Comments on: CBN orders banks to submit loan details to fuel marketers

By: Jude A

Jude A — Wed, 24 Jun 2009 08:16:25 +0000

Sanusi’s interview with Financial times is probably because they were the first to request an interview with him unlike many Newspapers in NIgeria who interview idiots in power who pay them to do PR work for them.
Until any Naija newspaper complains that they requested for interview and never got it, i think we should forget that subject.

By: Jude A

Jude A — Wed, 24 Jun 2009 08:12:53 +0000

@David K.
It is not hard to decipher why Nigeria cannot move forward as a country because people like you who don’t know what objectivity means are in the majority.
I don’t know if the CBN Governor can remove a bank MD but I know Charles Soludo removed Omoyeni as WEMA bank MD. Sanusi stated that the value of Naira is linked to oil, this is not his making, it is a fact and he expressed what can be done during his Senate apperance unlike Soludo who came in as a professional and ended up more like a politician/sycophant just to keep his job.
I will be the first to admit that Soludo was a brilliant CBN governor especially in his early years but he obviously became compromised at some point. The job of CBN governor is a character test and not and IQ test. Soludo failed the Character test. Shikena!

By: omolola

omolola — Tue, 23 Jun 2009 14:14:23 +0000

What policy has he passed? Is it not Soludo that has been Governor. and you are right about manufacturers moving to Ghana how is that the CBN’s fault if not the federal government not providing power?. And him saying our currency is tied to oil is fact, is he suppose to say manufacturing or agriculture?

By: David K.

David K. — Tue, 23 Jun 2009 13:43:19 +0000

@Omolola, this has nothing to do with being salty.The facts on the ground prove my point,manufacturers and other small businesses are moving to Ghana in droves,a fact that the Lagos state govt is complaining about.For those of us that still love our country dearly,and cannot fold our arms and watch” jobs” shipped to neighboring countries with stronger currencies ,it imperative for us to let Sanusi know that his policies are wrecking havoc on the finances of average Nigerian,or by the way share my sentiments rather than your blind defence of Sanusi.

By: omolola

omolola — Tue, 23 Jun 2009 13:16:17 +0000

David k, i was actually taking you seriously until you got the great soludo part to justify why sanusi is not qualified, made me realise that you are just salty he is no longer the CBN Governor. You have your views, I have mine views.

By: Jimmy

Jimmy — Tue, 23 Jun 2009 11:40:22 +0000

Sanusi Cannot Sack Bank Executive

The Governor of the CBN cannot order the banks around outsider the Company and Allied Matters Acts. Most of what Sanusi directed here have no any legal merit. The Company and Allied Matters Acts prevail over the regulations of the CBN especially if the regulations contradict what the Acts say.

In as much the CBN may prescribe the quality of persons that may be employed by the banks as their Chief Executive, the CBN Governor has no any authority to sack such executive on any ground. The executive is not the employee of the CBN nor the banks are own by the CBN. What the Governor may be able to do is to report such executive to his employer. Neither can the CBN force the Banks to publish the list of their loan debtors but may only be able to obtain the total debts and how the loans perform.

With the Company and Allied Matters Acts the banks as incorporated entities have got the right to determine their own year ends provided it is not more or less than twelve months apart from the first year of trade. The Taxation Acts also stated this. Whatever the regulation or order of the CBN on the banks year-ends does not bind them if they choose to ignore the CBN.

It is only the bank executives that have had their hands soiled or have something to hide that may be jittery about what Sanusi says in these regards. The Banks can afford to ignore Sanusi in these directives.

But Sanusi should not bring in the Northern mentality in the way he wants to run the CBN and supervise the banks. For the fact that most of the banks are own by Southerners and their Chief Executives are southerners does mean Sanusi should be vindictive without consideration for Nigeria Economy. If he does, it will only benefit the lawyers at the expense of the CBN.

The main purpose of a foreign newspaper interviewed Sanusi was to assess his weaknesses as individual and how he could be taken advantage.

Jimmy – Abuja.

By: Kevin

Kevin — Tue, 23 Jun 2009 09:26:14 +0000

Davidk you are a tribalist.It is unfortunate but you are the kind of people dragging our country backwards.Are you angry with Sanusi because he is insisting on full disclosure of bad loans from banks?If you owe your bank,please go and pay and if you cant pay then relocate to Ghana since according to you it is better than Nigeria.We can do with less people like you.

By: DavidK.

DavidK. — Tue, 23 Jun 2009 06:20:19 +0000

@ Omolola.It is quite clear that you are just as misguided as the “Northern man” called Sanusi Lamido Sanusi.I read his interview with FT, and was not impressed(Why Is he granting foreign news papers his first interview,who is he trying to impress).Sanusi stated the value of the Naira is linked to the price of oil, why would any Central bank Governor worth his weight, who truely knows his onions link his currency to its (unstable)mono-product economy.If the price of oil collapses, guess what?Your Naira becomes even more worthless.The truth is that most bankers and business men in Lagos pay more attention to the “statements” and “behavior ” of the Ghanaian Central Bank Governor, because he controls the regions “most powerful currency”, and the defacto currency of West Africa.Nigerians unlike before,now have an “alternative” to the Naira,and no longer have to pay attention to a Northern Clown who’s core interested in firing bank MD’s.Most bankers in lagos have no respect or regard for Sanusi to begin with he only got the job because he is a northerner.The great Chuckwuma Soludo was there for more than five years how many people did he fire.Sanusi should stop issuing empty threats, and resign and go back to Kano to feed his cows.

By: omolola

omolola — Tue, 23 Jun 2009 03:19:34 +0000

@ David K, please read the full interview at http://www.ft.com he addresse all the issues you mentioned.

By: TBELLO

TBELLO — Tue, 23 Jun 2009 01:38:17 +0000

Thank Vanguard and shame on Punch for asking for money . Hungry newspaper poor Punch.

By: David K.

David K. — Tue, 23 Jun 2009 00:32:03 +0000

Sanusi seems to be making it a habit of making misguided statements.First of all he does not have dictatorial powers nor the constitutional power to remove at will ,any bank MD he so wishes.Rather Sanusi should concern himself with re denominating or converting the Nigerian Naira as soon as possible.The Naira is presently trading at N170.00 to $1.00U.S.D,and by the end of this year will be trading at N200.00 to $1.00 U.S.D,it is quite obvious the Naira is rapidly loosing its value,which is why the price of goods in the country is going sky high(inflation) and out of control,putting so many manufacturers out of business.As for me,and I would encourage my fellow Nigerians to do the same,to hedge against the Naira’s inflationary pressure,convert your Naira to Ghanaian Cedes,which trades at C1.25 to $1.00 U.S.D,since the CBN has refused to heed Charles Soludu dire advice,Nigerians should resort to self help,or else you will find out very soon the Naira in your pocket is totally worthless.As a small business owner in Lagos,also accept Ghanaian Cedes from my customers. God bless The Federal rep Of Nigeria.

By: Pat

Pat — Mon, 22 Jun 2009 22:53:21 +0000

Dear Editor,

First of all, i want to thank Vanguard for the way the are updating their website and the way they are letting people know what is happening in the country especially people that can not afford to buy newspaper Or people that is not around, also read Nigerian newspapers online everyday.

Please! please!! please!!! Sir kindly add the news from the states that is on the website before to enable us/me know what is happening in my state.

Thanks very much,

Your news reader,

Pat