THE MAD HOUSE CALLED INTERCONTINENTAL BANK

I WILL LIKE TO EDUCATE THOSE WHO HAVE BEEN CALLING SANUSI A MAYHEM, FOR THOSE WHO SAY SO DO NOT THE ETHICS OF BANKING. AM ALMOST THRU WITH MY POST GRAD COS IN BANKINH AND FINANCE AND AM ALSO A BANKER.
1)1STLY AM NOT HAPPY THAT INTER AND OCEANIC SACKED FELLOW COLLEAGUE OF OURS
2)THE SITUATION IN WHICH BANKS FIND THEMSELVES ARE COS BY THEMSELVES, REMEMBER SANUSI WAS ALSO AN MD AND NEVER HAD PROB WIT THOSE AFFECTED BANKS MD, SO NO ISSUE OF VEXATION,
3)THIS BANK WENT AGAINST BANKING RULE
A)THEY LOST OVER 350BILLION EACH COMPARED TO OTHER BANKS 25BILLION -45BILLION (WAT A BIG GAP)\
B)THIS BANK GAVE LOAN TO COMPANY WHICH THEIR DIRECTOR HAD VESTED INTEREST(NOTE THEIR IS NOTHING WRONG WIT THAT ONLY IF,I SAY ONLY IF THE DIRECTOR DECLARE THEIR INTEREST IN THIS COMPANY TO CBN AUTHORITY) BUT THEY DID NOT AND THEY NEVER REPAID THIS LOAN
C)THAT BANKS GIVING LOAN SHOULD NOT GIV MORE THAN 15% OBILIGOR LIMIT(MORE THAN 15% OF SHAREHOLDERS FUND) SO IS 350 BILLION MORE THAN SHAREHOLDERS FUND.BUT THIS BANK GAV MORE 2 TIMES ITS SHAREHOLDER FUND
D)THAT ANY LOAN GIVIN MUST HAVE COLLATARAL BUT THEY GAV LOAN WIT OUT A SINGLE A ONE(HOW CAN A BANK GIV A LOAN TO A COMPANY WITH LESS THAN 2 MILLION NAIRA WORTH IN SHARE CAPITAL, A LOAN OF 2BILLION. NOT JUST ONE COMPANY) ABA
NOW WHO IS THE CAUSE OF ALL THIS SACK
IF THE BANKS WHERE HEALTHY THEY WOULD VE ABSORBED THE SHOCK OF ECONOMY CRUNCH
THEY CAN NOT COPE WIT HIGH OPERATIONAL COST IT JUST SIMPLES ECONOMICS PRINCIPLE COS BY THEIR PREVIOUS MD
SO LETS KNOW WHO TO BLAME

THANK YOU

mr. cooltosky, mr. post graduate and banker!!!, you have just outlined "NONSENSE"
REMEMBER SANUSI WAS ALSO AN MD AND NEVER HAD PROB WIT THOSE AFFECTED BANKS MD, SO NO ISSUE OF VEXATION, who told you he neva had prob. with them, if you were/are truely in the sector you should have known beta.
3)THIS BANK WENT AGAINST BANKING RULE
A)THEY LOST OVER 350BILLION EACH COMPARED TO OTHER BANKS 25BILLION -45BILLION (WAT A BIG GAP)\
B)THIS BANK GAVE LOAN TO COMPANY WHICH THEIR DIRECTOR HAD VESTED INTEREST(NOTE THEIR IS NOTHING WRONG WIT THAT ONLY IF,I SAY ONLY IF THE DIRECTOR DECLARE THEIR INTEREST IN THIS COMPANY TO CBN AUTHORITY) BUT THEY DID NOT AND THEY NEVER REPAID THIS LOAN
C)THAT BANKS GIVING LOAN SHOULD NOT GIV MORE THAN 15% OBILIGOR LIMIT(MORE THAN 15% OF SHAREHOLDERS FUND) SO IS 350 BILLION MORE THAN SHAREHOLDERS FUND.BUT THIS BANK GAV MORE 2 TIMES ITS SHAREHOLDER FUND
D)THAT ANY LOAN GIVIN MUST HAVE COLLATARAL BUT THEY GAV LOAN WIT OUT A SINGLE A ONE(HOW CAN A BANK GIV A LOAN TO A COMPANY WITH LESS THAN 2 MILLION NAIRA WORTH IN SHARE CAPITAL, A LOAN OF 2BILLION. NOT JUST ONE COMPANY)
which bank can boast of not being guilty of these allegations, none!!!, not even the elephant bank can.
one of the past presidents of these great country once said "it is only those caught(exposed) in the art of stealling that are thieves. take it or leave it "SANUSI HAS DONE MORE HARM THAN GOOD!"

@ too Favoured, tho this is your first post here, your response is most intelligent. Sanusi was the Judge and He could not judge First Bank without bias. All the Banks are guilty. The last terrorist strike in d U.S was by who son of outgoing First Bank chairman. Lets see what Sanusi would say. Nothing. Sanusi could not judge himself(First Bank) because of conflict of interest SIMPLE.

This is what we all should note: Bias, greediness, quest for material wealth and lack of Godly fear all contributes to the problem at hand.Nobody is free from guilt.Everyone would like to prove him/herself not guilty.Call SANUSI he will tell you that he is transparent.Call the top men/women in the banks they will also tell you that they've been blackmailed.Who will we listen to?It is time we conduct ourselves honestly in all things so that GOD'S mercies will be upon us.Are they even honest with their recruitment nowadays talkless of their transactions?How I wish they can 'buzz in' to this site and read what people are saying about them. Will they really be touched, when they've actually accumulated wealth for themselves and their families, 'probably at the detriment' of others? I'm not judging them but this is the simple truth.Don't vouch for anybody in issues like this.Money is the root of all sort of injurious things.Thank you all.

Guys, just put your trust in God, cos He is taking you a higher level.

i already new this will happen. all we need is an expert of each field to manage it. when sanusi was to be appointed, all banks CEOs knew what he is capable of doing, RISK EXPERT, yes dat is his area, he is well known for that. the wise ones rally around n put this write, i knew of UBA then, under one week they ask all their debtors to pay up, most CEO where bribing n begged soludo to push further.

consider the way these banks expanded, nonsenes, every corner is oceanic, intercontinental, UBA, n all the likes, soludo allowed this mess n he should be blamed.

remember, healthy bank, healthy economy

its all a matter of time, things will soon stabilize and there will be mass employment again. last few years was economic boom, now recession that is always the principle. economist will know this. the graph cant keep rising, it will get to the peak n go down then rise again.

to those affected, it is well.

Experts or no experts, our problems will still be there.This is not the first global economic recession in human history but this recent one has a demoralizing effects than the previous ones.Man has been producing experts in various fields, infact there are reasearches going on more than ever before but still more problems arise. Soludo is the cause: but who can tell me what would have happened if Sanusi was in Soludo's shoes?Before you answer remember that we cannot foretell the future, we are not perfect nor are we all-wise than GOD.......

The world's Economy would continue faltering. This is not the First and Last time.
The Great Depression of 1929, the fall of the global stock exchange in 1989 and the Present CRISES are all signs of a failing system of things and the LAST DAYS. Nigerians be prepared for the economy is not likely to Start recovering in the first 3 quarters of 2010. What we have now is a sick nation and sick rulers with no political will to improve the situation. Even with will power they have no right to rule themselves successfully independent of God.

@smasher1, Thanks for that historical reasearch/reference.We all can now see that this is not the first economic recession nor is it going to be the last unless God's Kingdom comes.In few days, comes 2010 and some will be saying 'happy new year'.Yes we should be happy everyday we live but note that there is nothing more fascinating about next year unless GOD intervenes.....Are you really praying for GOD'S KINGDOM?If you do that means you have love for your fellowman bcos there are people suffering more than you do....

Well, its quite unfortunate that things are happening in this way in the Banking Sector today.
I am just trying to imagine what will become of those SACKED staff by now especially those arrogants one who think that the bank is their father's place and go about the society claiming the bigger "BABES" in the society.
When most of the banks staff are only ND's holder but dressed to oppressed as if they have acquired a Doctorate Degree in Banking ur Fiance.
I pitty 4 dem sha atleast make dem 2 kw hw e dey b make persin no get work. Na God go help dem.


Me ma dey find work. ProF-JAY

This is why we should avoid being arrogant.Some people think that when they are previledged to some things in life that they have God's blessings more than others.We should note that there is nothing we have that we did not receive.Our condition can change at any time.That is why we should treat everybody equal.We should only boast in GOD not in things of this world.Some people has developed this mentality 'Let's eat now for tomorrow we shall die'.Even when you bring them the goodnews at their doors they tend to take you as someone hopeless and helpless.They don't want GOD to come and intervene since to them they are enjoying.But is that true enjoyment since after that eventually we die and turn to dust?What is our relationship with the less previledged ones?.....

I sympathise for the victims sha! Since we are living in critical time hard to deal with, such a thing is bound to happen. The world is passing away and so it desires says the Bible, but he that does the will of God remains forever.It is only GOD'S KINGDOM that can bring permanent solution to mankind problems.

All sanusi is doing is total rubbish, because u come up with policy to restructure and stabilize the economy not to damage the life of average citizen. People are there who have served more than 15 years in the Banking industry even at managerial positions and yet the policy still not affect them but the new one bear the brunt.
Sanusi is ruin the economy instead of him to create more job opportunity rather is retrenchment.
Atleast, if he asked those that have served over 15 years at the top positions to leave the industry definitely those one will not just seat rather some will come together to establish even if it is small firm and by so doing they will employ.
But i am not surprise at times if we expect senses the other is what we will get.

Quote:

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Originally Posted by kenben

@doze22 are u listening to yourself at all? it is good that he dealt with the bank CEO's but it is really sad that he is allowing the new management of inter and oceanic to fire so many people. Creating unemployment has never been known to help any economy. After all afri bank just announced that they will not be sacking anyone. or haven't u also read that sanusi has directed the to cut salaries by 30% saying that bank staff are overpaid? how do u explain such a silly statement? are u aware the oceanic bank has already concluded plans to shut down a great portion of it's branch network saying that their existence cannot be justified?

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Why shouldnt we curse Lamido Sanusi? Y shouldnt bank executives live like Billionaires, have 3, and even more private jets, buy mansions abroad, even if all of that is with money illegally pilfered? Even if its at the expense of employees, of poor depositors like widows, petty traders and students? Why should the law take its course? why should we commend a do-godder, or is this not Nigeria anymore?
@kenben, if this doesnt sound ludicrous to you, then this really IS Nigeria afterall.
@tunslori and ajaimoses, stay on point. Nothing do you.

most of the disengaged staff are better off on the job with half of their salaries.most of them would have willingly accepted this as personal sacrifices and the few that have dissenting opinion would have resigned voluntarily without generating these ripples. why are some pple's carrier being sacrified for the sake of cost reduction while every employer should have felt the pain equally by reducing salary even by 50%. i think the new management of the troubled banks are just being excessively nefarious with their new policies. they should be checked be4 they plunge the masses/economy intoa more serious problem than this......................the middle management and line staff that are being sent away without any entitlement(very meagre in some cases) are not the ones responsible for the decadence in the sector...they shold stop punishing pple unnecessarily..................

Now listen, you don't really need to be sorry for the people that were laid off, at least not for long. I think you should be more sorry for the ones that have never been employed.....Think about it, employers will always prefer people with work experience to people that don't have one. and here we are, a lot of employed people were sacked, the little job that would have been available for our fresh graduates are not sure for them anymore, because it would be competed for with the experienced ones....Jobseekers increases while employment decreases see that! What kind of economy improvement is that? Gov Lamido Sanusi made a blunder. whatever his plans are, its madness, its not going to work! United states prefer to lose money to keep people's job by introducing a stimuli, Sanusi is laying people off by his actions. Now tell me CBN gov lovers, how do you intend that to work on the long run?

@TOO FAVOURED AND YOUR FOLLOWER
I WONDER WHY U UNDER LINE THE STATEMENT YOU DON'T EVEN UNDERSTAND. THERE SOME BASIC QUESTION WE SHOULD ASK OURSELF BEFORE TALKING, HAS ANY OF THOSE SACKED MD SAID THEY HAD PERSONAL ISSUE WIT SANUSI, OR ANY JOINT STATEMENT BY MD'S THAT WAS A TROUBLE MAKER AMONG MD'S DURING THEIR MONTHLY MEETING WIT CBN,THE HIHEST SAID WAS THAT HE IS BEEN USED BY THE NORTH. YOU HAVE FORGOTTEN SOLUDO RELAXED ALL MOST TO ITS END OF HIS TENURE.(WHERE DID AGBOOLA ACQUIRE 358 BILLION OF ASSET) I BEG PONDER OOOOO
YOU DO NOT KNOW SANUSI THAT U TALK THAT WAY, HE HIS KNOW FOR PRUDENCY THAT WAS THE REASON HE WAS CHOSEN\
NOW LISTEN TO UR SELF ALL BANK ARE GUILT, THAT IS A LIE, IF U KNOW THE PRINCIPLE OF INVESTMENT U WILL KNOW U ARE A NOVICE. THERE IS NO BUSINESS IN THIS WORLD THAT WILL RUN WITHOUT INCURRING LOSSES BUT HOW MUCH WILL ALLOW BECAUSE ALL LOSSES HAS TO BE COVER FOR
ALL BANK MADE LOSSES IN THEIR LOAN AND ADVANCES, BUT CAN U COMPARE THE HIHEST LOAN LOSS BY THE HEALTHY BANK TO THE LEAST LOAN LOSS BY THIS DIDTRESS BANK(47 BILLION COMPARED TO 345 BILLION) ABA OPEN YOUR EYES TO THE TRUTH, INVESTOR HAVE LOST MONEY IN THIS BANK AND DEPOSITOR ARE ABOUT TO LOSS.
IF U DO NOT KNOW, 1 BANK FAILURE CAN CAUSE THE FAILURE OF THE ENTIRE BANKING SYSTEM BECAUSE THEY ARE CHAINED TOGETHER
AM SURE U MIGHT NOT UNDERSTAND WAT I SAY CAUSE OF LACK OF FINANCIAL KNOWLEDGE BUT I WISH AND PRAY FOR MY COLLEAGUE OUT THERE AND I SAY JOB WILL DEFINITELY COME BACK TO U
GREED WILL NOT KILL US IN THIS COUNTRY AMEN

pls at cfan forex am not justifying the sack of any body neither am i happy for the lord sake i ve a member of the family who was affected in oceanic
all am say for those blaming sanusi for sacking the md instead of thinking he save the bank from collapsing under this guys
the rationale for reciting and disengaging staff is left wit the management and not cbn, that all i ve been saying from my 1st post
STOP BLAMING SANUSI THAT IS ALL I TELL MEMBERS OF THIS FORUM

These banks should have done what zenith did sometime ago. There was a time zenith was the highest paid bank but when huge chunk of their money went into visafone they cut salary by almost 50%. The truth of the matter is dat this serves as a big lesson to many. Wherever u are, whether in banking sector or not, try to make good savings. Some of these (sacked) staff from IBPLC were receiving more than N200k every month but as bankers they would just be ravished by friends and families leaving them with little or nothing to save. I sympathize with them anyway but more with those that have not tasted the joy of employment. God dey!

hey cfanforex,
u as a person need to be matured in ur statement,we all know the effect is large employement figure but do not forget no financial sector no economy,so the economy can still recover and will definitely employe, the only thing the people sack will have gotten better things to do by the grace of God.
so stop make statement out no statement, let me ask if u have a business that is not making half of the profit expected or the coy is in debt wat will be ur financial decision
so do understand the principle of economics