₦airaland Forum

Mpiawa azu boys on Nairaland. These boys wey dey jack car for upper Iweka and bridge head.

Seun na so you open your eyes dem collect Nairaland from your hand O!!!

RIP Nairaland.

kasiem: igbos are moving into ur caves to get u civilized, just the way the whites did to africans. We are ur colonial masters economically, is it a lie?

Civilized? Falls like a mango tree. Have you people developed your own lands?

Nwoke je hie ura

bashr8: i thought your not yoruba so why do you want to hide under yoruba? tell us what you have assembled. leo started with assemblying but now manufacturing it same with ovium tablets.

Nwokem, you have a date at the PDP ward meeting with Chris tomorrow. Be prepared, don't let those Tony Nwoye boys ambush you people.

Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! hehehehehe Animal!!!

bashr8: i bet you dont know we make computers and tablets , how many have your people made,not even in the next 100 years, keep showing how ignorant and dumb you are we dey watch dey laugh. when advanced people are talking ape men should shut up and learn.

Oh because Leo Stan imported parts to assemble, you have now become computer manufacturers? Na waoh! So wetin yoruba people, Omatek and all those boys for computer village go do now?

bashr8: i bet you dont know we make computers and tablets , how many have your people made,not even in the next 100 years, keep showing how ignorant and dumb you are we dey watch dey laugh. when advanced people are talking ape men should shut up and learn.

Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! hehehehehe Animal!!!

Nwokem go and sleep so you can escort 'eselu' to his ward meeting tommorrow.

[quote author=Yeske!]STFU, stop disgracing yourself[/quote]Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! Onye mpiawa azu! hehehehehe Animal!!!

All you mpiawa azu boys, when did Chris and Nnamdi start empowering you lot with computers?

Na waoh this one na E-touting.

[quote author=Yeske!]Onye ara, we All know how Dangote made his money are you even an onye Igbo because you don't sound it.[/quote]Biko I'm not Igbo O even though some of you are trying to force us into the Biafran project. Some say it is because of the 'oyel', I don't know how true this is.

bashr8: am doing exactly that with at least 20 hours of light everyday.

When would you bring your brothers back home now to come and tap from the "milk and honey"?

You are a big shame to any reasonable Igbo man out there.

bashr8: whatever took them there is the same thing that took yorubas and other non malaysians there ,find a better arguement and stop kicking up dust after all we have asians in south east and accross africa

Why not stay in alaigbo the land of "milk and honey" like you said now?

bashr8: swag and slang better than yorubas making unnessary noise where ever you are ,shouting at the top of your voices and blocking roads when people are trying to get to work becus u want to party with ewedu soup

So I'm yoruba now?

Hahaha go and sleep you sound pathetic. See how foolish you sound on this thread. In your ignorance you are backing your race, however, you have just made them seem like very unintelligent people whereas this is not the case. It is because of idi0ts like you people disregard Igbo people and see them as noise makers. Get a life and stop being stupid.

bashr8: baseless argument, the more we beat you the more you cook up dust

Why do you have most of your brothers in Malaysia, Singapore and even Philippines? Most of those guys are graduates trying to hustle. Why have you not "employed" them or set up businesses for them?

Desola: ibos.

hahaha I'm on third mainland bridge with my Mercedes incomplete with midnight surround. Have the containers arrived?

You can give me a call on 'not nine not dozen dozen'.

bashr8: mugu , igbos employ people we dont go looking for jobs lie your lazy ass. your igbo mates are manufacturing cars and machines and of course most of the thing you wear that are not imported and your here talking of going to look for a job. no wonder it shocks you that the SE have the least poverty and unemployment rate.

lol you sound pathetic. It sounds like you are almost wanting to shed tears.

How many graduates have you people employed in Imo now? Most of them keep sending messages to help them find a way of travelling "abroad". What are you doing about that?

afam4eva: STFU. You sound like a prroduct of an expired sperm.

I'm sorry sir but kindly advice your compatriots to show some humility. It makes them seem really stupid when they make all these noise.

asha 80: funny the yorubas i see around me here in anthony villge are alaye and area boy types that keep keep breaking each others heads because of chelsea and man u.

And what of the 'umu agboro' and mpiawa azu boys I see in the East?

afam4eva: You're rally foolish. We all know that you're an Igbo hater, so all what you'rrre saying is gibberrish.

You see them. When I give them facts, they say I'm saying gibberish. Gibberish that most Igbo graduates cannot secure a job in the SE?

That they match to Lagos after NYSC to secure a job? In a state like Imo, where are the jobs for the graduates it churns out annually in the state?

That the SE has the worst road network?

Come off your high horse people. Like someone said, it is a sign of inferiority complex. It makes you people not to be taken seriously and this is exactly what the Ogbonna man has shown.

bashr8: this is how ignorance is killing nigerians ,so over 30 million igbos that live in igboland must be zombies? untill you show me anywhere in the world where they are over 30 million igbos more than those in igboland i will just take it that your another retard. anyway i dont make up statistics i just quote them if you have a problem with them go meet the authorities that compiled them.

Haha, If there are 30 million of you in Alaigbo, then there are 50 million of you out there. Wake up from your slumber, there is nothing happening in Igbo land, it is a dead place. Admit that so you may be assisted. This arrogance would not help you. Most Igbo graduates cannot secure a job in Igbo land. The SE has the worst road network in Nigeria, so what are you on about. Why are you making noise, can't you see how foolish you sound.

bashr8: [b]joke of the century . south eats have the best universities (UNN and namdi azikiwe university the most sought after school in nigeria)[/b]and have the highest literacy rate in nigeria , we can debate that if u want with facts. how come all your governors go from government house to jail and when they come out you yorubas celebrate for them ? if anybody should learn humility its the yorubas, igbos teach their youths how to work hard and fend for themselves using those that have made it as motivation .if you see it as boasting them am not suprised why 70 ercent of nigerians especially from north and south west are poor.

So I done become Yoruba now? Chai!

The fact that Igbo people troupe into those schools does not make them stand with the Federal UNIs in other regions. Take a trip to ABU and OAU and compare with UNN which should be at par in terms of infrastructure with them. UNIZIK? o_O, you done fall your hand. Cannot even be compared with UNAAB. Tell yourselves the truth, have a little humility so people may help you. You talk like the Igbo race is an Island, yet most of your young men have left your lands, how ironic.

My advice is you come off your high horse. To think the Yoruba's have 70% poverty rate and the Igbos are any better shows how ignorant you are, they sustain themselves but make very little noise about it. Why must it be people like you who make all the noise? You are not different from this Ogbonna man.

bashr8: close that trap , yorubas are known to boast more, all your leaders that have been looting nigeria they all have chieftancy title in yorubaland while 70 percent live in poverty unlike their igbo mates that invest on their communities and people, if dangote owns lagos port who should be laughed at? yorubas or igbos? do you want the list of the 20 richest nigerians?

Are you not the one that has been making noise about "millionaires" and "airports" in your land. Have you seen any of them make the same noise? Why are you people so loud, why not let others blow your horns? What poverty are you talking of, is it that you don't have poor people in Alaigbo? You should be ashamed of yourself that the SE has the worst Universities in Nigeria, but what you come here to make noise about is 'international airport" that no flight departs from. Go and sleep so you can wake up and do something better with your life. Leave this your "otimkpu" life. You sound like an illiterate with this noise of "millionaires". What the hell is that?

Some folks make a lot of noise. All these "millionaires" you are screaming, the fact that these Yoruba people are not "otimkpu's" does not make them less rich. You control the economy bla bla bla yet Dangote occupies over half of the Lagos port, so what noise are you making? These Yoruba people you see are very intelligent, they know what they always want. The fact they don't make noise and blow their horns does not make them stupid.

The truth is with a little more humility you Igbo gladiators would gain a lot of respect. Humility is key, let others blow your horns. Stop telling us how you built skyscrappers in Onitsha while erosion continues to take the land.

shymmex: No one should be discriminated against in this day and age... Cultural prejudice is so medieval, backward, and wicked - and it has no place in the modern world... We're all the same people, and people need to be treated as equals...

Please, let's give osu people a chance - and rid ourselves of this barbaric practice that calls certain people; outcasts...

One race, one people...

Well this is factual. Anyone hating on this should leave it yeah.

jason123: They already own two EUROPEAN seats. East London (Dagenham and co), upon all the Jamaicans and Nigerians wey full there, BNP still won. Don't be deceived, you can't lose on your own land and we (non-indigences) are actually the minority in London not to talk of Lagos that is surrounded by 5 SWestern states.

Dude, if anything should happen in Lagos today, it will be a massacre and no one will escape because before you do, you'll need to pass Ogun state and Ondo. Lets not pray for such sha!!!

My brother that vote was to take the piss out of them by the ethnicities leaving in those areas. It was for an EU parliament seat which many didn't really take seriously. The other seat I think was at Queensbury in Yorkshire. Of course you should know how ignorant and racist some of the people in the North could be.

In as much as I support the idea of a non-indigene of a state who has been resident of that state for a longtime being the Governor of the state, I am also forced to ask, what do some of these groups really want. The moment you bring Biafra, they tell you, "yes naaaa, na im we want". You mention Lagos, they tell you na we own Lekki and Alaba and should also be given our rightful place.

I think these are opportunists taking advantage of the ignorance of a lot of people to make money off them. I lived in Owerri for some years and I know what I am talking about. I used to read papers with the free readers group at Maris Junction in Ikenegbu. You see a so-called representative of some of these groups come around to feed the people with wrong information. For example, one told them, Igbo being Jews, were being considered by Israel for a free border passage on the actualisation of Biafra. You had all sorts of phony and dodgy groups coming to feed the Okada riders at that place with fake news daily.

Wake up people, this is another 'agbata eke' group.

Is that Beaf? Naaaa, Beaf is not that smart.

jayjaybazz: @RICHIE BOI, i wish you appreciated what implications the picture you painted may attract to your life. This thing you did may be funny but it may not remain so in your life.. when Chief Chuba Okadigbo refered to the Great Zik as a rantting Ant he received applaudes from many as a bold politician but the Great Zik only wished him well and asked him to be carefull or else his light will go out at the height of His SUCCESS. we all what became of Cheif Okadigbo. You may think you are a nobody presently but bear in mind that you never can tell what you will become. I know you must have aspirations and even if you dont want to grow nature will force you so to do. So please as much as we want to critisize whether or not we are constructive, we must be cautious. Because you never can tell. Thank yOU!

Hey hey hey, Shatap dia! Jona with Zik. You smoke something or na Jona Azikiwe name dey deceive you?

This is messed up. I'm not his supporter but take off this crap!

They have a right to choose who they would vote. That is democracy, Let us not condemn them.

Haha look at these ones, I won't spend all day posting on Nairaland, I also have a job.

Firstly, to say that IBPLC was not struggling to meet its obligations to depositors at the time is absolutely false. IBPLC at the time was consistently seeking credit from the inter bank market to maintain its liquid position. I've also stated its raising of its minimum balance by over 500% without notice to depositors. This points to a bank having liquidity issues.

Secondly, there is no bank in this world where there are no bad loans. However, the issue is that of exposure to risk. To what extent are you exposed to liqudity risk?

The CBN like every other Central Bank places a limit on the amount of investment as a bank you put in common stocks because of the risky and volatile nature of stocks. However this was flouted by these banks in the quest to make short term gains.

What went wrong? On consolidation and Nigeria accumulating a large foreign exchange reserve and the internalisation of Nigerian Banks, Nigeria became attractive for foreign banks and international institutional investors to move their portfolios. Having accummulated a large inflow of capital, the banks did not know what to do with these. In fairness to these banks, the economic climate was not there to finance real value added investments. The absorptive capacity of the economy was not there. The risk level in the economy was just too high for real value added long term finance. Some of the banks thus in violation of Central Bank rules had 'special purpose entities', moved assets among these entities in order to enable them move more and more of their portfolios into common stocks which seemed the easiest and the less risky market for quick returns. The markets began to boom, stocks prices began to rise speculatively, assets bubbles were created. The thing about asset bubbles is that so long as funds are continually being pushed into the market, the market would continue to boom, everyone would get income above what they should get, consumption would rise. However, as soon as funds stop coming in then you see all was a money illusion. This is probably how the boom ceased in the Nigerian markets.

As a result of the global financial crisis, investors had to recall their funds. Most banks around the world had to put their balance sheets together. It was time to recall investments which were held in different parts of the world back to their source countries. In addition, in the heat of the Niger Delta crisis, the subsequent drop in crude production and also with falling crude oil prices, it became obvious that Nigeria was fast loosing reserves and was becoming less safe a destination to hold portfolios. It was thus time for these investors to call back their funds.

To say Lamido Sanusi caused them to pull their funds back is the biggest insult to these investors who spend a large amount of their resources on risk and risk management. Investors are smarter than that, they see potential problems before they eventually materialise, they are not lotto players. Also, it is unethical and satanic to manipulate financial reports in a bid to deceive investors. It is not giving them confidence but rather a theft of their wealth. Disclosure is key in corporate governance. Non-disclosure is what actually kills the confidence of investors.

Like I said, most banks lost in this market. however, the issue is that of exposure to risk. To what extent are you exposed to liqudity risk? There is no bank in the world that does not have bad loans. What we are concerned with is to what extent has this affected your liquid position. If it does then a take-over is necessary by the CBN.

Thirdly, on the merger between Intercontinental and Access. For a process as technical as an M&A, it is the most ridiculous thing to conclude on who benefitted by looking at that your chat. If Access paid 50 billion naira to acquire IBPLC, do you know what other considerations were put in the deal, do you know the extent of the liabilities it took over. Even in the most prominent cases of M&A, scholars are still divided as to who benefitted from these deals. As an example is the case of JP Morgan Chase which is still subject to research and debates as to which of the groups benefitted most or did the merger yield the synergy anticipated. What if AMCON contributed more, does it hold equity in the bank? Did it purchase debts? No reference to the Statement of Financial Position of both groups?

On Access' subsidiary being indebted. I don't know of any subsidiary of Access mentioned. Maybe you would do well to explain what a subsidiary means and also prove that the said firm is a subsidiary of Access.

Fourthly, on reforms coming to an end. This is one of the reasons why we got ourselves into this mess. Reforms never come to an end. The Financial and Monetary system moves at a very fast pace and as such, we must continue to modify and adapt legislations, regulations and codes to meet these changes in the environment.

On when the nationalisation would come to an end. Till we get the system stable. RBS is still owned by the british government since 2008. Governments in the euro zone are taking over banks today. For example in Spain and Greece.

Finally, you should be ashamed that you spend so much on these legislators to give you poo. Considering the amount of money these guys take home annually, this so called probe is mediocre. The key issue in the system were not addressed but rather personalities was the main focus of the so called probe. The legislators indicted all but themselves in the probe. By not being responsible when it mattered most, they contributed to the failure of these markets.

I will impeach you if you don't inchip me.
Impeach, inchip, impeach, inchip.

Hahahahahaha Julius Agwu may you live long.

This one na comedy show.

BTW have you said no to cassava bread today. Cassava bread can cause disease you know?

pcicero: @Ballabriggs


I agree with the fact that entrenching corporate governance and other associated regulations should be the focus of the legislators. But I have been around for some time now to know that in Nigeria, there is no smoke without fire. The whole exercise might also be due to the fact that some of the legislators have vested interests.

But as Dougvilla suggested, SLS should have considered other options rather than the method it employed which was shrouded in secrecy.

If the government had bailed out the banks and hence nationalised, was the government able to recoup its investment given that the banks were auctioned at salvage values?

Will the CBN be humble enough to admit that the people it appointed to manage the affairs of the banks failed to achieve the mandate given to them?

However, given the fact that CBN is a public institution we must know how those banks were sold.

I also don't agree with those saying that the legislators should not tamper with the CBN's autonomy. Some levels of independence yes, but outright autonomy NO.

I felt it was condescending when the CBN governor was telling the legislators that it could not present its budget to the NASS. Where does the CBN derive its power from? if Soludo had hoodwinked OBJ into that gaffe, I think now is the time to correct it.

How can CBN, NNPC etc. be considered untouchables? There is so much corruption going on in these places because they are beyond reproach. It is not about individuals, but the institutions must be accountable.

Corruption is a cankerworm that has eaten deep into every aspect of governance,we cannot afford such luxuries. I don't think the head of the Federal Reserve has such powers.

Firstly, on government recouping investment, AMCON still holds a considerable interest through the toxic assets which it bought in these banks.

Secondly, on the banks sold off at salvage value. I would draw you to the case of Barings bank founded in 1762. In Singapore in the 1990s' Barings traders had engaged in very risky investments. By 1995, these traders had generated losses totalling 827 million pounds, twice the bank's available trading capital. What eventually happened? In 1995, Barring was purchased by ING for a nominal sum of 1 pound only and assumed all its liabilities. So I don't know what you mean by salvage value when your buyer assumes all yor liability which is an additional cost to him.

On CBN submitting budgets to the NASS. I say FA FA FA FAOOOO!!! It is not about Lamido Sanusi but preserving the CBNs autonomy. The CBN must not be exposed to the influence of Politicians given the technicalities in most decisions made. I even want to see the President ceasing to appoint our CBN head. In addition, given the fast pace of the monetary and financial systems, the CBN needs to make decisions which includes budgetary decisions promptly to meet the needs of the ever changing financial and monetary system. Where we create further bureaucratic bottlenecks, how do we ensure an efficient CBN to meet the challenges of the monetary and financial environment? Autonomy without the autonomy to make budgetary decisions is no autonomy.

What can be done? If NASS feels it further needs to scrutinise the CBN, here is an option. Can we have a CBN board with more non-executive directors that includes at least two members of NASS? This is a more robust option that would fulfill the NASS desire to further scrutinize the CBN and also preserve the autonomy of the CBN.

dougivilla: i agree wit u. But Did the staff and shareholders also go home empty handed like we av here? Thats d point. Here personal gains r placed above comon gud. U seize a man's investment, demonize him via media trails, rename d institution, hand it over 2 cronies and try 2 bamboozle us wit nationalization anthems. These guys r simply crooks!

Firstly, when Intercontinental bank was having liquidity problems which was evident in its decision to increase its minimum balance for savings accounts to 10000 naira from 1000 naira without enough notice to depositors, Sanusi was not the CBN Governor then. These banks at the time were struggling to meet their obligations to depositors. Should they have been given more time thus inflicting serious financial harm on depositors? The truth is many bank assets are illiquid and thus cannot be sold off quickly to meet the demands of depositors without a substantial loss to the bank. In addition, also note the contagion effect of a bank failure on the macroeconomy as banks move assets among themselves. Should the CBN fold its arms and watch the situation degenerate into a financial crisis? Of course there are lessons to be learnt from the events in East Asia in the late 1990's.

I wonder what you mean by "a mans investment" when his capital has been eroded by a fall in the value of his assets. Even at that the shareholders were still allowed to hold some shares in these banks albeit at a small value due to the dillution of their holdings by the bailout of the CBN. This is similar to the case of Northern Rock where compensation for shares was at 5p per share in 07/08 compared to the value at flotation which was at 5 pounds per share.

On staff going home empty handed, I don't know of any staff who was laid off without receiving his redundancy payments. So you could please explain better.

Should we have put more funds in these banks where corporate governance and internal controls are flawed? A bank which was insider dominated? Is there no moral hazard in doing this? How do we enhance Financial reporting? What is our level of compliance with the International Financial Reporting Standards (IFRS)? How do we ensure that listed entities disclose material items in annual reports? If a bank is in trouble, do we as creditors not deserve to know?

These are fundamental questions to be answered and the mediocre process by the house did not answer these questions. It was directed at persons rather than addressing the fundamental issues in the system.