₦airaland Forum

the issue  with some extreme right folks is that  they will not do their own thinking, they are ready to be spoon fed by delusional and mischievous folks like Joe Wilson, even Naija folks  who knew how bad it could be with NTA and govt propaganda. Why does everything have to be from extremist point of view?  Some lefties were tired and said they were leaving for Canada, now Obama is the president, strong party influentials like Gov of Texas saying they would break away, not party activists, then another representative saying, "we need  a white man to stop Obama", then this southern conferderate, Joe Wilson. Why is  the debate taken over by unintelligent and delusional folks. Why cant these folks see that there is no hope for extremists like Sarah Palin. She's not the middle of the road in America. Jon McCain lost more votes with her. They have  dwarfed intelligent discussions from folks like David Frum, David Brooks, and George Will.  Before you watch Glen Beck, he will sublty put a disclaimer like this ' I'm just a recovering  alcoholic and yet folks still take him seriously.

IgweUSA
Thanks very much for your effort in trying to enlighten some of our black brothers CAP28, Pre-elect and etal. These guys are really suffering from serious inferiority complex and always a victim of racism syndrome. . . . .  I guess they should borrow a leaf  from some black folks who had made it to the top echelons in any area of life, be it business, academics or politics. . . .You folks really need to grow up and be a man of your own

I dont know  what some Nigerians  would think they have made in US that blacks have not achieved. You still have not pointed to us when president Bush was personally heckled by a congressman while giving a speech at the chambers. If its not smelling like racism, what could it be called that a black president was heckled by a white southerner who worked for  a segregationist late Sen. Strum Thurmond.
When it came to light that Sen Thurmond had fathered an illegitimate black daughter Rep. Joe Wilson was the first one to attack the by woman  Ms Essie Mae Washington-Williams  , he said

"It's a smear on the image that [Thurmond] has as a person of high integrity who has been so loyal to the people of South Carolina,"

When it became evident that Ms Washington Williams was accurate in her statements, Mr. Wilson  grudgingly apologized sort of;  but still insisted that the woman  should  not have gone public
He was a state senator when confederate flag was  still hoisted in the state building.  This man once said that its unfair to debate about his boss Sen Thurmond when he can no longer defend himself. He chastised those who  opined that Jefferson had an affair with slave by saying
“Sometimes these things just go on," Wilson said. "These are heroes of mine. I really hope these would be heroes to future generations of Americans. (The stories) are ,  a way to diminish their contributions to our country's existence.
So if a president hadn't been heckled, then a black guy becomes a president and he's heckled by a confederate  white southerner who once worked for Sen Strum Thurmond, then it has got  some connotation of racism. Its not accidental that it was him who would call he president a liar. No white president has been called a liar or heckled in the house,  and you think we are naive and daft.
So back to sense of accomplishment, whatever you have become in this country, black folks paid the price. There would not been any Obama without  Rosa Parks, so are u indirectly or directly  benefiting from laws like affirmative action and you are still regarded as this black Thanks very much for your effort in trying to enlighten some of our black brothers CAP28, Pre-elect and etal. These guys are really suffering from serious inferiority complex and always a victim of racism syndrome. . . . .  I guess they should borrow a leaf  from some black folks who had made it to the top echelons in any area of life, be it business, academics or politics. . . .You folks really need to grow up and be a man of your own

I dont know  what some Nigerians  would think they have made in US that blacks have not achieved. Igweusa, you still have not pointed to us when president Bush was personally heckled by a congressman while giving a speech at the chambers. If its not smelling like racism, what could it be called that a black president was heckled by a white southerner who worked for  a segregationist late Sen. Strum Thurmond.
When it came to light that Sen Thurmond had fathered an illegitimate black daughter Rep. Joe Wilson was the first one to attack the  woman  Ms Essie Mae Washington-Williams  , he said

"It's a smear on the image that [Thurmond] has as a person of high integrity who has been so loyal to the people of South Carolina,"

When it became evident that Ms Washington Williams was accurate in her statements, Mr. Wilson  grudgingly apologized sort of;  but still insisted that the woman  should  not have gone public
He was a state senator when confederate flag was  still hoisted in the state building. 
This man once said that “its unfair to debate about his boss Sen Thurmond when he can no longer defend himself”. He chastised those who  opined that Jefferson had an affair with slave by saying
“Sometimes these things just go on," Wilson said. "These are heroes of mine. I really hope these would be heroes to future generations of Americans. (The stories) are ,  a way to diminish their contributions to our country's existence”.
So if a president hadn't been heckled, then a black guy becomes a president and he's heckled by confederate  white southerner who once worked for Sen Strum Thurmond, then it has got  some connotation of racism. Its not accidental that it was him who would call he president a liar. No white president has been called a liar or heckled in the house,  and you think we are naive and daft.
So back to sense of accomplishment, whatever you have become in this country, black folks paid the price. There would not been any Obama without  Rosa Parks, so are u indirectly or directly  benefiting from laws like affirmative action and you are still regarded as this black dude until you prove your mettle. On the other hand, you would have been in your home country  to fight and make it better. dude until you prove your mettle. On the other hand, you would have been in your home country  to fight and make it better since you are such a smart ass.

http://www.joewilson.house.gov/index.php?option=com_content&task=view&id=37&Itemid=40
http://www.time.com/time/politics/article/0,8599,1921677,00.html
http://tpmlivewire.talkingpointsmemo.com/2009/09/you-lie-not-the-first-time-rep-wilsons-emotions-got-the-best-of-him.php

im not in a position to tell which one is better cos u would have to pair 92 mack with 92 international or kenworth with the same powertrain ,life and HP. For Naija, I would think Mack because of availability of parts and know how. Also international and kenworth dont manufacture  powertrain, so they either have to use CAT, DETRIOT or CUMMINS, but  you can buy  all mack made truck from chasis to powertrain. So, mack is a unique truck maker unlike some other truck makers.

I dont know  what the poster hopes to achieve cos Nigerians own legitimate business on streets of EU and US. But econ 101 determines where you set your biz, if u live in shanty towns and want to cater to folks  in shanty town, you dont need  a Ph.D in econ to know that proximity is your ultimate consideration. I dont quite agree with your elitist definition of market since there is  exchange of goods and services even in shanty towns. If your question is why dont most Nigerians in SA live in a bustling business district, its called opportnity cost,  most SAs cant even afford to shop in  those districts let alone live there. how then do you think that Nigerians should set up their businesses on those expensive districts? Unless you are alluding to the fact that it would lend credibilibty to their argument that they are genuine business folks, but the down side of that argument is that folks who live in shanty towns like SAs are also crime infested. If qualified Nigerian professionals can teach in universities in SA what makes you think that  there are no Nigerian businesses on major streets in SA

tayo.
You were  not in support agreed, but those who u were in the rhetorical audience said that the best way to go was by having a large stimulus. It was a near consensus amongst economists on the left and right. Those at the corridor of power,influence  and knowledge in your party agreed that stimulus was the way to go.

On the other hand, a comparison is based on two or more  known conditions. Dont give me a hypothetical scenario, but a real situation in US history where a govt bailout or intervention wasn't not needed or implemented in a steep recession like this  and the economy pulled out on its own. If not, why did u think that Obama would do “undoables” to save the economy? Why is it that Bernanke a Bush appointee and scholar of great depression opened Fed's lending window to banks and some other companies. Mind you that federal reserve has an independent authority to set monetary/economic policies

Please investment analysts, I would like to invest in this young start up, but I really need someone who has got expertise in young start ups in Naija. It seems it has got a good track record and visionary leadership. Moreso, this is a business climate with few players and it seems Mtech has got a huge market share. But, going forward, how does this company reposition itself to grab and solidify its hold on African market? Anybody with useful information about this company or knows how young start ups have faired in Naija weather?

http://www.mtechcomm.com/news/23mtechNSE.html


MTECH LISTS ON THE NIGERIAN STOCK EXCHANGE

Lagos, Nigeria, June 2009

MTech Communications, the leading mobile Value Added Services (VAS) company in Nigeria, was listed on the Nigerian Stock Exchange on Tuesday the 9th of June 2009 by introduction. MTech Communications PLC, on Tuesday, 9th June, listed 4,966,666,668 ordinary shares of 50 kobo each by introduction at N2.50k per share on The Nigerian Stock Exchange.

MTech is the market leader in the VAS segment of the telecoms industry which is focused on developing products and services that mobile networks offer to their customers to get more utility from their mobile phones. Some of the services which MTech powers for the mobile operators include MTN Funtones, MTN Caller Tunes, Zain Central station and Glo Magic Plus. MTech also provides SMS voting on TV shows like Nigerian Breweries’ StarQuest and works with media organizations like CoolFM and HITV to deliver interactivity services.

The company has experienced steady growth since its inception in 2001 when it launched MTN’s mobile internet service. Since then MTech has developed platforms to deliver mobile content for the four leading digital mobile operators in Nigeria and through partnerships with mobile operators, MTech provides services to over 70 million subscribers across Africa.

As at December, 2008, MTech had commenced operations in Ghana, Kenya, Uganda, and Cote D’Ivoire. Its key operator partners outside Nigeria include MTN Ghana, MTN Cote D’Ivoire, Zain Ghana, MTN Uganda, Safaricom Kenya and Celtel Kenya amongst others.

The company’s last audited accounts of 2007 show the company’s revenues at N600m with Gross Profit of N398m and profit after tax of N116m. According to Mr Chika Nwobi, founding CEO of the MTech, “we plan to continue growing the business over the next 5 years by expanding to more markets in Africa and the Middle East as well as by developing new services to roll out into the fast growing telecoms market in Africa.”

The Chairman of MTech, Mrs Sheri Williams, said “our focus over the last three years was on breaking into new African markets. Having successfully entered the West and East African sub-region we are poised to turn the lessons learned into a competitive advantage and roll-out our services into yet more countries in order to increase our market share in Africa while maintaining Nigeria as our idea and innovation hub”.

Mr Patrick Quarcoo is Managing Director of Radio Africa, owners of the leading group of radio stations in Kenya is also a director/investor in MTech’s East African subsidiary. He said “MTech has set itself apart in its ability to develop and launch services ahead of its competitors both in Nigeria and now also in Kenya. The company recently won a large contract with East African Breweries competing against 5 other Kenyan companies. We are proud to be part of the MTech story” .

In Ghana, MTech was selected by TV3 the largest TV network to provide audience interactivity solutions for its programs. The Marketing Manager, Adwoa Otchere, said “We have been very impressed with the integrity of MTech’s service delivery. They deliver what they commit to and I think that Nigerians should be proud of the impression they are creating in Ghana for Nigerian businesses.”

MTech, which will be trading under the symbol ticker symbol MTECH, has been generating significant interest among capital market investors who are interested in getting in early with this company which is poised for continued growth due to its strong market position in its sector and strategic partnerships with major telecom operators across Africa like MTN

how recent is recent?  talk in numbers

NB: I would want  a well thought analysis  on this company. Does anyone have any useful information about this young start-up. I feel that its a young company thaT has good track record and a visionary leadership, but nothing is permanent in Nigeria even the post of permanent secretary. This banking sector  crisis has led us believe that any thing can happen. Where  are the investment analysts and gurus in the house?

http://www.mtechcomm.com/news/23mtechNSE.html

MTECH LISTS ON THE NIGERIAN STOCK EXCHANGE

Lagos, Nigeria, June 2009

MTech Communications, the leading mobile Value Added Services (VAS) company in Nigeria, was listed  on the Nigerian Stock Exchange on Tuesday the 9th of June 2009 by introduction. MTech Communications PLC, on Tuesday, 9th June, listed 4,966,666,668 ordinary shares of 50 kobo each by introduction at N2.50k per share on The Nigerian Stock Exchange.

MTech is the market leader in the VAS segment of the telecoms industry which is focused on developing products and services that mobile networks offer to their customers to get more utility from their mobile phones. Some of the services which MTech powers for the mobile operators include  MTN Funtones, MTN Caller Tunes, Zain Central station and Glo Magic Plus. MTech also provides SMS voting on TV shows like Nigerian Breweries’ StarQuest and works with media organizations like CoolFM and HITV to deliver interactivity services.

The company has experienced steady growth since its inception in 2001 when it launched MTN’s mobile internet service. Since then MTech has developed platforms to deliver mobile content for the four leading digital mobile operators in Nigeria and through partnerships with mobile operators, MTech provides services to over 70 million subscribers across Africa.

As at December, 2008, MTech had commenced operations in Ghana, Kenya, Uganda, and Cote D’Ivoire. Its key operator partners outside Nigeria include MTN Ghana, MTN Cote D’Ivoire, Zain Ghana, MTN Uganda, Safaricom Kenya and Celtel Kenya amongst others.

The company’s last audited accounts of 2007 show the company’s revenues at N600m with Gross Profit of N398m and profit after tax of N116m. According to Mr Chika Nwobi, founding CEO of the MTech, “we plan to continue growing the business over the next 5 years by expanding to more markets in Africa and the Middle East as well as by developing new services to roll out into the fast growing telecoms market in Africa.”

The Chairman of MTech, Mrs Sheri Williams, said “our focus over the last three years was on breaking into new African markets. Having successfully entered the West and East African sub-region we are poised to turn the lessons learned into a competitive advantage and roll-out our services into yet more countries in order to increase our market share in Africa while maintaining Nigeria as our idea and innovation hub”.

Mr Patrick Quarcoo is Managing Director of Radio Africa, owners of the leading group of radio stations in Kenya is also a director/investor in MTech’s East African subsidiary. He said “MTech has set itself apart in its ability to develop and launch services ahead of its competitors both in Nigeria and now also in Kenya. The company recently won a large contract with East African Breweries competing against 5 other Kenyan companies. We are proud to be part of the MTech story” .

In Ghana, MTech was selected by TV3 the largest TV network to provide audience interactivity solutions for its programs. The Marketing Manager, Adwoa Otchere, said “We have been very impressed with the integrity of MTech’s service delivery. They deliver what they commit to and I think that Nigerians should be proud of the impression they are creating in Ghana for Nigerian businesses.” 

MTech, which will be trading under the symbol ticker symbol MTECH, has been generating significant interest among capital market investors who are interested in getting in early with this company which is poised for continued growth due to its strong market position in its sector and strategic partnerships with major telecom operators across Africa like MTN

do u have parts for freightliners or international? If you are talking engine part for these trucks, they can  have CAT, DETROIT DIESEL and CUMMINS. I  have CAT parts so what type of  engine is in ur truck?

Tayo.
U are not the standard and your tenant defaulting on her car loan cannot be a benchmark for measurng the stimulus. u ever heard of outlier is statistics? Having said that ,why is that all  the folks who are preaching non-government intervention right now didnt do so last year when Hank Paulson and Bush told us that the economy was on the brink of collapse?

i was at national assembly earlier this year when NEPA cut off their power.

that's  why you  dont really to spend so much money on an  engagement ring in the first place, cos wedding ring makes it signed, sealed and delivered.

Igwe read between the lines

In 2004, Democrats delivered a “Chorus Of Boos” during Bush's Bush’s State Of The Union when he called for renewal of the Patriot Act., according to the Washington Times.

In 2005, Dems howled, hissed and shouted "No!" when Bush pushed for Social Security reform in the SOU: "Foreshadowing the contentiousness of the coming debate, Democrats broke decorum and booed twice," according to the National Journal.

This was a group dissent like the way republicans reacted when Obama said something they didnt like. We are talking about a singular act of a congressman who called the president a liar.

ujujoan
^{Just shut up if you dont have anything to say. Thats what people do}
Cos you want everyone to shup cos birds of the same feather chop together.

Ujujoan
Are you guys still on this

This is getting booooring!!

We should ask you cos you believe you dont have to use a price scanner if u got the "right" man. Ur ideal man is " pay as she says spender" good luck

Yea right!! Like being 'financially and sexually sufficient' makes you the perfect spacimen of a lady. Trust me, if all grils were as stiff as you seem, then guys will prolly not need GFs!

Dont kid yourself, most girls in serious relationships these days are more finacially sufficient than the guys!! Prolly cos the guys that have truned into the gold-diggers!

Maybe not in financially challenged society like Nigeria. It can hold true for EU and America, but not in Nigeria. If a girl wants a man to wait, why cant the man ask the girl to wait?
Why is it that some women dont see any wrong in asking as man for money, but cry foul whenever a guy brings sex  to the table?It means that women who ask for money do so for economic benefits and guys use that a leverage to get sex.

igweusa
I'm not a white pleaseee. As I said ealier, you are just trying to make it so significant by calling it a breach of protocol because it was done by one republican congressman.   Let me tell you, in the second to last state of the union address of GW Bush, Democratic legislators always shout out in group whenever Bush read a line they disagreed on. If you didnt see anything wrong with that, then suck it up.
I think is hightime my black brothers should relieve themselves from the shackles of white demcrats who are ready to use them to play the race politics.

Can you tell us succinctly when G Bush was heckled while delivering  speech at the chambers? lets call a spade, even  John McCain was
against his action immediately after the speech. Some of these folks cannot stomach the fact that a colored president is marshaling out plans on how to move  "their"   America forward. A  congressman said he would want a white man to stop Obama. Having said all that, do you really think that you can win a precinct captain in republican dominated enclave in SC or MS?

[

igweusa
^{Let me just comment on the few highlighted lines in your opinion
[1 ] The Bush TARP program was an emergency laon given to the banks which some of them had already paid off. In fact, the Stimulus bill passed by Obama is even the worst beacause most of his programsporks has nothing to do with the immediate revival of the economy.[/b]}
This cannot be farther from the truth. Why did Bush pass a stimulus package that gave $152 Billion to Americans? This is about 20% of Obama's stimulus and yet it didnt stop millions of job loss and financial meltdown. Stock markets were  down. Comparative to Obama's package which has been expended by less than 20%, it has brought stability, stopped hemorrhaging of jobs, markets have peaked, confidence has been restored, credit freeze has eased up, housing index is up. If Bush's stimulus cannot be classified as a socialist policy, why do folks like you keep talking about socialism since Obama's package didnt give any father Christmas bonanza to Americans? TARP was not an emergency, it was meant to buy up troubled and toxic assets from troubled banks, and FEDs would sell them only when they could make money going by Swedish model. So it could not be an emergency loan when there was no time frame when the  markets would create a demand for these toxic assets, besides there are no ascribed values on these toxic assets since nobody wants t buy them. Dont get urself confused these banks are posting illusionary profits  since they still have toxic assets with no values .They simply dont want any legislation that would get in their old ways of doing business, that's why they are "paying' back. The issue with you guys on the extreme right is what you call your dog. If you give govt money to big corporation and don't demand any thing in return, its free market and capitalism at work, but when you demand for accountability, its called big government. Let a solvent corporation stay afloat without government intrusion and nobody will get in their  way of doing business, but immediately folks like you who shout capitalism or communism ask for them to be bailed out, big uncle Sam is going to wield a big stick.

^{[2 ] TNo body is against health care reform but the modal of which it should be done. It was the father chrismas mentality that led to the current economic kaput . . . .  hmmm, did I say the liberal's affordable housing for all drove the irresponsible mortgage lending spearheaded by Fannie & Freddie mae.
                 Bush was quite unlucky that the inevitable outburst of past liberal agendas occurred during the final days of his presidency .[/b]}
This is the most blatant disregard for factuality. Bush was handed an economy that was awash with hundreds of billions in surplus and an economy that was producing millions of jobs  and he  left behind the largest deficit, shattered economy that reduced GPD and American  global competitiveness. You call this unlucky? You are delusional with realities.    Folks like you with insurance pay for those without insurance  when they go to hospitals  since such visits are not outlawed. The hospitals would in turn pass the loss to big Uncle Sam and the government shoulders that loss. Simple capitalism  you only pay taxes on gains so the govt is the loser and you are taxed to cover the cost of providing health care to those who dont have it,  What is the way to go about this? Bring plans on board, not NO, NO like in immigration debate, but health care is taking 18% of the GDP and yet over 16% of of the population is not covered.  Tell me anything Republicans would have done differently since this financial crisis started under teir watch. John McCain voted for the bail out, so he would continued on Bush's path if he had won.

Blaze

First of all, there is no evidence that foreign banks have rejected LCs. Even if they have, it will not affect banks that have passed the stress test. In case you do not know, some of these banks are going to the market very soon to increase their capital base through bonds.

Which capital market are you talking about? Who is going to be their underwriters when most investors have lost all their money? If you were an investment banker would advise your clients to lend money to these troubled institutions and hold their worthless IOUs till maturity?



An LC does not have to be a credit facility. If you are a businessman and your bank can no longer support your business, simply move your account to another bank. 

I know some things about international business, so  of what value is a piece of  paper  in form of  LC when my customer's bank doesn't accept it? It signals that foreign corresponds do not have confidence in our banks (including audited and non-audited) LC serves as a guarantor of payment. Common sense of risk analysis would tell you to be cautious of other Nigerian banks  because they might likely go down or be affected by ongoing crisis in the country. If ur argument holds true of cherry picking good and bad banks, why cant online stores like paypal,amazon,ebay accept Naija issued credit cards from Naija  good banks even though these good  banks are know by these online merchants and verisign verified ? They simply dont want to take a chance with Nigerian buyers. Banks dont want to be exposed  to the risk of dealing with Nigerian banks. Its delusional to think banks would not turn down Nigerian LCs, even when banks turned IOUs from a  big state like California because their lawmakers could not agree on a budget. How much more a jungle called Nigeria?

BTW, I find that snide "normal naija" remark very distasteful. Do not use it again when you are referring to me.

Sorry if my comment offended u, but I was alluding to the fact that we dont seem to agree that things are not working so long as  it doesn't really affect us. You started with  2 foreign owned banks, now you have expanded to audited banks. So if Dangote and Otedola are Forbes' categorized  billionaires does that invalidate the statement that half of Nigeria lives on less than $200 a day?

History has shown  that Neocons would do the same thing if faced with realities. No idealogical thinking in rescuing the economy. Bush started with the first Stimulus, then followed by bailout  bonanza, then followed by injection of funds into GM and Chrysler.  It was Bush edministration that first bailed out AIG even breaking a statued legislation for over 100 yrs that FEDs should be renders to banks not insurance. Bush took Fanie and Fredie into federal receivership.

All of these actions, there is no indication whatsoever to show that a party that embarked on these measures would lecture us about fiscal responsibility. Its really one of the reasons why  I detest democrats, cos they bicker and dont know how to play politics. They sometimes seem like advanced Naija politicians. Bush went to war and got all he wanted, anybody who dared challenged his  plans was called unpatriotic,now  to provide folks with affordable health care,  folks are being called, unpatriotic, Nazis and socialists. It clearly shows that Dems dont know how to frame the debate.

Our good banks are doing fine. I think it would have been much worse if some banks had collapsed and tainted the entire banking sector

Normal Naija way of thinking, sweeping everything under the carpet. What's ur barometer for measuring banks that are doing fine. The discussion is about how foreign banks reject LCs

Gblaze

^{Citigroup and SCB don't have more than 20 branches between them in Nigeria. Still they manage to corner a huge percentage of the international trade business because they are foreign-owned banks.}

Citibank serves a bullion van for foreign companies, banks and govts in Nigeria. Citibank moves money for nearly all the Nigerian banks, so there is no way Naija banks can compete with them, but we are talking about LC here.

^{On the contrary, Citibank Nigeria Limited recorded abnormal profit for the last financial year. I was at their AGM and it was a cash bonanza for shareholders (It is not listed on the stock exchange).} 

because they dont do mama put banking Naija banks  are engaged in, so how could assert that there is no problem in LC because 2 banks out of 24 banks are OK? The reason why these two banks might be doing on LC is because of their global network.

_{And as I pointed out earlier, The Guardian has not named any banks to support its report. I can assure you that Diamond, GTBank, First Bank, UBA and company are not facing this LC acceptance problem.}

This is the reason why foreigners are more scared of LC from non globalised Naija banks like UBA, GTB and First Bank. Its all about confidence, a bank in China doesn’t want to know the name of the bank, all they know  is the  liquidity problem in Naija. Any day shares of a big bank in Dow, S&P, FTSE are downgraded they tend to drag stocks of their banking entities with them. There is a correlation in this article and  we could point to the causal effect

Blaze
<sup>Have you heard of Standard Chartered Bank, one of the only financial institutions that successfully managed the financial crisis? That bank is focused on trade finance. They have branches all over Asia, Europe and the Americas. They also have a licence to operate in Nigeria. If you are a serious businessman and your bank's LCs are being rejected by foreign banks, there is always the alternative of moving your account to Standard Chartered or Citibank Nigeria especially as they do not have to go through a correspondent bank.

This is just one example that shows the flaws in Guardian's argument.A</sup>
What's the geographical spread of Citibank in Nigeria? I was told by a Citibank banker that they ve got no individual banking service in Nigeria. I think they are only for institutional bankers, big conglomorates, govts and investors as a  conduit for capital flight

What's the geographic spread of Standard Chartered Bank in Nigeria as well?  They all have limited penetration into the Nigerian formal sector. These two banks as mentioned represent 8.3% of the banks in Nigeria and Chartered bank has branch locations in only 6 states  out of 36 states including FCT, so their market coverage is  very limited. I am yet to find a Citi location in Nigeria besides their huge edifice by American Embassy in Nigeria.  Also ur assertion seems  to imply that Citibank is solid, it was bailed out by US govt and it's share sold for less a dollar , so an investor in Nigeria who held Guiness and Nestle shares   was worth more money than an investor who held citibank stocks.

Davidf
http://images.businessweek.com/ss/09/08/0821_most_successful_immigrants/index.htm

Where is my mentor Dr Mo Ibrahim from Sudan or the founder of BEBE?  I said this about Transcorp that Nigerians do not know how to run a successful corporation. Eg. During GSM licensing, Econnet, founded by Strive Massiyiwa, a Zimbabwean won one of the bids and he was kicked out by his Nigerian allies and the company has changed names many times. It was about to be edged out by other competitors before it was rescued by Celtel, founded by Mo Ibrahim, a Sudanese by birth. Our so called business people thrive in an environment where there is favouritism or monopoly. Could you imagine all the money that was spent on Liberia and Sierra Leon by Nigeria and not many Nigerian companies benefited from those contracts because we only know how to run one-man enterprise.

I have got lines of Mack trucks on sale in Lagos and Onitsha.
1970-91 R Models, E6 Engines, 12-24V, 6spd to 13Spd, All Camelback/spring suspension.
CH 1992-1998 Models E7 engines V24, Eaton Fuller Transmision, 9-13spd, Marxitoque ,Camelback/Spring supension/Air-ride/Balloon suspension
1989 DM Dump truck/tipper E6-350HP, 9spd transmission, Triaxle ie 3 axles with 8 tires for rear double axle and 2 tires for 3rd axle and 2tires in front axle, 17inches Steel bucket by Hilbilt
1984 R Model Dump Truck/Tipper, E6-350HP,6spd, double axle, 17inches steel bucket.
1974 DM Tanker with 5000gal/18000 lit capacity of stainless steel tank.
I also have Mack and CAT parts on sale
Contacts: Mark :08034073514,Chidi:08033132511,Ralph :08025394024

Call them conspiracy theorists or tribalists, there was a prediction about his actions some months ago before they came to fruition some weeks ago, having said that, why were all his write ups based on tribal, religious and political issues in Nigeria? I am yet to see any of his intellectual write up on risk managemnt,predictions about  the banking failure in Nigerian economy since he was an insider. Does anyone have  a link for his economic assessment of Nigerian economy or how Igbos who "caused"  the civil war according to him are fairing better economically than  northerners or how western education has  benefitted Yorubas to the detriments of the North.

Iwould like my sister to tell me that she hit her husband back when he first hit her. It's only a living and happy soul that can love. Don't wait to be killed b4 u call the cops

Tayo-D
So it is okay for Obanma to do it because Bush did it? The kind of reasoning one ses on nairaland is so funny sometimes.

It clearly shows that you are disingenuous in your assertion because you guys disregarded CBO report and shouted USA, USA, USA, lets go kick their asses. You guys never spoke about fiscal responsibility even when Halliburton was turned into McDonald's in Iraq, you never questioned why an oil servicing firm would turn KBR into dunkin Donut shop. Maybe Pizza Hut would be given jobs to carry out seismic and oil exploration activities in Iraq. Betchel built shoddy works that resulted in electrocution of US soldiers. What did you say when Inspector General on Iraq released scathing reports on wasteful spending and nepotism in handling of Iraqi reconstruction? Therefore you are disqualified to be an impartial arbiter in this case of financial frugality.

Tayo-D
See hypocrisy in action.  You just accused another person of attacking personalites and yet in the next sentence, you did the same thing. I guess you are no different from most liberals. Hypocrisy is the order of the day.

I am not excusing what Rove said, but did you miss the part where Sotomayor herself declared that she performed below par and would not have qualified for the school if not for affirmative action?

I thought Karl Rove was a college dropout? I thought President Bush had Cs in college if not for the connection of his family he would not  have been a president? Its an affirmative action of sort when a well connected Washington insider or power broker appends his/her signature on recomendation letter for a job or admission into an IVY league, while a little guy  is deeemed unqualified when  he benefits from a statued legislation.