The brazen decision of the Lamido Sanusi-led Central Bank of Nigeria to sack the CEOs and Executive Directors of Oceanic Bank, Afribank, Intercontinental Bank, Union Bank and Finbank should be treated with the due suspicion that it deserves. The present predicament of the banks was long in coming. The bitter, persistent complaints of alleged marginalization of the ‘North’ by the Soludo consolidation policy, by Northern politicians, journalists and traditional rulers during the Obasanjo administration, gave an inkling of what fate would befall the banks immediately this administration came into office.
And the ‘Northern’ saboteurs went into action as soon as Yar’Adua was sworn in. They first focused their attacks on Soludo and its main achievement, the consolidated banks, which were blamed for all manners of ills plaguing the country’s economy. The African Finance Corporation, which was established by the Soludo CBN in partnership with Nigerian banks, was portrayed as a gigantic fraud. The presidency even set up a special investigative panel which could only find Soludo culpable of alleged procedural mistakes in setting up the continental development financial institution.
Then came the accusations that the ex-CBN chief was not policing the banks properly and that he co-owned some of them. Series of pressure was mounted on the professor of economics, making him to embark on a series of measures to pacify the powers that be. He gave back the operating license of Société Générale without a fight and to achieve regional balance also Savannah.
Moreover, he even wrote off the 70 billion naira debt of Unity Bank. But all to no avail. The North wanted that position at all costs. When the time came for the renewal of his term of office and against all rules of logic in view of his world-acclaimed achievements, Soludo was asked to go and Sanusi was swiftly named in his replacement. The curious thing about the processes of appointment and Senate confirmation of Sanusi was the lack of controversy which should normally have characterized them because of the antecedents of the Fulani man.
Sanusi is unabashedly a Fulani bigot and he has made that clear in many articles he has written since 2000 and which were published in Nigerian newspapers and online especially on gamji.com. He has made disparaging remarks about Chief Obafemi Awolowo and Afenifere, describing the group years ago as “An Infantile Disorder”. He even attacked Abacha and Babangida, non-Fulani former Northern heads of state (he once wrote that “the problems of this country have a lot to do with the shift in power away from the Fulani to individuals like Babangida and Abacha, products of ‘lower cultures’”). He made sure his readers understood him well that he was foremost a Fulani – he even described the term Hausa-Fulani a nonsense nomenclature. In fact, the title of one his articles was “The Fulani without Apology”. Sanusi’s writings were so nauseating that Garba Shehu, the non-Fulani Northern rights activist, once described them as “racist crap”.
Aside from that, Sanusi at First Bank was rumoured to be actively engaged in the infamous de-marketing campaign, a charge that Intercontinental Bank made against him, in a veiled reference, in a newspaper advertisement early this year. Doubts about the veracity of the widely-held suspicion were dispelled by the negative feature on Nigerian banks published by The Africa Report in June, in which Sanusi was the main source of information. He was also exclusively interviewed in the report.
That such an unabashed tribalist and possibly a criminal (de-marketing is a crime) could be appointed into such a professional national office without any protests shows the political lethargy of the Southern elite.
And that must have emboldened the Fulani CBN chief that he made very negative remarks about Nigerian banks in the very first interview he granted the press upon his assumption of office. In the interview, with the West Africa Correspondent of the Financial Times, he made it point blank that he would prefer new investors to come into the market even expressing his preference for foreign players at the expense of those he referred to as anonymous Nigerian Nominees.
That interview also failed to elicit condemnation despite its patent unpatriotism and its potentials to cause a confidence crisis in the capital market. No wonder that Sanusi felt so sure of the docility of his victims that he devised the so-called audit programme, carried it out in a rash and without even waiting for the completion of the exercise or informing the boards of the affected banks of its findings, he went ahead to change the managements of the banks.
Without doubt Sanusi’s actions are premeditated and are meant to change the ownership structure of the banks.
Why the haste to take the decisions when the so-called CBN audit has not been conducted in all Nigerian banks?
Why did Sanusi not invite the boards of the banks to show them the results of the so-called audit and ask them how they think they could solve the problem; for example, giving them a deadline to recapitalise?
Why wield the axe so soon?
The practice all over the world is to first demand that the existing shareholders meet the capital adequacy. It is only where they are not able to raise the required capital that forced intervention by the regulators takes place.
These are indications that Sanusi is following a script.
The appointment of Southerners as acting MDs of the 5 banks and to the board of the CBN is a smokescreen is a smokescreen. When the smoke clears, Fulanis would have become the majority shareholders of most Nigerian banks. As Sanusi has said that he would invite investors to shore up the capital of these banks and take stake in them.
There is a grand conspiracy by the Yar’Adua administration to foster Fulani control over all facets of life in the country. What Sanusi has just done must be linked with what his people are doing in other sectors of the economy where they’re edging out other Nigerians, such as in the oil & gas industry.
Today, it’s the banks. Yesterday, it’s the petroleum products importers. Who knows who’s next?
When will Southerners and other marginalized Nigerians begin to resist this blatant process of internal colonialism?
…………………………………………………….
Akeem Adebayo lives in Dubin, Ireland
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Sani zubairu
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... I think abdul akeem is not a nigerian,and all what he has said is baseless.plzzzzzzzzzzz just remaing where you are and contiue your washing dead body over there. |
Wole Ajagunla
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... Akingbola, Ibru and co. should fight back! I dismissed this Fulani ethnic thing when Sanusi sacked the bank chiefs. But it increasingly seems that these conspiracy theorists may indeed be right. The CBN says the banks are saddled with non-performing debts. But the debtors, whose names were published, now say their loans are performing. Even the figures have been disputed and the CBN has even owned up to typographical error (typographical error in banking?????). The bank chiefs say their banks were not INSOLVENT. And, trully, none of the bank had problems fulfilling its obligations to its depositors before the CBN intervention. Now Sanusi says he wants to sell the banks. After only one week? So fast???? And the audit has not even been conducted in all the banks to enable the CBN gain a comprehensive understanding of the situation. The SICKEST bank in Nigeria, Unity Bank, has also not been audited. Soludo granted (freely gave, not loaned) 70 billion naira to Unity last year. And he didn’t because of that sack Bello Falalu, the MD, and its executive management. Some people are playing with our collective intelligence. Akingbola, Ibru and co. must resist the confiscation of their banks, that is obviously the intention of Sanusi. |
Dave kwassu
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... I pity Nigeria. Serious because we cant have any headway if all that we look for in reforms is there ethnic inclinations. If u loss money in savannah and SGB you will not be talking like this. I know people that dead because of that. Its better dealt with the way Sanusi did it. |
lizi
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... I wonder why people choose to exhibit their ignorance on issues they know little about. Hakeem or whatever you call yourself, we are talking about facts and figures here; nor parochial ideas like the ones you have expressed. Please come back home and invest in these banks and watch your investment (no matter how small) go down the drain as a result of some greedy cheats like the MDs of the banks we are talking about here. After all, Nigerians raised issues about these banks when Soludo was still the CBN Governor and he claimed all was well. |
abiodun sunday
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... why are you guys trying to crucify the dubliner cos of his opinion? afterall, facts are sacred and opinions differ. what the dubliner had simply done was to analyse the cbn helmsman's action against his earlier stand as enshrined in his past published articles and materials. none of you had been able to dig deeper than the dubliner. in this, he is head and shoulder above his critics. if indeed, lamido had this bigot background, then, the press in the country had since gone to the dogs. no wonder, none of them has any serious background to stories anymore. this is as a result of the impoverishment of all gamuts of the society by the thieving and corrupt so-called leaders. an average journalist in nigeria looks forward to the next press conference of a new appointee for what he would drop for them not how they would dig deeper to find out his background. that was why a person like jimi lawal, a criminal who brazenly crashed alpha merchant bank and fled abroad came years later to occupy strategic advisory role in the federal capital. it was true, he was only an adviser to a minister, but why would the masses had to bear the brunt of criminal activity. till he left office i never heard a quer raised about his background raised by the so-called prominent trumpeters of that time-vanguard, thisday, guardian- who dubbed him banking whizzkid. only God can pull nigeria out of this mess. |
Moses Amadichukwu
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... What a crap, sahara reporters, over to you, what are ur views ? Akeem Adebayo, what is wrong if a fulani man tries to save depositors funds and investor funds trapped in these banks from failing, was he doing a wrong thing, if those banks failed, what would you have said, dont ypu see these so called bank MD's use our monies for the personal use ? My friend try and "re-brand" your views ? |
sheu usman
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... What was soludo doing when fat rats were eating our barns off?every true nija sons and daughters must read that weekend interview by Sanusi Lamido.he is not your run of the mill northerner and he proved himself from day 1 when at the senate he criticized the visionless 7point agenda.if he had not stepped in,our economy would have come crashing down over our heads and the glottons who ate it up would move to europe and america to do cash festival.the billionaire who borrowed 75billion and refused to pay should be given the roadside armed robber treatment.too much corruption go kill nija soon! |
Bayo Nero
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... @Wale Ola, I will watch how things pan out because the Hausa/Fulani guys are master strategists. It is a matter of time to see the how the game plan unfolds. |
Omoyele Omo-oba
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... When Soludo started consolidation programme in the banks people shouted he was anti-nothern region. Now Sanusi has started another laudable programme, people are crying another anti-tribe. When are we going to grow above all these tribal sentiments? I invested my life savings in these banks, but noting came out of the investment. Whatever can bring sanity to our economy, is highly welcome. Sanusi do not forget the IBORIS, OKIROS and others, collect our money from them. They want to live big, big. DEBTORS. |
WaleOla
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... I guess the persons who have lost touch is not Akeem but you guys cos indeed there's a Nothern agenda in all of this. Please I say this categorically and the events of the next 6-9 months will prove it: just watch this space. Besides if you are in Nigerian banking system you will already know that there are at least two banks with hugh marginal (non-performing loans) whose boards will not be touched. Whilst I want to believe the Sanusi is objective rant, there is a 'rat underneath'. Problem with most Nigerians we look at the core North as the mallam maiguard not knowing these guys are far more strategic and some of these actions were drawn few months after Yaradua became President. 'will come back here to drop the famous 'I told you statement' when the full script unfolds. In the meantime continue to believe the Sanusi is expert risk-manager trying to clean up the banking system toga.... |
kunle alli
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... The writer here may have lost touch with Nigeria. Those of us living in Nigeria have seen this coming...we know what huge, unsecured (or inadequately secured) loans can do to banks health. The banks have, as a result of all these, forced innocent girls, who need the jobs badly, into some sort of prostitution. Some of them even cut by as much as 50% the contracted salaries of their workers...to drive them for deposits to make up for those terrible loan decisions made by the disgraced executives. Even if the so called Fulani agenda exists, why did the affected banks play into the hands of the so called Fulani strategists? The victims are the masses of Nigeria...depositors in these banks, small and medium scale entrepreneus who cannot access bank loans and so cannot grow. |
edet
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... Sanusi should prove that he is not doing the bidding of his northern brothers. We are watching those he will sell the banks to as these banks belong to southern interests. |
Hausa/Fulani
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... Akeem Adebayo I urge u to please come back home and invest in these banks if u r so confident about their positions. Empty barrell. By the way u missed the L in Dublin which makes me wonder. |
Borngreat
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... Hummmmm, Akeem Adebayo, you are really out of touch and an Anti- Nigerian Financial System, many of you there are doing laundry work with bank CEO's as agents and brokers of foreign loans and helping buyers all kinds of craps,, buildings, Air-craft/ bomber jets aboard on people deposit ,this CEO's of distress banks too much of peoples deposit to invest in stocks and shares and have being reaping billions till stock crashed you have lost touch my Dear , this is not tribal issue, and no body should buy your sentiments , because you have lost touch and reality of Nigeria , when did you visit home last? May be 10 years ago!, here banks declares profits of fake billions, but they can’t fund a meaningful projects or give loan to less privileged Nigeria, don't worry we know you type has lost a job and patronage of this distressed CEO’s, I only pitted Soludo who tried to help this COE's by covering the ass till now, he was good and worked very hard, but his CEO's runs an evil empire, I think ,now we know why Soludo lost his job at CBN by protecting this vampires, let them go, no Sentiments ,no hard fillings and no tribalism on this action of CBN governor, Nigerians are in support of this action and anything that will help Nigeria banks stand to there feet. |
Joe Shima
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... There's a whole lot of noise being made with regards to marginalization in Nigeria. I have given the subject some thought and long realized that, yes, marginalization does exist. But it is neither the South or North that is marginalized. It is also not the Ibos or Niger Deltans. The truly marginalized persons are the masses of Nigeria.The ordinary folk on the street who only desires the basics of life, food, water, transport, a roof over their heads, jobs. but can not have access to these things because a few greedy folk in power(from all corners of Nigeria)have held us hostage.That ten igbo men hold plum appointments in the federal cabinet does not translate to a better life for igbos if those appointees do not discharge their duties to for the betterment of all Nigerians, his Igbo folk inclusive.Northerners whom have held on to power longest do have the highest poverty and illiteracy rate in the country. Even the Niger Delta people who currently hold the megaphone in the marginalization shout have a long list of elites who corruptly enriched themselves by cornering resources meant for the people of that region. With these in mind, one begins to wonder who is taking advantage of whom? Until we cease to view marginalization as the act of leaving out people of a certain ethnic background in federal or state government appointments, the suffering of the masses will continue to linger on. The people pilfering our common wealth come from all sections of the country;Hausa, Igbo, yoruba, Fulani, Ijaw, Urhobo, Tiv,Birom, Idoma,Igala,Isoko and what have you.The south eastners who cry of being cheated in Nigeria, for example, how well have the governors of that region fared in providing good and profitable administration to their people. Same goes for the north, south west and Niger Deltans. The marginalization that exists in Nigeria is that in which leaders voted into power from all sections collectively plunder sizeable portions of the nations resources leaving hapless Nigerians from north to east to grope in the dark for survival |
Ojo Akinjide
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... Ojo just face your boy boy work in Dublin, Island and leave sanusi alone. You have lost touch with your father land else you would have known that sanusi is not what you think at all. |
Gabriel Odu
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... Such logical, sequential and supported argument as that by Dayo Coker below is what we look forward to debating on: http://www.saharareporters.com/index.php?option=com_content&view=article&id=3464:the-fall-of-erastus-akingbola-&catid=68:perceptor&Itemid=194 |
Gabriel Odu
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... What kind of crap is this? We expect to come on here and read intelligent articles with intelligent arguments to back them up. This fellow whom I suspect is some sorry lout claiming to live in Ireland adds no sense to the serious issues being addressed in the banking industry. Sahara Reporters can do better than this sort of parochial, speculative and tribalized nonsense |
