The story of the CBN bail out to five banks, which are alleged to have undertaken shady operations in their banking practices, appears so far to be one-sided. The haste with which the =N=400 billion bail out was made, the chief executives summarily removed and appointees of CBN were imposed on the banks, calls for some questions. Without reservation, I would say that the questions raised presently at the National Assembly, thereof, is in the right direction. Let us hope that the underlying reason would prove to be noble at the end of the delibrations.
Informed minds are yet deeply troubled. What sense is there to stake =N=400 billion for =N=50 billion returns? Who is fooling who?
Let us not miss the point. The premise for the take over is that the banks defaulted in procedures. Nobody has said that the banks lost any money outside the amounts held in unsecured loans. So far the recovered amount is under =N=30 billion. Even if the recovered amount were =N=50 billion, why the haste to aid recovery, injecting more money that would have been lost? Curious question!
It would appear the complete truth has not been told. It will be told eventually. To receive them for free as they come, please email to: [email protected]. As matters develop we will monitor and make useful contributions. The answers that emerge will be a shocker. This is our counrtry, all of us; none is exempted.
Feed the mind and free the soul.
Posted: at 31-08-2009 03:15 PM (14 years ago) | Newbie
Guy you got all wrong. i hope you've been following the story properly.
The banks in question gave out close to =N=1t [one trilion naira] non performinbg loans.
In other to save the banks from total collaps, CBN decided to inject =N=400B to the banks to get them going. that is far below one trillion my dear pal.
no matter how incorrect ur time is, it will be correct twice a day.
Posted: at 31-08-2009 03:27 PM (14 years ago) | Hero
WonderAmazon at 31-08-2009 03:51 PM (14 years ago) (f)
Quote from: waco on 31-08-2009 03:27 PM
Guy you got all wrong. i hope you've been following the story properly.
The banks in question gave out close to =N=1t [one trilion naira] non performinbg loans.
In other to save the banks from total collaps, CBN decided to inject =N=400B to the banks to get them going. that is far below one trillion my dear pal.
not quite. the one trillion was for all the loans, including margin loans to stockbrokers which the government is looking into.
the people mentioned to have made refunds, how much of the one trillion do they have? the Otedolas, Dantatas, Jimohs and so forth. paltry sums pulling the wools over many eyes. not mine and not quickmind's, thank God.
darekobed2 at 9-03-2012 11:52 PM (12 years ago) (m)
It is obvious that Nigeria want to show they are in existence. It happened in America and it must happen in Nigeria. Yes, the information was that the colapsing banks gave out an unperfoming loan of about N1 trillion. To save them from colapsing, CBN injected N400 billions. The funny side of the story is that they have recovered only N50 billions. The one billion dollar question is; IS THE CBN BILLOUT NECESSARY?, IF YES, TO WHAT EXTEND?. Sanusi is a man of theory than practical. If i must say catigorically,the move is a failure becuase by now he should have recovered all the loans question.
Posted: at 9-03-2012 11:52 PM (12 years ago) | Newbie
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