₦airaland Forum

Lessons in English to yoruba translations

1. Comfort ye my people - komfoti yii, eniyan mi ni

2. Gone are those days - ibon l'aye ojo'un

3. In the time of our fore fathers - Ni aiye awon baba wa merin

4. During the colonial era - ni aye awon ekolo ati era

5. Economically - e  ranti ki Kolawole

6. People were selfish - awon eniyan ta eja

7. Everyone had their big reasons - oni kaluku ni idi nla

Girl846:
THIS IS MY PROBLEM WITH SOCIETY TODAY!! 
People want to have fun and 'live life', YET they will not take responsibility for their actions!
Every action has a reaction.
If you cannot handle the reaction - DON'T do the action till you are ready to handle the consequences. Simple
** yes there are exceptional cases where abortion maybe considered** <------ these cases are very few!

Please do not pretend to be ignorant!! WE ALL KNOW - most [/b]of the abortions carried out are NOT due to complications or whatever! but due to people's [b]selfish and irresponsible attitudes. They want to have their cake and eat it. nonsense!!

Any husband willing to put his wife through such a dangerous and abusive things is,  I don't even have words for such a husband. I pray that i will never have a husband with that kind of silly, selfish and repulsive mentality! bye!!

I wonder IF men boys were the ones getting pregnant and having to go through abortions destroying their wombs, will change their views on abortion!

and who made you the judge? you are willing to infringe on the rights of the living in the name of the unborn. What is next - arresting dead bodies for suicide?
Anyone that wants to go through abortion should be free to do so, after all, you dont even have the consent of the unborn baby and are simply assuming that you know what the baby also wants.
FYI it is women that are mostly pro -abortion and feel it is an inalienable right of what they can do with their body. Most men couldn't care one way or the other.

Beaf:
While I await your answer to Ibime's question about the army; I wll counter your suggestion above, first with morality / equity and next with the fact that the concept of catchment areas is fundamental to both federalism and the quota system. Therefore, the following are 100% relevant;

[list]
[li]The size of the pool of qualified candidates each state can provide[/li]
[li]Compensation for the percentage of oil revenue each state delivers[/li]
[li]Compensation for the location of oil wells[/li]
[/list]

There is no reason (but bare faced cheating) why Katsina should have 3 top NNPC managers, while the following oil producing states have zero;
Bayelsa (0)
Cross River (0)
Ondo (0)

I have already answered your question. Bayelsa, Cross river, and Ondo, deserve slots at the expense of Katsina and Oyo. This is on the basis of federal character, and not in because of pool of candidates, oil reserve nor location of wells. Its a federal parastatal, and the constitution says it should maintain a representation of federal character.

As to Ibime's question on the army, the distribution of personnel in the entire military is reflective of willingness to join and not of any deliberate ploy by some to dominate it. For example you will find a lot more south-south ethnic groups in the Navy.
The top military personnel are
Chief of Defence Staff: Air Chief Marshal Paul Dike
Chief of Army Staff: Lt-General Abdulrahman Bello Dambazau
Chief of Air Staff: Air Marshal Oluseyi Petinrin
Chief of Naval Staff: Vice Admiral Isaiah Iko Ibrahim
Inspector-General of Police: Ogbonnaya Onovo
UN Military Adviser for Peacekeeping Operations, UN Headquaters – New York: Lt-General Chikadibia Isaac Obiakor
With only Ibrahim and Dambazu being northerners

A look at the top brass of the army specifically in terms of command shows
Lt-General Abdulrahman Bello Dambazau Chief of Army Staff
Major-General Kamaldeen Role General Officer Commanding, 1 Division, Kaduna
Major-General Lawrence Ngubane General Officer Commanding, 2 Division, Ibadan
Major-General Saleh Maina General Officer Commanding, 3 Division, Jos
Major-General Eugene Nwanguma General Officer Commanding 81 Division, Lagos
Major-General Mohammed Isah General Officer Commanding, 82 Division, Enugu
with 3 of the 6 senior officers being southerners.

A longer list of army posting is available at  http://maxsiollun./2009/11/08/nigerian-army-chronicle-of-command-2/

I cannot observe any major bias like Ibime insinuated.

While I agree that the above 3 oil producing states should be represented (particular with Katsina and Oyo having more than a fair share), your other 3 points are not valid, as the NNPC is a federal parastatal and should reflect the federal character accordingly. You cannot switch between quota and federalism whenever it suits you. Moreso the evenness is at the top and as you proceed downward the dominance of the south and south-south in particular increases.

Fhemmmy:
^^^ We are talking about Nigeria here . . . . .anything is possible

precisely! the ones wey don reach there no go wan comot, Its been 8ys since he was 'sacked'.

For level 1-3 (1 +1 +34 =36?)
North East (5): Adamawa (2), Bauchi(1), Borno(1), Gombe(0), Taraba(0), Yobe(1)
North West(8 ): Kaduna(2), Katsina(3), Kano(2), Kebbi(1), Sokoto(0), Jigawa(0), Zamfara(0)
North Central (4): Benue(0), Kogi(1), Kwara(2), Nasarawa(0), Niger(1), Plateau(0)
South East (5): Anambra(0), Enugu(1), Imo(2), Abia(2), Ebonyi(0)
South West(6): Lagos(1), Ekiti(1), Oyo(3), Osun(1), Ondo(0), Ogun(1)
South South (6): Akwa Ibom(1), Cross River(0), Edo(2), Delta(1), Rivers(2), Bayelsa(0)

North 17 South 17?
Jaurus numbers doesnt seem to add up for level 3 management and he quoted Ogun 2x

Ideally you would want 6 seats per region and 1 per state, but that is impractical, as there will always be temporary imbalance. You can make a case for the NW (and particularly Katsina) edging their neighbors, but you cannot accuse the North of having an overwhelming majority over the south.

As per oil producing states, there are 9 oil producing states: Southsouth - Bayelsa, Delta, Rivers State, Akwa-Ibom, Cross River, and Edo; Southeast - Abia and Imo; and Southwest - Ondo. In total they have 10 out of 34 positions which is 30% and fair enough given that they are 9 of 36 states (25%). Anambra is not yet an oil producing state to my knowledge.

I think the 36 states in 6 regions gives us balance for now, and any new state creations will cause another round of upheavals. We have enough unviable states.
Boundary adjustments can be used to accommodate wishes to be in a state with similar ethnic groups, or ensuring that minority ethnic groups are not split between states against their wish.

Beaf:
Like I said, Jarus figures are meaningless in the context of this argument. It isn't about all managers, it is about top managers.

Are you aware that several issues were raised by the Federal Character Commission (FCC), as well as the Senate Committee on Federal Character?

top managers? please define. Whichever level at which you pull, I doubt you would ever find the northerners being in the majority, and the article itself did not claim so.

Complaints I have heard about NNPC staff distribution has been that it was lopsided towards the south-south (about 30%, see http://allafrica.com/stories/200908241041.html), which i personally have no problem with given the geographical location of the resource. If you have references for the ones you had in mind please share.

OYB_MEND:
The way you guys talk about book cooking makes me laugh

so far has Sanusi gone around the country to count the money in each Bank's vault?
It is still the balance sheet of these banks he audited, of which any smart MD who was possibly cooking books like you guys claim can always get some smart accountantants to balance the books, report some losses and collect money from the CBN which they did not need in the first place.

and that is why you are not an auditor

Beaf:
Don't be a clown. I don't feel in the least superior to even a new born baby.

Secondly, why the dishonesty? You practically denied that there was anything untoward in the NNPC recruitments. You claim the author did not provide a breakdown of before and after. . . But then, neither did you. If the author conclusions are wrong because he did not provide before and after statistics; sinse you too did not give those stats, how did you draw the conclusions below? On what basis have you crucified the author while pouring godly praise on NNPC recruitment standards?

The author used 14 appointments to wrongfully insinuate that the management of NNPC was being taken over by the northerners, which was far from the truth. I provided examples that showed that several of the NNPC boards were not dominated by northerners.

From Jaurus data

SOUTH SOUTH        277(29%)
SOUTH-WEST         204 (22%)
SOUTH-EAST          166 (18%)
NORTH-WEST        106 (11%)
NORTH CENTRAL   102 (11%)
NORTH EAST           86 (9%)

Overall, only 31% are from the north.

so they will reconvene the meeting in his presence and sack him.
The best he can get is some financial compensation, and I would be shocked if he is reappointed as MD.

Beaf:
Stereotypes and ethnic arrogance? Daft.

The above statement makes no sense. You can't talk from both sides of your mouth. If there is sectionalism or tribalism being practised somewhere, it must be pointed out. Several violations have recently been reported to the senate. No point talking glibly about what you don't know.

Accusing the reporters of stereotyping and ethnic arrogance, is just ar'se licking taken to the limit.

It seems all of the press have caught your "stereotyping and arrogance" bug.

Firstly, the reference to stereotypes and ethnic arrogance was not directed at the reporters per se, but to people like you who feel they and/or other southerners are inherently superior to anyone from the north.
If tribalism is being practiced, it should be pointed out, but you should not in your eagerness to discredit others, misrepresent and/or misinterpret the facts.
Unfortunately, your leopard will not be shedding its spots anytime soon.

nurexg:
@ Biina
My correct man you are here the game is over. Tell them the bitter true.

Dont get excited as you are no better than them, and were willing to defend (if true) the point of 86% of the management of the largest Nigerian parastatal being from the north.
If the allegations were true, it would indeed be unacceptable. I am not a northerner, and I wasnt trying to defend the north blindly, but simply wanted  people to stick to the truth and leave ethnic bias, bigotry and presuppositions out of issues.

The author of the article, and others like him, prey on the ingrown ethnic bigotry of many to cause dissension and strife. The thread was already degenerating into mudslinging. The author failed to tell us from where the exiting management staff were from, and who replaced the new appointees in their old posts. He wanted to mislead people, and it is a shame that so many fell for it. NNPC becuase of its position, pays great attention to ethnic balance.
It is not a coincidence that there are six directorates headed by people from the 6 regions (P.O. Chukwu (SE); A. B. Yusuf (NE  ) A. O. Oniwon (NC) M.A. Arokodare (SW) A.A. Babakusa (NE); F. A. AbbiyeSuku (SS)).

If any person in office acts inappropriately or abuses his position, Nigerians should be able to condemn him without regards to his origins, and if anyone does what is right, we should credit and commend accordingly. Using stereotypes and ethnic arrogance will get us nowhere. Anyone that has traveled around Nigeria will observe that poverty and oppression is not localized to any region of the country. Suffer head full everywhere

RichyBlacK:
Nna biina, biko no vex.

Okay, let me rephrase my question: Is it okay that 86% of the new top managers are Northerners?

That now depends on what the old distribution was, and what things look like after the new appointment i.e. how many positions changed hands, and/or was there an existing imbalance being corrected or worsened.

For example Attahiru Yusuf became GED of the corporate  services and replaced another northerner in Ibrahim Waziri. Both men are from the North-East zone. Yusuf was formerly GGM Corporate Planning Department (under the GMDs office), he was replaced by Dr. Tim Okon, a southerner. So that move essentially cost the north a position.

RichyBlacK:
^^^ biina, are you saying the article is a fabrication?

The article says 86% of NEW appointments, not 86% percent of the entire management like you represented.

SEFAGO:
Its actually irritating though- how can 86% of the managers in NNPC be from the north?

RichyBlacK:
1. Is it okay that 86% of NNPC top management staff is made up of Northerners?

That is false. 86% of NNPC top management is not made up of northerners. Nigerians are always quick to jump to conclusion over any article that foments ethnic bias.

NNPC Board: M. S. Barkindo (GMD, NNPC); P.O. Chukwu (GED, Exploration & Production); A. B. Yusuf (GED, Corporate Services ) A. O. Oniwon (GED, Refineries & Petrochemicals) M.A. Arokodare (
GED, Finance & Accounts); A.A. Babakusa (GED,Commercial & Investment); F. A. AbbiyeSuku (GED, Engineering & Technology) and Yinka Omoregbe (Company Secretary and Legal Adviser)

Only 3 out of 8 members are northerners.

and if you want to go to subsidiaries and divisions, similar ratios can be found.
Examples:
1. National Petroleum Investment Management Services (NAPIMS): Dr. Ayo Balogun (GGM NAPIMS), Alhaji A. Y. Gumai (GM Services), Mr. Victor Briggs. (GM planning), Mr. Monday A. Agbuza (GM JV operations), Mr. M. A. Fiddi (GM PSC/FES  Operations), Engr. Paul Duro Ajisafe (GM Gas),  Alhaji Abdullahi Kallamu (GM Finace & Accounts), Mrs. B. A. Ashafa. (Mgr Public Affairs), Engr. H. S. Tahir (GM Materials Management), and Dr. Iheanyi Nwa Ohiaeri.(GM Nipex). 3 out of  10 are northerners

2. NETCO: Engr. Kenneth Ejuoneatse (MD), Engr. Samuel Babatunde (ED Operations) and Mr. Ishaya Bamaiyi Timothy (ED, Services). 1 out of 3 is a northerner

3. NPDC :Kunle Olaosebikan (MD), Abiye Membere (ED Direct Asset Operations), Sunday Olawore (ED Joint Venture Operations), Lewis Binitie-Cassidy (ED Engineering & Technical Services), Beverly Mokwe (ED Services) and  Azubike Ahubelem (ED Finance). None of theme are northerners    

4.NLNG: Chima Ibeneche (MD) Basheer Koko (DMD), Mats Gjers (GM Production), Mukhtar Maiha Idi (GM Human Resources), Patrick Olinma (GM Commercial), Victor Eremosele (GM Finance), Siene Allwell-Brown (GM External Relations) and Temilola Okesanjo (GM Shipping). Only 1 of 8 is a northerner.

So where is your 86% northern majority?

mbulela:
all this grammar
guy, the woman should use a condom.
It is very simple and last time i checked it is not a very difficult task.
if you are intelligent enough to have intimacy,then you should be intelligent enough to use a condom.
you can't have one without the other.
if you are intelligent enough to do so without a CD, then carry the pregnancy and stop whining and being selfish.

So condoms and any other contraceptive are 100% effective?
So if after getting pregnant, the guy denies responsibility (even if married), you want the woman to go thru pregnancy alone and raise the child as a single parent? 
You cannot force someone to want a baby against their wish, whether the pregnancy was by error or forced.
All a sweeping ban on abortion will achieve is make it into a booming black market.

They became redundant at the point the bank couldn't sustain their remuneration as against their productivity. When a bank declare 9 figure losses, redundancy is inevitable. The fault lies squarely with the executives  for mismanaging things.

If a company is unprofitable, it is only logical that they trim negative marginal overhead.

tkb417:
if they get 1.2 billion offer, they'll take it and run
the reason they bought UTD is to make money; at 1.2 billion, they have made what they wont make in 10 years
1.2-700 = 500milla
thts cool money

I doubt they would pay the glazers £1.2 bn and still inherit all the debts. United have over £700m in debt and the glazer also invested about £300m of their own money, so profit will be more like £200n which is decent enough. The question then becomes if the knights can raise the £1.2 bn without heavy debts. I do hope they can pull it off before those glazers ruin the club.

a small drop in the ocean but the trickling effect of adding an additional 20,000 household is what im talking about
the previously unemployed people have been coping with menial jobs and some petty biznizs, how do you want a bread winner with kids to cope when hes suddenly sacked cos of the inefficiencies of the management and system?

But that is the sad truth about business, that the tool pushers lose their jobs before the fat executives. I doubt anyone has laid off more than 50% of their staff. This is still better than the company going belly up and the entire work force being laid off.

tkb417:
hahahahaha
genuine growth = fat balance sheet is not equal to developmental growth

are you talking about the banking sector or the entire Nigerian economy?

the real growth in the economy isnt about GDP a healthy balance sheet, its about the welfare of the people
we cant say we are having a genuine growth when the general populace are without jobs

the welfare of the common man has not improved since independence, and the situation wont change much as long as we have 'living dead' as president

no sane CEO should sack to mitigate redundacy
thts what some of the captains of the financial services industry in the US said to me ( and some enlightened financial technocrats in a seminar recently) and that is very true

I disagree, a company, even under promising economic climate, should always optimize its labor force to suit its position and forecast. Quantity does not always equate to quality, and maintaining redundant labor  is unsound management practice IMO.

What was the justification given for keeping the redundant labor at the expense of profitability?

tkb417:
we are preparing a bid of 1.2 billion to take our club away from debts
i told you, we can never be burdened by debts cos UTD would be bought by money bags (no necessarily sheiks now)
i told ya

your glazer parasites never dey ready to leave una.
No be mouth u go take raise 1.2bn. We no even sure say those red knights get money chop      

assume 20,000 have been sacked. what do you call that?
thts a mass sack!

20,000 added to the growing list of the unemployed is a disaster

With the level of unemployment in Naija, 20k is a small drop in the ocean.
Still I doubt they could have sacked 20k already. It really would be nice top have some actual data and not just newspaper speculations.

tkb417:
Biina im waiting for you ooo

lets move from football conomics to pure macro economics

i have your time today

see dis red onigbese of an Obertan. We will soon auction your dear indebted club in the beer parlour.

tkb417:
easy
sanusi in his attempt at sanitizing the industry has ensured mass unemployment in the industry

mass unemployment? sounds like an hyperbole. what is the capacity of the industry and how many people have been sacked?

what it means in essence is that
bank reforms = unemployment = stable financial services industry
thats a policy conflict as far as im concerned.

bubble bust => bank reforms => pruned redundancy=> stable financial services industry=> genuine growth

now youre saying he wants to ensure bank lending to stimulate aggregate demand innit? if the citizenry are unemployed, i dont see how that can stimulate anything; the only thing that it will ensure is the ability of the banks to write back their debts and ensure a better balance sheet. for the economy to improve after sanusis deeds, their has to be a proactive fiscal policies to improve on the SOCs and aggressive programs to serve as palliatives to the sacked worked. ensureing the banks lend cannot stimulate for now cos teh banks are still recuperating and are only tring to recover loans for now

If the banks lend to the economy, wont the industry create jobs?
I do agree that it is not comprehensive enough of an approach but it is a step in the right direction, and might be better to see the impact of reduce deposit rates first before implementing more complex policies. This is the cheapest tool with a short response time at the disposal of the CBN

Even ignoring the big wigs, if those northern banks were aimed at the region like the writer is claiming, why couldn't all three banks come together to form one and preserve their interest in the region or did soludo pick partners for them to merge with.

RoadStar:
I am using sanusis facts where he says that the consolidation in general was a sham and that banks built their capital base on depositor funds.
The thing is points u sometimes use to boost your position can sometimes be used against you.

which facts? You are simply expanding on comments and statements, and extrapolating your own interpretation to themt out of context.
We have already published details of the extent of insider abuse in several of the banks.  CEOs set up Special Purpose Vehicles to lend money to themselves for stock price manipulation or the purchase of estates all over the world. One bank borrowed money and purchased private jets which we later discovered were registered in the name of the CEO’s son. In another bank the management set up 100 fake companies for the purpose of perpetrating fraud. A lot of the capital supposedly raised by these so called “mega banks” was fake capital financed from depositors’ funds. 30% of the share capital of Intercontinental bank was purchased with customer deposits. Afribank used depositors’ funds to purchase 80% of its IPO. It paid N25 per share when the shares were trading at N11 on the NSE and these shares later collapsed to under N3. The CEO of Oceanic bank controlled over 35% of the bank through SPVs borrowing customer deposits. The collapse of the capital market wiped out these customer deposits amounting to hundreds of billions of naira. The Central Bank had a process of capital verification at the beginning of consolidation to avoid bubble capital. For some unexplained reason, this process was stopped. As a result, we have now discovered that in many cases consolidation was a sham and the banks never raised the capital they claimed they did.
How does 'many' become 'all' or that the sham went beyond the penalized banks, and more importantly become all banks being under-capitalized and insolvent?

I never said so. You are just bent on defending Sanusi even when theres no need to.
Im just saying that whether good or bad his actions have caused rippled in the banking sector and will take time 2 settle.

so the question becomes how long? I feel  by 4th qtr the sector should be on the rise, and 2yrs down the road is enough for us to be back to business as usual.
You on the other hand seem to feel things are yet to get worse?

Sanusi taking a blanket swipe at the consolidation excersise as b eing a sham is indirectly saing that the exercise this not lead to well capitalised banks.
Sanusi implied so.

You seem to be equating adequate capitalization of the banks to consolidation. Adequacy of capitalization is dependent on the level of exposure, and while Sanusi said that the CBN was not diligent enough in its handling of the capitalization, the audit report said that 14 banks were adequately capitalized. The only fair conclusion that can be reached from his statements was that some banks were not genuinely as capitalized as they claimed. The level of severity cannot be ascertained just from those comments.

You have a way of trying to misquote me.
A specifically pointed out that 12 which is half of the banks are under management change.
Anything that affects half of the sector can be said to affect the sector as a whole.

8 executives were forcefully changed by the CBN, while the deadline for tenure limit change is july 10 and I know of it affecting only 3 banks (zenith, sky and UBA). who is the 12th? Succession of the top executive is not necessarily equal to a management overhaul. Even so, half is far from full, and you cannot make any more case for half-full than for half empty.

Just like in Macro-economics. Job rise figure show that an economy is improving.
Job losses show the reverse.

I disagree. While job creation can be used as an indication of growth (real or otherwise) in a company or sector, job losses can simply be a move at improved efficiency and profitability.

Banks that are still firing workers are at the least not yet stabilised yet.

So how many banks are we talking about? Is FBN, Zenith and others who passed the audit have above normal turnover? You cannot use a handful of the banks to generalize for the whole sector.

You also dont have any evidence that it will not continue beyond september

I agree that I dont, but the indices and history point towards it not continuing beyond that. Once the AMC  (which is supposed to be operational by then ) absorbs the bad debts, I dont see what else could pull the banks further down.

The same fitch that was hired by CBN to rate the banks
As a fall out of Sanusis action,s Nigeria had a downgrade by S&P and hasn't improved it since then.
Dont confuse things here.

S&P downgraded Nigeria's outlook rating from stable to negative in March 2009 (before sanusi's appointment) stating
on the basis of dwindling revenues attendant on collapsed oil prices as well as due to what it described as the "unorthodox policy measures" adopted by government. The international rating agency also revealed that the negative outlook took into account "a continued worsening of the business environment and a deterioration of Nigeria's balance sheet." "With Nigeria overwhelmingly reliant on oil," the agency concluded, "its 2009 budget projections may be difficult to attain given longstanding constraints in output stemming from unrest in the Niger Delta." The report also expects the quality of banks' credit and security portfolios to weaken given the turbulence in the capital market and "sudden slowdown in economic growth" - arising from a combination of dwindling government revenues and a sharp decline in bank lending growth.
The rating agency said the rating would not improve in the near future. see http://www.thebanker.com/news/fullstory.php/aid/6497/S_P_downgrades_Nigeria_92s_outlook.html

The August downgrade was just a continuance and the associated comments were
Nigeria has a stable outlook, stressing that the financial, economic and political risks are balanced by a strong external and fiscal balance sheet. The lowering of the sovereign rating on Nigeria reflects our view of the government's reduced fiscal flexibility due to costs associated with its recent bail-out of five large domestic banks, and also the fall-off in government oil revenue. In our opinion, the central bank's action has begun a welcome restructuring of Nigeria's banking system, but it also reveals deep problems in Nigeria's credit markets, with the extent of problem loans beyond our previous estimates,"
So I dont see how it was a fallout of Sanusi's actions.

I am not hear to talk of the long term outlook but sanusi should admit that there has been an impact on the banks of his reforms.
Instead of giving this impression that all has been contained and business van go on as usual.
His inexperience did not enable him heed to the warning and now he is trying to mask the effects.

Nobody is saying there has been no impact, but you would like us to believe that things are worse than the CBN says they are. Yet you have not provided any evidence to this effect.

freezy:
Of course there are no evidences from the CBN. Almighty Sanusi is the Judge, Counsel and Jury. He has determined who to be examined and who should not, thus the evidence available are the one he wanted everyone to see.

if there is no evidence, then on what basis is your conclusion of their guilt and your accusation of complicity on the part of the CBN?

Still don't give a damn bout 'em ratings. See, in the old days of practicing chemistry in the Laboratory of Nigerian Breweries, the analyticals of the water used was very critical. However this process is very tedious. So the Lab hands at times doctor results so they could leave office in time. However, we have ways of doing simple cross referencing and we know if the results are in place or not! Let Fitch come up with sumn like that and then to me their ratings might hold water.

Unfortunately Fitch cannot as they are not the supervisory body for the Nigerian (or any other country's) banking sector. It is the user of the ratings that should take the rating in context.

Oh, really! What about hate? Which could have the possibility of a personal vendetta?

against who? the sacked individuals or the banking sector? The comments were made after the executives had been sacked and the reason for their sack made known. Its like saying comments about Soludo or any other past bank executive will damage the perception of the banking sector. I  personally dont see how it should and I doubt we will ever agree on this.

And you explanation was incorrect.

Biina, don't qoute me out of context. That is a leading statement. Go back to what I posted earlier. . .

Lastly, bros biina, let us not forget that the lack of funding for the major marketers from banks was the original cause of the fuel scarcity (Ignore my hammering so much on fuel scarcity. . . It's just that it is so difficult to get fuel these days and its driving me nuts!!!       )

Why did the banks refuse to fund?

Even at that, the marketers were still being financed by the banks till the last week of September 2009. The banks were never at any point insolvent but refused to give out funds untill the the issues of the tanker drivers' purpoted sack over the inability of a parent company to continue paying their wages due to the fact that the FG has not paid what was owed this company. That my friend, was the start of the fuel scarcity.

Now how did I contradict what I said earlier? Lack of funding does not mean the can't fund, they REFUSED to fund! That is not so difficult to understand, is it?

On this point, you arguement that over exposure was the reason for the inability to fund, I say again, it is outrightly wrong. For Chrissake, the questionable exposure was in 2008 & and banks still funded till September 2009.

Correct me if I 've misunderstood you
1. You said the fuel scarcity was caused by lack of funding to major marketers by the banks
2. You then claimed that banks only refused to fund marketers in September 'cos of the the issues of the tanker drivers' purported sack (strike?) over the inability of a parent company to continue paying their wages due to the fact that the FG has not paid what was owed this company.

Q: how does tanker drivers going on strike influence the willingness of banks to lend to marketers? Was there a similar correlation at other times in the same year the tanker drivers have gone on strike?

My position is that the eroded capital and the subsequent CBN limit on exposure to oil & gas is what caused the lack of funding to the marketers. The unpaid N70 billion is the marketers excuse for being in debt (which did not start in September) but it was the new CBN policy  and already eroded capital that made the bank refuse to continue lending.

see
http://allafrica.com/stories/200906230025.html
http://allafrica.com/stories/200908170346.html
http://allafrica.com/stories/200909080195.html

There is no provision in the constitution for appointing an acting vice president. Jonathan is still the vice-president and has only 'temporarily' assumed the authority and responsibility of the president. If you want a more permanent change, they should impeach yar'adua, though I doubt such a move will work out well on the long run.

Jonathan has the full authority needed to do the job and they should simply let him do it, and not try to stir up unnecessary political discord.

Jaylon:
this is not the responsibility of any country's central bank.

So (in your esteemed view) whose responsibility is it to be the the bankers' bank?

Me sef:
Its the opinion of an average northerner and this Shehu guy just brought to the fore the fears some of us have expressed about Lamido's agenda; the seeming introduction of "quota system and federal character in banking".

How did you reach the conclusion that this is the opinion of the 'average northerner' (whatever it means)?
- are you a northerner
- have u sampled the opinions of other 'average northerners'?
- have you verified that the name Shehu Abubakar is genuine and not a pseudonym and or that the guy is truly a northerner?
- given that you agree with his opinions, why can we not consider the possibility that the article was written by you?

Even so, assuming this is the opinion of the 'average northerner', what evidence have you that Lamido shares the same views. Where is the evidence of the "quota system and federal character in banking" you accuse him of
He has appointed 8 interim CEOs to the distressed banks: Lai Alabi (Intercontinental Bank), Funke Osibodu (Union bank), John Aboh (Oceanic bank),  Nebolisa Arah (Afribank), Susan Eroche (FinBank), Mr. Cyril Chukwumah (Bank PHB) Mr. G.O. Folayan (ETB), and Mrs. Sola Ayodele (Spring Bank Plc). How many of them are northerners? Which bank has been taken over by northerners?

Its a shame that Nigerians often like to reduce everything to ethnicity and tribalism, and that so many southerners find it difficult to accept that a northerner could actually be succeeding where his southern predecessors have failed.

I just cannot fathom how a part of the country that is so reluctant to move forward will be allowed to hold others down. I'm sure very soon, they will fabricate something to say southerners should stop going to school for 50years so that the North can catch up.

Help!!!!!!!!!! Our country sinks!

You are definitely one with a wild imagination.It is said that[i] to the ant on a table, the world is flat.[/i]

While the predominantly Muslim north may differ in orientation, and priorities, than the southerners, it is arrogant of you to proclaim that your view of things as absolutely right and  accuse them of holding 'us' back. You are no better than the Europeans that call us uncivilized simply because our ways are different. The only things that has ever held Nigeria back are the greed and corruption of all our leaders (irrespective of origin) and the complicity of people like you who shy away from the truth and instead try to foment ethnic sentiments.

I doubt you have ever been to the North nor interacted actively with the northerners you claim so much expertise on. You should get off your high horse, and put your efforts to better use in trying to understand and appreciate people from other parts of the country, particularly where they are coming from. We should appreciate our diversity as a nation, and not continue to perpetuate the 'divide & rule' mentality that the British used so effectively against us.

tubabie:
Not this one in question, cos it involves groups of people in 2 different states which they no longer want to belong to those states but would rather come together to form a new state.

and they cannot be merged into existing yoruba dominated states of osun, oyo, ondo and/or ekiti?

Some of the issues can be addressed by state boundary adjustments.

rebranded:
@Binna,
I would like to know your view on Sanusi, looks like you believe he is doing the right thing and Soludo was a flop

I believe Soludo's appointment was premature, and a simple case of putting the cart before the horse. What the system needed (and Soludo also identified this) was the sanitation before the consolidation. Nigeria would have been better served if we had a 'Sanusi type' with Soludo as deputy governor, and Soludo taking over once the sanitation was done. Unfortunately, we ended up with castles built on sands and which were bound to collapse.

Are u aware that about 50% of the jobs soludo's policies helped create have been lost.

The bulk of that growth could not be sustained. The banks were investing in the stock market and they lost their capital when the market collapsed. All these occurred before Sanusi assumed office. Sanusi only made them declare their true position.

Apart from that the naira lost value more to 150

The current central official rate is 147.81 and has always been in that 145-155 bracket since Sanusi took over. The exchange rate is more dependent on crude oil prices than CBN policies.

We are hearing inflation rate is increasing, Please tell me one positive thing Sanusi has done since he got there, and pls dont tell me those banks would have gone down, because i can assure you soludo wont allow that to happen.

The banks had already failed before Soludo left office, the reasons they were still functioning was that the creation of the EDW by Soludo essentially allowed them to borrow indefinitely with the debt being guaranteed by the CBN, and that they doctored their books to hide their true losses.

Plus Soludo is a Professor of Economics not some Msc Islamic or Risk Mgt man. To start with Sanusi is not even qualified for that post, what does he know about the Economy? the only things he mentions is banks banks, I have not heard him for once talk about inflation, employment, exchange rate. I rest my case

Sanusi was the MD of FBN before his appointment as CBN governor, and while he might not have the paper qualifications that Soludo has, he has the experience that Soludo lacked. It was Soludo's persistent focus on grandiose economic policies that let things degenerate so badly. Beyond its role as a fiscal policy maker, the CBN has a strong supervisory role to play and under Soludo and his predecessors, the CBN had always failed to do so.

We need to leave tribal sentiments out of these issues. I am not a northerner, but as someone who has followed the sector for a few decades, I approve of what Sanusi is doing because it is what should have been done several year ago, even before Soludo was appointed. Does that mean I think Sanusi is perfect? No, but I will support any of his actions that are feel are in the best interest of the country and particularly the masses. We need to judge peoples actions and not their background, religion, or ethnicity.

The guy is about clearing out the rot in the CBN, another move that has been long over due http://www.businessdayonline.com/index.php?option=com_content&view=article&id=8999:cbn-in-self-cleansing-gives-impetus-to-sector-reforms&catid=1:latest-news&Itemid=18

If you want a description of the issues and Sanusi's proposed reforms then read http://www.cenbank.org/OUT/SPEECHES/2010/THE%20NIGERIAN%20BANKING%20INDUSTRY%20WHAT%20WENT%20WRONG%20AND%20THE%20WAY%20FORWARD_FINAL_260210.PDF

MrCrackles:
LMFAO!

seriously, dis na true talk, we get one neighbor, one time, for one place like dat, wey im snoring gengen so tey, pilots wey dey fly pass go call am to wake am, say im snoring dey cause turbulence     
Person come ask d wife to sleep for dat kain room