HDee:
We are suffering because of the damage the past administration caused us.... The "STEALING IS NOT A CORRUPTION" led administration..

dvee2:

WHY WE ARE KILLING CORRUPTION
@Yinka Ogunnubi Wrote:
1. Allow me to share a few thoughts on the unique relationship between our whole economic system and corruption. And why we need to stay the course

2. First we must realize that Our social and economic system was not just corrupt, CORRUPTION WAS THE SYSTEM. Corruption was what actually sustained it.

3. From the Banking sector to the Oil & gas sector to the Real Estate sector to the Military apparatus, the system was oiled by Corruption Inc.

4. Let's start with the banking sector.
The financial system was full of cash. Government cash placed to extract value for corrupt officials and not government

5. Of Course, this cash ensured liquidity which supposedly meant banks could lend at higher volumes and cheaper rates. But was that really the case?

6. Yes! if you were a big corporate body or you had a big last name or you were politically influential. But if u were an Small Medium Enterprises, SME, sorry you're On Your Own, OYO

7. Nevertheless this whole idea of Government cash fueling the system was d height of inefficiency since Government was still borrowing at record levels.

8. How about the Real Estate Sector. This sector fed off massively from corruption flows. Property became over-valued because some could pay over the odds.

9. Property yields that were modest went sky-high. The result? High vacancy rates. Property owners could afford to wait years for that big sale.

10. How about Oil & Gas Sector? Where do you want to start from? Do you want to start from the subsidy regime? From fake consumption figures to false claims?

11. Do you want to start with the cesspool of corruption called the NNPC and corrupt swap deals and bedroom bidding's? We know the result.

12. The result was that this corrupt system enriched some & made them billionaires. Their wealth trickled down to others. The Economy boomed.

13. Because they had cash, their wife's, kids, side chics, relatives, friends could buy properties, invest in companies, buy stocks, travel the world

14. What about the military? Professionalism was replaced with Business agility with Generals turning into contractors & becoming mega-rich.

15. Service Chiefs and Top Military Brass, were collecting billions from false procurement contracts, inflated payrolls and investing the cash

16. They and their kids bought properties (at above mkt price), invested in start-ups. The cash flowed freely...some back to us. We all smiled

17. How about the Police? Don't even get me started. This organisation gets allocated billions in the Federal budget & gets donations frm State and private organisation

18. Yet, its the same organisation that a current IG thinks it is ok for a former IG to retire with 4 exotic cars bought with tax payers money. ‪#‎Sigh‬

19. I could go on and on. But the truth of the matter is this:
The economy was on drugs - Hard Drugs. It was addicted to being run by Corruption Flows.

20. Like any addict, the difficult part is to be clean. Ever seen an addict in detox? Its not for the faint-hearted. Reason why its called "Tough Love"

21. What this government, the government of Pres. Muhammadu Buhari, has tried to do, as difficult and as unfriendly as it seems, is to wean this economy away from the stimulus of corruption flows

22. And like any addict, the system is fighting back. Its resisting medication. Its crying out for the corruption flows to come back so it has relief and gets high again.

23. Its the reason why banks will cry out against TSA..a system meant to ensure efficiency and that value is given to the due owner - Govt.

24. Its the reason why the Oil marketers will try to blackmail the entire country just to ensure they keep getting their subsidies.

25. Its the reason some avengers will blow up oil Wells just because their security contracts and access to easy cash is blocked or made difficult.

26. Its the reason why some will pad a budget; ignore calls for transparency like ‪#‎OpenNASS‬ & carry on with impunity. Because they are hooked on the Corruption drugs.

27. Any good care-giver will tell you..."Never let the cries of the patient deceive you...Tough Love demands you stay on course".

28. After sometime, the economy will find its point of equilibrium. Hopefully it will be a point no longer driven by corruption flows but real Trade

29. The other day, I went to price a property that was going for N70m about 2 years ago. Guess the new price of the property? N40m!

30. The real estate market is finding its equilibrium. Its coming to terms with the true value of the assets. The other sectors will follow.

31. So when next you hear the phrase "Corruption Fighting Back", know its not just a cliché, its actually the spasm of an addict trying get rid of drugs in the system to get clean.

damon222:
I am a pensioner. Meaning I am fairly of age. For about three to four weeks ago I noticed that the streets of many cities are dried up. I then asked if schools are on vacation? I was told no. Then why are the cities emty. It was traced to hardship that many companies have folded, many school children are with drawn, many shop are closed. I then took pains to go round and discovered that two private schools close to my compound are almost closing down.
About the middle of June to date, I have seen three mistrious deaths. (1) a neighbour took his wife to her shop, returned home and went back to bring her back home about five pm. He bought orranges, leak some, went back to easy himself, returned, sat on his chairs and died (2) another neighbour and his family went to church in the evening (night vigil) at about 10, the wife discovered the husband was sleeping. She then tapped him, asking if he is sleeping about two times, behold, the third time the man just fell, rushed to a near hospital and died. (3) This was a little far from my compound but was close to my friend's home. A man of about fifty years collapsed while offering closing prayer in the church. Am sure these strange deads have something to do with these current hopeleness, frustrations and hardship. My advise to people is that they should be very prepared and careful. We are talking of more than four years because Buhari has condermn the society. As am posting this, my three tenants are owing me. I am almost hopeless too if not for my farms.

mrZENographer:


Let me use this oppurtunity to remind all ZOMBIES that at the end of the past administration, naira lay at 200 to a dollar. Just less than a year of the present administration it is a horrorful N345 to a dollar. Something that could have been ridiculed fables in the past admin. More jobs losses, bans, little room for local improvements etc. FINALLY, KERESONE IS N300 from N84

There may not be a cure for this virus yet.

stpat1:
You are correct. I notice that these days, the traffic is light which makes me wonder is there is fuel scarcity. Also, people now basically buy food items than other stuffs.
The effect is so obvious

Goke7:
reason fuel price needs to go down but will our greedy marketers agree? most items are over priced in Nigeria.

Let fuel price go down and see if other things will not follow

deltateam:


Your own case is hopeless if at this time you are still blaming past administration where a paint of garri was #250 now it is #600, fuel was at worst #120 now its #145 and increasing soon etc

mrZENographer:


Let me use this oppurtunity to remind all ZOMBIES that at the end of the past administration, naira lay at 200 to a dollar. Just less than a year of the present administration it is a horrorful N345 to a dollar. Something that could have been ridiculed fables in the past admin. More jobs losses, bans, little room for local improvements etc. FINALLY, KERESONE IS N300 from N84

From your prepositions, i can assume that many are still yet to get a cure from this particular Sai Baba Tai virus.

butanep:



Hahahahahahha. Boys cash aren't enough to spray anymore.

Last week my babe called me to send her 25k. I asked her for what? She said to get few cosmetics. I was like comestics for 25k in this present economy. That's my feeding money for one month.

In my mind, this girl is wicked. Then the next thing is that, you are stingy. I gladly accepted it unlike before I will want to impress.



Economy is down I swear.

kurt09:
You're right. The last time I queued up, I withdrew 2k sent by a nairalander(Ymodulus).

ShowYourCertificate:
What do you expect when a dullard is the president?

Ayoswit:
waoh, lucky u.

otobomax:

Oga me self no get I Don tire for naija babes wahala lemme focus all my energy and attention in making my life better abeg. So much freedom and peace I tell you

butanep:



Hahahahahahha. Boys cash aren't enough to spray anymore.

Last week my babe called me to send her 25k. I asked her for what? She said to get few cosmetics. I was like comestics for 25k in this present economy. That's my feeding money for one month.

In my mind, this girl is wicked. Then the next thing is that, you are stingy. I gladly accepted it unlike before I will want to impress.



Economy is down I swear.

lefulefu:
better give that ur babe the 25 k sharp sharp or u might just end up losing her to E-money

PoorUgly:
THIS IS WHY WE ARE SUFFERING!!!!



$1.1billion Fraud: British Judge questions Jonathan’s integrity, stops Etete from getting N17 billion



A British Judge on Tuesday refused to release $85 million (N17 billion) to Malabu, a fraudulent company controlled by Nigeria’s former petroleum minister, Dan Etete.
In refusing to release the money to Malabu, Justice Edis of the Southwark Crown Court declared that he was not sure the administration of President Goodluck Jonathan acted in Nigeria’s interest when it approved the transfer of the money to Malabu.
“I cannot simply assume that the FGN which was in power in 2011 and subsequently until 2015 rigorously defended the public interest of the people of Nigeria in all respects,” the judge ruled.
PREMIUM TIMES had reported how the Jonathan administration controversially approved the transfer of $1.092 billion from Nigeria’s JP Morgan account in London to Nigerian accounts controlled by Malabu.
The money was paid by global oil giants, Shell and ENi, for Africa’s richest oil bloc, OPL 245.
The former Attorney General of the Federation, Mohammed Adoke, and the former Minister of State for Finance, Yerima Ngama, signed the documents approving the transfer to Malabu.
The fraudulent deal, shaded in various layers of corruption, has been condemned by Nigerians and international transparency advocates and is being investigated by authorities in four different countries.
THE SEIZED $85 MILLION
The $85 million was seized at the request of Italian prosecutors who are also investigating the deal. The money was the last part of the OPL 245 largesse not yet distributed.
Sensing that the Muhammadu Buhari administration was yet to find its feet on international legal matters, Mr. Etete approached the British court and asked that the money be returned to him.
At a two-day hearing that started on November 23, Mr. Etete’s lawyers argued that there was no fraud in the deal and asked that the money be released to him.
While Mr. Etete argued that the money be released to him, the Italian prosecutor argued that “their investigation could lead to a potential forfeiture of the money down the road.” a source who has followed the case and was present at the proceedings told PREMIUM TIMES.
Malabu’s lawyers told the court that freezing the money was an assault on Nigeria and questioned how the court could imagine that Messrs. Adoke and Ngama would be a party to a corrupt deal.
THE RULING
While giving his ruling on Tuesday, Justice Edis said while he could not say for certain if the deal was fraudulent pending conclusions of investigations, it would be inappropriate to release the money to Malabu.
“I am not making any findings of fact about misconduct by anyone. I am simply assessing the evidence before me to determine whether a restraint order should be discharged which was granted by way of MLA (Mutual Legal Assistance between the UK and Italy) to support an investigation by the Italian authorities,” the judge said.
The judge also made reference to evidence provided by the Italian authorities that ex-President Jonathan was directly involved in the fraudulent deal.
“The suggestion from the wiretaps is that “Fortunato” was implicated and I am told that this was a reference in code (not subtle) to the former President of Nigeria, President Goodluck Jonathan,” the judge said.
“Aliyu (Abubakar) is said to be associated with him and Aliyu received, in a way which was not transparent, $523m of the money paid for the OPL 245 licence in August 2011.”
PREMIUM TIMES had reported how fictitious companies owned by Abubakar Aliyu, a man referred to as ‘Mr. Corruption’ by anti-graft officials, received over half ($532 million) of the total $1.092 billion.
Mr. Aliyu, a close ally of Mr. Jonathan was recently quizzed by EFCC operatives for the first time despite being a central character in the deal whose investigation was virtually stalled during the Jonathan presidency.
ACTIVISTS REACT
Reacting to the ruling, Simon Taylor of Global Witness stated that “Given the gathering pace of the EFCC investigation in Nigeria under new leadership and a call by the Nigerian House of Representatives to cancel the deal in 2014, investors in Shell and Eni should demand to know why they were exposed to such risk.”
The UK based Global Witness has been at the forefront of the demand for transparency in the deal and other similar deals across the world.
Also reacting to the judgement, Dotun Oloko, an anti-corruption campaigner in Nigeria said, “In light of these allegations in a UK court, the role of the senior Nigerian officials involved in this deal, including Goodluck Jonathan, must now be fully investigated.”
With the ruling, Nigerian now has the opportunity to not only claim the money but also another $110.5 million of the funds held in a Swiss bank while investigations continue.
Below is a statement by Global Witness after the court ruling:
Court refuses to unfreeze funds from “smash and grab” raid on Nigerian oil block
Prosecutors allege that “fronts for President Goodluck Jonathan of Nigeria” received US$523m in proceeds of “smash and grab” OPL 245 deal
Southwark Crown Court today rejected an attempt by a company owned by the former Nigerian oil minister Dan Etete to unfreeze US$85m in proceeds of the corrupt deal for the Nigerian offshore oil block, Oil Prospecting Licence 245 (OPL 245), which was sold to Shell and Eni for $1.1bn in 2011.
The funds were restrained at the request of Italian authorities, who are investigating the sale of the block by Malabu Oil & Gas, a company secretly owned by Mr Etete, to the international oil companies.
The Federal Government of Nigeria (FGN) under Goodluck Jonthan acted as a middleman in the deal, and the court received evidence based on wiretaps that prosecutors allege show that the then President, Goodluck Jonathan, was directly involved. The deal deprived the Nigerian people of a sum equivalent to 80% of the country’s 2015 health budget.
“In light of these allegations in a UK court the role of the senior Nigerian officials involved in this deal including Goodluck Jonathan must now be fully investigated,” said Dotun Oloko, a Nigerian anti-corruption campaigner.
Evidence from US authorities presented to the court and included in the judgement “shows payments following circuitous routes which total $523m and which arrived at Abubakar Aliyu, aka ‘Mr Corruption’” […] “Aliyu’s companies are allegedly fronts for President Goodluck Jonathan of Nigeria”. The Crown Prosecution Service, acting at the behest of the Public Prosecutor for Milan (PPM), described OPL 245 as a case of “grand corruption”.
The OPL 245 deal is currently under investigation by the Public Prosecutor of Milan, the UK’s National Crime Agency (NCA), and the Nigerian Economic and Financial Crimes Commission (EFCC). The EFCC have reportedly recently interviewed Abubakar Aliyu in connection with the case, and earlier this year interviewed Dan Etete.
Justice Edis of Southwark Crown Court turned down Malabu’s application to discharge the freezing order rejecting Malabu’s arguments that the Crown had failed to follow proper procedures in securing the freezing. Justice Edis concluded in his judgement:
It is extremely important that what I am about to say is not misunderstood. I am not making any findings of fact about misconduct by anyone. I am simply assessing the evidence before me to determine whether a restraint order should be discharged which was granted by way of MLA to support an investigation by the Italian authorities. That investigation is not complete (and appears to be still at quite an early stage). What misconduct it may ultimately prove, if any, will be a matter for the PPM and the Italian court if proceedings are brought. However, precisely because I cannot reach firm factual conclusions, I cannot simply assume that the FGN which was in power in 2011 and subsequently until 2015 rigorously defended the public interest of the people of Nigeria in all respects. Mr. Fisher QC who appeared for the CPS used the phrase “grand corruption” to describe the form of corruption in which the state itself is culpable. The suggestion from the wiretaps is that “Fortunato” was implicated and I am told that this was a reference in code (not subtle) to the former President of Nigeria, President Goodluck Jonathan. Aliyu is said to be associated with him and Aliyu received, in a way which was not transparent, $523m of the money paid for the OPL 245 licence in August 2011.
“Given the gathering pace of the EFCC investigation in Nigeria under new leadership and a call by the Nigerian House of Representatives to cancel the deal in 2014, investors in Shell and Eni should demand to know why they were exposed to such risk,“ said Simon Taylor, a Director of Global Witness.
Suspects named in the Italian case include Eni and its current and former CEOs Claudio Descalzi and Paolo Scaroni, as well the company’s Chief Development, Operations & Technology Officer Roberto Casula and former executive Vicenzo Armanna. Other suspects in the Italian case include Dan Etete and middlemen Emeka Obi, Gianluca Di Nardo and Luigi Bisignani. Shell and Eni have denied any wrongdoing.
“It is clear from evidence in the public domain that high level executives in Shell personally took part in negotiating this deal. Citizens in the UK, US, Netherlands and Nigeria should demand that Shell and its executives are investigated in their respective countries,” said Nicholas Hildyard of The Corner House.
Shell and Eni have invested at least $1.8bn in purchasing and developing the block, which they own 50-50. It reportedly holds probable reserves of 9.23 billion barrels of oil, which if proven, would represent the equivalent of a third of Shell’s proven reserves, and two thirds of Eni’s.
Antonio Tricarico of Re:Common said: “$85 million paid by Eni and Shell for the benefit of Dan Etete’s company Malabu remains frozen in London. The time has come that Eni and Shell come clean about what they knew about this deal and who else this money was intended for.”

k2kay:
I realized we were in trouble when I was at a restaurant and a guy boldly walked to my table and insisted I give him 50bucks to balance what he had on him...the guy's boldness was scary....like he could kill to get his hands on it.

k2kay:
I realized we were in trouble when I was at a restaurant and a guy boldly walked to my table and insisted I give him 50bucks to balance what he had on him...the guy's boldness was scary....like he could kill to get his hands on it.

greatgod2012:
People are now abandoning capital projects.

The little savings many people have is now used for eating, since the current income is not even enough to eat.

butanep:



Sometimes it is good to have to some space for personal development.