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Politics / Re: Okonjo-iweala Connived With World Bank, IMF To Write Off Ajaokuta Steel Company by Wallie(m): 8:39pm On Jan 07, 2016
sonnie10:


Oga lawyer, if that is APA format make I nake.d bath for market square. I have written countless academic articles with APA, so don't even go there. You started failing it when you added the title "Professor" to the author's name. It is a no no in APA. I don't even want to go into the rest of your mistakes in that singular citation. No one is above correction, but where I have problem with is when you don't appreciate it.

This is what the APA style should look like;

Lawrence, R.Z. (2008). Global Enabling Trade Report. In Kennedy School of Government, Harvard University. World Economic Forum, Geneva, Switzerland. Retrieved 11/03/ 2009.

I modified my response before seeing your post and just like I guessed, you only know of APA.
Politics / Re: Okonjo-iweala Connived With World Bank, IMF To Write Off Ajaokuta Steel Company by Wallie(m): 8:11pm On Jan 07, 2016
sonnie10:



Please concentrate on the issue of Ajaokuta as not to derail this thread. Like I said before, you risk academic rustication if you are a student and continue to make the same mistake, it shows that you are unteachable. If you know what citation is, you would not have committed the above blunder. You just copy and paste material from the internet and could not even cite it correctly. I challenge you to tell us the name of the citing style you used above. No citation format anywhere in the world is presented in that form. Don't come here to expose your ignorance.

You just they fire like you have verbal diarrhea! I told you once before that you need to be careful since you don't know who you're responding to!

APA format is probably what you're familiar with. Olodo! To take it a step further, I've used both the Bluebook and ALWD while in law school. In legal practice, we use the Bluebook. Plus, for the most part, unless when writing legal briefs or paper to publish, no one cares how you cite as long as they can understand what you're quoting. That's the difference between class work and the real world! Just because you just learned about citation, you no go let person rest! Next time, make sure you do your research well-well before challenging me again on any topic.

By the way, you derailed the thread with your citation crap! Go find someone with your intellectual capacity to argue with. Local champion!
Politics / Re: Okonjo-iweala Connived With World Bank, IMF To Write Off Ajaokuta Steel Company by Wallie(m): 5:12pm On Jan 07, 2016
sonnie10:


Stop being a joke my friend. Who cites Wikipedia in an argument? Please provide any academic study, research or findings in an article by a recognized institution before I will take you serious. In a sane clime, you may expelled from school for this ridiculous reference.


Will this do it for you or you need help reading it?

http://www3.weforum.org/docs/WEF_GlobalEnablingTrade_Report_2014.pdf

By the way, why are you guys so quick to insult someone without even knowing who you're talking to? Only people who are intellectually bankrupt resort to insults, instead of a rebuttal, when faced with facts. You obviously are way out of your league and have nothing to offer.

Wikipedia provides a quick source to info and every single info stated as fact is usually cited. That's what [#] means! You could have just followed the link and you would have seen the following:

The Global Enabling Trade Report was first published in 2008 by the World Economic Forum.[1]
...
[1] Professor Robert Z. Lawrence, Kennedy School of Government, Harvard University, Margareta Drzeniek Hanouz, World Economic Forum, Editors (2008). "Global Enabling Trade Report 2008". World Economic Forum, Geneva, Switzerland. Retrieved 2009-03-11.

You probably don't even know what a citation is; otherwise, you would have checked to make sure what was posted is kosher.
Politics / Re: Okonjo-iweala Connived With World Bank, IMF To Write Off Ajaokuta Steel Company by Wallie(m): 11:47pm On Jan 06, 2016
sonnie10:


I have a few simple questions for you from reading your post:

1) The biggest economy in the world, USA are not protectionist why?

Why is the US not protectionist?

Check out the 2014 Global Enabling Trade Report Rankings. Why is the US ranked 15th if they truly practice free trade in EVERY industry?

1. Netherlands 6.0
2. Singapore 5.9
3. Hong Kong 5.5
4. New Zealand 5.2
5. Finland 5.2
6. United Kingdom 5.2
7. Switzerland 5.2
8. Chile 5.1
9. Sweden 5.1
10. Germany 5.1
11. Luxembourg 5.1
12. Norway 5.1
13. Japan 5.1
14. Canada 5.0
15. United States 5.0
16. United Arab Emirates 5.0
17. Denmark 5.0
18. Austria 4.9
19. Qatar 4.9
20. Belgium 4.9

https://en.wikipedia.org/wiki/Global_Enabling_Trade_Report


To answer your question more directly, the US preaches Free Trade because they manufacture way more than they consume and they can manufacture very efficiently. The only reason manufacturing shifted to China is because of their lower labor costs and non-existent/unenforced labor laws.

Like I said from the beginning of this thread, free trade only benefits those who have something to trade. When you manufacture nothing and fling open your borders, you become a dumping ground for other countries!

If we are going to open our borders, it should be for technology and knowledge transfer, which is something that will benefit us long term. How did you think most Asian countries got to where they are today? Think about it for a second. Why buy fish from you if I have the ocean in my backyard? I would be better off being taught how to catch the fish because once I become proficient, I no longer need to buy the fish from you!

Anyway, my time is up as this is becoming an exercise in futility!
Politics / Re: Okonjo-iweala Connived With World Bank, IMF To Write Off Ajaokuta Steel Company by Wallie(m): 10:01pm On Jan 05, 2016
BraniacX:


I don't.disagree with you pertaining to our need to have our steel locally produced and am no expert on this topic but what I read when I read it said ajaokuta wasn't at the same level in terms of machinery and cost effectiveness as modern steel foundaries, what'll be the point of producing expensive steel in Nigeria if steel consumers prefer imported steel because of cheaper price and or better quality? the assertion back then was that the cost of bringing ajaokuta and aladja to modern standards was more than the cost of building brand new steel foundaries

The highlighted is EXACTLY the point lost on a lot of people. It is true that there are immediate benefits to cheaper products but at what long-term costs? Why do you think our manufacturing industry is comatose? We are a decade or two away from competing head-to-head with developed countries when it comes to manufacturing. They will almost always produce cheaper goods than we can manufacture locally, especially when the goods are sourced from Asia. However, simply throwing open our boarders is what got us to where we are today with the high unsustainable unemployment rate! We are lucky enough to have the population to consume and somewhat of a middle class to buy most goods but we are wholly inefficient when it comes to manufacturing due to production costs and lack of technology.

However, every planned country has a multitude of industries that they protect from competition either through tariffs, quotas, subsidies, and/or laws. Some things are just so important to a country’s vital interest that they are done locally even though it would have been cheaper to produce outside. I know for a fact that the US protects the following industries from external competition: defense, agriculture, oil and gas, and some technologies.

Something has to give as there is no free lunch! If we want large scale employment, we will have to manufacture more and import less. There are no two ways about it unless we become a service-based economy, which is not currently feasible because we lack the knowledge. Right now, for every ton of steel we buy, we are employing workers and enriching companies in China that mine for iron ores, manufacture steel, and transport steel. And this is just ONE industry! Any wonder why we have no foreign exchange!

By the way, I do believe that there’s not a single steel mill in Africa even though South Africa has proven iron ore reserves!

2 Likes

Politics / Re: Okonjo-iweala Connived With World Bank, IMF To Write Off Ajaokuta Steel Company by Wallie(m): 9:03pm On Jan 05, 2016
BraniacX:
typical case of sentiments overcoming reason, try and sell.ajaokuta to any modern steel maker so that you'll appreciate how little it is worth, ajaokuta's design and methods are synonymous with the 70's when it was designed so revamping it and running it won't and can't be cost productive, apart from the bragging rights of having locally produced steel, the whole enterprise will be running at a loss eventually. a daft sentimental idiot comes here rubbishing a well made decision and ignorant(es) like many of you are thinking with your asses out loud all in the bid to rubbish NOI when we should be trying to woo modern and established steel companies to come and set up foundaries in Nigeria but wait! few or no foreign companies want to invest in buhari's neo-nationalistic Nigeria anymore

Care expatiate? Based on what I've found so far, they seem to be using an up-to-date method.

Historically the Bessemer process was a major advancement in the production of economical steel, but it has now been entirely replaced by other processes such as the basic oxygen furnace.
https://en.wikipedia.org/wiki/Steel_mill

The chosen Technology for Steel Production is the time tested Blast-Furnace – Basic Oxygen Furnace route for Steel Production. http://www.ajaokutasteel.com/site/pagef.php?cnt=Company%20Overview

I have very little doubt that the cost of production at Ajaokuta will be a lot higher than China imports. But whether we like it or not, sooner or later, we will have to start manufacturing to keep more of our earnings. Every time we buy imported products we end up subsidizing the workers of the economies that we buy the products from. Free trade with western countries do not benefit us because we have nothing to trade. We are just a dumping ground for every country that manufactures! Here’s the kicker, after paying for imported products with our earnings, those countries will then turn around to loan us some of the money we paid them!

To resolve the cost issue, we can simply limit the import of steel and/or increase the tariffs so that our locally produced ones can compete (even though that will mean that the price of steel will increase, at least, momentarily). Simple. Other western countries do the same thing. Take a look at the map below. Can you give me any rational reason as to why the countries in Africa are the least protected economies?

Politics / Re: Okonjo-iweala Connived With World Bank, IMF To Write Off Ajaokuta Steel Company by Wallie(m): 8:01pm On Jan 05, 2016
Can't speak to the audit report but generally speaking, there are actions taken by governments based solely on the strategic importance of the action even though the action is not economically feasible!

Whether or not Ajaokuta is economically feasible, the decision on whether to continue funding it should be based on its strategic importance. We should be looking for ways to make it run efficiently and not shut it down because its product is in demand! The simple act of raising tariffs on steel imports would be enough to justify the investments.

On the issue of IMF, most Nigerian leaders are shortsighted and do not have the common sense to identify a Trojan Horse. Sanusi is the only one that I’ve heard of thus far to buck that trend! We need to understand that everyone is out there looking out for #1 and their friends. We should be doing the same.
Properties / Re: The Safest And Most Private Estates In Lagos? by Wallie(m): 7:41pm On Jan 05, 2016
phoenix480:
Off the top of my head:

Mainland
Ikeja G.R.A
Ogudu G.R.A
Magodo Shangisha
Apapa G.R.A
Shonibare Estate, Maryland

Island
Osborne Foreshore. Ikoyi
Parkview Estate, Ikoyi
Victoria Garden City, Ajah
Friends Colony Estate, Lekki
Chevyview Estate, Lekki
Carlton Gate Estate, Lekki

If resources isn't an issue, then Banana Island, Ikoyi fits the bill.

Slightly different question to the one asked: which of the estates above do not get flooded during raining seasons?

2 Likes 1 Share

Politics / Re: Meaning Of The Arabic Word On Nigerian Army Logo by Wallie(m): 6:41pm On Dec 13, 2015
What the army is doing is not unique to Nigeria alone but does beg the question why we didn’t go with Latin as did the British and the Americans. Maybe it is a way of breaking away from our colonial masters and showing independence!

United States Coast Guard: "Semper Paratus" (English: Always Prepared)
United States Navy:"Non sibi sed patriae" (English: Not Self, but Country)
United States Marine Corps: "Semper Fidelis" (English: Always Faithful)
United States Coast Guard Maritime Security Response Team: "Nox Noctis est Nostri" (English: The Night is Ours)
United States Army Rangers: "Sua Sponte" (English: Of their own accord)
United States Army Special Forces (Green Berets): "De Opresso Liber" (English: To Liberate the Oppressed)

Australian Army
1st Armoured Regiment: Paratus (Latin for "prepared"wink
2nd Commando Regiment: Foras admonitio (Latin for "without warning"wink
Royal Australian Artillery: Quo fas et gloria ducunt (Latin for "whither duty and glory lead"wink
Royal Australian Engineers: Ubique (Latin for "everywhere"wink and honi soit qui mal y pense (Old French for "evil be to him who evil thinks"wink
Special Operations Engineer Regiment: Inter hastas et hostes (Latin for "between spears and enemies"wink

Canadian Army: Vigilamus pro te (Latin for "we stand on guard for thee"wink
Canadian Mechanized Brigade Group: Semper vigilans (Latin for "always vigilant"wink
Canadian Mechanized Brigade Group: Audacia et fortitudo (Latin for "strength and courage"wink

United Kingdom
The Royal Navy: Si vis Pacem, para bellum (if you wish for peace, prepare for war)
The Royal Air Force: Per Ardua ad astra (Through Adversity to the Stars)
Parachute Regiment: Utrinque paratus (ready for anything)
Royal Artillery: Ubique Quo Fas Et Gloria Ducunt (Everywhere right and glory lead.)
Royal Marine Commandos: Per mare, per terram (by sea, by land)
Royal Signals: Certa Cito (Latin), Swift and Silent (old), Swift and Sure.
The London Irish Rifles: Fág an Bealach (Gaelic), Faugh a Ballagh (Anglicised spelling), Clear the way.
The Royal Military Police: Exemplo Ducemus (By Example We Lead)
The Rifles Regiment: Celer et audax (Latin) Swift and bold.

https://en.wikipedia.org/wiki/List_of_military_unit_mottoes_by_country
Politics / Re: Why EFCC Arrested Dokpesi And Bafarawa by Wallie(m): 11:17pm On Dec 01, 2015
The issue of fraudulent payment is relatively simple in this case because the question is not whether payment was made to Dokpesi for services rendered but whether the payment relates to NSA-type activities.

If money was to be paid to AIT, it should have been paid out of a PDP campaign account or some other governmental account that had to do with disseminating NEWS. If the money was paid out of a government account, then the next question would be why that agency (owner of the account) is involved in partisan news that AIT was broadcasting.

No matter how you dice it, NSA and "someone" is screwed. On the other hand, Dokpesi may be able to avoid charges by feigning ignorance as to why he was paid out of NSA's account but he would need to spill the beans on services rendered. However, I have a feeling he will be asked to refund the N2.1 billion.

2 Likes 1 Share

Business / Re: Dangote Quits Board Of Flour-producing Subsidiary by Wallie(m): 7:35pm On Nov 16, 2015
Resign or ousted? You don't just resign from a company in which you own a majority-minority stake! Also sounds like the 3 other board members were his appointees to the board. If I had to guess, I would say a major ownership change is ongoing and Dangote is being bought out or pushed out. When you lose that much power in a company, it can only be because everything don pafuka!
Education / Re: Opeyemi Enoch Solves 156-Year-Old Maths Problem, Gets $1M by Wallie(m): 11:36pm On Nov 15, 2015
Don't know if he solved the problem or not but he did present a paper on the topic at the International Conference on Mathematics and Computer Science 10-11 November 2015, Vienna, Austria. See page 8 of the attached:

http://computer.conference-site.com/proceedings_icmcs_2015.pdf

http://computer.conference-site.com/index.html

A matrix that generates the point spectral of the Riemann Zeta function
Enoch Opeyemi Oluwole
Department of Mathematics
Federal University Oye-Ekiti
Ekiti State
Nigeria

Abstract
This work presents some meromorphic functions which have the same results as the Riemann zeta function. Matrix representations of these functions are also obtained through which the general form of the point spectral and the trace of the Riemann zeta function were generated.
The Riemann Zeta function and its Analytic Continuation function are presented as function with real and imaginary parts. By this The Riemann Zeta function and its Analytic Continuation function are transformed into their Matrices equivalents. We are also able to valuate ! ! ! ! = !!(!) + !!(!). By writing ! ! ! ! as a bilinear function, and through the use of Sobolev Space theorem, an optimization problem with a variable coefficient is derived. Some methods of solution are presented.

Keywords: Meromorphic, Riemann Zeta function, Matrix Sobolev Space, Spectral Point, Trace
Ope_taiwo3216@yahoo.co

3 Likes

Crime / Re: Tajudeen Disu Killed In Land Fracas In Lagos by Wallie(m): 5:58pm On Oct 12, 2015
RIP Uncle Bola!

Inna lillahi wa inna ilayhi raji'un
Fashion / Re: Girl Incredibly Transforms From Black To White (before & After Pics) by Wallie(m): 5:56pm On Jul 14, 2015
One word comes to mind: melanoma. And people wonder why cancer is prevalent!

In this life, we have to make many choices. Some are very important choices. Some are not. Many of our choices are between good and evil. The choices we make, however, determine to a large extent our happiness or our unhappiness, because we have to live with the consequences of our choices. James E. Faust
Politics / Re: What Does The Iran Nuclear Deal Mean For Nigeria? Harder Times Are Ahead! by Wallie(m): 5:47pm On Jul 14, 2015
Unfortunately, it is the ordinary citizens on the street that will feel the brunt of it! The government under GEJ should have been saving for a rainy day like this but I'm not even sure that would have been enough in the long-term. Diversifying the economy is the only long-term solution but with what money? If the dwindling revenue is spent on recurrent expenditure where will money for investment into other sectors come from? I honestly do not envy Buhari and his team!
Politics / What Does The Iran Nuclear Deal Mean For Nigeria? Harder Times Are Ahead! by Wallie(m): 5:07pm On Jul 14, 2015
Naira will lose more value and revenue from oil sales will dwindle as oil prices will further decline.


Iran could add as much as 500,000 barrels of oil per day to worldwide markets by the end of this year, according to experts at a recent Credit Suisse conference on Iranian sanctions and oil. The International Energy Agency estimates Iran could add as much as 800,000 barrels a day months after sanctions are lifted. Another 30 million barrels of Iranian crude are estimated to be in storage and ready for sale, according to FACTS Global Energy, an industry consultancy.
http://money.cnn.com/2015/07/14/news/economy/2-gas-iran-nuclear-deal/index.html


Get ready for a new oil low.

The bottom may still lie ahead, as the market remains "massively oversupplied," the International Energy Agency said Friday. The report noted that Iraqi oil output was more than 4 million barrels a day -- an all-time high.

The IEA, which monitors energy market trends for the world's richest nations, said global oil supply has surged an additional 550,000 barrels a day in June, rising in both OPEC and non-OPEC countries.

OPEC supply rose by 340,000 barrels a day in June to its three year high of 31.7 million barrels a day. That means the cartel is producing 1.7 million barrels more than the official target OPEC ministers agreed to last month.

OPEC's record output is part of an aggressive effort to keep its market share in the face of fierce competition from the U.S. and others.

The U.S. oil production hit 44-year high in April, rising to 9.7 million barrels a day, latest available data show. But the supply growth is slowing. U.S. supply grew by 1.0 million barrels a day in the first five months of 2015, down from 1.8 million last year.

The world's oil demand will finally slow down in 2016, the agency said, but not enough to offset the world's growing oil glut.

"The rebalancing that began when oil markets set off on an initial 60 percent price drop a year ago has yet to run its course," the report said.
The agency sees demand slowing to 1.2 million barrels a day next year, from an average 1.4 million barrels a day in 2015.

Oil prices dropped below $51 a barrel earlier this week, the first time since early April, down from the highs of $107 a barrel last summer. Oil was trading at $53.2 per barrel on Friday morning.


http://money.cnn.com/2015/07/10/news/iea-oil-report/index.html?iid=EL
Politics / Re: Bayelsa Governor Hires World’s Most Ruthless Hackers For N100M To Hack Computers by Wallie(m): 9:36pm On Jul 09, 2015
If you can't see/read the screenshot, here's the pertinent information. The email subject is "Remote Control Davinci System Into Nigeria." Underneath that is the proposed third-party process for sneaking Hacking Team's "Davinci" past import/export restrictions:
Commissions and meeting:

Being an Italian company, we are following the guidelines of our exterior ministry.

Understanding that this is an uncommon circumstance, this is what we are proposing:

HackingTeam will sell directly to your company and then TunsmosPetroleum will add its own mark up. The price you will purchase from us will include a discount on the list price as a compensation for the 1st meeting/demo in Milan and the training (in Milan as well) after the sale.

https://www.techdirt.com/articles/20150705/21205731557/hacking-team-hacked-documents-show-company-sold-exploits-spyware-to-un-blacklisted-governments.shtml

Politics / Re: Ranking Of Nigerian States By Poverty Rates by Wallie(m): 9:44pm On Jul 01, 2015
In a typical Nigerian fashion, people are not even bothered to look at the factors used to determine the ranking! Here are the factors:

Years of schooling
School attendance
Child Mortality
Nutrition
Electricity
Sanitation
Drinking water
Flooring
Cooking fuel
Asset ownership

Anambra lost the second spot due to years of schooling and school attendance.

2 Likes

Health / Re: Taraba: 110,000 People Are Living With HIV/AIDS by Wallie(m): 8:00pm On Jun 30, 2015
princeofpeace22:
kini big deal
hiv is like malaria now in Nigeria just take ur pills


sikena

Really? Are you talking about the same pills that are donated to Nigeria for free? What happens if the donation stops coming? At least with Malaria, you can walk into a chemist and pay for the pills you need out-of-pocket. Do you think you can afford HIV drugs that will have to be taken for life?
Politics / Re: Top 5 CIA Assets In Nigeria by Wallie(m): 7:45pm On Jun 30, 2015
CIA assets in a foreign country are not employed directly by the CIA. If there are CIA assets in Nigeria, those people will be in-touch with a handler (the CIA caseworker) that will act as a close friend of the asset. Here's the kicker, the Nigerian asset has NO way of knowing who the handler works for. The handler could be working for the Nigerian govt to help ferret out spies - this is called "false flag."

3 Likes

Webmasters / Re: Pls Advice: A Developer Has Refused My Access To The Website Database I Paid For by Wallie(m): 2:39pm On Jun 23, 2015
subset:
Good day all.

I paid a developer to build and host a website for my company. The website was hosted with the developers name, which was the initial agreement, after which, he will transfer the account to my name.

lincolnpix:
Morning all,

I'm not giving him access to the Hosting cpanel because i dont want him to copy my codes, the site is not a ready made script, i designed and developed from scratch and this aspect was previously addressed in the contract.
..

The issue at hand here is one of copyrights and whether lincolnpix is an employee of subset. It is clear from their relationship that lincolnpix is not an employee but a contractor hired to create a particular website. Since lincolnpix is not an employee, lincolnpix owns the copyrights to the code unless he assigns his rights to subset.

I downloaded the contract attached to the link lincolnpix provided and a relevant portion states “We will give you a copy of all files and you should store them really safely as we are not required to keep them or pro- vide any native source files that we used in making them. … We own the XHTML markup, CSS and other code and we license it to you for use on only this project.”

From the clause above, lincolnpix did not assign his ownership rights to subset.

However, as a goodwill gesture and a good business practice, lincolnpix should give subset access to the cpanel as the website seemed just a little more complex than templates one could easily get code-access to. On the database side of things, which are just a bunch of tables, the developer should have provided subset with the database schema as part of the required documentation.

Overall, in my humble opinion as an attorney and an entrepreneur, the contract is somewhat ambiguous and does not spell out the actual deliverables apart from the templates, especially if the contract is worth NGN150M. Also, based on the NGN150M price tag, I’m guessing there’s a lot more to this contract than just some html stuff and that should have been included in the contract.

Subset, you should have required the following documents as part of the deliverables to help protect your investment even if lincolnpix will continually help you manage the website:
1. Software Requirement Specification
2. Software Design Document
- Preliminary design document
- Detailed design document
3. Test plan

Subset, without documentation that details every single aspect of the design and implementation, how are you going to continue future developments of your website if lincolnpix becomes unavailable for whatever reason? This is another reason lincolnpix has to deliver the source code because Subset should be free to hire another developer in the future to take over your development UNLESS lincolnpix EXPLICITLY stated otherwise in the executed contract.

5 Likes

Politics / Re: A Mathematical Analysis Of The Proposed N5000 Stipends For Unemployed Youths by Wallie(m): 9:39pm On Jun 17, 2015
Volksfuhrer:


...

Let's look at the government side. Yes, the government would spend money initially, but the government would later benefit from increased revenue through taxes from the effects of economic expansion.

The Americans started social security to tackle the inherent contradictions within the capitalist economic system. ...


One thing that people fail to realize is the condition that needs to be met before giving out the NGN5000. If I was in charge of APC, I will give out the NGN5k but require the recipients to file taxes first and the NGN5000 will be the refund given to people that earned below a certain amount even if they earned zero Naira. This will actually be modeled like the Earned Income Tax Credit in the US.

Why pay the NGN5000?
1. You now encourage people to file taxes which could be a way of getting people’s earnings out of the shadows. More IGR.
2. You can now start to compile true residents of states.
3. You can now have accurate census info because it will all be tied to an issued tax ID.
4. It will be harder for politicians to create people out of thin air because they will need to file taxes for each person.


The Earned Income Tax Credit (EITC) is a federal tax credit for low- and moderate-income working people…

Who Is Eligible, and for How Much?
In the 2014 tax year, working families with children that have annual incomes below about $38,500 to $52,400 (depending on marital status and the number of dependent children) may be eligible for the federal EITC. Also, working-poor people without children that have incomes below about $14,600 ($20,000 for a married couple) can receive a very small EITC. In the 2013 tax year, the most recent year for which data are available, over 27 million working families and individuals received the EITC.

The amount of EITC depends on a recipient's income, marital status, and number of children. As the figure shows, workers receive the credit beginning with their first dollar of earned income; the amount of the credit rises with earned income until it reaches a maximum level and then begins to phase out at higher income levels. The EITC is "refundable," which means that if it exceeds a low-wage worker's income tax liability, the IRS will refund the balance.
Politics / Re: Is The Ghanian Cedi Stronger Than Naira? by Wallie(m): 4:48pm On Jun 17, 2015
Dollyak:

Great analysis. People fail to realise this when demanding for $1=#1 from buhari.

They only think about the buy side of the equation and not how their export-dependent government will be able to pay their next salary!

I guess the government can also just lob two zeroes off the Naira and rebase it. That will mean that a salary of N100,000 will now be N1000 and a loaf of bread will now be NGN2 instead of NGN200.
Politics / Re: Is The Ghanian Cedi Stronger Than Naira? by Wallie(m): 9:14pm On Jun 16, 2015
frankmoney:
I got into an arguement with a friend about ghana cedi being stronger than naira ...I have heard about the redomination ghana did a few years back but dont know how it works ...I saw an exchange rate just now which shows d ghana cedi being stronger than the japanese yen. does that mean ghana has a stronger economy than nigeria and japan

No. As a country, you try to weaken your currency based on whether you're an import/export based economy.

If your economy is largely based on export, you want a weaker currency because it will make your goods cheaper abroad and when money gets repatriated to your country, you will have more of it in your local currency.

If your currency is strong, ideally, it should mean you're an import-based economy like Nigeria. For example, if NGN 1 = $2, that means that a car imported from the US at a cost of $100,000 will only cost NGN50,000 in Nigeria. The populace will be more prosperous.

In Nigeria, we need a carefully balanced currency peg because we are somewhat of an export-based when generating revenue but an import-based economy when consuming goods.

Here's a research topic for someone doing their thesis in economics: what should be the ideal peg of Naira to a dollar based on our current consumption? The answer will depend on how much we earn from exporting relative to how much we spend on imported goods.

1 Like

Health / Re: Samuel Achilefu Receives US Award For Inventing Cancer Goggles by Wallie(m): 7:30pm On Jun 16, 2015
Other patents (inventions) owned by the same Samuel Achilefu (St. Louis, MO)

1 8,658,433 Dye compounds as photoactive agents
2 8,344,158 Fluorescent polymethine cyanine dyes
3 8,318,133 Macrocyclic cyanine and indocyanine bioconjugates provide improved biomedical applications
4 8,053,415 Compounds having RD targeting motifs
5 7,850,946 Macrocyclic cyanine and indocyanine bioconjugates provide improved biomedical applications
6 7,790,144 Receptor-avid exogenous optical contrast and therapeutic agents
7 7,767,194 Optical diagnostic and therapeutic agents and compositions
8 7,758,861 Dye-sulfenates for dual phototherapy
9 7,608,244 Hydrophilic light absorbing compositions for determination of physiological function in critically ill patients
10 7,566,444 Versatile hydrophilic dyes
11 7,556,797 Minimally invasive physiological function monitoring agents
12 7,514,069 Tumor-targeted optical contrast agents
13 7,510,700 Pathological tissue detection and treatment employing targeted benzoindole optical agents
14 7,504,087 Receptor-avid exogenous optical contrast and therapeutic agents
15 7,468,177 Hydrophilic light absorbing compositions for determination of physiological function in critically ill patients
16 7,438,894 Dyes for organ function monitoring
17 7,431,925 Internal image antibodies for optical imaging and therapy
18 7,427,657 Aromatic sulfenates for type 1 phototherapy
19 7,351,807 Cyanine-sulfenates for dual phototherapy
20 7,303,926 Methods and compositions for dual phototherapy
21 7,297,325 Hydrophilic light absorbing compositions for determination of physiological function
22 7,252,815 Pathological tissue detection and treatment employing targeted benzoindole optical agents
23 7,235,685 Aromatic sulfenates for type I phototherapy
24 7,230,088 Compounds for dual photodiagnosis and therapy
25 7,201,892 Pathological tissue detection and treatment employing targeted optical agents
26 7,198,778 Tumor-targeted optical contrast agents
27 7,175,831 Light sensitive compounds for instant determination of organ function
28 7,128,896 Pathological tissue detection and treatment employing targeted benzoindole optical agents
29 7,011,817 Hydrophilic cyanine dyes
30 6,939,532 Versatile hydrophilic dyes
31 6,887,854 Compounds as dynamic organ function monitoring agents
32 6,761,878 Pathological tissue detection and treatment employing targeted benzoindole optical agents
33 6,747,151 Azo compounds for type I phototherapy
34 6,733,744 Indole compounds as minimally invasive physiological function monitoring agents
35 6,716,413 Indole compounds as tissue-specific exogenous optical agents
36 6,706,254 Receptor-avid exogenous optical contrast and therapeutic agents
37 6,673,334 Light sensitive compounds for instant determination of organ function
38 6,669,926 Hydrophilic light absorbing indole compounds for determination of physiological function in critically ill patients
39 6,663,847 Dynamic organ function monitoring agents
40 6,656,451 Indole compounds as novel dyes for organ function monitoring
41 6,641,798 Tumor-targeted optical contrast agents
42 6,485,704 Azo compound for type I pototherapy
43 6,423,547 Non-covalent bioconjugates useful for diagnosis and therapy
44 6,395,257 Dendrimer precursor dyes for imaging
45 6,280,703 Simultaneous multimodal measurement of physiological function
46 6,277,841 Quinoline ligands and metal complexes for diagnosis and therapy
47 6,264,920 Tunable indocyanine dyes for biomedical applications
48 6,264,919 Indocyanine dyes
49 6,228,344 Method of measuring physiological function
50 6,217,848 Cyanine and indocyanine dye bioconjugates for biomedical applications
51 6,190,641 Indocyanine dyes
52 6,183,726 Versatile hydrophilic dyes
53 6,180,087 Tunable indocyanine dyes for biomedical applications
54 6,180,086 Hydrophilic cyanine dyes
55 6,180,085 Dyes
56 6,013,243 Gaseous inhalable ultrasound contrast agents and method therefore
49 6,228,344 Method of measuring physiological function
50 6,217,848 Cyanine and indocyanine dye bioconjugates for biomedical applications
51 6,190,641 Indocyanine dyes
52 6,183,726 Versatile hydrophilic dyes
53 6,180,087 Tunable indocyanine dyes for biomedical applications
54 6,180,086 Hydrophilic cyanine dyes
55 6,180,085 Dyes
56 6,013,243 Gaseous inhalable ultrasound contrast agents and method therefore

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Politics / Re: Amnesty Intl. Wants Ihejirika, Others Investigated For War Crimes - Thisday by Wallie(m): 4:24pm On Jun 03, 2015
First major international headache for Buhari! Unfortunately, he has no choice than to capitulate and offer those guys up because that stuff is not going away anytime soon, especially, since the US made it an issue in dealing with the past government. Funny enough, I actually do not see Nigeria on the current list of countries with arms embargo at the US State Dept.

http://www.pmddtc.state.gov/embargoed_countries/


By the way, very recently, the US also restricted weapons sale to Vietnam.
http://www.usnews.com/news/politics/articles/2015/06/01/vietnam-dont-tie-us-weapons-sales-to-human-rights-issues
Politics / Re: China Illegally Fishing Off W Africa - Greenpeace by Wallie(m): 4:05pm On Jun 03, 2015
AjanleKoko:


The real situation of Africa is best summed up by Buhari's quote:

'I belong to everybody, but I belong to nobody.' undecided

Man, that is a frighteningly apt quote!
Politics / Re: China Illegally Fishing Off W Africa - Greenpeace by Wallie(m): 3:21pm On Jun 03, 2015
emabe:

More than 70 Chinese vessels have been found fishing illegally off the coast of West Africa, Greenpeace says.
...
In the most recent cases, the Greenpeace ship MY Esperanza, which sailed off Senegal, Guinea-Bissau and Guinea last autumn, documented 16 illegal fishing activities by 12 Chinese vessels.

It saddens me that we are too shortsighted to see the true implications of what is going on in Africa. We seem to only regard overt and explicit acts of harm as the only thing bad for us. I guess we will continue to show indifference until, in this particular instance, fishing communities become unsustainable and we pay through our nose to buy fish in the open market, and even then, we will gladly open our arms to welcome "help" from the people responsible instead of throwing them in jail!

Think about this for a second, you literally have to sail through the Pacific Ocean and Indian Ocean to reach the Atlantic Ocean! Unfortunately, we do not have laws or even manpower to police our shores!

1 Like

Webmasters / Re: My Advice To All Nigerian Developers by Wallie(m): 3:19pm On Jun 02, 2015
winexviv:

...
I charge clients high for projects now because I do the needful. I will encourage us developers to improve on our strengths, extend jobs for other experts to do their part to get a perfect product in time. With this, you can confidently bill clients several millions for projects and they will be glad to pay.
...

How much do you charge per hour? Can you also share your portfolio?
Business / Re: Nigeria's Hotels.ng Raises $1.2 Million by Wallie(m): 4:49pm On May 26, 2015
Glad to see Nigerians in Nigeria attracting outside attention in the IT sector!
Business / Nigeria's Hotels.ng Raises $1.2 Million by Wallie(m): 4:29pm On May 26, 2015
Nigeria’s leading hotel booking website, Hotels.ng, has raised $1.2 million from the Omidyar Network, the investment vehicle of eBay founder Pierre Omidyar, and EchoVC Pan-Africa Fund, a seed-stage technology fund.

Founded in 2013 by Nigerian entrepreneur Mark Essien, Lagos-based Hotels.ng aims to provide affordable, safe and convenient online bookings for Nigerian hotels for both tourist and business travelers. It currently has a listing of more than 7,000 hotels in 21 regions across Nigeria and has facilitated up to two million hotel reservations since its inception.

This is the second time Hotels.ng would be raising money. In 2013, Lagos-based business accelerator Spark, made a seed investment of $225,000 in the company. The company is already profitable, though Mark Essien refuses to disclose revenue figures. In a private email to this writer, Essien said his company plans to use the new funds to invest further in its technology capacity and in pursuing expansion into Ghana and French West Africa.

“We’re forging ahead into relatively uncharted territory; E-commerce in Africa is a massive market to conquer, but there are no hard and fast prototypes from which to follow; We cannot simply replicate Western models here; we have to build our own blueprints from scratch, which takes significant investment, both in terms of time and money. This additional capital will allow us to realize the next stage in our ambitious growth plans, which will see us consolidate our position as Nigeria’s market leader in online hotel bookings, with a view to expanding our service into other African markets, such as Ghana.”

http://www.forbes.com/sites/mfonobongnsehe/2015/05/26/nigerias-hotels-ng-raises-1-2-million/

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