₦airaland Forum

Everydaylove:
Both Buhari and Tinubu have wrecked this country. He had his personal ambition since but not for the betterment of the people. I only blamed the braindead mumu supporters Tinubu used to achieve his selfish goal.

ivolt:
You guys continuously underestimate the value of financial prudence in economic management.

If you are right, Lamido Sanusi should have been the best CBN governor since
oil price was highest during his tenure.
But in real fact, the best CBN governors were the one in charge during the
lowest average oil price of 1999 to 2007. That is Joseph Oladele and Charles Soludo.
Joseph even managed to hit a 10% growth rate which is unmatched since then.

Nigeria's FDI at 1999 was about $1 billion and it increased to $6 billion in 2007.
If a 600% rise is not significant enough, you should remember that somebody actually took it from
4 billion dollars in 2015 to negative value by the end of 2022. Now, that's a record.


Before you ask, my criteria for best is based on external reserve accumulation, exchange rate control and economic growth rate.

nairalanda1:
I really can't help you son.

You can call me APC supporter, but subsidy has to go, and things have to be sold at a profit.

If it makes you go gaga, so be it

Peace, TInubu worshipper. One day, APC and PDP would be kicked out...

Birdbyrde440:
Who is "we"?

You think the average joe will source more money to keep buying $?
What if he bought with his last money?
Or sold his home based on your advice just to buy $ and you come and tell him to buy more, from where will he get the money?

coleon:
There are still a lot of mystery around this crude supply to Dangote by shell. The global pricing for crude oil is denominated in USD hence why it's refered to as petrodollar. Now if the forward contract between Dangote and Shell is denominated in USD it then means Dangote will have to pay Shell in USD for the supply.
The only way Dangote will pay Shell in USD is if he sells to local petrol supplier also in USD which is why I am laughing at those thinking this arrangement will reduce pressure on FX.
My expectation is that Dangote will get her supply directly from NNPC and they can work out a way of making payments in NGN.
I suppose this is the reason the clueless NNPC MD already sent a disclaimer that nothing will change in the pricing of petrol.
I will be waiting till next year to watch and see how events unfold.

yoruboid:
I laugh at those hailing Abia for its insane and ambitious borrowing

The same Abia spending N30bn on a 6km road

Capital projects are the biggest scams by Governments and that’s how they loot funds

A Nigerian businessman who appeared to be closing in on a takeover of the Premier League football club Sheffield United is being sued by the US financial watchdog for a fraud, in which he is alleged to have faked documents and made up companies out of “thin air”.

The US Securities and Exchange Commission (SEC) said on Monday it had filed charges against Dozy Mmobuosi, claiming he inflated his companies’ financial performance by hundreds of millions of dollars to defraud investors.

The regulator filed its claim against Mmobuosi personally, and his company Tingo Group, which is listed on the Nasdaq stock exchange, and two related companies, Tingo International Holdings and Agri-Fintech Holdings.

The regulator alleges Mmobuosi orchestrated a “staggering” fraud the roots of which date back years.

In a court filing, the SEC said the fraud related mostly to Tingo Mobile, a private Nigerian company Mmobuosi founded that purportedly sourced and supplied mobile handsets and related services to farmers in Nigeria.

It claimed Mmobuosi created fake bank statements and forged supporting documents to give the impression that Tingo Mobile was a “thriving” business worth more than $1bn, when in fact it had “no meaningful customers or operations and about $15 in its bank account”.

He allegedly engineered the sale of Tingo Mobile from Agri-Fintech to Nasdaq-listed Tingo Group in an all-share merger, meaning the fake revenues were incorporated into the new company.

He then repeated the trick with the sale of Tingo Foods, described as an “elaborate fiction”, to Tingo Group for $204m earlier this year.

“Mmobuosi and the entities he controls have fraudulently obtained hundreds of millions in money or property through these schemes,” the SEC said in a statement.

Global leading rating agency, Standard & Poor’s has affirmed Nigeria’s sovereign credit rating at B+ and revised its outlook from negative to stable.

This comes about a week after another rating firm, Moody’s Investor Services changed its outlook on Nigeria’s economy to Stable from Negative.

In a statement released today, U.S. based Standard & Poor’s, says its stable outlook on Nigeria, indicates that covid-19 related pressures will continue to weigh on the country’s GDP growth and fiscal and external metrics, but improved oil prices will support GDP growth.

Russia's central bank has put up its key interest rate to 15% to try to curb inflation and bolster a weak rouble.1

The higher-than-expected rate hike of two percentage points raises borrowing costs for the fourth time in a row.

Globally the pace of price rises has been high, in part due to Russia's invasion of Ukraine. Inflation in Russia hit 6% in September.

There has also been increased government spending in Russia as it pours resources into its war machine.

The Bank of Russia, the country's central bank, has now raised rates by 7.5 percentage points since July as it seeks to get inflation back down to its 4% target.

South Africa is projected to briefly surpass Nigeria and Egypt as the largest economy on the continent next year, International Monetary Fund forecasts reveal.

The IMF's World Economic Outlook projects South Africa's gross domestic product to reach $401 billion in 2024, surpassing Nigeria's $395 billion and Egypt's $358 billion, all at current prices.

However, this shift is predicted to be temporary, as South Africa is expected to hold the top spot for just one year before trailing Nigeria once more. By 2026, South Africa is projected to fall to third place behind Egypt, as outlined in the report released last week.

Almost 50 overseas trained nurses and midwives in the UK who 'likely' qualified fraudulently are still being allowed to treat patients while under investigation, MailOnline can reveal.

The Nursing and Midwifery Council (NMC) today confirmed that 48 Nigerian professionals are suspected of paying someone to a sit computer-based exam that tests medical knowledge and is needed to work in Britain.

The NMC said it was 'more likely than not' that those it has identified obtained their result fraudulently.

However, the regulator told MailOnline that they will still be allowed to treat patients while investigations are underway — though not all are necessarily working in healthcare.

Thinktanks today slammed the decision, saying the regulator had a 'duty to protect patients' and their decision could see 'incompetent individuals threaten the health of adults and new-borns'.

The 48 people identified sat the exam, which covers drug dosage calculations and clinical questions for health issues like diabetes, at the Yunnik Technologies Test Centre in Ibadan, south west Nigeria.

An investigation by the NMC found 'evidence of widespread fraudulent activity' at the centre, meaning all the test results it has issued have now been deemed invalid.

While doubts were initially cast over 515 nurses and midwives who were tested at centre, the NMC narrowed the list of 'likely' fraudulent applicants down to 48.

These nurses and midwives will have their case assessed by an independently appointed panel to decide if they gained fraudulent entry to the NMC register.

If the panel determines they did, they would be removed from register losing the right to work as nurse or midwife in the UK.

HopeSpencer:
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They downgraded Nigeria in their useless ratings because investors won't be able to move their dollars out of Nigeria easily. We call it capital flights.

Oyinbo no happy that government won't let them enjoy their spoil in peace.


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Nigeria has been demoted from a frontier market to an unclassified market one year after an annual equity country classification review by FTSE Russell, a subsidiary of London Stock Exchange Group, placed Africa’s largest economy on its watch list of countries monitored for possible reclassification.

The downgrade takes effect from 18 September when Nigerian index constituents will be deleted at zero value from FTSE Frontier Index Series, including the FTSE Frontier 50 Index, FTSE IdealRatings Islamic Index Series, FTSE/JSE All Africa Index Series, FTSE Middle East & Africa Extended Index Series and FTSE/MV Exchange Index.

FTSE Russell equity indices are used by investors across the world as equity benchmarks, allowing them to track the performance of specific market segments.

The decision followed a ratification by the FTSE Russell Index Governance Board and was arrived at after no improvement was recorded in the ability of international institutional investors to repatriate capital at a foreign exchange rate that would be used in FTSE Russell equity indices, a statement said.

“FTSE Russell has received feedback from market participants that although Nigeria has adopted a floating foreign exchange (FX) rate for the Nigerian Naira in the Investors’ & Exporters’ (I&E) FX Window, which is now operating on a “Willing Buyer, Willing Seller” basis, the lack of liquidity in the I&E FX Window continues to adversely impact the ability of international institutional to replicate benchmark changes,” the document said.

NaBanga:
Most paranoid schizophrenic beliefs are culture based. In the far past, it was mostly religious. Now the prevailing one (in the US) is about politicians abusing kids. The one that seems to have always been around is that someone is watching them (walking by, passing by in a car, cameras, cell phones, internet, etc). If you are around anyone with these thoughts, it's best to distance yourself. Not all of them are harmful, but you don't know the schizophrenics who will kill.

itsme01:


You carried your 14th century witch hunting to UK... The Country where Witches and Wizards have Grand Lodge and equal rights as citizens

UK had abolished their Anti Witchcraft laws since 17th century

Well his lawyers claim he has schizophrenia and he is delusional and he would escape death sentence.

A divorced father of three stabbed his mother 21 times after becoming convinced that she was a witch and had put a curse on him, a court heard today.

Kayode Kuye tortured and killed Christina Kuye, 69, because he believed she had ruined his life with a black magic spell, the Old Bailey was told.

Unemployed Kuye, 50, of Edmonton, north London, pleaded guilty to manslaughter on the grounds of diminished responsibility.

Judge Christopher Moss locked up the paranoid schizophrenic indefinitely under mental health laws and described it as a "brutal" killing.

Kuye attacked his mother after letting himself into her home in Finchley, north London, with a key in May last year, the court heard.

After a lengthy argument he knifed her 21 times to the upper body, also slashing her arms and hands as he tried to defend herself.

He was later arrested covered in blood at Finchley Central station, laughing as he said: "I have had an argument with my mother."

Officers forced their way into her home where they found her body in her bedroom.

Kuye later told psychiatrists that his purpose was "to torture his mother to try to prevent her from continuing what he perceived to be black magic upon him," said Alan Kent QC, prosecuting.

Mr Kent said: "The motivation behind his attack was his paranoid and deluded belief that his mother had cursed him through witchcraft and had ruined his life."

Mrs Kuye came to Britain from Nigeria in 1961 with her husband, who died on 1984. She had eight children, including the defendant, and 20 grandchildren.

She herself believed in witchcraft and her son became increasingly interested in the subject during the four years before he killed her.

His mother helped him get in touch with a witch doctor she knew in Nigeria and he would send him money "for advice and medicine", the court heard.

Two years before the killing he began to blame her for all his problems, saying she had "sacrificed him as a child and had put a curse on him".

He believed that "he was a king and should be rich but the curse prevented this from happening".

For about a year before his mother's death he had been saying he was going to kill her, as well as other family members.

On the day of the stabbing he had been "ranting and raving" at his ex-wife and told her that "he had to go and do what he had to do", the court heard.

A mentally ill man may be locked up for the rest of his life after today admitting killing his mother because he believed she was practising black magic against him.

Nicholas Aina, 28, had stopped taking medication for his paranoid schizophrenia because he thought it would help him lose weight.

But instead he fell into severe psychosis and embarked on a knife rampage through the home he shared with his family.

Aina handed himself in to police minutes after killing 64-year-old Caroline Adeyelu and injuring his 23-year-old sister Angel Adeyelu at their home in Dagenham, east London, last October 30.

He was delusional about witchcraft, electric voltage and being the 'king of Africa', the court was told.

Aina admitted the manslaughter of his mother by diminished responsibility and unlawfully wounding his sister.

Today he was handed a hospital order without limit of time by Judge David Aubrey KC at the Old Bailey.

The judge told him: 'You have a psychotic illness, namely paranoid schizophrenia, which is a severe and enduring illness

Cannibalism and the Nigerian mafia
D’Agostino cites several interventions that point the finger at African immigration and Nigerian immigration in particular, quoting a passage which speaks of the Yoruba ethnic group, one of the largest in the African country:

Yoruba, Nigeria: Cannibalism, closely linked to the trade in human flesh, is still practiced in some areas of Nigeria, including the area where the Yoruba tribe lives. The reasons are linked to the persistence of ancient superstitions, but also to beliefs in the medical field. There are open markets where you can buy fresh human meat products as well as some body parts.