I think we are missing a point Soludo said, about recurrent expenditure being 114%, Even a layman knows that only capital expenditure can bring about growth, and Aganga as an Oxford graduate should not have prepared a budget like that and still emphasize that, the Nigerian economy will grow.

After world war 2 Germany embarked on a comprehensive rail system which is one of their success story till now. You can imagine how much each one of us spend on generator in a month, fuel and time consumption in traffic, any finance minister in his right senses will know that capital investments is what is needed and should not wait for a PAC to tell him that.

Three capital investments Nigeria needs now is POWER, An EFFECTIVE RAIL SYSTEM and AGRICULTURE, and not spending all our money on making lawmakers happy. An article estimated the expense of a lawmaker to be N309m in a year and you are asking were the excess reserves is going to?

I respect Sanusi alot especially standing up to the law makers and telling them to their faces that they were the problem of Nigeria, but i still dont agree with his radical approach to the banks, I know reforms were needed, but the way he went about it, was one of the problems that affected our FDI, you dont announce to the whole world that your banks are weak, all the noise on the CEOs, should not have been made public, there should have been a meeting between CBN and these bank's CEOs , with CBN stating their terms, this was the way America did it, the resignations were done secretly, without affecting the trust people had in the banks. How many of us during the crisis would have still kept their money in an Oceanic or Bank PHB, some of these banks are still facing challenges persuading customers. FDI is falling because people have lost faith in the Nigerian financial system.

I think Aganga should clarify the issues that Soludo made and let us know where we are heading to, if its govt for the people or govt for the lawmakers

Yes na
Soludo is a jobless man so he has all the time in the world to foment trouble and seek attention especially as his hope of an Atiku presidency has vanished into thin air

We all know that Aganga is a First Class accountancy graduate of UI.
We also know he is a managing director specialised in hedge funds and equities @ Goldman Sachs.
But all references to his oxford studies just say that he earned postgraduate degree there.

Can someone please help me with his qualifications @ oxford ?
In what field did he do a post graduate @ Oxford. (Accountancy/Economics/Thelogy) ?
What award did he earn @ oxford . (Masters/Phd/Post graduate diploma ?)

All these talks of qualifications are so nauseating. Who cares if he got his degree from bloody Ilaro polytechnic.

How long was Soludo in office?

How long has Aganga been in office?

Even if Aganga hasnt been doing fine, is Soludo saying he never made any mistake while in office, and all his so called achievements came in the first year of being in office?

short and simple,na fear dey catch the guy.he no say he no go fit stand soludo.if na person wey he no say he better pass,im for accept the debate and make out time

Hey Folks, Nice thread,

We need to get somethings clear here:
Soludo was a CBN governor, Aganga is a Minster of Finance,
To hold Soludo soley accountable for the mismanagment of shareholders money is pathetic, (What happened to SEC, NSE etc, (the rot was widespread)
During Soludo's era economic growth was unprecedented, GDP & FDI grow in GP, there were jobs,
It's early to judge Aganga but, with d budget he presented, , i'm worried!!!

Now, there's an open challenge to Debate, and the minister is busy!!!

Busy doing what messing up the economy and preparing crazy budgets??
Come on, defend what u put in print face to face, and lets see who goes to jail!!!

Please lets stop dis bullshitting!!!

Soludo would do a billion times better than Aganga if he were minister of Finance,

Period!!!

Just a point of correction to fstranger1.  I know Soludo as UNN graduate and not Uniben.  He graduated from UNN (University of Nigeria Nsukka) in 1983 with a first class honours degree in Economics before pursuing his postgraduate studies and professional career.  I must tell you that UNN standard as at that time could compete even with Oxford standard if not better.  I too studied at UNN when the standard was indeed very high.  I have also sat in the same class with a graduate of Oxford university during my post graduate studies in a top university in London and I did not find anything special about the Oxford graduate in my class.  I even asked him what is so special about Oxford university and he told me that he did not see anything different between Oxford university and University of London.  All the hype about Oxford university is not real.  When you compete in the same class with graduates from Oxford university, you will find out that they don't even measure up.  This is from my own personal experience.  Academic-wise I feel that Soludo is by far brighter that Aganga.  Oxford university is only great by its name, their graduates are not better in any way.

There seems to be a great deal of revisionism going on concerning Soludo's tenure.

I just want anyone to clarify a few things: Was Soludo not responsible for oversight of the banks?

and secondly, were the banks not exposed as being fundamentally unsound?



I think Aganga is a bit of a blabbermouth myself, and I find his readiness to defend every ridiculous government position offputting. But it is quite disingenuous to start comparing records of both men when their remits are quite different.

735 i:

Hey Folks, Nice thread,

We need to get somethings clear here:
Soludo was a CBN governor, Aganga is a Minster of Finance,
To hold Soludo soley accountable for the mismanagment of shareholders money is pathetic, (What happened to SEC, NSE etc, (the rot was widespread)
During Soludo's era economic growth was unprecedented, GDP & FDI grow in GP, there were jobs,
It's early to judge Aganga but, with d budget he presented, , i'm worried!!!

actually economic growth of all oil producing countries during that time was unprecedented, even my grandma could have taken credit for it

when theres a boom that when oversight should be at its topmost, but mr Soludo was enjoying the daily trips to London aboard private jets owned by dodgy bankers, booking private tailoring service from Saville row to his hotel room

Dis Guy:


actually economic growth of all oil producing countries during that time was unprecedented, even my grandma could have taken credit for it
when theres a boom that when oversight should be at its topmost, but mr Soludo was enjoying the daily trips to London aboard private jets owned by dodgy bankers, booking private tailoring service from Saville row to his hotel room

if u believe that explain why are we not experiencing the same thing now, oil is at $100 a barrel, give credit to whom is due

9jarukus:

if u believe that explain why are we not experiencing the same thing now, oil is at $100 a barrel, give credit to whom is due

Developed economies are recovering from a catastrophic recession, i doubt investing in a country just sorting out its own banks is the priority now, we are also pumping valuable money into banks that have taken silly risks like lending out monies to gamblers in a highly compromised stock market

yes he gets credits for redefining the careers of bankers and making cash tellers feel over important

DisGuy said it all. . . . You really didn't have to do anything to attract money during the boom.
Every thirdworld stockmarket was growing at the rate of knots. and the world was flush with so
much cash, there were looking for places to put it.

I have no qualms with anyone saying the current lot are making a fine mess of the situation too either.
But that is not to acknowledge they are right when they say Soludo did not do right by us when
it came to the banks. Why they should choose to publicly air it is another matter .

Just to add also, at the time Mr Soludo was CBN governor, most economies in the world were experiencing exponential growth, due to the free availability of cheap money. As an example, property prices went through the roof across the globe, from Cape Town to Shangai and from London to New York. So, to give him so much credit for the 'outperformance' of the Nigerian economy at the time is just ridiculous.

No doubt, increasing bank's capital base was a very good idea, but other factors that contributed to the large rise in inward investment were the advent of 'democratic' rule and the associated political stability, and importantly, the lifting of the heavy burden of debt servicing following the successful Paris Club negotiations. I believe these 2 factors were more critical in driving inward investment than the increase in bank capitalisation. Even in the UK, the level of inward investment (FDI) collapsed between 2008 and 2010 following the global recession, and has yet to recover to pre-recession levels. The idea therefore, that in Nigeria's case, the fall in FDI should be blamed on Mr Aganga is laughable.


At the end of the day, the primary role of a central bank governor is regulation, and Mr Soludo failed miserably in this regard. The huge fraud perpetuated by bank CEO's under his watch cant be swept aside simply because he recorded one or 2 successes during his term. The least he can do is apologise and admit that mistakes were made, as some central bankers of the time have done in their respective countries.

As usual, this debate has taken an enthnic slant, which debases the need for further serious contribution. We need to start seeing things objectively, or this country will remain stuck in its current unfortunate situation.

'I have no time', is that all Aganga has to say on Soludo's write up, with all the facts and figures. Is that all he has to say to a proposed 114% recurrent expenditure as well as other issues raised by soludo. In my own opinion, It seems he does not know what he is doing and believe things will be worse if he trys to explain or reply Soludo.

I am not biased towards any of this two people, but they owe us explanations as to why we are where we are today and what is beign done to move us forward.

bechex:

'I have no time', is that all Aganga has to say on Soludo's write up, with all the facts and figures. Is that all he has to say to a proposed 114% recurrent expenditure as well as other issues raised by soludo. In my own opinion, It seems he does not know what he is doing and believe things will be worse if he trys to explain or reply Soludo.

I am not biased towards any of this two people, but they owe us explanations as to why we are where we are today and what is beign done to move us forward.

What do you mean by we?

Do you pay taxes?

bigdoo:

Just a point of correction to fstranger1.  I know Soludo as UNN graduate and not Uniben.  He graduated from UNN (University of Nigeria Nsukka) in 1983 with a first class honours degree in Economics before pursuing his postgraduate studies and professional career.  I must tell you that UNN standard as at that time could compete even with Oxford standard if not better.  I too studied at UNN when the standard was indeed very high.  I have also sat in the same class with a graduate of Oxford university during my post graduate studies in a top university in London and I did not find anything special about the Oxford graduate in my class.  I even asked him what is so special about Oxford university and he told me that he did not see anything different between Oxford university and University of London.  All the hype about Oxford university is not real.  When you compete in the same class with graduates from Oxford university, you will find out that they don't even measure up.  This is from my own personal experience.  Academic-wise I feel that Soludo is by far brighter that Aganga.  Oxford university is only great by its name, their graduates are not better in any way.

Nobody can fault the academic brilliance of Soludo. And he is a prof while Aganga is not!
However this comparison of Oxford and UNN na wa.
So how many nobel prize did UNN get at that time compared to Oxford?
How many world class books did UNN lecturers author compared to Oxford?

Righton:

Nobody can fault the academic brilliance of Soludo. And he is a prof while Aganga is not!
However this comparison of Oxford and UNN na wa.
So how many nobel prize did UNN get at that time compared to Oxford?
How many world class books did UNN lecturers author compared to Oxford?

You get time

All these local champions thinking they are good

To each his own!

He who fights and runs away lives to fight another day? Na lie! Na fear dey catch am.
Reminds me of a traffic incident I watched one day, an SUV driving, small sized man came down from his car and slap a young man in his late twenties who managed to squeeze himself into a rickety Toyota starlet, the slap was for a percieved wrong driving.
By the time the starlet driving man folded himself out of the tiny car and stretched his whole 7 foot frame, expand his 2 foot wide chest, with biceps that could measure 28kg on a scale, the SUV driver was running away, he ran past his car!
Aganga was driving the SUV and Soludo was in the Toyota starlet. Soludo will use Aganga to wipe the floor anyday.

Please what did Aganga study @ oxford and what award did he get ?
No one seems to know.
I hope this is not another gimmick.

Tell Soludo to engage Sanusi Lamido Sanusi first. After destroying Nigerian banks, what kind of debate is he asking for?

Honestly if anyone mentions anything about degree again. . . I will shut the whole bloody website down. haba.

Whether they studied at Princeton or Ado Ekiti, the fact is the President has appointed them anyway so their qualifications
do not enter anymore.

WETIN CONSIGN ILLITERATE WITH DEGREE.

OXFORD>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Benin

Aganga got a diploma in ZOOLOGY at Oxford.

proof

still better than an economics degree from the best university in Nigeria by far

If I needed an Engineer and given the choice between A Yoruba graduate form Oxford and an Engineer from Benin, I'd go with the Yoruba graduate from Oxford.

Yeah, trust me, Oxford is that spectacular.

asamuel:

Tell Soludo to engage Sanusi Lamido Sanusi first. After destroying Nigerian banks, what kind of debate is he asking for?

Soludo on various occasion has accepted responsibility over his lax approach to banking regulation stated that he wished he'd done things a little differently.
He also stated that prior to his departure at the helms of CBN, he was on the process of ramping up banking regulation.

But he has pointed out tht regulation is only about 20% of his duties as CBN, and he considers himself to have scored high in the rest of the 80%.

No! U must hv time 4 this debate! Cos is goin 2 be hot.Next time u think well b4 passing judgement on others.Is really good 2 be intelligent.lol