aariwa:
It happened in 84/85 ..history repeating itself again.Will it result in the eventual ouster of buhari after 20 months in power like it happened then?I don't know.Time will tell

Can you further elaborate?

Donlamzy:
I'm tired of Nigeria, Infact, I don pack my load, na to zoom off remain, Korea Tinz OMM, here's a pose for my fams...

You better be going to North Korea. We don't want any Nig flat head or cone head because we don't want any negative change here in South Korea

pchukwudi:
What do you know about Capital and Return on Investment?

Do you think that foreign investors are charity workers?

If they are free to invest their hard erned capital into our economy, they should also be very free to take their profit home. And in case you don't know, they only make profit after paying tax and wages to us (which helps to boost our economy).

So please quit the silly rant already. This government is anti-capital. And that's the single over-riding reason why we are in economic recession now.

Watch it, the silly proposition which you are supporting blindly, will pull the nation into a terrible economic depression faster than you could think. In fact the mere speculation of the ammendment just dashed our hope for increased FDI. It has taken it further away.

Seriously this government is ...

and some of us are trying hard to bring in investors,a Briton told me our environment is really harsh now and was giving options of bringing investors to Ghana.
Nigeria is losing real opportunities daily......

gabrielahamz:
The question to ask is this, will this encourage FDI or not? Will it keep the few investors we have or discourage them.
I often wonder why the CBN keeps digging itself deeper into the sand. Taking a step forward and several backwards.
At a time the world is calling for fewer market regulations, we're desperately trying to regulate our businesses out of existence.
SMH!!

This is what I just complained of in the Huawei post, wen d govt wants to check d excesses of these investors, Nigerians like u will rise to their defence. It's not a must tht foreign investors must invest n our country, if these investors can't treat us with d respect tht we deserve and abide by our rules.. Then they should go to hell!!!.. What kind of slave mentality r u displaying here... U will complain that D Chinese, d Isrealis, d Indians r ripping us off, evading taxes, repatriating funds to their country n instead of kipn D money here to boost our own economy

Of wht use is d foreign investors, if all they come to do is hire Nigerians as contract staff n pay us peanuts, mKe all d profits nd repatriated the funds to their country nd ur here talking rubbish

Use ur brain for once, forget sentiment....lets all push for what is right

Bizibi:
and some of us are trying hard to bring in investors,a Briton told me our environment is really harsh now and was giving options of bringing investors to Ghana.
Nigeria is losing real opportunities daily......

There is a percentage of profit Tht a foreign comany can repatriate home......... The other percentage must be spent on d host country to boost their own economy.......

Na ur papa work their money for them?? See Stupid comment on top my money again shaaa

selfemployed:
some Nigerians have enough dollars in the bank that can help put an end to the dollar scarcity. but prefer to hoard it. they should be made to pay heavy tax on that or liquidate it to help grow the economy

Gen. Muhammadu Recession na somebody name for aso rock

selfemployed:
some Nigerians have enough dollars in the bank that can help put an end to the dollar scarcity. but prefer to hoard it. they should be made to pay heavy tax on that or liquidate it to help grow the economy

I don't understand... what you are suggesting is robbery. If i decide to save more and spend less, who's business is it? One day they will make a law that will force you to sell your lands or assets because 'there are no lands to buy'. They are hoarding because the economy is not favourable and does not promote trade. Why not make better policies, improve liquidity and truly diversify the economy. You can not improve the economy by using the same insecticide to kill off good insects (common nigerians) and wasps. They should ask for help and quit all this trial and error economics

saintmark88:


This is what I just complained of in the Huawei post, wen d govt wants to check d excesses of these investors, Nigerians like u will rise to their defence. It's not a must tht foreign investors must invest n our country, if these investors can't treat us with d respect tht we deserve and abide by our rules.. Then they should go to hell!!!.. What kind of slave mentality r u displaying here... U will complain that D Chinese, d Isrealis, d Indians r ripping us off, evading taxes, repatriating funds to their country n instead of kipn D money here to boost our own economy

Of wht use is d foreign investors, if all they come to do is hire Nigerians as contract staff n pay us peanuts, mKe all d profits nd repatriated the funds to their country nd ur here talking rubbish

Use ur brain for once, forget sentiment....lets all push for what is right

Stop attacking ordinary people that suffer under the injustice of these weird new laws... face the government that have refused to enforce already existing laws that take care of these excesses after they take bribes, curry favour and look the other way only to come and wail later, enact more harmful laws and still blame ordinary hardworking citizens for their crimes.
Tax evasion is the work of FIRS... where them dey?
Cbn regulates money movements in and out of the country and banks are obliged to report certain huge sums of money... where them dey?
Nlc, cpc, etc several parastals etc regulate all these...WHERE THEM DEY?!!!
Its so hard to even to do business in nigeria right now... they shouldn't make it worse.

Common!!! we can't use capital control in this age to fix our FX problems.

Can't these people think

dumodust:


Stop attacking ordinary people that suffer under the injustice of these weird new laws... face the government that have refused to enforce already existing laws that take care of these excesses after they take bribes, curry favour and look the other way only to come and wail later, enact more harmful laws and still blame ordinary hardworking citizens for their crimes.
Tax evasion is the work of FIRS... where them dey?
Cbn regulates money movements in and out of the country and banks are obliged to report certain huge sums of money... where them dey?
Nlc, cpc, etc several parastals etc regulate all these...WHERE THEM DEY?!!!
Its so hard to even to do business in nigeria right now... they shouldn't make it worse.

Valid points u made there, but the point is there is no law that restricts dese guys from moving forex out of the country and it doesn't make sense. So if CBN has their way to enact this law, r u saying all d foreign investors in Nigeria will fold up, the ansa is NO.... Who ever wants to go will go, nd who is willing to abide by d rules will come

You are only looking at it from one angle, do u c any positivity in d move atal??

PunterTim:
Surprised the body dosen't already have that power!

Really? This type of power will further drive away foreign capital.

GenBuhari:
I am shocked that a law even exists that allows profit made in Nigeria to be repatriated out of the country without restriction.

So this is the type of ruinous law that our leglislooters have no problem passing, but helpful laws that would improve our wealth like PIB they have sat on for 8 years and counting

We must unbundle the NASS.

The only thing that will happen if businesses can't repatriate their profits freely is that they will stop doing business here. It's already hard enough to do business here, why make it even harder? It seems our economic team have no idea that economies are global, and only production can make us competitive and strong, not all this protectionism.

dumodust:


I don't understand... what you are suggesting is robbery. If i decide to save more and spend less, who's business is it? One day they will make a law that will force you to sell your lands or assets because 'their a no lands to buy'. They are hoarding because the economy is not favourable and does not promote trade. Why not make better policies, improve liquidity and truly diversify the economy. You can not improve the economy by using the same insecticide to kill off good insects (common nigerians) and wasps. They should ask for help and quit all this trial and error economics

you may be correct if you say the Government should ask for help. maybe in terms of bond or anything. But imagine the effect on the economy if the likes of Dangote and all other rich nigerians hoard their dollars in the banks? won't it be better the money is put to use in the economy? Maybe thats why some countries tax money deposited in banks. and company owners pay less tax

Keywords are "repatriate without restrictions"
If you are serious investor you should be re-investing profits to grow your business within the country.

Whilst repatriation of money could be allowed it can't be without regulations or restrictions haba!

Foreign investors are given tax holidays, at least there should be a ban on repatriation of funds for the duration of the tax holidays .

Then another restriction could be that amount repatriated should never exceed 10% of annual profits.

In any 10 yr period total amount repatriated should not exceed 15% of initial investment

Those types of restrictions.
No investment is better than a bad investment.

nextstep:


The only thing that will happen if businesses can't repatriate their profits freely is that they will stop doing business here. It's already hard enough to do business here, why make it even harder? It seems our economic team have no idea that economies are global, and only production can make us competitive and strong, not all this protectionism.

GenBuhari:
I am shocked that a law even exists that allows profit made in Nigeria to be repatriated out of the country without restriction.

So this is the type of ruinous law that our leglislooters have no problem passing, but helpful laws that would improve our wealth like PIB they have sat on for 8 years and counting

We must unbundle the NASS.

that was the handy work of former minister for trade and investment

There's a huge difference between declaration and restriction.

There's a huge difference between money laundry and profit/capital repatriation.

There's a huge difference between personal money transfer and corporate money transfar.

There's a huge diffrence between cash trafficking and FDI or capital/profit repatriation.

No (except when it's forbidden by terms of immigration) moving money/capital flight is not and should not be illegal (as long as it's within the stipulated daily transactional limits) moving fraudlent earnings is.

And of course, if it's illegal to move more than 16k USD out of US and Canada we won't be talking of FDI. Facebook founder was recently said to have invested over $2million into a Nigerian starup. And I don't think he did it in batches of 16 thousand dollars.

Dee60:
I think that quite a number of the people commenting here are spewing rubbish.

Try taking out 16,000 dollars out of USA or Canada without full declaration/justification and see what they will do to you? Not only will the funds be seized you may even be prosecuted for money laundering. Those ones are even better. You cannot export 100 dollars out of China or India without full justificatin of what the money is meant for.

Here in Nigeria, forex flows freely as if we are jankara nation.

In Nigeria, someone is caught with 6million dollars cash at home. A senator was alleged to have lost 300,000 dollars to domestic staff. Millions of dollars were found in judges' homes. Not even a bank in Europe or America is allowed to keep 300,000 dollars in its vault at any time!!!

Our currency keeps losing value because embezzlers and bribe takers keep buying forex to keep at home.

CBN is right.

They must find a way to stop keeping dollars in their houses when banks dont have dollars to sell to importers.

They must stop the terrible habit of people moving hundreds of thousands of dolars cash accross the borders. No sane nation allows that to happen. None.

People write on NL out of ignorance sometimes.

You better head for a communist state, probably Cuba or North Korea. And this thread is not about labor laws, it's about a proposed silly economic/monetary policy.

Yes, many of the expat employers treat their workers exploitatively. But it's not their fault that Nigeria could not develop and enforce sound labor laws.

And if you are really pissed, quit whining and go startup your own company, employ people, and be the definitive example of how employers should treat their employees.

saintmark88:


This is what I just complained of in the Huawei post, wen d govt wants to check d excesses of these investors, Nigerians like u will rise to their defence. It's not a must tht foreign investors must invest n our country, if these investors can't treat us with d respect tht we deserve and abide by our rules.. Then they should go to hell!!!.. What kind of slave mentality r u displaying here... U will complain that D Chinese, d Isrealis, d Indians r ripping us off, evading taxes, repatriating funds to their country n instead of kipn D money here to boost our own economy

Of wht use is d foreign investors, if all they come to do is hire Nigerians as contract staff n pay us peanuts, mKe all d profits nd repatriated the funds to their country nd ur here talking rubbish

Use ur brain for once, forget sentiment....lets all push for what is right

pchukwudi:
You better head for a communist state, probably Cuba or North Korea. And this thread is not about labor laws, it's about a proposed silly economic/monetary policy.

Yes, many of the expat employers treat their workers exploitatively. But it's not their fault that Nigeria could not develop and enforce sound labor laws.

And if you are really pissed, quit whining and go startup your own company, employ people, and be the definitive example of how employers should treat their employees.

The Act should be amended and all d foreign investors should fold up, and go away, not come, rip us off, pay us peanut and repatriate all our sweat to their country.

If u do not c foreign companies n Nigeria u can as well relocate to China

Well, the government is free to restrict, and the companies are free to keep away.

GenBuhari:
Keywords are "repatriate without restrictions"
If you are serious investor you should be re-investing profits to grow your business within the country.

Whilst repatriation of money could be allowed it can't be without regulations or restrictions haba!

Foreign investors are given tax holidays, at least there should be a ban on repatriation of funds for the duration of the tax holidays .

Then another restriction could be that amount repatriated should never exceed 10% of annual profits.

In any 10 yr period total amount repatriated should not exceed 15% of initial investment

Those types of restrictions.
No investment is better than a bad investment.

saintmark88:


Valid points u made there, but the point is there is no law that restricts dese guys from moving forex out of the country and it doesn't make sense. So if CBN has their way to enact this law, r u saying all d foreign investors in Nigeria will fold up, the ansa is NO.... Who ever wants to go will go, nd who is willing to abide by d rules will come

You are only looking at it from one angle, do u c any positivity in d move atal??

I understand your argument and angle too but I have a feeling this new move is just to have all out power to restrict funds movement. We must always ask questions and not trust this people completely before they enslave us under their own noses while their kids frolic with the forex. One thing is for sure, this law will affect poor you and me who need to transfer small funds for transactions than the intended culprits. And i insist, if the already existing laws are enforced to the letter, there will be no need for further draconian moves.

selfemployed:

you may be correct if you say the Government should ask for help. maybe in terms of bond or anything. But imagine the effect on the economy if the likes of Dangote and all other rich nigerians hoard their dollars in the banks? won't it be better the money is put to use in the economy? Maybe thats why some countries tax money deposited in banks. and company owners pay less tax

The help i meant was from better heads or experts... not this patch and patch trial and error. Domiciliary accounts operate like extreme current accounts, they charge your for withdrawal, deposit and to and fro transfers. What else do they want to charge? This is just a move to make more money for nigerians banks. People bring money to banks for safe keeping and benefits, not to be robbed. We may be heading back to the days of hiding money under mattress

teemy:
this request could cause hoarding. its all about dollar availability. hasten the yuan swap deal and watch the dollar fall into place. once the yuan (70% imports is from china) competes with the dollar, the dollar would lose value.

Hi,
Whats up with the yuan deal? Is it still on?

dumodust:


I understand your argument and angle too but I have a feeling this new move is just to have all out power to restrict funds movement. We must always ask questions and not trust this people completely before they enslave us under their own noses while their kids frolic with the forex. One thing is for sure, this law will affect poor you and me who need to transfer small funds for transactions than the intended culprits. And i insist, if the already existing laws are enforced to the letter, there will be no need for further draconian moves.

But wen d economy fails u dnt blame d law enforcement agencies, u blame d CBN, d minister of finance and d president.... So let them do what they want to do..... We can't restrict dem from trying all d strategies dey want to use ND yet still blame dem wen tins aren't improving... I dnt see the sense in that.

saintmark88:


But wen d economy fails u dnt blame d law enforcement agencies, u blame d CBN, d minister of finance and d president.... So let them do what they want to do..... We can't restrict dem from trying all d strategies dey want to use ND yet still blame dem wen tins aren't improving... I dnt see the sense in that.

My problem is their so called moves have actually worsened things... each time they want more to experiment with till we are all locked in and cant buy a ticket to leave the country

dumodust:

My problem is their so called moves have actually worsened things... each time they want more to experiment with till we are all locked in and cant buy a ticket to leave the country

Okay.... Proffer your own solution den??

iykedare:


Hi,
Whats up with the yuan deal? Is it still on?

last i heard about a month ago was the cbn team was on it. just that it is taking time.

Can you imagine the amount of money dodgey schemes like the MMM are probably heaving out of the country as we speak

GenBuhari:
I am shocked that a law even exists that allows profit made in Nigeria to be repatriated out of the country without restriction.

So this is the type of ruinous law that our leglislooters have no problem passing, but helpful laws that would improve our wealth like PIB they have sat on for 8 years and counting

We must unbundle the NASS.

saintmark88:


Okay.... Proffer your own solution den??

Like i said, they seem to be experimenting... they should seek counsel from experts, people who have experience with handling recession and such problems and know how to stimulate an economy