WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2010-07-30 Time: 11:00:02 Posted By: News Poster
Cleansing imminent at CBN (124)|(124)| Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, yesterday stated that there was no hiding place for bank debtors, declaring that the Assets Management Corporation of Nigeria (AMCON) would employ all legal means to retrieve monies owed banks to forestall further deterioration of the system.
Sanusi also revealed that prior to being made the CBN Governor, he did not know of the huge level of rot in the banking system.
He stated this in his keynote address at the 15th CBN seminar for Business Editors and Finance Correspondents with the theme “The Blueprint for Banking Reforms in Nigeria: Issues, Challenges and Prospects,” in Benin City the capital of Edo State.
Sanusi was apparently reacting to the issue of debtors who caused distress in banks walking the streets free, insisting that this could no longer be tolerated in the present dispensation.
So far, a total sum of N300 billion has been recovered from the debtors between last year and now, he said.
He maintained that AMCON would take any legal means to ensure total recovery of the debts.
The Governor posited that AMCON being a government institution has the necessary power in the Act setting it up, to go after the debtors, warning those concerned not to waste any further time in paying up to avoid the sledge hammer.
Sanusi reiterated that all the money injected in the troubled 10 banks would be repaid as the apex bank had to ensure that the banks have adequate liquidity level to remain afloat.
This, he added, would engender confidence in the sector as well as enhance growth through encouraging fresh investments into the sector.
He explained that no depositor in the Nigerian banks lost a kobo due to the reforms which he said became necessary to salvage the system from total collapse.
According to him, “No business will survive without sound capital base, we are not interested in banks that do not have adequate capital and we must also know that it is wrong to be a managing director of a bank and steal depositors’ money.”
Continuing, Sanusi stressed that Nigeria will not develop unless the infrastructural sector is fixed, affirming that the future of the banking industry is tied to that of the manufacturing sector, adding that “there must be adequate infrastructure to grow the economy.”
The Governor said before assuming office as Governor of the apex bank in June 2009, he did not envisage that there was such huge rot in the banking system.
He therefore stated that the reforms has to be intensified through prosecuting errant chief executive officers as a deterrence, saying that the way forward is to do the right thing at the appropriate time.
On tenure of office, he postulated that it would be more germane for a CBN Governor to enjoy only one term in office of five years without renewal.
This, he said was necessary to allow those who have been there to give way for the injection of fresh ideas and strategies into the system, maintaining that whoever does not want to move up to greater challenges to allow others to try theirs is not deserving to be there.
He assured that the CBN would continue to support agricultural sector as well as the SMEs to grow the economy.
Sanusi also disclosed that CBN was perfecting strategies for cleansing in the apex bank in line with the on-going reforms in the banking sector.
He made this known during an interactive session at the seminar for Business Editors and Finance Correspondents in Benin City, Edo state.
He stated in a reaction to a question on why the CBN had not punished any of its directors who supervised the 10 ailing banks.
Sanusi said “When you are fighting a battle, the ground on which you are standing must be secured, else you will be consumed by the war.
“It is not over yet, because we are still doing the reforms and I want to assure you that at the end of the day, any director or officer of the CBN found not to have done what was supposed to be done at the appropriate time will definitely be shown the exit door.”
On the criticisms trailing the banking sector reforms, Sanusi said even the media did not know that “I knew where dead bodies were buried, and when I came on board, I needed to find out which of the banks was sick and which one was healthy, and the treatment required for the sick ones.”
He affirmed that some of the banks did not have the required N25 billion capital base “they took depositors money and through all kinds of schemes converted the money to capital.
Mojeed Jamiu, Lagos; Isaac Aimurie, David Agba, Abuja And Amaka Ifeakandu, Benin
Original date published: 30 July 2010
Source: http://allafrica.com/stories/201007300372.html?viewall=1