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Is Sanusi Fooling Us?

I GUESS WE CAN SEE WHAT IS HAPPENING NOW

I SAID IT BEFORE THAT THE WHOLE THING WAS A CHARADE NOW SEE FIRST BANK WITH 70BILLION NON PERFORMING LOAN(MORE THAN ETB) IN 9MONTHS

http://thepmnews.com/2009/11/03/first-bank-reports-n74-billion-bad-loan

Nigeria biggest bank, First Bank revealed today it had non-performing loans of about N75 billion, as at September this year, five times more than the level of such toxic loans recorded at the same time last year.

The revelation came today as the bank presented its first half year report to the Nigeria Stock Exchange in Lagos . Banking insiders believe that the entire banking sector may be carrying in their books over $10 billion, about N1.5trillion, in toxic assets, loans that went really bad.

By making provisions for its share of the errant loans, First Bank saw its group pre-tax profit falling to N3.19 billion ($21 million) , a tenth of what it recorded a year earlier.

It was not all bad news for the bank, however, as its gross earnings rose to N128.14 billion from N96.95 billion in the same period of last year. The bank surpassed Guaranty Trust Bank on this score. GTB which recently released its half year result, posted a turnover of N127 billion. With a much lower bad loan of N18 billion, GTB however recorded a profit after tax of N15.9 billion.

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Sanusi is taking us for a fool.He published the names of those with non-performing loans in the banks that were declared as unhealthy. He acknowledged that all the banks have non-performing loans. Why has he not published the names of the people and organisations with non-performing loans in the “healthy” banks, namely First Bank, Zenith Bank, UBA, Guaranty Trust Bank, Sterling Bank, Skye Bank, FCMB, Diamond Bank, Access Bank, Fidelity Bank, Stanbic IBTC, Ecobank, Standard Chartered Bank? First Bank Nigeria Plc published its half-year results about two weeks ago for the period ending September 30, 2009, providing N74 billion for loan loss, while Guaranty Trust Bank Plc provided N18 billion for its loan loss. It is noteworthy that Sanusi was the Managing Director/CEO of First Bank until June this year when he was appointed the Governor of the Central Bank.

We commend Sanusi for rising above threats to publish the names of those owing non-performing loans to the “unhealthy” banks. Since the names of some individuals and organisations have been published, why have the names of the defaulters in the “healthy” banks not yet published three months after the exercise started? Did spirits take those loans, or are the names of those who took the loans missing in the system? Are the names still being compiled, or have the loan defaulters “seen” Sanusi behind closed doors to ensure that their names are not published? These are some of the questions many Nigerians are asking Sanusi.

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He never said no bank has bad loans. The question is did the bad loans in a bank put the bank in the situation were they are having problems and lying to the public about it, and what type of loans were they giving out, did they fool their own rules in handing out loans.

A N74bn loan to first bank might not be much when you compare it to its asset loans, liabilities, deposit, etc.

So what if Union bank has money to buy to Unity banks? Union Bank and Unity Bank are not on the same level.

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@naijatoday.wat am tryin 2 let u know is dat sanusi was never trasparent in his approach.there's no bank without bad loan.74b bad loan is quiet huge.but he turn deaf hear to it.Dornant a/cs in UNION bank is enough 2 set up a new bank yet sanusi says unity is stronger than union bank

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how can you compare finbank with first bank?

They are not even in the same category.

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he is definately.now d truth r unfolding.finbank was hammered for mere 46billion

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