Re: Troubled banks’ Shareholders have lost their banks – Sanusi

SHAREHODERS AND CBN

“Shareholders need to understand what we are doing and we are merely being charitable when we talk about shareholders. Look, you’ve lost your money. If your capital is zero or negative, you no longer have a bank. That is the truth people do not want to hear. Somebody says he’s speaking on behalf of shareholders. If we publish what we have, they will see; there is no capital, it’s been gambled away- that is the truth. But we’re trying to have discussions so that the shareholders would still have something” -by Sanusi in Vangard Newspaper, Oct 24, 2009

It is like making a mess of this country that nobody will believe in it. We have controlled the militants who have been losers because of bad governance. We may be creating another set of economic militants among the shareholders. These were people who thought they were building a national economy by laying down their hard earned funds. A country of losers has no place in 20-20-20. Losers have no future and nothing to hope for, but the gradual dissipation of what ought to be theirs which they couldn't have.

Sanusi, you need to build hope for Nigerians who are striving for a good future for this country where they can have a share. Let the debtors pay. Restructure the debt that cannot be paid now. Allow for debt buy-back or equity swap. Hold those that made mistakes accountable with the purpose of correcting the mistakes using available economic tools. You can build the economy by cleaning up the mess and making the old and new investors smile at the end. The steps you take must build investor confidence. All of us must become richer. Do not allow the shareholders to lose out while you find new winners. We must all be winners if you want to succeed in this job. May God guide you.

Statement to avoid:

“Look, let me tell you, the same people whose name you see on the list of bad debtors are the same people messing up the polity, messing up the petroleum sector, messing up the power situation in the country, they are the same people who are going to rig elections so we have to deal with them. That is true. Is that the mandate of the CBN governor? It is not. But it is the mandate of Nigeria and I am a Nigerian” by Sanusi in Vangard Oct. 24, 2009

Sanusi, solve the problem like a technocrat, please, and all Nigerians will remember you as a hero. As a technocrat, you solve the problem looking at the big picture at the top of professionalism. Talking politics as seen above is being pedestrain. It makes me wonder whether your agenda are purely economic. I believed in you, but you need to strengthen the faith

Original newspaper article at:http://www.vanguardngr.com/2009/10/24/troubled-banks-shareholders-have-lost-their-banks-sanusi/