ibietela2:


Hahahahahahahahahahahahaha, don't mind them they know what they are doing.. Using that tactic on non educated and naive Nigerians.

The benefits of a restructured Nigeria is unlimited

.



In this age of supersonic flying and the 21st century, why should a sane man want to control a Yoruba, Ibo, Tiv etc. Does he think that these people, even though they want money, are as foolish as he is thinking? Is that why Maiduguri, Kano and Sokoto Universities make all the yeye Herdsmen Professors?

Cargoed:
This whole thing has nothing to do with restructuring, I think the National Assembly has also acted badly on what SWF should be both accounted for and decision on where it should be invested in vote
d for.

That's what a real democratic country does with their funds.

This SWF if properly invested should over- take ECA.
With $1bill SWF I can tell them how to make at least 4% a year without involving any asset that has to do with Oil.

SWF should never be invested in Nigeria or
Any Oil dependent country or Business.
It's money for the next generation. When Oil finally dries up or is not needed.

The NSIA returns more than 4% yearly (the worst it’s ever done was 5.17%) on its investments in the Stabilization Fund (which btw are managed by the asset management units of some of the world’s leading investment banks).

Nonetheless, the NSIA also has other funds, such the Infrastructure Fund and the Future Generations Fund, that take long-term investment positions because the returns on those funds are not supposed to be distributed in the near-to-medium term.

orisa37:
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A Plebiscite of a single constitutional State demanding full independent from Nigeria will command more support from the US, UK, UN, EU, AU etc than Biafra.

Irrelevant comment.

The whole world is suffering today because of injustices against Biafra.

There is Arewa consultative forum, there is Oduduwa consultative forum using to stealing and sharing Biafran resources to keep oppressing indigenous people of Biafra.

Why there is no Biafra consultative forum
If Nigeria and Nigerians don't want Biafrans to go, everything in Nigeria will be force to let Biafrans go.

Let Biafrans go to have feast with Chuwku Okike Abiama in Biafra he created for them.

wirinet:


Amaechi stopped okonjo iweala from saving FG’s money in court? Abeg link me to the case and the judgement.

//www..com/talk/topic,83099.0.html

ABUJA, October 24, (THEWILL) – The fight over Nigeria’s oil wealth has again gone back to the Supreme Court as state Governors have asked the apex court to block the withdrawal of $1 billion dollars from the contentious Excess Crude Account to fund the federal government’s also contentious Sovereign Wealth Fund.

Biafra has been fought for and lost so use another name that is not a Forum.

Yankee101:


//www..com/talk/topic,83099.0.html

ABUJA, October 24, (THEWILL) – The fight over Nigeria’s oil wealth has again gone back to the Supreme Court as state Governors have asked the apex court to block the withdrawal of $1 billion dollars from the contentious Excess Crude Account to fund the federal government’s also contentious Sovereign Wealth Fund.

Is this your proof that Amaechi stopped Okonjo Iweala from saving? Even though you failed to supply proper links to the whole article, I took the trouble to find it, and no where was Amaechi mentioned not to talk of taking Okonjo Iweala to court.
Furthermore, the article did not even say the supreme Court stopped or blocked the withdrawal from the ECA.
Can you please provide me with the supreme Court judgement that stopped the withdrawal of the $1 billion or any of money from the ECA?
Was the said $1billion not transferred from the ECA into the SWF as take off grant in 2012?

NSIA commenced operations in October 2012 with an initial allocation of US$1 billion in seed capital. - https://nsia.com.ng/~nsia/investments

The bone of contention by ALL the governors is the practice of Okonjo Iweala and Goodluck Jonathan withdrawing money unilaterally from the ECA without their knowledge or approval, when the money belongs to all of them.

wirinet:

Is this your proof that Amaechi stopped Okonjo Iweala from saving? Even though you failed to supply proper links to the whole article, I took the trouble to find it, and no where was Amaechi mentioned not to talk of taking Okonjo Iweala to court.
Furthermore, the article did not even say the supreme Court stopped or blocked the withdrawal from the ECA.
Can you please provide me with the supreme Court judgement that stopped the withdrawal of the $1 billion or any of money from the ECA?
Was the said $1billion not transferred from the ECA into the SWF as take off grant in 2012?


The bone of contention by ALL the governors is the practice of Okonjo Iweala and Goodluck Jonathan withdrawing money unilaterally from the ECA without their knowledge or approval, when the money belongs to all of them.

https://www.reuters.com/article/us-nigeria-oilfund/nigerian-governors-to-block-oil-wealth-fund-in-court-idUSBRE88J1C720120920



Camillus Eboh

ABUJA (Reuters) - Nigeria’s state governors vowed on Thursday to go to court to stop the government putting oil revenues into a sovereign wealth fund.

Africa’s top crude producer has been moving closer to joining its OPEC partners in creating a sovereign wealth fund for long-term investment of its oil cash.

The governors, who enjoy luxurious lifestyles and wield huge patronage, had been opposed to the fund because they feared it would reduce their share of the oil money.

The country pumps over two million barrels of oil a day but economists say revenue over the decades has been wasted on bloated government wages, a vast patronage network that gets costlier closer to election time, or plain embezzlement.

The sovereign wealth fund aims to tie up a portion of the oil cash in a government-run investment portfolio, buying anything from mainstream assets such as stocks and bonds to direct foreign investment. Nigeria is one of only three OPEC members that does not have such a fund.

Advertisement

Nigeria’s oil earnings over a benchmark price are currently paid into the Excess Crude Account (ECA), which is meant to be for the benefit of future generations or cushion against oil price shocks.

But there is little oversight of it and it is often raided even when oil prices are high. It now contains around $8 billion and is distributed between the three tiers of government, including the 36 states.

Last year, the governors went to court to try to block the fund’s creation, arguing it was unconstitutional for the federal government to control all excess oil funds, instead of distributing them. The 36 governors have said they do not trust central authorities to manage the fund.

Nigeria’s finance minister Ngozi Okonjo-Iweala seemed to have talked them around in June, and they agreed to it.

Advertisement

As a compromise the sovereign wealth fund is supposed to start with just $1 billion. But Okonjo-Iweala made it clear last month she wants it to replace the ECA. [ID:nL6E8JOF5J]


Camillus Eboh

ABUJA (Reuters) - Nigeria’s state governors vowed on Thursday to go to court to stop the government putting oil revenues into a sovereign wealth fund.

Africa’s top crude producer has been moving closer to joining its OPEC partners in creating a sovereign wealth fund for long-term investment of its oil cash.

The governors, who enjoy luxurious lifestyles and wield huge patronage, had been opposed to the fund because they feared it would reduce their share of the oil money.

The country pumps over two million barrels of oil a day but economists say revenue over the decades has been wasted on bloated government wages, a vast patronage network that gets costlier closer to election time, or plain embezzlement.

The sovereign wealth fund aims to tie up a portion of the oil cash in a government-run investment portfolio, buying anything from mainstream assets such as stocks and bonds to direct foreign investment. Nigeria is one of only three OPEC members that does not have such a fund.

Nigeria’s oil earnings over a benchmark price are currently paid into the Excess Crude Account (ECA), which is meant to be for the benefit of future generations or cushion against oil price shocks.

But there is little oversight of it and it is often raided even when oil prices are high. It now contains around $8 billion and is distributed between the three tiers of government, including the 36 states.

Last year, the governors went to court to try to block the fund’s creation, arguing it was unconstitutional for the federal government to control all excess oil funds, instead of distributing them. The 36 governors have said they do not trust central authorities to manage the fund.

Nigeria’s finance minister Ngozi Okonjo-Iweala seemed to have talked them around in June, and they agreed to it.

“On the Excess Crude Account, the forum unanimously decided to head back to court to enforce the federal government’s adherence to the constitution,” a joint statement by the governors said.

Writing by Tim Cocks; Editing by Robert Woodward
Our Standards:The Thomson Reuters Trust Principles.

Are you sure you know how to read, or you just copy and paste any article to see without bothering to read it.
I am still trying to figure out how this lengthy article support your assertion that Amaechi through the supreme Court stopped Okonjo Iweala from saving.

Yankee101:



https://www.reuters.com/article/us-nigeria-oilfund/nigerian-governors-to-block-oil-wealth-fund-in-court-idUSBRE88J1C720120920



Camillus Eboh

ABUJA (Reuters) - Nigeria’s state governors vowed on Thursday to go to court to stop the government putting oil revenues into a sovereign wealth fund.

The report clearly said VOWED. Vowing is not the same thing as DOING.

Africa’s top crude producer has been moving closer to joining its OPEC partners in creating a sovereign wealth fund for long-term investment of its oil cash.

The governors, who enjoy luxurious lifestyles and wield huge patronage, had been opposed to the fund because they feared it would reduce their share of the oil money.

The country pumps over two million barrels of oil a day but economists say revenue over the decades has been wasted on bloated government wages, a vast patronage network that gets costlier closer to election time, or plain embezzlement.

The sovereign wealth fund aims to tie up a portion of the oil cash in a government-run investment portfolio, buying anything from mainstream assets such as stocks and bonds to direct foreign investment. Nigeria is one of only three OPEC members that does not have such a fund.

This report was written before the creation of Sovereign wealth Fund. It says the governors were opposed to the creation of the Sovereign wealth Fund, now was the SWF eventually created or not?

Advertisement

Nigeria’s oil earnings over a benchmark price are currently paid into the Excess Crude Account (ECA), which is meant to be for the benefit of future generations or cushion against oil price shocks.

But there is little oversight of it and it is often raided even when oil prices are high. It now contains around $8 billion and is distributed between the three tiers of government, including the 36 states.

Last year, the governors went to court to try to block the fund’s creation, arguing it was unconstitutional for the federal government to control all excess oil funds, instead of distributing them. The 36 governors have said they do not trust central authorities to manage the fund.

The report clearly said THE 36 STATE GOVERNORS, and not Amaechi. The reason given for opposing the SWF was because they do not trust madam Okonjo I wealth to manage to fund.

Nigeria’s finance minister Ngozi Okonjo-Iweala seemed to have talked them around in June, and they agreed to it.

Advertisement

As a compromise the sovereign wealth fund is supposed to start with just $1 billion. But Okonjo-Iweala made it clear last month she wants it to replace the ECA. [ID:nL6E8JOF5J]

This conclusion clearly stated that Okonjo Iweala convinced the 36 governors that she will manage the SWF well and they agreed to it. Therefore, The Sovereign wealth Fund was created and $1 billion was transfered into it as take off grant.

I can't help you if you were to young too know or too ignorant to accept.

Amaechi was Chairman of Governor's forum. He initiated the resistance after all governors had accepted and took the FG to court.

Ngozi as Finance Minister spear headed the savings and investment drive of excess crude income as SWF.

I'm not going to waste my time arguing with you if you want to support mediocrity amidst evidence.

wirinet:
Are you sure you know how to read, or you just copy and paste any article to see without bothering to read it.
I am still trying to figure out how this lengthy article support your assertion that Amaechi through the supreme Court stopped Okonjo Iweala from saving.


The report clearly said VOWED. Vowing is not the same thing as DOING.


This report was written before the creation of Sovereign wealth Fund. It says the governors were opposed to the creation of the Sovereign wealth Fund, now was the SWF eventually created or not?



The report clearly said THE 36 STATE GOVERNORS, and not Amaechi. The reason given for opposing the SWF was because they do not trust madam Okonjo I wealth to manage to fund.


This conclusion clearly stated that Okonjo Iweala convinced the 36 governors that she will manage the SWF well and they agreed to it. Therefore, The Sovereign wealth Fund was created and $1 billion was transfered into it as take off grant.

Yankee101:
I can't help you if you were to young too know or too ignorant to accept.

Amaechi was Chairman of Governor's forum. He initiated the resistance after all governors had accepted and took the FG to court.

Ngozi as Finance Minister spear headed the savings and investment drive of excess crude income as SWF.

I'm not going to waste my time arguing with you if you want to support mediocrity amidst evidence.

It is you that talks like a lazy youth, who is unable to read and comprehend properly, but instead rely on other to interpret stories for you.
Amaechi being chairman does not mean he dictated the decisions of all the other 36 governors. The governors forum is not a dictatorship ruled by one man. The chairman only presides over meetings and communicates the decision reach by the governors.
It is beyond stupid to blame the decisions of democratic body of equals on just one man.

The governors opposed the excess crude accounts right from when OBJ created it is 2004. They had been threatening to take the FG to court over its legality since then, and amaechi was not even governor then. OBJ was able to manage and gain the trust of the governors by not dipping his hands anyhow into the fund. All 36 governors did not trust your hero with their monies and hence asked for their share of the money.

This is my last response to you, as I have no time to continue to argue senselessly.
If it makes you feel better that Amaechi prevented Jonathan from saving, then good for your mental health.

Arewa & Oduduwa have never fought Nigeria. Biafra had shamelessly fought and lost a civil war. And it is now dead, buried and no Nigerian DNA to revive it. Fight solo, Imo, Abia, Anambra etc or group, Igbo, Ibo, Ojukwu, Abariba etc.