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Sanusi Unanimously Approved By Senate by Nobody: 3:33pm On Jun 03, 2009
ABUJA, June 3 (Reuters) - Nigeria's newly confirmed Central Bank Governor Lamido Sanusi said on Wednesday he would "fast track" the easing of foreign exchange market restrictions and looked to restore confidence in the naira currency.

The upper house of parliament unanimously approved the appointment of First Bank (FBNP.LG) Managing Director Sanusi as central bank governor following his Senate confirmation hearing in the capital Abuja.


http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSL361049120090603
Re: Sanusi Unanimously Approved By Senate by biina: 3:36pm On Jun 03, 2009
That was quick. shocked
Re: Sanusi Unanimously Approved By Senate by IFELEKE(m): 4:00pm On Jun 03, 2009
Not surprised, T.I.N.(This Is Nigeria)
Re: Sanusi Unanimously Approved By Senate by moneygurl: 4:10pm On Jun 03, 2009
Nigeria cbank nominee to fast track fx liberalisation


ABUJA, June 3 (Reuters) - Nigeria's newly confirmed Central Bank Governor Lamido Sanusi said on Wednesday he would "fast track" the easing of foreign exchange market restrictions and looked to restore confidence in the naira currency.

The upper house of parliament unanimously approved the appointment of First Bank (FBNP.LG) Managing Director Sanusi as central bank governor following his Senate confirmation hearing in the capital Abuja.

"[b]What we need to do is open the interbank market, to improve the bank open position limits, to go back to wholesale debt auction, and to reverse the emergency measures that were taken, which were temporary, as quickly as possible," he said.

Foreign investors in sub-Saharan Africa's second-biggest economy had been unnerved by a lack of clear commitment when the restrictions were first imposed on when the return to a freely-determined exchange rate might come.

Outgoing governor Chukwuma Soludo said last month the central bank would return to a liberalised forex market over the next three months, reversing restrictions imposed in February and again allowing banks to trade forex freely among themselves.

Sanusi said that process may need to happen more quickly.

"We have set a deadline of three months to go back to the status quo and I think we need to fast track that process. The earlier we revert those additional policies the better for the system," he said in his first public comments since being nominated.

Soludo introduced the restrictions in a bid to flush out speculators and stabilise the naira <NGN=>, which had fallen more than 20 percent against the dollar in two months largely because of declining world oil prices, the main source of foreign earnings in Africa's top oil producer.

But the measures forced a surge in demand for dollars on the black market, where the naira depreciated even further.[/b]

Sanusi said the naira depreciation had been "absolutely necessary" but said it was important to restore confidence in the currency. He said he expected the black market rate of around 165 naira to the dollar to converge with the central bank's current rate of about 146.70.

BANKING LIQUIDITY

Nigeria, Africa's most populous nation and the world's eighth biggest oil exporter, has seen its economic outlook clouded by the global downturn, putting additional pressure on the country's banking system.

Sanusi predicted Nigeria's economy will likely grow by 4 percent this year, down from the central bank's 6 percent estimate for 2009 and below last year's 5.3 percent increase.

Poor disclosure levels fuelling distrust between counterparties, a reduction in foreign credit lines and higher risk provisioning for non-performing loans have contributed to a tightening of liquidity in the system. [ID:nLC231700]

Sanusi said overall capitalisation and liquidity in the sector were sufficient but said there were a few weak points.

"The system as a whole is well-capitalised. I think the liquidity in the system as a whole is good , But I think there will be a few weak points. We need to help those banks to correct their problems," he said.

Sanusi built a strong reputation for strong corporate governance and conservative lending strategies at First Bank, where he served as head of risk management before taking over as managing director in January.

He has worked for more than two decades in the Nigerian banking industry, including a stint at United Bank for Africa (UBA) (UBA.LG), where he spearheaded the bank's drive to comply with Basel 2 capital adequacy requirements.

Analysts say Sanusi's experience makes him well-equipped to push through a much-needed tightening of banking supervision.


http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSL361049120090603
Re: Sanusi Unanimously Approved By Senate by RICHIEBOI1(m): 4:44pm On Jun 03, 2009
i guess due process was thrown to the wind. grin
Re: Sanusi Unanimously Approved By Senate by DisGuy: 4:53pm On Jun 03, 2009
so what happened to the South East strategic senators meeting?

what happened to all teh gra gra the senators have been making about federal character kano this kano that?

did anyone watch the 'screening'?

help us with a summary
Re: Sanusi Unanimously Approved By Senate by Kobojunkie: 5:00pm On Jun 03, 2009
I guess this means that Section 14.3 does not apply in this case? I mean since the decision to install him anyways is unanimous? grin
Re: Sanusi Unanimously Approved By Senate by MrCrackles(m): 5:03pm On Jun 03, 2009
RICHIE BOI:

i guess due process was thrown to the wind. grin

Who knows?! grin

Topic

Good news, i hope he does a good job!
Re: Sanusi Unanimously Approved By Senate by blacksta(m): 5:11pm On Jun 03, 2009
Kobojunkie:

I guess this means that Section 14.3 does not apply in this case? I mean since the decision to install him anyways is unanimous? grin

Federal Character My Ass - Please put the right person.
Re: Sanusi Unanimously Approved By Senate by Kobojunkie: 5:17pm On Jun 03, 2009
blacksta:

Federal Character My Ass - Please put the right person.

Exactly!!!
Re: Sanusi Unanimously Approved By Senate by Nobody: 5:39pm On Jun 03, 2009
blacksta:

Federal Character My Ass - Please put the right person.

Federal character is now a piece of shi.t; an equivalent of your ass cos north is involved, but I bet you that the moment other national issues like JAMB, scholarships, grants, allocations and other appointment comes up; the same Federal character is upheld like its the only thing that binds nigeria together.
Sanusi is likely to do a good job, but we all know that each zone can provide 10 candidates that can even do better.

Good luck Sanusi.
Re: Sanusi Unanimously Approved By Senate by nigeriaon(f): 5:40pm On Jun 03, 2009
LETS HOPE HE WOULD REALLY BE A CHANGE FROM THE NORM,


I WAS JUST WANDERING WHY ONLY ONE NOMINEE FROM THE PRESIDENCY??IS THAT TO THEN BE CALLED A NOMINEE OR CANDIDATE?

WHY IS HE FROM THE NORTH?

WHY CANT WE BOOST OF OTHER PEOPLE WITH EQUAL COMPETENCIES?
Re: Sanusi Unanimously Approved By Senate by Kobojunkie: 6:00pm On Jun 03, 2009
nuzo:

Federal character is now a piece of shi.t; an equivalent of your ass cos north is involved, but I bet you that the moment other national issues like JAMB, scholarships, grants, allocations and other appointment comes up; the same Federal character is upheld like its the only thing that binds nigeria together.
Sanusi is likely to do a good job, but we all know that each zone can provide 10 candidates that can even do better.

Good luck Sanusi.

Federal Character promotes tribalism and that is my main issue with it. Imagine going for a job and being told that even though you are possibly the best candidate for the position, you do not qualify because you are not of the right tribe? This happens all across that country today and it is a serious problem that needs to be dealt with.

Why do we have a constitution that enables this? Why should anyone be denied a job simply because he is not of the right tribe? Sure, each zone can come up with so many other candidates for the job but there are questions that need to be asked here. Where does presented better than the one elected? Where they denied on the basis of their tribe or something? I mean if Yar adua’s selection is a tribal one, I have an issue with that and I believe he should be made to answer for it but to have a constitution that possibly denies the best candidate an opportunity based on his ethnicity, is to me one of the major problems with our democracy.
Re: Sanusi Unanimously Approved By Senate by Nobody: 6:09pm On Jun 03, 2009
Kobojunkie:

Federal Character promotes tribalism and that is my main issue with it. Imagine going for a job and being told that even though you are possibly the best candidate for the position, you do not qualify because you are not of the right tribe? This happens all across that country today and it is a serious problem that needs to be dealt with.

Why do we have a constitution that enables this? Why should anyone be denied a job simply because he is not of the right tribe? Sure, each zone can come up with so many other candidates for the job but there are questions that need to be asked here. Where does presented better than the one elected? Where they denied on the basis of their tribe or something? I mean if Yar adua’s selection is a tribal one, I have an issue with that and I believe he should be made to answer for it but to have a constitution that possibly denies the best candidate an opportunity based on his ethnicity, is to me one of the major problems with our democracy.



you can start from Jamb level to argue federal character,
we all know that education is not an equal opportunity for the Nigerian polity, for instance in lagos and most places in the west u had free primary to secondary school education meanwhile you counterparts in the east pay school fees right from nursery school

is it not the same country

i may be wrong but i thot sanusi's degrees were more inclined to study of sharia at different levels of sharia studies, don't we have anyone from the North if it must be from the north that studies Bizness and market relations or r we trying to say that sanusi's rise in the banking sector have not been a function that he is from the North?
Re: Sanusi Unanimously Approved By Senate by Kobojunkie: 6:11pm On Jun 03, 2009
kaecy5:


you can start from Jamb level to argue federal character,
we all know that education is not an equal opportunity for the Nigerian polity, for instance in lagos and most places in the west u had free primary to secondary school education meanwhile you counterparts in the east pay school fees right from nursery school

is it not the same country

i may be wrong but i thot sanusi's degrees were more inclined to study of sharia at different levels of sharia studies, don't we have anyone from the North if it must be from the north that studies Bizness and market relations or r we trying to say that sanusi's rise in the banking sector have not been a function that he is from the North?

If you have proof of any kind to show any of this to be the case, please bring it forward oo make me make sure this man ( if not as qualified as his resume claims) no run us into the ground soon oo!!
Re: Sanusi Unanimously Approved By Senate by Nobody: 6:19pm On Jun 03, 2009
Me Bad

he is qualified, here is his Resume'

Mr Sanusi:

He graduated with a B.Sc in Economics from the Ahmadu Bello University (ABU), Zaria, in 1981 and obtained a masters degree in Sharia and Islamic studies from the International University of Africa, Khartoum, Sudan.
Mr. Sanusi joined ICON Limited (Merchant Bankers), where, in a period of about seven years, he gained experience in issuing housing activities, financial advisory services, privatisation, debt conversion, and credit and marketing, before joining UBA as a general manager.

sorry i only saw the sharia part


Soludo
He obtained a bachelors degree in 1984, a masters degree in 1987 and a PhD degree in 1989, all in economics, at the University of Nigeria, Nsukka (UNN). He was a professor before he went into government.
Mr. Soludo has been a visiting scholar at the International Monetary Fund, and universities in the United Kingdom and United States, including the University of Cambridge and Swarthmore College.
He had also worked as a consultant for some international organisations, including the World Bank, the United Nations Economic Commission for Africa, and the United Nations Development Programme.
Re: Sanusi Unanimously Approved By Senate by moneygurl: 6:25pm On Jun 03, 2009
Sharia has it own style of banking. It is called Islamic Banking. Soludo wanted to introduce guidelines for islamic banking but for whatever reason he never went through. Even though other African countries are now allowing their banks to offer the service

There is nothing wrong in islamic banking, it is the newest thing in banking and this global meltdown has brought its benefit to the attention of mainstream media. The difference is that there is nothing called interest on loans (banks have a different way of making profit off loans).

It has become a big hit in the Middle East, Asia and Europe.Western bank such as HSBC, RBS, etc now offer islamic banking and business school are now offering bank workers opportunity to get a professional certificate  in islamic banking.
Re: Sanusi Unanimously Approved By Senate by Nobody: 6:50pm On Jun 03, 2009
Kobojunkie:

Federal Character promotes tribalism and that is my main issue with it. Imagine going for a job and being told that even though you are possibly the best candidate for the position, you do not qualify because you are not of the right tribe? This happens all across that country today and it is a serious problem that needs to be dealt with.

Why do we have a constitution that enables this? Why should anyone be denied a job simply because he is not of the right tribe? Sure, each zone can come up with so many other candidates for the job but there are questions that need to be asked here. Where does presented better than the one elected? Where they denied on the basis of their tribe or something? I mean if Yar adua’s selection is a tribal one, I have an issue with that and I believe he should be made to answer for it but to have a constitution that possibly denies the best candidate an opportunity based on his ethnicity, is to me one of the major problems with our democracy.


You may not have noticed from my previous posts but I think Ive always been up and against any form of tribalism not to talk of dirty phrases like federal character and quota-system. We all know how backward these practices are dragging us.
However, last time I checked; these ills were still in the constitution and have always been observed in some appointments and allocations, especially when it suits some people.
Now, do we have to look the other way knowing that the appointment is illegal as regards to the constitution? Do we have to cripple the constitution only when it suits the president and some people only to bring it back when it suit them again?

Secondly, I would also be among the folks that will shout to the rooftop if a qualified person is denied a job cos of his ethnicity, but it begins to sound ridiculous to charge anyone to come up with evidence showing that sanusi is the best man for the job even from his zone.
Re: Sanusi Unanimously Approved By Senate by Nobody: 7:01pm On Jun 03, 2009
the senate should remove section 14(3) from the constitution

because a new president can come in in 2011 and suggest that Sanusi's appointment was strange to the constitution

remember the Ribadu treatment?
Re: Sanusi Unanimously Approved By Senate by Kobojunkie: 7:01pm On Jun 03, 2009
nuzo:

You may not have noticed from my previous posts but I think Ive always been up and against any form of tribalism not to talk of dirty phrases like federal character and quota-system. We all know how backward these practices are dragging us.
However, last time I checked; these ills were still in the constitution and have always been observed in some appointments and allocations, especially when it suits some people.

Has ALWAYS been observed is one thing, but should it be observed at all? I mean we are talking of a form of RACISM here.

nuzo:

Now, do we have to look the other way knowing that the appointment is illegal as regards to the constitution?

So in essence when we know that it is MORALLY wrong to have RACISM as part of our constitution, we ought still to ensure RACISM is LEGALLY enforced since our constitution requires it be?

nuzo:

Do we have to cripple the constitution only when it suits the president and some people only to bring it back when it suit them again?

Why not call that we do away with it completely rather than allowing the president and some people the ability to play the card when it suits them?

nuzo:
Secondly, I would also be among the folks that will shout to the rooftop if a qualified person is denied a job cos of his ethnicity, but it begins to sound ridiculous to charge anyone to come up with evidence showing that sanusi is the best man for the job even from his zone.

By the way, I did not call for anyone to provide proof of Sanusi’s qualification. I simply asked if we can SURELY claim that this appointment was tribal in nature and not on the man’s qualification. I mean it is so easy for us to, from where we stand on this, claim this is nothing but an appointment of a northern guy by his northern brother when we know that this same man has appointed various non-northern people into high positions in just the last 3 months alone. How can we definitively state that this is not just another appointment, only that this case, it turns out the appointed is from the north?
Re: Sanusi Unanimously Approved By Senate by Nobody: 7:29pm On Jun 03, 2009
Kobojunkie:

Has ALWAYS been observed is one thing, but should it be observed at all? I mean we are talking of a form of RACISM here.

So in essence when we know that it is MORALLY wrong to have RACISM as part of our constitution, we ought still to ensure RACISM is LEGALLY enforced since our constitution requires it be?

That you and I see FC/QS as morally wrong doesnt mean other nigerians see it that way, . . . . it doesnt even mean that Yaradua himself sees it that way. In fact, according to the constitution; it is the right thing to do. So, why would anyone view it differently when it should apply to all angle of our federal appointments?

Why not call that we do away with it completely rather than allowing the president and some people the ability to play the card when it suits them?

To the best of my knowledge, Ive been among the crowd calling for such part of the constitution to be erased. But until we ammend that part of the constitution, we have to honor every word in it at all times.

By the way, I did not call for anyone to provide proof of Sanusi’s qualification. I simply asked if we can SURELY claim that this appointment was tribal in nature and not on the man’s qualification. I mean it is so easy for us to, from where we stand on this, claim this is nothing but an appointment of a northern guy by his northern brother when we know that this same man has appointed various non-northern people into high positions in just the last 3 months alone. How can we definitively state that this is not just another appointment, only that this case, it turns out the appointed is from the north?


Northern or non-northern, I dont really care about that if it was in accordance with the constitution as regards to Federal character or quota-system.
Obey the constitution. Simple.
Re: Sanusi Unanimously Approved By Senate by Nobody: 7:52pm On Jun 03, 2009
I hope dat hausa mogul puts things to order.
Re: Sanusi Unanimously Approved By Senate by biina: 8:05pm On Jun 03, 2009
I think the federal character should remain in the constitution for the time being, to serve as a legal check against tribalism and nepotism in federal appointments.
What I feel we need at the moment is that the senate evaluates nominees primarily on merit, and federal character only be used to deny appointment to incompetent ones.

Revoking someones appointment on the grounds of federal character is wrong. The issue should only come up at the time of appointment. If he has been in office, his continuance should be primarily based on his performance in the position.
Re: Sanusi Unanimously Approved By Senate by Nobody: 8:07pm On Jun 03, 2009
Hmm
Re: Sanusi Unanimously Approved By Senate by Kobojunkie: 8:14pm On Jun 03, 2009
nuzo:

That you and I see FC/QS as morally wrong doesnt mean other nigerians see it that way, . . . . it doesnt even mean that Yaradua himself sees it that way. In fact, according to the constitution; it is the right thing to do. So, why would anyone view it differently when it should apply to all angle of our federal appointments?

To the best of my knowledge, Ive been among the crowd calling for such part of the constitution to be erased. But until we ammend that part of the constitution, we have to honor every word in it at all times.


Northern or non-northern, I dont really care about that if it was in accordance with the constitution as regards to Federal character or quota-system.
Obey the constitution. Simple.

Well, Since the senators are not willing to OBEY THE CONSTITUTION with this appointment, what should be done now? Should we FIRE them all? lol

This particular cases brings to light the problem with Federal Character. Nothing stops this President from, in retaliation to calls to have Sanusi replaced with some other person from another part in the country, installing a blockhead from the south. Then what do we say then? FEDERAL character reigns while we watch the Naira go to hell in a hand basket? What if Sanusi is actually the MOST QUALIFIED in this case? I mean I have heard stories of there being so many people from other areas who are able to do the job but I have yet to see an impressive list of these people myself. Has anyone else?
Re: Sanusi Unanimously Approved By Senate by Nobody: 8:31pm On Jun 03, 2009
Kobojunkie:

Well, Since the senators are not willing to OBEY THE CONSTITUTION with this appointment, what should be done now? Should we FIRE them all? lol

Its now a laughing matter to you cos a part of the constitution that you dont like wasnt obeyed. I only hope your loud laughs doesnt disappear when patriotic yaradua disobeys other parts of the constitution while the same "bow and go" pot bellied senators approve it. . . lol.

This particular cases brings to light the problem with Federal Character. Nothing stops this President from, in retaliation to calls to have Sanusi replaced with some other person from another part in the country, installing a blockhead from the south. Then what do we say then? FEDERAL character reigns while we watch the Naira go to hell  in a hand basket?  What if Sanusi is actually the MOST QUALIFIED in this case? I mean I have heard stories of there being so many people from other areas who are able to do the job but I have yet to see an impressive list of these people myself. Has anyone else?

This is so funny and I want to personally apologize for ignoring the statement and question.

I just wouldnt be surprised if everything our new found "messaih" will do comes crumbling down someday. . . only because we decided to disobey a part of a constitution that have been active even after he leaves.

True change in nigeria will never start by appointing Sanusi but by simply allowing the constitution take its course.
Re: Sanusi Unanimously Approved By Senate by Nobody: 8:43pm On Jun 03, 2009
biina:

I think the federal character should remain in the constitution for the time being, to serve as a legal check against tribalism and nepotism in federal appointments.
What I feel we need at the moment is that the senate evaluates nominees primarily on merit, and federal character only be used to deny appointment to incompetent ones.

Revoking someones appointment on the grounds of federal character is wrong. The issue should only come up at the time of appointment. If he has been in office, his continuance should be primarily based on his performance in the position.

If someone is not qualified they are not qualified

the Senate don't need a borrowed law to reject the person.

Federal Character should be used for what Federal Character should be used for

If we think we dont need the law anymore then we need to scrap it

You dont choose when to or when not to abide by the constitution
Re: Sanusi Unanimously Approved By Senate by biina: 9:03pm On Jun 03, 2009
mikeansy:

If someone is not qualified they are not qualified

the Senate don't need a borrowed law to reject the person.

Federal Character should be used for what Federal Character should be used for

If we think we dont need the law anymore then we need to scrap it

You dont choose when to or when not to abide by the constitution
If someone is unqualified, then the question of competency is moot. Making a case for denying someone on the basis of incompetency is likely more difficult. At times such provision can allow us to achieve the desired aim even if the law is applied disingenuously.
For example, Al Capone was sentence to life imprisonment for tax evasion, and not his dastardly acts, as the state had problems proving the latter.
Re: Sanusi Unanimously Approved By Senate by Nobody: 9:08pm On Jun 03, 2009
well if someone is unqualified but is the first person from his state to be appointed, he surely can't be rejected on FC grounds

so he can only be disqualified for not being qualified

and I think if someone is unqualified, whatever makes them unqualified will be glaring

if Sanusi was an ex-footballer with no financial experience, it wont matter whether he is from Akwa Ibom or Kwara or Maduigri, he will be disqualified on arrival.
Re: Sanusi Unanimously Approved By Senate by vigasimple(m): 9:29pm On Jun 03, 2009
I am sorry to say that YAR A'NONSENSE and his cronies forgot that the Federal character is primarily put in the constitution to guard against marginalisation of the North because for a very long time they put themselves and the country backward at least education wise.

Now, for argument sake let us do everything(as in appointment ) by merit, most Northerners will not  be in office, I dare say including
Mr. President  7 POINTLESS AGENDA, VISIONLESS 2020.

I think this particular appointment exposes the hypocrisy of the North , due process and Rule of law, servant leadership mantra, which I know it is all pack of lies.

According to the constitution, appointments must be spread around different states, even if we assume that LAMIDO SANUSI is the best candidate, but among the remaining personell of CBN we can find someone to match him.

Otherwise the President should remove one of the other Economic team from KANO/KASTINA and replace him with someone from the other part of the country if he insitsted in having SANUSI

Merit is another excuse for Nepotism when it suits the North, the facts remains that there are other people who are as competent from other parts of the country especially in the south, maybe SANUSI is the only competent from the North 3 geo political zone, but we can certainly find a dozen SANUSI  in the 3 SOUTH geo political zone.

The law is the law , period, the law should  be amended if  YAR A'LIAR want to talk of MERIT and then we should see whether he himself has the merit to be the PRESIDENT  OF THE FEDERAL REPUBLIC OF NIGERIA( OR KASTINA)

We should stop being deceived with clever argument of merit when it suits our brothers from the NORTH. Next time the North will start JIHAD if federal character is not being observed on other appointments.
Re: Sanusi Unanimously Approved By Senate by biina: 9:47pm On Jun 03, 2009
mikeansy:

well if someone is unqualified but is the first person from his state to be appointed, he surely can't be rejected on FC grounds

so he can only be disqualified for not being qualified

and I think if someone is unqualified, whatever makes them unqualified will be glaring

if Sanusi was an ex-footballer with no financial experience, it wont matter whether he is from Akwa Ibom or Kwara or Maduigri, he will be disqualified on arrival.
like I said, unqualified is easily dealt with. Incompetence is the troublesome fellow.
The fact that appointee are nominated by the president and then confirmed by the senate, puts the president in a position to bully the house, and without a constitution entry to support the senate, could get ugly real fast.
Take for example the Borishade saga under Obasanjo, in which obj essentially forced it down the throat of the house.
The federal character could serve as a check or as a requirement. The final judgment call is made by the senate, and I think using it as check is the right option.
Re: Sanusi Unanimously Approved By Senate by bawomolo(m): 9:52pm On Jun 03, 2009
Was he even questioned in the house or did they all eat BBQ while approving him.

anyway who cares.

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