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  #1261 (permalink)  
Old 3rd November 2009, 07:32 PM
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Default Re: First Bank Plc

I'll be surprise if these loans were given during Sanusi's tenure at First bank. If he gave out these loans and then went on to approve the removal of the Ceos of the other banks then he is truly an idiot, but i doubt it. I have always known that first bank is not all that sound in management, i personally know one of their non-executive directors named Afonja and i would not let the man run dog's budget. The man is a postal child for everything that is wrong with Naija to say the least. He was there b/4 Sanusi got to First bank i'm not sure if he is still there. May God help us all.
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  #1262 (permalink)  
Old 3rd November 2009, 09:09 PM
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Default Re: First Bank Plc

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Originally Posted by CatDad View Post
I'll be surprise if these loans were given during Sanusi's tenure at First bank. If he gave out these loans and then went on to approve the removal of the Ceos of the other banks then he is truly an idiot, but i doubt it. I have always known that first bank is not all that sound in management, i personally know one of their non-executive directors named Afonja and i would not let the man run dog's budget. The man is a postal child for everything that is wrong with Naija to say the least. He was there b/4 Sanusi got to First bank i'm not sure if he is still there. May God help us all.
One of the ED's removed in the Sanusi 9 joined the bank barely 12months ago!

Maybe the loan were not given when he was MD but as the Chief Risk Officer, all the loans passed through him!

His records at UBA was also not sterling.

So if FBN has N74bn NPL (I am sure they've made huge recoveries thats why it is this low now), should we also criminalise all the directors of FBN that presided over this activity?

Maybe we need to see the list of debtors so that we can see the jets bought with the loans also.
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  #1263 (permalink)  
Old 3rd November 2009, 09:43 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by wanaj0 View Post
One of the ED's removed in the Sanusi 9 joined the bank barely 12months ago!

Maybe the loan were not given when he was MD but as the Chief Risk Officer, all the loans passed through him!

His records at UBA was also not sterling.

So if FBN has N74bn NPL (I am sure they've made huge recoveries thats why it is this low now), should we also criminalise all the directors of FBN that presided over this activity?

Maybe we need to see the list of debtors so that we can see the jets bought with the loans also.
Could you please shed more light as to why you think NPL should be higher than N74B?
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  #1264 (permalink)  
Old 3rd November 2009, 09:49 PM
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Default Re: First Bank Plc

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Originally Posted by hispy99 View Post
While I'll like to see the list of debtors of FBN, GTB, Access e.t.c, the situation of those banks is different from the Sanusi9. The Sanusi9 effectively are controlled by the CBN and the CBN can decide to pursue their debtors as it deems fit. GTB, FBN and co are controlled by shareholders and the shareholders (represented by management) can pursue their debtors as they deem fit.

When I was at my former bank and Chief Ibeto refused to pay us our money after all entreaties, we published his name in national newpapers with a notice we were going to auction his properties. He paid prompto. If GTB/FCMB/Zenith want to use this medium to pursue their debtors, they are free to, or is anyone stopping them? Did SLS tell GTB not to publish list of debtors, or the CBN is supposed to use its resources to chase debtors on behalf of GTB?
Abi, CBN should just transform to a debt recovery company... The ultimate responsibility for giving out NPLs remains with the banks... They either recover them or make provisions. Those are the only options...
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  #1265 (permalink)  
Old 3rd November 2009, 09:55 PM
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Default Re: First Bank Plc

Ok o.. Sanusi was useless as a Risk Officer, incompetent as a Managing Director, infact his entire banking career was a disgrace. However, he makes a good Governor... That's what matters to me.
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  #1266 (permalink)  
Old 3rd November 2009, 10:05 PM
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Default Re: First Bank Plc

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Originally Posted by hispy99 View Post
Could you please shed more light as to why you think NPL should be higher than N74B?
Everyone started paying back in fear when the first list hit the newspapers, some FBN debtors must have paid in fear.
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  #1267 (permalink)  
Old 3rd November 2009, 10:06 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by hispy99 View Post
While I'll like to see the list of debtors of FBN, GTB, Access e.t.c, the situation of those banks is different from the Sanusi9. The Sanusi9 effectively are controlled by the CBN and the CBN can decide to pursue their debtors as it deems fit. GTB, FBN and co are controlled by shareholders and the shareholders (represented by management) can pursue their debtors as they deem fit.

When I was at my former bank and Chief Ibeto refused to pay us our money after all entreaties, we published his name in national newpapers with a notice we were going to auction his properties. He paid prompto. If GTB/FCMB/Zenith want to use this medium to pursue their debtors, they are free to, or is anyone stopping them? Did SLS tell GTB not to publish list of debtors, or the CBN is supposed to use its resources to chase debtors on behalf of GTB?
In fact, this your point is solid.
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  #1268 (permalink)  
Old 3rd November 2009, 10:08 PM
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Default Re: First Bank Plc

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Originally Posted by eniyanman View Post
Ok o.. Sanusi was useless as a Risk Officer, incompetent as a Managing Director, infact his entire banking career was a disgrace. However, he makes a good Governor... That's what matters to me.
A confused governor is more apt, and am bothered about its implication for the economy.
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  #1269 (permalink)  
Old 3rd November 2009, 10:10 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by eniyanman View Post
Ok o.. Sanusi was useless as a Risk Officer, incompetent as a Managing Director, infact his entire banking career was a disgrace. However, he makes a good Governor... That's what matters to me.

I guess we'll have to manage the "useless", "incompetent" and "disgraceful" CBN governor till his term expires.
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  #1270 (permalink)  
Old 3rd November 2009, 10:12 PM
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Default Re: First Bank Plc

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Originally Posted by eniyanman View Post
I had to laugh ... I'm sure if SLS said the world was round, some won't believe. If he said it was flat, I'll believe. He is the latest religion in town.
If Sanusi says the world is round, then again he might be trying to confuse us further, the world is oval shaped anyway.
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  #1271 (permalink)  
Old 3rd November 2009, 10:12 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by wanaj0 View Post
One of the ED's removed in the Sanusi 9 joined the bank barely 12months ago!

Maybe the loan were not given when he was MD but as the Chief Risk Officer, all the loans passed through him!

His records at UBA was also not sterling.

So if FBN has N74bn NPL (I am sure they've made huge recoveries thats why it is this low now), should we also criminalise all the directors of FBN that presided over this activity?

Maybe we need to see the list of debtors so that we can see the jets bought with the loans also.

While I do not agree with every action SLS has taken, I fully support him for firing the CEOs of mismanaged banks. The U.S govt did not ask for shareholders approval before the CEOs of Fannie and Freddie were shown the door after the govt injected capital into both companies. Chuck Prince at Citi saw the light and resigned before he was asked to resign.

Whether the Sanusi9 CEOs are guilty of a criminal offence, I have no clue, but they were at the helm of affairs when the ship got wrecked. The buck stops at their desk, so they deserve to be fired. If they were paid huge salaries for producing profits, they should be ready to be fired for producing losses.

I personally do not agree with the blanket firing of the EDs.
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Last edited by hispy99; 3rd November 2009 at 10:24 PM.
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  #1272 (permalink)  
Old 3rd November 2009, 10:16 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by hispy99 View Post
I guess we'll have to manage the "useless", "incompetent" and "disgraceful" CBN governor till his term expires.
If I say am annoyed, I will be a hipocrite, we have to manage him like we manage all the other incompetent, useless govt officials, starting from Yar........
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  #1273 (permalink)  
Old 3rd November 2009, 10:17 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by c kenneths View Post
Everyone started paying back in fear when the first list hit the newspapers, some FBN debtors must have paid in fear.

So why was it ~ N36B as at their March 31, 2009 FYE report?
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  #1274 (permalink)  
Old 3rd November 2009, 10:20 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by c kenneths View Post
A confused governor is more apt, and am bothered about its implication for the economy.
The governor knows what he is doing. No matter how he does it, everyone that wants, will have something negative to say about it. Changing the status quo will always be met with resistance.

Like I have said many times, if you believe UBN and Intercontinental are sound, you duty, is to buy as many shares of these banks as you can. At least, SLS has not put them on full suspension.
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Last edited by pumping; 3rd November 2009 at 10:33 PM.
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  #1275 (permalink)  
Old 3rd November 2009, 10:25 PM
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Default Re: First Bank Plc

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Originally Posted by pumping View Post
The governor knows what he is doing. No matter how he does it, everyone that wants, will have something negative to say about it. Changing the status quo will always be met with resistance.

Like I have said many times, if you believe UBN and Intercontinental are sound, you duty is to buy as many shares of these banks as you can. At least, SLS has not put then on full suspension.
Great point
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  #1276 (permalink)  
Old 3rd November 2009, 10:27 PM
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Default Re: First Bank Plc

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Originally Posted by hispy99 View Post
While I'll like to see the list of debtors of FBN, GTB, Access e.t.c, the situation of those banks is different from the Sanusi9. The Sanusi9 effectively are controlled by the CBN and the CBN can decide to pursue their debtors as it deems fit. GTB, FBN and co are controlled by shareholders and the shareholders (represented by management) can pursue their debtors as they deem fit.

When I was at my former bank and Chief Ibeto refused to pay us our money after all entreaties, we published his name in national newpapers with a notice we were going to auction his properties. He paid prompto. If GTB/FCMB/Zenith want to use this medium to pursue their debtors, they are free to, or is anyone stopping them? Did SLS tell GTB not to publish list of debtors, or the CBN is supposed to use its resources to chase debtors on behalf of GTB?
You have a good point here, but saying the CBN should only publish the list of debtors on the Sanusi9 is like saying the CBN should stop regulating other banks, why wait till the loans start to cause problems before he can jump in and take the bank. What efforts did Sanusi make internally as FBN MD to collect this 74b back before he left, did he publish a list or lock up those that took the 74b?

He have done nothing when he was the MD just few months back, and now he can turn round to slap those that were maybe as incompetent as he was.
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Old 3rd November 2009, 10:28 PM
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Default Re: First Bank Plc

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Originally Posted by c kenneths View Post
A confused governor is more apt, and am bothered about its implication for the economy.
There is nothing in the Governor's actions that suggest confusion. I guess the World Bank, IMF etc who have supported his actions are also confused... The naira has appreciated during this period. Or is the naira stupid?
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Old 3rd November 2009, 10:31 PM
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Default Re: First Bank Plc

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Originally Posted by hispy99 View Post
I guess we'll have to manage the "useless", "incompetent" and "disgraceful" CBN governor till his term expires.
Yes o... The guy should go on so un...
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  #1279 (permalink)  
Old 3rd November 2009, 10:34 PM
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Default Re: First Bank Plc

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Originally Posted by c kenneths View Post
If Sanusi says the world is round, then again he might be trying to confuse us further, the world is oval shaped anyway.
Strictly speaking, according to Wiki, "The shape of the Earth is very close to that of an oblate spheroid, a sphere squished along the orientation from pole to pole such that there is a bulge around the equator."
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Old 3rd November 2009, 10:36 PM
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Default Re: First Bank Plc

Quote:
Originally Posted by pumping View Post
The governor knows what he is doing. No matter how he does it, everyone that wants, will have something negative to say about it. Changing the status quo will always be met with resistance.

Like I have said many times, if you believe UBN and Intercontinental are sound, you duty, is to buy as many shares of these banks as you can. At least, SLS has not put them on full suspension.
This is what it boils down to in the final analysis. People need to put their money where their mouth is.
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