Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,196 members, 7,953,713 topics. Date: Friday, 20 September 2024 at 12:20 AM |
Nairaland Forum / Nairaland / General / Politics / Post-civil War Indigenization Policy And Its Far-reaching Consequences (23342 Views)
I’m Reaching Out To Those Who Defected To APC – PDP Chairman, Sheriff / Sanusi, Monetary Policy And Economic Development In Nigeria / Post Civil-war Reconstruction In Eastern Nigeria: Was there any? (2) (3) (4)
(1) (2) (3) (4) (5) (6) (Reply) (Go Down)
Post-civil War Indigenization Policy And Its Far-reaching Consequences by ACM10: 9:06pm On Aug 24, 2012 |
THE GREATEST HEIST IN MODERN HISTORY BY AWOLOWO AND THE YORUBAS, KNOWN AS INDIGENIZATION OF FOREIGN COMPANIES IN NIGERIA This piece was prompted by what I saw as benign ignorance amongst some of our Ibo folks and because such ignorance is music to the ears of some other people and Yoruba in particular. In more than one occasion my friends and other Ibo have advanced the argument that if Ibo was that smart, how come Yorubas dominated the commerce industry in Nigeria? What they meant were the domination of Yoruba in the banking, insurance industries, Coco Cola and some other surviving industries. In one particular occasion a friend revealed to me that he recently discovered that the reason why some Yoruba are so wealthy is because they were smart enough to invest their money in corporate stocks and bonds (not realizing that Yoruba actually stolen those corporations) while Ibo is busy engaging in buying and selling. The Yoruba will like people to continue to believe that story, that it was because they were smart that they were able to do all these great investments in the commerce industry. One relevant question that I always managed to ask my interlocutors is whether they were aware of the indigenization decree of 1972, master minded by Awolowo and the Yoruba and the ramifications of that policy, as will be expected, the answer ranged from, I have heard of it but does not understand what it actually meant to I have not heard of the policy. Listening to this ignorance induced perspective from my friends made my heart to skip a beat, realizing that the task of bridging this information gap is not going to be a childs play. What is disconcerting is that some in their benign induced ignorance believe that the effect of indigenization is inconsequential at this time because it happened about forty years ago. This piece is therefore for those that are educable and for those that have the capacity to appreciate the magnitude and most importantly for those that can relate that gigantic economic event that reshaped the economic foundation on which Nigerian economy settled on after the British/Biafran war and as well as relate our present economic malaise to that economic foundation engendered by indigenization. There is no doubt that most people, particularly those that do not have either basic or international economics background are overwhelmed by the subject of INDIGENIZATION OF FOREIGN COMPANIES IN NIGERIA because of their inability to understand the economics of it and the efficacies to make the necessary connections and relate it to the present economic doldrums, some simply brush it aside or worse, simple minimize its far reaching implications particularly on the Ibo. In so doing, majority of us dabble into analysis of how terrible Ibo has managed their affairs since after the civil war, while leaving out a huge chunk of the elements that need to be factored into their analysis. The unspeakable effect of the policy of indigenization on the Ibo was wicked and dastardly. The economic damage on the Ibo is impossible to calculate. The psychological toll on the Ibo is still reverberating amongst the Ibo today and creating identity crisis. Some folks will argue that we should drop the subject because it happened forty years ago, which is equivalent to saying that because slavery, Jim crow and the holocaust happened years ago, and for that reason, they have no relevance in todays analysis. How can any credible analysis of American history not include slavery and its implications, or how can any Jewish history not include the holocaust and its implications and effects, but that is what some folks want us to do, to avoid or forget one of the most devastating economic policies that changed the economic landmark of Nigeria, second to the genocide of more than a million Ibo committed by the same man, Awo, and still arrive at any meaningful analysis. I believe that the incredulity that any ethnic group is capable of visiting such devastation on another is still an obstacle that the subject is struggling against and must overcome. It is not that most people do not know what happen, it is simply that they do not what to believe that it happened because it is mind bending. I also believe that if we do not tell the story over and over, the Yorubas will not tell and neither will the Hausa tell it, as a matter of fact they always wish that it will go away. So whether they like it or not, we must continue to broadcast what happened until people start to understand the effect of the policy not only on the Ibo but on the nation as a whole. Suffice to say that after Awo and the Yoruba succeeded in executing the indigenization decree and became overnight millionaires, many Ibo packed their bags and left Lagos to the east ala Ibo, where they shortly died out of heart break because some of them also suffered the deprivation of their properties due to abandon property policy in Lagos and Port harcourt. 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by ACM10: 9:10pm On Aug 24, 2012 |
WHAT ENGENDERED THE INDIGENIZATION POLICY? It is no more news worthy to point out that before the civil war that Ibo out of their capacity for honesty, to work hard, to produce, to innovate, to manage, create and persevere were able to penetrate all facets of Nigerian endeavor, when the British used merit as a yard stick. It is an irrefragable fact that even Yoruba would not dare challenge that fact, if not, what started the Yoruba hate, envy and jealousy against the Ibo in the first place, Yoruba and Hausa claimed that Ibo was dominating everything in the country but what they will not acknowledge publicly was the fact that the British were making the decisions about who to hire by their own standard and not by Ibo standard and that Ibo was good at what they did and better than them. The Yoruba and Hausa wanted not only equal opportunity they also wanted equal outcome regardless of effort and everyone knows that that is impossible. There is one very important fact in my analysis that I want everyone to get, and that is that before the civil war, Nigeria as a nation did not have an economic of its own. Let me say it again, that Nigeria as a nation before the British/Biafran civil war did not have an economy of its own. I emphasized that point in other to say that whatever seemed like Nigerian economy were British owned. Put differently, if you excluded few of the regional cooperatives and some joint ventures businesses which were mostly British engineered to make buying raw materials easy for the British, ever y other aspect of the economy were owned majorly by the British, even the military, given the fact that almost every military supply came from Britain. It is then save to say that British investment in Nigeria amounted to a great totality of Nigerian economy or that Nigerian economy was at that time synonymous to the total investment of the British. Below, courtesy of Africa today are the list of some of the companies that constituted Nigerian economy before the war that the Yoruba stole in one swoop, spanning the insurance companies like Lloyds of London and all the banks in Nigeria owned one way or the other by the British. This is but a partial list of what constituted the British investment in Nigerian economy. Pharmaceutical Nigeria Plc ,May and Baker Nigeria Plc,Vitafoam Nigeria Plc,Wahum Nigeria Limited ,CAP Nigeria Plc , International Paints of West Africa [IPWA], Berger Paints Nigeria Plc, Berec Nigeria Limited, Kabelmetal, Nigeria Bottling Company Plc, Leventis Nigeria Plc ,West African Portland Cement Company,[Lafarge ],Wema Bank Nigeria Plc, Scoa Nigeria Plc ,CFAO Nigeria Plc, Cadbury Nigeria Plc, Wemaboard Estates, Odua Group, Livestock Feeds Nigeria Plc , Nigerian Breweries Plc, new nigerian Bank, Batta, Kingsway Stores, Crittal Hope (Nigeria) Limited, Mushin, Lagos State. Dunlop (Nig.) Industries Plc, Ikeja, Lagos State. Galvanising Industries Limited, Ikeja, Lagos State. Nigeria Construction & Water Resources Development Company Limited, Ibadan, Oyo State Nigerian Wire & Cable Plc, Ibadan, Oyo State Nigerite PLC, Ikeja, Lagos State Nipol Limited, Ibadan, Oyo State Odu'a Textile Industries Limited, Ado-Ekiti, Ekiti State Soleh Boneh Overseas (Nigeria) Limited, Ibadan, Oyo State Vono Products Plc, Mushin, Lagos State Wema Bank Plc, Marina, Lagos West African Portland Cement Plc, Ikeja, Lagos State Great Nigeria Insurance PLC, Ikoyi, Lagos State Glanvill Enthoven & Company Limited ?Guinness (Nig.) Plc, Ikeja, Lagos State. ?International Breweries Plc, Ilesa, Osun State. ?Macmillian Publishers (Nig) Limited, Ilupeju, Lagos ?Nestle Food (Nig) Plc, Ikeja, Lagos State ?Nidogas Company Limited, Lagos State ?Niger Mills Company Limited, Calabar, Cross River State ? Nigerian Aluminium Extrusions Limited, Lagos ?SKG-Pharma (Nig.) Limited, Lagos ? Tower Aluminium (Nig.) Plc, Lagos ?U. A. C. of Nigeria Plc., Lagos etc. The necessity of inserting this partial list of the companies/assets that existed before the war was to give the reader a sense of the extent of what the issue is all about and who owned what and when. The Yoruba hardly owned much of anything or any of these assets listed above except in some regional joint cooperative ventures with the British. The story went like this, before the war the Ibo dominated the economic work force followed by the Yoruba, when |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by ACM10: 9:15pm On Aug 24, 2012 |
British/Biafran war started, Ibo, for their safety left their jobs in different parts of the country to return to the east, the Ibo land. After the end of the war, the Ibo went back to seek for their jobs that they left for security reasons, the Yoruba who took advantage and occupied the positions that Ibo left decided that they will not relinquish those position because according to the Yoruba, Ibo abandoned their positions and do not deserve their position back, reminiscent of the abandon property thievery in Port Harcourt River State and Lagos. However, a dynamic developed as Ibo every morning dressed up and went and occupied the lobbies of their different offices that they used to work in. Tell me, if this is not manifest bravery of the highest order ever exhibited by any group in Nigeria and we are talking about days and weeks immediately after the war was declared over. But the final say as to whether or not the positions that Ibo left for dire life was going to be declared abandoned rested on the British that owned these companies. As the back and forth went on, the British started angling to make an economic decision because they understood the difference between the Ibo worker and the Yoruba worker and the three years of the civil war made that difference even more crystal clear to the British, if not, why would the British bother to accommodate the Ibo after such a long time? What became clear to the Yoruba was that the British were willing to make extra provision to re-absorb the Ibo any way possible. Yoruba was not ready to tolerate any of that because they knew that it was a matter of time before the wheat will be separated from the shaft that Ibo will assume their prominent positions. In order to prevent the British from re-absorbing the Ibo into these British owned companies, the corporate Yoruba decided to solicit the help of Awolowo who was then the finance minister and chairman of the federal military council. This is where a plan was hashed to wrest the control of these companies, consisting of banks, insurance companies, corporations of different kinds and types from the British. The best way Awo and his cabal found fit was to convince Gowon and the military leadership who in all probability have never had the word indigenization in their lives to promulgate the INDIGENIZATION DECREE in 1972 that stipulated that every foreign owned venture must transfer majority ownership to Nigerian indigenes within a year of the promulgation of the decree or they will forfeit the assets of the company to the Nigerian government. (Emphasis within a year) |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by ACM10: 9:17pm On Aug 24, 2012 |
As expected, the British were caught off guide, not understanding the motive behind the policy, the British thought it was a dream or a joke that will go away, particularly given the fact that they just won the war against the Ibo for the Yoruba and Hausa. After exhausting six months out of the one year in their bid to reverse the decree, the British became frantic and concluded that they could not reverse the decree and went about trying to salvage whatever they could. What was worst was that the British did not even have enough time to evaluate the worth of their ventures because of the limited time the decree allowed, courtesy of Awo and cabal. The situation gave chaos a new name because the British were in chaos. So the first problem the British ran into was limited time that they couldnt figure what the value of majority of their ventures were, they could not tell how much to sell them for. Mind you that this was happening within a year after the end of the civil war. At this time the Yoruba was running every conceivable federal ministries, departments and agencies plus all the corporations listed above and more that the British owned. It is important to point out that the north had little or no presence in the commerce economy of the country before the war and after the war except in the military leadership and infantry. The economy of the country was dominated by Ibo first and Yoruba second before the war. In order to solidify the economic dominance that the Yoruba attained during and after the war and to make their position even more potent in acquiring the British spoils, Awo as the finance minister and chairman of the federal military council and his Yoruba cabal decided to economically emasculate the Ibo understanding a) That Yoruba was fully running every conceivable federal parastatals b) That Yoruba was running every conceivable corporation that the British owned or had majority ownership as listed above. c) That Yoruba was managing all the Nigerian banks, insurance corporations, National shipping line, Nigerian airways, Nigerians Ports authority, Nigerian Railways and all the ministries, Departments and Agencies conceivable. Decided to destroy whatever was left of the Ibo and putting a finishing touch to it by a) Stealing through confiscating all the millions of pounds that Ibo had in all the Nigerian banks b) Offering every Ibo person #20 pounds regardless of how many millions they had in the Nigerian banks before the war. c) Militarizing every part of Ibo land. d) Rendering every Ibo without exception a pauper. e) Banning every importation of stock fish and used clothes to deprive the Ibo of any economic ability to compete with the Yoruba in buying into the British assets. When that day of infamy arrived for the British to start selling their assets, Igbo having been disenfranchised and emasculated in any and every way stood on the sideline watching the Yoruba in their glee as they scrambled to obtain loans from their Yoruba dominated banks to make the most minimal of offers to the British as there were no competitions. The British had no choice but to accept any offer as the alternative was losing everything to the federal government. The British lost pretty much all their investment to the Yoruba whose stock in trade is robbing and stealing any and everything they can get their hands on. |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by ACM10: 9:19pm On Aug 24, 2012 |
Thousands of Yoruba became millionaires overnight and there was jubilation and owanbe all over Yoruba land. Yoruba had parties day and night and weekends. They closed streets to display their new found wealth as they partied. That day marked the economic death of Nigeria, that day marked the death of Nigerians aspiration to join the civilized world. The implication was enormous and it sent a shock wave throughout the Ibo land, It was a dark history day, it was a day of manifest wickedness and viciousness, Ibo was dumbfounded, the days that followed were days of economic , social and psychological morose and confusion that are still lingering today within the Ibo. It might be hard to accept but Awo got the Ibo good and the country as well, he brought the Ibo to his knees economically at least temporarily and Ibo has never recovered from that one blow seven akpus in any appreciable way but Nigeria as whole is worse off for it. I believe that what was more devastating was that Ibo had no place or body to turn to. To be blunt, Awo decapitated the Ibo leadership and through Ibo into great confusion. It is important to note that by this singular act of INDIGENIZATION DECREE engineered by the Yoruba, the Yoruba de facto constituted the new economic foundation, the sole owner and manager of Nigerian economy without any rivals. So, for those that have wondered why Ibo became traders, this is the why. The Yoruba will not let any Ibo near the management of any of these stolen corporations, will not let Ibo buy any shares of these corporations for decades following the heist. Now, some people without the capacity to comprehend the full seismic implication of this economic shift and restructuring will want us to believe that this does not matter and I will beg to disagree because it is like everything else, the foundation of everything matters and determines the success or failure, be it a house or business. As time has revealed, Yoruba stealing and forming the economic foundation for Nigeria was a bad idea and a monumental disaster. For the ignorants, all things being equal (in a fair fight) the Yoruba knew it, the British knew it, the Ibo knew it and the world knew it that the Yoruba did not possess the capacity, creativity, drive, perseverance, hard work and the competence to do what some are crediting to it if they did not conspire to steal not only from the British and Ibo but from everybody else that had any assets in Nigeria. The apparent dominant control the Yoruba has on the economy since after the war was not out of great honest smartness or creativity or innovation or hard work or competence but out of share robbery of the British and Ibo sweat and hard work. I believe that the question that the benign ignorant should be asking going forward is what did Yoruba do with all these assets and corporations that they stole? How did the country fair under the Yoruba management of the Nigerian economy? How did the Yoruba managed economy relate to todays economic malaise. Hope they can make the connections. My next piece will try to capture the mind blowing implications of that great heist as it relates to Nigerians and Ibo in particular and the flight of international investment from Nigerian for decades. 1 Like 1 Share |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by ACM10: 9:38pm On Aug 24, 2012 |
The posts above was culled from Onlytruth's comment. www.nairaland.com/1023852/answers-common-questions-igbo-people/27#11913499 1. Do you agree with him? 2. Can you give us your own account of INDIGENIZATION POLICY? 3. How does this policy shape/affect Nigeria's economic landscape? I intends to open a debate on this little known event among today's youth that had far-reaching consequence(s). It is so far-reaching that it continues to resonate up till this day. I invite intellectuals, historians, economists to debate on this topic without rancor or emotions. I plead with mudslingers to read and move on. |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by asha80(m): 9:43pm On Aug 24, 2012 |
ACM10: The posts above was culled from Onlytruth's comment. you honestly think that you will get honest debate on this issue in nairaland/are you new here?i laugh. |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by ACM10: 9:46pm On Aug 24, 2012 |
asha 80: You can never tell |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by HiiiPower(m): 10:11pm On Aug 24, 2012 |
Why do ibos love crying? You wanted Nigeria, yorubas never wanted Nigeria. The domination you keep moaning about was about, Ibos trying to rule over Western region, and yorubas said, NO, stay in your region. Is that a crime in a regional government? Azikwe wanted ibos to be the rulers and kingmakers in Western region, and we told fool to go phuck himself in his region. Most of companies you listed were owned by the western region, and they were located in the western region. Why can't you list companies in the eastern region that yorubas stole from you? I still don't know why long throat is making you people what was in your region. Pharmaceutical Nigeria Plc - Western region May and Baker Nigeria Plc - Western region Vitafoam Nigeria Plc - Western region Wahum Nigeria Limited - Western region CAP Nigeria Plc - Western region International Paints of West Africa [IPWA] - Western region Berger Paints Nigeria Plc - Western region Berec Nigeria Limited - Western region Bottling Company Plc - Western region Leventis Nigeria Plc - Western region West African Portland Cement Company,[Lafarge ] - Western region Wema Bank Nigeria - Western region and created by the western region(Odua group of companies) Scoa Nigeria Plc - Western region CFAO Nigeria Plc - Western region Cadbury Nigeria Plc - Western region Western Wemaboard Estates Odua Group - Western region(Odua group of companies) Livestock Feeds Nigeria Plc - Western region Nigerian Breweries Plc - western region I'm tired now, but everything was either owned by the western region, or in the western region. Na jealousy go kill una. mtcheww 2 Likes |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by joeyfire(m): 11:05pm On Aug 24, 2012 |
You are the one who is crying pal. What do you mean those companies were owned by the western region So for instance May and Baker that was a UK owned company that opened an outlet in lagos was automatically owned by the western region. Cool down o! HiiiPower: Why do ibos love crying? 2 Likes |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by ACM10: 11:20pm On Aug 24, 2012 |
HiiiPower: The companies were British-owned companies which were nationalized during the indigenization policy. Yorubas acquired those companies when the indigenization policy took effect. I doubt if you read the post thoroughly because your doubts were well attended to. You can drive home your point by telling us the founders of those companies you listed. Ofcourse the companies were located in western region which is closest to the seat of British power in the country. The events that took place during the indigenization policy can be compared to what happened during the fall of Soviet Union. Overnight, taxi drivers became instant millionaires by acquiring state-owned companies with little or nothing. They later became known as the Russian oligarchs. Igbos are not trying to jealous Yorubas. Besides, this is purely my personal opinion and may/may not reflect that of average Igboman. I intends to set the records straight. It will be nice if Nigerian youths learns from this event in our history. 3 Likes 1 Share |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by BlackBaron: 12:35am On Aug 25, 2012 |
I must say the OP is VERY biased. Whilst in every right, the 20£ saga in my books was on a grand scale of wickedness and opportunistic theft. The indigenisation attempt still remains a major policy error that culminated in the loss of substantial foreign capital and technical know how that still reverberates today. However, blaming the yorubas in this case just doesn't hold. Besides, did the yorubas manage to 'corner' every single nationalised company or what really? How about the companies in other regions-who took over them ? 2 Likes |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by ACM10: 12:43am On Aug 25, 2012 |
BlackBaron: I must say the OP is VERY biased. Whilst in every right, the 20£ saga in my books was on a grand scale of wickedness and opportunistic theft. Thanks for your civility. Can u point out those bias? Can you name some of those nationalized companies located in the other regions? I hope that Onlytruth will come around to respond to the accusation of bias. 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by PointB: 12:50am On Aug 25, 2012 |
@op, Thanks for this very honest and insightful post. 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by BlackBaron: 12:59am On Aug 25, 2012 |
ACM10:Hmmn... Onlytruth is not exactly known for neutrality. Unless if[b] each and every single company was located in the western region[/b], I'll like to know what happened to companies in other regions. Sadly I can't mention any though. |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by Nobody: 1:08am On Aug 25, 2012 |
Dr.ACM u finally carried out ur threat. Opened up this topic,i can see u gathered much info jst like u promised. My eyes are drowsy now. Hope to read the post later. 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by odumchi: 1:57am On Aug 25, 2012 |
Interesting. So what's the way forward for the Igbo? |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by HiiiPower(m): 2:28am On Aug 25, 2012 |
joeyfire: You are the one who is crying pal. What do you mean those companies were owned by the western region So for instance May and Baker that was a UK owned company that opened an outlet in lagos was automatically owned by the western region. Cool down o! The OP is being disingenuous! All the companies he listed were located in the western region and Lagos. Can he tell us what happened to the companies in EASTERN REGION, NORTHERN REGION, AND MIDWEST? Did the Yoruba take over them as well? I don't know why you guys always cry spilled milk over things in Yoruba region and Lagos, are we siamese twins? Our region is our region, and whatever we do there is non of your business. The same way Azikwe wanted to rule over Lagos and western region; and cried cross carpeting till he died. What do you people want from us? The way forward is about how Igbo people would focus on their region, stop moving to Yoruba land, and mind their own business. 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by dayokanu(m): 2:45am On Aug 25, 2012 |
Valid questions by Baron OP, Why are Igbos interested in companies located in the SW? Did the indigenization policy also affect companies located in the SE, SS and North? Did Yorubas also take over companies in SE? Yorubas took over companies located in the SW and the Igbos are crying. why cant you mind your own side? |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by dayokanu(m): 2:48am On Aug 25, 2012 |
ACM10: Wont it be your responsibility to find out companies located in the SE and find out if it was Yorubas who took them over? Why dont Igbos face indigenized companies located in the SE? |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by bashr8: 2:51am On Aug 25, 2012 |
actually igbos are benifiting most now , all the companies in the east are owned by igbos and doing very well and igbos also have a large chunk of the companies in other regions so in the end you will continue to win if your good at what you do besides over three quater of those companies which where in hundreds have all closed down ,only a hand few are left today , if any group should complain about it its the hausa fulanis who are currently the poorest and the niger deltan who despite all the oil God have blessed them with are strugling like every other region while few politicians especially from the north carter away with their wealth. 2 Likes |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by bashr8: 2:56am On Aug 25, 2012 |
HiiiPower:same companies, different locations in the country . leventis , dunlop , nigerian bottling company , berger paints etc they all have or had locations accross the country. 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by Ejine(m): 3:49am On Aug 25, 2012 |
"one blow seven akpus"? Who wrote this garbage? An elementary school pupil? Nairalanders need to stop recycling all these poorly written junk littered all over the internet. As for the topic itself, I can't address it, because whoever wrote the article must either be childish or just plain uneducated. |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by oduasolja: 4:19am On Aug 25, 2012 |
indigenisation decree was not about transfering ownership of western companies to yorubas outright. it was about allowing all nigerians to buy shares in these companies. these companies were listed on the stock exchange and those who had money bought into them simple and short . these stupid bastards ranting about ohhh , the yorubas took over these companies when all it was was people being able to buy shares in companies. 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by oduasolja: 4:53am On Aug 25, 2012 |
igbos cost the country billions in life and property , in that unnecessary war. |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by kettykin: 5:10am On Aug 25, 2012 |
HiiiPower: The way forward is about how Igbo people would focus on their region,The way forward rather is let all Oil and gas company Headquaters move back to the Niger Delta from Lagos Maritime Activities for good SE/SS routed to Calabar and Ibaka Sea Port , CBN directing Banks to relocate their HQ to Abuja while while the Ministry of Foreign Affairs will direct Embaasies to open consular Offce ibn every Geopolitical zones let us see what will become of Lagos. why would the HQ of these companies be located in Lagos when Lagos is no more the federal capital just like Calabar and Lokoja. the most annoying part is that these companies pay taxes to Lagos Government . Who really is fooling Who. The Niger Deltans will be the biggest fools on the face of the earth if after GEJ they have not built a deep sea port in Calabar,PH and Ibaka and they have not relocated the stolen Oil company HQs back to our region. 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by dayokanu(m): 5:43am On Aug 25, 2012 |
Did anyone force Banks not to have headquarters in Abuja or any part? I dont know of any law which states that Banks must have Headquarters in Lagos. Unity Bank has its headquarters in Abuja at 785, Herbert Macaulay Way, Central Business District, Abuja So tell us where CBN mandated banks to have headquarters in Lagos? Banks chose a convenient Location for their head office Unity bank being a Northern bank have their head office in Abuja, why cant Diamond and Fidelity Bank which are Igbo banks relocate their Head offices to Aba and Umuahia respectively or Zenith and UBA to relocate their head offices to Asaba and Portharcourt 2 Likes |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by kettykin: 5:44am On Aug 25, 2012 |
The Indigenisation Decree eventhough Awolowo used to to siphon the Economy of Nigeria in to the hands of the yorubas has not only shown the vulturistic tendencies of the yorubas but has also exposed their ineptitude,incompetence and incapacity to manage world class companies . I have been studying for some time 3 islands founded by the British , built and developed by them and eventually made independent by them , the 3 island are Lagos , singapore and Hong kong the 3 islands are the most densely populated cities of the world and they are also economic nerve centres. Singapore is a southeast Asian city-state off the southern tip of the Malay , Singapore is the world's fourth leading financial centre, and its port is one of the five busiest ports in the world. The economy depends heavily on exports and refining imported goods, especially in manufacturing, which constituted 26% of Singapore's GDP in 2005.The British obtained sovereignty over the island in 1824 and Singapore became one of the British Straits Settlements in 1826. Hond Kong It is situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is known for its expansive skyline and deep natural harbour As one of the world's leading international financial centres, Hong Kong has a major capitalist service economy characterised by low taxation and free trade, and the currency, Hong Kong dollar, is the eighth most traded currency in the world. Hong Kong has one of the highest per capita incomes in the world. Hong Kong became a colony of the British Empire after the First Opium War (1839–42). Lagos is a port city and the most populous city in Nigeria. Officially, the population of Lagos was last recorded at 7,937,932. Lagos is the second fastest growing city in Africa in terms of population and the seventh fastest in the world. Lagos was originally inhabited by the Awori subgroup of the Yoruba people. Lagos is the 5th worst city to live in.Lagos was formally annexed as the British Lagos Colony in 1861. 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by kettykin: 6:05am On Aug 25, 2012 |
@ poster is it only Banks that i mentioned , what of the Oil and Gas companies and the Deep Sea port. If the greed motivated indigenisation decree was not done possibly the above mentioned Companies would have been groomed to be world class enterprises employing Nigerians in their thousands and the whole Nation would have been better for it, it would have triggered the setting up of smaller indigenous companies which would have been off shoot of the big ones and which will grow with the big companies. Notice how these companies like Wema Bank, Dunlop, Unilever , cadbury are operating on the Margins and barely paying salary of their workers becasue they have been run down by incompetent yoruba managers whose only qualification is that they are from yorubaland and the companies are in yoruba land. Comparing it with what is happening in the banking industry where a little Zenith Bank incorporated less than 25 years ago is now the biggest bank in Asset Base while old inefficient banks like First bank and union bank that is almost 200 years old, which the Hausas and yorubas with their unenterprising business approach has been run down to second position. The list of such run down companies and inumerable ,Nitel which had everything going for it and would have matched MTN Naira for Naira , base station for base station and subscriber for subscriber was run down by a Hausa MD and a yoruba CTO, Nigeria Airways that has everything to beat Egypt Air, South African Airways , Kenyan Airways,Ethiopean Airways was sacrifriced on the Alter of Nepotims and Hausa/Yoruba ineptitude. The list is simply uncountable for more than 10 years Jacob Makoju was the MD of NEPA his only achievement was paying workiers salary and sitting over a company that could not generate enough electricity to power a city in south africa . with Obasanjo in Aso rock NEPA did not improve for ten years .(i wonder who really should be called a Clue less president) 4 Likes 1 Share |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by dayokanu(m): 6:27am On Aug 25, 2012 |
NLNG Head office is in KM 16 Port Harcourt-Aba Expressway, Port Harcourt, Rivers State, Nigeria. Most oil coys relocated their operations during the militancy era in the Delta. The Lagos Port operations has been in existence since the mid 19th century You can also tell the Atlantic ocean to have a tributary through Nnewi so that the ship can berth in your backyard. Tell us about how ACB a Igbo company was run. At least Wema Bank is still managing to pay salaries tell us what happened to ACB 2 Likes |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by kettykin: 6:46am On Aug 25, 2012 |
As at the last check Mobil still had its HQ Near the Law school in Victoria Island while Chevron still retains it HQ in Lagos and operating base in Delta same applies to Total. This is worst than having the Cocoa Heaquaters in Calabar a city which is a cocoa producer but not neccessarily a major producer or having Coal corporation in Ibadan which has no coal deposit. 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by ACM10: 7:02am On Aug 25, 2012 |
BlackBaron: each and every single company was located in the western region, I'll like to know what happened to companies in other regions. Sadly I can't mention any though. HiiiPower: dayokanu: dayokanu: The onus is on you guys to name those companies that are located in other regions of Nigeria. You made the assertion, not me. 1 Like |
(1) (2) (3) (4) (5) (6) (Reply)
Saraki Orders The Investigation Of Umar, CCT Chairman / Guber Polls: Thugs, Election Riggers Flood Imo / Buhari Kicks-off Summit For Ministers-designate Ahead Of Swearing-in (photos)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 132 |