₦airaland Forum

b1oodykiller:
BUHARI will go to jail for affidavit fraud

When all fails, Boko haram becomes the fall position of APC and media propagandist . This baga called Buhari, should show Nigerians what credentials he submitted to the army in 1962.

This fraudster retired thousands of soldiers in 1984, because they were not able to authenticate their educational certificates. Telling us the army has copies will and cannot suffice. The thousands of NCOs and officers retired in 1984, had to produce their original papers. Why is he afraid of holding himself to that standard.

b1oodykiller:
I guess sahara bokoharam repoters

, their messiah has been proven to be a fraud. Boko haram becomes the only card to play.

He has none, let him submit it to INEC.

Chubhie:
This is about getting value for service rendered. OP,if I'm in your shoes I will personally disconnect from main and be running on gen pending when the prepaid arrives. Is it not running gen like 4-3 hours every night? You always have a choice.

Simple and correct answer. Nobody is compelled to use private power. Your Gen can solve your problem of estimated billing.

taharqa:
GBAM!!!

Exactly what I told barcanista today..... I also told him that the 'matter' is far from been over

....and it would burn APC badly

I will say, it has burnt badly already. Their anti-corruption messiah, is looking like a man drowning in deception.

Oluwa Olorun Olodumare

Brigadier Lajide will soon come and tell us he NEVER sent a text to anybody confirming or denying anything. This report, will become another tales by moonlight.

pendy79:
None of his training were self sponsored. They were professional training organised N paid for by the Nigeria Army with tax payers money.

To even bring the issue as a campaign topic smack of ignorance and stupidity by PDP. When all the trainings he attended were entirely for his command and staff duties as a soldier.

When the PDP has nothing to campaign with after 16years of bein in charge rather than this kind of dull gist then the citizenry should be worried.

A good party that have stay for 16years should be telling the populace what it has done over the years and why those development needs to be continued if it believe it has done creditably well.

Nigeria army training is a privilege not a right. Set all that story aside, Buhari and those, pretending to believe his narrative, should help him provide the credentials, with which he entered the army in 1962. Then, we can vet whatever training he had after 1962.

donphilopus:
[s][/s]

Sadist, balderdash!

Primary six First School Leaving Certificate has become essential commodity in 2015.

He added, however, that all military officers are supposed to keep original copies of their certificates.

This is 2015, not 1962.

proffemi:
Yes, I am. And if you "know" me, then you know I value logic and avoid sentiments.
Don't just inform us of your despair; educate us on its cause.

Your comments on this subject matter are enough for any parent to despair.

proffemi:
You have written well, but you need to take a step back and consider the question: which of these two is likelier to fight corruption: GEJ or GMJ? You have made a case that no single individual can single-handedly fight corruption. Perhaps. However, the changes you suggest must happen under the watch of someone, right? It is far likelier to happen under GMB. And this is not based on speculation: the records of both of them while in power are there to speak for them.

I was right here during GMB's regime and while you would find many people describing him as draconian, high-handed, cruel etc, you would rarely see anyone accusing him of corruption. You make allusions to GMB favoring his cronies while in power. I do not have enough data to speak to that, so will have to request for concrete examples from you.


You cannot clean the Augean stables without getting a little sh*t on your hands. GMB has no political machinery, that much we know. How else is he going to get into power without depending on existing structures, no matter how tainted? All we need is some sign that he is able to hold his own against the Tinubus when necessary, and I think there is some evidence of that. Incidentally, may I remind you that this is effectively a straight contest between GEJ and GMB? Which accusation made against GMB above is Jonathan not more guilty of? You give me Tinubu; I give you Kusamotu. You say GMB has given "imprecise description of the source of his operational campaign funds"? May I remind you that our Commander In Chief has flat-out refused to declare his assets? And this is the smallest example of (to use your language) imprecision on his part. For every allegation of corruption against Buhari, there are 10 against GEJ. For every allegation of illiteracy against Buhari, I can give you multiple examples of incompetence from our PhD president.

This is less about finding NO fault with Buhari (there are many). It's more about asking whether he is more competent that GEJ in the areas that matter the most. Show me a Nigerian that believes Buhari will do a worse job fighting corruption than Jonathan, and I will show you Pinocchio.

Are you the same Prof Femi, working as a lecturer in one of our higher institutions? If you are the same person, then God save this country.

The dollar rose against all other major currencies in 2014 for the first time since the turn of the century, as investors expecting interest rates to rise piled into the greenback, Financial Times has reported.

The naira also fell against the dollar by 13 per cent in the year.

The US currency made gains against the euro, yen, pound, South Korean won, Brazilian real and 11 other global currencies this year, marking the first time since the height of the dotcom boom in 2000 that all major currencies as ranked by Bloomberg have fallen against the dollar.

Expectations that the Federal Reserve will raise interest rates in 2015 from historic lows have been a major factor in the dollar’s strength, as central banks in other countries including the European Central Bank and the Bank of Japan continue to take an easing stance. The euro and the yen have both fallen 12 per cent against the dollar this year.

Investors have been reversing the trend of the past few years to put money outside the US in search of higher yields and stronger returns in emerging markets as interest rate expectations have shifted and the US economy has powered ahead — a trend that analysts are predicting will continue in 2015.

“Money that was pushed out into riskier assets and currencies is coming home,” said Kit Juckes, a foreign currency strategist at Société Générale. “The more capital-starved economies weaken in emerging markets, and the more the US economy outperforms, the higher the dollar could rise — until the Federal Reserve too is dragged into the ‘currency wars’ and tries to slow or stop the move.”

“The dollar is still a very clear trade,” said Stephen Jen, head of currency hedge fund SLJ Macro Partners.

The dollar index, which weights the US currency against a basket of major trading counterparts, hit its highest level in nine years on Tuesday and has risen 13 per cent this year.

The slump in global oil prices has also played a role in dollar strength, as oil-exporting nations have seen the value of their currencies tumble. Norway’s krone was the worst performing major currency against the dollar this year, falling 19 per cent.

http://www.punchng.com/business/money/why-dollar-surged-against-naira-others-in-2014

Shehu Kangiwa died in 1981, he was responsible for the 1980 Bakolori irrigation project massacre. Please OP modify your write up.

Helpless

mu2sa2:
You see why I said blocheads. You can educate yourself without even going to any school that's why the constitution says in section 131 "educated " and not "attended school". If you and the people that have brainwashed you are serious, pls go to court and make your counter-affidavit that Buhari is not educated to school cert level. These blockheads, haba!

The only problem with your argument, is Buhari's entrance into the Nigerian army in 1962. They required a certificate from the school he attended not self education.

I cannot believe a man that rose to rank of Major General in the army is unable to present a certificate. I hope Buhari understands the damage, he is doing to the army as an institution. There are thousands of army officers living without their pensions today, because they were not able to authenticate their credentials.

There is a through shakedown going on in the army.

Another thread to bastardise the new year for our APC bad belle crowd. Progress is demonic to them.

I expect this thread to die the natural death, most APC lying threads die.

Afenifere Petitions About PTF Projects & Marginalisation of Yorubas.

**Buhari allocated only 24% of the roads to the Southern, and the North has 76%.
**health clinics, the South West has zero allocation, the North-100%.
**old Kano and Lagos used to have the same number of divisions. Today Lagos is still the same, with 20 LGAs, while Kano has 2 states and 77 LGAs.

The Abacha regime created a parallel government through the Petroleum Trust Fund (PTF) headed by Major General Muhammed Buhari. Nothing else typifies the marginalization of the Yoruba than the lopsidedness of the projects carried out by the PTF. Figures from PTF Situation Reports (Vol. 2 Dec. 98) show that the PTF carried on as if there was no South West.

Of all the roads rehabilitated by the PTF, only 1984.5 kilometres of roads representing 10.84 per cent were carried out in the South West; from where the bulk of the PTF revenue came since the zone consumes over 60 per cent of refined petroleum products.

All the Southern States had 4,440.43 kms or 24 per cent of road rehabilitation as against 13,870.47 kms or 76 per cent in the Northern States zone three comprising the North-West States of Jigawa, Kaduna, Kano, Katsina, Kebbi, Sokoto and Zamfara had a lion share of 5020 kms or 27.42 per cent because the Fund’s Chairman, Buhari and the military dictator Sani Abacha were from there; zone four comprising the North-East States of Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe picked 23.48 per cent.
This is the zone where Salihijo Ahmed, the late Chief Executive of Afri-Project Consortium APC, the sole consultants that supervised all PTF projects came from.

Figures in other sectors were more scandalous. For instance, under the National Health and Educational Rehabilitation Programme (NHERP), the South West had zero allocation in the tertiary programme, while the North picked 100 per cent.
In the vocational programme, the South West had zero while the North had 97 per cent. In the primary area, the South-West had zero against 88 per cent for the North and in the secondary area, it was zero for the South-West and 86 per cent for the North.

The health sector is similar. For the Teaching Hospitals, the South-West had zero while the North had 62 per cent. For the Specialist Hospitals, it was zero for the South-West and 71 per cent for the North; in General/State Hospitals the Yoruba had nothing while the North had 56 per cent for health clinics, it was zero for the South-West against the North’s 100 per cent.

Under the food supply summary, the Southwest had 7.26 per cent compared with 83 per cent for the North, Buhari’s zone having 60.54 per cent to itself.

Demographic Manipulation: The Northern wielders of power have skewed all demographic indicators to marginalise the Yoruba and confer undue advantage on the North.

For instance, while the old Kano and Lagos used to have the same number of divisions, various demographic manipulations over the years have brought about absurd disparities between the two states.

While the old Lagos remains a state with 20 local governments, the old Kano has become two states-Kano and Jigawa with 77 local governments. These are some of the indices used for revenue sharing. - submission of Afenifere to the Human Rights Violations and Investigation Commission.

Recent finding was that most of the contract money was collected by some big-wigs and the contracts were never executed. Majority of the funds were wasted in Consultants, that were relatively doing nothing. Today, there are no trace of any of these projects that trillions were allocated to.

Keep your buhari lies to yourself.

(v) PTF Residential Estate: The involvement of PTF in Residential Estate Development was out of its intervention sphere. As at now, the estate has been confiscated by government. The contract sum is N 703, 815, 416 (Seven hundred and three million, eight hundred and fifteen thousand four hundred and sixteen Naira only) while after verification, the whole project was valued at N 328, 901, 521 (Three hundred and Twenty Eight Million nine hundred and one thousand, five hundred and twenty one Naira only). There was an inflation of the contract to the tune of N 374, 913, 895 (Three hundred and seventy four million, nine hundred and thirteen thousand eight hundred and ninety five Naira only).

(vi) PTF Headquarters Extension: The IMC Commissioned Consultants to determine the current construction cost of the on-going extension at the headquarters office. The current construction cost determined by the Consultant came to N 326, 207, 861 (Three hundred and twenty six million, two hundred and seven thousand, eight hundred and sixty one Naira only) as against a contract sum of N 461, 216, 759 (Four hundred and sixty one million, two hundred and sixteen thousand, seven hundred and fifty nine Naira only) this resulted in contract sum inflation of N 135, 008, 879 (One hundred and thirty five million, eight thousand eight hundred and seventy nine Naira only).

(vii) Bank Accounts Operated By PTF From Inception To December 31, 1999: Various Consultants were commissioned to verify the Bank accounts operated by PTF from inception of the Fund up to 31st December, 1999. The Fund operated its bank accounts under three different categories viz- (a) Administration Account (b) Project Account (c) Treasury Account. Recoveries to be made from the various banks are as follow:

(a) Administration Account Total Amount recoverable is N 664, 415, 793 (Six hundred and sixty four million, four hundred and fifteen thousand seven hundred and ninety three Naira only). This is mainly due to overcharge on Cost of Turnover (COT), non-payment of interest on current account balances as stipulated by Central Bank of Nigeria (CBN) and other various discrepancies.

(b) Project Account On project Account, total amount recoverable is N 2, 467, 817, 167 (Two billion, four hundred and sixty seven million, eight hundred and seventeen thousand, one hundred and sixty seven Naira only). This is made up mainly from overcharge of Cost of Turnover (COT), non-payment of interest on Current Account balances as stipulated by Central Bank of Nigeria (CBN) and other various discrepancies.

(c) Treasury Account All the Treasury Accounts were verified and amount to be recovered is N 510, 749, 323 (Five hundred and ten million, seven hundred and forty nine thousand, three hundred and twenty three Naira only). This is mainly due to short-payment of interest on deposited funds. (See Box A).

The total sum of N 11, 658, 532, 448 (Eleven billion, six hundred and fifty eight million, five hundred and thirty two thousand four hundred and forty eight Naira only) is recoverable as per various reports completed as at now.

1.Other Potential Areas Of Fund Recovery : Road (Highways and Urban Roads) The PSTF uses about 70% of its income on highways and Urban Road Projects. In this project sector, there was total variation of contract sums of N 68,000,000,000 (Sixty eight billion Naira). These variations were not done with properly priced bills of quantities and approved civil contracts procedure as stipulated by government regulations. Taking the experience of what has been discovered after verification of previous contracts awarded by PSTF, the minimum potential recovery will be about 15%. This estimated percentage will be about N 10, 000, 000 (Ten billion Naira). The verification of this project sector was about to take off when the IMC members were replaced.

2. Rural Water Supply Programme The area of potential fund recoveries under this programme are basically two :- (i) Mobilisation paid to contractors who by now have not even commenced work (ii) Over pricing of contracts. The amount to be recovered from this project sector can be conservatively estimated at N 1,000,000,000 (One billion Naira).

The detail verification report on this programme has already been completed. The executive summary of this report was in the process of compilation when the IMC members were replaced.

3. National Health and Educational Institutions Rehabilitation Programme The detail verification exercise on this sector has already been completed by various independent Consultants. The executive summary for total amounts recoverable is now in the process of being compiled. The conservative estimate of amount recoverable due to non-performance of contractors and over-pricing of contract is about N 600,000,000 (Six hundred million Naira).

4. National Educational Material Procurement Programme This programme entails the purchase of educational materials such as text books, exercise books, chalk, dusters, pencils, biro, magazines, maps etc. The verification exercise of this programme is yet to commence. The conservative estimate of recoveries to be made due to non-performance by contractors and inflation of prices will be in the region of N 900,000,000 (Nine hundred million Naira).

5. Rural Telecommunication Programme The Rural Telecommunication Programme was supposed to be carried out in two phases viz: – (i) Pilot programme (ii) The main programme. The main programme was to commence after the pilot programme has been completed and certified as operational, but mobilisation of N 1, 600,000 (One billion, six hundred million Naira) was paid to the contractors for the main programme without any contract being signed at all.

In view of the government policy at present, the full amount of the mobilization paid can be recovered (i.e N 1,600,000,000), See Box B

The Committee recommended that the total recoverable amount can be used to offset some of the outstanding debts because some of the creditors are contractors from whom these amounts are to be recovered. It also recommended that the President may wish to set up a high powered judicial panel to recover the huge public fund and to take the necessary action against any officer, consultant or contractor whose negligence resulted in this colossal loss of public funds.

The Interim Management Committee Members who compiled this report include Dr. Haroun Adamu (Chairman), Alh. Abdu Abdurrahim, Barrister Achana Gaius Yaro, Arc. Edward Eguavoen, Mr. T Andrew Adegboro and Engr. Baba Goni Machina.

The Listed Projects Are –
(i) Afriproject Consortium (APC) PTF Management Consultants and also Project Consultants (ii) PTF intervention in the HIV/AIDS Programme (iii) PTF Health Sector Intervention inputs (iv) PTF Prevalent cases of expiring drugs all over the country (v) PTF residential estate development on Plot 780 Cadastral Zone A8, Abuja FCT (vi) PTF Head Office extension contract at Airport Road, Abuja (vii) PTF-Bank accounts operated from inception to 31st December 1999.

AFPRI- Project Consortium (APC) Afri-Project Consortium were contracted by PTF as Management Consultants and Project Consultants. The former Chairman of PTF also delegated to them the power of Engineer in all appropriate project requiring such power. Afriproject Consortium then assumed an absolute power of initiation, approval and execution of all projects.

Three reputable management consulting firms were engaged to verify all payments made to (APC) from the inception of PTF up to 30th September, 1999. On verification it was found that they have over charged PTF for their services to the tune of N 2, 057, 550, 062 (Two billion fifty seven million five hundred and fifty thousand and sixty two Naira only).

(ii) PTF Assisted HIV/ AIDS Programmes : The intervention of PTF in the HIV/AIDS was flawed due to professional negligence by the management consultants. There was an excessive order of HIV/AIDS kits which resulted in most of the kits expiring before use. Also there was gross inflation of the purchase price. The two factors combined resulted in a loss of N 579,000,000 (Five hundred and seventy nine million Naira only).

(iii) PTF Intervention Programmes : PTF intervention in the health sector input programmes totalled to about N 9 billion Naira. The projects were executed by the management consultants and PTF in-house staff. In this sector there are three glaring areas of loss: (a) Purchase of specific frames which was done at N 1,900 each while they can be purchased locally at a price between N 80 and N 880. This resulted in total loss of N 45, 270,000 (b) Purchase of ambulances which was done at N 13,000,000 each instead of the price of N 3,000,000 each. This resulted in total loss of N 900,000,000 (Nine hundred million Naira only). (c) Purchase of drugs was done to the tune of N 3.08 billion. Price inflation and expiring of drugs resulted in a loss to PTF of about N 1, 500, 000,000 ( one billion, five hundred million Naira).

(iv) PTF Prevalence Expiring Drugs All Over The Country: A team of Pharmacists were commissioned to verify the Drugs Revolving Fund Programmes. Their findings were very depressing. A huge loss has been incurred by PTF as enumerated below:- (a) Drugs and consumables worth N 817, 831,723 (Eight hundred and seventeen million, eight and thirty one thousand seven hundred and twenty three Naira only) were found to have expired by October, 1999 (b) another quantity of drugs worth N 94, 741, 517 expired in December, 1999 (c) drugs worth N 233, 416, 829 will expire by March 2000 (d) Drugs worth N 461, 255,073 will expire by June 2000 (e) Drugs worth N 429, 117, 861 will expire by September, 2000 (f) Drugs worth N 1, 196, 276, 052 will expire by October- December, 2000.

There were many cases of deterioration of drugs as a result of faulty manufacturing, inappropriate packaging, improper storage and excess stock.

Terms Of Reference No 4

(i) The audited account of the fund as at 30th June, 1999 stating the Assets and Liabilities of the Petroleum Special Trust Fund has already been prepared by the KPMG Audit, a firm of Chartered Accountants. (ii) The Audited Accounts of the fund as at 31st December, 1999 stating the Assets and Liabilities of the fund has already been prepared by Pricewaterhouse Coopers Audit, a firm of Chartered Accountants. (iii) The Audited Accounts of the Fund for the month commencing January, 2000 to June 30th 2000 is to commence when the IMC was replaced. This would have given the asset and liabilities of the Fund at the end of the terms of the former IMC.
Terms Of Reference No 5

The present administrative structure was carefully examined and the best option is to transfer each departmental staff operating a project sector to the appropriate ministry where the projects are transferred. This will reduce hardship on the staff and also will enhance the capacity of the ministry concerned for it to cope with the additional responsibility.

Terms of Reference No 6 and 7
The former IMC has undertaken a thorough technical audit of all projects and programmes using well experienced independent consultants. In the process of the technical audit, the sanctity of all contracts agreement was upheld and all costs were evaluated to a realistic level. The value of work done up to date has been ascertained and the estimated cost of completion has also been calculated. The appropriate ministry that will be responsible for the completion of any project may further negotiate the time and cost of completion of any project.

As it has been enumerated above, all the terms of reference given to the former IMC has already been virtually completed. The handing over of projects to respective ministries has already commenced. The former IMC would have completed the winding down of the activities of the Petroleum Special Trust Fund as directed by Mr President by the end of June, 2000.

The total public funds to be recovered from various contractors, banks and consultants amounted to about Twenty five billion, seven hundred and fifty eight million five hundred and thirty two thousand four hundred and forty eight Naira.

Below is the Executive Summary of various reports of the independent consultants on verification exercise which resulted in the funds recoveries.

Members of The Interim Management Committee Are As Follows:
Dr. Haroun Adamu (Chairman), Alhaji Abdu Abdurrahim, Barrister Achana Gaius Yaro, Arc Edward Eguavoen, Mr. T. Andrew Adegboro, Engr Baba Goni Machina

Report On The Amount To Be Recovered From Some PTF Projects And Programmes
The Interim Management Committee was appointed by Mr President. One of the terms of reference of their appointment is to carry out verification exercise on all projects and programmes prior to packaging the projects and programmes for subsequent transfer to the appropriate line ministries. The recoverable exercises of the under-listed projects were completed and the various reports and the IMC recommendations forwarded to President Obasanjo for further directives.

Term of Reference No 2
Independent Consultants were commissioned by the Interim Management Committee to ascertain the state of all the bank accounts operated by the Petroleum Special Trust Fund from its inception up to September, 1999.

All the assignments have been completed and all the reports submitted. An Executive Summary was prepared and a total of N 3, 642, 982, 280 (Three billion, six hundred and forty two million, nine hundred and eighty two thousand, two hundred and eighty Naira) was found to be recoverable from various banks, due to excess charges, under payment of interest on fixed term deposits and non-payment of interest on current account balances, as stipulated by Central Bank of Nigeria guidelines.

Terms of Reference No 3
The Petroleum Special Trust Fund intervened in, prepared and packaged, ready for transfer to the appropriate line ministry

(b) Food Supply Sector All the necessary verification work have been concluded for projects and programmes and reports already supplied by independent consultants. The programme is already in the process of being transferred to the appropriate ministry, as per the approval given by Mr President.

(c) Education Sector i) Educational Materials Procurement Programme: The verification of the entire programme has already been done and the process of handing over the whole programme to the appropriate beneficiaries has reached an advance stage as directed by Mr President ii) Rehabilitation of Educational Institutions: The services of various consultants have been used to carry out the technical audit of all the projects throughout the country and a comprehensive up to date report has already been completed by the co-ordinating consultants. The preparation of an Executive Summary has reached an advanced stage.

(d) Health Sector: (i) Drug Revolving Fund: The drug revolving fund programme has been thoroughly verified and all available stocks have been transferred to the various state governments. As per the directive of Mr President (ii) Rehabilitation of Health Institutions: The programme for the rehabilitation of Health Institutions throughout the country has been verified and a comprehensive up to date status report prepared. And Executive Summary for the attention of Mr President is being prepared.

(e) Water Supply Sector: All projects and programmes under this sector have been thoroughly verified in compliance with the terms of reference No 3. A comprehensive and up to date report has already been completed.

(f) Other Project Sector: The projects under the sector which were commenced have already been completed. The rest of the projects are yet to commence. The report stating the above mentioned up to date status of all projects under this sector has already been completed.

PTF Fraud: How N25 Billion was stolen under Buhari’s watch

The Petroleum Trust Fund was inaugurated by the Abacha administration in March 1995 and General Muhammadu Buhari was appointed to head the Fund which was formed sequel to the increase in the pump price of petrol to N 11 from N 3.25. The then Head of State, Gen Abacha had said then that the Fund was to distribute the gain from the increased price on social and infrastructural projects.

The Fund started work with an initial capital of about N60b in 1996 with a mandate that included the rehabilitation of roads and waterways, educational and health institutions, providing textbooks and stationery, procuring essential drugs and vaccines, providing water supply systems, reviving crumbling agricultural sectors, connecting outlying areas to the national electricity grid, extending railways and telecommunications and ensuring consistent food supply.

Buhari often referred to as Mai Gaskiya (the honest one) was apparently considered for the job mainly because of the qualities he possessed, with the Abacha led government feeling that would douse the tension generated by the increase in fuel prices. With time however, allegations started flying that the PTF was no more than another avenue for the Abacha administration to siphon funds.

On assumption of office in 1999, Chief Obasanjo disbanded the PTF. One of the discoveries made by the administration was that between its inception and July, 1999, the funds that accrued to the PTF stood at N 181 billion. It was also found out that the Consultants appointed by the Executive Chairman of the Trust Fund, Gen Buhari constantly fleeced the country of funds running into billions.

In 2000, the Obasanjo administration set up an Interim Management Committee to take a look into the affairs of the Petroleum (Special) Trust Fund and ascertain among other things, how much has been spent by the PTF so far and what is on ground to justify the huge expenditure. The Committee the set to work and accomplished all the terms of reference by March 2000. The Interim Management Committee submitted that:

Term of Reference No 1:
The Interim Management Committee has already ascertained the total income that has accrued to PTF from its inception to date. The total amount that has accrued to PTF is N 181, 795, 000, 000 (One hundred and eighty one billion, seven hundred and ninety five million Naira). The report for the ascertainment of accrued income has been completed.

The dollar rose against all other major currencies in 2014 for the first time since the turn of the century, as investors expecting interest rates to rise piled into the greenback, Financial Times has reported.

The naira also fell against the dollar by 13 per cent in the year.

The US currency made gains against the euro, yen, pound, South Korean won, Brazilian real and 11 other global currencies this year, marking the first time since the height of the dotcom boom in 2000 that all major currencies as ranked by Bloomberg have fallen against the dollar.

Expectations that the Federal Reserve will raise interest rates in 2015 from historic lows have been a major factor in the dollar’s strength, as central banks in other countries including the European Central Bank and the Bank of Japan continue to take an easing stance. The euro and the yen have both fallen 12 per cent against the dollar this year.

Investors have been reversing the trend of the past few years to put money outside the US in search of higher yields and stronger returns in emerging markets as interest rate expectations have shifted and the US economy has powered ahead — a trend that analysts are predicting will continue in 2015.

“Money that was pushed out into riskier assets and currencies is coming home,” said Kit Juckes, a foreign currency strategist at Société Générale. “The more capital-starved economies weaken in emerging markets, and the more the US economy outperforms, the higher the dollar could rise — until the Federal Reserve too is dragged into the ‘currency wars’ and tries to slow or stop the move.”

“The dollar is still a very clear trade,” said Stephen Jen, head of currency hedge fund SLJ Macro Partners.

The dollar index, which weights the US currency against a basket of major trading counterparts, hit its highest level in nine years on Tuesday and has risen 13 per cent this year.

The slump in global oil prices has also played a role in dollar strength, as oil-exporting nations have seen the value of their currencies tumble. Norway’s krone was the worst performing major currency against the dollar this year, falling 19 per cent.

http://www.punchng.com/business/money/why-dollar-surged-against-naira-others-in-2014

EPOMA:
You are very stupid, the early we fined an end to our problems and stop spreading lies the better. You should have even said he is behind ISIS

“You are not entitled to your opinion. You are entitled to your informed opinion. No one is entitled to be ignorant.”
― Harlan Ellison

EPOMA:
Why are some people so Stupid.If this was true, they should not have played any music on the background. Buhari is still the best person to rule this country for now. We forget too quickly. [b]Nigerian best years was Buhari'S rule.
The west are just decieving us. Goodluck should not even rule a local government.[/b][color=#006600][/color]

“People demand freedom of speech as a compensation for the freedom of thought which they seldom use.”
― Søren Kierkegaard

You can slowly hear the drumbeat of death. What a disaster this campaign season has become for APC.

God move by Nigeria. At least we know who our friends are. Trust an arab at your own peril.