Comments on: Banking crisis looms, BMI warns

By: loans till payday

loans till payday — Tue, 30 Jun 2009 05:54:34 +0000

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By: Tunde

Tunde — Thu, 25 Jun 2009 16:21:36 +0000

………WHATEVER BMI WANTS TO TELL US THIS TIME WE SHOULD NOT SWALLOW IT HOOK, LINE AND SINKER. THE PRESENT ECONOMIC CRISIS STARTED IN THE USA AND SPREAD TO OTHER DEVELOPED ECONOMIES. THEY CANNOT THEREFORE BLAME THIS PART OF THE EQUATION FOR NON ADHERENCE BY GOVT TO FINANCIAL PRUDENCE.

WE SHOULD NOT SLEEP OVER THIS MATTER. ITS AN OPPORTUNITY LOOMING AROUND WAITING TO BE GRABBED. WHERE ARE OUR ECONOMIC GURUS? SHINE YOUR EYES. BORROW A LEAF FROM COUNTRIES IN THE SOUTH EAST ASIA AND WAIT AND SEE THE SECOND COMING OF ECONOMIC BOOOOOOOM TO NIGERIA.

By: A. A. Jibowo

A. A. Jibowo — Wed, 24 Jun 2009 15:57:39 +0000

Analysts can pass their comments; many in good faith, some prejudiced and exaggerated not deliberately, but owing to long standing perceived ineptitude and political manipulation of the operators. What we need to do is to take all the comments with seriousness and allow them to galvanize us to eagle-eyed caution, organised and efficient management. The bane of our progress, which is corruption should be completely uprooted and uncompromisingly eliminated. Then we can talk of productive investments, confident business collaborations. We can generate the interest and participation of capable people in our affairs. Robbery should be destroyed, jobs should be created for many of those who want them, including those who go into robbery because they have no decent jobs. God bless our dear nation.

By: Solonzo Kyss

Solonzo Kyss — Wed, 24 Jun 2009 13:46:44 +0000

Old minds, bring bad habits !!
BMI, may have exageratted some claims but in total, they are right.
Nigeria, needs to divesify its economy and become more industrial.
Not just Financials , Oil & Telecom, what about heavy and light manufacturing and business process outsourcing.
We can take business from the chinese and indians cos of our proximity to the west and grow at 20% from 2010 to 2020.
If you want to know how to do this, get in touch with me at, solonzo@tmo.blackberry.net

I wan die for those comments above, freaking funny.

By: Ade

Ade — Wed, 24 Jun 2009 13:16:36 +0000

Nigerians have a way of personalizing issues, be it Ribadu, El-Rufai, Soludo or Lamido..

When was the last time you saw the FBI or CIA DG on TV running his mouth, I don’t even know the Bank of England Gov, I am pretty sure there is one, The problem with us is we can’t go about our business in a quiet manner, We must be known, we must make noise, we are larger than the institution we serve… It is a shame really… cos you do not have to be a loud mouth to do your job effectively. don’t they say empty barrel makes the most noise?

Lets talk less and see action.

Ciao…

By: stanley

stanley — Wed, 24 Jun 2009 11:55:52 +0000

all these people and their doomsday prediction especially about ANYTHING African should just waka go front.
let us manage our affairs the way we deem fit without having to look over our shouldrers about what they have to say about our policies!

By: chuks

chuks — Wed, 24 Jun 2009 11:51:41 +0000

As much as one may not totally agree with BMI prediction they are not far from the truth. I strongly think the new CBN Governor should watch his utterances. He should realise that his statements and current posture against his ex-colleagues (firing of Bank M/D who may be found to have published cooked figures) is capable of destroying the banking sector; the confidence of the people in the industry and further erode the confidence of investors in the stock market which appears to be building up in recent times. His statement and posture in the recent interview he granted Financial Times betrays his intention and comfirms the fear of many that having been a bank M/D he may use his position to intimidate and fight his perceived rivals in the industry. He appears to have a hidding agenda as he seem not to have divorced his mindset from that of a competitor to an unbaised regulator. I am afread this man will end up causing more harm than good to the banking industry and the nation’s economy than any of his predesessors.

You will recall his tactless attack on the President’s 7 point agenda during his screening which almost landed him into trouble if not because he is from the North. I have not doubt in my mind that Soludo wouldn’t have made such a mistake and retained his job. Even though he may be right in his view on the govt agenda, I think there is a more diplomatic way of passing such information to the President than through the public domain. It is very wrong and tactless to attack your boss’ position in the public.

By: KELECHI

KELECHI — Wed, 24 Jun 2009 10:27:46 +0000

People should stop attacking the new CBN governor.What we need in Nigeria is someone who will expose our mis deeds and find a way of putting it right.
If the problem of power sector was allowed to be exposed,Nigerians could not have been where we are now.Attempts made to expose this people behind the power problem was recently aborted and that is why we cann’t get it right.
Please,allow the CBN governor to his job.Please,do not drag him into politics.

By: JB

JB — Wed, 24 Jun 2009 09:58:16 +0000

Make BMI abi BMW go siddon
Where dem dey wey the metldown catch all of dem?
Why dem no warn people since 2007 say wahala dey for front?
Na now dey brake?
Stop causing panic in the system and keep your doomsday prediction our of Naija!

By: ifeanyi

ifeanyi — Wed, 24 Jun 2009 08:57:28 +0000

This new CBN Governor is just starting off on the wrong note with his utterances. While other governments are protecting their financial systems this man is busy exposing ours. Why can’t he work quietly to strenghten the banks instead of issuing threats up and down?

By: Jimmy

Jimmy — Wed, 24 Jun 2009 08:10:09 +0000

In Most Issues Only Nigerians Are Their Own Enemy

In my Super Eagles appraisal, I said, it is not easy to defeat the Super Eagles in football game no matter what and how they play. Even if you managed to beat the Super Eagles, which is uncommon, it is always a margin of one goal. The analysis of the Business Monitor International on Nigeria banking should be disregarded by all and sundry.

The value of the Nigeria stock market has been sliding downwards because of the current state of its dominant members’ affairs. The banks and other financial institutions constitute about 60% of the capitalisation of the Nigeria Stock market. The fluctuation in the value of shares of these financial institutions affects the value of the stock market.

The credit crunch or the inability of the banks in the advanced countries to lend affect our banks to the extent of the level of fund they usually borrow from them. If the Nigerian banks cannot source further credit from the foreign banks because of those banks own liquidity crisis, they will device other means to obtain fund. Our banks have the domestic alternative such as to moving the available fund round.

In a nutshell, the Nigerian banks usually get credit or short-term loan from foreign banks. They come home, sell the foreign currency at the auction market or lend it to traders in consumables at an exorbitant interest rate and make good profit. With this, they declare huge profit everyday. The value of their shares goes up accordingly. The credit line has now dried up with the related profit hence the low value of their shares. The value of the shares of the rest 40% members of the Stock Exchange who are non financial institutions and do not trade in this manner remains steady.

Consultants like the Business Monitor International can make any analysis and prognosis they deem fit. What happen next depends on our ability and us. A country of able people cannot standby and allow things to degenerate. Although, as at now we do not have the right political leaderships in the country to make things happen yet the Nigerians outside the political leaderships are not that stupid to let themselves down in what they like best, money, the act of making money. The current banks cannot bring down the roof over their hands. They know the pitfall to avoid.

The current Governor of the CBN, Sanusi, is the issue. If he brings in the Northern mentality, such as the status quo tendency or vindictiveness, in the way he wants to run the CBN and supervise the banks, there could be conflicts, problems for the banks and Nigeria economy. The Southerners owned majority of the banks. Majority of the banks’ Chief Executives are Southerners.

Jimmy – Abuja.

By: Beredugu

Beredugu — Wed, 24 Jun 2009 06:27:00 +0000

Well, analysis analysis, our banks have not folded like the banks abroad and are still carrying on business. So please all the neigh sayers should give us a break. Some positive approaches to expanding the base and improving profitability would make more sense.

By: saridon P From Istanbul.

saridon P From Istanbul. — Wed, 24 Jun 2009 04:45:57 +0000

The new CBN governor should not use his position as a political weapon to witch-hunt rivals in the banking sector because it will bring him low before the general public.He needs to set a good standard and also protect the depositors of all banks in Nigeria by making sure that no banks go under.I have vowed to myself that if anything happens to my money in any of the banks in Nigeria,I will gun down the branch manager of such bank,the executive director of the bank and the CBN governor. Don’t think there is any hiding place because we have learned the real theory of survival and vengeance outside Nigeria.Dont make policy that will impact my life negatively and dont give me reason to kill.

By: Sunny, USA

Sunny, USA — Tue, 23 Jun 2009 22:19:52 +0000

When experts come up with various analysis like this, one begin to wonder what the people in power are doing. In order to stabilize Nigeria banks, a comprehensive and detail stress test is needed using Monte Carlo Simulation. This scenerio was employed in US this year and it worked, Once again i dont know what the dormant leaders are doing,this is not the time to be fighting or arguing, it is time to get back to work in order to save the economy from collapsing.

People should not be deceived, this global recession is far from over, therefore each country should brace for possible worse scenerio. The new CBN Governor should also be on the alert on this issue.