₦airaland Forum

Please tell me what time is suitable for the introduction and implementation of this policy?

The june deadline is not suitable and the charges are not necessary.It should have been incentives rather than arbitrary charges.

what??  it is costing THEM money moving cash around! They invested massively in chams and interswitch, invested massively into cards signing up with mastercard,visa etc invested heavily in IT,

I mean why will any sane business do this if they are not aligning themselves for the obvious? And tehy have been doing all these way before the announcement of this policy because it has been in the pipeline only that there was no one taking the bull by the horn to fix a date!

You seem not to understand people's concern.The policy is good but the way and manner the CBN is going about it is not healthy.

where did it say its only lagos?

''CBN governor, Malam Sanusi Lamido Sanusi, said in Abuja on Tuesday that the bank would test-run its cash transaction limit policy in Lagos in the next six months.''

Why do we people detest CHANGES which is inevitable like DEATH in life. Most people who have been privileged to travel know for sure that this is what is happening over in other countries. If we want to be there we have to start somewhere. It was said that statistics shows that only 8% of us using banks collect more than N150,000 per day. I believed that most of us on this forum or Nairalanders are not part of this 8%. Let this man Sanusi do this thing to help the economy to stop those in money laundering and let us TRUST ourself. Let there be capital punishment for dud cheque issuers to bring sanity to this policy. God bless Nigerians and Nairalanders.

Nobody is against change so to say, but it depends on the direction, nature and magnitude of change.In this case, the CBN has come out with a good policy but the nature of it implementation and time frame is obviously not suitable.

how do you know this policy was coughed up with critical assessment, have you heard any bank come out to say they are against this? all the banks are on the board of the CBN making decisions together and this policy has been in the pipeline for a long time, if you are aware of the anti-money laundry bill
these are all part of the bill( 500k limit), you guys dont just read the papers and think policies just spring out from nowhere.

Of course they won't dare that.They are afraid of the CBN hammer.

A CBN governor who coughs out policies without critical assessment of its success factors is obviously not a good governor.Before it was Lagos, Aba, PH, Kano etc and now it's only lagos.Haba! Mr Governor, na so dem teach you?

I only hope this doesn't throw the Nigerian Economy into another round of recession.

I haven't even mentioned other countries in Africa. Then you have places in South America, South East Asia. Poverty is bad everywhere.

you are missing it, Indian poverty is somehow concentrated in certain areas like Calcutta, but the Nigerian situation is widespread with varying degrees and manifestations.The Indians have told the world their story and the world is ready to help them.This is evident in the quantum of outsourced jobs going to India and foreign aids/grants.But Nigerians see theirs as western propaganda.

Until we understand the extent of poverty in our land only then can we be able to proffer workable solutions.If we continue to think that we are better than our neighbours, then our salvation is still far away.This ''better than my neighbour'' mentality is obviously tying us down.Apart from a few African countries and very few also in Asia, we are lagging behind and we therefore need urgent help.

Nigerian poverty is disturbing, this is better told when one experiences it.Textbook, magazines, newspapers and the internet cannot exhaustively explain the degree of poverty in Nigeria.

To me this story is about the human ability to triumph in dirty environment.
These are people who left other African countries to find jobs in Nigeria.

Is this what you called jobs?Is this the type Nigerians find when they go to other countries?

@playmode

you are making valid points.I watched that documentary few days ago at a friend's house and i nearly collapsed.I immediately recalled my infant days and the horrible experience this country made me to pass through.That documentary represents the true situation of an average Nigerian.Always gnashing teeth and hoping to live, even when life itself appears unlivable.

We see everything as western propaganda, but these things are true and real.For instance, when i was Nigeria i used to fall sick almost every week.But i can tell you that i have not experienced anything sickness for quit a long time now.People live in perpetual fear, agony and lack.The Nigeria situation is indescribable.

I've lived there and I can tell you malaysia ia a more islamic state than nigeria, they even have islamic police department, and they practice islamic laws but only on muslims, also which muslim comunity doesn't regard malaysia as an islamic state?

You may not have lived there more than i do.I mean other Islamic countries.

That's completely wrong. There is nothing excessively extreme about the suffering of the poor in Nigeria compared to other third world countries. Nigeria's poor are not special cases. The suffering is extreme everywhere.

No! The Nigerian situation is complicated.In other third world countries as you mentioned, the poor still have access to the basic things of life such as light, good roads, security and food.The only thing is that they cannot afford the luxury of the rich and the middle class.

But in the case of Nigeria the situation is heartbreaking.A typical poor person in Nigeria lacks almost everything imaginable.

wrong! You can not modify islam, for those that actually study islam and not wait for half learnered mallams the way this coutries practice is the right way, most people here dont know much and people follow this mallams blindly without reading up, i studied in malaysia (not religious) and i promise you thats the way islam is according to the books, here when they tell you something they cant show you a book to back it up, which is why converts make better muslims cos they actually study the religion before joining.

I am not a muslim, but if what is done in Malaysia is how Islamic religion ought to be, then I have no problem with Islam.But then, why do other members of the Islamic community consider Malaysia a non Islamic state?

Forget about these things they air internationally. It makes no sense. The bad guys are out there doing their thing and making us look like badder guys. If you go to history and trace it back, you'll be amazed at what you discover. As for me, all these documentaries are just a way of using us to make their money. It only goes to say that Nigeria is a money making machine for the whole world. You might laugh at what I'm saying or giggle at my obscure approach but look at the bigger picture. Nigeria is better than 60% of the world, that I can say and defend so when I see these things I laugh. Tell me which country doesn't have poverty and problems? tell me which country doesn't have corruption? They see one part of Nigeria and make a fallacy of it. It stinks!! Yes! we have problems, Yes! there are bad apples but all you need is a change of mindset, propagate this and most other things will change.

you are saying nothing.Yes, there are poor people everywhere in the world but the degree of extreme poverty in Nigeria is unimaginable.That documentary is only but a fragment of the level of suffering experienced by Nigerians on daily basis.People are only living to survive rather surviving in order to live.

Lets have an analysis of the Nigerian child and more appropriately, the circumstances which define his/her existence.

Very true. Islam is also practiced in Malaysia, Indonesia and may other countries that do not have these problems.

You see, these countries you listed modified or more appropriately, molded their own Islam to suite modern realities.That is why you often hear people say that Malaysia is not an Islamic state.This is because they believe that Islamic should be practiced while accommodating modern trends.And that is where the Nigerian or Northern Muslims got it wrong.They think that Islam is not part of the characteristics which define the society.They think that Islam can function in isolation with societal trends.And then, the result is chaos.

As the nation celebrates the Nigerian childrens' day today being the 27th of May, 2011, I'm propelled to ask, what is the future of the Nigerian child?I could recall vividly the experiences I had while growing up in a suburb of the eastern heartland.The experience is unprintable and excruciating. The basic things of life were not within reach and three meals per day was a huge luxury.But in all these i persevered, not because of my personal ingenuity or that of my parents, but of divine guidance and direction.

This story and more excruciating ones can be said of a typically Nigerian child.He lacks the basic things of life, no role model, poor education, lack proper nutrient, spends most of his/her time fetching water and fire wood etc.In the North you have the case of the al majiris, which is the case of greed by the elite and decaying parenthood.

I then ask, what is the future of the Nigerian child if there is any  and in a much broader context, who is the Nigerian child?

Lets have your views.

CNN is currently running a series on Ending Modern Day Slavery. In one of the reports, it was mentioned that children and youths are kidnapped and disfigured on purpose in India. This is done to make them into beggars. The proceeds from the beggars are collected by a powerful cartel and used to fund all sorts of political activities.

The almajiri story is not far from this. The leaders of the north who adopt and control this system are enslaving these children. They not only use them to gather funds, they also use them to achieve political gains. I can describe these unfortunate children as an "army of slaves".

Just like any other retrogressive and selfish system, I believe the system will soon turn around and sting these "leaders of the north". The almajiri system is barbaric and has no justification whatsoever.

I also think the problem is not Islam as a religion but the practice and selfishness of the religious and political leaders. I have friends from Dubai, Saudi Arabia and Qatar who I have interacted with on this issue. I tried to find out why these countries have less political problems unlike others like Pakistan, Yemen and Iraq even if they all practice Islam. Two major points came to fore: Poverty and the Political system. These issues are strong drivers for the problems we witness in the north today. Until the leaders begin to "liberalize" the society and take up their responsibility of educating and providing for these kids, there will be no end in sight.

That reminds me, I may as well recommend the almajiri story to CNN. Let's put the spotlight on this issue. Let's raise some dust. I'm off to CNN website,

Well said.

He can get a bloody POS, I was on my way to dubai and was very hungry, I had no money on me but had my debit cards, I entered one of the eateries in the airport and paid with my debit card, food was less than 2K, if I can pay for food with a card, a rice seller can get a POS as well, the wireless internet access in Lagos is getting better and we need to take advantage of this.

Lets not be in a haste to compare and conclude.A cashless economy is a good one and evolves gradually through proper and targeted enlightenment programs.Deploying the POS is not enough, ensuring that they are adequate and functioning continuously is also part of it.

I need pictures

The Almajiri will ultimately consume the North if they dont do anything. Good enough, the country would have divided so nobody cares.

Exactly, the northern elites seem not to see anything wrong with this though.I pity them, when there are no corpers to kill am sure they will resort to killing the politicians.

The essence is to get people who can demand for accountability from the leaders.

If this is the aim, then count me in. I do not live in 9ja now but will move in at the end of this yr.

So am in.

@poster capital RUBBISH if u know what i passed through just to get secondary school education? U will stop giving sily excusses for diz wicked souls that kills innocent people @will. The country is hard YES but that is no reason to kill and destroy peoples property how can dey understand diz when they fight "western education" itself? Am in kaduna i know what am talking about. Diz una people lazy die and am sure even quraan support laziness. One nigeria

Thank you.

whose fault? Government or the al majiris? We in the east and other parts of the country struggled both under the rain to ensure that we get little education to enable us stand tall among our mates.There is free and compulsory education in this country from pry sch to at least JSS 3.Why can't they embrace it?

The case of the al majiris is the bye-product of decayed parenthood, and  the greedy elite class.The northern elite have benefited immensely from the Nigerian society and yet there is no much to say about the quality of life of their people.The al majiris should start by executing all northern elite and political class for they are partly responsible for their current predicament.

On non-interest banking, Wogu said the circular “is a violation of Section 10 of the Constitution of the Federal Republic of Nigeria. The guideline is similar to the banking laws of Malaysia, Iran, Iraq, Temen, Saudi Arabia and Libya. These are Islamic states which banking system and regulation are run strictly under Islamic law and jurisprudence”.

You see, our technocrats are senseless and lazy.They copy other countries without understanding the circumstances behind their policies.For instance, in Malaysia the idea of non interest banking is a political thing championed by one of their leaders, Mohamad Mahathir.Malaysia is composed of three major ethnic groups-the Malays,the Chinese and the Indians-The Malays are the local people or aborigines and the Chinese migrated from china and are highly successful in business.The Malaysian authorities discovered that the Chinese are taking over the entire business of the state at the detriment of the local Malays, so they initiated a program to encourage local Malays in various business.That program includes non interest loans to local Malays, tax free profits etc.

So, when we compare ourselves with others, we should try as much as possible to understand the circumstances behind their programs.In the case of Malaysia, it wasn't because it's Islam or fine policy but because it makes loans available to only local Malays who are seen to be overpowered by the Chinese.The same can be said of Iran etc.

Interest or non interest loan is not the issue, but branding it '' Islamic'' in a circular state is capable of causing immense catastrophe.Setting up an Islamic jurisprudence or whatever it is called is out of place.It seems the Nigerian CBN is missing or forgetting it's traditional function of maintaining price stability through the use of monetary policy, exchange rate stability and mgt, banker to the commercial banks and govt etc.

I am vexed by the level of impunity displayed by our leaders, be it in politics or in policies.Sanusi as the cbn governor makes his policies without proper consultation and with utter disregard to the laws of the land.During the bailing out of banks in 2009 he printed out currencies without due process and because our law breakers makers do not even understand the constitution, nothing was done about it.If the CBN governor can print out currency without approval from the relevant government arm, then he can likewise print our currency to send his wife to oshodi market or maternity checkup.

It's high time we stopped this rubbish.Since they want to be like other countries, why not bring in ATM machines that accept deposits, at least that is what is reigning now or can't they notice that also?

this is rubbish.I think those guys at the UN are becoming redundant.Same story every time.

UN, through its relevant agencies, should increase aid/grant to Nigeria to improve on education, health, infrastructure etc. When the people are well fed and educated , they will appreciate the importance of a lesser family.UN wants three children per family in a country where child mortality at birth is about 150/1000 birth.Family planning will not work inasmuch as Nigerians remain poor and uneducated.

Only that Sagamite is not gentle; he doesn't take prisoners

Absolutely,

The ajegunle kid is a fighter right from the mom's tummy(fought and withstood all the shekpe,skunk,abortion pills,expired drugs) and hustler from birth.They hustle for space to crawl,fight for food,fight for sleeping space etc.Survival is for the fit and strong.No hawking/conductor work no food.No one has time to baby sit you so u learn to fight your own battles.The ultimate goal is to "hammer/hit or make it" by hook or crook.Education is available(primary is free) but why waste the time?They are born survivors and can withstand any type of weather.Some come out aiight while others died while trying to meet up.

hmmm, u got d picture

It wasn't always like this. At the beginning, we were very ok. He said the right things and acted the right way. He would send me texts of how much he loved and respected me. Back then, he had nothing to his name but I stayed with him because he was so nice. My ex wantd me back and other guys were asking me out. But I declined because I loved him and I couldn't bear to hurt him. The change came gradually, from the time he knew for sure that he was getting a good job.

Hey, i dont think u should leave this guy.Just let him know ur concerns.He is only being unsecured about the affair and therefore needs you to reassure him of your love and commitments.Just work on it,it's not a big deal.

Mr.Sagamite

You are obviously not as bad as people consider you to be on this forum In most of your posts you sound very objective.

I cant stop reading this:

Your future is not doomed in anyway, it will be tougher than those that have the gloss but your own individual ingenious career tactics, perseverance and luck will determine your faith. It might even be easier in Nigeria if you optimise the mentioned 3 factors.

And then, this is what i got from LBS website regarding their MBA admission:

''Admission may be granted to candidates with less than three years' work experience, who present superior academic credentials and truly outstanding evidence of leadership through professional and personal experiences. We insist on students having good postgraduate work experience as our collaborative style of learning from the diversity and excellence of peers is a key feature of our MBA Programme. The average amount of work experience is 5.3 years. (Participants from some countries usually have less work experience than the average since their undergraduate study may be longer than others and/or national service has meant they started work later than others).

Admission may be granted to candidates with less than three years work experience if they can demonstrate superior academic credentials and truly outstanding evidence of leadership through professional and personal experiences.''

Absolutely not, it was a just a question

But I think you are trying to encourage someone that has a particular path with some information that might not really cut it in the hard nose world of Finance.

No school will admit a fresh graduate with Zero work experience into an MBA programme, even those graduates with relevance work experience say 2-3 years doing real work in finance will need some extraordinary talent to be admitted, that like 2% infact most of them will just wait considering the cost and time off work required. this wont be that much different other MBA pathways

I know you are trying to be nice but to be honest, where will a fresh graduate with MBA qualification fit in? he will most likely get a job but he will also be chosen along with others with just a Bachelors degree, earning the same thing going through the same entry level training
so you spend £12,000 for an MBA to get a N100,000-£400/month job doing same stuff with the dude with just a bachelors

Getting admissions for a Finance masters will be challenging but possible if you're coming from a numerate background. It will also help if you have some work experience or at least some certifications-you can actually just do this along with your Masters

Chambers, Finance is INTERNATIONAL so the trends in UK/US/ASIA is almost always applicable to local industry with regards to career entry and pathways

Very correct sir.And i did state this here:

Which ever option you take depends also on your career objectives.If you are ready to settle for ''anything'' after your MBA and then gradually move up the ladder then i see no harm in doing so after your undergrad.

Chamber2, Do you work in finance or have you worked in HR?

why do you ask, sir?

Seeing as it doesn't make any sense to do an MBA,can someone give me an opinion on a masters in management focused mostly on Finance.

As much as i know, people take MBAs for various reasons.Either to advance their careers or to change career outright.I have seen people go for their MBAs immediately after their first degrees.But it is most advisable to go for an MBA after a few years of cognate work experience.Another thing that bothers is where you get your MBA, top school or just anywhere.The choice you make depends on your finance and acceptability into such schools.

Taking your MBA immediately after undergrad does not mean you wont succeed in life or with your career, rather it means that  it will be difficult to be recruited into mid or top management position just because you have an MBA.

Which ever option you take depends also on your career objectives.If you are ready to settle for ''anything'' after your MBA and then gradually move up the ladder then i see no harm in doing so after your undergrad.Then also, I think most of this glossy job of a thing depends on luck,intelligence, connection and maybe the reputation of your school.In Nigeria connection might play an important role,why in the UK and US the reputation of your school comes into play.

For programs in finance, I may suggest the University of Nittingham Masters in Finance and Investments or Durham Masters in Economics and Finance.It all depends on your finance, location and choice.If you want to study in Nigeria, i think you should consider a masters in Finance program from schools like UI,Unilag and maybe Uniben.I learned that OAU wastes people's time, but i think it all depends on your seriousness.Also, you may find most of this programs very difficult and frustrating if you do not have a business background.This is where MBA comes in.In MBA finance for instance, you only take courses in corporate finance which i think any serious student should be able to handle.

The internet is rich in resources pertaining to MBAs and top schools.Do not make decisions based only on what you read on Nairaland.

Plenty. Medicine, law, accounting, civil/mechanical/electrical engineering . . . just a few I can think of.

What chamber2 is saying is, math on its own require some kind of application in a particular sector.

Computer science is an application of math that is already defined from school, i.e. computer scientists can stand on their own. But it'll be very difficult for organizations in Nigeria to place an ad for mathematicians, even statisticians. They would need to be specialized in some way.

Thanks

Shame! Shame on Nigerian leaders. I mean, what is that woman still doing there?Somebody should just kick her out.Nonsense country