CBN sacks CEOs and management of five Nigerian banks

The airport must have been very busy.

Hmmm... I am absolutely confused here. Why do CBN Governors so easily just wade in to remove a bank's CEO? I am more than puzzled here. During his predecessor, Wema Bank's MD was removed for a very flimsy excuse of granting a loan - obviously personal. Now five MDs, which will not augur well with anyone. Could there be something quite wrong or is he just eager to suppress its old rivals.

Now you are talking... well done Lamido!

I doubt that the CBN will be that stupid to do such a thing. How else can you decrease the confidence of the public in the financial system? The country's leadership know those that owe most of the bad loans to the banks and those people are celebrated by our leaders. Even the CBN governor cannot tell this country that he is not close to some of these people. Yet he runs his mouth in the press with such wanton ignominy and he professes he is an expert in risk management and quite unfortunately the press help him sound his trumpet when all his actions so far has shown that he doesn't know what to do. He only understands the general theory of risk management but its practicality is far from his understanding. He is running the risk of destroying all that the financial services industry stands for.

EFCC pls take over

I am disturbed about your recklessnesses by stating what you have not confirmed. What happens if those or some of the CEOs you mentioned are not affected. Just be ready for a litigation for your irresposibility. Your Publisher, Dele Olojede is a friend but it appears he has thrown his over twenty years of quality and untainted journalism to the thrash. Let us wait. Thank you

In my opinion, this is long overdue and obviously a step in the right direction. The recklessness of the so called CEOs has to be checked and sanity brought back to the system. The foot soldiers are groaning and dying while they sit up there enjoying the largese created by others in their favour. To me, they are good riddance to bad rubbish

How true is this story? This will surely cause a panic in the industry and the stock market will surely suffer for this. Meanwhile, how come there is no name attached to the story? Who broke the news, who is to be held responsible if the news is false. Or are you guys saying the whole of 234Next and Timbuktu Media can and should be held accountable?

Not a nice day to be Cecilia Ibru. Let's hope this is part of the big shake up that has been needed for so long and Nigerian banks are forced to offer value to ordinary Nigerians, rather than covet the big thieves...

Infact, I beg to disagree with Ade's comment. It is still pre- mature to judge the wrongness or rightness of either parties. Let us wait and hear the facts of the case. But, honestly the Governor said it in advance that any unserious bank's boss who takes CBN actions for a joke shall be fired. So, to be forewarned is to be forearmed.

I expect the CBN Governor to use more understanding in the discharge of his duties but so far he has shown both himself and the person that appointed him are a bunch of unintelligent 'schoolboys' that claim to have been educated at the highest level but have little understanding as to how to lead a country, an economy and a people. What does the EFCC stand for? No wonder Hilary Clinton said EFCC is nothing anymore. Why will this nation allow some few people hold the nation and its financial system to ransom? It is as though we depositors have contributed to make a few people rich. If I were the CBN, I will audit every financial institution (especially the big ones) and profile their risk asset portfolios in such a manner that those bad debts and the debtors will be clearly identified and pursued to the last using the EFCC and all other anti-graft machinery in the country. I will not care one bit if such people are related to me. All those monies will be recovered to the last penny. Sacking CEOs will not solve the problem, it will only worsen it. Some of the banks need the FG to help pursue some of these powerbrokers that are bad debtors most of who are incorrigible. Everyday, we glorify people that are valueless in this country and sing the praises of men that are of little worth. I wonder when we will start having intelligent and circumspect leaders in this country. As far as I am concerned, Sanusi Lamido is not in any way and by any standard fit to lead this country's economy. He should go and learn from men like Benannke of the US Fed how to lead an economy. He knows absolutely nothing!

This is not complete Zenith Bank / Jim Ovia should make this list

ahhh really????

'It's only Nigerians that have the solution to Nigeria'a problems'. These are the words of Dora to the fearless and I-Can-Look-Into-Your-Eyes-and-tell-you statement from Clinton to the Nigerian government. I am sure this answers Dora's statement contrary to what she means, abi? Sanusi, well done!

Blaise is it because Zenith sacked you for Gross Misconduct

This will definitely destabilize this country and is not in our best interest. I am dusting my intl passport jare as these northerners r at it again.

Let Sanusi explain why JIm Ovia, the number one most corrupt banker is not on the list. Where is the truth in Sanusi's voice in his action.

i agree most especially since he has turn his zenith female bankers to corporate prostitutes and has completely lost all bank ethics...he should be top of this list.

What is the criteria for dismissing them. Is there any explanation to this. Are all the banks made to pass through the hurdles?.

I HAVE ALWAYS MAINTAINED THAT WE DO NOT NEED TWO PEOPLE IN EVERY SECTOR TO SANITISE NIGERIA.ALL WE NEED IS A GOD FEARING MAN/WOMAN AT THE HEAD OF EVERY INSTITUTION TO BRING SANITY BACK TO NIGERIA. A YAR'ADUA IN THE PRESIDENCY, A SANUSI IN THE CENTRAL BANK , THE GOVERNORS IN THE STATES CAN ACTUALLY TURN OUR MIS-FORTUNES AROUND BUT WHAT WE GET IS DECEIT. GOD WILL CERTAINLY SANITISE THIS COUNTRY BECAUSE THE DANGOTES, THE BANKS AND THE POLITICIANS MUST SURELY ACCOUNT FOR THE MISFORTUNES OF THE MAJORITY OF IMPOVERISHED NIGERIANS SOMEDAY, SOMEHOW.GOD BLESS US ALL

Blaise! Why have you decided to wash your dirty linen in the public? Afterall we all know why you were dism***ed from Zenith Bank; pls don't use this medium as a ground for personal vendetta.

of course Benannke was partly responsible for the global meltdown.. I pray Sanusi would NOT become like him. Amen

Wonders will never end...who are those nominated to take over??????????

that is not good for our nation and banking industry i think first mr president should go first.i seek that soldiers should take over now and stop further actions from sentimental Lamido.

This obviously couldn't have been true. The meeting with CEOs of banks are just going to be held today yet you are already reporting matter of factly that 5 CEOs were dismissed by the CBN. I expect the bunch of people at Timbuktu media to be more circumspect in their reporting and not add to the present stress in the banking industry. A run on the afore-mentioned banks would no doubt bring about the collapse of the country's tottering economy. Be warned.

Bobo, you seems to be the only one abreast of info in this environ. This step is long overdue, most great economies had since moved beyond this level. BAnking should no longer be a family thing. Its time for the purging. Its very necessary.

This is not true. Let us await the outcome of the meeting.

Hmn... a speculative piece... preemptive strike... no attribution. A quick note though... why not dig up facts on the functions and responsibilities of the holder of the office of CBN governor? That should make for interesting reading... especially in the current context?

we need God's internention........o guild our leaders right,,,,,,,,,, in love and honesty to grow,,,,,

I need a verifiable source for this news before I can comment

Hope other chief executives will learn from this. Most CEO's see themselves as thin God. Mr Sanusi welldone, It's time to look into the activities of the Micro finance banks.

@ Charles. E: It is this sort of attitude that has brought Nigeria to the depths she is wallowing in. Please dust that Nigerian passport well and hurry up to where ever you feel you can make an impact

I think we should wait to understand what happened if the story is true at all. we have many problems in this country and no matter who helps to solve them i'm ok. if sanusi can help solve some of the problems in the financial services industry so far it is not being done based on parochial reasons so be it.I hope and I pray that one day we would see a better nigeria.

PLS LETS BE OBJECTIVE.

A step in the right direction! When you have banks like Intercontinental Bank (ICB) granting loans of over N30billion to three oil companies that ICB itself acknowledged are 'fringe players' in the oil industry (with N18billion going to one of them, a one-man business for that matter), then you know that drastic change is required; Sanusi has stepped up to the plate. Banks need to clean up their act, and when they will not, a regulatory body should be able to do so. Well done Sanusi.

the CBN should look before they leap, they say that the devil we know is better than the angel we dont know, if CBN sack them, if they are sack, you will take over. JUST BE CXAREFULL

@ Malo: You just commented

most of these CEOs tried to bribe the senate to stop the appointment of Lamido. I guess he knew what they were about and they also knew he had integrity. Lamido Baba!! carry go....

Pls Free Blaise, this is a matter of national significance, lets not reduce it to Blaise Vs Ovia/Zenith. This is a Nigeria thing, just like it is in our political scene, the financial services sector is not spared.Power is in comatose, No pliable roads, no academic exercise . . .list unending.This news is not to be celebrated at all . . . Oh God serve Nigeria, she is failing

I don't agree to this (assuming the news is completely true). Sacking CEOs would not in any way make the loans come back...in fact, it makes t"he debts "badder" than before. Lots of these leaders just act as though Nigerians are fools and cannot reason themselves.

As I read through the comments I we find this CBN move somewhat impossible and my question is why? If the CEOs or any staff of these banks are guilty of 'padi padi' banking, then they should be REMOVED and JAILED sef!(If CBN has such powers). You all should remember that there are millions of shareholders, depositors, investors who they are accountable to. And forget not how the American press opened in on the Bernie Madoff $50 billion ponzi scheme that helped expose one of the biggest financial fraud in history. I have a PROBLEM with some sentences in this brief though, readers want facts and not speculative statements. Hope NEXT will give a more detailed and factual report.

Above all let the will of God prevail.

well, i think sanusi has shown no wisdom in just sacking 5 CEOs just like that (if the story is true),he is obviously not a risk manager,he has succeded in making the average nigerian lose confidence in the Nigerian financial system. and is going to throw panic into the country.we will not take this as excuse to impose the islamic bank on us,pls Nigerians this is a country with diff religions and if we have a CBN governor whos one of his 1st inovations is trying to bring religion into an office that is in charge of a nation money then.......... i dnt know when we nigerians will learn, how can u employ sm1 who has a masters in islamic or is it sharia law,to hold such an office,the next we will get is amputation of fund defaulters.Nigeria be warned

What a way to restore confidence in the banking sector. Anyway, no surprises though, we live in an environment where the blind leads those who can see, In fact the state of your president's health says it all about the state of the economy and the nation as a whole. The way forward.. at a time when the capital market is struggling is to lead the money market to the slaughter as well. ALMIGHTY RISK MANAGER SANUSI!!! BRAVO!!!

The CBN has injected N400bn into the 5 Banks.

lets watch and see but people should stop uncomplimentary remarks about other banks not included as cbn did a thorough job before arriving at their decision if proved.

soludo Came in said the only way to move forward was merger, but Sanusi is sacking them same people who is fooling who.The new people are there corupt free, He have to create a measure of cubbing any of their malpractices and not sacking them. Others will go hide under false pretence and still remain the same. He is just taking a big risk

nothing to fear about. the banks remains solid n committed to their customers. life must go on. banks should nou be run as private empire.

This is pure beef. Sanusi has been in the system, he knows all the shady deals of we bankers. No one can booboo him. ride on Lammy. We must be selfless to move on.

this piece of news better be true or the credibility of this fantastic newspaper may be irrepairably damaged....lets wait & see.

Folks I think we might be missing the point here...There is a catastrophic disaster on the horizon in the banking industry in Nigeria. All 25 Banks together have over a Trillion Naira worth of toxic debt. Most of this lent to oil importers and marketers. If these banks can not get their money back from all these oil folks then there will be a collapse. The money after all belongs to the Nigerian savers some of whom are on this forum. There will be a lot more to come out over the next week or so....

the story tellers are irresponsible cos they are not incisive in their reporting and i cant believe the trash. chikena

What a way to restore confidence into an already shaky financial sector. ... Anyways No surprises. We are in an environment where the blind leads those who can see. The state of your president's health is a true reflection of that of the economy. The capital market is struggling and the best our dear CBN Governor can do is to lead the money market to the slaughter. MR RISK MANAGER... BRAVO!!!

Change has to begin from somewhere. If bank bosses are all liars and cheap fortune hunters, why should they be there in the first? In any case, they should give way to others who will be ready to play according to rules? But who are the angels? This is a delimma of a tumbling nation. It is like a sinking ship, with the same frenzy, you seen everyone struggling to grab everything in sight. But then, I have always believed that Sanusi could be more cautiuos. He is in charge of a sensitive sector that requires tact and discreption to manage. He does not have to be that wide to keep the deviants on toe. God help Nigeria. GEOFF IYATSE IS A JOURNALIST

@pantaphobious@legba you both are very apt in giving the whole issue context. I suspect there are many be bigger sh**t to come

I do not feel that any valuable imput can be made to this discussion at this point. Let us all wait for the outcome of todays meeting

it shouldn't have been now that the country is @the peak of economic crisis and serious heat on different parastals.

Why dont we wait for the complete audit of ALL the banks and same end of year bank's report, before all of this...Sanusi you have nothing to loose though, Arewa has no bank of their own...( o unity)...We wait to see the likes of Zenith and co.. The most corrupt bank(s)...

Legba, thank you. If we have ever been involved in any bank examination, we will realise this step has been longgggggggggggg overdue. No sentiments, no pity. yea

God should save us. it is well. hope the economy is strong enough to withstand the aftermath.

this is a very wrong report. I wonder the source of this news

I am appalled by some of the comments I read above. Just as in everything we have started bringing religious sentiments into the whole matter. What is the right step to be taken out of the financial mess we find ourselves? Should the CEOs if found wanting be sparred because we want depositors' confidence? Which is more harmful to those depositors, a failed bank or a failed CEO? People must be held accountable for decisions they take or decisions taken under their watch. If the CEOs are found wanting, please let them go. UK is doing thesame by forcing resignations in the banking sector and America in the car industry, why shouldnt it be so with us if its the way out. Sanusi I commend your effort because impunity, be it political or whatsoever destroys a nation and if the CEOs have had that over the years it is time to stop them. We must all be accountable for our actions or inactions. We need a Sanusi in the political sector to ensure forced resignations of CEOs be it the Federal, state or local level. Ride on Sanusi.

how cum zenith bank and access bank did not make the list .are Nigerians sure this is not another witch hunting exercise of the FG, cos i cannot understand why this removal was not done before. whichever way lets see wat the FG will do and lets pray that the appoint competent individuals to run the affairs of the affected banks......Gods speed

When Soludo brought in consolidation, that was how we shouted and it turned out for the good of the industry.Sanusi may be doing the nation good in disguise, but am always afraid of mallams and their thinking. See Mallams El Rufai & Nuhu Ribadu now, we have to pray for the industry.

I strongly think the CBN is acting a script written by the northern elites. Why all the hurry, why not wait till his team audits all the banks. Why the phased approach to achieve his goal.These people have contributed to the economy and should not be humiliated out as the CBN governor is doing.What about the people who benefited from all the said toxic loans that are funding the politicians and the parties. God and history will judge us all for our actions and in-actions.

wowh!!! such is life

This story is too skinny. Pls Timbuktu media lets have more flesh to it. Why were they sacked, who & who were sacked,when? There's more to this that make meets the eye.

how cum zenith bank and access bank did not make the list .are Nigerians sure this is not another witch hunting exercise of the FG, cos i cannot understand why this removal was not done before. whichever way lets see wat the FG will do and lets pray that the appoint competent individuals to run the affairs of the affected banks......Gods speed

@ d! above: What exactly are you saying? CBN injects hundreds of billions to stabilise these banks and they institution should allow those who dropped the ball to remain in the game? And why are you doing this sick Nigerian thing of raising a religious agenda the minute something you don't like happens? So that instead of us human handling our business we can still keep waiting for God to help us? Does God not help those that are also helping themselves?

I hope things are not as bad as they are begining to look! I reaelly do.

what went wrong with those heads?

This is very sad, how could CBN Governor openly and without fear of God's wrath promote the course of his northern rogues who have decided to hold this country into ransom all because of their greed. What I expected the CBN Governor to do is to use EFCC that is if they are still in existence to go over these fraudsters called Nigerian businessmen so that the debt owed these financial institutions could be recovered. I wonder whether the CBN governor has sat down to really think of the implication of his action on the Nigerian economy, because if he has, he will not be asking these banks to write off billions of naira owed by these hoodlums. Am beginning to think that there is a conspiracy in the whole thing, because I’ve never seen or heard of such rubbish before, can somebody tell me where in the world that a whole CBN governor will compel banks to write off debts owed by organizations that have not been liquidated.

i think its high time owner manager CEOs excuse other younger and brighter bankers to take charge. Let the will of God prevails

Wale Aremu, please relax! You sound like one of those loan defaulters who have helped fuel the current crisis in the industry. You sound so scared!

no comment yet!!!

yeah.....think the banking sector is gettting cleaner.hope this story is true..sanusi, keep the ball rolling...

Some people panic when Bank CEOs go down; others panic when Twitter goes down. Like my people will say; ka chineke mezi okwu.

sacking them is not a solution cos how re we sure d pple the re going to take their place wont perform worst than their predecessor

Jim Ovia of Zenith and Tony Elumelu of UBA must be in that list else i will be forced to believe this has to do with something personal. All thesame well done OGA RISK MANAGER........Three gbosa for you....gbosa! gbosa!! gbosa!!!

I think the sack may be in the right direction. Next news shud pls learn to give facts and not rumour your news always comes as a toddler learning how to talk. On the other hand does CBN actually have the right to sack such MDS? more so, we need more efforts towards banking rules that will make loans accessible to entrepreneurs and not just sacking, all that the banks have been doing is get deposite, forcing unrealistic targets on ladies making them do unthinkable acts no wonder Nigerian banks cant survive in EU or US

We are obviously missing the point here. This is just another way of northernising Nigeria. These people have been removed to pave the way for the northern elite who have refused to come to terms with the fact that The banking industry has been dominated by the south. Please remove the blinkers from your eyes. the government is corrupt, CBN is not to be excluded from the corruption. in a year or two we will see the likes of Yuguda becoming the owners of these banks but like some have said let the will of God be done.

wow,5 ceo's,to think that 2 of the banks i bank with are affected i must confess i am scared.lamido i just hope u know what you are doing because you just fired some very experienced hands and minds.all the same kudos to you for making some extravagant people cut their summer short,indeed our airports must have been very busy!!!

i think we should wait for the communique of the meeting with the CEOs before we make any comment

This is a very good development, I think the CEO'S of our banks needs to be checkmate things are just about to be happening in our country.And am sure this will make every body to play his/her role very well.

If Nigeria must move forward, it needs many Sanusis in every public sector. There is great need for swift and just actions in Nigeria. Sanusi provides a welcome change from the slow or non-action that we see in Nigerian politics especially the presidency.

Can i be convince thet the CEO's of this great nation Nigeria banks are the engineers behind nigeria problem no, let us fear GOD and not humanbeing we all know the people behind nigeria problem,no power, companise are leaving this contry and we pretend unawear,the so called big business men of this nation are one killing this nation because of their selfish intrest and not bank CEO's. lamido risk theory maneger b careful they are pushing u 2 cover their mess,go get d big men owning bank to pay,and not CEO's

Honestly,i'm still confused mike.What exactly is the cus of their dismissal? Mr governor shud explain...otherwise what possition is the CEO of UBA,the Good or the Bad!

I think peoples' concerns, positively or negatively about Sanusi's action are teneble even if the story is not yet comfirmed. Several times we have seen dog bark vehemently at tall people in Nigeria without it biting them. This might well be another of such. Financial criminals should not just be sacked for them to go and use their looted moneys to fund political parties and to breed armed robbers and drug pushers; they should be put in jail and the moneys taken back from them.

can htis be true lamido speak because you are a mallam that has nothing at stake in this contry well i will wait till after the meeting to hear

Honestly,i am still confuse of this sudden dismissal.The question is,was it bcus they did not attend the meeting or for other reasons which will be disclose after the meeting or perhaps the governor is only trying to be sentimental.Pls,i need to know.And if otherwise,where is the CEO of UBA on the list.Sanusi answer me now b4 i change my mind...

have we all forgotten that he was an insider player.....what most of us did not have access to, he had it. i am sure he knows better....this can not be due to vendetta or wotsoever. if he wants to do that,he will go after UBA and not those 5banks.

Nigeria- A failed state or a failed system. Indeed I ask myself what do this old generation have to hand over to we the younger one faiiled education, failed health system, failed governance. Now failed banks from top to the bottom. May God help us o

As we speak, mobile police mandated by the CBN have taken over the head offices of all 5 affected banks. Fasten your seatbelts guys, this is gonna be one rough ride, and many people are gonna get hurt...

Compatriots, This issue has got nothing to do with northerners or southerners, moslems nor christians...Lest we run this country aground with our wagging tongues. Let's give the banker a chance; perhaps a week or two. Maybe his technique is tried and true... Would he lie to you?

I do not know Sanusi other than he is a Risk expert, I am not a financial expert, I cannot claim to be the most honest Nigerian, but there is a problem in our country. We the citizens (including myself) have been spineless and cowardly as we watched as all forms of sanity in was eroded from our financial system. We saw double digit interest rates we did not complain, we saw Dangote and Otedola listed on the Forbes 500 while we hop okadas and drive on dusty pot-hole infested roads we said nothing, we saw the banks declaring all sorts of fictitious profits while there where no signs of a growth in the manufacturing sector, we kept mute. Silly advertisement campaigns "someday cars run on water", "the one customer bank", "smiling customer bank", bla, bla, bla. Ok so the CEOs were reckless but aren't many of us? We celebrate theft and avarice, honor dishonesty, applaud fraud that does not get discovered.......our memories are short, very short. Why did we not talk when we heard our Bank MDs were buying Jets in a country where majority of the populace are poor by world standards and those who stumbled (effected word being stumbled) into wealth still psychologically poor because when they made a bit of money from the kalo kalo stock exchange the next thing was to increase the number of 4x4s on the road. These bank CEOs did not do it alone, there was a system....why is that lekpa woman Okereke Onyuike not behind bars? Lets not be deceived, how many of you have ever gotten a bank loan based on your innovative idea put in a business plan? If you even got an audience it would be so that the bank executives could understand the concept, steal and execute the idea themselves. Following this they would chase you away by asking to bring 150% of what you want to borrow as collateral. What gives? I don't know why on International flights coming into Nigeria you would usually see all the seats (business and first class) filled up by foreigners who keep coming. South African airways now has daily flights to Lagos apart from other airlines that plight this route and we are not worried that we our economy is being colonized by fellow Africans, and the vertically challenged yellow man from China. You think BokoHaram is really about the west an wrong ideals? No, it was about poverty, joblessness, lack of satisfaction and purpose in life amongst poor young boys. The banks have failed, the government has failed, the education system has failed, the church and the mosque, the youth (everyone below 35) have failed, we have all failed! The thing with this our failure is we still have a chance at success, individually we all need to search ourselves and purpose to do things the right way. We've been living in self deception and denial, wake up Nigeria! Before your country is snatched from you before your very eyes due to our non-nonchalant and finger pointing attitude. When the night is darkest is when the dawn is also closest.

I think this is a development that will further erode public confidence in the financial services industry given what is being experienced in the capital market over the past few months. However, we should wait for further information on the CBN's action. In the interim, if the reason for wielding the big stick has to do with the failure of the affected CEOs to provide security for investors' funds in thier banks, I think CBN may not have been too harsh. Nigeria needs a well regulated banking sector in order to survive the excruciating impact of the global economic recession. To continue to allow abuses in any sector of the nation would be tantamount to destroying the very basis of our collective agenda of a virile, promising nation that assures future development prospects for all. we need to wait as udpdated information on the sack of the CEO's begin to unfold.

This is a good one, let them taste how it feels to sack person from his job.

5 bank mds sacked?????. Who's next to replace them????.... What plans do we have for these banks, thier staff and the investors?. Nigerians, we are so quick to forget the past. what happend when soludo came in with consolidation plan and next devaluation of naira notes ******. Let us all pray and hope he is well guided as a risk expert to do the right thing at his tenure. WATCH OUT IT'S EFFECT ON THESE BANKS AND THE NIGERIAN MARKET.

So what happens to the failed CEOs ............... jailed: I beg these guys should be honoured with permanent cells in Kirikiri. But I'm sure the list is not complete yet; Ofia, Aik should join the list abi?, Dankote & his friends, and most Nigerian politicians especially of PiDiPi killin our economy should not be spared. Allah, Olorun, Chinenke God go catch them all ..... somebody say AAAAAMEN

what is the peremitre for this sack. you don't just come on air to say a very serious matter trivially please give details

I do not know Sanusi other than he is a Risk expert, I am not a financial expert, I cannot claim to be the most honest Nigerian, but there is a problem in our country. We the citizens (including myself) have been spineless and cowardly as we watched as all forms of sanity in was eroded from our financial system. We saw double digit interest rates we did not complain, we saw Dangote and Otedola listed on the Forbes 500 while we hop okadas and drive on dusty pot-hole infested roads we said nothing, we saw the banks declaring all sorts of fictitious profits while there where no signs of a growth in the manufacturing sector, we kept mute. Silly advertisement campaigns "someday cars run on water", "the one customer bank", "smiling customer bank", bla, bla, bla. Ok so the CEOs were reckless but aren't many of us? We celebrate theft and avarice, honor dishonesty, applaud fraud that does not get discovered.......our memories are short, very short. Why did we not talk when we heard our Bank MDs were buying Jets in a country where majority of the populace are poor by world standards and those who stumbled (effected word being stumbled) into wealth still psychologically poor because when they made a bit of money from the kalo kalo stock exchange the next thing was to increase the number of 4x4s on the road. These bank CEOs did not do it alone, there was a system....why is that lekpa woman Okereke Onyuike not behind bars? Lets not be deceived, how many of you have ever gotten a bank loan based on your innovative idea put in a business plan? If you even got an audience it would be so that the bank executives could understand the concept, steal and execute the idea themselves. Following this they would chase you away by asking to bring 150% of what you want to borrow as collateral. What gives? I don't know why on International flights coming into Nigeria you would usually see all the seats (business and first class) filled up by foreigners who keep coming. South African airways now has daily flights to Lagos apart from other airlines that plight this route and we are not worried that we our economy is being colonized by fellow Africans, and the vertically challenged yellow man from China. You think BokoHaram is really about the west an wrong ideals? No, it was about poverty, joblessness, lack of satisfaction and purpose in life amongst poor young boys. The banks have failed, the government has failed, the education system has failed, the church and the mosque, the youth (everyone below 35) have failed, we have all failed! The thing with this our failure is we still have a chance at success, individually we all need to search ourselves and purpose to do things the right way. We've been living in self deception and denial, wake up Nigeria! Before your country is snatched from you before your very eyes due to our non-nonchalant and finger pointing attitude. When the night is darkest is when the dawn is also closest.

no comment yet..

Honestly I am worried for this country.....our beloved country Nigeria capable of becoming one of the greatest in the world, yet with no visible signs of planning to even make a start towards genuine greatness. While other countries, through sheer will power and simple forthrightness by their leaders are leading their economies out of reccession and depression, we are still monkeying around, not even sure where to start from. WHAT IS THE REAL AGENDA OUR LEADERS HAVE FOR NIGERIA beacause obviously the "Seven point agenda" is not leading us too far from where we started from over two years ago.....GOD HELP NIGERIA!!!!

Nigerians have a long way to go knowledge wise. Going through the comments of some people in this post it has reaffirmed the lack of exposure & information Nigerians are suffering from. If you do not have facts why not seek for correctness & confirm before you make assertions that are unwholesome & spurious. Yes, we are all entitled to our opinion but I think we should be cautious when pouring allegations on people & name calling also. We should learn the maturity of discussing issues in their context & not people ' Blaise' take note. We should learn the ethics & etiquette of posting at public boards so that are contribution can be solutions to issues raised & not garbage. If I Nk called 'Blaise' whom I feel is an 'ignoramus' , 'unintelligible moron' such names, how would he feel. Watch your language all. On the sack of 5 Bank MDs, I will say let CBN, the unbiased umpire do their work, let them complete their audit, let them show us the result. Let them impose sanctions that are necessary for the customer/investors confidence in our financial sector to be retained. Gone are the blind days when he virtue of transparency was shunned, if you believe the MDs that were given the boot did not deserve it then I know CBN knows we are waiting for the criteria on which this was based. Again, if you believe that more names than this should be there kindly submit facts of oversight by CBN auditors and kindly desist from unhealthy & spurious allegations for the sake of our national interest. God bless you all as we try to make our country Nigeria a great one by being the change we seek, as Edmund Burke said, ' Evil persists when the few remaining good men do nothing.'

WHY NOT WAIT 4 THE OUTCOME OF THE MEETING B4 JUMPING TO CONCLUSIONS. GOD IS IN CONTROL, THIS MUCH I KNOWN

Nigerians have a long way to go knowledge wise. Going through the comments of some people in this post it has reaffirmed the lack of exposure & information Nigerians are suffering from. If you do not have facts why not seek for correctness & confirm before you make assertions that are unwholesome & spurious. Yes, we are all entitled to our opinion but I think we should be cautious when pouring allegations on people & name calling also. We should learn the maturity of discussing issues in their context & not people ' Blaise' take note. We should learn the ethics & etiquette of posting at public boards so that are contribution can be solutions to issues raised & not garbage. If I Nk called 'Blaise' whom I feel is an 'ignoramus' , 'unintelligible moron' such names, how would he feel. Watch your language all. On the sack of 5 Bank MDs, I will say let CBN, the unbiased umpire do their work, let them complete their audit, let them show us the result. Let them impose sanctions that are necessary for the customer/investors confidence in our financial sector to be retained. Gone are the blind days when he virtue of transparency was shunned, if you believe the MDs that were given the boot did not deserve it then I know CBN knows we are waiting for the criteria on which this was based. Again, if you believe that more names than this should be there kindly submit facts of oversight by CBN auditors and kindly desist from unhealthy & spurious allegations for the sake of our national interest. God bless you all as we try to make our country Nigeria a great one by being the change we seek, as Edmund Burke said, ' Evil persists when the few remaining good men do nothing.'

let's all get busy. new crooks are waiting to step in. God bless Nigeria

I agree it takes a thief to catch another but something inside me says there's a hidden agenda in all of this, more so in view of the re-positioning at the NNPC, Stock Exchange, Customs and some other critical areas of the nation's economy such as the Ministries of Finance, National Planning, the NIPC, CAC, etc., etc.

Nice words well spoken by you all.No one can really know the immediate effect of CBN Gov's action.However,as a matter of decency and courtesy,Lamido should have ease off his collegues by giving them few days to honorably bow out instead of removing them unceremonously. I beleieve strongly that there were many interpretations to Lamidos action and by the wordings of said sack letter. Many countries of the word had problem but which was well managed,ours should have followed the same pathway. I hope tribal sentiment is not being bring to play here!

Lets hope this moves the country forward in the right direction and cleans out the mess in the financial sector

It was a big shock when i heard the news of the sack of the 5 banks'CEO. I Think CBN is acting irrationally here, because i want to say here that what have CBN done as in what measures have they put in place to have make sure this did not happen. The sack is uncalled for at this time that people a trying to having confidence back in the country's financial sector.

I guess the African magazine report on the strong 4 banks in the industry is true

Please why not delay all these speculations until the communique of the meeting is released.

hmmmmmmmmm. By Nick Tattersall and Chijioke Ohuocha LAGOS, Aug 14 (Reuters) - Nigeria's central bank said on Friday it was injecting around 400 billion naira ($2.6 billion) into five banks and removing their management because their undercapitalisation posed a risk to the banking system.

These have vindicated the report of African magazine on the Nigeria banking industry.

The affected persons could not claim ignorance of their removal today. They have all had best of careers and have affected so many lives (positive and negative). I salute them all and wish them well in their future endeavours

What we're seeing unfold is a well thought out rehearsed script being played out.This is just Act 1 scene 2. The only variable in the whole episode is if the khaki boys will keep to their word and simply watch but right now..the temptation to gate crash the drama appears quite high. Watch this space...

sanusi......God bless you

pls allow me to bring sentiments here-coz people wil bring it up sooner or later!!! why sack all these big chieefs from the southern part of the country? Abi na bcos Lamido na northern...?hmm-wonders shall neva cease o.

This action of CBN can not be termed right in the sense that, clear reasons must be given for the erring MDs not just a blank dismissal.Suspension should be the approriate word not dismissal.

At last a Daniel has come to judgement!!!

Why are you all asking questions of what happened, there are updated stories on this site already that answers all that. For once can we please be very objective in asking questions and stop tagging it to religion, tribe or all sorts of things that do not make sense. Let's behave like educated people and stop acting like educated illiterates. thanks

Does the CBN have a right to sack the CEO of a listed, independent company?

It is only in Nigeria that oppressors will go about town been celebrated and when someone with the sincere mind to clean up the system people even the oppressed will take side with oppressors for fear of the unexpected. How many investors and depositors have been made bankrupt from the recent trend in the capital market due to cooking of books by Banks and other financial institutions? How many depositors of failed banks suffered from loans granted to Friends and allies of these so-called CEO's? God help this nation from those who live on the sweat of investors and depositors. Amin This is just a fall out of audit of 10 out of 25 banks. Let's see the outcome of others. Let's give the new CBN Governor a chance to prove his point. Nigerians are watching. God bless Nigeria

Sanusi does not understand what he is doing, We are really in trouble, our country and economy is being ran by a crop of unqualified and unintelligent folks who does not weigh the consequences’ of the actions, you can’t run a country/economy the way you run your family because the impact. Sanusi left banking as an Assistant Banking Officer and came back as a Principal Manager, by politicking he became an MD and then CBN governor substituting personal vendetta for a national assignment. Whereas our Top bankers have been greedy and significantly irresponsible, but you don't cut off your head because of a Headache, this is not time to stir up the water, the economy is already over-heated, the stock exchange is in shambles, the public confidence in the banking industry is fully eroded and a CBN governor that should be fighting the storms is going all out. I LOOK FORWARD TO A NIGERIA WHERE APPOINTMENT WILL BE BASED ON COMPETENCE AND MERIT AND NOT ETHNICITY, IT’S REALLY A PITY

This is good for Nigeria. CBN is just waking up!

LETS WAIT & C

New appointments for Banks MD: - Oceanic Bank – John Oboh (one time MD of Union Bank)….gather he has resumed and already called a meeting - Intercontinental Bank – Layi Alabi (one time MD of Kakawa Discount House) - Union Bank – Funke Osibodu (one time MD of Ecobank) - Fin Bank – Susan Orochie (one time Treasurer and ED of UBA) - Afribank…yet to confirm, but we hear is a CBN staff.

This is really amazing... I want to believe this is not the end of it all.. We should just keep praying that nothing goes wrong..

Mr Akinosho So, you expect the CBN to sit down and watch some rogues steal hard earned depositors money??? ....please wake up and catch up. we have moved beyond the station you are at. cheers.

THIS IS A GREAT NEWS, IT IS A WELCOME DEVELOPEMENT.THE NEW CBN GOVERNOR HAS TAKEN A RIGHT STEP IN THE RIGHT DIRECTION. THESE CEO JUST MAKE UNJUST, INHUMAN AND UNFAIR LAWS AND PLAY TIN GODS IN THE BANKS AS IF THE BANKS WERE THERE FATHERS INHERITENCE. JUST IMAGINE THE YOUNG MAN AT FINBANK WHO IT WAS EXPECTED TO TRANSFORM THE BANK FOR THE CHALLENGES OF FUTURE ONLY TO TURN AROUND AND START FRUDULENTLY REBRANDIG THE BANK AT A TIME THE BANK WAS MAKING LOSSES.

THERE IS OBVIOUSLY A BIAS HERE...WHER IS JIM OVIA ON DIS LIST????? WE CAN REMEMBER HOW EFFCC WAS CHASING HIM ABT SOME MONTHS AGO... SANUSI WILL OBVIOUSLY BE BIASED BECOS HE IS A FORMER BANK MD....BIASED AGAIN BECOS HE IS A NORTHERNER....LET US WATCH EVENTS THAT WILL UNFOLD NXT WEEK.

@ Akinosho - yes d CBN does o!. Infact BOFIA gives it wide powers to do as it pleases notwithstanding any provisions in teh bank's memorandum and articles of association. Very unfortunate i must say.

Good work

New Appointment for Afribank MD - Nebolisa Arah (one time staff of Fidelity)

why dont we wait and see what the outcome of all this is ? they are still meeting as we speak .

The action of the CBN in sacking the banks' CEO will send unimaginable shocks in the economy, whose drivers at the presidency seem to be at complete loss. It is condemnable. Where does the nation go from this point?

why dont we wait and see what the outcome of all this is ? they are still meeting as we speak .

I hope we are not heading towards the rock?

Hey guys, this doesn't necessarily have to be a North/South issue. Let's let the CBN do its job. If the governor thinks the top executives have to leave in the interests of the shareholders then LET IT BE.

Please where is SKYE BANK in this list for starters? This makes the list absolutely incomplete! I am a financial consultant and have in the course of my firm's works been exposed to the books of quite some banks in Nigeria, including but not limited to First Bank, FinBank, Oceanic, Zenith, Skye and Afribank. Skye was in thesame category of BLACK HOLE as FinBank, a situation that was again later worsened by more recent losses (2008) on Merging Facilities and outright losses on the bank's (Skye's)management's unprofessional and greedy conduct of taking direct positions in the STOCK market (as well as REAL ESTATE market) for their personal gains! Good work so far but Lamido Sanusi should send yet another team to SKYE BANK!!!

i absolutely support CBN boss over the sack of banks CEO of the major banks in the country so as to reduce problem militating the the banking operation in nigeria.

This is a good step in the right direction. Dapo Adeleke

Now we are getting some action. Five down, more to go. They should have allowed Abacha to finish off the buggers back then. We would not be in this mess today.

Hey, Ayo M; can u say explicitly why u mentioned CEO UBA? FYI, UBA got a good commendation from CBN. Don't say things you absolutely have no idea about.

Anything done in hasty cannot be well done. The CBN Gov. would have allowed the various banks' boards do the sacking. This not-well-thought- of decision will send wrong signals to depositors and will lead to massive withdrawals of funds and a loss of confidence in Nigerian Banks. Softly softly Mr. Risk averse! Sanusi should remember that when his father was removed as the Emir of Kano, people were sympathetic to his family,he should have thought of grave confusion his action might have in the economy.

i absolutely support CBN boss over the sack of banks CEO of the major banks in the country so as to reduce problem militating the the banking operation in nigeria.

Personally, I've always had my doubts about the UBA guy. But I'm prepared to wait and see...

I am seeing a different picture here. I do not know how many of the sacked CEO's are from the North, but you mark my words, when the dust has settled, most of the new ones will be. The North is determined to take control of the economy again, so that their unfettered looting curtailed by the last administration can continue. Finance Minister - North. CBN Governor - North. Chairman Stock Exchange - North. Oil Minister - North. You think you had it bad under Obasanjo. Just wait and see what the next few years will bring.

well,all we need in dis country is 4 God to enrich our different homes cos the govt is not sincere,corrupt.....i know dis is just d begining.may God help us.

Olu nobody is sending any wrong decision. Sanusi has done well. If you leave these bankers alone they will finish us off. God no go gree. Kudos to Sanusi

Halttttttttttttt. Maybe we should ve a second tot about this. Will the sacking of these CEOs really solve the problem? The real culprits are the ones owing. I think Sanusi should come up with a way to get this defaulters to pay down. After the sack what next? Even reinstating new handlers will do little or no good. The loans will still be there. Injecting funds into the banks is a temporary step. Sanusi, how do will get the moneys from these "UNTOUCHABLES"? This is the question you should ponder over this nite while the CEOs haunt u in ur dreams.

I thought these banks in question are very strong banks, and as such one will tend 2 believe they are all doing well. how come dis issue with their "CEO"s

jim ovia why r out?

I think this is very unfair, atleast they should have been given a second chance by querying them to caution them. by sacking tihs officials does not guarantee the success of the institution, he would still have to sack alot of them by the time he sack all of them I wonder who remains. and what gives him the assurance that those coming are better of? I think he needs to be more courteous in this his tenure and apply more wisdom in his deeds hence otherwise. thank you.

Well,some of us are nkers but I think sacking five CEOs thesame day is too much. It would have been a gradual step. Okiro was said to be among those that defrauded one of the finance house, you need to see a multi-Billion House that he bought in my street in Euphrates Street in Maitama. The man is a thief o. Investigative Journalist should swing to action and come down to see that house in Maitama. He is always there supervising the renovation. Kai, Okiro na barawo, ole and thief. If the next is a good newspaper, sent your investigative journalist to cover his billions. Those that put these CEOs introuble are Okiros, serving and past Presidents, Governors name them. What a humiliation - most expecially Erastus Akingbola and Ibru. Like somebody pointed out, Zenit should be investigated seriously, i don't trust that bank .

When will people be made to clean up their mess in this country? Why sack these people and bring others to clean up their mess? They(those sacked) have just been relieved.

How can you sack ceo of a performing bank and leave a bank that has no profit declared in the last 10 years? Is Sanusi sent by his masters to destroy the banking system because 90% of the banks are owned by southerners?

No doubt, in a few more hours events will unfold and we'll all know if this piece of news is true. Meanwhile i want to ask...what really is our problem in this country? THE PEOPLE. We don't have monsoon, typhoon,hurricanes, volcanoes, bush fires.We have arable land, we have oil,we have human resources,we have solid minerals,We are so Blessed, but why oh why is it that we the people are so wrong?Why will a Lamido have to come before a bank MD is made to leave his post after 20 years in the case of Intercontinetal bank?,assuming this story is true.That's one of our problems, the post and the power attached to the position are too enticing, so no one can imagine ever stepping down willingly.Nigerians, we should pray for ourselves as a people,we are so blessed but we use our own hands to destroy ourselves because of greed, avarice and vanity.May God help us

Well for the doubting "THOMASES" the story is very correct and is a "breaking news"anyway.Why not let us wait an see the end of the THIS HOME VIDEO,oh sorry,i mean THIS SOAP OPERA.I believe this is just the first episode,and i no is going to have a other PARTS or EPISODES.I will suggest we need to relax and take keen interest in this SOAP OPERA,which i titled,LAMIDO AND THE SACKS 5 BANKS CHIEFS(Part 1).Happy Viewing!!!!!!

Why Now?

It's about time... enough of the corrupt practices in the banking sector...enough of using shareholders fund to buy bank shares. Well done Sanusi. I hope you do not have hidden objectives with this sacking?

While we support the sanitization of the banking industry, same must be done with caution.Lamido should also avial us his reasons for the sudden sack of the CEO's of the affected banks and, what remedies are open to the customers of the affected banks and, what options do the affected CEO's have, having lost to an extent all they have built and invested in the past years in the banks. Lamido while at first bank had to cause a serious disaffection to Intercontinental bank which disaffection led to several withdrawals from the bank and, when the culprit or the rumour morgan was disclosed and petition or report made with respect thereof, not even a world has been sent across to the timing number of nigerians who believed that the said bank was going under and, today their erudit CEO is sacked

Time would eventually tell if Sanusi's action would pay off, we are yet to fully apply full disclosure in the financial sector he certainly has perfect timing as this came on Friday & probably wouldn't have an immediate effect on the Stock Market, just heard interim measures have been taken i.e Acting MD's I strongly believe we are in for more shock from Sanusiage!

We must support the cleansing exercise embarked by the CBN governor.It is quite unfortunate that some of these banks were busy deceiving the public,receiving all kinds of bogus awards worldwide and falsifying thier records.This has revealed that most of the loans are either marginal loans or debts that has no immediate economical relevance.If only these loans were given to farmers or qualified persons.If you dig further you will see that some of these loans were given to politicians warming up for second terms or to lousy governors and their cronnies.How do you explain a governor owing 72billion. The next step now is how to force the interest rate down to a single digit in order to promote manufacturing and dev elopment of infrstructure.Once production is increased,people will be employed and empowered.The banks must be mandated to keep a certain percentage of their profit as a loanable fund to certain sectors of the economy. I think the era of transparency should also be extended to the local,state and federal governments including asorock. Bravo lamido sanusi

Mr. Governor i will say this is a good work but please look into this Matter critically and ensure there is no favoritism and nepotism because Nigerian are good in destroying Future Mr. Governor do not act on Them Say but look into the Paper please

you see that what we are talkin about everybody want to show off inonce he handle power.... why does he have to lay off five CEO of banks.. i do hope he is considering the impact on transaction in those bank.... by the who gave that power... and i think there is need for him to explain why he has t do tha to nigerian

weldone lamido,teach them a lesson for their gross misconduct.thank God, we in zenith we are complying to all CBN Policy and procedures,if you are sack from the system of zenith bank dont use this opportunity and media to black mail the system.we know how our MD/CEO i trying to abide by the law.in any case you cant be 100% clean.The sky will be our limit.weldone lamidu once again God will surely give you long life to accomplish your objectives.

I have been vindicated with this smart move by CBN please how do we ex-bankers who left the system re-enter the nbanking industry we have un-blemished reciords and work by the rules BOFIA.

Well done that's what we call action, we need a vibrant person in Banking sector like Lamido Sanusi.

This is a "wrogest" move by the CBN Governor although i did agree that the Bank executive should be removed it should not have been done in this manner even Richard Fuld of Lehmans nor the AIG Executive were ever given this kind of public humilation. We should learn to manage issues and situations, they should have been eaze out over a period of 6 weeks starting with the most insovent one what Sanusi have down now is to further damage the reputation of those banks and the industry at large. If Union Bank and Oceanic can be in problem, if Guaranty and First Bank was tested for their level of stress, then no bank is safe in Nigeria so i will be better off transferring them overseas as soon as i make them.This is more damaging than building trust in the system

1.It is amazing how ignorant both local and international observers are ignorant to the level of corruption in Nigeria. There is democracy but it is one to favour the north to regain what was lost in Obasanjo's 8years. 2.From reliable sources and as an insider in this sector - The CBN governor should explain why Zenith, UBA, Access, PHB (related to the president and the north besides Unity Bank) - to mention but a few- are not on this list. 3.Secondly why make this public statement if the Audit process is to be done in batches not to mention it is obvious personal scores are being sort for chastisement e.g some proud CEOs who have overstayed. 4.In the long run - to show sincerity all bank involved in the Margin exposure - CEOS and their Executives should step aside and let us see CBN take control and recommend instead of giving others time to clean up.

Well done that's what we call action, we need a vibrant person in Banking sector like Lamido Sanusi.

After all said and done, I believe this has succeeded in giving all the other unaudited banks a heads-up. Now they know what is at stake, and can rally round to cover their own mess. The result? Better masking for other guilty banks. Needless to say, the rot or danger that CBN must have discovered in these banks never started under a single leadership. They need to bring to book past CEOs who have initiated or enlarged the problems, and not just 'fire' the incumbents.God help Nigeria(Amen)

it is so bad for all the banks, to be eating all our money.and they will be keep telling people that they are giving people loan, in other country they are giving their costomer student loan. but in nigerian banks such thing stop to be able, but why?

I recommend to this forum to read the book entitiled - "This house has fallen" Nigeria is already a failed state where anything goes. I wont be surprised if Ibori, Alams or Odili are appointed into the interim board of Oceanic Bank by the CBN, afterall they are all beneficiaries of the corrupt banking system. Kudos to Lamido Sanusi for his bold and decisive action in trying to clean the rot which Soludo covered for a long because his friends/partners who are CEOs of banks were involved e.g. Jim Ovia, Elumelu, Francis Atuche and Sebastian Adigwe (both sacked from Ecobank as Managers in the 90s for sharp practices. For Mrs. Ibru, I think you should quietly go back home and nurse your ailing husband.

ok, i agree lamido is doing a good job, he sld av warned them first before sacking but.....how sure r we dat d new ones will not be worse off and besides all the 5 CEO's are xtians, hmmm.....God help us, God help our leaders and God help Nigeria, AMEN.

Blaise or Biased or whatever your name is, Can you explain why Zenith Bank or Jim Ovia should be on this list?? i think you are only acting your name.

Just as 220 Nigerians are about to be executed in Libya, CBN is distorting our financial system/economy by sacking CEOs/MDs for what? Solve the problem? And our there lovely president is off to Saudi to cure his diseases and don't care about the Nations health

na wa waoh! i believe the removal of the top management of 5 banks was induced by integrity. how can the public trust a CEO with an investors hard earned money and the CEO of high integrity can't account for same. Its really a shame on us and anybody could have fallen prey to this.

The signals were there even when Soludo was still in office. During the Nigerian Economic Society Roundtable on the Global Financial Crisis, the issue of solvency in the Nigerian Banking system was raised and one of the presenters said that if left uncheck, there might be a total collapse in no distant future. Let the truth be told, if the CBN has the power to use more stringent measures, let it go ahead because those banks actually have issues

Just as 220 Nigerians are about to be executed in Libya, CBN is distorting our financial system/economy by sacking CEOs/MDs for what? Solve the problem? And our Dear lovely president is off to Saudi to cure his diseases and don't care about the Nations health

Actually,There seems not to be a concrete reason to me why they had to be dismissed....but i cant judge the Central Bank for making such a decision. Mybe be this might help to curb out the loopholes in the nigerian banking industry. But its not a bad idea if they can give it a rethink and call them back to office....atleast that would help them keep their head up high in their dealing. 9Ja Onibaje''

This seems like a witchhunt to me. If you guys believe this are the only banks having sharp practices then you're sadly mistaken. So the question is, why were these banks singled out, and what about the people who collected these "bad loans". How are they being sanctioned?

What of the numerous awards won by those banks? what of the rating by the various agencies? The system needs drastic changes.I hope depositors money are intact? We are sitting on a keg of gun powder and playing with fire. I hope there will not beany run on the affected banks. Where do we store our wealth-at home armed robbers will clear it, in the banks elites will wire it. You buy stock it will evaporate. you build house it will be demolished.

well,our problems in this country are many but i know one day it shall be well.sanusi well done.

people i am more troubled than excited. yaruadua's appointments has been more northern inclined than nigerian. i do hope that this is not another ACF agenda. a firstbank share holder today called firstbank the central bank, i o hope this is not another pro first bank move 5 CEOs have just been removed, same day firstbank recommends 1 to 6 bonus shares. the hand writting is clear, sanusi's firstbank is good while others are bad! too sad we picked our cbn gov. from one of the exsisting banks.CEO reoval will not pay the debts. so sad!

Well, I hope the guy has taught his ex-cols in First Bank how to render good service, even their ATMs are craps. For me, I think he's just trying to get back at banks that took the most of First Bank Customers. Let's wait ane see sha - - more to this in the days ahead

@Kemi, so you mean Zenith, UBA, Access and PHB were owned by northerners! Please let's try for once to look at things objectively and not in terms of North and South. None of us is a Northerner or Southerner by choice. But we all have the capacity to think and be objective, let's use that then.

If CBN Governor is really serious and sure of what he has found wrong with the 5 banks, why can't he go ahead to prosecute Directors in a court of law. Why go for half measures? What is EFCC doing? Is EFCC only after the tiniest fish (the yahoo-yahoo boys)and leaving the big fishes go scout free? Nigeria cannot be any better with half measures.

Who are the past CEOs of Oceanic Bank and Fin Bank; why should they be eased out, you are asking for a cover up, they were accused of not following procedure in giving out loans. Why should margin facilities be an issue? Margin facilities may have caused a problem but the structure was approved by regulatory authorities. Guys why all the negativity? The step taken by the CBN Gov was done in good faith and was handled well. I think we should refresh on the history of the banking sector and listen to the news more and stop commenting before we have facts. I have been in the Financial Sector for a couple of years and I can assure you that the affected Banks have been a source of concern re their Banking practise since Soludu’s time, I agree that there are other ?able Banks but one step at the time, we should really quit complaining all the time. Kudos to Next for breaking the news

SANUSI...........U HAVE DONE VERY WELL.IN THIS CRAZY COUNRTY LIKE OURS....WE NEED VERY BOLD MEN TO TURN THINGS AROUND.....MANY BANK MDs in nigeria dont know anything about real banking... BANKS SHOULD START PAYING SERIOUS ATTENTION TO OUR REAL SECTOR......WELL DONE SANUSI..I KNEW U WONT FAIL US....I SAW THE FIRE IN U...LONG AGO...........

'well done' governor and 'well done' First bank.when you want to kill a dog,you first of all give it bad name. They started with that PUNCH newspaper publication.God dey.

What has be done well.Am tired of people with narrow minds. Banking sector is a system, there is a systemic mess that not even the sick goverment has been bold enough to confront. Sacking people is not a solution to Nigerian banking system.

Am suprsied The Executive Board of UBA were not named. Those guys are armed robbers in Suits. or is EFCC going to step into their matter?

kudos to mr governor. more...

We need to be objective in our judgements.The to give 1 for 6 and devidend of N1.35 has been on for over 2 months therefore people should not show their ignorance.The pre AGM held has been fixed for over 3wks ago.Lets be objective in our judgements.They were sacked for obvious dubious reasons which would have earned them life imprisonment in the West.We need a change.Lets remove sentiments.To be frank are u happy with what happens in Nigerian banks.People have become prostitutes and irresponsible in order to meet crazy targets.

This is just the beginning of one of what will be the most interesting suspense filled law suits in Nigeria. I am wondering how some banks escaped the hammer. I hope this does not have a Northern Agenda signature to re-take the banking institution. Anyway, the affected bank CEOs will not fold their arms, lawyers will make a hell of money in the coming months. We dey Kampe..

my guy sanusi 3 gbosaaaaa 4 u cos dis men call MDs has really killed us in dis country,pls don't let dem go free send some militant 2 com and kidnap dem so dat they can pay all d money dey have looted frm us.family business banking,full of fraud and lies deceiving poor people wit there stupid adverts on cnn,bbc,nta,ait,etc and fake internatinal awards best bank of d year.let dem know dat no condition is permanent,God pls hear d cry of poor and unemployed graduates who are suffering in hands of all dis hoodlums and monsters who call themself CEO and MDs wit other corrupt politician,dat one day what happen 2 SADDAM HUSSEIN and ABACHA is waiting 4 dem.

i have quite a stake in three of those banks but to hell with it,now i can invest with confidence.

LETS ALL BE PATIENT, FULL DETAILS WILL DEFINITELY BE MADE KNOWN.ITS UNWISE TO START CASTING BLAMES WHEN WE ARE NOT FULLY INFORMED.

The Chief Executive Officer of Oceanic Bank, Chief Mrs. Cecilia Ibru OFR, has condemned the action of the Central Bank of Nigeria in sacking the management of Oceanic Bank Plc. Making a case for Oceanic Bank International Plc she said that the Bank, in their 2008 accounts, has an asset base plus contingency liabilities of 1.6 trillion naira, an asset base of 1.246 trillion naira, a deposit base of 835 million naira, shareholder funds of 217 billion naira, and about 118 billion naira in earnings. According to her, all these figures were approved by the Central Bank of Nigeria in the recently approved 2008 accounts. She further said the Executive Management was not presented with any bank examiners report nor an opportunity to defend itself, and the action is viewed as a violation of the constitution of the Federal Republic of Nigeria and the rule of law of the Federal Government. Finally, she appeals to all customers, shareholders, staff and other stakeholders to remain calm as we look towards a speedy resolution of this matter.

It is really unfortunate at a time the nation is trying to rebrand, that this is happening and coupled with the aura of confidence in the nation about the stability and tranquility in the industry,honestly a lot more needs to be done to win back the public confidence in the industry, and I implore all bank and bankers to take this as achallenge and a general concern cos I believe this daint is an industry wide one not just for the five banks.

It is my hope that what the CEOs did wrong will be published and that this action by the Central Bank Governor, Sanusi, will be the best in the circumstance to sanitise the banking industry. May the Lord deliver Nigeira.

i am not surprise. the problem of this country are our so called richmen. is it only bank executive? what of our political leaders? we are yet to tell ourseves the truth. poor masses are suffering when the so called richmen are catting away the sweat of the masses. imagine the comment passed on nigerian leader by the visiting american sec. the earlier the better.

Does the CBN Governor actually have the power to do this? Seems the CBN better ready itself for some crippling litigation. To wake up and fire board of directors of 5 companies, some of whom are internationally rated as some of the top 50 financial institutions, on ground of risk exposure or whatever, does seem rather high handed and too draconian. We don't see it happening anywhere else. We hope Mr Lamido has not come with his own agenda and axe to grind. It looks very suspicious!

At this point, i hardly give a hoot about the politics involved all-what-not, the Nigerian system has become too shady,corrupt and confusing for simple minds like mine to follow. all i care about is, what happens to my poor husband who is the breadwinner and a staff of one of these banks? what happens when Cecilia decides to relocate to her mansions in Dubai to escape the heat? what happens to us who dont have mansions anywhere? Even Sanusi Lamido probabaly has enough money in his kitty to take care of his 2 wives and several kids for the rest of their lives. what happens to those of us who got our jobs honestly and have toiled at pursuing unreasonable targets just to be able to put food on the table? pls tell me why we wont decide to pack our bags and run to ghana or some other less confusing place so that we can survive? after all, no angel will ask for your nationality when we arrive at heaven's pearly gates. so please excuse me if i would rather not analyse this bloody issue and just worry about our next meal ticket!

The truth is that there is a need to purge our financial institutions of this dangerous CEOs. But that will not solve the Nigeria Economy Problem as the system that fostered this brand of managements is still in play and will now re-brand its strattegy to produce more dangerous ones in a manner that it will be hard to find out the danger before the die is cast. It is also true that there is selective justice reminiscence of Obasanjo's Ribadu. It is also true that there is a silent Jihad going on and we should stop feigning unconsciuosness. As disappointing as it is that Elumelu and Ovia did not make the first and second place in the dsimissal list smells foul, it is disheartning to know that the people who through there political garrison commanders where responsible for this mess are the celebrated ones in our midst. THIS COUNTRY IS STANDING ON HER HEAD. GOD SAVE US.

Well i will have to ask if the sacked CEO's good riddance to bad rubbish.........??????????This is just the beginning of one of what will be the most interesting suspense filled law suits in Nigeria. I am wondering how some banks escaped the hammer i think some more are still involved in such as the others which have been spelt out. I hope this does not have a Northern Agenda signature to re-take the banking institution. Anyway, the affected bank CEOs will not fold their arms, i truth Nigerian lawyers will make a hell of money out of this. Well it is only God that will help this Country oh. I Guess EFCC will finish what Lamido Sanusi has started. See Zeeeeeeeee..............

I was an insider of one of the Banks involved, to be precise finbank until recently. The rot there is terrible. Sanusi should also go after some of the top management of this Bank to reveal more than meet the eye. Infact, what was going on before we left the Bank by MD's cronnies was iniquity and transgression and no longer sin. I hope EFCC should focus on those in FINCON, SOFTWARE GROUP of IT and Corporate services cooking their books for them. May God almighty save us from these cultists. Amen

..end of lau lau spending? This is the point where we give hi five to Fola Adeola and Atedo Peterside! Something tells me grandma Cecilia and Dr Era wish they had left when the ovation was loudest (somebody would be cleaning up today). Anyway, See what Soludo has done? Prof, did you know judgement day will come so soon? Tony Elumelu, congrats you did it again. I hope you 'step aside' before the next salvo. It will come. Y"all should stop bad mouthing a good man and pray that He is not derailed. It is in the interest of your pension and children (except those of you eating from the rotten loot). Accounting fraud is only deferred accounting. It will always come home, hopefully in the lifetime of those responsible.

It is truly amazing how ignorant most of us are in this country. We stupidly allow our leaders takes rash irrational decisions and get away with it. Margin Loan! How many bank MDs have been sacked in America where the recession started from? We are incredibly stupid followers of a hopelessly useless leadership. Banks are being penalised on the ground that they lend people money to invest in Nigerian Stock Market or import refined petroleum that our government failed to process here. Sanusi said some of the banks were borrowing money from CBN when he assumed office. Imagine. American Government provided such money to needing banks with the backing of a legislation! Have you asked why former CBN Governor, a Professor of Economics stood behind these banks? The crisis we have in Nigeria capital market is a fallout of global economic recession and not the making of any single bank CEO. Look behind the smoke, Nigerians open your eyes. Ask questions. Investigate. Read this leaders action beyond what they tell us. Look at what happened to a deputy Governor rfrom the North recently!

Hope we have somebody who can help sack our dull, inactive President Yaradua.

was that the reasons MD/CEO of some banks are bribing first lady for lamido not to be appointed as governor of central bank?because of their gross misconducts Allah ya kama ku.Weldone lamido and go ahead to submit their names to efcc for prosucution.

CHINEDU,you better know how to address issues,who are you to tell our executive central bank governor irresponsible and in competent? is this because he touched your favourite,lamido is competent and very responsible,he is not a person that follows the minority to destroyed the country.he is trying to put every thing in good shape,if you are part of them you better start dusting your international pass port to escape,this is just the begining.

The meeting is over, Wale Aremu and his fellow doubtfuls. Anything on the NEXT website or print would need more than just mere arguements to be countered. We have been reading their news update since they started and we have no reason to doubt them now either...

Lamido Baba!Small but mighty... Carry go, we dey your back!

this great nation can't b well with pple being sentimental abt d whole issue of Bank CEO's sack, for God sake all we need is corrupt free naija not cos he\her are from north, south, east or west, naija is one, who eva is wanting shld go down kawai.......

please i hope we the investors of the above banks will not be affected

This is the climax of a long period of cover up by the previous regulators.Kudos to the Guvnor. i know more are still to come it shows there are no sacred cows in the system any longer. its great but sad commendable but regretable what a pity.

I'm still speechless on this issue. How can a CBN Governor sack the MD's & Ed's of the 5 banks just like that. Who is now expected to recover all those bad debts. If the MD's & Ed's are responsible for the bad debts accrued then they should be made to recover all those debts as they have the loan transaction history of their various banks which they can view using the bank's Executive view. Hope the banks will give the newly appointed MDs the desired support to carry on. ...For God's sake lets not hail or criticise anybody yet till we see the effects of the CBN Governor's action which i feel is quite hasty. Anyway, to God be the glory in all. Lets watch as the saga unfolds... -Val

niger man u dont know what u are taking about.......u mean all of us here dont know what we are taking about? nigerman i have an assignment for u .......go and investigate properly

Hmmmmmmm........I am thinking & wondering. Only hope & pray that this is not another NigeriaN factor

whao........ this is unbelieveable, pls mr sanusi lamido sanusi, since i am not a banker, i will say you have done it in your own way but you have to be careful on what you decide for the nation. i think you should ask mr charles soludu what lead to most of his quiet actions ooooooooooooooooo.

All i know is that God is still in control of this country. GOD WILL SURELY SCATTER EVERY WORK OF DARKNESS IN THIS COUNTRY IN JESUS NAME....AMEN

Objectivity is the rule of the game; religious and tribal sentiments will get us nowhere. If indeed these Bank CEOs have erred and the CBN has the powers to remove them from office, then Lamido should be commended for taking this bold step, not minding whose ox is gored (If there are more erring bank CEOs out there then they should be fished out and made to dance to the same music). I totally disagree with those who argue that keeping the affected bank CEOs in office will do anything good for depositors' confidence? That, clearly, is your emotion acting without the benefit of reason!

You guys at 234Next are doing an excellent work. In a field polluted with disgusting praise-worshipping and bvttl-licking, you guys are a breath of fresh air. On the banking crisis and the expulsion of five CEOs, I have read the comments on your publication about how Sanusi is being tainted as running a Northern agenda. I mean, the facts are on ground that these banks were at the brink of failing... most likely, there would be others to require this sanitization. However, it is preposterous if not absurd for anyone to bring up tribal sentiments in this guys action. I just hope that the CBN does not stop at just ejecting these CEOs, but also go after the "rich" individuals who held these banks to ransome through their acquisition of bad loans. The surprising thing is that Soludo could not have claimed ignorance to these, and I was here crying over the end of his tenure. My only fear is that in Nigeria, people like Sanusi that start well end up in one of two ways: Either he is eventually forced out of the place (Nuhu Ribadu and El-Rufai) OR he is watered down and he becomes just one of them (Soludo, Dora Akunyili come to mind). I wish him well.

Sadiq07, You should not attack anybody for saying the truth. whether you like it or not, you and your CBN governor are more than stupid. This Northern politics should stop in this country. No Northern bank like Unity bank, Bank PHB have been examined by CBN. Was the CEO of Unity bank sacked before the bank was bailed out by Northern? Somebobdy with a Degree in Islamic studies is not qualified to be CBN governor not withstanding being a risk manager or former CEO of FBN. To even picked him from another bank would tell you that Nigeria is a useless country. Your president and CBN governonsense should go.

Now sanusi has sacked these CEOs what is he doing about the debtors that are above the law?Does that mean that some people can borrow from banks and will not pay and nothing will happen? He should be bold enough to ensure that these debtors are jailed and the loans recovered from them and also use them to set example like he did with the sacked CEOs. But does he have the guts?I weep for Nigeria.

i just hope this will bring the desired change we all want in the banking sector.i hope also dat it will checkmate all these exhoberant targets we marketters are sagged with.what marketters go thru just to win and maintain customers are just too degrading.u can rarely distinguish bankers from sales girls in d market places.we do d counting of money,arranging n all dat.to top it all,d market women accuse u of not counting their money well.can u imagine that? most ladies now have become prostitutes just to meet targets.mr governor,pls kindly do something about targets given to BDOs.

Tread carefully!

What i still dont understand is d reasons for these people's sack. d whole thing looks like a vandetta. Now whats going to happen to the capital market? if a man like dangote after all he did on AP shares could still become d president of d stock exchange, den why all these. I am sure not comfortable with these.

SANUSI PLEASE LOOK TO THE ISSUE OF CONTRACT STUFF ALSO JUNIOR STAFF ARE SUFFERING ALL IN THE NAME OF CONTRACT STAFF

I think this overhaul is long over due. Can u imagine the kind of jumbo spending these bank CEOs embark on with depositor's fund in form of bonanzas and all the rest, it is really bad seeing these CEOs diverting depositors fund into private coffers with reckless abandon, acquiring choice properties in all the city centres and at the end of each year they will falsify their statement of account to declare a bumper harvest thereby cajoling depositors that all is well. I hereby call on the relevant law enforcement agencies to take step in recovering these diverted funds. Also the various Professional bodies like ICAN should evolve a measure of punishing members who collude with these bank officials to falsify thier accounts. Certificate of practice of those found wanting should be withdrawn inorder to restore dignity to all professions. People must learn how to do things right and that is why I support the removal of these CEOs because when a fish wants to get rotten it starts from the head, so there is need for the sanitization to start from the head.

J.O Ajewole is the new ag MD for intercontinental and not lai Alabi earlier speculated

Fraud in a new level. I just heard sanusi tell CNN 'We will not rescue customers, we will only bail out banks'.Can he please tell us what happens to the N500B deposit to CBN by these banks.

It is well with Nigerian’s who do business with the affected banks it is true that your money is in safe hand but all we are saying is Papa Sanisu please consider the issue of graduates as contract staff in all the banks who are working tirelessly for over 3 years without consideration. Please do something before it will be too late.

May God help us. Nobody is to be trusted in the nation. But i just wish the CBN boss should be objective in his dealings.

When people are challenged by others achievements, critical thinking will evolve practical & positive actions.This is the only way towards a definite change.Soludo made a mark to the best of his ability we appreciated at that time, now Sanusi needs to do more and for well focused men with integrity, this is just the beginning.

the CBN governor have shown a level of proffesionalism in his action but not quite ENOUGH to solve the problem in the banking sector. he have been able to come up with the statistics on the activities of the affected banks in extended discount window EDW, introduce by his predesessor and the interbank borrowing introduce by himself. but he did not consider the psyche of nigerian public, as regards there understanding towards panic withdrawals which will definitely set in. i suggest that he focus more attention to the media house in managing the problem for now, because the wrong has been done.

It is some how good for them to be sacked but i want to use this medium to draw my reader attension to the incident which many peoples has left behind. It is the issue of Alstate trust Bank. what will the CBN Gorvernor do about it. Poeople Who bough share before the merginof banks. it was said that the money did not go to CBN account the what are they soing about it

I just want to know the reason for the sack of these executives

I WONDERED WHY NO HAUSA MAN OR UNITY BANK IS NOT LISTED IN THIS SAGA ,AND ALSO IT LEAVE US WITH SOLUDO QUESTION AS OLODOOOOOOOOOOO PROFESSOR OF BANKING SECTOR .OR HOW COME WITH JUST FEW MONTH OF HIS REMOVAL KATAKATA BURST AGAIN IT DOUBT IBO RACE FOR REAL TRUTH.?

This is serious what happen are MADDOFF OF AFRICA OR WHAT honestly am confused well i pray for them to reason well for their crime.if any is committed ,One thing again it another money for Lawyers SAN O court case ,adjournment 4ever Nigeria should not allow them to escape oooooooooooo.one today there is a very few flight in the sky .whoooooooooooooooo?????..but what was SOLUDO DOING THEN IF FEW MONTH AFTER HIS REMOVAL THINGS LIKE THIS COULD HAPPEN NA WA OOO ( IBOCRAZY)

well done sanusi. In our country's history let it be said there was once a PROACTIVE leader rather than a REACTIVE one. Those calling for the heads of the Elumelus and Ovias, wait for the final outcome of the CBN report. History has shown the CRITIC to be MUCH MORE WORSE than his/her SUBJECT OF CRITICISM.So remove the speck in your eye before you attempt to clear the log in your brother's...i think Nigeria would be a better place then!

well done sanusi. In our country's history let it be said there was once a PROACTIVE leader rather than a REACTIVE one. Those calling for the heads of the Elumelus and Ovias, wait for the final outcome of the CBN report. History has shown the CRITIC to be MUCH MORE WORSE than his/her SUBJECT OF CRITICISM.So remove the log in your eye before you attempt to clear the speck in your brother's...i think Nigeria would be a better place then!

i really think this issue should be handled with care so that the society at large would not lost trust in alll nigerian banks

Lamido is not sincere. He is executing the "Northern Agenda"

fellow Nigerians the message is simple and Clear ``You can deceive some people sometimes but not all the people all the time``We are just lost souls swimming in a fish bowl year after year.

CBN Governor is just an alarmist. He want to be notice.Did sanusi gave the bank ceo fair hearing? You done wake up and sack boards of 5 bank because of aligations of non-performing loans and discount window withdrawals that can not be substantiated.The list of loan defaulters was compiled since may 2009. You are publishing it in late august! There are advertorials by customers disputing these cbn claims. There are other better methods sanitizing the level of non perfroming loans than sanusi strategy. Now, foreign banks are neglecting to confirm LCs from nigerian banks. Sanusi plans to do road show in UK, US to instil confidence in nigerian banks! Lot at what he has cost us.Soending extra money in road shows abroad. Besides, the injecting of over 420 billion naira, where did they get the approval from the national assembly to remove such sum of money from the country's treasury? 1/4 of loan defaulters can pay back over this amount which could be injected back.No need bohering our foreign reserves to finance this. Sanusi should be ready for lots of LEGAL ACTIONS.The cbn will be carrying our hard earned reserves now to be paying lawers in the near future, because of litigations.

is the CBN saying these are the only banks with bad loans? Common Nigerias, this is political influence. Why cant he audit all banks at ones and publish lists at the same time. This is too sentimental. I strongly believe Sanusi is wotking according to a script to make some banks bow. You all know!!!

MY MAIN Q IS WHAT IS THE PLS CBN WHAT ARE THE PROBLEM OF THIS BANKS

YOU PEOPLE SHOULD NOT TRY TO THAT WHAT EVER YOU ARE THINKING TO DO BECAUSE YOU KNOW THOSE PEOPLE WITH THE MONEY.

the sacking of five C.E.O of nigerian bank what effect will it have on financial market and the economy of nigeria?

you will pay for the transfer

it is a very wise decission that should be taken

Haters stop hating do u really care about the good of our country or just happy that some ceo's are lossing what they single handedly birth. I was a banker when these banks started if they are doin a great job let them find succesor not sack them the cbn govenor may need a taste of his own med.We need competent hands to take on finacial affairs of our great country not witchhunters.