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Sanusi In Tears; Says Reforms Are Not A Northern Agenda! - Politics - Nairaland

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Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by PapaBrowne(m): 12:48am On May 15, 2010
[size=14pt]Tearful Sanusi challenges banks’ stakeholders on reform[/size]
FRIDAY, 14 MAY 2010 00:00 NKECHI NAECHE   
•Says exercise not a Northern agenda


WITH tears rolling down his cheeks, the Governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, yesterday justified the reform introduced in the banking sector of the nation’s financial economy.

He described as untrue that his crusade against insiders’ abuse in the sector was skewed to favour a section of the country, especially the North.

Sanusi pointedly told his guests that most of the debtors listed in the national dailies have not contributed anything to the nation’s economy in any way or created wealth but has only redistributed wealth.

Daring stakeholders in the banking sector to contest on-going reform in the court of law if they felt convinced that he was pursuing Northern agenda, Sanusi accused the debtors of reaping where they did not sow.

Sanusi spoke during the “Second business environment round-table on banking reforms: Private sector credit challenge,” organised by the Lagos Chamber of Commerce and Industry(LCCI), at its Lagos office.

According to him, he was ready to meet the stakeholders in the court to defend every policy introduced in the sector.

Sanusi said that he would not hesitate to remove all Managing Directors of the 25 banks to safe the system.

He described as regrettable that the same group of people holding down the energy sector were also responsible for the shortcomings in other sectors of the economy, thereby retarding the nation’s progress.

Sanusi called on regulators in other sectors to borrow a leave from what he has done and extend such reforms in their own sectors.

According to him, Nigeria, if well managed, has the potential of becoming one of the leading economies in the world, adding that the resources, population, institution and history that could boost the economy abound.

He lamented that Nigeria, which will be 50 years in October, cannot guarantee its citizens uninterrupted power supply, adding that Nigeria remained the only country where private sector accounted for 70 per cent of the power generated.

Sanusi said: “If the national grid collapses today, every manufacturer that is in production will continue to be in business, because it generates its power itself.

“If the national grid is useless, why we are spending so much time, putting money at a bureaucracy that has not yielded the desired result.

Reacting to raving speculations that the CBN was planning to sell some banks, Sanusi foreclosed the CBN selling off any bank.

Although Sanusi said the apex bank was favourably disposed to merger, he ruled out forcing the policy down the throat of any bank, even as he restated that the CBN was at liberty to withdraw the licence of any bank found wanting in the merger.

Speaking on the economic crunch, he said that was high time operators knew the importance of market conduct, full disclosures, fairness and justice, all of which he said were important to investors.

He explained: “If I buy a share at N10 and resell at N40, nobody has taken anything from me but I have taken N30 from the ordinary people for higher price. What I have done is the redistribution of wealth and not creation of wealth.

“The people who put their money in the stock market when the shares were high have been made impoverished due to the collapse of the market and those who sold when the price was high have become multi-billionaires.

“All we have done is take money from strangers and hand over to owners who have manipulated the market.”

On the accessibility of the N500 billion power intervention fund and the N200 billion for the Small-Medium Scale Enterprises (SMEs), Sanusi said that the CBN will assist the targetted beneficiaries to access the funds without stress.

In his opening remark, the LCCI President, Otunba Femi Deru, had described the round-table as a platform for stakeholders to deliberate on the impact of the banking reform on the current credit conditions and suggest the way forward.

According to him, the overriding objective was to stimulate a better understanding of the issue given exposure to all stakeholders and listen to the perspective of the regulators as well as suggest the way forward in the overall interest of the national economy.

Deru added that the discussion will give the chamber and the Lagos business community the necessary insight into the reform introduced by the governor and which had stirred much controversy.

http://www.compassnewspaper.com/NG/index.php?option=com_content&view=article&id=48279:tearful-sanusi-challenges-banks-stakeholders-on-reform&catid=672:top-stories&Itemid=794

Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by PapaBrowne(m): 12:53am On May 15, 2010
The bull in the China shop has become a Kitten in a Barbie shop!

How time flies. What happened to the braggadocio and masculine gusto he carried himself about with when Yar Adua was in charge.

Now he is crying like a baby. The man is now frustrated because he has failed and has nothing but a diseased economy to show for his ill thought personal/sectional agenda which he brought upon the nation!

His tears have just begun!
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by paddylo1(m): 1:30am On May 15, 2010
If I buy a share at N10 and resell at N40, nobody has taken anything from me but I have taken N30 from the ordinary people for higher price. What I have done is the redistribution of wealth and not creation of wealth.

This guy is a financial illiterate. . .what is he rambling on about with this quote

Nobody forces anybody to buy from the market,you are taking a risk when u invest in stocks,there is no guaranteed return

so what is this dude yapping about?

Pls GJ u have to demand this guy retires and fast. . .he has no clue,no wonder entrepreneurs are dying in Nigeria
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Nobody: 1:47am On May 15, 2010
Even Nigerian Breweries is worried about this guy.

He should stop crying and just resign!!!!!!!!!!!!!!
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Gayigaskia(m): 2:19am On May 15, 2010
Does the north has an agenda? against who? why would Sanusi cry if the northern agenda is or has failed? Please enlighten us.
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Osama10(m): 2:24am On May 15, 2010
He is a slowpoke, this is just the beginning.
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Ibime(m): 2:50am On May 15, 2010
Can someone post the picture of SLS crying?
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by naijaking1: 4:19am On May 15, 2010
PapaBrowne:

[size=14pt]Tearful Sanusi challenges banks’ stakeholders on reform[/size]

He explained: “If I buy a share at N10 and resell at N40, nobody has taken anything from me but I have taken N30 from the ordinary people for higher price. What I have done is the redistribution of wealth and not creation of wealth.“The people who put their money in the stock market when the shares were high have been made impoverished due to the collapse of the market and those who sold when the price was high have become multi-billionaires.

“All we have done is take money from strangers and hand over to owners who have manipulated the market.”


The man never begin see tears. I don't care if tears comout from 'im eyes, I only care when fresh and bright red blood begins to shoot out of his eyes sad
The above shows we have a CBN governor who doesn't believe in the modern concept of stock market. His disdain for people investing in the market are never far fecthed. Remember his recent ruling that share certificates can never be used as collaterals? Now if you buy stocks and make a small profit, then Sanusi has a beef with you embarassed
The only problem is that Sanusi, as the CNB governor should be one urging people to buy stocks, especially Nigerian stocks.

He sees himself as some agent of social re-engineering, to redistribute wealth, to balance north and south banking divide, and to purify the banking industry according to his skewed understanding and religious bias.
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Kobojunkie: 4:45am On May 15, 2010
paddy_lo:

This guy is a financial illiterate. . .what is he rambling on about with this quote

Nobody forces anybody to buy from the market,you are taking a risk when u invest in stocks,there is no guaranteed return

so what is this dude yapping about?

Pls GJ u have to demand this guy retires and fast. . .he has no clue,no wonder entrepreneurs are dying in Nigeria


What in the world are you rambling about? In no part of the line you quoted do you have the man saying there are no risks and there is guaranteed returns on investments as you claim he posited in there.

I am not even close to what anyone would term an economist and I understand exactly he meant in the lines you quoted. Not exactly sure what you are yapping on about though. Talk about 'Ta la n t olo' & 'To lo n t ala' ! undecided
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by paddylo1(m): 5:45am On May 15, 2010
What in the world are you rambling about? In no part of the line you quoted do you have the man saying there are no risks and there is guaranteed returns on investments as you claim he posited in there.

I am not even close to what anyone would term an economist and I understand exactly he meant in the lines you quoted. Not exactly sure what you are yapping on about though.  Talk about 'Ta la n t olo' & 'To lo n t ala' !

[b]If u are not an economist then why are u arguing on something u know little about?

Let me break it down for u if u care to know. . .

Sanusi is saying that buying a stock at N10(by person A) and selling at N40(to person B),means that whoever u are selling to has just been duped or his money re-distributed to person A. .plus person A has not created any wealth(laughable)

The implication of that statement is that

1. Person B is buying at N40 and the value must go up after that else it is not fair
2. The person selling at N40(Person A),did not take any risk when he bought at N10. . .there is no opportunity cost of tieing down his investments(money) in stock and waiting for it to appreciate
3. The idea of trading stocks being redistribution of wealth is quite baffling because,if the stock went up to say N60 after someone bought it at N40,does it mean it has also been redistributed upwards?
4. A central bank Governor that is polished just doesnt talk this way. . .stocks are bought and sold daily,and when u buy u have bought ownership into the future earnings of a company,so even if the stock goes to N10,as long as u dont sell u are entitled to dividends from future earning streams

so again unless u are reading different english can u explain what redistribution of wealth has to do with this issue?
something else u should know is that it is better to invest in stocks when they are cheaper,u have a better yield,and have a chance to accumulate more
so if i bought a stock at N40 and it goes to N10,i will buy more and use what is called dollar cost averaging(in this case naira) to get back to even
and when growth returns to the economy i will be better for it.

One more thing the very act of investing in a company by Person A has helped to create wealth in the society
because if it is an IPO he bought the stock at N10,he has helped to finance the company
and the more he buys the company stock,the more the company can raise equity(if need be),to finance future expansion[/b]
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Kobojunkie: 6:02am On May 15, 2010
paddy_lo:

If u are not an economist then why are u arguing on something u know little about?
uuumm . . .  You do not have to be a college professor or a mathematician to understand what 1 + 1 = 2 means. You don't ! What you had up there had NO DIRECT link to the message the man was getting across in the lines you quoted up there.
paddy_lo:
Let me break it down for u if u care to know. . .
Sanusi is saying that buying a stock at N10(by person A) and selling at N40(to person B),means that whoever u are selling to has just been duped or his money re-distributed to those buying. .
WHAT?  undecided
SANUSI's WORDS --If I buy a share at N10 and resell at N40, nobody has taken anything from me but I have taken N30 from the ordinary people for higher price. What I have done is the redistribution of wealth and not creation of wealth.
You will have to educate me on the particular words in Sanusi’s statement above you got that from.
paddy_lo:

The implication of that statement is that
1. Person B is buying at N40 and the value must go up after that else it is not fair
Well, depends on how you read what we have above.
paddy_lo:

2. The person selling at N40(Person A),did not take any risk when he bought at N10. . .there is no opportunity cost of tieing down his investments(money) in stock and waiting for it to appreciate
Please pull out the exact line where you got the above from.
paddy_lo:

3. The idea of trading stocks being redistribution of wealth is quite baffling because,if the stock went up to say N60 after someone bought it at N40,does it mean it has also been redistributed upwards?
What makes you think selling of stocks can be considered CREATION of wealth in the example he gave their?  When you sell a good to a customer, do you CREATE wealth?
paddy_lo:

4. A central bank Governor that is polished just doesnt talk this way. . .stocks are bought and sold daily,and when u buy u have bought ownership into the future earnings of a company,so even if the stock goes to N10,as long as u dont sell u are entitled to dividends from future earning streams
Dude, again, you are rambling . . . what has the above to do what the lines from Sanusi’s quote? He did not mention anything about there being NO RISKS involved in trading stocks, so why are you talking about risks when that is not what this is about?
paddy_lo:

so again unless u are reading different english can u explain what redistribution of wealth has to do with this issue?
something else u should know is that it is better to invest in stocks when they are cheaper,u have a better yield,and have a chance to accumulate more
so if i bought a stock at N40 and it goes to N10,i will buy more and use what is called dollar cost averaging(in this case naira) to get back to even
and when growth returns to the economy i will be better for it.

Dude . . .  I would suggest you do some studying on Redistribution of wealth and Wealth Creation.  Here are two wiki links to get resources from
http://en.wikipedia.org/wiki/Wealth
http://en.wikipedia.org/wiki/Distribution_of_wealth

I suggest you read the lines again. Put aside whatever BIAS you came in with and read that whole again. I am telling you, even an uneducated GWORO seller would understand the very same you seem to be having a hard time with. Seriously, read it again!
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by paddylo1(m): 6:20am On May 15, 2010
You will have to educate me on the particular words in Sanusi’s statement above you got that from.

i dont understand what u are saying here. . .below is Sanusis quote from the article.  . .unless u didnt read it to begin with

QUOTE
"He explained: “If I buy a share at N10 and resell at N40, nobody has taken anything from me but I have taken N30 from the ordinary people for higher price. What I have done is the redistribution of wealth and not creation of wealth.

“The people who put their money in the stock market when the shares were high have been made impoverished due to the collapse of the market and those who sold when the price was high have become multi-billionaires.

“All we have done is take money from strangers and hand over to owners who have manipulated the market.”


Please pull out the exact line where you got the above from.
Pls see above quote
What makes you think selling of stocks can be considered CREATION of wealth in the example he gave their?  When you sell a good to a customer, do you CREATE wealth?
[b]u are looking at this after the fact. . . .the ppl buying were looking to increase their wealth. . .if the stock had gone up,they would have achieved their aim
since it went down. . they have choices to make(sell,or buy more),but the very act of buying and selling stocks leads to wealth creation and entrepreneurship

u cannot look at this from one angle only. . .there are 2 sides to every trade
unless u want the federal Govt to guarantee u a return when u invest your money in the stock market

Finally i repeat  the very act of investing in a company by Person A has helped to create wealth in the society
because if it is an IPO he bought the stock at N10,he has helped to finance the company
and the more he buys the company stock,the more the company can raise equity(if need be),to finance future expansion
The trading of the stock on the exchange(buy and sell),means there is liquidity,which leads to further opportunity for the company to raise funds through future rights issues to Old investors,or for new investors to invest in the company by buying directly from Person A
[/b]


Dude, again, you are rambling . . . what has the above to do what the lines from Sanusi’s quote? He did not mention anything about there being NO RISKS involved in trading stocks, so what are you going on about.
QUOTE
"The people who put their money in the stock market when the shares were high have been made impoverished due to the collapse of the market and those who sold when the price was high have become multi-billionaires."


The above quote from Sanusi implies that there are no risks involved in the markets,that it must only go up
Dude . . .  I would suggest you do some studying on Redistribution of wealth and Wealth Creation
The Stock market is the greatest wealth creator known to man. . .and as far as i know Govts are the ones that try to redistribute wealth through progressive taxation and other socialist policies. . .so u and sanusi seem to be confusing the two
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by edoyad(m): 6:57am On May 15, 2010
Nobody has still come out with any evidence to show that Cecilia, Erastus and co did not grossly flout financial lending codes by their actions. They made crazy money illegally and there's no country on earth where they wouldn't be in prison.

2. Sanusi is saying they, "manipulated the system" in their bid to redistribute wealth. Now, when you sell a stake in your company to innocent investors and months later declare phantom/false profits that keep driving the price of those stocks upwards(which is an outright lie and deliberate attempt to deceive), is that not financial fraud ?

Market dealers round the always try to manipulate the system to their advantage and it is the duty of regulators to protect the investment naive people like me from exploitation. As we speak the American arm of Olusegun Aganga's former employers are being investigated from making money at the cost of innocent people. Though both cases aren't similar, i still think what happened in Nigeria is far worse than what happened in the US.
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by paddylo1(m): 7:10am On May 15, 2010
Nobody has still come out with any evidence to show that Cecilia, Erastus and co did not grossly flout financial lending codes by their actions. They made crazy money illegally and there's no country on earth where they wouldn't be in prison.

2. Sanusi is saying they, "manipulated the system" in their bid to redistribute wealth. Now, when you sell a stake in your company to innocent investors and months later declare phantom/false profits that keep driving the price of those stocks upwards(which is an outright lie and deliberate attempt to deceive), is that not financial fraud ?

Market dealers round the always try to manipulate the system to their advantage and it is the duty of regulators to protect the investment naive people like me from exploitation. As we speak the American arm of Olusegun Aganga's former employers are being investigated from making money at the cost of innocent people. Though both cases aren't similar, i still think what happened in Nigeria is far worse than what happened in the US.

[b]Cecelia,Erastus and co case is still in court so we shall presume them innocent for now. . .

However for the sake of this arguement i will assume them guilty of all that has been charged. . .Note that whatever profits that were declared in that period were not phantom because dividends were paid to shareholders. . .unless u have been told to give back your dividend

Secondly the SEC,CBN and co were responsible for supervising these banks and enforcing whatever rules were on the books
because they failed the CBN should blame itself first before looking for scapegoats

Finally,the banks got into trouble mainly from extending credit too much
that in itself is a risk of doing busiiness,and when u invest in a company that takes risks u have to expect there to be a chance that they will loose money

one more thing,just because u sold at N40 doesnt mean someone else cannot come in today,buy at N 2 and sell at N5 tommorrow for 150% capital gains

and Goldman sachs is being sued civily(its different from a criminal suit),plus they did not make money from innocent ppl like u claim
they had dealings with sophisticated hedge funds that bet the housing market will go up,and they lost

Its funny ppl are always happy when stocks go up,but when it goes down it must be rigged
do yourself a favor,next time the NSE is down by 70%,buy up as many companies as u can and u will be rich in no time. . .

I guess Sanusi will claim wealth has been redistributed to u too,if that happens[/b]
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by AbuMaryam1(m): 7:11am On May 15, 2010
edoyad:

Nobody has still come out with any evidence to show that Cecilia, Erastus and co did not grossly flout financial lending codes by their actions. They made crazy money illegally and there's no country on earth where they wouldn't be in prison.

2. Sanusi is saying they, "manipulated the system" in their bid to redistribute wealth. Now, when you sell a stake in your company to innocent investors and months later declare phantom/false profits that keep driving the price of those stocks upwards(which is an outright lie and deliberate attempt to deceive), is that not financial fraud ?

Market dealers round the always try to manipulate the system to their advantage and it is the duty of regulators to protect the investment naive people like me from exploitation. As we speak the American arm of Olusegun Aganga's former employers are being investigated from making money at the cost of innocent people. Though both cases aren't similar, i still think what happened in Nigeria is far worse than what happened in the US.
The very first time you're holding the right end of the stick.
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by paddylo1(m): 7:13am On May 15, 2010
The very first time you're holding the right end of the stick.

The Hausa Fulani end?. . . cool
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by AbuMaryam1(m): 7:22am On May 15, 2010
[/quote
paddy_lo:

The Hausa Fulani end?. . . cool
Beam your search light you will get what i mean.
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by buffox: 7:26am On May 15, 2010
paddy_lo:

[b]Cecelia,Erastus and co case is still in court so we shall presume them innocent for now. . .

However for the sake of this arguement i will assume them guilty of all that has been charged. . .Note that whatever profits that were declared in that period were not phantom because dividends were paid to shareholders. . .unless u have been told to give back your dividend

Secondly the SEC,CBN and co were responsible for supervising these banks and enforcing whatever rules were on the books
because they failed the CBN should blame itself first before looking for scapegoats

Finally,the banks got into trouble mainly from extending credit too much
that in itself is a risk of doing busiiness,and when u invest in a company that takes risks u have to expect there to be a chance that they will loose money

one more thing,just because u sold at N40 doesnt mean someone else cannot come in today,buy at N 2 and sell at N5 tommorrow for 150% capital gains

and Goldman sachs is being sued civily(its different from a criminal suit),plus they did not make money from innocent ppl like u claim
they had dealings with sophisticated hedge funds that bet the housing market will go up,and they lost

Its funny ppl are always happy when stocks go up,but when it goes down it must be rigged
do yourself a favor,next time the NSE is down by 70%,buy up as many companies as u can and u will be rich in no time. . .

I guess Sanusi will claim wealth has been redistributed to u too,if that happens[/b]


my friend no need to get overly technical about this. Share price manipulation was the in-thing and could be well backed-up before the foreign credit lines were pulled out due to the recession. See it from the lens of "stock market risk", but if the market was plain as it should have been, the losses would not be as ridiculous as we have seen; hence it is safe to say the crisis would have been more manageable.
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Ibime(m): 7:33am On May 15, 2010
I would not take any of this article at face-value until I see a picture of "tears rolling down Sanusi's cheeks". . . . I have read an alternative report on this conference, and the picture painted could not be starker in contrast to the picture painted here. . . . since the journalist has chosen to throw journalistic integrity down the drain, I would say that every single statement in this article is an embelishment. . . . at least until I see a picture of Sanusi crying.
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by edoyad(m): 8:11am On May 15, 2010
Abu-Maryam:

The very first time you're holding the right end of the stick.

And what exactly are you saying ?

@paddylo , i agree with you when you say the CBN is as guilty of the crime as the people it accusing, so may be we should see some heads rolling in that direction too. But that again doesn't translate into what this banks did going unpunished, with the litte i know about corporate governance i know it's a crime against humanity for heads of companies to grant themselves uncollateralised loans- just one of the many charges.

On the otherside i personally think that SLS is not qualified to be governor, i reiterate that this is my personal opinion. Internally there were people like Dr. Obadiah Mailafiya, former CBN dep. Gov, who i think would have been more suited for the position if Soludo was no longer the toast of the presidency. But then again i can only speak of people i know of. The posts of Minister of Finance, planning & statistics and CBN gov are the most sensitive in a developing economy but we can see how they play politics over here. I wouldn't mind foreigners manning those positions if need be .
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by jokingmary(m): 8:37am On May 15, 2010
he is now weeping because he has nothing to show for all his silly policies
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by rasputinn(m): 8:59am On May 15, 2010
Sanusi,GO TO HELL
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by rasputinn(m): 8:59am On May 15, 2010
jokingmary:

he is now weeping because he has nothing to show for all his silly policies

DONT MIND THE FOOL
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Nobody: 9:01am On May 15, 2010
tears?

is the Nigerian economy in big trouble like Greece?
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by lelele: 9:19am On May 15, 2010
tpia.:

tears?

is the Nigerian economy in big trouble like Greece?

Wish we were in trouble like Greece, no matter how much Greece scales bak on its provision on social amenities, Naija no still fit touch dem.
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by UpBendel(m): 10:14am On May 15, 2010
buffox:

my friend no need to get overly technical about this. Share price manipulation was the in-thing and could be well backed-up before the foreign credit lines were pulled out due to the recession. See it from the lens of "stock market risk", but if the market was plain as it should have been, the losses would not be as ridiculous as we have seen; hence it is safe to say the crisis would have been more manageable.




My guy, tell them o!! Some people still continue to delude themselves that Sanusi did the wrong thing by cleaning out some of these bank managers. Pretty obvious that many Nigerians continue to turn a blind eye to the fact that these bank managers were simply thieves!
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by UpBendel(m): 10:16am On May 15, 2010
edoyad:

Nobody has still come out with any evidence to show that Cecilia, Erastus and co did not grossly flout financial lending codes by their actions. They made crazy money illegally and there's no country on earth where they wouldn't be in prison.

2. Sanusi is saying they, "manipulated the system" in their bid to redistribute wealth. Now, when you sell a stake in your company to innocent investors and months later declare phantom/false profits that keep driving the price of those stocks upwards(which is an outright lie and deliberate attempt to deceive), is that not financial fraud ?

Market dealers round the always try to manipulate the system to their advantage and it is the duty of regulators to protect the investment naive people like me from exploitation. As we speak the American arm of Olusegun Aganga's former employers are being investigated from making money at the cost of innocent people. Though both cases aren't similar, i still think what happened in Nigeria is far worse than what happened in the US.

Bia guy, have you been reading or listening to the news at all?
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by wazobiang: 10:42am On May 15, 2010
Please lets understand one thing. Creation of wealth is putting your money in the real sector. Like setting up a barbing salon, building a hospital, school, making slippers, building road. If not for the future money to be made but for even the immediate salary that you will pay the workers that will build and manage the business you are setting up. You know how many families are fed with salary from road construction, advert agencies, web development, hospitals, name them. FOR THE AVOIDANCE OF DOUBT, winning a contract is not creation of wealth but implementing the contract is creation of wealth.

So if you buy stocks @ 10 Naira or 40 Naira in the secondary market, how many people have you employed, how many families have you fed. None. Because you just bought the 50k ordinary shares or whatever they call it of the company. But when you buy @ the primary market, especially when it is oversubscribed, some people might still tell u that you have not created any wealth. I wouldn't like to go into that. Buying from the secondary market means buying the same stock which has the same price (50k or 1 Naira as the case may be) in the eyes of NSE at an agreed price between you and the seller, irrespective of how much the seller bought it. Do I really need to go on to make the two arguers understand?

Please understand the man. What he meant is that Nigerian's are shy from investing in the real sector where lives (including theirs can be touched). You need to understand how many people Dangote and the likes are feeding to comprehend that merely buying stocks does not really touch lives as much as investing in making 'dunlop slippers'.

Buying stocks is more or less intelligent gambling but it is very good for us to buy stocks so as to maintain the value of our companies in the eyes of people any way since a company making lots and lots of profit does not really care how much their stock is valued so far as they bought 50% of it to protect them from being swallowed from behind by a warren buffet or 'no nigerian counterpart yet' .

Really guys, shut up and go and make some pure water, raise pigs or something like that.

Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by UpBendel(m): 10:53am On May 15, 2010
wazobia-ng:

Please lets understand one thing. Creation of wealth is putting your money in the real sector. Like setting up a barbing salon, building a hospital, school, making slippers, building road. If not for the future money to be made but for even the immediate salary that you will pay the workers that will build and manage the business you are setting up. You know how many families are fed with salary from road construction, advert agencies, web development, hospitals, name them. FOR THE AVOIDANCE OF DOUBT, winning a contract is not creation of wealth but implementing the contract is creation of wealth.

So if you buy stocks @ 10 Naira or 40 Naira in the secondary market, how many people have you employed, how many families have you fed. None. Because you just bought the 50k ordinary shares or whatever they call it of the company. But when you buy @ the primary market, especially when it is oversubscribed, some people might still tell u that you have not created any wealth. I wouldn't like to go into that. Buying from the secondary market means buying the same stock which has the same price (50k or 1 Naira as the case may be) in the eyes of NSE at an agreed price between you and the seller, irrespective of how much the seller bought it. Do I really need to go on to make the two arguers understand?

Please understand the man. What he meant is that Nigerian's are shy from investing in the real sector where lives (including theirs can be touched). You need to understand how many people Dangote and the likes are feeding to comprehend that merely buying stocks does not really touch lives as much as investing in making 'dunlop slippers'.

Buying stocks is more or less intelligent gambling but it is very good for us to buy stocks so as to maintain the value of our companies in the eyes of people any way since a company making lots and lots of profit does not really care how much their stock is valued so far as they bought 50% of it to protect them from being swallowed from behind by a warren buffet or 'no nigerian counterpart yet' .

Really guys, shut up and go and make some pure water, raise pigs or something like that.



Guy

You are a breath of fresh air. Where is Sagamite when you need to yap somebody?!?!
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by wazobiang: 11:07am On May 15, 2010
And I can understand the daftness of people who are unhappy that Sanusi sacked some bank MDs. Yeah, you hate it when mighty fall abi. Ok, good feeling. You have a benevolent heart, good psychology.

Go to the bush and hide yourself. You hear of people in asian world who commit suicide because of paltry sum they collected as 'gift' for something 'nice' they did one time for somebody which the state now saw as BRIBE.

In the US and europe, you have to cover your ass very well else you get to fake plane crashes or something like that in a bid to make off like madoff.

What I am trying to say is that banking is not child's play it is closer to the govt than any other business. Why because it effects the economy. Have you not heard that no matter what Sanusi reduces MPR (reference for banks to follow in marking their loan to people, real sector included) so as to encourage banks lending to real sector at lower rates, the banks still refuse. And the poor investors or investors wanna bes run away from such potentially crippling interest rates. Collect a loan from a bank @ 18% and service it for one year and ask them how much you need to pay off the loan so that you will understand. Banking is very important and effects the economy. So no sane govt leaves it totally to psychiagtric patients or unidentified, pathologically green monsters.

I would not like to mention what some of those bank MDs did. It will take another topic and a lot of copy and paste (who would type it, me?). If you do not know by now, actually, you don't have any business on this forum. You are probably one of those people that gather around in the morning massaging each other's ego critisizing the country and its leaders.

OK, lets cut it short. Those MDs actually had to go and more (prison maybe).

Please do not be surety for a stranger as the bible said. What do you even know happened in those Banks. Banks where even some staff that knew what was going on would tell you it was good to remove the corrupt and inept MDs. Haven't you heard a story from one of them. That big house in Dubai, SA, UK, Abuja may have been paid for with your money. Ok, maybe a chip of the block that made up the building. Yeah u know they put everybody's  naira together to do these things. fake loans, x10  renting etc. You never felt it because the CBN created money and gave the bank's to give you back.

We're so daft in Nigeria that even when someone fights our enemy for us, he/she has to take us through  the kindergarten, primary, secondary impossibly , tertiary eduacation of what is happening.

Ok, if we cannot understand, lets leave it for our unborn children. The will either curse us or suffer or both  like Haitians who remain in poverty because because their ancestors were sending ship loads of gold (bought from their hard work) to france for centuries.

I go for making babies now. Bye.


Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by software(m): 11:21am On May 15, 2010
??
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by BlackRevo: 11:38am On May 15, 2010
Real educative thread.

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