otukpo:

Too bad.
Our children don't study their books again.

canuck:

If anyone needed evidence that praise-singing is not for the wise, this is it! Momodu's judgment appear clouded and regressive.

Ovation will soon feature some of the same governors he is yabbing - [color=#990000]Anyone notice he avoided naming names?[/[/b]color]

If I were in his shoes, I will recall the security details of our President from their mission in Saudi Arabia, and replace them with fresh ones. I will summon our Ambassador to Saudi Arabia home to debrief him. I will write a letter to the Saudi King, and express both appreciation for his kindness towards our President, and disgust for the manner Nigerians have been totally snubbed in the matter. I will remind His Royal Highness that when the former King Fahd ibn Abdulaziz had a stroke, he was the Crown Prince Abdullah ibn Abdulaziz at the time and was allowed to rule for many years. As a matter of irony, the current Crown Prince Sultan ibn Abdulaziz has been ill and was actually flown to the United States of America for intensive care. The Saudis were not kept in the dark. The media went agog with blow-by-blow account of his progress or lack of it. When he got better and was flown to Morocco to fully recuperate, the Saudi media followed him with the same frenzy.

mikeansy:

You can believe in anything you like but know one thing. If Yar'adua has any chance of coming back to power, OBJ would not have made the open statements he made. Believe it or not, OBJ still has access to intelligence reports.

I AM WAITING FOR THE RESIGNATION OF MICHAEL AONDOAKAA FOR MISLEADING THE NATION AND OPENLY OBSTRUCTING THE CONSTITUTION FROM TAKING ITS COURSE.

What folks fail to realize is that these guys are only hawks to the extent that Yar'adua is there. Right now there is no proof that Yar'adua is fit to be in office. If Jonathan was bold he can lead the efforts to now uphold the constitution.

And if Jonathan stands his ground, these so called hawks will have no choice than to shut up until they are able to produce Yar'adua to come and reclaim his seat.

In fact Jonathan can raise his game and reconstitute the cabinet. People are just afraid of nothing in this country.

Is there anyone who wants to honestly say that if this was OBJ 70days on a sick bed in a Foreign land. Atiku wont be running this country by now?
Jonathan just does not know that he is an elected Vice President not anybody's personal assistant or boyboy

Eziachi:


If OBJ was silly enough even to be away for two weeks straight, I think that Atiku will take over the government. Jonathan a.k.a Papa Suwe is clueless, he is always happy to act out his name-Goodluck, but history shows that luck do ran out sometimes.

I thought Jonathan would have suprised even himself and fly to Saudi one day unannounce and to the surprise of everybody, but what did he do, he lied to have spoken to Yar Adua. Thy said he is being cautious. Cowards always hide behind the big word- CAUTIOUS!

symbolic:

He had to make noise because he was breaking a record in loan repayment. He was to start paying back the loan with effect from August 2010 to span for 5 years ie 2015. He paid up all the loan even before it was to be due for repayment.

An indication that even though cement manufacturing is capital intensive, its actually a money spinner. One needs to visit Obajana to see how trucks of cement are rolling out with ease everyday.

He is still expanding the factory to increase capacity by 50% and paying off a huge loan at thesame time.

Its also a message to Sanusi that he is paying up his loans

This guy has really impacted on the economy of the nation and still expanding. He should be appreciated and supported.

Mbuzo:

From the posts I have been seeing on this forum, I think will volunteer to serve as the enlightener here. No insult meant so no apologies given.

For those of us that are demanding video evidence of Yar'adua's speech, stop to ask yourself why even the US does not seem to know where our President is. That should tell us something about the dangerous international intrigues that is surrounding the man. The US, without question has recently exhibited desperation over Nigeria. Is there something they know and we don't, about our country?

Clearly the US is no more controlling us as they used to and that is pissing off so many loose pants in Washington! Let met state categorically: IF THE US KNEW WHERE YAR'ADUA WAS, HE WOULD HAVE BEEN DEAD! TAKE THAT TO THE BANK!

VIDEO EVIDENCE? Wake up my brothers. We may be a developing country, but we are not naive. The question is: for the President's location to have been so effectively shielded from public glare, was it done with the aid of any other super power. I am just agitating our minds here because I trust the inspiration of the Nigerian.

Please shed the call on video evidence!

Come to think of it: Which African country can survive internal destabilisation without a sitting President or an Acting President? Bros, this country is solid! Yet we are classified unstable when lesser countries with little structure are comfortably playing hosts to lustful, ludicrous and untidy western officials, whose main diplomatic objective is wine bars, booty calls and Visa Credit Cards.

vwvw:

@ poster, sharrap your dirty mouth. even if the fella failed to include the details you highlighted it doesn't in anyway mean Nigerian journalists are useless. after several Nigerian journalists have nicked awards at the international stage, .pulitzer prices,CNN awards etc and a handful have been jailed, maimed or killed in ensuring tonzos like you get HALFBAKED news. Friend do you know what the freedom of information bill is. Did you know Dele Giwa, Baguda Kaltho or Bayo Ohu,  So think twice before you start to blab your mouth. one day spent in a newsroom should be adequate orientation for you in realizing what it means to hold the 4th estate of the realm

Deep Sight:

Mr. 3 Doors - No need to congratulate me, that degree was obtained more than a decade ago.

I have read the stories in the links you provided. Please do take the time to study again my earlier post. But in fairness to you, i must state that i missed out one important point.

I see all the references to the Banks and Other Financial Institutions Act and the CBN Act made by Sanusi and i am not impressed by those references at all. The reasons are very simple:

1. Under the Nigerian Judicial System, the Constitution is the Supreme Law of the Land, and where any other law is inconsistent with the Constitution, then it becomes void to the extent of its inconsistency. In this instance though, i do not really see a contradiction in the laws, but we need to be aware that constitutional provisions come first.

2. The laws he referred to actually empower him to give loans as a lender or last resort. However there are many laws that give powers to government officials to expend monies - that does not mean that those monies need not be appropriated first! His powers are to be excercised after appropriation by the Parliament, not before. I pointed out to you that this is a scary precedent, because whereas our National Budget is about N3 Trillion, Sanusi has already printed and disbursed a sum that is almost 20% of that! And he is set to do more. Where will the madness end? We need to interprete the laws more circumspectly.

I also failed to mention to you that there is actually within the law provision for a "Contingency Fund" which can be used to deal with situations like this with the approval of the National Assembly. Sanusi did not toe that path.

The unilateral printing and disbursement of public funds to private enterprises is a very very dangerous precedent.

Regarding the insults, that which is immature is immature, and i make bold to repeat that regarding Sanusi. My problem with you was the suggestion that i was high on some narcotic on account of my reverse perception of his actions. Haba now?

ilohim:

I have always said it & will continue to say it:Yaradua had no buiness employing Sanusi Lamido as CBN governor;a man who studied Islamic studies in Sundan, his total banking experience if I am not mistaken is not up to 5 years, yet we have seasoned bankers who have over 30 years experience,they were not good enough;he was the only 'seasoned banker' in the eyes of government,what else were Nigerians expecting?!
Even when people raised the issue of Federal Character, the president shut his ears and brought in their hatchet man to destroy the banking sector in the form of 'selected cleansing', yet worse banks are still standing, eg Unity Bank and the same CBN says the remaining banks are 'sound' what a laff!

Sanusi has ended up eroding public confidence in the whole banking sector,both home & abroad, from all the comments he has been making in various interviews he has granted after his 'selected cleasing',his actions were guided by deep rooted, ethnic,tribal & religious sentiments; afterall, he has also said that Islamic banking is the solution to Nigerias' banking sector problems, when Nigeria is not an Islamic country.

For me he deserves an award: 'The Banking sector destroyer for the Year 2009'.

Kudos, CBN governor, you have done the Northerners proud!

OYB_MEND:

the man equivocated when it got to those with real connections

make him arrest Ibori now or Abubakar Mangal . . . .them go sack am within 24hrs

hollandis:

Why all these hype about Ribadu and Sanusi sef?
Are they the best ever to have come out of Hausa land?
Is witch hunting an achievement?

funkybaby:

Gosh !
When will people learn to stop insinuating things

Do you have idea what is being constructed by Waves Nigeria

For your info, that development when completed is going to be a 5-star luxury hotel/short-let apartments.

So where you got the idea of Oceanic bank getting a front to ''build'' for them and then ''rent'' it back to them beats me.

All Oceanic bank did was to finance the project which is going to be a very viable one when completed looking at the location of the property. Apart from the b-jay ''hotel'' on Ozumba Mbadiwe Road, there is no luxury hotel on that stretch of road, which is probably the reason why the bank is not too bothered about the non-performing nature of the loan. As soon as that hotel is completed, the investors will recoup their money.

If you have doubts about the viability of hotel business in a good location in Lagos State, Nigeria, go visit Eko Hotel, Sun International and Protea Hotel. Even the 1-star B-jays hotel is always fully booked thanks to Exxon Mobil that uses the place to accommodate their junior workers/contract staff when the need arises.

Good thing about that project is that it is still on-going, work is yet to stop and looking at the design of the structure (wave -like), it is going to be a major landmark on the Victoria Island axis.

People should always get their facts right and stop making unnecessary assumptions !

PapaBrowne:

Majority of Nairalanders are employees, most of which don't understand the impact of Sanusi's actions on businesses.
I wish I could put a little sense in these folks man! Teach dem just a little economics, so they can understand the correlation btw the loans thier employers obtain and the paychecks they get at the end of the month !

Sanusi's moves have practically collapsed the credit system in Nigeria and that would in turn have adverse effects on the economy.
Most banks are now on a loan recovery drive and all have now become risk averse.
When the the Financial crises hit America the result  was a credit freeze, and the US Government was sooo worried that it did everything in its power to re-ignite credit.
The impact of Sanusi's actions would start sometime around end of  October when  the country has exhausted July imports. Nigerians would start whinning, by which time it would be too late.
As you've stated, the sector that would be most affected is the importation of petroleum products. Enough fuel scarcity!

DayoCoker:

This story and the Vanguard "Northern Agenda" report should be thrown into a dustbin. The promoters of this rubbish back their fiction with the question, "How did Vanguard predict Sanusi's actions if there was no agenda? The answer is simple: they didn't. At the time that report was published Dayo Coker had already embarked on a campaign to expose the crooked activities of Erastus Akingbola who was taking the bank down a precipice. Ditto Madam Ibru, whose bank appeared on a list I circulated on my blog.

These 5 bank chiefs knew their banks were in trouble and they planted that story as a preemptive measure. Any serious journalist could have surmised this by watching the Expanded Discount Window. Unfortuntely, the editors felt that they had to support their biggest benefactors and promoted the dubious theory of "demarketing".

The organizers of the annual Vanguard Bankers Awards charge 5 million for a table of eight. We don't need a homily from Jarus to understand that Vanguard's campaign is solely motivated by filthy lucre.

Daily Independent's campaign against Olojede is motivated by revenge.


In a few days, I will release a definitive article on the Nigerian financial sector.

Till then, I remain,

Dayo Coker


Truth lies in the nuances.

PapaBrowne:

Truth be told, I am tired of commenting on Nairaland!
Too many blind folks live here men! Seriously.

Sunny_bobo:

Everyone who had followed events in the banking sector pre-consolidation knows that Atedo Peterside put up a strong fight against the consolidation policy since it was going to erode one man ownership of banks.

@ Jarus

U have been jumping from one thread to the other promoting sanusi and his actions but you have not been able to give us an answer as to why every action sanusi has taken so far is in tandem with what Vanguard reported five months ago and more than two months before Sanusi was appointed (maybe Vanguard now has Primate Olabayo as a reporter). untill you provide an answer to the above, I will never take your view on the babking crisis serious. I'm even begining to suspect you to be a PA to sanusi!!

na_so:


Oga why are we talking as if we are not  nigerians, so because its Atedo peterside he cannot be faulted? So the statement he just made you think will strenghten the confidence of foreigners in our banking system abi?

london sch of economics my foot. Is Atedo  more intelligent/schooled than Ebitimi Banigo(the godfather of banking) , havard trained guru, formost investment banker that ran All states trust bank aground?

All the investment banking talk by IBTC largely had to do with margin trading in the stock market .  When others got the trick , their(ibtc) profits thinned out massively , all the rest is history.

We have seen people like rufus giwa that was generally accepted as an  exceptional leader/industrialist until the veil was lifted and he left the scene in shame.

So oga I will appraise everyone's statement objectively and not based on  sentiments.

Vladmir 2:

@JACOBS123,what are u to Mr.Sanusi?you defend him so astutely that one begins to wonder if u have a filial connection to him or are u staff of CBN on PR?.