Comments on: NSE tackles CBN on uniform year-end for banks

By: Acube

Acube — Thu, 09 Jul 2009 08:14:51 +0000

Jimmy and Steve are really neither analytical nor factual in their views. As for Ndidi and her last ditch attempt to save her pets in the banking sector, she should be told it won’t work with this CBN gov. Maybe she should tell us how things work in the Us and other places where not just banks but most other big companies share the December year end. Anyway this policy was first declared by Soludo last year, reversed (under pressure from the whited sepulchres that couldn’t make it) and then reinstated in the last days of his admin. So why didn’t the ethnic warriors crucify Soludo then?

We really should accept that good quality manpower can come from any part of Nigeria / religion. I personally look forward to Sanusi serving out his 5 years at the CBN and then moving into Aso Rock to deliver us from the hands of the crooks in high places. I am a southern xtian but I have listened to this guy in a public forum and conversed with him privately and he ticks all the boxes for me.

By: Steven

Steven — Wed, 08 Jul 2009 19:49:47 +0000

Mallam Sanusi has started playing the laid down role. That is just it. Nigerians should watchout for black market racketeers

By: Jimmy Salvage

Jimmy Salvage — Wed, 08 Jul 2009 19:31:08 +0000

Here The Banks Can Ignore Sanusi

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 effect. 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 owned by the CBN. What the Governor may be able to do is to report such executive to his/her employer. Neither can the CBN force the Banks to publish the names 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 chose to ignore the CBN. The Banks can afford to ignore Sanusi in these directives.