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Nairaland Forum / Nairaland / General / Politics / Sanusi In Tears; Says Reforms Are Not A Northern Agenda! (9224 Views)
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Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by lastpage: 3:24am On May 17, 2010 |
Haaaba Ibime! So you are using January 2010, to compare to date? ![]() ![]() Walahi, dont let those people that lost a lot of money in 2008 catch up with you in a dark alley! Thats why l asked you your base year As an analogy, if l made #100 profit in 2008, made #50 in 2009 and in January 2010. made #10 and by May 2010, my "profit-to-date" is #30, would that not be (according to Ibime's mathematics ![]() Even though when we use 2008 as our base year, my loss is over 300% YOU TRY. That things are picking up, relative to January, in May is not in doubt, thats always the trend, year-in, year-out. May is always better than January, business-wise and in any other way u can look at it. Even in 2008! |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by PapaBrowne(m): 3:35am On May 17, 2010 |
^^^^ @Lastpage Thank you joor! Haaba Ibime. . . . .U are using Sanusi's tactic to hoodwink and bamboozle ignorant fellows with this 38% increase. Thats how Sanusi is telling all those that care to listen that he has set aside 500 billion Naira for the power sector and 200 billion for SMEs. Hoodwinking and bamboozling the ignorant public!! I |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Ibime(m): 4:02am On May 17, 2010 |
lastpage: No need for all this long talk. . . lets keep the argument in focus. . . I empathise that you have been making losses since 2008, but PapaBrowne's argument was that SLS has crippled the stockmarket. . . as far as I am aware, there is no need to go back to 2008 to quantify NSE performance under SLS as Soludo was in charge then. BTW, how do you lose 300%?. . . you can only lose 100% even if you lose everything. . . .perhaps its your mathematics that should be under scrutiny here! ![]() |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Ibime(m): 4:11am On May 17, 2010 |
PapaBrowne: RenCap have just increased their Nigerian portfolio substantially, likewise many others. . . this is partly why the stockmarket is bullish. . . . if you read any emerging market analyst write-ups, NSE is a hotpick this year. . . . I will leave you to do the research, if you have enough time between reading all your Vanguard articles! ![]() PapaBrowne: Decent point (about money supply). . . however, I refer you to continuing fall in money supply before SLS. . . . ![]() I also refer you to the fact that credit growth had dropped YOY June 2008 - June 2009 to 6.2% from cycle peak of 90%. . . this trend of decelerating credit has been decreasing exponentially since mid-2008. . . for the same reason then as now. . . contracting balance sheets! PapaBrowne: What makes you think banks cannot fail? N25bn capitalisation? Put it this way, banks that were risking N1bn on loans before are now risking N50bln. . . the same mismanagement that characterised Nigerian banks still continue. . . PapaBrowne: How dare Christ Embassy and Winners Chapel try and steal marketshare from DaddyGo using such foul means?! ![]() |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by member479760: 1:27pm On May 17, 2010 |
Mr. San needs not to cry; the institution had failed before him and will continue to be a fail institution until we have regular power supply in this country. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by otokx(m): 1:39pm On May 17, 2010 |
I doubt if SANUSI actually shed tears; this is all some bull crap. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by tkb417(m): 3:10pm On May 17, 2010 |
BTW, how do you lose 300%?. . . you can only lose 100% even if you lose everything. . . .perhaps its your mathematics that should be under scrutiny here! and these are the kinda of people you argue with Ibime? how can someone lose 300% and then come here to chat economics? bollocks if anyone is aggrieved, go to a court of law to seek redress and stop chatting econononsense |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by lastpage: 4:06pm On May 17, 2010 |
^^^^^^^So you are the one that would decide for Ibime, who he can chat with or not? You just need an "excuse" to inject your filthy mouth, right? Granted my figure wasn't made in the real sense of "mathematical percentages" as l was discussing with Ibime (l was using it metaphorically in the sense of devaluation to the tune of 3-times, from #100 to #30 ), which he rightfully pointed out. Its not in doubt that peeps have the right, and are intelligent enough, to decide who they chat with . Within the trio of PapaBrowne, Ibime and myself, we have exchanged ideas/positions without recourse to foul language, despite our differing positions and you think your "gutter-level" post with add any value to such discourse? *shakes head in sympathy* Abeg, take a tooth brush and do the needful. Shoe get size, you know ![]() |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by tkb417(m): 4:16pm On May 17, 2010 |
if you have problems understanding my post to Ibime then lemme break it down Ibime shouldnt be chatting with someone who doesnt understand lil arithmetic simple. . . . its amazing some of you feel insulted when the truth is pointed out to you but very quick to attack SLS with all denigrating adjectives go take a plunge if this hurts and pls be mindful of the rubbish you post henceforth cos not everybody can stomach such nonsense |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Kx: 4:19pm On May 17, 2010 |
Sanusi,Sanusi,Sanusi,how many times did i call u? a word is enough for the wise. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by tkb417(m): 4:35pm On May 17, 2010 |
Granted my figure wasn't made in the real sense of "mathematical percentages" as l was discussing with Ibime (l was using it metaphorically in the sense of devaluation to the tune of 3-times, from #100 to #30 ), which he rightfully pointed out. using percentages metaphorically? what if i call you a disgrace? what school did you go to/who do you work for? Maybe you should start posting in the romance section |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by lastpage: 5:28pm On May 17, 2010 |
U know, u dont even deserve a response All these crying more than the bereaved, just to get attention, is not going to get you a job. I hate to engage in filthy language on a forum where exchange of opinions is the main objective but low-lifes like you draw out the bad side of people. (and you dont need to pretend you weren't directing your insult at me since the quote Ibime responded to, was mine.) Anyway, try and draw-out a list of who Ibime can chat with and cannot chat with. I guess it was you that fed and educated him, so its your eternal right! Its not difficult to know Yahoo-boys, once they lay their hands on a stolen P.C. ![]() They just want to start a fight, at all cost ![]() I dont have your time. Thats just the truth |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by bigben3: 5:30pm On May 17, 2010 |
please keep up the discuss,quite interesting! |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by tkb417(m): 5:37pm On May 17, 2010 |
lastpage:the summary of all you typed is >tkb is a low lifer >tkb is a yahoo boi >tkb stole a pc >what else? just because i wanna understand how you use percentages metarphorically? if i am a yahoo boi, then Osama is the president of USA u Arrow i dont have your time and stick to the topic no more red herrings and pls, think twice b4 posting |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by lastpage: 5:54pm On May 17, 2010 |
[Quote]just because [size=15pt]i wanna understand[/size] how you use percentages metarphorically?[/quote] I guess if you asked me: Let me understand your use of the phrase: percentages metaphorically. I would certainly explain what l meant (and l have done so in post #199) But your posts #198, 200 and 202 are not questions, let us be honest. They were unprovoked insults. If l had insulted you earlier and you did same to me, that would be fair enough but it wasn't even Ibime that insulted me (which l would grant him on the strength that we were in a conversation). Accept my apologies for my insults to you. I wont try to justify them. Thats not me, l wish to be ordinary, unknown and friendly with everyone on the forum. Have a good day. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by odedele: 6:00pm On May 17, 2010 |
unfortunately we av a taliban as CBN GOV. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by tkb417(m): 6:05pm On May 17, 2010 |
lastpage:Nice guy ![]() ![]() ![]() sorry if my earlier posts came through as insults no vex back to topic>> |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by lastpage: 6:10pm On May 17, 2010 |
We are back to the same page. Its makes conversation easier when we are not bickering ![]() ![]() Thanks |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by lastpage: 6:13pm On May 17, 2010 |
I need a "Can of Guinness right now" after all these "slapping" by my guy tkb417! ![]() ![]() Care to join me? |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by davidif: 10:33pm On May 17, 2010 |
Dude, na wa o! Did you even read what i posted? I said the CBN governor SHOULD NOT BE CRYING IN PUBLIC that it doesn't inspire confidence, i didn't say that paulson and bernanke were not criticized for mismanaging the bailout, geez. I also didn't say that the recession wasn't bad i just said that he prevented it from becoming a depression. By the way, this recession was not as bad as the recession of '82. Back then, the unemployment rate was 15%, this current recession topped out at 9.8%, so get your facts right. oyb, Your comparison is awful, ABSOLUTELY AWFUL it shows that you know nothing of what you are talking about. There is no way a college dropout could be the head of the Central Bank, they just don't have the technical expertise. Would you like a high school dropout to treat your child when he needs surgery? |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by TEEZERO(m): 11:38am On May 18, 2010 |
None of the people that have been criticising the Central Bank has come up with what they would do if they were governor. That's the way I see it, I have to make sure that I don't get myself into confrontation with critics. Criicism is very good and I'm willing to engage anyone who has a criticism on an intellectual basis and I think it is a good thing thatn people should criticise, and I think it is a good thing for us because when people aren't doing anything, there's nothing to criticise. So, I'm not troubled at all, I am worried that some of the insinuations the suggestion that there is selective justice, basically case aspersions on many bankers who have run their banks very well and have been honest. So for him to say that al banks did that and a few are being selected is avery unfair comment. I have said in an earlier interview with the Nigerian press that I have read the story in the newspapers, I have not spoken to the National Security Advisor. I do not know exactly what he said. But the point is as far as he economy is concerned our reformes have been very good for the country and its image, and our managment of the economy has been very good. [b]When I became Governor of the CentralBank, the rate of inflation was 15 percent; as of March it was 11.8 percent. The differenial between the official rate and the parallel market rate was about 25 percent, the naira was trading at 189/190 i the black market. t's been down to about 150/152 for a year now. the gap between official and parallel market rate is less than 2 percent. Interbank rates were a 22 percent and have now been down to about 2 percent for a long time; the stock market has gone up 30 percent since January 2010 so all the indicators of market confidence have gone up. If you look at the lending of foreign banks to Nigeian banks that had been disappearing before we intervened, this has now come back up. We've got US EXIM giving credit lines, the European Investment Bank has come to give credit lines to Nigerian banks, the AFC which used to restrict itself to trade finance is now giving long term loans to Nigerian banks; the IFC, USEXIM, EIB, everybody is coming into Nigeria, how this hurts the economy I don’t understand, but everyone is free, obviously, to criticise and we will respond. Sanusi Lamido Sanusi, Governor Central Bank of Nigeria, talking with Africa Correspondent magazine. Reproduced in BusinessDay, Monday, 18 May 2010.[/b] |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Kx: 11:48am On May 18, 2010 |
If you look at the lending of foreign banks to Nigeian banks that had been disappearing before we intervened, this has now come back up. [/quote]Its rather shocking that Sanusi still does not know how his reform is hurting the economy.TEE ZERO:[quote] Soon now or later we wont have planes flying the local routes, It is no news that a lot of businesses has closed shops. It is no news that banks aint giving credits anymore. It is no news that savings deposit rate is now higher at 3% that fixed deposit rate in the banks. Yet the cbn governor does not know how the econonmy is affected. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by tkb417(m): 12:30pm On May 18, 2010 |
Its rather shocking that Sanusi still does not know how his reform is hurting the economy.bollocks from KX who knows more than us but wouldnt show us the indices When I became Governor of the CentralBank, the rate of inflation was 15 percent; as of March it was 11.8 percent. The differenial between the official rate and the parallel market rate was about 25 percent, the naira was trading at 189/190 i the black market. t's been down to about 150/152 for a year now. the gap between official and parallel market rate is less than 2 percent. Interbank rates were a 22 percent and have now been down to about 2 percent for a long time; the stock market has gone up 30 percent since January 2010 so all the indicators of market confidence have gone up. facts and figures from CBN Guvnor to shut them up but yet they wont shut up |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by funkybaby(f): 12:35pm On May 18, 2010 |
tkb417: *** rolls eyes***** warreva ! all we want is for the banks' interest rates to go up ! ![]() oya, tkb, bite me ![]() |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Kx: 12:53pm On May 18, 2010 |
tkb417: Facts and figures indeed. If the economy was doing well,would the cbn govnor need to advertise the facts and figures of his excellent performance indicators? Believe the figures,believe anything. Didnt your elders tell you good wine need no bush? |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by tkb417(m): 1:05pm On May 18, 2010 |
@Funkybaby The deposit/lending rates generally would always mirror the economy The factors affecting or influencing the rates range from the inflationary pressure in the country to the fiscal policies of the govt, activities of the govt especially during this election period. As far as the CBN is concerned, they are doing very well, let the other arms of govt put their houses in order and then we all can shout eureka. Nation building is a collective responsibility and besides a funcitioning head with decaying body parts cannot live long tell your govt to be up and doing with all their promises to the masses and let them leave SLS to do his bit how are you tho? youve been MIA gone to Zurich again? ![]() ![]() ![]() |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by tkb417(m): 1:08pm On May 18, 2010 |
@Kx The man obviously need to advertise the numbers since some of us are blind and if you will not believe facts, what would you believe? conjectures? abeggi |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by funkybaby(f): 1:12pm On May 18, 2010 |
tkb417: phleassssseeeeeeee! All we want is the juicy rates back. And all fingers are pointing to SLS as the problem. So he should resign abeg. tkb417: Am good. You? ![]() Zurich ke? ![]() ![]() ![]() ![]() ok @ terbanacle. but that will be much later in the day ![]() |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by tkb417(m): 2:16pm On May 18, 2010 |
phleassssseeeeeeee!all corrupt fingers pointing anyhow will be cut off he shd resign so all your deposit can go into thin air? u never holla |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by TEEZERO(m): 2:56pm On May 18, 2010 |
@ KX: Only if you just open your mind and read. The man didn't ADVERTISE - he was interviewed by a magazine called Africa Confidential. This magazine is edited by Patrick Smith who was in Nigeria as a correspondent of Financial Times. Patrick is not a journalist that anyone can ride roughshod over. So, the interview was very engaging. Little wonder the BusinessDay ran it in full. The following may answer some of the questions that you or anyone may have raised either before I posted the extract or thereafter. If you are going to contest anything there, feel free; we can only get wiser with collective reasoning. [b]Q: Although the reform progress may have been impressive in the past nine months, the banks have become extremely risk averse, so lending to the private sector has gone down while lending to the public sector has gone up. Is that going to create a problem in the real economy?[/b]Yes there are a number of issues, but it is a question of the chicken and the egg. The bank can only lend if they have capital and if the banks have had bad loans and the capital has been eroded they are not going to increase their lending. Looking at South Africa, credit growth was negative year on year and they haven’t even had a banking crisis. In the United States and Europe, you find negative growth in credit. The US, for example, has had a reversal of the credit crunch but if you look at the numbers there is still a decline in lending for business, the increase is still coming on lending to mortgages, so when you compose the numbers you still don’t have money going into the real economy and production; it is still going into the area that caused problems. The first thing is to have some perspective on that. The banking system lost 66 percent of its capital in Nigeria; it’s a miracle that it is still standing and lending. Most of the lending is coming from the banks that have not been so badly affected. You must also look at the overall macro picture. Prior to our intervention the banks were not lending to the real sector anyway. Agriculture is 40 percent of GDP, in 2008 lending to agriculture was one percent and lending to SMEs was less than 5 percent of total loans. All the growth in credit has been to the capital market and to the importation of petroleum products, so some of the criticisms are misplaced as it is assumed that the banks were lending to the real sector before and they were not. You then need to look at why the banks were not lending to those sectors; there are the technical issues of the bank not being able to assess the risk in SMEs, but looking at the wider economy, there is no power. Most of the manufacturers are not viable, they don’t have power, there is no infrastructure. So, it is always easier to lend to the capital market, the federal government continues to borrow domestically and issue bonds. Until recently, the government was paying crazy rates of interest. If you have bonds out there in the market and the federal government is borrowing at 12 or 13 percent that is sovereign debt in the sovereign currency: risk free and tax free, you create a system-perverting incentive. |
Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by Kx: 3:11pm On May 18, 2010 |
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Re: Sanusi In Tears; Says Reforms Are Not A Northern Agenda! by TEEZERO(m): 6:28pm On May 18, 2010 |
But on a serious note, the CBN has also come up with initiatives to get credit to SMEs, at least. The ad was in a paper yesterday, of the CBN-Guarantee Loan Schemes for SMEs. Two-year moratorium and seven-year max tenor. I run an SME, and I know what that window can do. I had gone through the more familiar window before and I won't want to go through that again. Never again. |
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