FirstInlandBank

[SirVee]

SLS is doing a good job in getting at executives who stole funds - people who were once untouchables.

Where does this recovered monies go to? Who in this forum can educate us on where this recovered monies go to?

My issue with SLS which a lot of folks have mentioned in this forum are his 'comments', they do not help the situation at all. A high profile person watches his coments on very sensitive economic issues. Destructive comments are the bane of a fledgling market like the NSE

1. Stock holders did not steal the monies that they invested (?). Shareholders were invited and courted by the corporate world to bring in their funds!
2. Shareholders are not gamblers and greedy people as they are being portrayed by his (SLS) interventions.
3. Shareholders deserve some protection. Could retail shareholders have stopped the looting in these banks?
4. Can a nation survive without the capital market?

[nosa2]

Originally Posted by SirVee

SLS is doing a good job in getting at executives who stole funds - people who were once untouchables.

Where does this recovered monies go to? Who in this forum can educate us on where this recovered monies go to?

My issue with SLS which a lot of folks have mentioned in this forum are his 'comments', they do not help the situation at all. A high profile person watches his coments on very sensitive economic issues. Destructive comments are the bane of a fledgling market like the NSE

1. Stock holders did not steal the monies that they invested (?). Shareholders were invited and courted by the corporate world to bring in their funds!
2. Shareholders are not gamblers and greedy people as they are being portrayed by his (SLS) interventions.
3. Shareholders deserve some protection. Could retail shareholders have stopped the looting in these banks?
4. Can a nation survive without the capital market?

The properties and money recovered belong to AMCON.

Here's my answer to your individual questions,

1, If you read the fine print written in every advert for public offers, you're advised to consult experts for details. Now if you consult any expert, lawyer for example, one of the things they'll tell you is that your money can go "poof" up in smoke.

2, actually shareholders are probably the most greedy type of investor there is. If you no greedy go buy USA treasury bills and keep till maturity

3, Actually retail shareholders were in a position to stop the rut but they decided to look the other way, thus deserve no protection.

4, yes a nation can survive without a capital market, in fact Cuba, a country with one of the highest literacy rates in the world, doesn't have a capital market.

[eniyanman]

Originally Posted by solo66

This is a further vindication of Sanusi Lamido Sanusi. He does not claim to be perfect in all his does, but has always challenged his detractors to come up with evidence of criminal intentions in his actions as CEO of FBN or any other capacity where he had served. So far, nobody is able to do that. When he started his one-man riot against the corrupt elite (including the parliamentarians), some people attributed what he did to 'Northern/Islamic Agenda' instead of facing the reality of the mess we are in, as a country.

If FBN sold stocks @ N33.00/share,under SLS, it is not a crime. What constitutes a crime is the willful misapplication of the funds so raised or telling lies when things go wrong no matter how well-intentioned such actions might have been.

We must have in mind that in capitalism, if your business goes up or down, your investments in such business goes in same direction. No sentiments!

Sanusi Lamido Sanusi, in his early days as the CBN governor, said he was not going to be the 'traditional CBN governor'. I can as well extend it to the traditional Nigerian Public Official. What, I believe, he meant by this is that most public officials are compromised in discharging their lawful duties but he was not going to toe that line.

Today, how much has this young man helped Nigerians recover from people that were perceived to be untouchable?

Remember he was in Washington when Mrs Ibru was jailed and he said he was sure that all the Ex-banking officials facing trial would be jailed if the Judiciary should be fair/just on their own side. Now, it's another 'plea bargain'.

I will advise shareholders to refrain from calling this messiah names and pray for more people like him to emerge in public offices if Nigeria must grow.

In other parts of the world, when banks/businesses fail they are allowed to go down with their owners/shareholders; that way, people are more careful/cautious in the use of other people's money. Find out how many bankruptcies just from the failure of the Savings and Loans institutions to date in U.S banking. Both depositors' and shareholders' monies were wiped out. But SLS is saying that, from our own experience, the bad guys must have to vomit their loot. There is nothing bad about that, unless one is one of the criminals.

In fact, the reason for Japan being stuck in the rut is attributed to its inability to tackle the financial criss it faced in the late '90s.

Sanusi Lamido Sanusi, CBN governor, is the man of the decade!

I doubt most people are suggesting Sanusi does no good. In fact, he started very well. However, it seems Sanusi has, in my view, a 'slight' flaw. He sees things in monochrome (either black or white). So when there is a clearly defined problem like mismangement of banks by CEOs, he can make clear-cut decisions (rid the banks of them) which is usually right. However, this perspective is not suitable for technicolor let alone 3D HD (as he is finding out with the recent forex policy, cash withdrawal, non-interest banking policies).

Regarding capitalism, I doubt Sanusi thinks of himself as a capitalist. I think he is on record to have said , "I'm a socialist".

Red and yellow and pink and green, purple and orange and blue, I can sing a rainbow... Let's hope our man can see/sing a rainbow too (especially, when it's 3D). I wish him well and hope he succeeds.

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