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Is Lamido Sanusi Acting Out A Script Drafted Before He Became Cbn Governor?

Is the current tsunami in the Nigerian Banking Industry a staged script? If so, the scriptwriters already know how the story will end, unless there are new twists to the story and the plot thickens. What do you NLanders think?

Here's a news article from the Vanguard Newspaper published in March 2009, a few months before Sanusi became CBN Governor.

Nigeria: Group Plots Takeover of Five Top Banks

Omoh Gabriel and Emeka Mamah

23 March 2009

ANTI-CONSOLIDATION forces have regrouped with the hope of dismantling the structures and forcing a takeover of the top five banks in the country, Vanguard can now reveal.

The grand plan by the group is to cause panic and uncertainty in the industry and make the target banks look unsafe for depositors.

Meantime, indications emerged yesterday that the Federal Government may announce the names of a new Governor of the Central Bank (CBN) and the Auditor-General of the Federation (AGF) in April just a few weeks before the tenure of the incumbents run out.

However, the Arewa Consultative Forum (ACF) has expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to make public information on causes of the development as well as the scale of the crisis.

Vanguard investigations revealed that the aim of the anti-consolidation forces is to cause loss of public confidence in the banking industry and compel the Federal Government to move in by injecting funds. Further, they ultimately plan to instigate government to take equity holdings in the targeted banks.

Vanguard gathered that the group at work is made up of former bank owners who lost out during the consolidation exercise, a powerful clique in the present government, and some aggrieved persons in three of the six geopolitical zones in the country who felt left out in the consolidation exercise.

Presidency sources disclosed that those who felt left out in the consolidation exercise are up in arms to recoup what they felt they lost during Obasanjo years.

Part of the plans hatched by the group is to ensure that the incumbent Governor of the Central Bank, Professor Chukwuma Soludo, does not get a second term. The plan is also to ensure that whatever gains consolidation recorded are discredited. This, it was learnt, was meant to force the President to act quickly in the matter of appointment of a successor to Soludo as they anticipate that the president's slow move may scuttle their dreams and cause the renewal of Soludo's re-appointment for a second term.

The group's second game plan is to make Nigerian banks look unsafe in the eye of the banking public. Part of the game is to spread rumours that some banks are unsound and are on the verge of collapse. They send out text messages to individuals and account holders passing wrong information on their target banks. At the moment, the group's target is one of the high-flying new generation banks where they have sent out several messages.

New CBN Gov, Auditor-General to emerge April

The tenure of the CBN Governor, Professor Chukwuma Soludo and Auditor-General of the Federation, Mr. O. R. Ejenavi from Delta State will lapse in May 2009.

Naming nominees for the top jobs, according to a presidency source, will afford the Senate ample opportunity to work on them before they assume office.

While Soludo will complete his first term in office as CBN governor by May 29, Ejenavi will be due for retirement on age grounds on May 18.

However, among those being considered for the position of CBN governor include the Minister of National Planning, Dr Shamsuddeen Usman from Kano, who was a former Finance minister and deputy governor at the apex bank; another former CBN deputy governor, Obadiah Mailafia from Nassarawa, Mallam Isa Hayatudeen from Borno, a former managing director of FSB International Bank, incumbent Managing Director of First Bank, Mallam Sanusi Lamido Sanusi, also from Kano, and Mallam Falalu Bello from Kaduna, Managing Director, Unity Bank.

But the most touted name so far is that of Mallam Isa Yuguda, the Bauchi State governor who won election on the platform of the All Nigeria peoples Party, ANPP, but defected to the ruling PDP last week. Yuguda is also an in-law of President Umaru Yar'Adua. Yuguda was also a former Managing Director of Inland Bank, a legacy bank in post-consolidation FinBank.

Past CBN governors include late Dr. Clement Isong (Akwa-Ibom), Alhaji Adamu Ciroma (Yobe); Mr. Ola Vincent (Lagos), late Alhaji Abdulkadir Ahmed (Bauchi); Mr. Paul Ogwuma (Abia), Dr. Joseph Sanusi (Ondo) and the current Professor Charles Soludo (Anambra).

It was also gathered that strict obedience to civil service rules will be observed in the appointment of a new Auditor General for the Federation going by the constitutional provision.

Section 86 Subsection 1 of the 1999 constitution states: "the Auditor-General for the Federation shall be appointed by the President on the recommendation of the Federal Civil Service Commission, subject to the confirmation of the Senate." That of the CBN may be determined by other factors, mostly political considerations which are at the pleasure of the President without recourse to the commission.

The most senior director in the office of the Auditor-General currently is Mr. Ogunsina G.F from Ekiti State who may be appointed unless there is political maneuvering. Having been a director since 2004, it may not be smooth sailing for Ogunsina because, there is another senior civil servant Mr. Osonuga T. A. from Ogun State who was promoted a director in 2007 and is being propelled by other forces to occupy the office.

It's unfortunate top 5 banks are targeted, says official

A CBN official who spoke on condition of anonymity said that it is unfortunate that top five banks are the target. The banks, he said, are sound. The CBN had mistaken in the past the ongoing move as de-marketing by competitors in the banking industry, saying it is unhealthy competition.

The group is using this means to make depositors panic and undertake massive withdrawal of funds from the targeted banks in an attempt to cause liquidity problem in the bank. In that state they hope to cause a take over by the government which may buy a stake in the bank and later sell to members of the privileged group who may be appointed in the interim into the board of the banks.

Arewa worries over liquidity problem

However, the Arewa Consultative Forum (ACF) expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to inform the people the cause of the development as well as the scale of the crisis.

ACF said that the commercial banks must have obviously lent too much money to people who either invested them in buying stocks or in the importation of petroleum products in the country, but are unable to repay such loans.

A statement signed by the National Publicity Secretary of the Forum, Mr. Anthony Sani however blamed the CBN for enquiring "into the volume of the so-called toxic assets of the commercial banks while refusing to tell Nigerians how or why in the first place, the banks found themselves in trouble.

The statement reads "The Working Committee of the National Executive Council of the Arewa Consultative

Forum (ACF) held its meeting at its national headquarters in Kaduna on Tuesday, the 17th of March 2009. In attendance were all National officers of the ACF drawn from the 19 northern states and the Federal Capital Territory (FCT). General IBM Haruna, the Chairman presided.

"Among other things, the meeting reviewed and discussed a number of issues and other troubling developments in the country. At the end, it resolved to issue the following statement.

"The ACF deliberated on the rapidly deteriorating liquidity situation in the banking industry and observed that Nigerians are feeling increasingly frustrated by the failure of the Central Bank of Nigeria (CBN) to disclose the true the true nature and the scale of the crisis.

"Even members of the National Assembly, despite their best efforts, have been unable to get to the truth of the matter.

According to Arewa consultative forum "All that seem obvious is that our commercial banks had lent out too much money to too many people who had invested them in stocks or petroleum importation but who are now unable to pay back. Beyond that, the public has no clear idea as how or why the loans were given and on what terms."

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21 answers

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I seriously dont think there is a staged script anywhere

Sanusi aint acting no bloody script!

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They are playing out the script as predicted. Only that they staged the take over talks in London so that it will have a foreign stamp.

http://www.tribune.com.ng/27082009/news/news3.html

Many of the high rise buildings in Dubai and singapore belong to Nigerians. So they can easiliy go abroad to plot their take over moves.

Shame!

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I have no interest in having a debate with a fool.

What dictionary do you use? how does the word presentable amount to a synonm for suit wearing? I have told you to change the books you read!!!!

Thank God in Igbo Land folks like you are not the ones running the show.

The kind of mentality you have is why we lost the Biafra war and why you contiue to pursue that strategy can only baffle reasonable minds like me. You alienate everyone else but yourself and hope to make advances in any kind of politics or war.

Any day your type decides my future I will drink otapiapia and die for nothing. Go and die in your little corner and stop displaying your stupidity online.

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mikeansy that will never understand the game plan of those awusas.

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Hausa/Fulani agenda

Take the wealth away from the south keep them in poverty and they will come begging.

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MUST be the best president the USA ever has. That is going by the myopic view of this cyber mugu. I have said that i do not have time for this brainless kid, yet he kept on churning out silly remarks one after the other. I said that he saw sanusi on suit and immediately declared that sanusi will make a good president for nigeria, and that was because sanusi looked good on the suit he wore on that photo. He didn't disappoint as he has repeated such foolish comment in his latest post.

This was among the same band that claimed that since yar'adua was a university lecturer, that yeah and finally, the messiah has arrived. "Can you imagine the first nigerian graduate president, in fact nigeria will become the best country in the world" That is to quote the slowpoke and his group. I warned them severally then and also during the time of heaping praises on sanusi when he has not even started working. Today, this slowpoke and his group are twisting words.

What do i have to discuss with any fool that still harbor the belief that politics in nigeria is actually a game of numbers? Tell me why i should engage in any sort of discussion with such gullible person when the illiterate awusas that were armed by the British who saw them as easy fools to use in holding back nigeria's development have engaged in forceful manipulation of election and census results since independence. A country where your vote does not count nor mean anything, yet this is still addicted to believing that to win any election in nigeria, then you have to be more in number. Ewu awusa, you should know that me and other Igbos are not same as you empty barel.

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The guys has no clue

I love Soludo and still do, I doubt if anyone can fault that and I am not ashamed of it. But Soludo's tenure came to an end and the only man who had the cards to extend Soludo's tenure had no interest in doing that. I said Soludo for me remained a successful and about the best CBN Governor so far.

However, whoever is appointed CBN Governor deserves at least best wishes to succeed because a country's economy is at stake. When Sanusi emerged, the man to me is as qualified (at least on paper) as anyone to be CBN Governor and at least more Knowledgeable compared to the current occupant of Aso Rock.

I said since Segun Adeniyi was suggesting that his boss was not in the habit of renewing tenures he and his boss should also realise that Nigerians are not interested in seeing them beyond 2011, that I will rather Sanusi is President of Nigeria than a Yar'adua second term and I still hold that view. Sanusi is more presentable as President than Yar'adua. (What Bialegend does not seem to get is the strategic calculations that informed these lines of argument for me. How he continues to interprete this as love for Sanusi smacks of naivette. He continues to grumble and I hope he does not grumble to death about whatever it is he thinks he believes in.).

I can only hope Sanusi succeeds and I still do hope he wakes up to see the light and chage course where necessary, but I also have a duty to call him out when he starts acting foolish as he is doing now.

Politics is not for the emotional and shallow minded; and I think Bialegend is out of his depth each time he comes to comment on the politics thread.

The kind of politics Bialegend wants to play is you either agree with him or you are naive and foolish, he does not understand that politics and democracy is a game of numbers and the art of building consensus in which only those capable of building majority always win.

This is why I think he is learning about politics and history in nkwobi and ugba joints where people talk about history and politics for the sake of it without seeking to learn from past mistakes.

Bialegend just make sure you dont die filled with so much hate and grumbling.

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Mikeansy a sanusi worshipper . . . not.

Bialegend you are getting something wrong here. If you said he/she is a Soludo's foot soldier, I would have agreed with you.

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You are a fool and nothing less than that and i got no time to engage you ignorant arrsss in any discuss. I will keep on exposing your naivety and ignorance. Ewu awusa, i hope you can see the performance of your hero and his clan that you so much love to kiss their arrssss. Anuofia.

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http://odili.net/news/source/2009/aug/21/606.html

This publication from tribune gives credence to the allegation below. I have said it somewhere that a written script may be behind this Sanusi drama. I think it is not far from the truth.

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mr ikeyman nobody is saying the debtors should not pay of course they should pay or face the consequences,what is being said is that the modus operandi of Sanusi is questionable,i hope you comprehend that.

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you are a big fool

you have no business commenting in the politics sections

cos you know nothing, you are a very little kid . . . . . . I don't expect you to get it. Because you brain is too blocked to get it.

My only advise to you is to change your history and geography books and read other books too.

If you think I am falling in line with you wake up, a blind man can not lead a line where people have there eyes open. MUGU. Stop learning politics from Aba'cha and tombo joints. Those joints are meant for relaxation not to learn politics or geo-politics.

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THAT FRIDAY WHEN THE NEWS ABOUT THE FIVE BANKS BROKE OUT,SOME WERE TOO QUICK TO START POINTING OUT THAT SOLUDO WAS A FAILURE,BUT AS EVENTS UNFOLD CONCERNING THE BANKING SECTOR ONE CAN BEGIN TO QUESTION SANUSI'S MOTIVE

TRUE NOT ALL THE BANKS HAVE BEEN AUDITED/INVESTIGATED SO

WHY DID HE RUN TO TOWN SCREAMING MURDER (THEREBY GIVING UNDUE ADVANTAGE TO THE OTHERS NOT YET AUDITED)

WHY DID HE NOT FOLLOW LAID DOWN PRINCIPLES IN DEBT RECOVERY

WHY DIDN'T THE CENTRAL BANK COMPILE A CORRECT LIST OF DEBTORS AND VERIFY IT BEFORE THEIR ADVERTORIAL

AND MANY MANY Y's

AS EVENTS UNFOLD NIGERIANS MAY COME TO LEARN THAT THIS WAS JUST ANOTHER DIVERSION PLANNED BY SOME ELEMENTS TO KEEP OUR MINDS OFF THE REAL ISSUES AFFECTING US, AND THIS ARE MUCH(ELECTORAL REFORMS,POWER,TRANSPORT,SECURITY,FOOD SECURITY,CORRUPTION ETC)

I DOUBT IF SANUSI HAS THE CLOUT TO FIGHT THIS BATTLE (IF IT'S GENUINE)EVEN THOUGH HE CLAIMS THE PRESIDENCY IS BEHIND HIM.

THE REPORTER WHO BROKE THAT STORY DESERVES A NIGERIAN PULITZER AWARD,AT THE TIME HE WROTE HIS PIECE I AM SURE HE WOULD HAVE BEEN LABELED AN ALARMIST,BUT FEW MONTHS AFTER WE ARE BEGINNING TO SEE ANOTHER TWIST IN WHAT WAS SEEMINGLY NORMAL.(OR IS HE A PROPHET?)

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It is clear that Sanusi had a hidden agenda. Sometimes I weep for this country. Because of the selfishness of few, the country is held hostage. How on earth would we ever develop or be called a develop country. We are so rich with very poor citizens.

Lets start with this example; our rail system was destroyed so that the likes of Dantata who had trailers could make money by doing what the rail would do. Our refinaries was killed so that some few could make money importing petroleum products. Now Sanusi want to destroy five big banks in nigeria so that some few can buy them over and keep them. Yet, many unintellectual ones are giving him kudos for destroying our economy. What a shame.

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error or not

pay the money

or face liquidation and jail

no excuses

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sorry for Nigerians

people will cook up plans and hatch them and then ordinary Nigerians will start thanking God for their new found Messiah without asking real questions. This insatiable quest for hoping in miracles is what has been destroying us.

I was suspicious of this move from the outset and its amazing how far people are willing to go just to alter the political and economic landscape of the country. Even though it means destroying the country itself they don't care just so long as they emerge on top at the end of the process.

Dangote got anything he wanted during the OBJ government, he had the capacity to start a new bank, other Northerners would have been able to set up banks if they wanted. So to continue to spin this argument as if Soludo had some kind of software or barrier that screens out Northerners is far from the truth and very shameful. The Northerners probably did not believe in consolidation and refused to come forward to form Banks.

So this line of argument to justify the clear destruction of the Banking system just because some are interested in the market is very shameful.

By the way what stops those interested in opening Banks to open one under the system as it is without having to falsely destroy 5 banks with politics. With the rotation of power between North and South every 8 years is this the kind of cycle we want to entrench in this country? So much for guaranteeing foreign investor confidence.

Those who lecture the rest of us about one Nigeria should mean it for once.

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It should be more than mere coincidence that Sanusi got rid of his two major perenial enemies Erastus and Cecilia just like that barely 2 months after assumption of office,don't let us be fooled.

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I have always maintained that there was foul play right from the onset. the article mentioned five banks and truly only five banks were targeted. I read from another article that it was only two banks that was safe out of the ten banks. Auditing ten banks and leaving some gives those yet to be audited undue advantage. Why don't they audit all the banks first before taking actions. Will those bank collapse in the next three months if funds were not injected into these banks. This is just selective justice.

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I think there is more to it than meets the eye. Only, we Nigerians will jump at any opportunity to praise any new govt. official painted as doing the country some good, at the expense of doing away with a few selected bad eggs. The move is a good one, but the motive? only God knows,

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Definitely,there is foul play.When the CBN makes errors in the published names of debtors and say they compiled the list of debtors as at May 2009 only to find out that some people have paid their debts as far back as August 2008,what does that tell you.Let us Nigerians not be deceived.Sanusi deserves to be removed himself,we need honest and straight foward men in this nation and not people who will do whatever 'Oga' (Yaradua and his cohorts) orders them to do

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