₦airaland Forum

larride:
Since morning I've been flaying the govt for their own nonsense. I am 100% in support of strike. Infact if you remember our discussion about Ajaero some weeks back, I said NLC suppose don shut down the country.

Shut down the country but leave critical infrastructure like power and hospitals alone. It's a no brainers.

Doctors have been going on strike since and people have been dieing, what has changed?

larride:
Those that will die from shutting down from the hospital are who? Theres a reason why they are called essential critical infrastructure.

Even during war, targeting hospital are called crimes against humanity.

Itsrm:
As someone else noted on twitter. Where have all these people been when doctors and medical workers have been going on strike?

This is what NLC should have even done when subsidy was removed. If they had, it won't matter if minimum wage is only increased to 40,000.

raumdeuter:
How much do you think is lost yearly to corruption and to subsidy. Subsidy breeds corruption.
Giving people employment letter and salary without any defined job role is also a form of subsidy which is exploited and leads to corruption

In your private companies how come we barely hear of ghost workers or people taking salary and not showing up to work

Its the idea that govt owes us something, prints free money and should be sharing all over, Free housing, Monthly allowance, free car, free transport, free Hajj, free dowry, free land as long as we are born

An average citizen believes by being born Nigeria already owes us a soft life without doing much, and inability to do that means its a failure

raumdeuter:
Blueraydick is this subsidy or corruption? This IMO is an example of subsidy mentality breeding corruption. If there was no awoof mony make Zamfara use taxes collected from farmers to send elite to Hajj and lets see the outcome

sod09:
https://www.nairaland.com/8113356/how-nlc-power-disconnection-impacts

Blueraydick this was the first thing in my mind when I read nlc shut down the power grid
Somethings ain't meant to be done at all, looking at the country we are in people will die from this madness act

Ibunkun1:
As in, what even caused it was that their ATM card has been deactivated. I would have withdrawn it since

larride:
There's nothing the CBN will do to save that bank if their operations is not sustainable or them don run ham to the ground.

Sometimes its better to just wind it up than postponing the inevitable.

raumdeuter:
Another thing with fuel subsidy was that it made our cost of living significantly cheaper than our neighbors so that for example fuel for the who subregion was sourced from Nigeria

I will be interested in how the cost of living in Nigeria compares to our neighbors in West Africa

Our oil awoof we got for 60yrs was used to subsidize everything and not used to develop the real non oil economy. It’s because of oil revenue that states can just employ workers without any form of productivity. If it was taxes they are using to pay salary, No one will be employing millions of ghost workers

If oil prices crash today or oil dry up today, what will be the fate of Nigeria as a country. We saw a brief intro to it when there was a oil pric slump around 2016

raumdeuter:
Bring in Subsidy to cushion the effect of subsidy removal. Is that not the perfect definition of circular movement?

larride:
AMCON itself should be disbanded. It has outlived its usefulness.

sod09:
The thing shock me
We take unnecessary risk, 2 days latest I will find my way to get my money out

Ibunkun1:
them no get branch again for Ilorin, and I never get the chance to go to Ekiti where i can withdraw it

GloriousGbola:
my guy has 1m in the bank. they have been having issues for weeks. he was in vi two weeks ago to see if he could recove rthe money. thats when i told him, the best he could do s probably 250k - but from what you are saying, its 500k

so . . . the sarakis strike again !



there is not much you can do other than go to the bank and shout. even your people in the bank are telling you there is nothing that can be done

larride:
According to their press release, CBN has been involved in their operations for a while to try to salvage the bank but since no path for recovery, them koko comot their hand.

I'm happy they didnt go the AMCON route.

Ibunkun1:
Their app no dey open again o. For like a month now. I don dey suspect them too

larride:
I know nah. Izzou money for there na 23k so him money safe.

GloriousGbola:
link pls?

larride:
Yes now, it was said in the press release that there was no path for recovery for the bank. The next sensible thing is to wind it up instead of chasing shadow.

larride:
Yes. NDIC will make sure your money is safe.

sod09:
Is that not adenuga bank?

The Acting Director, Corporate Communications, CBN, Hakama Sidi Ali, disclosed this in a statement.
She said: “The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.

‘This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020.
“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.
“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.
“Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.

“Consequently, the CBN has taken this action to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.

“The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.

“We wish to assure the public that the Nigerian financial system remains on a solid footing. The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system.

larride:
Meanwhile CBN don revoke license of Heritage Bank

sod09:
Haa
Is that supposed to happen
Na mad people full this country olorun

larride:
Then every single one of them should be arrested starting from their director.

What nonsense.

larride:
But what's already happening is the reverse of what the man is saying. Prices of things has already jumped over the roof, increasing minimum wage is just to give workers a little breathing space to be able to cope and survive.

larride:
They turn off power grid or it collapse?

larride:
Sounds very good on paper but all these are all medium/long term approach/plans.

Right now, the government must increase the minimum wage and fast.

Itsrm:
Very sound points. Infact, anyone whose salary has increased within the last 5 years will easily relate with it.

The problem is not necessarily increase of wages. The problem is the purchasing power of the money. I have said it here that my colleagues unanimously agree that they prefer the salary we were earning around 2018. Even though lower than what we earn now, it was more than enough for us.

GloriousGbola:
Welfarist approach where you spend 30% of your income? That is what brought us here. Subsidies that never worked and became a millstone once we had cash flow issues

Itsrm:
This is the best view on minimum wage I have seen.

If you have the time, watch from 13:30 to 26:16. It's just about 13 minutes.


https://www.youtube.com/watch?v=VCIy5HxIgU0