Date Published: 08/18/09

Sir,

Re: N1.1 trillion banks bad loans

First I have to thank the former Chief Executive Officer of the First Bank PLC who is now the Governor of Central Bank of Nigeria, Mr. Sanusi Lamido Sanusi, for the courage he mustered to sanitize the banking system in Nigeria.  This will actually restore the required confidence people have been yearning for that sector. Hitherto, it has been rumours that this and that bank is insolvent; the facts are beginning to emerge.

During this short period into Sanusi’s tenure, he has proven that he is a technocrat that is required to handle the apex bank all along. It started with when he was being interview by the Senate for the position of the Governor of the CBN. He, without mincing words told the President that his 7-points Agenda should be prioritized otherwise it would not make any meaning. Then came the revelation of the N53.3billion loan defaulters that sent some banks to their earlier graves; the EFCC was there but was only interested in shielding this saga until the CBN through the Senate Committee Chairman on Banking and Financial Matters, Senator Ngozi Nwaogu, was spirited enough  to make the secret open. Now out of 25 banks in Nigeria, the CBN governor after screening 14 so far, discovered surprisingly to the public that 5 presumably good-looking banks were not worthy because they had in total gotten involved in N1.1trillion (i.e. N1,100billion) further bad loans. We wait for the result of the remaining 11 banks.

Sanusi who has been in the banking industry knows where it pinches, and probably therefore remains the first right person to be made the CBN governor.  Sanusi, please carry on with the good work and thanks for bailing the situation with N400billion.

Nwadi Okoro,

Plot 324 Wetheral Road,

Owerri,

Imo State.