What do you guys think is going on? Is it exactly like the CBN is putting it or is there something else? Like a conspiracy?
~Somebody pointed out that former CBN Gov Charles Soludo removed the arabic inscription that used to be on the naira note when he changed the notes.
~I also read in one of the papers that the banking industry is being controlled by the Southerners and the Northerners arent happy about that.
~Some people are also wondering why the CBN didnt wait to finish the auditing of all banks before taking action.
~ The CBN wants to sell it's shares (Shares they acquired via bail out money) in the affected banks to individuals. Who will they be selling this shares to? And can they do that?
~And is it true that Charles Soludo's company is really owing banks N32billion?
~ The EFCC plan to arraign the sacked bank MDs and directors next week, and will be jailed if found guilty.
~Erastus Akingbola of Intercontinental Bank and Mrs Cecilia Ibru have still not reported to the EFCC. They are out of the country
~ Erastus Akingbola has taken the CBN to court over his removal
~ The CBN governor wants to reduce the number of banks in Nigeria from 24 to 15. Is that feasible?
~And is it OK to publish names of debtors on all national newspapers? Is that done in civilized societies?
I personally welcome the reforms going on the banking industry as long as it's done with good intentions and not some sort of war against some people...
What do you guys think?
By the way, we don't have that many billionaires in Naija. They owe too much money to be called billionaires
News of the day
EFCC freezes accounts of ex-bank MDs
The Economic and Financial Crimes Commission (EFCC) has frosen the accounts of the sacked managing directors and executive directors of the five banks taken over by the Centarl Bank of Nigeria. And in other to forestall the transfer of funds from the accounts of the sacked MDs and Execs, EFCC has oredered that no withdrawal should be allowed in the accounts until further notice.
Wyclef to host MAMA Awards
Urban music Legend and hip hop rebel Wyclef John is the host of this year's MTV Africa Music Awards with Zain (MAMA AWARDS) holding in Nairobi Kenya on October 10 2009. Wyclef will perform live along the hottest contemporary music talents from across Africa, Kenya's Wahu, M.I, SA's Lira and Ghana's Samini.
On hosting the MAMA's, Wyclef says "The prodigal son is returning home. Anything can happen."
Peter Okoye's new look
Peter feeling cool...lol.
Photo of the day
Please leave Caster Semenya alone, she's female. What the hell???
Great weekend.
15 comments:
caster semenya's female? Then Wesley Snipes is the new Miss World...lol
what is peter feeling like,the tatoo is too much,on banking i think SLS is going too far on this,its not done in developed country like this.
"Is that done in civilized countries?" Are you trying to say that Nigeria is not civilized?
Na wa o! All this them say them say. You are realy garrullous Linda!
Linda, don't buy into what they are saying, there's a lot of shady/mafia-ish business going on, really Sanusi is blessed w/the gift of publicity n exaggeratn. I'll wait for him to publish the financial statements and auditor's reports b4 i believe he is sanitatizing. Thing is I heard abt all these a long time ago, but didn't pay attn 2 it, now that its all unfolding exactly like this, it's crazy and more drama is srsly coming. I put out some of the bidness on my blog...n pls I'm tired of ppl saying its all conspiracy theory! gosh!
whats with the tatoo..he does have a good body tho..i must confess..he must be working hard at it
PART1 : will just drop an extract from the comment I made on same subject on another website... all in all, its just heart wrenching to see the exhibitions of the folks that are holding the reins... ...there is a sequence to which things are done and I am not sure if the unrefined economic,corporate, business & governing environment allowed that sequence to prevail..
"I do not have details, I would like to have details, I would like to be able to ask questions to or through the appropriate persons or channels and receive answers... ...until then, my position remains as below :
1) CBN : I believe they are the governing body for the operating banks so they can(and should) periodically assess the operating conducts of these institutions, meet with the top management of these banks, provide feedback on the assessment, request an investigation into instances of observed(if any) non-compliances to industry standards/guidelines/policies/regulations, follow up on the investigation findings, assess the action plans for potency(target to prevent a re-occurence), establish a deadline for closure of the action plans, review as needed to assure continuity in compliance. So?... ..so I expect CBN to carry out an assessment, I expect CBN to be able to determine that non-performing loans poses a risk to these institutions, I expect CBN to highlight the situation to top management of these institutions, I expect CBN to ask for a feedback on the subject to ensure that the top management has considered the short,medium & long term impact of the situation and have measures in place to ensure business continuity with nil impact on the stakeholders (please note I used the term stakeholders & NOT shareholders). I expect CBN to comment(positively or negatively referencing established & generally accepted business conducts/principles in the said industry on the feedback provided by top management of these institutions and give directives as to actions to be taken to address any concerns with a deadline. I expect CBN to take disciplinary action on top management of these institutions if they deem that due attention has not(is not) being given to these concerns.
PART2 : 2) BANKS : I would like to know if they are staying with anything close to the "typical" definition of non-performing loans. I would like to know if there is an industry policy/guideline/practice to make provisions/accrual or bad-debt ("bad-debt provision"). For instance it could be a regulation/policy that says that 6months after a loan goes on non-performing status, then the bank should make a provision of a certain percentage(say 25%?) of the balance payment amount and another percentage will be due after another 6months period and so on till a 100% is reached or the exposure is fully povided for. While this is ongoing, if the loan is reverted to performing status, then the provisions made earlier can be released as applicable, but what matters most is that the exposure(loan) is fully provided for and does not threaten the stability of the institution since the neccessary decisions are taken proactively by the management to ensure they deliver to the shareholders(this time I said & mean shareholders).
3) BUSINESSES WITH LOANS : The CBN will do the needful, the BANKS would need to meet the requirements of the CBN (governing body), you(BORROWER) will feel the pressures from the banks to meet your committments, you(BORROWER) will also feel the pressure from your shareholders to meet their objectives, you(BORROWER) will also feel the pressure from the external auditors that ensure you report your finances acccurately(and of course this includes the loan& along with the repayment committments) but alas, that is business and nobody said it was easy. Like I said earlier, at the moment, these are my thoughts but i have questions and I would like to get more details and I would like these details before I voice,write,speak further on the situation. -was #1 above carried out previously but there were gaps in the system that for some reason prevented firm corrective actions?-I have no experience in the banking industry and would like to know if #2 is existing and if not, if its feasible?- Lastly caution to all that hurriedly jump into castigating individuals, remember these are not personal loans in question. They are only running a business and the loans were(should have been hopefully) approved based on the business portfolio. However(yes however) since usually people are the decison makers in these businesses, they are accountable for their decisions & likewise actions but there are systems in place to establish adherence. Lets' get #1 & #2 right
Banking in Nigeria is very confusing, and majority of what is going on is based on lack of accountability and transparency. As you can see CBN Governor too is as crooked as others and I will still say it that CBN governor has no power or right to fire those 5 Directors or CEOs, unless approved by the boards of the banks with larger shares or stake at those institutes.Banking is now becoming more and more complex all around the world and it is getting to a point where people are losing fate in the banking systems.(Can we now blame Northerners for having bunkers in their homes for storing money)? The only way to change Nigerians banking system is to set up a non corrupt group who would monitor how cash is being disbursed into the economy.For one how can the 5 big financial institutes be 5 trillion naira in debt, without any full reports or document on what lead to this huge loss, this should make everyone wonder whether it’s safe to put our money into this institutions beats me.
In regards to CBN governor removing the Arabic inscription from the naira note, if that is true it’s done out of his own personal hatred for Muslims. If this is so he has no right being CBN governor, and he should be terminated from his post.
As for Mr. Peter or Mr. P Square, your own self too much why you dey copy all this Yankee riffraff, with all them tattoos for body why can’t you be yourself and be unique (your new look sucks big time)
@the junkie i couldn't agree with you more ...just to pull more wool across the peoples faces..people wake up and smell the coffee..first it was electoral reforms,then the Niger delta..now they are using the banks to deceive us that they are doing us some favour..bullshit me say...
Ah Ah !!! Nigerians will forever wallow in poverty!!! How can any right thinking Nigerian not applaud what is going on in the banking sector? It is as plain as day that the banks are completely corruptly mismanaging funds.... what does the average Nigerian have to see to support the drive towards sanity in the country. Nigerians have become too cynical and always have conspiracy theories to explain everything. If you want the less than 1 % of the ruling class in Nigerian to continue to impoverish the rest of the 99% of Nigerians... then continue not to support people like Sanusi! So sad!
Don't like the new look, he looks like a wannabe, he was cool before.
THOSE GIRLS ARE THE REASON WHY PETER OKOYE IS NOT MARRYING YOU-KNOW-WHO ANYTIME SOON.
I'm sorry, that pic of Caster Semenya got me questioning too, bcos when you look down there, I see something bulging out, or is it just me, that is seeing double.
Anyways, if you are a naija boy, abeg stay like that, i don't want any fake, wannabes o. I no wan swagger jacker, i want the true African. Ok, there is nothing wrong with tatoos, esp if it's not painted all over your body, bcos i like cute tatoos, and i have, but it looks like a lot of Nigerian artists are trying to be more appealing, by emulating American culture. I still like P-Square sha, they are very talented. Peter Okoye ain't close to marrying, u see how he dey enjoy himself sef. Lola, u can't be a baby mama forever and be waiting, move on girl.
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