Pumping money for what, the best thing to do is to diversity the economy, we are because we lack visionary leaders, they siphon money the way they lack and now we are the ones suffering for it, clueless leaders, banking job is not realible , they lay off their staffs every year so do not blame it on the present government , ineffectual Buffon.

That's why i don't really like bank job because there's no job security there though its easier to secure than most multinational companies...but also easy to get laid off

Does dis mean those dat are still hoping to get Job employment in dis same company shud b expecting sack letter @ any time if @ all they got employed?

We are overpopulated, imagine one poor man in my neighborhood has 7 kids and he stays in a one bedroom apartment, if all us have 5 to 10 kids in naija, where we go see space

Sammyashol:
Chai only you, how many are they? And is their still vacancy cos i want to make ur boyfriends list

dy r as many as i can count. U dy work 4 firstbank abi u b celebrity if u r not no vacancy 4 my list buh if u fit manage back sit space dey there.

Frank3n2:
Oya let GEJ be blamed

who you for blame ? Under whose watch was billions in dollars DT directly led to this looted ? Jona DE buffoon !

fortune1968:
who you for blame ? Under whose watch was billions in dollars DT directly led to this looted ? Jona DE buffoon !

Oga i said let's blame him

Flets:
We told them APC has no plans for Nigeria .... They said Buhari was the Messiah
We told that the lack of economic direction portrays doom for the economy .... They said Sai Buhari
We told them that Buhari declaring to the world that all Nigerians were corrupt would result in loss of investor confidence .... They called us wailers
We told them that delaying the appointment of ministers for 6 months will create a gap in the economy that cannot be easily closed .... They said Buhari can handle it all alone and does not need ministers
We told them that the financial policies of the APC govt was scaring investors and stifling investment ... they said Nigeria can do without the investors

Today, They are losing their jobs, losing their businesses, paying double for power supply, facing true hard times ..... and I sit back and ask, why are these zombies so dumb?

you need to open Nigerian history book to the page titled - GEJ AND HIS TEAM OF LOOTERS . Then you will appreciate what's happening to d economy now .Are u. in coma when GEJ WAS DESTROYING THE ECONOMY ?

Change in retrogression. APC thank you.

DonUjay:
This 2016 has been very Harsh so far




and a lot of People Predicted such hardship but I thought they were just being Prophets of Doom but Now I see clearly

you never see something.
we are still in genesis, by the time we get to revelations ....

Moahmed:



secretaries were laid off in dec 2015, 31 service executive on 21st jan 2016 and on 1/2/2016 some very senior staff were laid off too from source.

Only 31?

optional1:
dy r as many as i can count. U dy work 4 firstbank abi u b celebrity if u r not no vacancy 4 my list buh if u fit manage back sit space dey there.

Thank God I met one of the requirements. You can check me on twitter with @SammyTee_DaReal... btw where are you?

Sammyashol:
Thank God I met one of the requirements. You can check me on twitter with @SammyTee_DaReal... btw where are you?

4 ur mind now u meet one requirement 4 ur info u r jst sitting in d back sit incase 1 pesin Bleep up wch i belive he wont nd u can be chance out frm dat back sit if d pesin am waitin 4 comes. So dnt b over excited. Btw u r askin me ur employer to go nd check u an employee on twitter 4 wat nah. Seem u dnt wat dis job. U r here by disqualify frm d contest pack all ur luggages nd baggages nd leave here @once. Again u askin ur employer were is she. Shit mehn. Go nd check me on twitter @Am_Optional 4 more questions

Nairasurplus:
It is confirmed that First Bank of Nigeria Plc has sacked all their secretries in all their branches. The reason is that they are of no use to the bank. But why this time? Why were they employed at the first place?
You can confirmed from any First Bank Staff.

Regards

You can confirmed indeed

fortune1968:
you need to open Nigerian history book to the page titled - GEJ AND HIS TEAM OF LOOTERS . Then you will appreciate what's happening to d economy now .Are u. in coma when GEJ WAS DESTROYING THE ECONOmMY ?

You are one of the zombies I was referring to.

Philadelphia:
It is true that First bank laid off a lot of their staff but it is a lot of top management staff and not secretaries.
I am 99.9% sure of this info. Please don't ask me how I got it

how did you get it

DonUjay:
This 2016 has been very Harsh so far




and a lot of People Predicted such hardship but I thought they were just being Prophets of Doom but Now I see clearly

mow you know better .i have already said it since last yearbthat by january to may this year Nigerians will regret ever hearing the name of buhari talk less of voting for hin

optional1:
4 ur mind now u meet one requirement 4 ur info u r jst sitting in d back sit incase 1 pesin Bleep up wch i belive he wont nd u can be chance out frm dat back sit if d pesin am waitin 4 comes. So dnt b over excited. Btw u r askin me ur employer to go nd check u an employee on twitter 4 wat nah. Seem u dnt wat dis job. U r here by disqualify frm d contest pack all ur luggages nd baggages nd leave here @once. Again u askin ur employer were is she. Shit mehn. Go nd check me on twitter @Am_Optional 4 more questions

Sorry its just that your employee is over anxious. So am now following you on ur handle, with due respect do follow back so that i can DM u. And don't worry am here to stay taking the number one spot from who ever is there shey you get.

Sammyashol:
Sorry its just that your employee is over anxious. So am now following you on ur handle, with due respect do follow back so that i can DM u. And don't worry am here to stay taking the number one spot from who ever is there shey you get.

lol number one spot i laugh in korean. Seem u av learnt d lesson ur elders taught u dats gud sha

Frank3n2:
Oya let GEJ be blamed

people like you don't know how the economy works.
you only judge from the present that is why you see no reason why GEJ should be blamed. GEJ should be blamed because he failed to save for a time like this. OBJ left $45b dollars in our foreign reserve, Yar Adua left $47b ( an indication that he built on what he met) but GEJ, during who's tenure Nigeria earned more from oil left $29.1b. if NIGERIA HAS $17.9b($47-$29.1) to inject into the economy, we won't be blaming GEJ. He could not build on what he met but choose to squandered it.

optional1:
lol number one spot i laugh in korean. Seem u av learnt d lesson ur elders taught u dats gud sha

Why the laugh now. I mean what i say... Hope you are having a nice day over there?

Frank3n2:
Oya let GEJ be blamed

I don laf for tire. Chaiiiii

Too many bad news 4 dis naija sef..huh??

emzila:

people like you don't know how the economy works.
you only judge from the present that is why you see no reason why GEJ should be blamed. GEJ should be blamed because he failed to save for a time like this. OBJ left $45b dollars in our foreign reserve, Yar Adua left $47b ( an indication that he built on what he met) but GEJ, during who's tenure Nigeria earned more from oil left $29.1b. if NIGERIA HAS $17.9b($47-$29.1) to inject into the economy, we won't be blaming GEJ. He could not build on what he met but choose to squandered it.

Oga what u are saying is non of my business, i said lets blame him.. If you don't want to move on ... Bty can't you identify a joke when you see one

optional1:
Tnk God my boyfrnds in firstbank are not secrectary

Wat r they? Security guards?lolz

Moahmed:



secretaries were laid off in dec 2015, 31 service executive on 21st jan 2016 and on 1/2/2016 some very senior staff were laid off too from source.

Are you SN or TN.. You sabi wella oo

emzila:

people like you don't know how the economy works.
you only judge from the present that is why you see no reason why GEJ should be blamed. GEJ should be blamed because he failed to save for a time like this. OBJ left $45b dollars in our foreign reserve, Yar Adua left $47b ( an indication that he built on what he met) but GEJ, during who's tenure Nigeria earned more from oil left $29.1b. if NIGERIA HAS $17.9b($47-$29.1) to inject into the economy, we won't be blaming GEJ. He could not build on what he met but choose to squandered it.

Can you kindly update this house on what foreign reserves is, and in the case of Nigeria the sources of foreign reserves and who or what agency is responsible for managing the reserves. Then some of us may be able to understand what you and your numerous cohorts accuse GEJ of, every now and then.

Patiently waiting

First Bank is just being insensitive. How would you sack people you pay between N70 and N80k without paying them a kobo as severance? It is not good enough for brand like FBN. You gave people just 2 week's notice and got 363 secretaries off just like that.

obamma:
First bank is one the best places to work according to the employees ratings herehttp://checkoutmyemployer.com/index.php/companies-reviews/companies/banks/first-bank-of-nigeria

I just hope you will still maintain all these best place to work stuffs when you are asked to go tomorrow. You know they are not done yet. Do you know some BDMs have not been placed yet? Do you know also that man will oversee service group now?

NavierStokes:


Can you kindly update this house on what foreign reserves is, and in the case of Nigeria the sources of foreign reserves and who or what agency is responsible for managing the reserves. Then some of us may be able to understand what you and your numerous cohorts accuse GEJ of, every now and then.

Patiently waiting

Understanding the difference between the
Excess Crude Account (or sovereign wealth
fund) and a Centranl Bank’s External
Reserves

There seems to be a lot of confusion on the
difference between the ECA and the CBN’s
external reserves and what constitutes good and
bad policy regarding both accounts so I am going
to try to clear it up with this post.
First we have the Excess Crude Account (or the
new Sovereign Wealth Fund). The point of this
account is to guarantee revenues for the
Government if there is a significant drop in its
regular revenues. Such a drop could come from
an economic downturn that reduces tax revenues
to levels below expectations or more specific to
Nigeria’s case a crash in oil prices. Something
which happens very frequently. Good fiscal policy
would be to set the budget based on a logical
revenue benchmark and save all the unexpected
extra revenue. Hence the ECA should be
increasing during “good times” and decreasing
during “bad times”. This guarantees, in our
specific case, that government policy is not
affected by fluctuations in oil prices. The ECA is
usually domiciled outside the domestic economy
to protect from domestic downturns. Basically the
ECA is a glorified government savings account. At
this pont it is important to note that the
government does NOT mean the CBN. The
government here is just the federal, state and
local governments.
Secondly we have the CBN’s external reserves
which is really just the physical ( or readily
available) amount of foreign currency the central
bank has at its disposal. Foreign exchange
markets are usually very volatile and one of the
primary objectives of the CBN is to ensure price
and monetary stability, conditions which are
ideal for economic growth. Exchange rates are
ALWAYS determined by the demand and supply of
any particular foreign currency and the central
bank acts to stabilize these rates by either selling
some of its stock of reserves to increase supply
hence reducing rates or buying up some foreign
currency from the market to raise rates. The
point of maintaining reserves is for the CBN to
have the ability to stabilize the rates. Remember
the CBN cannot print foreign currency so it needs
to have physical ( or readily available ) stock of
foreign currency to be able to act to stabilize
exchange markets. Note that the CBN cannot use
the reserves for anything else. For instance the
CBN cannot use the reserves to build a highway.
That would simply count as the CBN selling
reserves to the market and reducing exchange
rates or devaluing the local currency. So from the
CBN’s point of view good management of excess
reserves would be a case where it has enough
reserves to stabilize the markets for the near
future.
Getting back to the point of the post, the CBN
defending the naira (or preventing the naira from
appreciating) is completely different from the FG
running down the excess crude account. The
central bank intervening in the exchange market
is really very normal especially in countries like
Nigeria where the bulk of foreign exchange comes
from a single source. Also when the external reserves is
relatively stable,
then defending the naira become really a non-issue. The
FG running down the ECA during a period when
the oil price is way above the budgeted is an indication that the government is heading towards self inflicting economic hardship when the price eventually crash.
Link between ECA and External Reserve. Withdrawals from the
ECA should actually boost the CBN’s external
reserves. A $2bn withdrawal for example is
equivalent to a random foreign company x
spending $2bn in Nigeria which implies more
dollars entering the local exchange market further
implying that the CBN, if it was trying to stabilize
the currency, will have to buy some dollars from
the market or on the flip side not sell as much
dollars on the market as it would have. Since the
FG is the party spending in this case the dollars
probably just go directly to the external reserves
stash with the FG spending the Naira equivalent.
In practice however the effect is not that severe.
The eternal reserve dropped from a reported $47bn in
april 2009(when GEJ took over) to $29.1bn in May 2015(when GEJ handover) within this period, the FG also depleted the ECA an action that was supposed to boost the external reserve. the present challenge in Nigeria is being experience in other oil exporting countries but unlike Nigeria under GEJ administration, those other countries had saved in expectation of a time like this. the circle of economic boom and bust has life time of about a decade, it bursted in 2008 and now it burst again but this time around, is hitting us hard because we have no shock absorber courtesy of GEJ administration. I hope this helps you in understanding how the economy works.

thanks to Owolabi Emmanuel and Nonso Obikili