₦airaland Forum

CrystalTiger:
I wonder why the Women Affairs minister is the only high ranking female government official speaking out against this shit..

Of all the problems in Niger state, marrying out orphaned girls is now a top priority..

Well, it is her ministry's job to speak to these things but then I agree with u that the conspiracy of silence on the part of other high ranking government officials no make sense at all.

The fact that she's a southern woman sef will make the speaker and his imams dare her to carry on with the yeye weddings.

Olowunl01:
Bro, mistake number 1, after God fear governments, nothing Nigerian govt can do ke? Let just hope they actually meant borrowing by way of TBills or asking PFAs and PFCs to invest in infrastructure bonds or something, cos if it direct deductions omo its scary ooo, you know being the largest employer and defo the largest contributor to the pension funds they can do their magomago if they want & all that will end it will be all talk, and before you know it people will come to muddy the water with their dissatisfaction with PFAs & PFCs.

Funny how everyone suddenly forget this is Nigeria where government behave like they are above the law over and over again.

This is naija where government and its agencies don’t even obey express court orders.

No be today government Dey take irresponsible decisions and heaven did not fall. When they eventually take those decisions we thought they won’t dare, it is still government’s supporters/apologists that will still explain it away

larride:
Boss the FG cannot just deduct money that is not in their care. Most of the money are in pension funds manager account, not in FG account or FG care.

The right word might be "borrow".

I doubt Pencom and other stakeholders will agree to borrow the FG money though. Let them raise bonds and t-bills.

U are still not getting it.

Let’s say FG decides to raise T-bills , government bonds and other finance instruments . Will it be specific to PFAs alone ?

Will PFAs be under compulsion to invest in those instruments or it will be their prerogative to either invest in them or look at other investment vehicles ?


The tone of that news article sounds as if the FG is gunning for pension funds whether the PFAs and PFCs like it or not. The fact that FG even put a figure on the amount they are looking at and they were specific about pension funds makes it look somehow .

Well, let’s wait for more clarifications sha

Itsrm:
The link below further explains what I was saying earlier.

https://punchng.com/pencom-denies-lending-fg-n10tn/%3Famp&ved=2ahUKEwin8_6TqpCGAxWKYEEAHfSaBRkQFnoECDIQAQ&usg=AOvVaw3WFgiQSP_XKFRG3UiBbjx-

I have read the article and let’s say I want to give the DG benefit of doubt that she’s saying the truth and not some cooked up story by a political appointee to save the government’s face 5 months after the issue was raised .

So what do we make of the news that says FG wants to DEDUCT and not sell investment products to PFA’s ?

In the past I’ve had chance to actually study the PENCOM act 2004 and I know PFAs are allowed to invest in government bonds and all….. but this news article is saying something different from that.

Itsrm:
Simple. This has been the practice for as long as I can remember.

If it's about them not paying back, the government will rather print money to pay than default.

We the owners of the money even get to earn some returns on our money. The accumulated interest for some of us is in 6 and 7 figures.

Again, I don't get why this is now generating so much uproar.

If it’s that simple, then why were retirees having issues assessing their savings as at October 2023 prompting the house committee to raise a motion on it ?

larride:
They are not taking the money because it's not possible. It's the same way pension managers have been investing pension funds into govt bonds and Bill's. There's no difference.

The government do not have the power to take money that is not even there's and in private custody.

What u are saying is different from the news article reported . Except it is the author that is reporting a wrong news .

The language of the news article is FG plans to DEDUCT….

Itsrm:
Nigerian government has been borrowing pension funds for as long as I can remember.

Pension fund managers are one of the biggest investors in NTBs and savings bond. When you buy fixed income instruments from the government, you're essentially borrowing the government money.

Why is this one generating so much uproar?

U are clearly not well informed about this matter for u to claim there’s been no uproar on this nonsense FG borrowings Bubari dem started .

https://www.thecable.ng/reps-move-to-recover-n10trn-pension-fund-borrowed-by-fg/amp/

As at October 2023 the house of reps was still trying to recover over 10 trillion

larride:
Pension funds do not sit in pension manager account. They are mostly used for investment purposes.

I know how pension funds are invested by the custodian. I have a fair idea of how the pension system works .

The idea of government taking out as much as 20 trillion out of the funds is not a welcome idea as far as I’m concerned . Let government source for their funding elsewhere .


The fund deoant belong to them . The fund is not there for them to borrow


There was a reason this contributory pension scheme was introduced by Obsanjo to ensure the minimum government interference

CrystalTiger:
Lord have mercy...

I think organized private sector , pension funds custodian and senior lawyers actually need to sue the Federal government on this matter .

Number one the pension funds do not belong to the federal government but to retirees whom the pension funds serves as their savings . The federal
Government does not have any legal right to just dip hands into the funds simply because of any phantom plan of infrastructural development .

Another issue is that Nigerian government does not have any capacity to return such funds if they are allowed to “borrow” it.

I read the full article and I saw them talking about phantom ideas of utilizing part of the funds for housing projects which they intend to make available to the pensioners on mortgage . From where I stand I can see through the bullshiiit that like most housing projects if and when such houses are built; like most government housing projects the masses whose pensions were “borrowed “ to construct the project will never benefit from it.

If government needs money for infrastructure development they should go to the international financial market where they have always sourced funds they waste and embezzle . Let them add to the gbese on the neck of the country . They should not put the funds of retirees at risk while going about their rubbish wastefulness .

Olowunl01:
The only people that can solve this problem is the government, it's Alausa, anything else is just a waste of time, until the govt starts jailing civil servants and heads of agency responsible for approval and monitoring, nothing changes.

There is no way these houses are built without the knowledge of the authorities in Lagos, so whoever was the commissioner, department heads in the last 20yrs have questions to answer. Most of these properties are sold on to non suspecting abroadians.

This is going to kill off private investment in real estate in Lagos state, there is acute shortage of descent accommodation in Lagos state, like how do you build a whole estate on a drainage and it is allowed? Not possible unless you have sorted someone somewhere.

[You engaging a lawyer who most likely doesn't have indemnity insurance and total networth is just a couple of millions doesn't give much succour when things go south neither does the prospect of going through the court systems which could take years.

You made a lot of sense here egbon.

When people say engage a consultant, engage a surveyor, engage a lawyer, etc to help u do background check on any property before u buy them....They forget that those professionals can actually do the findings and still end up advising u wrongly either because they were incompetent or were also misled by the government agencies they consulted.

In saner climes, professionals like that are expected to have professional indemnity insurance which will be cater for any liability arising of ur professional advice to client(Like ur client's house being demolished by govt after u advised him to purchase the property that it has clean title & approval). But here in naija, shey lawyer wey dey owe him landlord rent na him wan buy professional indemnity insurance ?

Government has the most role to play honestly. They need to do something like come up with a law to prosecute civil servants in those agencies who help all those estate developers with dagbo dagbo approvals . This is because I’ve never seen any of those estate developers advertise properties without claiming they have approvals , yet when government wants to demolish they always claim those approvals are fake

GloriousGbola:
People need to start engaging consultants. These developers and their promoters are shysters. I have one on our school WhatsApp group. Always promoting these multimillion naira properties. I now look at them like car dealers who will sell you a 'clean car' with dodgy custom papers.

I dread all those people always advertising Kinikan kinikan estate lekki, after Chevron, close to Lagos Business School, etc. It's almost like everyone is now a realtor once they finish school and there's no white collar job available.

Everyday like this u see different estates being advertised on WhatsApp status.

I think most people who fall victim to buying those properties without proper approvals are people abroad who intend to buy houses here where they can always crash anytime they are in naija.The desire to own a property in Lekki Axis always and the fact that they don't want to send money to relatives here to do findings on their behalf always make them fall victim.

iamoyindamola:
Sanwoolu need to demolish 90% of ikeja and design a better blueprint
Ikeja should be competing with Island but if rain start that place is terrible to come

Omo! All those Oba Akran area of Ikeja worse when rain falls.

I don't even know what they can do to that Ikeja cos most of the places drainages would've been dug are now full with properties.

Itsrm:
So how do you know provision was not made? Who says Fubara is not the one blocking the payment to frustrate the contractors who would have been associates of Wike.

This is a man who has a well documented history of saying something in public and does another in private.

As they say, when politicians fight, the truth suffers.

Well, for a fact I don't know if provisions were made or not. I'm sure u also don't know, but u are willing to believe it was made

I guess Wike himself needs to speak to the matter , this ur speculations of Fubara sitting on the supposed provision will not fly for now.

GloriousGbola:
As accountant General no way Fubara was not in the know about these figures.

The other thing is even businesses for one reason or another have delays in paying contractors. It is much worse in govt run orgs.

We were invited to do a design for a CNG Autogas project. We have done most of it. Three weeks later one story or another about payment.

Last year a payment we expected in November did not come until February.

Getting your money out of some clients is a delicate dance. In my day I have seen vendors come to the office, make a scene, get their money and get blacklisted.

I have been on projects where there were variations and we had to push for 6 months for the vendor to be paid. Sometimes the vendor has assumed his money has entered bush and then he gets paid. Happened to me as well with a client who owed for like 9 months.. I had written it off the boom out of the blue I was paid

Well, I expect Wike to come out with a logical explanation to why the payments are still outstanding, and more importantly state that provisions were made ahead of time for the payment from those particular financial years.

Yes businesses may delay in paying contractors but they always plan towards repayment na.

If the information online is correct, Fubara did not become Wike's Accountant General until 2020. Remember these are outstandings from 2016 and 2017 o

Itsrm:
You mean he had one project to his name after one year? Wonderful!

I am not an expert on Rivers state matters, na why I wan learn from u. The flyer u shared the other day showed more than one project commissioned by Fubara na

Itsrm:
It was clearly stated in the letter the money was for retention. It's standard practice in road construction to ensure the contractor adheres to required standard.

What they should have shown us is the contract document showing the money was due to be paid before Wike left and he didn't pay.

Simple as ABC

U this man !

So u actually believe that for roads completed in 2016 and 2017 the outstanding funds held for retention would not have been due for over 6 and 7years respectively?

Okay let us agree they were not due as at then but provisions were made for them by the administration, where are the provisions now? If there are provisions will Fubara be complaining ?

raumdeuter:
See the map of the area and how the canal was sandfilled to build houses

When these are demolished we will start hearing the usual noise

https://www.nairaland.com/8092733/lagos-state-serves-notice-properties#129962356

I support the government to demolish those properties cos they constitute environmental hazard.

I also think government agencies should be more proactive going forward; like they shouldn't wait for some of these properties to be put up before taking action. If possible, going forward they should actually prosecute anybody caught in the act sandfilling some of these canals.

I think that will save a lot of unsuspecting innocent people from buying those land and properties years after.

Itsrm:
The rat was chopping garri and had things to show for it.

This one is chopping, has a very loud mouth and very little to show.

U mean it was within first one year Wike achieved everything he achieved? Wonderful!

iamoyindamola:
Na only him rate wike
Infront of every Nigerian that wike is a nobody, remove violence he's just a noise maker
I stand with fubara sim btw

Me I no even stand with any of them cos na dem know where dem see each other(i.e Wike and Sim)

But I think Wike actually needs to be demystified. An ex-governor should not be holding a sitting governor by the neck and threatening fire and brimstone after he enjoyed his own tenure without problem. He should let the guy work and after the end of the guy's tenure let the people be the judge of who was a better governor

Itsrm dem say Wike no pay complete for the road projects he commissioned under his tenure.

How come?

iamoyindamola:
How do you know that's the caption on my mind when i saw the headline
Always tag Itsrm

Itsrm no care whether the rat chop all the garri finish

His own be say make the rat win the war

Some of the things happening in this country are just too strange to believe.

The Speaker of Niger state house of assembly actually planned sponsoring the wedding of 100 girls who were orphaned due to insurgency attacks in the state. He mentions the sponsoring of their weddings as part of his constituency projects.

What happened to educating them or sponsoring them to learn a trade instead of wedding ? The funny reason he gave for sponsoring their wedding is that he aimed alleviating poverty in the state.

https://www.nairaland.com/8092240/minister-files-suit-petitions-police

For the first time I think the Women affairs minister has done well by petitioning the IGP to stop the nonsense planned wedding ceremony.

GloriousGbola:
Because na portable, I still feel say na stunt. He knew there was no way he could escape the police. I am also wondering what gwagon sells for 28m today.

My goddam 2008 corolla was 6m brand new and is apparently 8m today, 16 years later. How much would a gwagon be? Tho some commenters are saying it is an 'upgraded' model.

Portable probably had exhibits on him which he went to drop, that was why he jumped fence(Most likely he was in possession of cannabis and other illicit substances). I don't think he was trying to escape; he obviously knew jumping into a compound is a dead end.

U know when police matter sup based on one offence, they will most likely rope u with another one if they catch exhibit for ur hand.

Portable na streets, he knows they will surely sort the motor issue. Las las he will sign undertaking to offset the debt on the car and he will settle police for stressing them.

Unlimited22:
Thanks boss

No worry una go win league next seasin

Yes o. God wey do Chelsea own after 50 years still Dey on top throne; He go do Arsenal own too in a short while .

Unlimited22:
Ladies and gentlemen, today is Unlimited26 👽👽👽

Another revolution round the sun.

Happy birthday doc. Make the best of this new year and continue to be a blessing to ur generation (Ur people saved my eyesight recently ) .

Ur best is yet to come.

Leyqute:
City can actually score a third. Tottenham were shockingly bad.

When I posted earlier about Tottenham being shiiit ; u thought it was coming from the position of an Arsenal fan.

I’ve watched them play in the past few weeks and I’ve been seeing this shiiity pattern of play from them.

The way son Dey play is even unexplainable ; he plays like someone who wants the club to sell him ASAP .

From the first half it was obvious Tottenham will not score in this match . Like when they even have the ball facing the city box, u will hardly see one single Tottenham player in the box . Na only Post-No-Clue understand the pattern they played sha .

No objective person will watch the match and think Tottenham actually had a plan going into the game.

Make dem throway Johnson inside dustbin and bring in Kuluvseski abeg .

Tottenham will get the ball and be foolishly recycling it within their own half…. In contrast when city have the ball they are very direct with their attacking moves stretching the ball to the length and breadth of the pitch .

True true Tottenham are shiiit

These Tottenham attacking players are just doing everything to sabotage this match .

Son playing like shiiit; just playing as if his soup has left Tottenham a long time ago . That Brendan Johnson is just specially useless .🤦‍♂️

liveLongNprospa:
Looks like apc government favored me.
First pikin Don show today😎

Congratulations bro. The baby will live to be a source of joy to you and the society at large.

Can Spurs just do this for us ?🥹

germaphobe:
Leipzig and Milan coach. I laughed so hard man!!! . Ok, Alonso can be excused but Stefano pioli and Marco Rose . Oya see nah!!. Where those two coaches dey for table this year?, Where did the finished on the table last year?. 😂 we too dey play for here ah swear.

If u give them Declan Rice and Havertz they will win EPL, UCL , World Club Cup and Inter Planet Cups