Politicians responsible for failed banks –CBN Governor

Date: 13-12-2010 2:24 am (13 years ago) | Author: don uche
- at 13-12-2010 02:24 AM (13 years ago)
Politicians responsible for failed banks –CBN Governor
From PAUL ORUDE, Bauchi
Sunday, December 12, 2010

Photo: Sun News Publishing
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The Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, is set to provoke fresh controversy again as he noted that second republic politicians were responsible for the collapse of many banks in Nigeria.
Sanusi, whose expose on the National Assembly is still generating controversy while delivering a lecture in Bauchi on Saturday noted: “Most of the people who killed Nigeria banks are still very much around us, they borrowed money and refused to repay them and when the banks died they turned around and reinvested the money into their businesses with some of them becoming Governors, Senators, members of the National Assembly.”

Delivering a lecture titled, ‘Global Financial Meltdown and the Reforms in the Nigeria Banking sector’ at the Abubakar Tafawa Balewa University Bauchi, the CBN boss said that he does not believed in the popular slogan of ‘failed banks’, maintaining “the banks did not fail but were killed and we must do everything possible to find the killers of the banks just like will be done to find the killer of anybody murdered.”

On the banking reform he introduced in the last 17 months, he said that that the reforms had brought stability to the banking sector and the Nigerian economy, stressing that due to the measures and initiative put in place, no single bank in Nigeria has collapsed ever since the full implementation of the reforms.
He boasted that no depositor has lost money as a result of the bank sector crisis because, according to him, “The banking system has stabilized and the most affected banks have continued normal operation while modalities for injecting fresh capital into them either by shareholders or through acquisition and merger arrangements are being finalized.”

Sanusi further said that the reforms had also succeeded in returning macro economic and financial system stability adding that overall output in 2010 is expected to be higher than in 2009.
He said: “Projections by the National Bureau of Statistics showed that the real GDP in 2010 will grow by 7.85 per cent compared to 6.66 per cent in 2009. The growth rate appears robust but there is need to ensure that it translates into job creation and poverty reduction.”

According to him, between 2009 and 2010, the volatility of the economy has moderated significantly explaining “Headline inflation declined steadily from 15.1 per cent in end-2008 top 10.4 per cent in September, 2009, rising thereafter to 15.6 per cent in February 2010. Since then, it has maintained a downward trend to 13.4 percent in October 2010.”

Posted: at 13-12-2010 02:24 AM (13 years ago) | Gistmaniac
- daddys123 at 14-12-2010 12:55 PM (13 years ago)
vry cool
Posted: at 14-12-2010 12:55 PM (13 years ago) | Newbie
- Pepesy at 14-12-2010 01:01 PM (13 years ago)
Posted: at 14-12-2010 01:01 PM (13 years ago) | Gistmaniac