http://www.google.com.ng/search?client=opera&rls=en&q=morality+and+enron&sourceid=opera&ie=utf-8&oe=utf-8
read that - you will see that as sharper minds than you have pointed out - the relationship between morality and god corporate governnce
people like you make me sick
you prefer to live in a fools paradise - like one of those big men bank debtors - up to the eyeballs in debt and still fronting a lavish lifestyle, and dispensing advice to people with better acumen but lesser connections. no house of cards can stand forever.
keep crying because u invested without understanding the business - warren buffets first law - never invest in a business if you don't understand how they make money  

I don't know what to say to people like you who can't read and assimilate: ENRON actors did not go to jail because of morality, they went to jail, because they broke existing legal codes

Jeff Skilling did not go to jail, because he had a jet while others had small cars, or because he fooled around with a girl while being married, he went to jail, because he was convicted of breaking the law. The warped mindset of islamic technocrats who are bent on enforcing islamic moral codes on all of us maybe the real reason why you and Sanusi are unable to see the difference.

Please see the real reasons why people went to jail in ENRON: http://www.google.com/search?source=ig&hl=en&rlz=&q=enron+legal+issues&aq=6&aqi=g10&oq=enron%2C+le

Mkpotu:

@biina, the qualifications for both men are not and cannot be placed together. Soludo was appointed CBN governor because of his rich academic qualifications especially in the area of economy as well as his international experiences, besides being onetime economic adviser to the former president which he did creditably well.

But the purported grounds of Sanusi's appointment cannot be academic ofcourse, because he doesnt have any special qualification more than I do, however they pitched the appointment on the grounds that he has been in the banking industry & should have experience , but I still make bold to say that he is an amateur in the industry especially where the grounds of his appointment is on experience. There are several other experienced bankers from the North that would have ordinarily made it as CBN governor.

That aside, I must boldly tell you that the main reason why Sanusi was chosen was because of his RADICAL NATURE, they needed somebody that can be bold & achieve whatever plans unlike politicians like Isa Yuguda who though is more experienced as a banker but may not easily be a good candidate to execute the agenda.

Soludo was a theoretician who lacked corporate experience before his appointment. This reflected in the way he ran the CBN with heavy focus on policy and lax supervision. Sanusi is a different type of governor, and while he might lack the paper credentials of Soludo, he has enough experience, having worked in different banks and risen to be MD of one of the biggest  in FBN (a position that has been dominated by southerners). His peers in the sector admit that he is one of (if not) the best at Risk assessment and management. Your request to have Sanusi evaluated for a year before being appointed as CBN governor was baseless, as anyone fit to be appointed as FBN CEO is qualified to be CBN governor. Yuguda on the other hand has inferior credentials IMO, as I wouldn't trade UBA and FBN for Savannah Inland and NAL. That yuguda is an active politician was just the nail on the coffin.

Yet my problem is more with people who are biased in their criticism of Sanusi for doing what needed to be done, when they cannot offer viable and effective alternatives. Soludo's appointment put the cart before the horse, and while Sanusi is trying to clean up problems that existed before soludo, and which soludo compounded, some are making it out to be as if Sanusi created the problems.

The stock market was in decline well before Sanusi took over, but the likes of naijaking1 would have us believe that the decline during soludo's time was the fault of the global economic crisis, but same became the fault of the CBN the moment Sanusi took over. That is simply disingenuous and in bad taste.

biina:

Yet my problem is more with people who are biased in their criticism of Sanusi for doing what needed to be done, when they cannot offer viable and effective alternatives. Soludo's appointment put the cart before the horse, and while Sanusi is trying to clean up problems that existed before soludo, and which soludo compounded, some are making it out to be as if Sanusi created the problems.

The stock market was in decline well before Sanusi took over, but the likes of naijaking1 would have us believe that the decline during soludo's time was the fault of the global economic crisis, but same became the fault of the CBN the moment Sanusi took over. That is simply disingenuous and in bad taste.

Once again, I disagree with you that Sanusi did what needed to be done, the way he did it. He did not need to wage a sustained public relations war against the banks, CEOs, shareholders, and now workers. He could have had far more impact without playing to the gallery at every opportunity he gets to undermine confidence in our banking and financial system. He did all these on the pretext that if he had not come in on time the roof would have collapsed on the banking sector. Of course, many don't believe him.

naijaking1:

I don't know what to say to people like you who can't read and assimilate: ENRON actors did not go to jail because of morality, they went to jail, because they broke existing legal codes

Jeff Skilling did not go to jail, because he had a jet while others had small cars, or because he fooled around with a girl while being married, he went to jail, because he was convicted of breaking the law. The warped mindset of islamic technocrats who are bent on enforcing islamic moral codes on all of us maybe the real reason why you and Sanusi are unable to see the difference.

Please see the real reasons why people went to jail in ENRON: http://www.google.com/search?source=ig&hl=en&rlz=&q=enron+legal+issues&aq=6&aqi=g10&oq=enron%2C+le

what a slow thinker - so in your book all crimes that are against the law be they theft r.ape, murder, 419, etc, are wrong solely  because they are against the law and not because they are immoral? what do you think the law is originally about in the first place? why do you think the law in its most elemental form is about crime and punishment?

are you by any chance, since you are probably christian implying that there is nothing wrong with falsifying documents, embezzling funds, etcetrea in christianity?

are you implying that the reason soludo turned a blind eye to the rot was because he is of a different eligion?

do you see the sorry pass  your warped mindset has brought you to?

naijaking1:

Once again, I disagree with you that Sanusi did what needed to be done, the way he did it. He did not need to wage a sustained public relations war against the banks, CEOs, shareholders, and now workers. He could have had far more impact without playing to the gallery at every opportunity he gets to undermine confidence in our banking and financial system. He did all these on the pretext that if he had not come in on time the roof would have collapsed on the banking sector. Of course, many don't believe him.

more bs from you.

thats the exact game your hero soludo kept playing. he kept on firing edw , without censuring the bankers. i guess u must have the mindset of pa ibinedion - lucky don fail - make lucky repeat bo!

oyb:

what a slow thinker - so in your book all crimes that are against the law be they theft r.ape, murder, 419, etc, are wrong solely because they are against the law and not because they are immoral? what do you think the law is originally about in the first place? why do you think the law in its most elemental form is about crime and punishment?
are you by any chance, since you are probably christian implying that there is nothing wrong with falsifying documents, embezzling funds, etcetrea in christianity?
are you implying that the reason soludo turned a blind eye to the rot was because he is of a different eligion?

do you see the sorry pass your warped mindset has brought you to?

I am going to resist the temptation of going back to sociology 101 in order to teach you how codified laws emanate from established moral, religious, and ethnic rules/regulations, because you have shown complete ignorance of this relationship.
Many social morales end up as laws, others don't, and that where you guys get it confused. This is not just an arguement over sementics, it is going to expose the apparent misunderstanding between people who think that they're investing in a lawfu, capitalist, and secular environment on one hand and those who think that they're bound by some cryptic religious obligation to enforce morality on everybody, and who happen to be in charge of the financial system at the same time.
Stealing, lying/falsification are some of the ethnic and religious rules that have become laws in many societies, but making too much money, having personal jets, having personal banks, having too many landed properties while some people have none maybe morally frowned upon from a religious or even cultural perspective, but it doesn't break the law.
This is the axiom you people need to teach Sanusi. He shouldn't go around opening his dirty mouth about how some people are too rich, then he turns around looking for evidence to show that they acquired those properties illegally.

naijaking1:

Once again, I disagree with you that Sanusi did what needed to be done, the way he did it. He did not need to wage a sustained public relations war against the banks, CEOs, shareholders, and now workers. He could have had far more impact without playing to the gallery at every opportunity he gets to undermine confidence in our banking and financial system. He did all these on the pretext that if he had not come in on time the roof would have collapsed on the banking sector. Of course, many don't believe him.

Sustained PR war? he simply fired the executives. It people like you that are waging a PR war and trying to discredit him.
You say you disagree with that Sanusi did what needed to be done, can we then be a more specific: are you one of the 'many' that dont believe the system would have collapsed if left unchecked?  If yes can  you provide evidence (facts and figures) in support of your position? which part(s) of the assessment by the CBN is/are untrue?

naijaking1:

I am going to resist the temptation of going back to sociology 101 in order to teach you how codified laws emanate from established moral, religious, and ethnic rules/regulations, because you have shown complete ignorance of this relationship.
Many social morales end up as laws, others don't, and that where you guys get it confused. This is not just an arguement over sementics, it is going to expose the apparent misunderstanding between people who think that they're investing in a lawfu, capitalist, and secular environment on one hand and those who think that they're bound by some cryptic religious obligation to enforce morality on everybody, and who happen to be in charge of the financial system at the same time.
Stealing, lying/falsification are some of the ethnic and religious rules that have become laws in many societies, but making too much money, having personal jets, having personal banks, having too many landed properties while some people have none maybe morally frowned upon from a religious or even cultural perspective, but it doesn't break the law.
This is the axiom you people need to teach Sanusi. He shouldn't go around opening his dirty mouth about how some people are too rich, then he turns around looking for evidence to show that they acquired those properties illegally.

and your point being? The sacked executives doctored the books and abused their office to siphon money into their private pockets. That is both immoral and illegal. Nobody is being persecuted for having too much money or too many landed properties.

At the onset, nobody cares about Sanusi & his reforms, but it is unprofessional for Sanusi after taking over from somebody for over 9months, would wake again today to say that the actions of his predecessor was a sham. Does that connote incompetency on the part of Sanusi, honestly i think so.
Any competent and responsible person should ordinarily be busy to see how he can put his name in history by initiating policies that will improve our economy.

Ever since Sanusi assumed the position of this CBN governor, his stock in trade has always been calling people that they did this or that, for God's sake Sanusi, this is your time, if there is anything you see in CBN that you do not like, it is your duty to do it your own way pending the time another person enters. From Sanusi's pronouncement, what I can infer was that Soludo's 5-yrs tenor was a waste, Sanusi must be mad. i must say, because as it stands, he cannot make upto 40% of Soludo's achievement in 5yrs especially this one he is already looking for 10yrs in order for him to stabilize the economy, arrant nonsense.

Let us know that the best talkers are not the best performers. Go and ask Elrufai, Ribadu, Femi Fani-Kayode etc

Before Soludo entered, there was a CBN governor, has there been any time Soludo tried to xray or condemn the activities of his predecessor, NO, this was because he knew that whatever he saw that was not good, it was his duty to correct it being the incumbent, thus the consolidation, This therefore boils down to say that sanusi's problem is INFERIORITY COMPLEX. He is scared of comparism, i bet you, if it were the usual CBN governors that we used to have, ordinarily Sanusi & the usual xteristics of the people where he came from, will just come & do his baa qwomi (i dont care attitude) CBN work & go as usual. But his major problem is that a standard was set by Soludo and all his effort are geared towards blackmail all those Soludo;s policies.

Somebody that after 9months of becoming CBN governor & had taken some drastic major steps/decision, he is now coming out to bring his BLUEPRINT for the apex bank. This shows he doesnt have any plans for Nigerian economy i must say, it is a pity. Make una watch that guy, he is a planless CBN GOVERNOR

I bet you, if Sanusi were to be Dr Orhi the NAFDAC DG, he would have been telling us that Dora's cleansing in NAFDAC was a sham instead of concentrating & continuing from where his predecessor stopped.

Sanusi should wake up & justify that position he is occupying & the huge salary/remunerations he is collecting and not casting aspersions on people.

biina:

and your point being? The sacked executives doctored the books and abused their office to siphon money into their private pockets. That is both immoral and illegal. Nobody is being persecuted for having too much money or too many landed properties.

My point?
You too don't seem to understand the issue here: morality vs legality. Over 2 pages above, you Sanusi supporters and advisers have demonstrated ignorance of the difference between the 2. Sanusi himself has also gone out of his way to show his own ignorance by talking about people being greedy, selfish, etc. I tell you something, for someone in his shoe, GREED should be good, and regulated.
No question that lying-forgery/cooking the books, etc are clearly illegal, but lending money to potential business people, living expensive lifestyle, being greedy, owing many properties are quite good for our capitalism, they creat jobs.
Are you sure Sanusi understands all this?

naijaking1:

My point?
You too don't seem to understand the issue here: morality vs legality. Over 2 pages above, you Sanusi supporters and advisers have demonstrated ignorance of the difference between the 2. Sanusi himself has also gone out of his way to show his own ignorance by talking about people being greedy, selfish, etc. I tell you something, for someone in his shoe, GREED should be good, and regulated.
No question that lying-forgery/cooking the books, etc are clearly illegal, but lending money to potential business people, living expensive lifestyle, being greedy, owing many properties are quite good for our capitalism, they creat jobs.
Are you sure Sanusi understands all this?

Sanusi did not say greed was the offence, but that it was the driving force behind the illegal acts.
You on the other hand wrongly believe that greed is required for success. I disagree. Greed, which equates to trying to obtain more than your proper entitlement, is often a precursor to illegal acts. Ambition and aggression are what is required and not greed.
Still, you are free to be greedy as long as you act lawfully, and Sanusi has only made it clear that those that step over the legal boundary will be held accountable irrespective of social or economic status.

biina:

Sanusi did not say greed was the offence, but that it was the driving force behind the illegal acts.
You on the other hand wrongly believe that greed is required for success. I disagree. Greed, which equates to trying to obtain more than your proper entitlement, is often a precursor to illegal acts. Ambition and aggression are what is required and not greed.
Still, you are free to be greedy as long as you act lawfully, and Sanusi has only made it clear that those that step over the legal boundary will be held accountable irrespective of social or economic status.

You have not obviously been following many Sanusi's numerous road shows.

naijaking1:

You have not obviously been following many Sanusi's numerous road shows.

Then provide a quote where he said greed is illegal.
I doubt you have even read the recent speech that is the topic of discourse.

with people like naijaking and their reasoning about greed, it is no wonder nigeria is where it is today

lathering about greed - which christianity incidentally has classed as one of the seven deadly sins

yeah people say greed is good and all that

but what do you think drove the ibbs, iboris, alams, abachas , mobutu and a host of other high place miscreants to continue looting their countries' treasuries?

back to your absud treatise on morality

what do you think business ethics is all about, and why do you think it is course in business schools in the wake of enron?

why do you think author anderson imploded after enron/world com?

they weren't prosecuted by law enforcement, were they?

lets say the truth soludo is a Bleep up he promise to bring naira to one to one with dallas why did he make such lies to all nigerians to me he is a Bleep throuhgout his tenure we are tired of liars in our government officess

safariman:

@rasputinn
I don't think Sanusi is anti shareholders, foreign banks are not investing in Nigerian banks

Dude are you in this planet at all,just watch out

Trust Sanushit @ ur own peril

rasputinn:

Dude are you in this planet at all,just watch out

Trust Sanushit @ your own peril

why cant you simply say what he has done that makes him anti shareholders?

All this grammar in the criticism directed at the former CBN governor by the incumbent governor is the government business. For we the countrymen, our assessment of the financial issue is based on the impact of any banking policy on the welfare and standard of living of the masses. To drive my point home, during the former's tenure, the people's confidence in the banks was strengthened, banks employed massively and dollar- naira equivalence was moderate. But now, all we experience is the opposite; unbearably massive sacking of bank workers and skyrocketing inflation. We hardly have confidence in any bank again. It's this bank today and who knows which bank becomes the next tomorrow. So this should not call for appraisal or criticism, rather, a concerted effort to move everyone along and the nation forward. God bless all.

@Naijaking
Your mentor - Cecilia Ibru - is not facing EFCC charges over morality issues, but on illegal issues. Stop attempting to muddy waters with your 'morality' argument.
i took pains to show you that morality in itself does not solely stem from religion. Yet you're still too fixated on your islamophobia to show reason.

Your motive is clear - you lost money. Big deal! I lost lots of money too, you don't see me desperately looking for a scapegoat to blame.

Quote,
Dude are you in this planet at all,just watch out
@rasputinn
He is anti shareholders, but he is bringing in new shareholders to purchase failed banks?

Mkpotu:

@biina, the qualifications for both men are not and cannot be placed together. Soludo was appointed CBN governor because of his rich academic qualifications especially in the area of economy as well as his international experiences, besides being onetime economic adviser to the former president which he did creditably well.

But the purported grounds of Sanusi's appointment cannot be academic ofcourse, because he doesnt have any special qualification more than I do, however they pitched the appointment on the grounds that he has been in the banking industry & should have experience , but I still make bold to say that he is an amateur in the industry especially where the grounds of his appointment is on experience. There are several other experienced bankers from the North that would have ordinarily made it as CBN governor.
That aside, I must boldly tell you that the main reason why Sanusi was chosen was because of his RADICAL NATURE, they needed somebody that can be bold & achieve whatever plans unlike politicians like Isa Yuguda who though is more experienced as a banker but may not easily be a good candidate to execute the agenda.

ahh no wonder many nigerians find it difficult to get jobs outsidet he country! its all acade

who are the others from the north that have not been used up by previous government- you cant hide the star for too long!

The chairmen of most banks bailed out in some countries dont have banking qualification they were largely successful until the bust!

so whats this agenda again?

Ikandah:

All this grammar in the criticism directed at the former CBN governor by the incumbent governor is the government business. For we the countrymen, our assessment of the financial issue is based on the impact of any banking policy on the welfare and standard of living of the masses. To drive my point home, during the former's tenure, the people's confidence in the banks was strengthened, banks employed massively and dollar- naira equivalence was moderate. But now, all we experience is the opposite; unbearably massive sacking of bank workers and skyrocketing inflation. We hardly have confidence in any bank again. It's this bank today and who knows which bank becomes the next tomorrow. So this should not call for appraisal or criticism, rather, a concerted effort to move everyone along and the nation forward. God bless all.

people's confidence? there are still thousands of people waiting for their money locked up in the failed banks- and what happened to all those wonder banks under him?

Banks employed massively- charade!

dollar-naira was as a result of high oil price nothing major to do with one person! And i remember he (soludo) said the cbn devalued the currency when the recession kicked in


skyrocketting inflation? lmao no wonder sanusi said many nigerian are financial illeterate!! please show us a graph of the the nations inflation for the past six months

Soludo’s tenure at the CBN focused more on economic growth stimulated by the improved capacity of indigenous banks through re-capitalization while Sanusi’s focus is on managing the risk precipitated by the improved capacity; it doesn’t matter, though, that this was gingered by personal/ethnic agenda. Soludo did not address the entire problem in the Banking industry but he deserves some applause for the ones he dealt with.

Sanusi’s aspersions at Soludo’s tenure in CBN are uncalled for. Judging from Sanusi’s actions and utterances, he seems to think that all a CBN governor should care about is banking supervision. The guy took actions and made utterances without considering the effect on the economy. The job of a CBN governor is meant for sound economists who understand the significance of the role of banks in stimulating growth in the economy and not vice versa. Consolidation meant that Banks were empowered to take more risks and the consequences of that could either be positive or negative as we have now found out. Now that the Banks got certain decisions wrongly, the apex bank should not leave them to themselves because their collapse or incapacity will impact the economy negatively. Sanusi’s own approach is to chase the few “thieves” who profited from the wrong decisions and settle scores with those who have earlier referred to him as a “small boy banker” while he cared less about what happens to the rest of the economy. In the Americans’ similar experience, Ben Bernanke (US Fed Chairman) stated his priority in addressing the US banking crisis as not focusing on the decision makers but first on the survival of those institutions and their ability to continue unhindered business as failure to achieve this could spell doom to their economy. So Bernanke introduced TARP (Toxic Asset Relief Package) funds to absorb toxic assets from the Banks and allow them resume their lending functions. What became individual debts became a collective debt for the American government. So the rule is survival first before dealing with internal banking issues and the American banks have been dealing with them.

Unlike Sanusi, Soludo had a broader approach to discharging his functions as the governor of the apex bank. Yes, Soludo did not spend much time emphasizing corporate governance, but it will be unfair to say he ignored it. I am banker and I can tell you authoritatively that Soludo deployed resident CBN examiners to all banks in the first week of January 2009. Part of his reasons for doing this was to strengthen supervision and also compel sound corporate governance. Those examiners sat in ALCO and Credit Committee meetings as well as in meetings of other governance committees. Sanusi should check his records. Having said this, Soludo is only a human being and could get it wrong somewhere, maybe his close romance with the Bank Chiefs became a debacle to him. But he did his best and deserves some accolades.

Me sef:

Soludo’s tenure at the CBN focused more on economic growth stimulated by the improved capacity of indigenous banks through re-capitalization while Sanusi’s focus is on managing the risk precipitated by the improved capacity; it doesn’t matter, though, that this was gingered by personal/ethnic agenda. Soludo did not address the entire problem in the Banking industry but he deserves some applause for the ones he dealt with.

Sanusi’s aspersions at Soludo’s tenure in CBN are uncalled for. Judging from Sanusi’s actions and utterances, he seems to think that all a CBN governor should care about is banking supervision. The guy took actions and made utterances without considering the effect on the economy. The job of a CBN governor is meant for sound economists who understand the significance of the role of banks in stimulating growth in the economy and not vice versa. Consolidation meant that Banks were empowered to take more risks and the consequences of that could either be positive or negative as we have now found out. Now that the Banks got certain decisions wrongly, the apex bank should not leave them to themselves because their collapse or incapacity will impact the economy negatively. Sanusi’s own approach is to chase the few “thieves” who profited from the wrong decisions and settle scores with those who have earlier referred to him as a “small boy banker” while he cared less about what happens to the rest of the economy. In the Americans’ similar experience, Ben Bernanke (US Fed Chairman) stated his priority in addressing the US banking crisis as not focusing on the decision makers but first on the survival of those institutions and their ability to continue unhindered business as failure to achieve this could spell doom to their economy. So Bernanke introduced TARP (Toxic Asset Relief Package) funds to absorb toxic assets from the Banks and allow them resume their lending functions. What became individual debts became a collective debt for the American government. So the rule is survival first before dealing with internal banking issues and the American banks have been dealing with them.

Unlike Sanusi, Soludo had a broader approach to discharging his functions as the governor of the apex bank. Yes, Soludo did not spend much time emphasizing corporate governance, but it will be unfair to say he ignored it. I am banker and I can tell you authoritatively that Soludo deployed resident CBN examiners to all banks in the first week of January 2009. Part of his reasons for doing this was to strengthen supervision and also compel sound corporate governance. Those examiners sat in ALCO and Credit Committee meetings as well as in meetings of other governance committees. Sanusi should check his records. Having said this, Soludo is only a human being and could get it wrong somewhere, maybe his close romance with the Bank Chiefs became a debacle to him. But he did his best and deserves some accolades.

Did you read the actual speech?

biina:

why cant you simply say what he has done that makes him anti shareholders?

This type of question makes me wonder where you have been. Please read many other Nigerian newspapers, not just Dailytrust. Soon, you will ask for evidence to show that Sanusi fired bank CEOs?

oyb:

with people like naijaking and their reasoning about greed, it is no wonder nigeria is where it is today

lathering about greed - which christianity incidentally has classed as one of the seven deadly sins

yeah people say greed is good and all that

but what do you think drove the ibbs, iboris, alams, abachas , mobutu and a host of other high place miscreants to continue looting their countries' treasuries?

back to your absud treatise on morality

what do you think business ethics is all about, and why do you think it is course in business schools in the wake of enron?

why do you think author anderson imploded after enron/world com?

they weren't prosecuted by law enforcement, were they?

Now, you're comparing apples with oranges. Why compare thieves with enterpreneurs?
You still haven't understood the basic terminology used to convict ENRON operatives, and you continue to display your ignorance shamelessly. Nobody goes to jail for poor morality, that action also must have broken some legal codes to be actionable.
When you're done reading your koran up-side-down maybe you'll understand my point

texazzpete:

@Naijaking
Your mentor - Cecilia Ibru - is not facing EFCC charges over morality issues, but on illegal issues. Stop attempting to muddy waters with your 'morality' argument.
i took pains to show you that morality in itself does not solely stem from religion. Yet you're still too fixated on your islamophobia to show reason.
Your motive is clear - you lost money. Big deal! I lost lots of money too, you don't see me desperately looking for a scapegoat to blame.

If you don't know how this morality argment started, please go back a few pages. Just like Sanusi, you contradict yourself every step of the way