₦airaland Forum

Saw this story and decided to ignore it. However, based on the poor responses from both camps, it confirms the following

- The pastor knows the lady. Under the circumstances in which he knows her is yet to be disclosed
- The pastor sends money to her regularly. It appears there may be evidence on this
- The relationship/circumstances between the pastor and the lady has gone sour. You don't give someone money and he/she turns around to bite you else there is some form of agreement or understanding between the both of you.
- There is more to this story and we shall know very soon.

SBG04:
The this matter is that there is no gang. This girl was arrested by FCID Alagbon on Friday while trying to withdraw money from uba. They have held her incommunicado since then to break her under the instruction of Suileman. The claim by Suileman that she and her "gang" were arrested by the IGP monitoring and intelligence team is a blatant lie! Keyamo was the one that brought the IG into this thing when he petitioned the IG to order the guys at Alagbon to release the girl. A lot of people are going to go down in this Suileman saga, including those policemen at Alagbon that collected money to lockup an innocent girl. Now they want to frame her up with links to Boko Haram, a delta delta girl!!!

It appears you know her and the story

Have u guys ever wondered if it was scripted!

4 months to make a dress to wear for just a day and never again! I hope she was able to sit properly throughout the event?

The economy is Kenya must be good for people to engage in frivolities

Love Machine:
Who are those people receiving dollars from cbn and hoarding it?We hear that cbn has been pumping millions of dollars into the system but the scarcity of the currency still persist.There are also foreigners who visit nigeria with dollars and exchange them into naira.Who are those unscrupulous element hoarding the dollars?

There are a lot of factors underplaying here. I believe this was discussed on a previous thread in the Business Section. Forget whatever the CBN is trying to do, they are using palliative measures to solve a rotten wound. I don't take Emefiele serious since Nov 2016, immediately after the 4th Quarter MPR meeting, where he adopted a DO NOTHING APPROACH in an economy that is in recession.

In another news/thread - Dollars is trading at N460 - N470. Is the OP not right about his post? There is no magic in this. If you do the right thing, you get the right result. If you use palliatives, you get palliatives results.

greenpasture:
I absolutely disagree. First of all debt is not a problem if it builds infrastructure that grows the countries assets on its balance sheet. Second the CBN is catering for the very small Enterprises that make small overseas payments for things like hosting. There are only two ways to come out of recession; cut or spend. Nigeria has chosen infrastructural expenditure and the support of the millennial generation. Absolutely nothing wrong here.

What I pointed out was that spending by the GEJ administration was criminal. It didn't improve the asset side and it didn't spur growth. Not all spending is the same. Tariffs on non essential items is at a 20 year plus high. So where is consumption being funded?

Getting spending right is the key. Cutting is not an option in the Nigerian environment.

I did not say borrowing is wrong. Maybe you didn't read my comment well enough. However, I can say borrowing in Nigeria is wrong because we never seem to get it right. Our budgets are never implemented and yet we borrow to fund budget deficits. This only means we borrow for consumption, we eat our savings and then eat our borrowings and still cry out.

I totally disagree with you on cutting down to get out of a recession. Well your term "cut" was vague so I don't know what you mean by cut. Cut down on what? Recession is when your economy is retracting and I believe you know this because I took time to read your previous comment. Based on that you need to produce more as an economy. Maybe your cutting may mean for individual companies who may tend to revise expenditure plans in view of a recession. But from a macroeconomic point of view - you SPEND the hell out of a recession. America, under Obamacare, did that and incurred $1.2trillion in debts.

I also agree with you on spending right, a concept that is alien to Nigerian politicians. So I am really concerned when we borrow because such funds are used for the wrong things.

Djailer:
There's no political fact in your claims. And certainly no correlation with what the OP has asserted.
Giving the fact that no two persons are the same and that a vice president has no real power, the role of acting president is clearly different from the role of vice president and Osinbanjo is taking some limited personal initiative now that his boss is on medical leave abroad.

On the subject the OP raised, faulting the vice president's monetary directives on the indices of last year when the policy wasn't yet given is purely a case of intellectual dishonesty and ill wish for the vice president intervention on the free falling naira.

I have addressed the OP comment is a separate post of mine and I completed agreed with him. I am only addressing this comment in which people tend to want to separate the president and the Vice President.

There is something called Presidency in this country, if you are not aware and both the offices of the President and Vice President are within the Presidency. Who told you the VP has no real power! Yes the VP has his roles and duties, just like you have yours in your office and as a matter of fact, the VP is responsible for the economy. He chairs the Economic meetings and report to the President on the economy.

This division is nonsense. I can agree that there is a bit of swiftness in trying to address some pertinent issues by the acting president, but the president and the Vice President are not different. They both have a mandate to deliver jointly.

dabraska:
I totally agree. The fundamental problems need to be tackled. The cash is too much. But the people who can enforce these rules also have dorm accounts with large deposits of foreign currency. Even our acting president had quite an amount.

This has ALWAYS been the fundamental problem of Nigeria and not corruption. Laws are not drafted for the general good of the country, but to serve the selfish few and privileges. Laws and directives that harm the rich and privileged are quickly screamed at and those that promote their interest are quickly signed.

We are in a jungle whether we know it or like it and in a jungle, only the strong survives.

greenpasture:
You made a lot of sweeping statement without data. E.g the economy just stopped growing for the first time in 20 years. This is not true. The economy has been tanking since 2011. It was merely covered up by selling down reserves and oil reserve account. While the economy looked healthy FDI and reserves ( at an average oil price of $110 pb) was falling consistently. Please see the large quote below.

" ..In 2012 as Nigeria was getting ready to rebase its economy showcasing that it was now the biggest economy in Africa, investors were staying away, by 2012 FDI had reduced from a yearly inflow of USD$8.841 billion in 2011 down to USD$7 billion in 2012……by 2013 FDI net inflow had further reduced to USD$5.6 billion, by 2014 with a foreign reserve of USD$37.5 billion…..FDI net inflow further reduced to USD$4.6 billion, and by 2015 with a foreign reserve of USD$31.3 billion, FDI net inflow had reduced to USD$3.1 billion. All time low since 2004..."

As for defending the naira with reserves, there is no problem with this as the rate of accretion is larger than the rate of disbursement. The reserves will continue to grow albeit slowly. And it isn't just a blind defence of the naira but the empowerment of the small retail user. The very segment that we expect growth and the restructuring of the economy to come from. There is a big difference between selling down reserves to maintain a political naira and using a superior accretion rate to stimulate internal consumers. The funds aren't going out to Dubai, they are creating goods and services. Nigeria.

Here is another quote from the article below that shows how we got here.

"All the Excess crude oil sales were diverted into private pockets that eventually ended up in the economy which would have given Nigeria between USD$30 billion to USD$40 billion.
Depletion of the foreign reserve ended up in private pockets and flooded the economy…USD$31 billion.
The emptying of the Excess cruse account…..USD$40 billion
The borrowing of dollars was used for re-current expenditures (salaries and travels) and they also ended up in people’s pockets and flooded the economy……..USD$21.8 billion.
In essence the supply of the dollar was so much that it created stability for the demand in the economy even when the companies were mopping funds and leaving"


I recommend you read this link as I couldn't have addressed your post better. There is a video you can watch in the piece. Let's use data and not anecdotes.

https://leadershipandadvancement.com/2017/02/25/the-dollar-recession-obasanjo-jonathan-and-buhari-the-unknown-truth-behind-the-economy/

The OP is also saying the same thing. Recently Nigeria just borrowed $1billion using Eurobond and intend to borrow more $500million because the Acting President and Finance minister felt it was oversubscribed. Guess where the CBN is funding the PTA/BTA and schools fees from?

Just like you said, the CBN is only funding consumption and the policy will back fire whether we like it or not.

Djailer:
Bringing your attention to the emboldened;

Osinbanjo only took reigns on the affairs of the country about a month ago which is in the first quarter of this year. The economic indices you wrote are for last year, how then are you blaming Osinbanjo for the so-called decline in the manufacturing sector of last year's output.?

Is Osinbajo different from Buhari? Are they not in the same administration! Are they not in the same party? Did both of them not promised jointly during campaigns to deliver on their promises?

Largeman4uall:
deflower is one of this country saboteur , how could u advice ur fellow Nigerian to start hoarding dollar n bringing wrong idéa to mislead people. ï know u were among of bad people .

At the moment, from an investment point of view, it is wiser to keep your savings in foreign currencies than in naira. The naira is losing value at a fast rate. If you don't want to do so - it is a choice, but the rich and privileged in this country are doing it. Until there is a restriction or a law to make it a crime.

dabraska:
This is the problem. A lot of people dont know what they want. The naira rises, everyone starts blaming the govt. The naira drops temporarily, they praise.

People are asking, is this a sustainable act? It's a good question if you ask me. How long can the govt continue to pump dollars (which they don't have much of) into the economy?

The manufacturers also hoard the dollars and sell to the black market for more profit. Everyone is a financial trader.

If you don't reduce the over-reliance on dollar in this country, we are going in circles. For now, no ignorant praises to anyone.

The problem with this is that we are a cash dominated economy. Nigerians love cash. It is a crime in foreign countries to move about with large volume of cash. The police can take it from you. The CBN tried to do something about it, but the generally public screamed. Why should people keep money in foreign currencies in Banks - it is absurd. Are you a BDC? Almost everyone has domicillary accounts with foreign currencies.

The CBN should apply more harsh terms to drive down the volume of cash in this country. Except multinationals, people should not keep FXs in their account. If you want Fx apply for it and use it immediately and not save it in your bank account

Nice comment from the OP but not succinctly explained hence the criticism. I agree with the OP and as always we address problems using the wrong solutions. The new FX policy is neither a short term or long term solution because it cater for a fraction of people, the privileged ones. It is not a policy that is aimed to address production, which definitely will get the economy going, but one to address the concerns of the rich so that they can embark on their vacations and pay school fees for their kids without stress.

I was thinking that exactly the same way the CBN used exchange controls to restrict the provision of FX to about 41 products, that can be done to education too because our educational system is dead and the CBN do not need to provide FX to people who choose to school outside the country. The resource is scarce and should mainly be used to address manufacturing activities.

Let's not forget that the CBN also provides FX for independent market suppliers to bring in refined fuel into the country - another consumption activity. Apparently, the Policy is addressing consumption activities rather than production activities and IT WILL NEVER BE SUSTAINABLE.

According to the OP, the acting president supports a further devaluation of the naira. This will only bring more suffering to Nigerians. All our devaluation policies have never been successfully right from 1985. Devaluation is expected to entice foreign investors to pump more money since their currency is now stronger than the naira, but these investors are not responding likewise, maybe because in Nigeria, we have 4 exchange rates and they cannot actually forecast the future value of their money/investment.

Also, I think it is harsh to criticize the OP when he said buy more dollars. I don't think he meant hoard more dollars, rather keep most of your savings in dollars. It is a wise thing to do. The naira is falling and losing its value. In 2014, N1m was roughly $5,000 now N1m is $2,000. That is a loss in value of over 60%. What is means is that Nigerians are getting poorer that even cleaners abroad now earn better than professionals in Nigeria.

Solution - Nigeria must PRODUCE, PRODUCE, PRODUCE. We are not producing enough. We should produce about 80% of our demand locally. Our reliance and preference for foreign products must drastically reduced. If we cannot do that, then let's woo these foreign manufacturers to come and produce it here in Nigeria. The CBN MUST allocate FX to manufacturers and focus on the production segment of the country. Provision of FX to consumption activities should be discontinued. Rather than destroy make-shift refineries in the Niger Delta, give them licenses so that they can build modular refineries, get the SON to regulate the standard of the fuel being produced and stop provided subsidized FX to independent oil marketers. The modular refineries will also create jobs, give the FG government revenue in the form of tax such as VAT and Corporation tax.

Also, FX should not be provided for education. We will kill our educational sector if we continue to promote educational tourism. If you must study abroad, go and fund it yourself. Develop our education system, so that we can have the next genius think-tanks. The FG should also develop the healthcare sector which is also dead to stop medical tourism, another area that puts pressure on the naira.

The CBN should also include more goods into its restrictive products list. Without this, we are only using palliatives to solve a rotten wound and the naira will lose more of its value in the future whether we like it or not.

Heritage Bank. I shake my head. The Bank should not deny that as at Sept - Dec 2016, it was unable to fulfill its obligations and could not honor customers requests. Account officers were running away from the offices and not taking customers' calls especially those with huge deposits.

abescom:
But this is true. I know someone who he scammed. Personally. A photographer...if he is reading this, he will know what I am saying. He scammed a phone photographer. Fact.

Don't be the person's mouthpiece. You don't know what transpired between them.

Pathetic story. It's ridiculous to blame a spell after you have spent three years living with a man that is not your husband and also ridiculous for the estranged husband to accept her back.

Another shocking tale is the lover who after seeing her escorting other men into the hotel, decided that he is comfortable for her to move in with him. I would like a follow up on this story and I won't be surprised if the baby doesn't belong to the estranged husband and lover.

Quite a story!

uchealo:
190 or 150 will be a good stand of naira to a dollar, if we could get even 100 I will still be happy.

This is possible and like I previously stated - N150/$ is the real value of the naira. That is the value that will make Nigerian product, especially crude oil, very expensive to buy. At that value, foreigners will begin to make economic decisions except the Nigerian product is a necessity.

But do we have what it takes to get it to N150 - NO. It requires that our balance of trade with many countries exceed what they offer us. It means we are working and producing very hard. In my opinion, I think it's disgusting that we consider ourselves as giant of Africa, yet we can sell our products to other Africa countries

ferking:
God bless Nigeria,these is good news oh,i pray for naira to gain strength and for our economy to be stronger above every other economy because we are really suffering oh.God help our government abeg.

It is not a matter of prayer, it's a matter of working. If CBN keeps supplying the market with dollars, the naira will appreciate. If the CBN doesn't, naira will fall. Prayer has nothing to do with it.

On the other hand, dollar supply from CBN is dependent on various factors such as continuous production and supply of oil and capital dollar inflow. If the Niger delta militants blow up any pipeline - guess what naira value will fall.

I wonder why people are happy over this. The real market value of the naira is N150/$. These recent appreciations of the dollar and devaluation of the naira are caused by market manipulations, hoarding of FX and preferential treatments.

If the CBN was forward thinking, the recent oil price crash won't have caused any problems. However, the
CBN was issuing FX to politicians for elections and depleting our reserves. That is why they were forced to devalue the naira and yet foreign investors were not satisfied. They were not enticed by the devaluation because of market manipulations and uncertainties about the actual naira value. Hence they were few capital dollar inflow.

Now CBN spokesman, Okoroafor, wants to manage Nigeria's expectations. I agree the Naira will appreciate further because one, we have concession from OPEC to not tamper our volume and two, we just got monies from Eurobond sales. However, Okoroafor failed to say the truth that Africa provides better interest rate/yield rate than in other continent because there is high inflation in Africa. Ghana's Eurobond at 9% was over subscribed too and Nigeria's 7% should not be an exception because investors are looking at how to increase their earnings regardless of economic uncertainties.

Also, the CBN spokesman has failed to explain to Nigerians what happened with the inclusion of Yuan as one of our official recognized FX currency. We have huge trade deficits with China and rely heavily on Chinese imports and also have many Chinese businesses operating here. Payment processes using the Yuan will reduce the demand for the dollar and further appreciation for the naira.

My general concern is how long will the CBN sustain the provision of dollars. Apart from the exchange control of 41 restricted products, what other measures are being put in place by the CBN?

I don't understand why people are hauling insult at President Buhari. Is the IGP a baby to be told what to do? It's a shame he is being ordered by the Acting President. The IGP should be the one informing Osinbajo of the security measures taken to address the violence and the number of arrest made.

Without this publication, we can all feel the positive impact of Osinbajo executive ability. The Vice-President has addressed or addressing Nigeria's critical issues in just 38 days of assuming the role of acting president. On the other hand, I'm not trying to say that Buhari is an ineffective leader. It is clear that the man has been battling with his health than handling the helm of affairs. Consequently, Nigeria was close to comatose because virtually nothing was happening in Aso rock rather than Cabals appropriating powers to themselves because they are close to the president.

The style of governance in Nigeria is quite embarrassing. It is highly characterized by eye-service, a local term for laziness and sycophancy. The CBN governor and IGP do not need marching orders or secret meetings to do their jobs. Also, we can adduce that the sacking of 10 NCAA directors must have been as a result of the acting presidents visit to the airports.

To conclude, we can see that governance in Nigeria is not as complicated as being painted, it only requires dedication as exemplify by Osinbajo. For the sake of Nigeria, I hope the President can continue his medical vacation for a long time so that the Cabals can focus on him rather than return with their usual confusion and put Nigeria in darkness and poverty.

What a man. He forgets to apply the teachings of the rule book - never approach a woman within her circle of influence when soliciting for sex, more particularly, when you are aware you are not in a relationship with her.

Here is a man who thinks. However, I think the money may not be sufficient, but he could rely on the backing of the Swiss government and approach other sponsors. The movie will be much likely supported by European governments who will want less immigrants coming to their shores.

On the other hand, he has to move quickly because Alaba boys can quickly arrange a 2 week movie of Obi goes to Europe and as such steal his story line.

Good move. I have observed that people just burn things indiscriminately in this country without regards for environmental and safety rules. Thereby putting people's health and properties at risk.

I tend to believe the lady a little bit than the guy. Even if she missed her flight deliberately, the guy should have gone ahead to pick her up or at least answer her calls - She is human. What he did is cruelty, regardless of whether she is tasty or not. There are several matured ways of handling a situation.

Did I read prostrate! Hmm is it prostrate cancer? Well all these issues would have not escalated if the aso rock clinic, which is heavily budgeted for, is being put to good use

HungerBAD:
No problem.

We will vote for the Corpse. Sometimes I wonder,just like I wonder about Cameroun,if there are men in that Country.

How can one man just hold a Country to hostage for many years.

Same way a few political elites has held Nigeria and the public is quiet

The woman is a typical Nigerian debtor - never want to own up their obligations. Pay up madam and move on

That woman may have withdrawn her pension or about to do so

Madam your story sounds like someone who lost track of reality. You were finding ways to break news that he wasn't wanted. You tell him straight up and do him a formal letter. You didn't do any of that, can you please pay the man. Someone has been calling you and your excuse is that you are just settling in, so what happened after you settled in - did you return the call? I don't think so. You are just a typical chronic Nigerian debtor.