Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 09ABUJA614, NIGERIA: AMBASSADOR AND STANDARD CHARTERED CEO DISCUSS

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #09ABUJA614.
Reference ID Created Released Classification Origin
09ABUJA614 2009-04-14 08:49 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Abuja
VZCZCXRO8991
RR RUEHMA RUEHPA
DE RUEHUJA #0614/01 1040849
ZNR UUUUU ZZH
R 140849Z APR 09
FM AMEMBASSY ABUJA
TO RUEHC/SECSTATE WASHDC 5723
INFO RUEHZK/ECOWAS COLLECTIVE
RUEHGB/AMEMBASSY BAGHDAD 0186
RUEATRS/DEPT OF TREASURY WASHDC
RHEBAAA/DEPT OF ENERGY WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
UNCLAS SECTION 01 OF 02 ABUJA 000614 
 
SENSITIVE 
SIPDIS 
 
DEPARTMENT PASS TO USTR-AGAMA 
DEPT PASS USAID/AFR FOR DATWOOD AND USAID/EGAT FOR MOTT 
BAGHDAD FOR DUNDAS MCCULLOUGH 
TREASURY FOR PETERS, IERONIMO, AND HALL 
DOE FOR GPERSON AND CHAYLOCK 
DOC FOR 3317/ITA/OA/KBURRESS AND 
3130/USFC/OIO/ANESA/MCREED 
 
E.O. 12958: N/A 
TAGS: EFIN EPET ECON EINV EAID NI
SUBJECT: NIGERIA: AMBASSADOR AND STANDARD CHARTERED CEO DISCUSS 
BANKING SECTOR, CBN GOVERNOR SHORTLISH 
 
REF: LAGOS 152 
 
1. (SBU) Summary: On April 7, the Chief Executive Officer of 
Standard Chartered Bank Nigeria, American citizen, Christopher 
Knight, paid a courtesy call on the Ambassador and discussed 
challenges facing the banking sector.  He stated that the low price 
of oil is the main contributor to the economic and financial 
downturn in Nigeria, but was confident that the Nigerian banking 
sector will remain relatively strong through these turbulent times. 
He divided Nigerian banks into strong, relatively strong and 
struggling banks.  The struggling banks will fail or be acquired by 
a strong bank while the strong and relatively strong banks will 
weather the financial crisis.  He questioned the over zealous 
regulation and guidance coming constantly (and sometimes 
contradicting) from the Central Bank of Nigeria (CBN) and stated 
that CBN Governor Soludo does not have a long-term vision for the 
banking sector during the crisis.  When asked about who might become 
the next CBN Governor, he expressed that Aderemi Babalola, current 
Minister of State for Finance, and Northerner (from Kaduna) Obadiah 
Mailafia, former Deputy Governor for Policy at the CBN, are two good 
choices for that position.  (Note:  We note CBN Governor Soludo's 
assessment of Mailafia to Ambassador on March 26 was quite negative; 
see reftel. End Note).  Knight also mentioned Bauchi Governor 
Yuguda, former GON Finance Minister Okonjo-Iweala and Presidential 
Special Adviser Tanimu Yakubu was also on the list.  The Standard 
Charter CEO added that Yakubu is the least qualified of all five 
names being discussed. End Summary. 
 
2. (SBU) During an April 7 meeting with the Ambassador, CEO of 
Standard Chartered Bank Nigeria Christopher Knight said that the 
Nigerian economy is affected by the global financial challenges 
because of the low price of oil on the international market, as more 
than 85% of government revenues come from the sale of oil.  He 
observed that everyone in the Nigerian government (GON) is holding 
their breath and hoping that the price of oil will rise above USD 45 
dollars, the benchmarked price in the 2009 GON budget.  A higher oil 
price, even in the USD 46-50 range, would solve many short term 
budget issues that the GON is facing.  Knight mentioned that the 
economists at his bank predict GDP growth of 4% to 6% in the next 
couple of years despite oil prices.  They also speculate that the 
inflation rate will remain around 14% for some time. 
 
3. (SBU) Knight shared that banks are hesitant to lend to each other 
due to lack of transparency in bank reporting.  In any "normal" 
market, it is customary for a bank to lend funds to another bank, 
but that is not the case among Nigerian banks today.  Banks don't 
trust each others reports and therefore do not lend to one another 
causing further constraints in the economy. 
 
4. (SBU) Knight conveyed that Nigerian banks can be divided into 
three categories: strong, relatively strong and struggling.  Strong 
banks are stable and liquid.  These banks don't require any 
assistance from the CBN during the present economic hardships. 
Relatively strong banks face some challenges but with guidance and 
assistance from the CBN, they should be able to successfully deal 
with difficulties they face and survive the financial crisis. 
Struggling banks are those that, even with CBN guidance and 
assistance, will not be able to survive the crisis.  These banks 
will mostly like go under or will be acquired by a stronger and more 
liquid bank.  Knight did not name which banks belong to which 
category, but he did drop that First Bank is in talks to possibly 
acquire EcoBank. 
 
5. (SBU) Knight stressed at the meeting with the Ambassador that CBN 
Governor Soludo does not have a long term vision in dealing with the 
banking sector during the financial crisis.  Regulations and 
Guidance from the CBN are coming out fast and furious with no long 
term vision that at times is confusing and contradicting.  He hoped 
that Governor Soludo's possible replacement has a long term vision. 
From his viewpoint the two promising candidates for the CBN Governor 
position to be Kaduna-born Obadiah Mailafia and current Minister of 
State for Finance Aderemi Babalola.  Obadiah Mailafia is a former 
Deputy Governor for Policy at the CBN and Chief Economist of the 
African Development Bank, and currently the one of two private 
sector advisors on Yar'Adua economic management team (EMT).  Aderemi 
Babalola is presently the Minister of State for Finance, and in 
Knight's view, is a great candidate.  (Note: U.S. Mission thinks 
highly of Babalola as he is an accomplished technocrat, with both 
professional and academic credentials.  End Note). 
 
ABUJA 00000614  002 OF 002 
 
 
 
6. (SBU) Knight questioned the experience and qualifications of the 
two other possible candidates for the CNB Governor position: the 
present governor of Bauchi State and son-in-law of President 
Yar'Adua, Isa Yuguda, and the President's Economic Advisor, Tanimu 
Yakubu Kurfi.  He shared that these individuals would not provide 
adequate guidance and leadership for the CBN and the banking sector 
given their luck of experience, professional and academic 
qualifications. 
 
7. (U) This message was coordinated with ConGen Lagos. 
 
SANDERS