Comments on: Sanusi’s Interview With London Financial Times (2)

By: grant

grant — Mon, 06 Jul 2009 12:55:12 +0000

@cyril harry i love your coment quiet reasonable and taughtful.listen for examples.the major problem of banks in Nigeria.in Europe or here in the states a working class man or woman can finance a loan for a private business in less than 1 month and very easy.
Nigerians bank are not willing to loan,their major intress are in importation and shipping for fast and already made cash.
2.they are not willing to go long time investment and manufacturing which will bolster the economy by 30%.production,industrialization the main economy products.but this banks do not do that at all.tell me how many private banks in Nigeria have conglomerate in manufacturing and production.

By: Cyril Harry

Cyril Harry — Mon, 06 Jul 2009 12:27:42 +0000

I am not an Economist but certain things do not make sense. America and Europe are in trouble with their financial system. Alan Greenspan has appologised and admitted getting it wrong. Why on earth does Sanusi beleive that it is these same folks who were not able to prevent the collapse of their financial system and other high profile enterprises such as Enron, the American big three and major banks that have the answer? Eulogising these western banks who have failed their economies does not make sense.
Soludo came and contributed his bit, Sanusi should contribute his own bit. But how disheartening it would be if his contribution is to turn over Nigerian banks to foreign ownership? Therefore Sanusi should not abdicate his responsibility which (partly) is to enthrone transparency and accountability in the banking system. To do that would amount to intellectual laziness and not astute management. We need creative problem solvers.
Furthermore, Soludo as part of his strategic agenda for the Naira proposed payment of statutory allocations in source currency (USD) to all tiers of government. The North and the Governors shouted him down and vilified him. But this is what we need as David rightly opined and herein lies the answer to the strength of the Naira. Why change the Dollar into Naira and then change it back to Dollar, and other foreign currency to fund our imports? It just does not make sense. If all tiers of government maintain Dom accounts into which statutory allocations are paid, governments would only need to exchange the portion required for domestic expenses while paying for imports through the Dom accounts. This will also help to impose transparency in governments management of funds.
Finally Solude can be remembered for bold indeginous solutions what does Sanusi wish to be remembered for – expatriation? That would undermine the current rebranding effort – YES WE CAN and let no body run us down.

By: David K.

David K. — Mon, 06 Jul 2009 01:05:39 +0000

Thank You!, Thank You !Thank You! This is he first time I am reading an article in any Nigerian News paper that truely understands the fundamentals of a sound monetary system.There is no country that becomes developed through the “devaluation” of there currency.If Sanni Abacha(I am not a fan of his by the way) could peg teh Naira to the dollar at N86.00 to $1.00,if the Ghanaians have enough “confidence”in their economy to peg(the once worthless C5million to $1) the cedis to the dollar at C1.25 to $1.00U.S,this is a nation with “No Oil”,they rely on tourism,and the benevolence of “Nigerian Banks”,the same banks that Sanusi and the likes of “Omolola” have been insulting.The so called “Paris” based institutions who are making this false claims,are they in Nigeria,so how do they no we only have four healthy banks,how healthy is PNB Paris Bas,hmmm,isnt the WEST the source of todays global financial melt down,now they want to take over our Banks,No way.Nigerian banks are healthy and Nigerians will continue to patronise them.God bless the federal Rep. Of Nigeria.

By: omolola

omolola — Mon, 06 Jul 2009 00:13:28 +0000

The reason foreign investors left was because of lack of confidence. They saw countries that are transparent loose money and look at Nigeria that its banking sector is not transparent, if you are an investor, will you live your money. The truth is the stock price bubble was created by banks who were giving loans to their workers to buy their shares. The CBN should insist they right of this loans after the audit.

“Rational Perspective” when are you going to write about the SEC and NSE and the true reason why the NSE controls the SEC. And why are shareholders not calling for the removal of DAngote and the chairman of the NSE. Not only are they on the board of the NSE, the are also chairman of their companies listed on the stock exchange is that not a big big issue and lack of transparency?