eky bear just marry another new wife

ekt_bear:

Is currency backed by a defunct government (the Biafran government) legal tender after said government has surrendered and ceased to exist

Pls can you define "legal tender"?

ekt_bear: Brainless fellow! Economists do NOTTTTTTT determine market movements! People do! Traders, people buying and selling, etc.

Don't get it twisted. Economist can determine the exchange rate after putting major economic indices into consideration. Economists do not peg the exchange rate by fiat like politician Awolowo. Mr. Ekt-bear, how does economists determine the value of a currency of a group of people who are about to adopt a new legal tender?

The market determines the price of goods, not economists.

Why are you troubling yourself? I agree with you. My question is, can you calculate th value of a foreign currency on a macroeconomics level from the market movement?

Are you so stupid that you don't get this point, despite me having said it over and over?

Don't get emotional my dear.

Did you not pick up my sarcasm with the village economist jibes, that no such formula exists?

If an economist comes up with a formula saying that oil should be sold at $95.00 tomorrow but I can find someone willing to pay more, do you think I will listen to that economist, or the buyer I have found?

You are debating with yourself. Pls attend to my question as an economist.

You are the scarecrow from the Wizard of Oz...a man without a brain.

No need get emotional over this debate. You can't escape my shackle without attending to my question

ekt_bear: This is getting sad now. I am feeling bad for you.

I think that you should feel bad for yourself for disgracing your lecturer on the public forum.

Suppose that there are 10 million Nigerian pounds in total.



Suppose that there are 5 million Biafran pounds in total.



Suppose Awolowo had said, "Let me do 1:1 exchange rate between Nigerian pound and Biafran pound."



As this post argues (https://www.nairaland.com/1068292/own-words-how-awolowo-defended/1#12484779), Biafran pounds were worthless.



Isn't it clear that this would decrease the value of Nigerian pounds, and cause inflation?



There is no difference between this and Awolowo deciding to print out 5 million more Nigerian pounds.



It would also be a massive transfer of wealth from Nigeria to Biafrans.



This is elementary and obvious. Awolowo recognized it, and probably most high school students would also recognize it too.

I challenge you, Awoists and economists of that era to prove that Biafran pounds was worthless. I've attended to that question. Awo is not an economist. He is just a politician trying to justify his punitive measures against those who lost the war. Speculators of that era knew the value of Biafran currency such that they were prepared to make a kill. Now you are pronouncing Biafran currency "worthless" from the comfort of your home. Armchair economist. Put up a data to prove that Biafran currency was worthless.

birdman: Interesting thread. Still at page 0. Truth is indeed power.

Now on Page (You Know)

ACM10 - fight another day, this is a total beat down a la annihilation....

Bwahahahahahahaaha

ACM10:
Pls can you define "legal tender"?

Currency introduced by the government of country Y, mandated by law to be used/accepted for transations.

Don't get it twisted. Economist can determine the exchange rate after putting major economic indices into consideration. Economists do not peg the exchange rate by fiat like politician Awolowo. Mr. Ekt-bear, how does economists determine the value of a currency of a group of people who are about to adopt a new legal tender?

The value of a currency has absolutely nothing to do with economists. They don't set it. A government has the following two choices:

1. Fixed exchange rate. E.g. the gold standard of old.
2. Let supply and demand determine the value of the currency. Of course, a government has various tools to affect supply and demand (and thus value/price), such as interest rates.

It isn't like somebody calls up some economists and says, "hey, how much should our currency be worth?"

Why are you troubling yourself? I agree with you. My question is, can you calculate th value of a foreign currency on a macroeconomics level from the market movement?

Market movement? Movement of what part of the market? Interest rates? Demand? Supply? One could no doubt come up with some econometric model to PREDICT price movements. But...this is irrelevant for information I already know, such as YESTERDAY's price.

Just as you don't need to ask a weather man to tell you the weather from yesterday, you don't need an economist to find out what the current or past exchange rates are/were.

Don't get emotional my dear.





You are debating with yourself. Pls attend to my question as an economist.


No need get emotional over this debate. You can't escape my shackle without attending to my question


I think that you should feel bad for yourself for disgracing your lecturer on the public forum.


I challenge you, Awoists and economists of that era to prove that Biafran pounds was worthless. I've attended to that question. Awo is not an economist. He is just a politician trying to justify his punitive measures against those who lost the war. Speculators of that era knew the value of Biafran currency such that they were prepared to make a kill. Now you are pronouncing Biafran currency "worthless" from the comfort of your home. Armchair economist. Put up a data to prove that Biafran currency was worthless.

I take it that you claim that Biafran currency had value independent of that given to it by the Nigerian government.

Is this your claim? Note that this is different from saying that the Biafran currency had value, full stop.

Which exactly are you claiming?

ACM10:
Speculators of that era knew the value of Biafran currency such that they were prepared to make a kill. Now you are pronouncing Biafran currency "worthless" from the comfort of your home. Armchair economist. Put up a data to prove that Biafran currency was worthless.

It is funny that you mention this. The article I've read on the subject suggests that speculators bought @ at a 50:1 rate hoping to sell to the Nigerian government at a 20:1 rate.

Unfortunately, the Nigerian government refused to exchange at this rate (declaring the Biafran currency worthless to them), and these speculators lost their shirts

Since the Biafran pound was worth so much, after the Nigerian government refused to buy, why didn't the speculators sell their Biafran pounds to Yankee or the Swiss?

After all, the money is quite valuable in your mind, right? So the speculators shouldn't have felt sad that the Nigerian government didn't want to buy.

At the end of the civil war there was a critical shortage of the new Nigerian currency, which retarded efforts to replace the currency in circulation in the east. The Central Bank began recalling the Biafran currency and the old Nigerian currency in the war-torn region but, because of the shortage of new Nigerian notes, only receipts were issued to those who surrendered the notes; although during this period of recall it was unclear what rate of exchange would be made for the Biafran notes. Rumours as to what value the Central Bank of Nigeria would place on the Biafran notes became widespread, with many believing one rumour that twenty Biafran pounds would be given the value of one Nigerian pound. Many impatient people surrendered their Biafran notes to speculators who were purchasing them at fifty Biafran pounds to one Nigerian pound. Ultimately the speculators got ‘burnt’, as the Central bank decided that there would be no exchange of Biafran currency for Nigerian currency, deciding instead to pay a flat rate of twenty Nigerian pounds to each depositor of Biafran or old Nigerian currency with the Central Bank.

http://pjsymes.com.au/articles/biafra.htm

So imagine a hypothetical speculator in that day. He takes 100,000 Nigerian pounds, buys 5,000,000 Biafran pounds, hoping to use this to buy 250,000 Nigerian pounds from the Nigerian government.

The Nigerian government refused to exchange. So, what is the value of the 5,000,000 Biafran pounds in his possession, my dear ACM10? Can you ask your village economist to come up with an economic theory for the value of that money? Perhaps tell us the exchange rate between it and Swiss Francs?

No doubt Swiss currency traders would be very keen on exchanging our speculator's 5 million Biafran pounds for Francs at whatever rate your village economist says.

Lwkmd

I beg leave Awolowo alone! You hate him so much you send him to heaven. Achebe and co will not let him rest there. Do you want to send him out of heaven? [b]I beg leave Awolowo alone! You hate him so much you send him to heaven. Achebe and co will not let him rest there. Do you want to send him out of heaven? [/b]I beg leave Awolowo alone! You hate him so much you send him to heaven. Achebe and co will not let him rest there. Do you want to send him out of heaven?

ekt_bear: I will print my own Bear Kingdom money, with an official exchange rate of 20 Bear Dollars to USD.

Clearly the US government would be evil to not accept my exchange rate, yes?

This whole discussion is r3tarded. Supply and demand, yes? If nobody wants to buy what you are selling at the price you want, then find another buyer, right?

How can the person SELLING Biafran pounds dictate to the buyer how much to buy it for?

If you don't like the price the Nigerian government is offering for your Biafran pounds, find another buyer who will give you hard currency for it.

Surely there would have been some Swiss or US bankers who would have been happy to exchange gold, dollars, or swiss francs for the valuable Biafran currency......

tHIS POST IS WHAT I CALL A GENIUS POST . . . Chai, I murder the argument.

After reading the thread carefully again i couldn't comprehend ACM10 level of 'cluelessness' on economic issues, in fact na im Jona take resemble . . . ehn enh (touches the floor with a finger, places the finger on his tongue and raises it up to God while laughing out loud).

ekt_bear:

It is funny that you mention this. The article I've read on the subject suggests that speculators bought @ at a 50:1 rate hoping to sell to the Nigerian government at a 20:1 rate.

Unfortunately, the Nigerian government refused to exchange at this rate (declaring the Biafran currency worthless to them), and these speculators lost their shirts

Since the Biafran pound was worth so much, after the Nigerian government refused to buy, why didn't the speculators sell their Biafran pounds to Yankee or the Swiss?

After all, the money is quite valuable in your mind, right? So the speculators shouldn't have felt sad that the Nigerian government didn't want to buy.

Ekt_bear...the whole essence of the guy premises of debating you on this issue is based on this false and faulty sense of entitlement that Nigeria owes Biafra a favour if truly there is a policy of No Victor No vanquish....but he woefully failed to realized that there is a limit to that.

ekt_bear: Anyway, Katsumoto or someone else who is very well-versed in Nigerian history...why did Awo give them even 20 pounds?

He should have given them 0, no?

Him giving them something valuable (Nigerian pound) for something worthless (Biafra pound) was essentially a massive transfer of wealth from Nigeria to Biafra. In effect, Nigeria was paying for the Biafran war.

Why did he do this? Awolowo was wrong to have done that, in my opinion.

It's a very touchy subject.

It didn't make economic or financial sense to give 20 pounds to every Biafran for various reasons i.e inflation, adding to the financial burden of a country that fought a war without taking loans. However, socially and morally, Awo felt he had to do something. The 20 pound policy was the first in a series of policies that were designed to ameliorate the social, financial, and development conditions at the time and were planned over a 5 year period.

Permit me to reproduce a post from another thread to provide a breakdown.

Cost of the war
1. 300 million sterling was estimated to have been spent on the war
2. As at 1968, an American professor, Letiche, estimated that Nigeria had lost $400m assuming a growth rate of 5% even though Nigeria had been growing 7% from 1960 – 1966

Financing the war (Nigeria)
1. Nigeria did not obtain any loans
2. Capital gains tax of 20%
3. Dues on ships transporting resources
4. Turnover tax on revenue
5. Treasury bills – 3 month maturity
6. Treasury certificates – 24 month maturity
7. The ways and means Advances

Treasury bills and certificates raised approx. 250 million sterling

Financing the war (Biafra)
1. Central Banks in Enugu and Port Harcourt held 40m sterling
2. Collected 53m sterling in circulation
3. Bonds issued to Rothschild bank (exact amount not known)
4. Savings of Biafrans, other assets, before leaving Lagos, many Biafrans withdrew their savings
5. 2 million sterling taken from Benin Central Bank
6. After the war, through the efforts of Adeniran Ogunsanya, most Biafrans in the west, were able to take over their properties and in some cases, rent that had accrued.

Other factors
1. Nigeria had recruited heavily into the army, discharging all those soldiers would have had huge negative impacts on society - armed robbery, depression, poverty, etc.
2. Awolowo had estimated a Reconstruction cost of 1500 million sterling over five years but resigned one year after the war ended and the federal government did not implement his reconstruction plan


Against this backdrop,
1. what would have been an ideal sum to give each Biafran? How should it have been financed?
2. Having prosecuted the war without borrowing, should Nigeria have borrowed after the war?
3. What should have been the priority - reconstruction or allowance? if both, how much should have gone on allowance

Don't forget the money the Biafra army looted from the Midwest Region's bank.

ekt_bear: Don't forget the money the Biafra army looted from the Midwest Region's bank.

Was that meant for me?

The issue I have with Awolowo's policy, is that the 20 pounds he gave them when it actually made no sense for him to do so, they actually use to mock him.

I personally don't mind stretching my neck out for someone a bit. But if you do so, and then they actually use it against you?

Your generosity and kindness taken for granted like that?

That sort of thing would make me angry.

It would have been better if Awo had done nothing at all. Or taken the money and built physical infrastructure with it.

Katsumoto:

Was that meant for me?

Indeed, it was. I didn't realize your post was still being edited at the time I responded.

I'm occupied at the moment. Will be back later. . .

ekt_bear: The issue I have with Awolowo's policy, is that the 20 pounds he gave them when it actually made no sense for him to do so, they actually use to mock him.

I personally don't mind stretching my neck out for someone a bit. But if you do so, and then they actually use it against you?

Your generosity and kindness taken for granted like that?

That sort of thing would make me angry.

It would have been better if Awo had done nothing at all. Or taken the money and built physical infrastructure with it.

It doesn't matter whether they mock you afterwards, you should do what you believe is right. Besides, millions of Igbo folks benefited from that policy regardless of the illogical and abusive criticisms.

You have to remember that Biafrans needed an enemy after the war. The propaganda machine didn't die after the war. The Biafran high command needed to deflect attention from its own failings and inhumane policies. In Awo, they found someone to vilify. Biafrans wrongly believed that Gowon wasn't bright and did not want to attribute the success of the war to Gowon, who was the leader. Instead they found Yoruba sons to blame for obvious reasons.

ACM10

Why do you persist in debating topics that are above your pay grade?

During the war, Biafran currency had value. At the end of the war, it no longer had any value.

Currency is not an asset; it is just paper. It is only has valuable as the goods and services for which it can be exchanged within an area as a medium of exchange. Would a meat seller in Kano accept your Biafran pounds? Can you pay for a haircut in New York with Naira? No to both questions. However, if a currency has cross-border strength, it could be used.

The market determines the worth of a currency but it is influenced by central bankers through monetary policy. How investors and users respond to policy is what determines the value. You can also peg a currency but that equally has implications because pegging requires central bankers to use reserves to maintain the peg.

Biafrans wanting to have their own currency after the war is impractical for the same reasons as a man with 30 children, 80 grand-children, and 150 great grandchildren. You can exchange your currency within your family but at some point you have to exchange your goods and services for those being exchanged outside your family and you can't force them to accept your currency.

While ‘They’ Think They Are Making Nigeria Ungovernable: FG secures N4.89trn investment commitmentsBreaking News: Bankole, Nafada have no case to answer – Court »
Yorubas are the Problem with Nigeria – By Sanusi Lamido Sanusi
Via Elombah.com. Wed, 05/27/2009 – 11:01

By Sanusi Lamido Sanusi, the Prospective Governor of the Central Bank of Nigeria

In sum, the Yoruba political leadership, as mentioned by Balarabe Musa, has shown itself over the years to be incapable of rising above narrow tribal interests and reciprocating goodwill from other sections of the country by treating other groups with respect. Practically every crisis in Nigeria since independence has its roots in this attitude.

i. The Yoruba elite and area-boy politics;
ii. Igbo marginalisation and the responsible limits of retribution; and
iii. The Yoruba Factor and “Area-boy” Politics.

See also The Adulteress’ Diary by Lamido Sanusi

My views on the Yoruba political leadership have been thoroughly articulated in some of my writings, prime among which was ” Afenifere: Syllabus of Errors” published by This Day (The Sunday Newspaper) on Sept 27, 1998. There was also an earlier publication in the weekly Trust entitled ” The Igbo, the Yoruba and History” (Aug. 21, 1998).
In sum, the Yoruba political leadership, as mentioned by Balarabe Musa, has shown itself over the years to be incapable of rising above narrow tribal interests and reciprocating goodwill from other sections of the country by treating other groups with respect. Practically every crisis in Nigeria since independence has its roots in this attitude.
The Yoruba elite were the first, in 1962, to attempt a violent overthrow of an elected government in this country. In 1966, it was the violence in the West which provided an avenue for the putsch of 15th January. After Chief Awolowo lost to Shagari in 1983 elections, it was the discontent and bad publicity in the South-West which led to the Buhari intervention.
When Buhari jailed UPN governors like Ige and Onabanjo, the South-Western press castigated that good government and provided the right mood for IBB to take over power. As soon as IBB cleared UPN governors of charges against them in a politically motivated retrial, he became the darling of the South-West. When IBB annulled the primaries in which Adamu Ciroma and Shehu Yar Adua emerged as presidential candidates in the NRC and SDP, he was hailed by the South-West. When the same man annulled the June 12, 1993 elections in which Abiola was the front-runner, the South-West now became defenders of democracy.

When it seemed Sani Abacha was sympathetic to Abiola, the South-West supported his take-over. He was in fact invited by a prominent NADECO member to take over in a published letter shortly before the event. Even though Abiola had won the elections in the North, the North was blamed for its annulment. When Abdulsalam Abubakar started his transition, the Yoruba political leadership through NADECO presented a memorandum on a Government of National Unity that showed complete disrespect for the intelligence and liberties of other Nigerians.
Subsequently, they formed a tribal party which failed to meet minimum requirements for registration, but was registered all the same to avoid the violence that was bound to follow non-registration, given the area-boy mentality of South-West politicians. Having rejected an Obasanjo candidacy and challenged the election as a fraud in court, we now find a leading member of the AD in the government, a daughter of an Afenifere leader as Minister of State, and Awolowo´s daughter as Ambassador, all appointed by a man who won the election through fraud.

Meanwhile, nothing has been negotiated for the children of Abiola, the focus of Yoruba political activity. In return for these favours, the AD solidly voted for Evan Enwerem as Senate President. This is a man who participated in the two-million- man March for Abacha´s self-succession. He also is reputed to have hosted a meeting of governors during IBB´s transition, demanding that June 12 elections should never be de-annulled and threatening that the East would go to war if this was done. When Ibrahim Salisu Buhari was accused of swearing to a false affidavit, the Yoruba political elite correctly took up the gauntlet for his resignation.

When an AD governor, Bola Tinubu, swears to a false affidavit that he attended an Ivy League University which he did not attend, we hear excuses.

For so many years, the Yoruba have inundated this country with stories of being marginalised and of a civil service dominated by northerners through quota system. The Federal Character Commission has recently released a report which shows that the South-West accounts for 27.8% of civil servants in the range GL08 to GL14 and a full 29.5% of GL 15 and above. One zone out of six zones controls a full 30% of the civil service leaving the other five zones to share the remaining 70%. We find the same story in the economy, in academia, in parastatals.

Yet in spite of being so dominant, the Yoruba complained and complained of marginalization. Of recent, in recognition of the trauma which hit the South-West after June 12, the rest of the country forced everyone out of the race to ensure that a South-Westerner emerged, often against the best advice of political activists.

Instead of leading a path of reconciliation and strong appreciation, the Yoruba have embarked on short-sighted triumphalism, threatening other “nationalities” that they ( who after all lost the election) will protect Obasanjo ( who was forced on them). No less a person than Bola Ige has made such utterances.

To further show that they were in charge, they led a cult into the Hausa area of Sagamu, murdered a Hausa woman and nothing happened. In the violence that followed, they killed several Hausa residents, with Yoruba leaders like Segun Osoba, reminding Nigerians of the need to respect the culture of their host communities. This would have continued were it not for the people of Kano who showed that they could also create their own Oro who would only be appeased through the shedding of innocent Yoruba blood.

I say all this, to support Balarabe Musa´s statement, that the greatest problem to nation-building in Nigeria are the Yoruba Bourgeoisie. I say this also to underscore my point that until they change this attitude, no conference can solve the problems of Nigeria. We cannot move forward if the leadership of one of the largest ethnic groups continues to operate, not like statesmen, but like common area boys.

iii.The Igbo Factor and the Reasonable Limits of Retribution.

The Igbo people of Nigeria have made a mark in the history of this nation. They led the first successful military coup which eliminated the Military and Political leaders of other regions while letting off Igbo leaders. Nwafor Orizu, then Senate President, in consultation with President Azikiwe, subverted the constitution and handed over power to Aguiyi-Ironsi. Subsequent developments, including attempts at humiliating other peoples, led to the counter-coup and later the civil war. The Igbos themselves must acknowledge that they have a large part of the blame for shattering the unity of this country.

Having said that, this nation must realise that Igbos have more than paid for their foolishness. They have been defeated in war, rendered paupers by monetary policy fiat, their properties declared abandoned and confiscated, kept out of strategic public sector appointments and deprived of public services. The rest of the country forced them to remain in Nigeria and has continued to deny them equity.

The Northern Bourgeoisie and the Yoruba Bourgeoisie have conspired to keep the Igbo out of the scheme of things. In the recent transition when the Igbo solidly supported the PDP in the hope of an Ekwueme presidency, the North and South-West treated this as a Biafra agenda. Every rule set for the primaries, every gentleman´s agreement was set aside to ensure that Obasanjo, not Ekwueme emerged as the candidate. Things went as far as getting the Federal Government to hurriedly gazette a pardon. Now, with this government, the marginalistion of the Igbo is more complete than ever before. The Igbos have taken all these quietly because, they reason, they brought it upon themselves. But the nation is sitting on a time-bomb.

After the First World War, the victors treated Germany with the same contempt Nigeria is treating Igbos. Two decades later, there was a Second World War, far costlier than the first. Germany was again defeated, but this time, they won a more honourable peace. Our present political leaders have no sense of History. There is a new Igbo man, who was not born in 1966 and neither knows nor cares about Nzeogwu and Ojukwu. There are Igbo men on the street who were never Biafrans. They were born Nigerians, are Nigerians, but suffer because of actions of earlier generations. They will soon decide that it is better to fight their own war, and may be find an honourable peace, than to remain in this contemptible state in perpetuity.

The Northern Bourgeoisie and the Yoruba Bourgeoisie have exacted their pound of flesh from the Igbos. For one Sardauna, one Tafawa Balewa, one Akintola and one Okotie-Eboh, hundreds of thousands have died and suffered.

If this issue is not addressed immediately, no conference will solve Nigeria´s problems.

By Sanusi Lamido SanusiBeing Excerpts from A Paper Presented At The “National Conference On The 1999 Constitution” Jointly Organised By The Network For Justice And The Vision Trust Foundation, At The Arewa House, Kaduna From 11th –12th September, 1999.

Read the full essay here:

http://www.waado.org/nigerdelta/Essays/BalaUsman/Sanusi_Restruct uring.html

See also The Adulteress’ Diary by Lamido Sanusi

^^^ LAME!
All your slow self had to do was compare Sanusi's write up to the facts on this thread and save yourself from the exposure of slowness!

While ‘They’ Think They Are Making Nigeria Ungovernable: FG secures N4.89trn investment commitmentsBreaking News: Bankole, Nafada have no case to answer – Court »
Yorubas are the Problem with Nigeria – By Sanusi Lamido Sanusi
Via Elombah.com. Wed, 05/27/2009 – 11:01

By Sanusi Lamido Sanusi, the Prospective Governor of the Central Bank of Nigeria

In sum, the Yoruba political leadership, as mentioned by Balarabe Musa, has shown itself over the years to be incapable of rising above narrow tribal interests and reciprocating goodwill from other sections of the country by treating other groups with respect. Practically every crisis in Nigeria since independence has its roots in this attitude.

i. The Yoruba elite and area-boy politics;
ii. Igbo marginalisation and the responsible limits of retribution; and
iii. The Yoruba Factor and “Area-boy” Politics.

See also The Adulteress’ Diary by Lamido Sanusi

My views on the Yoruba political leadership have been thoroughly articulated in some of my writings, prime among which was ” Afenifere: Syllabus of Errors” published by This Day (The Sunday Newspaper) on Sept 27, 1998. There was also an earlier publication in the weekly Trust entitled ” The Igbo, the Yoruba and History” (Aug. 21, 1998).
In sum, the Yoruba political leadership, as mentioned by Balarabe Musa, has shown itself over the years to be incapable of rising above narrow tribal interests and reciprocating goodwill from other sections of the country by treating other groups with respect. Practically every crisis in Nigeria since independence has its roots in this attitude.
The Yoruba elite were the first, in 1962, to attempt a violent overthrow of an elected government in this country. In 1966, it was the violence in the West which provided an avenue for the putsch of 15th January. After Chief Awolowo lost to Shagari in 1983 elections, it was the discontent and bad publicity in the South-West which led to the Buhari intervention.
When Buhari jailed UPN governors like Ige and Onabanjo, the South-Western press castigated that good government and provided the right mood for IBB to take over power. As soon as IBB cleared UPN governors of charges against them in a politically motivated retrial, he became the darling of the South-West. When IBB annulled the primaries in which Adamu Ciroma and Shehu Yar Adua emerged as presidential candidates in the NRC and SDP, he was hailed by the South-West. When the same man annulled the June 12, 1993 elections in which Abiola was the front-runner, the South-West now became defenders of democracy.

When it seemed Sani Abacha was sympathetic to Abiola, the South-West supported his take-over. He was in fact invited by a prominent NADECO member to take over in a published letter shortly before the event. Even though Abiola had won the elections in the North, the North was blamed for its annulment. When Abdulsalam Abubakar started his transition, the Yoruba political leadership through NADECO presented a memorandum on a Government of National Unity that showed complete disrespect for the intelligence and liberties of other Nigerians.
Subsequently, they formed a tribal party which failed to meet minimum requirements for registration, but was registered all the same to avoid the violence that was bound to follow non-registration, given the area-boy mentality of South-West politicians. Having rejected an Obasanjo candidacy and challenged the election as a fraud in court, we now find a leading member of the AD in the government, a daughter of an Afenifere leader as Minister of State, and Awolowo´s daughter as Ambassador, all appointed by a man who won the election through fraud.

Meanwhile, nothing has been negotiated for the children of Abiola, the focus of Yoruba political activity. In return for these favours, the AD solidly voted for Evan Enwerem as Senate President. This is a man who participated in the two-million- man March for Abacha´s self-succession. He also is reputed to have hosted a meeting of governors during IBB´s transition, demanding that June 12 elections should never be de-annulled and threatening that the East would go to war if this was done. When Ibrahim Salisu Buhari was accused of swearing to a false affidavit, the Yoruba political elite correctly took up the gauntlet for his resignation.

When an AD governor, Bola Tinubu, swears to a false affidavit that he attended an Ivy League University which he did not attend, we hear excuses.

For so many years, the Yoruba have inundated this country with stories of being marginalised and of a civil service dominated by northerners through quota system. The Federal Character Commission has recently released a report which shows that the South-West accounts for 27.8% of civil servants in the range GL08 to GL14 and a full 29.5% of GL 15 and above. One zone out of six zones controls a full 30% of the civil service leaving the other five zones to share the remaining 70%. We find the same story in the economy, in academia, in parastatals.

Yet in spite of being so dominant, the Yoruba complained and complained of marginalization. Of recent, in recognition of the trauma which hit the South-West after June 12, the rest of the country forced everyone out of the race to ensure that a South-Westerner emerged, often against the best advice of political activists.

Instead of leading a path of reconciliation and strong appreciation, the Yoruba have embarked on short-sighted triumphalism, threatening other “nationalities” that they ( who after all lost the election) will protect Obasanjo ( who was forced on them). No less a person than Bola Ige has made such utterances.

To further show that they were in charge, they led a cult into the Hausa area of Sagamu, murdered a Hausa woman and nothing happened. In the violence that followed, they killed several Hausa residents, with Yoruba leaders like Segun Osoba, reminding Nigerians of the need to respect the culture of their host communities. This would have continued were it not for the people of Kano who showed that they could also create their own Oro who would only be appeased through the shedding of innocent Yoruba blood.

I say all this, to support Balarabe Musa´s statement, that the greatest problem to nation-building in Nigeria are the Yoruba Bourgeoisie. I say this also to underscore my point that until they change this attitude, no conference can solve the problems of Nigeria. We cannot move forward if the leadership of one of the largest ethnic groups continues to operate, not like statesmen, but like common area boys.

iii.The Igbo Factor and the Reasonable Limits of Retribution.

The Igbo people of Nigeria have made a mark in the history of this nation. They led the first successful military coup which eliminated the Military and Political leaders of other regions while letting off Igbo leaders. Nwafor Orizu, then Senate President, in consultation with President Azikiwe, subverted the constitution and handed over power to Aguiyi-Ironsi. Subsequent developments, including attempts at humiliating other peoples, led to the counter-coup and later the civil war. The Igbos themselves must acknowledge that they have a large part of the blame for shattering the unity of this country.

Having said that, this nation must realise that Igbos have more than paid for their foolishness. They have been defeated in war, rendered paupers by monetary policy fiat, their properties declared abandoned and confiscated, kept out of strategic public sector appointments and deprived of public services. The rest of the country forced them to remain in Nigeria and has continued to deny them equity.

The Northern Bourgeoisie and the Yoruba Bourgeoisie have conspired to keep the Igbo out of the scheme of things. In the recent transition when the Igbo solidly supported the PDP in the hope of an Ekwueme presidency, the North and South-West treated this as a Biafra agenda. Every rule set for the primaries, every gentleman´s agreement was set aside to ensure that Obasanjo, not Ekwueme emerged as the candidate. Things went as far as getting the Federal Government to hurriedly gazette a pardon. Now, with this government, the marginalistion of the Igbo is more complete than ever before. The Igbos have taken all these quietly because, they reason, they brought it upon themselves. But the nation is sitting on a time-bomb.

After the First World War, the victors treated Germany with the same contempt Nigeria is treating Igbos. Two decades later, there was a Second World War, far costlier than the first. Germany was again defeated, but this time, they won a more honourable peace. Our present political leaders have no sense of History. There is a new Igbo man, who was not born in 1966 and neither knows nor cares about Nzeogwu and Ojukwu. There are Igbo men on the street who were never Biafrans. They were born Nigerians, are Nigerians, but suffer because of actions of earlier generations. They will soon decide that it is better to fight their own war, and may be find an honourable peace, than to remain in this contemptible state in perpetuity.

The Northern Bourgeoisie and the Yoruba Bourgeoisie have exacted their pound of flesh from the Igbos. For one Sardauna, one Tafawa Balewa, one Akintola and one Okotie-Eboh, hundreds of thousands have died and suffered.

If this issue is not addressed immediately, no conference will solve Nigeria´s problems.

By Sanusi Lamido SanusiBeing Excerpts from A Paper Presented At The “National Conference On The 1999 Constitution” Jointly Organised By The Network For Justice And The Vision Trust Foundation, At The Arewa House, Kaduna From 11th –12th September, 1999.

Read the full essay here:

http://www.waado.org/nigerdelta/Essays/BalaUsman/Sanusi_Restruct uring.html

See also The Adulteress’ Diary by Lamido Sanusi

I can see u av posted same garbage in your bid to derail the topic . . . carry on. Best of luck

But exactly where are the Mods .....why allow this guy to spam the political section boards with this garbage?

ACM10: I'm occupied at the moment. Will be back later. . .

I noticed that you referenced "The Bank Notes of Biafra" written by Symes.

If there was an exchange mechanism for the exchange of Biafran notes for the Nigerian notes, what were you expecting the Nigerian government to do with the Biafran notes once the exchange was completed?

It has estimated that between there was between 115 and 140 million pounds in Biafran currency at the end of the war and there were approximately 14 million Biafrans giving a value of 10 pounds per Biafran. Yet, each depositor was given 20 pounds. Assuming that kids did not have accounts, there would have been approximately 7/8 million depositors leading to a total sum of 140/160 million spent by Awo.

The Nigerian government also allowed old Nigerian notes and Biafran notes to be exchange for Nigerian currency until the end of 1968 and each individual depositor was given a maximum of 30 pounds and 500 pounds for organizations.

Lastly, when questioned about acceptability and exchange rates, Pius Okigbo stated publicly that both factors were irrelevant since Biafran notes were meant to be spent within Biafra. If the Biafran economic adviser stated publicly that they were unconcerned about exchange rate and international acceptance, then why moan about receiving an amount and not being able to exchange their notes for Nigerian notes?

On the basis of the above and my first post, I can find no fault with Awo's policy.

Edit

Katsumoto:

I noticed that you referenced "The Bank Notes of Biafra" written by Symes.

If there was an exchange mechanism for the exchange of Biafran notes for the Nigerian notes, what were you expecting the Nigerian government to do with the Biafran notes once the exchange was completed?

It has estimated that between there was between 115 and 140 million pounds in Biafran currency at the end of the war and there were approximately 14 million Biafrans giving a value of 10 pounds per Biafran. Yet, each depositor was given 20 pounds. Assuming that kids did not have accounts, there would have been approximately 7/8 million depositors leading to a total sum of 140/160 million spent by Awo.

The Nigerian government also allowed old Nigerian notes and Biafran notes to be exchange for Nigerian currency until the end of 1968 and each individual depositor was given a maximum of 30 pounds and 500 pounds for organizations.

Lastly, when questioned about acceptability and exchange rates, Pius Okigbo stated publicly that both factors were irrelevant since Biafran notes were meant to be spent within Biafra.

On the basis of the above and my first post, I can find no fault with Awo's policy.

You forgot to factor in the fact that most of the adult population probably did not have a bank account at the time. So they got free money they were not entitled to. But still we hear complaints. Most Nigerian's back then were rural, and still living in their villages. Keeping their savings under their beds. .

Standing5: Now on Page (You Know)

My point stands. No one has been able to dispute the irrefutable facts in the first post. Instead, ppl just dance around it, posting opinions of others like Sanusi. Opinions and facts are obviously different. I noticed the original post stands undisputed.

nwzaion: While ‘They’ Think They Are Making Nigeria Ungovernable: FG secures N4.89trn investment commitmentsBreaking News: Bankole, Nafada have no case to answer – Court »
Yorubas are the Problem with Nigeria – By Sanusi Lamido Sanusi
Via Elombah.com. Wed, 05/27/2009 – 11:01

By Sanusi Lamido Sanusi, the Prospective Governor of the Central Bank of Nigeria

How then do you explain that the SW has always been a vigorous opposition to government misuse of power, regardless of the ethnicity of the president. You better shine your eyes... this divide and conquer siren song is the same one used to lure Zik and NCNC back in the day, and it didnt turn out well, did it?

ACM10, Where art thou?

Here are the names and tribes of the plotters of January 15, 1966 military coup. 1. Maj. Adewale Ademoyega (Yoruba) author of "Why We Struck". 2. Capt. G. Adeleke (Yoruba). 3. Lt. Fola Oyewole (Yoruba) author of "The Reluctant Rebel". 4. Lt. R. Egbiko (Ishan). 5. Lt. Tijani Kastina (Hausa Fulani). 6. Lt O. Olafemiyan(Yoruba). 7. Capt Gibson Jalo (Bali). 8. Capt. J. Swanton (Middle Belt). 9. Lt. Hope Haris Eghagha (Urhobo). 10. Lt. Dag Warribor (Ijaw). 11. 2nd Lt. Saleh Dambo (Hausa). 12. 2nd Lt. John Atom Kpera (Tiv). 13. Maj. Chukwuma Kaduna Nzeogwu (Delta Igbo). 14. Ifeajuna (Igbo). From the list above how can someone termed the coup Igbo coup.

ACM10: I'm occupied at the moment. Will be back later. . .

Is it "later" yet?

lol