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How Many People Think The Cbn Governor Is Rash In Decision Making?

Me o, I think the CBN guy, Sanusi is very rash in his decision making. I see him as someone who is out to prove a point, no matter the cost. I see him as someone who wants to be seen to have done better than his predecessor, Soludo.

Lets look at these points-

this guy has only been around just two months, conducted an audit on a few banks and sacked CEO's of these banks. I think this could have been better handled. since the issue is that of bad credits, he could have quietly called the affected bank CEO's, given then an ultimatum to do a recovery, after which he could have sacked them if they were not able to clean the books.

If he was not rash, why not complete the audit exercise of all 24 banks so that he would have sacked them all at once. the entire process would have been done one-time.

I feel he could have quietly involved the EFCC and sent letters to the debtors to pay up within a stated time frame after which he would then have published their names. we can all see what is happening in the aftermath of the publication. some of the debtors are disputing the facts stated and they really have a case. some of them had regularised or had started servicing the credits as was expected even before this shake-up. The CBN is now being made to look foolish for not doing its homework well. The CBN is now saying- "we were working with facts given to us by the banks as at May 2009". Why not reconfirm before going to press knowing fully well a lot could have happened between May and August??

Besides, its not a crime to collect or give out loans as a bank. As a matter of fact, if loans are not given out, there will be no banks as that is where they make their profit. I do not believe it is right to say "yes, I want to see some of the CEOs go to jail" as Sanusi said, because they have not committed any crime. They took a bad business decision and that was it. So until it is proven that they were beneficiaries of these credits, EFCC has no business arresting them or chasing them all over. Besides publishing the names of bank debtors without warning contravenes the key banking concept of CONFIDENTIALITY which Sanusi must very well be aware of.

Sanusi's actions has now placed these banks and the entire industry for that matter at the risk of collapse. Investor and depositor confidence has dropped and the long awaited recovery of our capital market has taken a U-TURN since this saga began.

Pls get me right- I am not saying everything was well in the industry before then. I just feel the situation could have been better and more maturely handled.

your take,

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9 answers

I think Hollandis has said it all.

Am surprise and disappointed when people give Sanusi kudos for distroying our econonmy and the banking sector under two months he resumed office. What this house needs to know is that Sanusi came with an agenda. He is playing a written script by a cabal that wants to destroy this country. What is chasing Sanusi would soon land him in trouble.

Lets critically analyse this issue. Was any of the MDs corrupt? Why arrest them? Is it a crime to give loans or borrow loans? Why was he in hurry of auditing only 10 banks and sacking 5 immediately instead of completing the audition in all the banks before taking a decision? Okay the banks' books are not good, why no give them time to clean it out by going after their debtors to recover the loan taken or making provisions for the loans. Is shacking the MDs the best option, why not tell them to step aside or resign? Why is he interested in the MDs going to jail? What is EFCC business in this? Are they recovery agents? Have they completed arrresting and prosecuting corrupt office holders? Why is Sanusi so interested in other key players invested in this banks? Why is he interested in selling the banks to other investors?

There are so many questions to be asked but the above when well answered will reveal the man behind the mask.

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Newbie

mind u Dangote paid some money back

hey may una make sure he paid all!!

chikena!!

as for other hold them well well; till they paid up and go to jail for 35 yrs

as for the one that ran to over sea, i expect some asset to be liquidated soonest

thats how we gona do this s hit

let them f uckers know nigeria is for all not them

nonesense

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Lamido lacks initiative.He is short of ideas.He is out to out perform his predecessor,but he lacks the skill,wits,intelligence,brillance

I am expecting something creative and extraordinary ,not by sacking and witch hunting.

YARADUA IS TECHNICALLY INNOVATIVE

RIBADU WAS TECHNICALLY INNOVATIVE

SANUSI IS TECHNICALLY INNOVATIVE

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Newbie

I think he is all over the place

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Newbie

@@@@@@@@@@@@

na lie

nigeria need rash people for real

so can we get more name plzzzzzzzzzzzz

this is not western europe

china get their rash style

russia nko

talk too much poo

weather to proof a point or not

u are talkin s hit

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Newbie

Are you referring to the OP or to Hausa's in general? Either way, your position is misguided and doesn't address whether Sanusi is rash or not.

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Newbie

THEY ARE VENDORS OF IGNORANCE

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I have said it from the very beginning that the whole approach was wrong. Handling the financial sector in this new age of "investor confidence" is a job for people who are cool headed diplomats that can see issues through several facets. This Sanusi guy is a bull in a China shop. My first suspicion that Sanusi is totally out of wack with the job came with the reckless and hurried nature in which he carried out his actions. First it was via a resurrected military decree (in the nations financial system!); secondly, it was carried out on a Friday (rather than Monday, giving more lattitude to guide a fast moving scenario with stocks, Naira value and confidence). Third and by far the worst, Sanusi brought govt interference into the private sector (not just any sector, but banking). All three mistakes combined were always going uncontrollable ripples through, both the banking and general business environments.

It all looks so silly now. The Naira fell 2% in a single day and shares in all affected banks had to be suspended ortherwise they wouldn't be worth a miserable Kobo now. Sanusi has single handedly destroyed the gains in the banking and financial systems. Whether things will recover is yet to be seen. No bank is going to undertake any business that is remotely risky now and that includes seed money for promising startups or loans without collateral to those deserving. It is stone age and barbaric.

I really do wonder if Sanusi was given a brief to destroy the banking environment and its foremost banks for some shady motive(s).

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I believe he has prosecuted a good job BADLY

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