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Nairaland Forum / Nairaland / General / Politics / Sanusi In Tears; Says Reforms Are Not A Northern Agenda! (9221 Views)
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Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Akosbaba(m): 11:39am On May 15, 2010 |
Just like he said,if other heads in various sectors of the society can emulate him,Nigeria would be the better of it |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by segunx5(m): 12:11pm On May 15, 2010 |
This man has taken the nation backwards.This laggidi man,can't wait to see how you would end up.shame on you. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by edoyad(m): 12:44pm On May 15, 2010 |
Please understand the man. What Pertaining to the bolded parts, either two different people wrote what you just posted or you're adept in the art of contradicting ones self. You just talked about Dangote and others creating wealth and dismissed money invested in the stock market as playing no role in wealth creation. Now if i might ask you, where do you think the money for building Dangote sugar refinery and Obajana plant from ? From sugar cane and suya sellers i presume. If you don't know anything about money i'll tell you something, if i've got 1 million naira in my pockets right now that money is no where near as valualable to Nigeria's economy if it remains there than the one naira i put into the stock market. Do you even know the different functions and services the stock market provides to different interests ? Buying stocks is more or less intelligent gambling, can you believe this guy ? Better not let anyone in that business see that statement. Is everyone in the stock market for the same reason ? NO . Is there any investment on gods earth without risk ? NO. Even land could lose it's value overnight if you don't that. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by marvix(m): 12:48pm On May 15, 2010 |
What Sanusi did nd wat he said even though wit tears are d bitter truth, pple lik paddylo can go 2 hell, does he even undastand wat it was 4 bank staffs comin 2 ur office nd homes advertisin share loans where ur 30% equity contribution was d setup. Let me xplain d transaction dynamics, u bring in 30% of d amt u want 2 invest then they giv u 70% u buy d shares nd they hold it as collateral nd ask u to sign dat wen d shares lose 20% of its current value they sell. Paddy lo question 4 u, who bears dis 20% loss? If not d unsuspectin investor who was tricked nd pressurised 2 buy @ even unrealistic price, or do u rily tink dat Zenith bank shares were realistic @ 62naira. SLS hit d nail on d head wen he asked other regulators 2 take a cue frm him, do u hav an idea wat d effect of a reform like Sanusis applied in d oil sector wld yield,wat abt in employment nd d ministry of labour, if d NCC pursues an aggresive reform in our telecoms sector do u tink all dis crap d comm coys are doin will be goin unchalebged. Sanusi is doin his best, his job is critical 2 d economy nd yet only him can't do it, d power sector must get their acts right same 4 d oil nd gas sector, same 4 d communications sector, nd all others. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by edoyad(m): 1:02pm On May 15, 2010 |
What Sanusi did nd wat he said Simply put, investing in the stock market is Good, but buying those stocks with bank loans with the insane idea that stock prices will appreciate for ever is lunacy. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by danidon: 1:36pm On May 15, 2010 |
[i][/i][i][/i]Please how far has the economy felt since Sanusi took over. How come Sanusi is begging banks to give credits when he provided for almost the entire credits given by banks not minding the structure and terms. Which business in the world has anyone not being an NGO entered without the aim of making profit. That one made a profit of N30 from a share he or she bought for N10 is now a crime. We forgot that the same group that made profit more or less were hit by the plunge. Stock market is a speculative business. There are 1000 ways you can tell someone to go to hell and the person will gladly be looking forward to the trip. It depends on how you said it. Sanusi has reasons and points to sanitize the sector but his approach was very very very wrong. Also, someone place in such position of authority cannot just be talking 'anyhow' less people will help him to interpret himself. I think sanusi is immature to be CBN governor. You can say anything you want to say. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Dede1(m): 1:39pm On May 15, 2010 |
If this man is not a slowpoke who else is? It is very interesting to read the analogy Sanusi gave about power and energy supply in Nigeria. Granted the government should pave the way to socio-economic independency, I do not think socialism is the answer. Nigeria needs true privatization of the banks and less control of the banks by CBN. It appears he speaks from a power drunk plank. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by realmen: 1:40pm On May 15, 2010 |
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. [/b] [b][b], and yet frustrating the judgement by asking courts not to hear the cases saying the courts doesnt have the jurispudence. 2. saying the sacked MDs cannot chanllenge the removal. and this causing adjournment here and there. if he believes he is right with the whole things let the aggrieved parties go to court and him with his lawyers deffend themselve. and the the allegation/theft/fraud/wrong doings/anthing is determined and the offenders penanlized by court or wrong governor put to shame. instead he does nt what the case to be determined by courts in the first instance. him eyes don day clear now. we are getting closer to the end of the drama.[/b] |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by ADint(m): 1:41pm On May 15, 2010 |
The real issue here is the share price manipulation that was being perpetuated by the Market Makers, Banks, Dealers and Stockbrokers alike. Buying shares in itself is not necessarily a bad thing, but it is NOT an investment as they would like people to believe, it is more of an acceptable way of high profile legalised 'gambling'. Very, very few companies stocks are actually worth buying as an investment, there is very often a non correlation between the share price increase from say N10 to N40 (300% increase) for example and the performance of the coy over the same period or even for the foreseeable future. This is where market gymnastics come in. Yes the CBN gov. is right in this instance to call it redistribution of wealth. The initial investment of N10 may help to create wealth (debateable though - as may end up in the pocket of the promoters), but from N10 to N40, predominantly, market hype, price manipulation etc takes over. Suggesting that a share price increase from N10 to N40, without any fundamental economic basis relating to the company's performance or quantifiable future potential, is wealth creation is similar to saying a lottery programme or casino creates wealth. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by RoadStar: 1:44pm On May 15, 2010 |
Sanusi's case is a sorry case of lack of credibility from start. I personally don't see any nothern agenda played out here. (Except for the light case of Unity Bank) But the manner of his appointment was questionable. A serving CBN governor who started a project of mega-consolidation of banks was not allowed to see out his concept which had definately changed the face of banking forever in Nigeria. 1. There were a lot of Notherners calling for soludos head for the mare reason that they lost out in the banking sector reforms (For no fault of Soludo) 2. They were aggrieved when Soludo berated the northern elites for not investing in the banking sector and the Northern economy as a whole thereby impoverishing their people compared to their southern counterparts. 3. Even when it was decided that Soludo was to be removed there was intense lobbying from Northern interests in many of Naijas dailies , they seemingly made the position open to people of Northern extraction only. 4. Sanusi was selected but was not justified as the most qualified in his resume, either as an astute banker or Economists. This created a moral, authoritative lapse as many of those sanusi regulated, saw themselves as more knowledgeable than him. Unlike Soludo where only a few could dare match him based on his Economics credentials. 5. Sanusi did not even do himself any good, having had a history of being a radical writer and columnist on sensitive issues in the Nigerian political sphere. 6 And then we have the issue of the banking reforms and the resulting effects on the economy which to be fair was always going to happen, but he would have never been spared. With the way things are going we all know that if JG runs in 2011 and returns to aso rock Sanusi's days are numbered. Bouyed by the bad precedence set by Yar'dua and his clueless cabals. Summarising, Nigerians might be taken as fools by the leadership but they are certainly not blind. If Sanusi's appointment was a Northern agenda, why would you blame anyone thinking that his activities are a Northern agenda as well. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by master2(m): 2:31pm On May 15, 2010 |
wazobia-ng:hey guy u said it all. I'm of opinion that to create wealth we must set up more businesses. Majority of the people playing the stock market are there to make easy money; that is why u saw alot of people ran away when it was down. We need more coy to be listed on the exchange for the economy to grow. Small and medium scale bizs should be encourage to b listed by so doing we creating wealth. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by lelele: 2:35pm On May 15, 2010 |
@wazobia-ng You have raised valid issues, but the issue is that Sanusi did the right thing the wrong way. I guess he just wanted to be unnecessarily popular. To think that five banks were grossly affected but he caused panic and unrest amongst investors, directors, shareholders e.t.c. The whole exercise was given too much publicity, he could have cleansed the industry without people outside knowing. That guy didn't even think before acting, people within the banking sector knew what was happening (Inter-bank rates for some bank had gone very high). Sanusi just wanted to be popular, what an idiot. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by neily(f): 2:46pm On May 15, 2010 |
Was he really crying? |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by neily(f): 2:47pm On May 15, 2010 |
Was he really crying? |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by AwojobiA: 3:18pm On May 15, 2010 |
I can now see clearly why it may be difficult or forever impossible for us to get out of the woods in this ominously dark part of the world. It is sad, pathetic and tragic. Even the blind knew that there was a lot of rot in our banking sector - how do you explain the unrealistic targets dished out to marketers for which a lot of the females have turned themselves into corporate prostitutes to meet these 'sacred' targets. These MDs needed to drive deposit mobilisation to such a mad frenzy as that was the only avenue to create 'bad loans' which was written off in due course. Ofcourse, these 'bad loans' were caused by their friends and proxies naturally acting on their behalf. They consequently made good fortune to the extent that 2 of the sacked MDs had over 1,200 exotic houses between themselves scattered in exotic places all over the world. Even Bill Gates, the erstwhile richest man in the world, has only 2 houses;most of his fortune has been channeled into the Melinda and Bill Gates Foundation and are being used to help poor countries around the world. Warren Buffet, erstwhile 4th richest man, also has 2 houses, but still lives in an old looking mansion that he first bought 40 yrs ago and has only 2 cars! Meanwhile, the banks of these 2 useless MDs had become technically insolvent with a combined bad debt figure of over N300BN and their hapless marketers running helter skelter like mad men and women trying to meet impossible target so that prima facie the banks will still appear to be meeting the CBN statutory loan to deposit ratio of 40%.Although interest rates are still in double digits, the loans are not even being channeled to the real sector due to the greediness and corrupt tendencies of our bank MDs (which is not also helped by the 'poor' state of the Nigerian nation & several other 'Nigerian factors'). ![]() ![]() ![]() A Sanusi now comes on board and exposes all these rot which Soludo, no doubt, also saw but he preferred to hobnob with these MDs rather than to go the whole hog of sanitising the system because he did not want to die. The truth is, it is only the person that is ready to die that can clean the Nigerian augean stable. Sanusi was aware of the consequences of his action, but he preferred to damn the consequences. Some of the consequences are what we are now seeing;'', northern agenda'' ''incompetence'' '', sack him'' bla, bla, bla. But the truth is we need a completely radical person, a Sanusi to put us on the straight road if we are ever going to make it as a nation. Let us remember that the US has predicted that there would not be a Nigerian nation anywhere on the map by the year 2020 if things continue like this! To condemn Sanusi is to condemn the truth and the path of honour. Indeed, I sometimes wonder, if Jesus Christ comes back to the world again, would he not be crucified again? Nigerians, we really need to pray. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by UpBendel(m): 3:21pm On May 15, 2010 |
lelele: They knew what was going on but no one did anything about it. Business as usual. Dude comes along to clean up the system and he is now being condemned for his method? Exactly how would you suggest he goes about this process? |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by tai2(m): 3:27pm On May 15, 2010 |
Nigerians are seriously daft. Banks have been declaring false profits for years on end until Sanusi came along to reveal that it was all for show. Erastus and co were lining their pockets with billions and hoodwinking the rest of the nation with false declarations and pretensions at piety. Now that the truth is in the open, people are complaining of Northern agenda. This is how Ibori stole money in Delta state and the same people he robbed were coming out to defend him. Have you ever seen countries were banks consistently declare profits without loss for 2 decades? Sanusi probably shed a tear or two out of frustration with the criminal nature of these bas-tards and where the country is headed. No power, no funds for the middle and lower classes, but these people have money to buy property all over the world by ripping the rest of us off. In other countries these idiots would be in for life or death as the case may be. But this is Nigeria, where the more you steal the better chance you have of escaping prison. A man steals 20,000 to feed his kids and they land him prison, these guys steal billions and buy private jets and you give them awards and titles. How much did Madoff steal? Where are Kenneth Lay and the rest of them all? Even those guys stole money it was hard to prove they stole. The ones in Nigeria however stole money with open eye and under our noses and idiots are clapping for them. Northern agenda my foot. Financial illiterates should get some bloody financial intelligence before posting rubbish. Nigerians are their own worst enemy. I can feel Sanusi's pain. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by OlubabeA: 3:29pm On May 15, 2010 |
i like what you wrote on. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by UpBendel(m): 3:30pm On May 15, 2010 |
Awojobi A: Beyond a radical system, we also need to severely punish people for this line of action. Some people just don't understand the correlation between local investment and its attendant benefits to the overall society, and corruption at this level and its underlying consequences - we no longer leave in an isolated economy and in as much as our systems, processes, and infrastructure do not exist, we still present a phenomenal opportunity to not just global investors but to Nigerians as well. That is what Sanusi was referring to!! |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by davidif: 3:56pm On May 15, 2010 |
[size=18pt]HOW THE HECK COULD A GROWN MAN BE CRYING?? I CAN'T IMAGINE TIM GEITHNER OR BERNANKE CRYING.[/size] |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by emisun(m): 4:07pm On May 15, 2010 |
Its really pathetic to hear people talk against sanusi's reforms and praise those bastards who sat in the comfort of their office and stole hard earned money of poor nigerians.they should be rotting away in kirikiri now.soludo and his co should be in jail by now but instead they are running around like a he-goat running after a she-goat in pursuit of another office.Bleep! |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by naijaking1: 4:40pm On May 15, 2010 |
davidif: Our own version of Bernanke is a deeply flawed and conflicted soul, he wakes up every morning unsure about his position as the chief iman of Kano mosque, or the governor of one of Sub-Sahara Africa's largest economy. Where else in World would the governor of the central complaint about people making profits from stock trade? Stock trade, yes stock trades ![]() Thank God, the profit I made from AT&T, Google, and Coca-cola stocks are not within his reach. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by UpBendel(m): 4:41pm On May 15, 2010 |
davidif: When you consider the depth of such thievery by just a handful, the amount of work that needs to be done to repair the damage that such a few have imposed on a majority, you will cry. My good man, you would be frustrated and you would be ashamed to find yourself in the midst of such people. I have often said to those who care to listen that the only way you can survive in Nigeria at this scale is if you are seriously cold-hearted: you simply do not care about who/what/where or how you get your money or who suffers at the other end of your actions. I am also going to add that a number of people are waiting for Sanusi to make just ONE wrong move and all hell will break loose. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by UpBendel(m): 4:43pm On May 15, 2010 |
naijaking1: What exactly is your point?? |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by paddylo1(m): 4:58pm On May 15, 2010 |
Our own version of Bernanke is a deeply flawed and conflicted soul, he wakes up every morning unsure about his position as the chief iman of Kano mosque, or the governor of one of Sub-Sahara Africa's largest economy. [b]Frankly the dude is just a disappointment. . .Playing to the gallery is not the same as running a sound economy Right now Sanusi should be thinking of policies that will,deepen our capital markets He should be studying how to introduce derivatives based on equity,interest rates,exchange rates and so on so that Nigerian banks can effectively hedge their risks He should take a look at thailands,singapore,malaysia,south Africas,even Kenyas stock market trades options on exchange rates and other stock and commodities He should be thinking of how to set up a local commodities exchange to help farmers sell their goods more efficiently Hell even Ethiopia has set up a new commodity exchange for farmers Instead he is on t.v everyday lamenting and crying. . . The people that support him sadly dont know any better They think being a populist is the same as actually sitting down and performing After Soludo,the CBN act gave a lot of powers to the Central bank Governor Some of the things i mentioned above,he can conceptualize them and have them up and running in less than 1yr The problem is that u cant give what u dont have. . if Sanusi is not intellectually sound enough to even think big then how do we move forward? Its a sad situation really and i hope he resigns [/b] |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by UpBendel(m): 5:01pm On May 15, 2010 |
paddy_lo: What ![]() |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by paddylo1(m): 5:02pm On May 15, 2010 |
[b]ETHIOPIAN COMMODITIES EXCHANGE The Ethiopia Commodity Exchange (ECX) is a new initiative for Ethiopia and the first of its kind in Africa. The vision of ECX is to revolutionize Ethiopia’s tradition bound agriculture through creating a new marketplace that serves all market actors, from farmers to traders to processors to exporters to consumers. The ECX is a unique partnership of market actors, the Members of the Exchange, and its main promoter, the Government of Ethiopia. ECX represents the future of Ethiopia, bringing integrity, security, and efficiency to the market. ECX creates opportunities for unparalleled growth in the commodity sector and linked industries, such as transport and logistics, banking and financial services, and others. ECX assures all commodity market players the security they need in the market through providing a secure and reliable End-to-End system for handling, grading, and storing commodities, matching offers and bids for commodity transactions, and a risk-free payment and goods delivery system to settle transactions, while serving all fairly and efficiently. ECX creates trust and transparency through aggressive market data dissemination to all market actors, through clearly defined rules of trading, warehousing, payments and delivery and business conduct, and through an internal dispute settlement mechanism. ECX provides market integrity at three important levels: the integrity of the product itself, the integrity of the transaction, and the integrity of the market actors. The Ethiopia Commodity Exchange (ECX) commenced trading operations in April 2008. ECX has invited membership of the agricultural and trade industry. The Ethiopian Commodity Exchange was started to benefit and modernize the way Ethiopia was trading it’s most valuable assets, it’s commodities. Ethiopia needed a change from the traditional means of trading to better support the needs of all those involved in the trading and production. Before ECX was established agricultural markets in Ethiopia had been characterized by high costs and high risks of transacting, forcing much of Ethiopia into global isolation. With only one third of output reaching the market, commodity buyers and sellers tended to trade only with those they knew, to avoid the risk of being cheated or default. Trade is done on the basis of visual inspection because there was no assurance of product quality or quantity, this drove up market costs, leading to high consumer prices. For their part, small-scale farmers, who produce 95 percent of Ethiopia’s output, came to market with little information and are at the mercy of merchants in the nearest and only market they know, unable to negotiate better prices or reduce their market risk. ECX is developing a new method of exchange and a safer one for all who trade on it. A marketing system that coordinates better, that links faster, and that protects the interests of both sides of the trade. It is time for a marketing system that is transparent, efficient, and innovative, that will take Ethiopian agriculture into the new Millennium. Ethiopia, once a commercial trading hub in antiquity linking markets of East and West, can again claim a place in the global market arena. The Ethiopia Commodity Exchange, (ECX), is a marketplace, where buyers and sellers come together to trade, assured of quality, delivery and payment. The vision of ECX is to transform the Ethiopian economy by becoming a global commodity market of choice. ECX’s mission is to connect all buyers and sellers in an efficient, reliable, and transparent market by harnessing innovation and technology, and based on continuous learning, fairness, and commitment to excellence. [/b] http://www.ecx.com.et/ |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by UpBendel(m): 5:06pm On May 15, 2010 |
paddy_lo: What was your point again?? |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by paddylo1(m): 5:11pm On May 15, 2010 |
What If u dont get it its ok. . .The Complexities of a modern economy is not something everylay person on Nairaland would understand Ben Bernanke Americas CBN Governor has PHD in Economics. . . If he starts breaking down macro-economic models u will also be asking what? The point is there is much to be done and this man is wasting all our time The commodities exchange i just showed u was started by ethiopia in just 2006. . . Nigeria has no business not having one,since our biggest produce in the country is agriculture These are the kinds of big picture things i expect our CBN governor to be pushing Instead of chasing bank managers up and down as if he is an EFCC agent or making unnecessary speeches everyday like some TV star |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by tai2(m): 5:11pm On May 15, 2010 |
^^^^^^^Cretin, I suppose you haven't heard of the Abuja Commodity Exchange. Internet opinion experts and their arm chair solutions to the problems of Nigeria. Sanusi knows our problem and he's said so, we need power and freedom from these rats feasting on the fabric of our economy. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by paddylo1(m): 5:14pm On May 15, 2010 |
Unlocking African Agriculture: Where Markets Can Take Us Monday, May 10, 2010 [b]In my view, in the aftermath of market reforms and structural adjustment, Africa is unique in history and across the regions of the world in expecting that smallholder farmers will grow themselves out of the trap of low-input, low yield, and low output agriculture with the kinds of risks and costs they face. In Ethiopia, the capital intensity of agricultural production is just six percent, with extremely low modern input usage and yields per hectare that are at one-fifth of their potential. What does this mean? This means that the surplus generated for the market out of the total produced is only around twenty-five percent on average. It means that most of our farmers are still producing with largely a subsistence orientation. Moreover, the costs of accessing the market are extremely high and there is virtually no working capital finance for small actors. All of this means that farmers sell what little surplus they have at the lowest prices, often selling their goods on credit, bearing all the risks. Our farmers receive low returns for their labor, subsequently investing little in productive technology on farm or, post harvest, on quality enhancement and storage, and generally do not transition to a commercial orientation. The limited scope of markets, which we call market thinness, means that market prices are more volatile, and supply is not readily available in steady quality and quantity and reliable delivery, with rampant contract default. This compromises not only our food security, and farmer incomes, but also weakens our export performance and reduces the potential for agro-industrial development, with currently only 4% of our produced grains entering the formal processing sector. To advance the transformation of agriculture in Africa, and make agriculture profitable to not just our smallholder farmers, but also to add export value and enhance our industrial development, we must unlock this vicious trap in which our farmers are not able to use the market as a means to capitalize on their productive inputs and transform their livelihoods. Encouraging them to produce more is important, but is not the whole answer. Nor is the answer for governments to get back in the business of buying and selling commodities. Unlocking this trap means turning commodities produced on farm into fungible assets that are liquid tradable goods. This undertaking has three dimensions: we need appropriate policy incentives to enhance private sector market actors and the flow of commodities across borders and across time, we need appropriate institutions such as grades and standards, contract enforcement mechanisms, market coordination, information systems, and delivery and transport logistics, and we need appropriate infrastructure, not just roads, but also telecoms and storage. In Ethiopia, we have taken the approach that market development should be holistic, embracing all three of these dimensions, and done as a private-public undertaking, through the establishment of an institution two years young: the Ethiopia Commodity Exchange or ECX. ECX aims to reliably connect buyers and sellers, bringing order, reliability, efficiency, and transparency to the market. To do so, the Exchange is uniquely designed for Ethiopia’s conditions, with a wide scope of operations: quality certification, warehousing of commodities in delivery centers around the country and issuing of negotiable electronic warehouse receipts in a Central Depository, an open outcry competitive trading system, a payment clearing and settlement system on a T+1 basis, and an aggressive market data system which feeds market prices electronically within seconds, in real time, to rural electronic display boards and radio and other media outlets. Moreover, we believe that a commodity exchange tailored to Africa’s realities cannot be a copy-paste of the Chicago, London, or even Indian or Chinese experiences. We have had to contend with the reality of very small informal actors, challenging financial sector and telecommunications infrastructure, and the specter of mistrust between the public and the private. But the early signs are very promising. To date we have traded 700 million dollars of commodity, involving 450 trading members of which 12% are farmer cooperative unions, backed by 2.4 million small farmers. We have inventoried, traded, and delivered nearly 200,000 tons of commodity without a single payment default or delay or a single trading order error. No small feat, by any standards. To achieve this, we have harnessed the power of technology, with an IT solution that provides an end-to-end automation of the market chain. We have established laws and a regulatory framework. Most importantly, we have demonstrated that formal structured trade of a largely informal and traditional sector is possible, and that agriculture can really be business. It can be done. We have the farmers, we have the product, now we have the system to reach our value potential. http://www.ecx.com.et/CEOmessages.aspx[/b] |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by paddylo1(m): 5:16pm On May 15, 2010 |
^^^^^^^Cretin, I suppose you haven't heard of the Abuja Commodity Exchange. Internet opinion experts and their arm chair solutions to the problems of Nigeria. Sanusi knows our problem and he's said so, we need power and freedom from these rats feasting on the fabric of our economy. Pls dont insult me ever again, yes i heard about Abuja commodities exchange,but it is just an idea mulled by abacha. it never got off the ground,and i doubt that the ppl at CBN even know how it should be run Instead of trips to sudan to check out sharia banking,perhaps Sanusi should be taking trips to Ethiopia instead Do u even know what it means to have a functioning commodities exchange? Read the article i posted above and replace Ethiopia with Nigeria to get an idea of the problems we need to overcome |
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