₦airaland Forum

How much will cost to buy Golf MK 4, MK 5 and Mk 6 from Cotonou?

Hello NL, which of the above makes perfect sense considering pricing, fuel economy and maintenance? Moderators, please move this topic to the front page so that i can get responses. Thank you.

stanbic ibtc bank's ad will definitely occupy the top spot! for me, that is the best advert of the year! maybe followed by indomie,

@Drug Doc

The witnesses have never claimed to be infallible. Its only God's Word, the Bible that is INFALLIBLE.

Even Jesus disciples at one point had wrong expectations and sometimes misunderstood Jesus words. Preceding verses of Matthew 24:3 suggests that they might have thought that the Jewish system of things, including the impressive temple buildings, was stable.

EXAMPLES-

WHEN JESUS SPOKE OF EATING HIS FLESH AND DRINKING HIS BLOOD (JOHN 6:52-66)

Therefore the Jews began contending with one another, saying: “How can this man give us his flesh to eat?” 53 Accordingly Jesus said to them: “Most truly I say to YOU, Unless YOU eat the flesh of the Son of man and drink his blood, YOU have no life in yourselves. 54 He that feeds on my flesh and drinks my blood has everlasting life, and I shall resurrect him at the last day; 55 for my flesh is true food, and my blood is true drink. 56 He that feeds on my flesh and drinks my blood remains in union with me, and I in union with him. 57 Just as the living Father sent me forth and I live because of the Father, he also that feeds on me, even that one will live because of me. 58 This is the bread that came down from heaven. It is not as when YOUR forefathers ate and yet died. He that feeds on this bread will live forever.” 59 These things he said as he was teaching in public assembly at Ca‧per′na‧um.
60 Therefore many of his disciples, when they heard this, said: “This speech is shocking; who can listen to it?” 61 But Jesus, knowing in himself that his disciples were murmuring about this, said to them: “Does this stumble YOU? 62 What, therefore, if YOU should behold the Son of man ascending to where he was before? 63 It is the spirit that is life-giving; the flesh is of no use at all. The sayings that I have spoken to YOU are spirit and are life. 64 But there are some of YOU that do not believe.” For from [the] beginning Jesus knew who were the ones not believing and who was the one that would betray him. 65 So he went on to say: “This is why I have said to YOU, No one can come to me unless it is granted him by the Father.”
66 Owing to this many of his disciples went off to the things behind and would no longer walk with him

DEBATE ON WHO WAS THE GREATEST AMONG THEM(MATTHEW 18:1-5)

In that hour the disciples came near to Jesus and said: “Who really is greatest in the kingdom of the heavens?” 2 So, calling a young child to him, he set it in their midst 3 and said: “Truly I say to YOU, Unless YOU turn around and become as young children, YOU will by no means enter into the kingdom of the heavens. 4 Therefore, whoever will humble himself like this young child is the one that is the greatest in the kingdom of the heavens; 5 and whoever receives one such young child on the basis of my name receives me [also]

Freecocoa, the following info may prove useful to you; I pray that God open your eyes, minds and hearts so that you can be like the Beroeans!

How God Conveys Truth
Actually, God conveys his messages in a way that allows sincere seekers of truth to search them out. (Psalm 14:2) Consider the message that God delivered through his prophet Jeremiah centuries ago. It was given to God’s wayward people regarding the coming destruction of Jerusalem by the Babylonians.—Jeremiah 25:8-11; 52:12-14.
Yet, at the same time, other prophets claimed to speak for God. Hananiah foretold peace for Jerusalem. That was a very different message from the one that Jeremiah delivered. So whom was a person at that time to believe—Jeremiah or those who contradicted him?—Jeremiah 23:16, 17; 28:1, 2, 10-17.
To know who was right, sincere Jews needed to know Jehovah as a person. They needed to understand his laws and principles, as well as his attitude toward wrongdoing. Doing so, they would have agreed with God’s words spoken through Jeremiah that “there was not a man repenting over his badness.” (Jeremiah 8:5-7) Furthermore, they would have discerned that this sad situation did not bode well for Jerusalem and its inhabitants.—Deuteronomy 28:15-68; Jeremiah 52:4-14.
Jeremiah’s prophecies about Jerusalem came true. The city was razed by the Babylonians in 607 B.C.E.
Although the consequences of disobedience were foretold long in advance, effort was needed to recognize that the time had arrived for God to take action.

What About Christian Truth?
What of the truth proclaimed by Jesus Christ? Did everyone recognize it as a message from God? No. Even though Jesus was right there in the midst of the people of Israel teaching them and performing miracles, most of his listeners did not discern that he was the foretold Messiah—the Christ, or Anointed One.
To the Pharisees who asked when God’s Kingdom was coming, Jesus himself said: “The kingdom of God is not coming with striking observableness.” He added: “The kingdom of God is in your midst.” (Luke 17:20, 21) God’s appointed Ruler, Jesus, was among them! But those Pharisees refused to open their eyes to the evidence that he was fulfilling the Messianic prophecies and to accept him as “the Christ, the Son of the living God.”—Matthew 16:16.
The response to the truth proclaimed by Christ’s first-century disciples was similar. While miracles helped to demonstrate that God was supporting the disciples, the truth was still not plain to most. (Acts 8:1-8; 9:32-41) Jesus commissioned his followers to “make disciples of people” by teaching them. As a result of listening and learning Scriptural truths, sincere seekers of truth became believers.—Matthew 28:19; Acts 5:42; 17:2-4, 32-34.
It is the same today. The “good news of the kingdom” is being “preached in all the inhabited earth for a witness to all the nations.” (Matthew 24:14) This is not necessarily being done “with striking observableness”—in so obvious a way that every individual on earth will recognize it as a message from God. Yet, God’s truth is recognizable and strikes a responsive chord in honesthearted individuals who want to worship God in the way approved by him.—John 10:4, 27.
The fact that you are reading a Bible journal shows that you are likely a sincere seeker of truth. How can you determine which religion is teaching it?

An Approach That Works
Some first-century residents of Beroea were commended by the apostle Paul for the way they responded when he taught them. They did not immediately accept what Paul said as truth; still, they listened respectfully. We can learn from what the Beroeans did after hearing the message.
Note that the Bible explains: “Now the [Beroeans] were more noble-minded than those in Thessalonica, for they received the word with the greatest eagerness of mind, carefully examining the Scriptures daily as to whether these things were so. Therefore many of them became believers.” (Acts 17:10-12) So their search was not superficial. They did not expect conclusive results in just one or two brief discussions with Paul.
Observe also that the Beroeans “received the word with the greatest eagerness of mind.” This tells us something about the attitude with which they approached their study of the Scriptures. They were not gullible, but neither were they cynical. They did not have a critical attitude toward what was explained by Paul, who was one of God’s human representatives.
Consider this too: The Beroeans were hearing about Christianity for the first time. It sounded good, perhaps too good to be true. But rather than dismiss it, they carefully examined the Scriptures, checking to see ‘whether the things Paul was saying were so.’ Note, too, that those in both Beroea and Thessalonica who made such a diligent search became believers. (Acts 17:4, 12) They did not give up and conclude that truth cannot be found. They identified the true religion.

How the Truth Affects People
When one finds the truth, as did the Beroeans, he is moved to share it enthusiastically. Others may disapprove, holding that it is more humble to feel that other religions could be equally correct. However, the Bible’s truth—once found—instills conviction. It does not leave one wondering if truth is attainable or if all religions might lead to salvation. Finding the truth, however, begins with an earnest examination, which does indeed require humility.
Jehovah’s Witnesses have made such an examination. That is why they believe that they have found the true religion. And they invite you to make a search of the Scriptures so as to identify who is practicing true religion today. While there is much more involved than any simple checklist could provide, the material about first-century Christians in the accompanying box on this page may help you to get started.
By accepting a home Bible study with Jehovah’s Witnesses at no cost, you can make an in-depth search of what the Bible really teaches. Learning this will put you in position to identify the true religion.


Features of True Religion
Consider the practices and teachings of first-century Christians:
▪ They looked to God’s Word as their guide.—2 Timothy 3:16; 2 Peter 1:21.
▪ They taught that Jesus was God’s Son, distinct from God himself and subordinate to Him.—1 Corinthians 11:3; 1 Peter 1:3.
▪ They taught that the dead will return to life by means of a future resurrection.—Acts 24:15.
▪ They were known overall for the love that prevailed among themselves.—John 13:34, 35.
▪ They did not worship merely as individuals but were organized into congregations and were united under overseers and a central body of elders that looked to Jesus as Head.—Acts 14:21-23; 15:1-31; Ephesians 1:22; 1 Timothy 3:1-13.
▪ They were zealous preachers of God’s Kingdom as mankind’s only hope.—Matthew 24:14; 28:19, 20; Acts 1:8.

I have frequent racing heart-beats that i am highly conscious of, chest pains, slight headaches, and sometimes very little sleep. Is this Arrhythmia?

Moderator,

please help move it to the front so that i can get responses.

LMAO, sorry guys, thid should be in the Jokes section, LOL

Good news! You can now update your status on Facebook via ATM! Contact me for more information,

With the impending cashless economy, how does/will the pos work, in relation to the financial/banking transactions? please explain

am guilty of this count, but not in the Koran – Abdulmutallab
On October 12, 2011 · In News ,
DETROIT (AFP) – A Nigerian man dubbed the “underwear bomber” pleaded guilty Wednesday to trying to blow up a US-bound airliner on Christmas Day 2009, saying he had sought to avenge the killing of Muslims.

In a six-minute speech to a shocked courtroom on the second day of his high profile-trial in Detroit, Michigan, Umar Farouk Abdulmutallab insisted his actions were righteous and that the true crime was US foreign policy.

“I am guilty of this count in US law but not in the Koran,” the 25-year-old Nigerian said as he confessed to trying to kill 289 people on a packed transatlantic airliner using explosives hidden in his underwear.

“The United States should be warned that if they continue and persist in promoting the blasphemy of Mohammed and the US continues to kill and support those who kill innocent Muslims then the US should await a great calamity through the hands of the Mujahedeen… or God.”

The botched plot, which US officials say was the work of Al-Qaeda in the Arabian Peninsula, failed because the explosives did not fully detonate and instead caused a fireball.


Federal Courthouse in Detroit where Umar Farouk Abdulmutallab, known as the underwear bomber, pled guilty to all charges against him October 12, 2011 at the Federal Courthouse in Detroit, Michigan. Michigan. Abdulmutallab, a 24 year-old Nigerian man accused of attempting to blow up Northwest 253 flight as it was landing in Detroit on Christmas day in 2009 is scheduled for sentencing in January 12, 2012. AFP
Passengers and crew members were able to restrain Abdulmutallab and put out the fire as the Northwest flight from Amsterdam made an emergency landing in Detroit on December 25, 2009.

Since many of the counts Abdulmutallab pleaded guilty to carry mandatory minimum sentences of 30 years without parole which must be served consecutively, he is expected to spend the rest of his life behind bars.

The botched operation triggered global alarm and led the United States to adopt stringent new screening and security measures.

The reputation of the US intelligence services also took a hit because Abdulmutallab’s father, a prominent Nigerian banker, had warned the CIA about his son’s growing radicalization.

Republicans capitalized on the missteps and the revived fears to paint President Barack Obama as weak on terror, as well as to undermine his plans for shutting down Guantanamo Bay and prosecuting Khalid Sheikh Mohammed and other high-profile “enemy combatants” being held there in US civilian courts.

They are currently pushing legislation that would ensure that any terror suspects who are not US citizens be handed over to the military rather than be prosecuted by civil law enforcement and the courts.

Attorney General Eric Holder hailed the guilty plea for removing “any doubt that our courts are one of the most effective tools we have to fight terrorism and keep the American people safe.”

“We will continue to be aggressive in our fight against terrorism and those who target us, and we will let results, not rhetoric, guide our actions,” Holder said in a statement.

Abdulmutallab told the court he “had an agreement with at least one person” to attack the US in retaliation for US support for Israel and in revenge for the killing of innocent Muslims in Palestine, Yemen, Iraq, Somalia, Afghanistan and beyond.

“I carried with me an explosive device onto Flight Northwest 253, again to avenge my fellow Muslims,” said Abdulmutallab, who has confirmed that he traveled to Yemen for Al-Qaeda training prior to the attack.

“I attempted to use an explosive device, which under US law is called a weapon of mass destruction, which I call a blessed weapon to save the lives of innocent Muslims for the US used weapons of mass destruction on innocent Muslims,” he told the court.

“If I said I did it, but the American people are guilty of the sin and Obama should pay for the crime the court would not accept that,” he said.

“However, according to US law which is unjust… my actions make me guilty to a crime.”

Abdulmutallab is to be sentenced on January 12.

His court-appointed standby counsel said he had urged the young man to see the trial through in hopes of evading convictions on at least some of the eight charges.

However, Abdulmutallab was not interested in trying to avoid spending the rest of his life behind bars.

“He wanted to say something for some time and that was satisfying to him,” Chambers said.

SOURCE-VANGUARD

I am guilty of this count, but not in the Koran – Abdulmutallab
On October 12, 2011 · In News ,
DETROIT (AFP) – A Nigerian man dubbed the “underwear bomber” pleaded guilty Wednesday to trying to blow up a US-bound airliner on Christmas Day 2009, saying he had sought to avenge the killing of Muslims.

In a six-minute speech to a shocked courtroom on the second day of his high profile-trial in Detroit, Michigan, Umar Farouk Abdulmutallab insisted his actions were righteous and that the true crime was US foreign policy.

“I am guilty of this count in US law but not in the Koran,” the 25-year-old Nigerian said as he confessed to trying to kill 289 people on a packed transatlantic airliner using explosives hidden in his underwear.

“The United States should be warned that if they continue and persist in promoting the blasphemy of Mohammed and the US continues to kill and support those who kill innocent Muslims then the US should await a great calamity through the hands of the Mujahedeen… or God.”

The botched plot, which US officials say was the work of Al-Qaeda in the Arabian Peninsula, failed because the explosives did not fully detonate and instead caused a fireball.


Federal Courthouse in Detroit where Umar Farouk Abdulmutallab, known as the underwear bomber, pled guilty to all charges against him October 12, 2011 at the Federal Courthouse in Detroit, Michigan. Michigan. Abdulmutallab, a 24 year-old Nigerian man accused of attempting to blow up Northwest 253 flight as it was landing in Detroit on Christmas day in 2009 is scheduled for sentencing in January 12, 2012. AFP
Passengers and crew members were able to restrain Abdulmutallab and put out the fire as the Northwest flight from Amsterdam made an emergency landing in Detroit on December 25, 2009.

Since many of the counts Abdulmutallab pleaded guilty to carry mandatory minimum sentences of 30 years without parole which must be served consecutively, he is expected to spend the rest of his life behind bars.

The botched operation triggered global alarm and led the United States to adopt stringent new screening and security measures.

The reputation of the US intelligence services also took a hit because Abdulmutallab’s father, a prominent Nigerian banker, had warned the CIA about his son’s growing radicalization.

Republicans capitalized on the missteps and the revived fears to paint President Barack Obama as weak on terror, as well as to undermine his plans for shutting down Guantanamo Bay and prosecuting Khalid Sheikh Mohammed and other high-profile “enemy combatants” being held there in US civilian courts.

They are currently pushing legislation that would ensure that any terror suspects who are not US citizens be handed over to the military rather than be prosecuted by civil law enforcement and the courts.

Attorney General Eric Holder hailed the guilty plea for removing “any doubt that our courts are one of the most effective tools we have to fight terrorism and keep the American people safe.”

“We will continue to be aggressive in our fight against terrorism and those who target us, and we will let results, not rhetoric, guide our actions,” Holder said in a statement.

Abdulmutallab told the court he “had an agreement with at least one person” to attack the US in retaliation for US support for Israel and in revenge for the killing of innocent Muslims in Palestine, Yemen, Iraq, Somalia, Afghanistan and beyond.

“I carried with me an explosive device onto Flight Northwest 253, again to avenge my fellow Muslims,” said Abdulmutallab, who has confirmed that he traveled to Yemen for Al-Qaeda training prior to the attack.

“I attempted to use an explosive device, which under US law is called a weapon of mass destruction, which I call a blessed weapon to save the lives of innocent Muslims for the US used weapons of mass destruction on innocent Muslims,” he told the court.

“If I said I did it, but the American people are guilty of the sin and Obama should pay for the crime the court would not accept that,” he said.

“However, according to US law which is unjust… my actions make me guilty to a crime.”

Abdulmutallab is to be sentenced on January 12.

His court-appointed standby counsel said he had urged the young man to see the trial through in hopes of evading convictions on at least some of the eight charges.

However, Abdulmutallab was not interested in trying to avoid spending the rest of his life behind bars.

“He wanted to say something for some time and that was satisfying to him,” Chambers said.

[td] Like I said earlier, by their threads you shall know them, Instead of focusing on forwarding your 3rd class C.V to as many companies as possible for the post of security, cleaner or driver as you are supposed to be doing, after the 150naira you paid for an hours access to the internet at your local cybercafe, you are here gossiping about chewing gum,

Well you have caught my attention, come to my shrine so I can use your fingers for juju to drives away locusts from my yam farm since you have no valuable need for them,

Anuofia nwulu anwu di ka ghi,[/td]



LMAO, cant stop laughing, wetin d guy do you? u dey give am word as if u dey beside each other, true talk anyway!

I received an sms that GTBANK is recruiting experienced hires, but each time i send cv to the designated mail, it 'bounces' back. Anyone with inside info, please? Below is the typical reply that i have got;

Delivery to the following recipient failed permanently:

recruitmentteam@gtbank.com

Technical details of permanent failure:
Google tried to deliver your message, but it was rejected by the recipient domain. We recommend contacting the other email provider for further information about the cause of this error. The error that the other server returned was: 550 550 5.1.1 Recipient address rejected: User unknown (state 14).

@Lekky2
With your property that has C of O, if you have good financials (well run bank account(s) and if available, management/audited reports etc), approach STANBIC IBTC BANK. You can approach marketers at their regional office at Total Garden. I am talking from experience!

Thanks. My wife's gynaecologist had sent her to one of the most reputable labs in the southwest for the hormonal profile and everything is within normal limits except for the ANOVULATION. The specialist seem not to know what to recommend again as she has tried premolute, clomid, and the FSH injections. I have equally done seminal analysis which says that the quality and quantity? I have been praying but i need to support my prayers with concrete actions. Pls proffer suggestions

Hello Doctor,

Pls i need your help urgently. My wife and i have been married for 2 years now with no pregnancy. We have found out that she has a case of anovulation and has used premolute as a result of irregular periods and also clomid and FSH (ALL PRESCRIBED AND ADMINISTERED BY THE O&G DOCTOR) but none of this seems to work for my wife. I really need to give my parents a grandchild soon! Please help me Doctor

Check it out on http://234next.com/csp/cms/sites/Next/Home/5646990-146/aregbesola_is_osun_governor__.csp

Standard Bank disappointed by ICBC deal
Font size: Decrease font Enlarge font
Our Reporter 10/09/2010 00:15:00
image A group of banks in Nigeria,

SOUTH Africa’s Standard Bank has been disappointed by the revenue so far from its tie-up with Industrial and Commercial Bank of China, the head of Africa’s largest lender told Reuters on Wednesday.

Jacko Maree, Standard Bank’s Group Ghief Executive, also said in an interview at the Reuters Bureau in Johannesburg that the bank was in "hiring mode" for skilled bankers, and aimed to double its Nigerian branch network this year.

Standard Bank, which is 20 per cent owned by ICBC, is targeting the increasing trade flows between Asia and the resource-rich continent.

It currently has about 40 bankers working in China with ICBC, but has struggled to generate revenue from the fast-growing Asian country, he said.

"We definitely would have thought by now we would have converted more of those deals into revenue," Maree said.

"So we are disappointed."

Revenue from the tie-up with ICBC totalled around $38 million in the six months to end-June, down from about $47 million a year earlier, he said.

Standard Bank faces stiffer competition from overseas players, who are also targeting deals between Asia and Africa. Britain’s Standard Chartered has a long history of finance deals between the two regions, while South Africa’s Absa Group is majority owned by Barclays.

Standard Bank could face a threat from HSBC, Europe’s biggest bank, which is in exclusive talks to buy South African lender Nedbank.

"When someone like that comes onto your patch, you better sit up and take notice," he said, citing HSBC’s global network and strength in corporate and retail banking.

"It is hard to see how (HSBC’s acquisition) would be good for us."

In recent weeks, Standard Bank has hired two high-profile bankers from other lenders to help bulk up its transaction and retail banking across the continent.

Maree said the bank was still in "hiring mode" for skilled bankers, including areas such as project finance, transaction banking and mergers and acquisitions.

It is also looking to double the number of its branches in Nigeria, Africa’s most populous nation, to around 100 by the end of the year, he said.

The bank is still interested in a Nigerian acquisition, but said those of the country’s banks that were rescued by the government were becoming less attractive, while those that had not been bailed out were now expensive.

Nigeria is about setting up an asset management company to buy bad loans from banks in exchange for government bonds, to restore credit flows in the economy, and make the nine lenders rescued last year more attractive to potential investors.


SOURCE: THE NATION

i would love to buy bb storm 2 but can only afford curve 2. i really need bb because i need to check my office mails on the go. am i making a good decision by buying curve 2.pls advise!

ONE of the nation’s banks may not respond effectively to current efforts to rescue it from liquidation, regardless of the mandated package of Asset Management Company of Nigeria (AMCON), a new report has revealed.
The report, packaged by Afrinvest Nigeria Limited, which was presented at the weekend in Lagos, noted that the bank, on the list of rescued financial institutions (name withheld), could be a victim of assessed inadequate liquidity profile of AMCON, based on its (bank’s) high level of toxic assets.
According to 2010 Nigerian Banking Sector Report presented by Managing Director of Afrinvest, Mr. Ike Chioke, AMCON, which is expected to soak up assessed toxic assets within the system and recapitalise the rescued banks, does not have enough liquidity for all the rescued banks to survive.
Chioke explained that “there is about minus N1.34 trillion of shareholders funds, after buying back the bad assets and by the time you revalue some assets that they have, you can go by N160 billion, if the AMCON buys all their non-performing loans for about 50 kobo to the naira, the AMCON will end up paying about N750 billion, so the number needed to get to the zero mark is still N546 billion, there is a manifest gap, more so as, AMCON today has share capital of about N260 billion.
“However, in total, if all the shares of the rescued banks are to be capitalised, there will be a deficit of about N181 billion. So what will happen to the bank that need that money. Well I guess the CBN will have to allow the bank liquidate and go to the Nigerian Deposit Insurance Corporation for help.”
According to Chioke, “from recent statements credited to the CBN governor, the total amount of funding available to AMCON might be as much as N1.0 trillion of which 50 per cent may be deployed towards the purchase of non-performing loans, and the injection of relative liquidity. The remaining 50.0 per cent will be channeled towards recapitalisations of the banks by AMCON.
“On July 20, 2010, Nigeria’s 24 banks promised to provide up to N1.0tn ($6.7 billion) to cover any liabilities incurred by AMCON over the next prevent extra costs to the public purse ($4.1billion) of direct capital injection made by the CBN in the rescued banks”.
He further stated in the report that, “it is instructive to note that the severe lack of institutional capacity for sustaining government policies and programmes remains the major bane of governance in Nigeria. Jonathan has to find the political will to fight corruption headlong as the obvious slide down the corruption perception index will continue to impede Nigeria’s quest for sustained economic growth.”
Explaining further, Chioke said, “with the coming on stream of AMCON, we expect that the complete take-over of whatever toxic assets may be left in the books of these banks will provide them the much needed liquidity and substantially free them up to commence lending to the larger economy once again.
“ We believe that this is a necessary next step in the reform process as the CBN seeks to resolve issues surrounding capital adequacy, particularly for the troubled banks whose capital have been eroded.”
“With some semblance of a balance sheet in place (return of shareholders funds to positive territory), we are of the opinion that the stage would be set for the CBN to move to its next final phase of the reform program, a re-consolidation of the banking sector.
“The CBN has repeatedly expressed its desire to shrink the number of players within the sector down from 24 banks to a more administratively manageable number of about 15.”
“We had underscored the importance of reforms to the nation’s entire energy chain, oil, gas and power. The non-passage of the now contentious Petroleum Industry Bill (PIB) almost a year after the National Assembly conducted public hearings on the proposed bill has crippled virtually al new investment in the oil and gas industry. The imminent removal of oil block licences icis also largely dependent on the provisions of the PIB.”
“Similarly, we had indeed expressed fears of a slowdown in GDP growth due to a significant decline in earnings from the country’s principal foreign exchange source, a contraction in international financial market liquidity and an expected slowdown in global economic output.
However, according to provisional figures from the National Bureau of Statistics (NBS). Nigeria achieved a GDP growth of 6.6 per cent, on the average, for all four quarters of 2009, driven mostly by the non-oil sector.”


SOURCE: THE GUARDIAN, MONDAY 9TH AUGUST 2010

DOES ANYONE HAVE ANY IDEA?

ONE of the nation’s banks may not respond effectively to current efforts to rescue it from liquidation, regardless of the mandated package of Asset Management Company of Nigeria (AMCON), a new report has revealed.
The report, packaged by Afrinvest Nigeria Limited, which was presented at the weekend in Lagos, noted that the bank, on the list of rescued financial institutions (name withheld), could be a victim of assessed inadequate liquidity profile of AMCON, based on its (bank’s) high level of toxic assets.
According to 2010 Nigerian Banking Sector Report presented by Managing Director of Afrinvest, Mr. Ike Chioke, AMCON, which is expected to soak up assessed toxic assets within the system and recapitalise the rescued banks, does not have enough liquidity for all the rescued banks to survive.
Chioke explained that “there is about minus N1.34 trillion of shareholders funds, after buying back the bad assets and by the time you revalue some assets that they have, you can go by N160 billion, if the AMCON buys all their non-performing loans for about 50 kobo to the naira, the AMCON will end up paying about N750 billion, so the number needed to get to the zero mark is still N546 billion, there is a manifest gap, more so as, AMCON today has share capital of about N260 billion.
“However, in total, if all the shares of the rescued banks are to be capitalised, there will be a deficit of about N181 billion. So what will happen to the bank that need that money. Well I guess the CBN will have to allow the bank liquidate and go to the Nigerian Deposit Insurance Corporation for help.”   
According to Chioke, “from recent statements credited to the CBN governor, the total amount of funding available to AMCON might be as much as N1.0 trillion of which 50 per cent may be deployed towards the purchase of non-performing loans, and the injection of relative liquidity. The remaining 50.0 per cent will be channeled towards recapitalisations of the banks by AMCON.
“On July 20, 2010, Nigeria’s 24 banks promised to provide up to N1.0tn ($6.7 billion) to cover any liabilities incurred by AMCON over the next prevent extra costs to the public purse ($4.1billion) of direct capital injection made by the CBN in the rescued banks”.
He further stated in the report that, “it is instructive to note that the severe lack of institutional capacity for sustaining government policies and programmes remains the major bane of governance in Nigeria.  Jonathan has to find the political will to fight corruption headlong as the obvious slide down the corruption perception index will continue to impede Nigeria’s quest for sustained economic growth.”
Explaining further, Chioke said, “with the coming on stream of AMCON, we expect that the complete take-over of whatever toxic assets may be left in the books of these banks will provide them the much needed liquidity and substantially free them up to commence lending to the larger economy once again.
“ We believe that this is a necessary next step in the reform process as the CBN seeks to resolve issues surrounding capital adequacy, particularly for the troubled banks whose capital have been eroded.”
“With some semblance of a balance sheet in place (return of shareholders funds to positive territory), we are of the opinion that the stage would be set for the CBN to move to its next final phase of the reform program, a re-consolidation of the banking sector.
“The CBN has repeatedly expressed its desire to shrink the number of players within the sector down from 24 banks to a more administratively manageable number of about 15.”
“We had underscored the importance of reforms to the nation’s entire energy chain, oil, gas and power. The non-passage of the now contentious Petroleum Industry Bill (PIB) almost a year after the National Assembly conducted public hearings on the proposed bill has crippled virtually al new investment in the oil and gas industry. The imminent removal of oil block licences icis also largely dependent on the provisions of the PIB.”
“Similarly, we had indeed expressed fears of a slowdown in GDP growth due to a significant decline in earnings from the country’s principal foreign exchange source, a contraction in international financial market liquidity and an expected slowdown in global economic output.
However, according to provisional figures from the National Bureau of Statistics (NBS). Nigeria achieved a GDP growth of 6.6 per cent, on the average, for all four quarters of 2009, driven mostly by the non-oil sector.”


SOURCE: THE GUARDIAN, MONDAY 9TH AUGUST 2010

DOES ANYONE HAVE ANY IDEA?

hi all, i read online that diamond bank plans to acquire a local bank or merge with a foreign bank. do you have any information? just curious because my little cousin works there.

hi all, i read online that diamond bank plans to acquire a local bank or merge with a foreign bank. do you have any information? just curious because my little cousin works there.

so i am not alone! ever since jonathan made himself minister of power, light has been very stable in my neighbourhood, almost 24 hrs! i simply cant believe it was possible to enjoy constant power supply in nigeria! truly, there is a cabal behind constant power outage who are afraid of jonathan!

I would like to know if any Nigerian university (apart from NOUN) offers distance learning PG programmes in Finance,Accounting, Banking and Management. I need this information because i cannot afford foreign distance learning Masters such as from RDI UK and i want to upgrade my CV. May the Good Lord bless you as you respond

I would like to know if any Nigerian university (apart from NOUN) offers distance learning PG programmes in Finance,Accounting, Banking and Management. I need this information because i cannot afford foreign distance learning Masters such as from RDI UK and i want to upgrade my CV. May the Good Lord bless you as you respond

I would like to know if any Nigerian university (apart from NOUN) offers distance learning PG programmes in Finance,Accounting, Banking and Management. I need this information because i cannot afford foreign distance learning Masters such as from RDI UK and i want to upgrade my CV. May the Good Lord bless you as you respond

There is a confirmed report that i just got that UBA is downsizing. The staff affected were asked to report at HR to sign their letters of resignation.

Please kindly assist me with this info. Is it possible to enrol for a doctorate degree in finance with an Mba degree from a Nigerian University? I am highly interested in an academic career!

I really appreciate the objective analysis by most of those that have commented. I used to drive a 2002 Toyota Corolla but for the past 10 months, i have been driving a brand new 2008 Kia Cerato and i have not had any regrets! It has simply been wonderful! Its the economic situation that is making us to be crazy about Tokunbos. A friend mine who drives a 2008 Toyota Corolla drove my car for a few hours and commented "this car makes perfect sense". A tokunbo car SHOULD not/CANNOT be compared to a brand new. Its like comparing sleep and , !