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Politics › Re: Nigeria Already Getting Out Of Recession –adeosun by banio: 8:06am On Sep 29, 2016

GEJ like previous regime subsidised fuel for all Nigerians. PMB is now subsidising dollar for the benefit of alhajis. In countries that work, we don't have black market, only banks buy and sell foreign currencies. Foreigners are paid in local currency not in dollars, when they change it the banks and the countries benefit. But in Nigeria one inexperience eco minister will be spewing thrash " what does she know about recession?, I thought recession is just a word "
It is well. http://www.premiumtimesng.com/news/headlines/209740-video-counters-nigerias-finance-minister-adeosun-confirms-dismissed-recession-word.html

Business › Re: OPEC Agrees To Cut Production; Oil Prices Surge by banio: 7:45am On Sep 29, 2016

It is well

Celebrities › Re: E-money Buys The 2017 Lexus Lx 570 Fully Armored Car (photos) by banio: 10:54am On Sep 28, 2016

It's like this guy is into MMM, crytocurrencies and others. May God bless his huzzle

Celebrities › Re: Kalu Ikeagwu: "How The Police Arrested Me In Lagos" by banio: 9:54am On Sep 28, 2016

Some Nigerians are not helping their unborn children. Dollar is flying higher, yet some will be buying i-phone7. I pray God gives us conscience.
To the actor, I apologise on behalf of the police but tell your friend to help his unborn children by being a good Nigerian.

Politics › Re: Recession: Governors Frustrated Us From Saving For Rainy Day – Obasanjo by banio: 9:37am On Sep 28, 2016

FG blame governors for depletion of excess crude account
The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has accused the state governor’s demand for distribution of the nation’s resources and opposition to the establishment of the Sovereign Wealth Fund, as the reasons for the depletion of the Excess Crude Account (ECA).

She noted that the withdrawal and sharing of the monthly allocation has depleted the excess crude account to just about $3.6 billion as against over $20 billion, saved in the reserve account in 2006.

The Minister warned that if the price of crude oil drops, the nation has no cushion for the economy because $3.6 billion is not enough to take the economy to any length of time.

Dr Okonjo-Iweala made these revelations at the first civil society forum organised by the Ministry of Finance on Thursday in Abuja.

According to the Minister, “the ECA and the Sovereign Wealth Fund (SWF) are very important, but we have the state governors saying no, we will only allow $1billion. In fact, we managed to get that, and now, they said it is illegal; and so, the country is not able to save in the ECA and we have left today in that account only about $3.6bn.”

“Every month, because they (the governors) say it is illegal, we have been dipping hands into it (ECA). Instead of moving that money into the sovereign wealth account, it is being shared until it is almost at the bottom” she said, adding that “the argument about the legality or illegality is a moot point because we have spent almost all the money.”

She further explained that “what that means is that should the price of oil drop today, we have no cushion because $3.6bn for this economy is not enough to take us to any length of time, and that was what I told them at the governors’ forum during the National Economic Council meeting the last time.” The governor’s forum is currently challenging the constitutionality of the Sovereign Wealth Fund in the court.

She also allayed fears that $1billion SWF would be mismanaged by the Federal Government, pointing out that the Sovereign Wealth Act which establishes the Fund adequately provides for accountability in its management.

Noting that fiscal federalism has created problems for the management of the Nigerian economy, Dr Okonjo-Iweala declared that “Nigeria, because of fiscal federalism cannot save.”

“The constitution says the President should manage the economy for the benefit of everybody. The decision to save is also part of the management of the economy for the benefit of the people of Nigeria. Every state can save but the Federal Government can save for all Nigerians. The governors can insist on accountability in the management of the SWF as a guarantee against their apprehension” she opined.

Emphasising the need for more savings, she noted that the crisis in Europe and the United States where about 60 per cent of the country’s crude oil is sold has made it difficult for the government to depend solely on oil revenue.

“This country depends on a product that is sold internationally and whatever happens there affects us. That is why we need to have savings. Sixty per cent of our oil is sold to the US and Europe, and these countries are facing big economic problems. For instance, the US has an unemployment rate of eight per cent; Spain, 24 per cent; and India, 9.9 per cent.

“So, if 60 per cent of our oil is sold to them, then we have a problem and any country that has great volatility such as ours will always have problem, and this will lead to crisis in the economy.”http://www.channelstv.com/2012/04/13/fg-blame-governors-for-depletion-of-excess-crude-account/

Politics › Re: Senate To Probe MTN's Transfer Of $13.9Billion by banio: 8:16am On Sep 28, 2016

Nigeria needs to enforce our laws. If we have a law stipulating what percentage of a company's profit that can be transferred out of the con3, then company's must comply. They can't be allowed to ruin our belove con3.

The truth is that we need leaders in this con3. God please send us Moses and Joshua

Politics › Re: Recession: Governors Frustrated Us From Saving For Rainy Day – Obasanjo by banio: 8:19pm On Sep 27, 2016

Former governor Amaechi was the chairman of governors forum that won the case at the supreme Court. Amaechi is evil.
http://www.premiumtimesng.com/news/headlines/204809-pressured-squander-18bn-excess-crude-saving-jonathan.html

1 Like

Jobs/Vacancies › Re: ‘Dangote Refinery Will Create 300,000 Jobs’ - Chief Operating Officer, Mr Alake by banio: 10:41am On Sep 27, 2016

We know this company has sent 800 persons to India on petroleum operations. I hope it cut across all 36 states especially the goose that lay the golden egg.

Politics › Re: Avengers Force Shell To Shut Down Nigeria’s Major Crude Oil Export Line by banio: 10:32am On Sep 27, 2016

Ooni:
This is a huge opportunity for we south westerners to feed the nation for once. It will enable us to upgrade oil production in lagos from cups to barrels per-day, even if it'll last for 6 months. At least they'll know we tried.

If them catch U. Na beating go get U

1 Like

Business › Re: Naira Crashes Further To N445 Per dollar by banio: 7:17am On Sep 27, 2016

Who makes the dollar to go up: government(90%) and the citizens (10%).
The government should stop travelling abroad every week with their family and friends, stop buying bulletproof cars every year, stop renovating allready perfect govt huz, stop all Unnecessaries. Citizens should stop travelling abroad 4 vacation, wedding and other items that could be achieve in Nigeria.
Another forex wind is Internet, govt should put in legislature on how to tax facebook and others that benefit from the Internet world.
If Nigeria falls, we all fall

4 Likes 1 Share

Business › Re: Profit Sharing Ratio Between Business Partners by banio: 11:42am On Sep 25, 2016

Cwhyte:
You are wrong bro, Dangote had an Idea and his uncles sponsored it, so Dangote actually owned his business not his uncle.

From what the Op said, The partner B approached partner A to join him to develop an idea into a successful business, so I think partner B actually owned the business and should benefit more.

All the cement industries, crude oil refining etc are Dangote's idea. My friend money is the man. It is only the rich that speaks in family meeting.

Politics › Re: Fashola: How We Added 400MW To Power Nat Grid Despite Sabotage by banio: 10:29am On Sep 25, 2016

Shiitposter:
Consider the following.

In 1year you only added 400Mw
Therefore in 4years you will probably add up to 1,600Mw because there will always be sabotage

Factor in our present governments incompetence and poor economic decisions
We can then subtract 800mw from our anticipated 1600mw

So in 4years you only end up adding 800mw to the national grid as opposed to your 10,000Mw campaign promise.

You can say that again

Business › Re: Profit Sharing Ratio Between Business Partners by banio: 9:35am On Sep 25, 2016

How many ideas has Dangote. Idea is good but capital is better. Many ideas are in the grave that could not transform into money. So the guy that brought the capital should have a higher percentage. The field guy should be paid salary and his 15% profit.

Crime › Re: The Nigeria Police And The Phone Search Saga. by banio: 10:12pm On Sep 24, 2016

#policebrutalitymuststop

4 Likes 1 Share

Jobs/Vacancies › Re: How Long Does Recruitment Process Take. by banio: 8:45am On Sep 24, 2016

During obasanjo reign it took 2years. During Yaradua it took 1year. During GEJ it took 2years. Presently under Pa Buhari it takes forever, na job losses oh no recruitment. Seriously under PMB it takes 1 year

Crime › Re: EFCC operative arrested for collecting N15 m bribe by banio: 8:32am On Sep 24, 2016

onyiloyi:
Too bad.......fighting corruption is a difficult task in this country of ours cos even the anti corruption agencies have been compromised, we don't know who to use or turn to for this fight anymore

My brother if na U what will U do. You salary is #150K per month, while a senator collects #29 million per month which you will earn in 16 years. You as an EFCC operative work at least 5 days of 8 hours in a week, while the Senator works three days in a week of 5 hours - then after three months of duty they go on two months recess. We need a total overhaul of the system so everybody will be happy.
Though I am not supporting criminality except those passed as law example senator's salary

Family › Re: Man Surprises Wife With A N15million GLA250 For Passing Her Driving Lesson by banio: 8:23am On Sep 24, 2016

EFCC food don don

Politics › Re: Rachael Dickson Gives Birth To Quadruplet In The US by banio: 8:04am On Sep 24, 2016

Congratulation to the Dicksons

Politics › Re: IPOB Circulates 23rd Sit-At-Home Order In South-East & South-South (Snapshot) by banio: 8:56pm On Sep 22, 2016

moufan:
[s]waste of time and energy, it would definitely not work as our brothers from the east don't joke with their businesses[/s]

1 Like

Politics › Re: Presidency Speaks About Presence Of Buhari’s Family In USA by banio: 4:54pm On Sep 22, 2016

pedel:
The likes of you are the proof of bad governance we are talking about. That's why you and your future generations will die in that swampy, environmentally degraded community despite the place being oil rich.

You and the other Niger delta Avengers are just pawns in the political chess game that's being played currently in this country.

Let me tell you wether you believe it or not all if you in Niger delta will still vote for an Hausa man in 2019.

Can't you wake up for once and learn that PEJ's wealth doesn't belong to you and your miserable Father's house?

*** Modify***

I just looked at your profile and I am not disappointed with my ascertion that you are a misguided Niger Delta sycophantic flunky.

The notherners/politicians created Boko Haram towards a political agenda and it worked. Now the same set of politicians created Niger Delta Avengers and people like you still can't see that your destiny is just a specimen in the hands of the ruling elites.
Six year of Jonathan in Aso Rock you ND people can not boast of any major changes and you are still wearing that Mgbeke shirt.

Life is a cycle.

Politics › Re: Recession: Osinbajo, Governors In Crucial Meeting by banio: 4:39pm On Sep 22, 2016

The best solution is to revoke individual ownership of oil blocks. Nigeria should own the oil blocks because they raise direct forex.
Some oil blocks are listed below:

OML 110 OBE given by Sanni Abacha in 1996 to Alhaji Mai Daribe under Cavendish Petroleum had estimated over 500 million barrels of oil. In layman’s language and using average benchmark of $100 dollars per barrel, translates to $50 billion dollars’ worth of oil reserve. This means that $20billion dollars’ worth of oil in the hands of a family or $170 million dollars’ worth of oil daily.

OPL 246 was awarded to SAPETRO, a company owned by General Theophilus Danjuma, by Sanni Abacha in 1998. Akpo condensate exports about 300,000 barrels of crude daily.

OML 112 and OML 117 were awarded to AMNI International Petroleum Development Company owned by Colonel Sanni Bello in 1999. Sanni Bello is an in-law to Abdulsalami Abubakar, former Head of State of Nigeria.

OML 115, OLDWOK Field and EBOK field was awarded to Alhaji Mohammed Indimi from Niger State. Indimi is an inlaw to former Military President Ibrahim Babangida.

OML 215 is operated by Nor East Petroleum Limited owned by Alhaji Saleh Mohammed Gambo.

OML 108 is operated by Express Petroleum Company Limited is owned by Alhaji Aminu Dantata. Obasanjo , with the help of Andy Uba, awarded OPL 2008 to Tenoil Petroleum & Oil Services owned by Tony Elumelu and Jim Ovia.

OPL 2009 and 2010 were awarded to Global Energy Group owned by Chief Suleiman Onabiyi and Joseph Obiago . That is why a lot of major players in the oil industry owes Obasanjo and Andy Uba a lot.

OML II3 allocated to Yinka Folawiyo Pet Ltd is owned by Alhaji W.I. Folawiyo. Asuopku/Umuntu ( Egbema marginal oil fields) was awarded to Platform Petroleum in 2003 by Obasanjo.

In 2010 Platform Petroleum (owned by Edmund Daukoru, a Bayelsan Prince and Lulu Briggs among others) and Seplat (owned by Prince Nasiru Ado Bayero, cousin to the Emir of Kano, Lamido Sanusi) teamed up in landmark partnership to manage the venture.

Intel owned by Atiku, Yar’adua and Ado Bayero has substantial stakes in Nigeria’s oil exploration industry both in Nigeria and Principe and Sao Tome. AMNI owns two oil blocks OML 112 and OML 117 which it runs Afren plc and Vitol has substantial stakes in oil blocks.

OML 112 is estimated to have 130 million barrels of oil valued with the current price of $100 dollars per barrel at S13 billion dollars with 25 year lease.

Afren Plc is operating EBOK oil fields in OML 67. Vitol lifts 300,000 barrels of Nigerian oil daily. Rilwanu Lukman, former OPEC Chairman has stakes in all these named three companies.

OPL 245 was awarded to Malabu Oil & Gas Company by Sanni Abacha. Dan Etete, Abacha’s oil minister owns Malabu Oil. In 2000, Vice President Atiku Abubakar convinced Obasanjo to revoke OPL 245 given to Malabu Oil. This was because Etete had earlier rejected Atiku’s demand for substantial stakes in the high yield and it attracted the venom of Ota Majesty who revoked the licence. However, in 2006, Obasanjo had mercy on Dan Etete and gave him back his oil block worth over $20billion dollars.

OPL 289 and OPL 233 was awarded during Obasanjo era to Peter Odili fronts, Cleanwater Consortium, consisting of Cleanwater Refinery and RivGas Petroleum and Gas Company. Odili’s brother in law, Okey Ezenwa manages the consortium as Vice Chairman.

OPL 286 is managed by Focus Energy in partnership with BG Group, a British oil concern. Andy Uba has stakes in Focus Energy and his modus operandi is such that you can never see his name in any listings yet he controls OPL and OML through proxies.

OPL 291 was awarded to Starcrest Energy Nigeria Limited, owned by Emeka Offor by Obasanjo. Immediately after the award, Starcrest sold the oil block to Addax Petroleum Development Company Limited (ADDAX) Addax paid Sir Emeka Offor a farming fee of $35million dollars and still paid the signature bonus to the government. Emeka Offor still retains stake in ADDAX operations in Nigeria.

Politics › Re: Kayode Ogundamisi On Buhari Attending United Nation General Assembly With Family by banio: 4:20pm On Sep 22, 2016

sarrki:
It was not state sponsored

Na You sponsor them. By 2020, when FG will charge Vollari for $20 billion theft. You will still repeat this song " It is not 9ja money "

1 Like

Politics › Re: Makarfi And Sheriff Release Joint Statement (photos) by banio: 4:50pm On Sep 21, 2016

Waiting for further development

Politics › Re: Buhari’s Economic Reforms Are Bold – Obama by banio: 2:19pm On Sep 21, 2016

CSTR2:
Was that how obama governed during america's period of recession ? Because he definitely wouldn't have won re-election following buhari's template.
I am sure obama must have said that as a tongue in cheek after-all he is already leaving the white house. No need for controversial comments.

In the first place, this recession is caused by Vollari evil policies. Though we probably might have felt it, but not to this extent. Maybe Obama is praising him because of the loan IMF will lend 9ja. Obama spent close to $700 billion to end the 2008 recession, which still lasted 4 like a year. Where can Nigeria raise money to spend our way out of Dullari recession. https://www.whitehouse.gov/administration/eop/cea/speeches-testimony/treatment_and_prevention

Career › Re: What Would You Do If You Were His Boss? See Photos by banio: 10:32am On Sep 21, 2016

How much is his salary ?. The guy does not give a Bleep, if you sack am he will get another #15K job that same day

Politics › Re: Don’t Sell NLNG or other critical assets, RMAFC Advises FG by banio: 10:22am On Sep 21, 2016

I wonder how much those who work in Revenue Mobilisation Allocation and Fiscal Commission earn, because RMAFC is one of Nigeria's biggest problem. They are the one's paying politicians outrageous salary

Politics › Re: We Must Fight Corruption For Its Damage On Nigeria Economy - VP Osinbajo by banio: 10:14am On Sep 21, 2016

A salary of #500,000 is tending towards corruption not to talk of #30million per Month - that's super corruption. Cut all politicians salary to #2million per Month or lesser

Politics › Re: FG Sues Agip, Total For $635m Over Undeclared Cargoes by banio: 9:45am On Sep 20, 2016

sportskid:
Agip and Total will soon leave Nigeria too. This is really a Legalistic Government

Those companies will never leave except govt forces them to leave.

Politics › Re: Ekiti Court Sentences Herdsman To Two Years Imprisonment For Grazing by banio: 9:19am On Sep 20, 2016

ajokebelle:
They should be taking them one by one like that jare. Well-done ekiti state !!! other states should follow.
Let's hear what the apologists will say again.

That grazing bill is preposterous. Do U know if adopted it implies the Fulanis will own land in virtually every local government and with time every community. In 200 yrs, they will lay claim to the land and will stop paying loyalties. They will distort history and claim total ownership of Nigeria and I bet you even the United Nations will support them. I am so happy 4 Fayose boldness

2 Likes

Phones › Re: Shocking: Iphone 7 Already Has A Problem by banio: 9:12am On Sep 20, 2016

dmltoyin:
It's hissing at the stupidity of the owner

How do U mean?
Ok I got it.
It's owner used his last card to purchase the phone

Politics › Re: EFCC Traces Properties To Dudafa (Lagos & Bayelsa Properties) by banio: 9:02am On Sep 20, 2016

Our constitution needs amendment especially on politician take home via Revenue Mobilisation and fiscal commission sharing our common wealth. When a minister yearly take home is above #450 million and a senator close to #400 million. What do we expect them to own, definitely properties that will run into billions.
I am not saying some did not steal, but even without stealing as a politician U could be worth billions. Thanks to our constitution

Politics › Re: REVEALED: 469 Lawmakers Have 2,570 Aides – And Some Earn N950,000/Month by banio: 9:28pm On Sep 19, 2016*

blueto:
This was why I supported Jonathan's ideology on curbing corruption. He said during his campaign for 2015 presidential election that he would fight corruption with improved technology. That means, blocking the loopholes through which public office holders get illicit access to public funds, thereby preventing graft. These depraved mechanisms by NASS members to earn illicit income would have been a thing of the past.

for example. Under Jonathan, with the support of the World Bank and the IMF to the Federal Government of Nigeria, they helped build an electronic financial management platform-the Government Integrated Financial Management and Information System (GIFMIS), including the Treasury Single Account (TSA) and the Integrated Payroll and Personnel Information System (IPPIS), helping to curtail corruption in the process. As at 31 December 2014, the IPPIS platform for example had eliminated 62,893 ghost workers from the system and saved the Nigerian government about $1.25 billion in the process. But it was unfortunate he was voted out for a selective corruption fighter.

God bless You

2 Likes

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