Comments on: 4 banks get CBN’s N200bn bailout this week

By: omolola

omolola — Wed, 14 Oct 2009 00:36:11 +0000

Vanguard that is a lie. There is nothing wrong in a central bank giving long term loans to bank. It was done in developed countries. I know you are doing everything in your power to prove the Northern Agenda but please do your best to cross check your story.

By: Nat Apir

Nat Apir — Wed, 14 Oct 2009 00:30:43 +0000

It must also be noted that NO WHERE IN THE WORLD DO BANK MDS GIVE THEMSELVES LOANS RUNNING INTO BILLIONS. Our situation is peculiar and demands an out of the box thinking and approach to deal with it. When these bank MDs where violating the rules of good corporate governance these so called faceless CBN officials did not draw the attention of the CBN board of governors to it. What hypocrisy. I am beginning to suspect that one of these faceless CBN officials must have tipped off Erastus to bolt out of the country before Mr Sanusi ’s announcement. Going by these faceless CBN officials logic the only thing that is legal is the mismanagement of depositors funds and abuse of trust by these bank CEOs. These faceless CBN officials who may even turn out to be the Vanguard reporter, would rather that the CBN governor sit and do nothing until depositors can no longer access their funds, and then the NDIC will move in and give depositors =N=50,000 or =N=250,000 even when ones deposit is way above that figure. Vanguard you can do better than this, please stop whipping up unnecessary sentiments here. How many of these so call rich politicians keep their monies in Nigerian banks? It is the hard working Nigerians that patronize these banks , the only service the corrupt politicians enjoy from Nigerian banks is money laundering. So much for investigative journalism vanguard.

By: Patrick Agbobu

Patrick Agbobu — Tue, 13 Oct 2009 23:54:04 +0000

Quantitative easing or printing of money in Nigeria economy will be a disaster. In the present economic climate of Nigeria, QE will fail and deserves to fail. It is a one product economy crude oil and the economic prognosis of crude oil is not good. You do not follow developed diversified economies blindly. You are going to crate a run away inflation, make our currency useless and if care is not taken, turn us to Zimbabwe. What is wrong with, the CBN asking the Ministry of Finance by extention the federal government, to take very substantial shares in these banks.? What is wrong in acquisitions and mergers? What is wrong in asking people or institutions who are very capable, in Nigeria or abroad to take over the troubled banks? What is wrong in allowing, those banks that can not be redeemed to go under? What is wrong with the market force, to intervene and correct this bad situation? May be the CBN is in self denial or there is a hidden agenda.