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Nairaland Forum / Nairaland / General / Politics / Post-civil War Indigenization Policy And Its Far-reaching Consequences (23357 Views)
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Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by aribisala0(m): 4:10am On Mar 18, 2016 |
One thing Eziachi conveniently overlooked is that Awolowo resigned as Finance Minister in 1971 while the Indigenisation decree was promulgated in 1972. No one has shown the decree or law that enabled the confiscation of money left in banks and how the banks identified those accounts that were Ibo. Ibos by the way were not the only ethnic group in Eastern Nigeria but you hear these lies only from Eboes The allocation for East Central state was £990 000 pounds a month about £12 million a year.Awo kept all this money and it was reimbursed after the war.He did not have to. The Federal budget was about £50 million Naira and the current value of £20 (1 Nigerian pound =2 pounds sterling) is £488. i.e about 200000 Naira. http://www.thisismoney.co.uk/money/bills/article-1633409/Historic-inflation-calculator-value-money-changed-1900.html The truth is when Ibos fled they were never coming back so why would they leave money in Nigerian banks. Some claim to have lost documents but hey that is war .A large number withdrew whatever savings they had(how many had Bank accounts in those days,how many Banks were there?) and converted these to the Biafran pound. The Biafran pound was not convertible internationally and so Ojukwu took their Nigerian currency to fund his insurgency, that is where their money went. In doing so they were funding and investing in the war effort. The investment turned out to be "Bad Market" so do not blame others. Once people crossed into Biafra was the Biafran pound distributed to people free? No it was not people exchanged Nigerian pounds and Ojukwu also stole money from the CBN Those people who could prove they had money kept ALL their money. We must not forget that many Ibos stayed on the Nigerian side like Asika and Ike Nwachukwu and Zik and so on 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by BlackTechnology: 5:52am On Mar 18, 2016 |
aribisala0: Medicine after death Everyone knows it is Awo's handwork 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by oyatz(m): 11:25am On Mar 09, 2017 |
WICKED LIARS like you peddle falsehood to create unnecessary ethnic tension. 1) Awolowo was Minister of Finance(not chairman of MILITARY ruling council or whatever) in Gowon's military regime between 1967-1971. 2)The indigenization policy have been topics of debate among Nigerian political class since the 1950s and the Action group party introduced it into parliamentary debates in 1961 but the law to back it up started with the indigenization decree of 1972 (after your supposed oppressor, Awolowo left Government) with Alh Sheu Shagari as Federal Commissioner (as ministers were called then). Major companies were eventually listed on the stock exchange in 1975-1978. 3) Tribal bigots like you tried to paint a picture of Nigeria between 1967-1972 as a medieval absolute monarchy with Awolowo as the King wielding unlimited power to decree anything that catches his fancy. ACM10: 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by davidif: 2:49am On Aug 27, 2018 |
ACM10: This would have been an amazing piece if you had not tainted it with your prejudice and hatred. What a pity! 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by davidif: 2:58am On Aug 27, 2018 |
Summary: Indigeniztion just like nationalization was an abject failure in Nigeria and throughout most other countries where it was introduced. Morale of the story is that g ovts that don't respect property rights end up being economic basket cases. 1 Like |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by davidif: 7:48am On Aug 27, 2018 |
Afam4eva:Gbam |
Re: Post-civil War Indigenization Policy And Its Far-reaching Consequences by oyatz(m): 12:13pm On Oct 25, 2018 |
1)Awolowo was Federal Commissioner for Finance between 1967-1971 and he wasn't in Gowon's Regime during when the indigenization was promulgated in 1972. 2) The decree only tried to reserve certain areas of the economy like trading or retail commercial marketing for Nigerians. 3) The Companies were directed to open up their ownership structure to Nigerians and they were listed on the Nigerian Stock Exchange between 1975-1979. Awolowo wasn't in Government then. 4) This opportunity was for ALL Nigerians. Those who couldn't buy shares in Mobil,Leventis or First Bank in 1975 were able to do so in 1990 or 2005. The victim mentality of some people from a region of Nigeria is embarrassing. In their attempts to portray themselves as victims of the Yoruba people, they arrogate so much power to Awolowo than he could possibly wielded. oduasolja: |
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