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Charles Soludo Should Be Arrested By EFCC?

How could Soludo be so negligence in his duty that he allowed these banks to lend money at such an excessive without any oversight?? Or could he claim not to have any knowledge of the affairs of these bank when he was the CBN governor?? It was rumoured back in February that Soludo secretly bailed out intercontinental bank because the bank was actually distressed early this year. Soludo and his cohorts at the CBN should be arrested NOW!!!

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73 answers

@ Sagamite

You are throwing stones at your future by castigating one whom God is using to bless you.

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@ Bialegend Nike Ayilara was until her death a CBN Staff and a personal friend of my humble self the writer of the Needs Program.

I remain loyal.

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McKren

You make a lot of sense there. But even banking policies has a lot of effect on even energy. If we leave in a stable financial atmosphere were every department of Government work in unison, and banks can give ten year loans and relatively low interest rates, then qualified technical experts can borrow funds to build power stations, refineries, etc, and help ameliorate the energy crisis.

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You have a point but what you are talking about is mid-cycle and not at the heart of why Manufacturing is failing in Nigeria.

The fundamental cause of failure of Small Businesses in Nigeria is Energy cost.

On the issue of Banking policies, Banks have a duty to access whether you have a viable business capable of paying back these loans before they give you loans, you can not claim to magically have a viable business when a fundamental resource as energy is not there and for most Nigerian small Businesses Energy cost is as much as 5 times as they should be. In an atmosphere like this its only fair to suggest that most loan applicants will struggle to get it or prove that their Business is viable.

The Banks also have not been helped by poor identity system which means that in Nigeria before you access loans you either have to have a collateral of more worth than the loan facility you are seeking.

These two issues are not under the remit of CBN, the Energy Ministry and the Ministry of Interior as well as the Presidency have not done their job in that respect. The various arms of Government are interdependent and we can only make progress when we treat these issues as such.

So to put our economic failure squarely on CBN is not very accurate . . . .the CBN under Soludo made giant strides against all odds.

This is not the time to choose politics over progress . . . . Sanusi should work closely with these Banks and other aspects of the economy with the understanding that we are yet a young and developing economy that needs a lot of help and nuturing to succeed.

Any system Designer will tell your that you build in stringent quality control systems at full capacity, if you build in a First Rate Quality system in a 3rd rate process the system will surely crash.

This is the point Sanusi misses, we know that he likes to call himself a Risk Manager and a Strong headed Islamic Scholar who does not tolerate nonsense. I will not get into speculation that there is a tribal or some premediated objective . . . . . but I know that Leadership includes understanding the system you are to lead and nuturing it. Unfortunately Sanusi has started by talking down the economy and trying to implement text book risk management systems without considering whether those techniques were designed for a developing and strugling economy like ours.

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One important factor stifling the productive sector in Nigeria is CBN (banking policies), a situation whereby banks are not lending small and medium scale industries capital would stifle any production, even at times more than the lack of energy. Then an interest rate of between 17 - 20% cannot allow for any legitimate production to take place.

I know people who have medium scale manufacturing outfits worth over N150 million naira and cannot get loans for raw materials from any commercial bank (because he is not a speculator or trader). He utilizes micro finance banks and has to pay close to 30% interest rate. Although he manages to survive but finds it very difficult.

Why do you think Chinese and indian manufacturing outfits still perform well in spite of poor power and infrastructure, because the bring in cheap funds from their home countries.

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I did not know that what was stiffling local manufacturing was CBN policies rather than lack of cost effective Energy Source.

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Please explain to me where the Nigeria Economy is today. How many factories have soludo's policies create. How many production outfits have more money to to produce?. Soludo policies only created maga speculators (traders, oil and forex) and traders. So we were overly exposed to the vagaries of the international oil and stock market, while our factories and production capacity is falling. No economy can succeed that way in the long run.

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You have not heard it in public because only a slowpoke would demand the EFCC arrest someone for not doing something well at work.

The internet public forum offers every fool a platform to utter their balderdash. See for example Affalatus.

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Theres certainly nothing bad summoning the dude for questioning if need be.

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Why should soludo be arrested for what reason if not for him do you think nigerian economy will be where it is today.

Watch and see you moroons will beg that soludo should come back.

Of all the cbn govs we have had in nigeria he his the one that has done the most in fact he his the best.

We have had how many cbn govs, who has performed better name it is it alhaji alhaji,or adamu ciroma who name them who i challenge anyone to name .

Some of you will just open your mouth to say crap without proper research.

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El rufai, Ribadu and co were interogated by authorities when yar'adua came to power. Why the waste of time. Invite Soludo for questioning. Even while I will not question soludo s performance, I think he should be invited for questioning that is if he really has any questions to answer.

What baffles me most is how Okonjo, Soludo and Ezekwesili, people who worked in the then economic team have kept mum having left their posts. Someone should start talking and fast. The truth is that apart from people I consider ignorant and unknowledgeable, no influential person from the public or private domain have been calling for this. I wish they do and this includes sanusi, yar'adua, and EFCC. How come that apart from this platform, I haven't heard calls to that effect. What are they waiting for. Afterall it has been done in the past while the man was still head of the Apex bank.

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If you want Soludo to go to jail because of failed banks in nigeria under his watch as the CBN governor and not because of any financial crime that's traced to him, then you should first of all drag Alan Greenspan and Gordon Brown to jail.

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This thread's existence is enough reason for Soludo to be investigated and i do believe that arrest is an integral aspect of the investigative process.

And with what i know to be true about Soludo my answer is a resounding YESSSSSSSSSSSSSSSSSSSSSSSSSSSSS ARREST SOLUDO NOW THAT THERE IS THE WILL TO PROSECUTE HIM.

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@Sherry Lo,Ur point is misplaced,on what basis do U want to arrest soludo?He acted based on what the CBN auditors gave in thier reports so if any1 deserves an arrest,it is those corrupt auditors who gave him the reports that the banks where healthy.And make no mistake about it,consolidation has helped our banking sector a lot,infact,the banking sector is one of the largest employers of labour due largely to consolidation.

And pls don't be too carried away by Sanusi's gragra,there's more to all these fanfare policy than meet the eyes.Call me weird but Quote me,Sanusi has good intentions as well as northern agenda.I won't be surprise if those so-called failing banks are either nationalized or bought over by the northern oligarchy which Sanusi is a part of.His so called risk management is so flawed on many bases:first the audit is still in the process of completion and he knows that when it comes to money,nigerians can do anything to protect thier cash yet he went ahead with his hasty announcement knowing ppl are going to get jittery and take thier money.What kind of risk management is that?He does't even know the exact amount or even amount range the 5 banks needs for proper sustenance while they wait to be taken over by his cronies and proxies.Even the list of debtors that he published was so incosistent that they had to make statements to correct thier very annoying mistakes.This shows dis guy is just a showman whose work lacks depth,just hype but no substance.

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Err . . . . . . . . . . . . pretty much super smart and a frequent thought leader. And you?

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@Sagamite "every fool sees a platform to utter their balderdash" and what are you?

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I think we are condemning Soludo while we should be condemning OBJ or whoever appointed him.

The guy did his job well while in office, however, if he truly stayed on as the chairman of a company, i am sure he know better, but arresting him by EFCC, i don't think it has got to that level.

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soludo is as guilty as the guilty.

he committed the same crime of owing carelessly.

his company is part of the arrangements to mess up with the masses funds.

tell me anyone who worked under obj and i will tell you he is part of the deciet that colonized nigeria and nigerians 1999 till date.

it is obvious that okonjo iweala could not work with the deciet elite hence she called it a quit.

we are begining to see the lights of the day.

we all have come to terms barely after two years that the consolidated banks are not consolidated in any manners.

obj in all his madness has no institution in place in all his ten years tyrany.

the sufferings of the poor nigerians must surely be their portion in this world and worlds to come.

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This is the problem with public forums, every fool sees a platform to utter their balderdash.

Since when did incompetence in your job equate to being arrestable for financial or economic crime?

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SOLUDO has a lot of questions to answer and should be cooling his heels in EFCC. Just take a look at AFC, these criminals just wasted Nigeria money yafu yafu.

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@Poster, what exactly is Ur point?Sb just referred to Ur post as silly,i think the guy is very correct.As far as Sanusi's action is concerned,it's debatable whether he has gone beyond his power to issue sack to those CEOs of privately owned banks depending on the context and the technicalities of the law.It's not the function of the CBN to tell the banks how to give out loans or whom to give loans to.Besidez,I don't support sanusi's style of removing confidence from these banks,perhaps this is a grand plan to a take over these banks by his cronies and northerners who ve made it obvious that they have a score to settle with Soludo, whom they alleged has shortchanged them with his #25bill recap policy which unfortunatly,non of the banks owned by northerners scaled through.

Fact is,there's a lot of partisan politics going on in the banking sector,it goes beyond reforms.Nigerian banks are not the only banks having problems but we don't see the central bank chiefs of other countries rushing to remove CEOs in the middle of an audit exercise and talking down on the sector like everything is pre-staged.Nobody is in denial that these banks are in problems but to handle it in a way that helps U score some cheap political point is where I don't understand.Am even wondering if they want to nationalize these banks with the huge sum they are putting into them.Somebody is cooking up stories just as good as the cooked books of our bank CEOs.

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IF SOLUDO DOES NOT GO TO JAIL THEN SURELY PRAY THEE OH GOD RELEASE THINE GRIP FROM THE NECKS OF THE DEMONS OF WAR,CHAOS AND

DESTRUCTION FOR THESE PEOPLE DO NOT KNOW THE DIFFERENCE BETWEEN GOOD AND BAD. AND AS SUCH LET SORROW OVERCOME THEM IN THE

STREETS AND IN THEIR PLACES OF REFUGE LET BLOOD SEEM AS TASTY AS FRESH MILK AND LET THEM THINK THEIR NEIGHBOURS AS FOOD LET THEM

DESTROY ALL THE WORKS OF THEIR HAND LET THE PRAYERS OF THEIR MEN OF GOD BE CURSED WITH PLAGUES. THE PRAYERS OF A SINNER IS AN

ABOMINATION BEFORE GOD. THESE PEOPLE PRAY WITH THEIR LIPS BUT THEIR HEARTS PLAN THE KILLING OF THOSE WHOM LOVE THEM.

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THOSE WHOM PRAISE SOLUDO CAN PRAISE SATAN?

THE NEAREST BEING TO SATAN IN HUMAN FORM I KNOW IS SOLUDO.

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DOES WHOM PRAISE SOLUDO CAN PRAISE SATAN?

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UNLESS THERE IS NO GOD OR SOLUDO HAS KILLED GOD.

SOLUDO WILL SURELY END UP WRETCHED AND DIE SCREAMING AND SHOUTING UNLESS HE REPENTS AND CONFESSES.

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Nigerians are sooooo very funny. I am very sure that these same set of people will be the first to ask for the head of Sanusi when he leaves office.

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Soludo performed excellently well during his time.Sanusi is also taking his own steps to perform as well.Their method of performance are viewed from different perspective because they are different names.Mr Poster if tomoro you become the CBN governor,u will map out your own area of perfection so that your score card can be high.Please NEVER TRY to undermine Soludo's performance as CBN governor.However,i will like Sanusi to look into the so called female prostitutes called marketers in the bank,whose job are always how to meet the targets given to them by such banks either by hook or by crook.Many of these ladies are out there to sell their body not to talk of the kind of seducive dress they always wear.How can a bank enter your office in hunt of customers,and will be almost Unclad that u the customer will not even know where to position your eyes during the course of discussion.Same applies when you go to the bank for payment or withdrawal.Please Sanusi,look into that.

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@ Jaru, Thank God u said, he knws who killed Nike not that Soludo was the one who killed him. why do u hate him bitterly? He tried 4 Nigeria.

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@ AKPOLOPEZ!!!!!!!!!!!!!!!!

Hey dude, if u don't have something meaningful to impact here i suggest u take a walk. Or rather u can go back to school and learn the primary duties of central banks, not only in naija but worldwide.

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Mr Charles Soludo should not be arrested but questioned together with some staffs of CBN, Though he tried in some part but there was too much rot throughout his regime as the CBN boss. He knew all these but turned blind eyes to them because he played too close with the bank big heads. Inshort , he compromised one of his main duty  which is regulating the commercial banks for some very personal gains. I may say he was a good consolidator, but what's the need of consolidation when there's no transparency. It's maintaining adequate decorum in the banking sector that's transparency that will sustain the consolidation. This is why we 're facing this wahala again.

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What is all this about? Can't somebody leave Nairaland for even a day without the place turning to Oshodi Market?

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whose job is it to check their status and their health. why is CBN called the regulator? Or is your job to check their status and health?

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The list of debtors is as at 31st May. that doesn't mean it was compiled when Soludo was there or compiled by Soludo. 31st May is supposed to be a cut-off date.

There was also an advert (that's the only thing I can call it) in thisday probably on behalf of Aig and Wigwe (both of access) that their loans are performing forgetting that the list was compiled with a cut off date of 31st May, 2009 and will not reflect those who hurried to pay after.

http://www.thisdayonline.com/nview.php?id=152170

In the letter from Intercontinental Bank to the Chief Executive of United Alliance,  jointly signed by the Head, Remedial Management of the bank, Rasaq Yusuff and the Group Executive, Credit Risk, Yemi Ogunfeyimi, Intercontinental Bank stated: “Please be informed that you are up to date on both principal and accrued interest due on the account as at today.”

Intercontinental Bank in the letter, which was obtained by THISDAY acknowledged the receipts of payments made recently on the loan by United Alliance. The payments included N170 million paid to Intercontinental by United Alliance on July 3, this year; the sum of N725 million paid to Intercontinental on July 15, 2009; N440 million paid the bank on August 11, 2009 and N360 million also paid to Intercontinental on August 10 this year.[color=#000099][/color]

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The ex governor of the CBN has done very well and should be applauded for bringing sanity and stability into the Nigerian financial sector. It's not his job to check the financial status and health of commercial banks.

He has done marvellouslly well.

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I guess the problem here is that Sanusi was in so much haste to show that he has outshined Soludo forgeting that he was not there to compete against Soludo but to continue from where he stopped.

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i can see nigeria moving closer to anarchy

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sorry my bad

http://www.cenbank.org/Out/publications/pressRelease/GOV/2009/Press Release 190809.pdf

the list was compiled as at May 31st 2009, Soludo was still CBN governor then.

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Am not a fan of soludo but the info below shows that this revealing process started while Soludo was still Governor.

Source http://www.thisdayonline.com/nview.php?id=152171

The CBN also acknowledged some typographical errors regarding the titles of some government officials and some companies “and wish to comment as follows: “The general public and all concerned should note that the list published is as at 31st May, 2009 and if any of the defaulters/debtors have made any repayments after that date, they should sort it out with the relevant bank; the title “Accountant General” under Intercontinental Bank Plc list, should have read “Accountant General of Zamfara State”, while the name “Delta State Government” under the Oceanic Bank list, should have read “Delta Steel Company”.

Consequently, the CBN said it regrets “any inconvenience caused as a result of the typographical errors mentioned.”

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I think Nigerians can be funny and at worst careless with words sometimes.

I don't know who the poster is but from his question he sure needs some education on what a financial crime is or is not.

For example,the guys charged with oversight in UK,Europe and America banking system under whom the banks collapsed.Where they ever charged to court or arrested for being negligent?Citigroup,Royal bank of scotland,Northern Rock,Lehman Brothers all had big financial issues but the Federal reserve and the Bank of England respectively couldn't do much to stop them from caving in.Lehman brothers is dead but nobody said Alan Greenspan or Mervin King of UK should be arrested.And somebody is saying Soludo should be arrested.Please my advice for you is to go and read up and learn more about the world around you.Nigerians most times cloud politics with common sense.I use to have respect for this EFCC and CBN guy but it's clear they are simple guys and not really intelligent as i thought they were.Why do i say so?

Reason is because it is not a criminal offence to default on a loan,if a loan or debt facility is non-performing,the rules are clear on what to do and not to criminalise them by threatening them with prosecution and jail.You freeze their assets(collateral) by obtaining a court injuction.It has nothing to do with crime please.It's not different to obtaining mortgages and borrowing with credit cards.If a debtor defaults,it doesn't call for sending him/her to jail because it is not a financial crime.Unless we run a different system in Nigeria.I stand to be corrected though.

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Not supporting jailing him but he definitely aided these guys!

what did he do to rectify these problems?

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Who was Nike Ayilara?

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We should be becareful when we make certain conclusions. If we say Soludo should be arrested b/c some banks failed the recent audit test and their CEOs removed, then what do we do to the CBN governors before him during whose tenure some of these bad loans originated? Are you saying for instance, we should also arrest Mr President for instance if a minister is indicted for corruption since the minister is under him? Even in America and Europe banks collapsed cdespite their IIFRS reporting standard, corporate governance, robust risk mgt framework, excellent ratings and their so called intelligent central bank governors.  Do you know how much provisions is first Bank for instance is making and is going to make? The way two or three CBN governors will handle a problem will differ and each will justify their actions. Is not possible for CBN to have asked the CEOs that were removed to inject fresh capitals into their banks within 6 months for instance or resign their appointment? If we toe this path of say arrest Soludo, then we will end up arresting Mr President and House of Assembly memebers because directly or indirectly, they also have oversight function. Sanusi is now CBN governor, let him run CBN from what he met on ground. Let Soludo be. He has done his best just like his predecessors. Remember, naira value is still falling, external reserves my vanish in the next 12 months at currrent rate of WDAS  funding, real sector is still not getting reqd funding, interest rate is still very high, real inflation is still very high etc. The real journey is still far. Lets not clap too early please.

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I am an IGBO man from Anambra State from Anaocha LGA formerly Njikoka LGA. I know all that went on from 2004 till 2009 by ending of 2006 if Nigeria were a nation awake and watching closely that was when Soludo should have gone to Jail.

SOLUDO or is it not SOLUEKWENSU

I WROTE NEEDS SO PLEASE DO NOT TELL ME SOLUDO TRIED I BEG YOU ALL IN THE NAME OF GOD YOU BELIEVE IN, BY THE WAY I AM A CATHOLIC TOO LIKE THE EVIL SOLUDO.

SOLUDO KNOWS WHO KILLED NIKE AYILARA RIP in 2006. I maintain this belief because of all the events that took place i was running Soludo while he was running the CBN. He broke away in 2006 and Nike was one of the costs i paid for knowing that devil.

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Sorry Thread meant to read blogsphere

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I told you all on this thread while Mr. Soludo was still CBN Governor that he should be charged for Murder and Economic Sabotage. I still remember the many insults i got but i will not tire till Soludo goes to his rightful home: JAIL.

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i believe this poster does not understand a jack about banking and therefore unnecessary to reply him. be that as it may, the question that will be apt here is , why should soludo be aressted? is it for the banks not coming out clean with their records or them doctoring their books? did soludo benfit from any of these loans?

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People should know that death is born with birth, and there is no such thing as a perfect man for the job. We Nigerians are highly devisive in countless ways, whenever a solution in the right direction is proferred to a problem, the criminal in us will look for other ways around it because of the favourability factor. Abeg Soludo try for the Banking sector.

What we need now is e penal system that is very ruthless in this country especially against the plague of CORRUPTION that is threatening our existence as a Nation. As for Sanusi I want to believe he has truly come to fight this battle to win without being selective about it and please sir ATM FRAUD IS ANOTHER PROBLEM YOU SHOULD REALLY ADDRESS SIR.

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Soludo does not need to be arrested, it is bad enough to be tagged a failure after 5 years of national duty. Would you arrest somebody for scoring F9 in the WASC exams or scoring 100 / 400 in JAMB exams.

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