₦airaland Forum

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http://nairametrics.com/boom-stock-market-crashes-to-a-3-year-low-as-investors-shun-cbn-policies/

The Nigerian Stock Market hit a three-year low Wednesday after stocks skidded to yet another loss on the last day of trading for the month of November 2015. The All Share Index lost 0.83% on the day to take the month to date and year to date losses to 6.18% and 20.98% respectively. The market capitalization will close at N9.415 trillion. The All Share Index also closed lower at 27,385.69 the lowest level since December 4th 2012 according to our records.

Why the drop

Reports reaching Nairametrics suggest one of the major reason for the poor performance in November and October was mainly attributed to the a rash of CBN policies that have impacted negatively on the Foreign Portfolio Investments (FPI). According to the data obtained from the NSE, the exchange has recorded a net FPI outflow of about N53 billion (September YTD) with an outflow of N450.5 billion compared to N390.3 billion in inflows. However, this has also been the trend as FPI outflows have mostly exceeded inflows since we started tracking this data in 2014. Investors reached by Nairametrics allude to the fact that FPI’s provide the liquidity required to drive liquidity on the bourse and believe the October and November data will not only show a net outflow but an overall drop in FPI transactions (Outflow and Inflow).

Another person with the knowledge of the matter explains that local investors who before now had been passive have also been selling down their stocks in droves due to the harsh economic conditions. “People have been selling their stocks because that is the fastest way to raise money at the moment. Even real estate business is getting more and more difficult to sell because no one has the money to buy and sellers are not willing to bring down prices. This leaves them with no option than to sell” he concludes.

There is a big economic crises in Naija o, everybody should be prepared!!!


Dear Valued Client,

This is to notify you that the following changes have been made to the International Spend Limit on your Naira Debit and Credit card.


Debit Card
Credit Card

Daily ATM cash withdrawal
$300
$0

Daily POS/Online spend
$300
$300

Total Annual International spend
$10,000
$10,000

If you require additional foreign exchange, kindly apply for a Domiciliary account with a Foreign Currency Debit card or PTA/BTA.

Please be reminded that all Naira denominated Corporate Cards (Debit and Credit) are restricted from cross border payments. This is in line with CBN directive.

We also wish to remind you to notify us in advance of your travel plans to ensure unhindered use of your cards while abroad.

For more information
Kindly send an email to CallCentre.Nigeria@sc.com or call our 24-hour Client Care line +234 1 2704611-4.

Thank you for banking with Standard Chartered. As always, we remain committed to providing you best-in-class financial solutions

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Front page please

The PDP is such an EVIL Party, looting this country like evil bandits. The Senate President MUST step down after this revelation if it is true!!!

SaharaReporters has learned that Senate President Bukola Saraki blackmailed officials of the Central Bank of Nigeria (CBN) to hand him N250 million as “hush” funds after the senator had found out that ex-President Goodluck Jonathan had illicitly approved N60 billion for the former National Security Advisor (NSA), Sambo Dasuki, to purchase “arms.”


A source, who is a senior CBN official, disclosed that bank officials paid the sum to Mr. Saraki, who was not the Senate President at the time, to ensure that he and other senators kept silent about the irregular withdrawals by the NSA and the Jonathan administration.

http://saharareporters.com/2015/12/01/arms-contract-scandal-senator-saraki-blackmailed-cbn-officials-pay-n250-million-hush

According to the document, in third week of February 2015 the former NSA requested for $250 million from the CBN, but got $200 million. In the fourth week of February, the NSA put in a request for $150 million but received $125 million.

In the first week of March 2015, with Nigeria’s postponed elections a few weeks away, the NSA made a request for another $250 million, but only got $204 million. In the second week of March, Mr. Dasuki again called for $250 million, but the CBN provided $104 million and N3 billion.

According to the whistleblower, Abbas Umar Masanawa who was appointed as the Executive Director in charge of Finance and Strategy at the Nigerian Minting Company by the Central Bank Governor, Godwin Emefiele as soon as he resumed as CBN governor in 2014 played a major role.

Our source said Mr. Abbas then oversaw “the printing of an unprecedented amount of naira by the Mint,” adding “the printed cash was passed on to President Jonathan.” Masanawa was key aide of Mr. Emefiele while he was the MD of Zenith Bank before he got appointed to the Mint.

The source told SaharaReporters that Mr. Jonathan and former NSA Dasuki withdrew close to $600 million from the Central Bank of Nigeria within a period of three to four weeks. He said the funds were mostly used for election purposes.

TheCable alleged that a Nigerian senator, on learning about the illegal withdrawals, threatened CBN officials that he would reveal the questionable payments unless they gave him N5 billion. The site, which did not name the senator in question, stated that he was now a principal officer of the Senate.

But a source at the Nigerian Presidency told SaharaReporters that the person in question was then Senator Bukola Saraki, who is now Senate President.

Although TheCable did not disclose if the senator got paid the hush funds or not, SaharaReporters learned that, as recently as May 2015, Mr. Saraki received N250 million from CBN officials.

The cash transfer was deemed part of the hush payment to ensure that Mr. Saraki keep quiet about the questionable withdrawals ostensibly meant for arms purchases.

http://www.zerohedge.com/news/2015-11-24/russian-pilots-executed-while-parachuting-turkish-media

If Putin was angry when Turkey shot down a Russian plane, which may or may not have crossed Turkish territory - reports on both sides are conflicting - he will be absolutely livid to learn that, according to Turkey's Dogan News, the Russian pilots who had parachuted in an attempt to save their lives after the plane was shot down, had been executed while parachuting down by local rebels, which considering the video released earlier belonged to the Free Syrian Army, are same "rebels" who are funded directly by the CIA.

http://www.dailymail.co.uk/news/article-3331558/Turkey-shoots-fighter-jet-Syrian-border-Local-media-footage-flaming-plane-crashing-trees.html

PUTIN: TODAY'S TRAGIC EVENT WILL HAVE SERIOUS CONSEQUENCES FOR TURKISH TIES


http://www.zerohedge.com/news/2015-11-24/putin-make-statement-over-downed-warplane-live-webcast

http://www.zerohedge.com/news/2015-11-24/us-backed-rebels-release-video-dead-russian-pilot


A few hours ago, Turkey decided that it would be a good idea to shoot down a Russian Su-24 near the Syrian border. It was the first time in nearly 60 years that a NATO member has shot down a Russian warplane.

So, as The Kremlin contemplates how best to respond to what is quite clearly the most serious escalation to date in Syria’s multi-sided, five-year civil war, the search is on for the two Russian pilots who ejected as the plane went down. Needless to say, just about the last place you want to be running around if you’re a fighter pilot is Syria.

But the search for the two men may be a lost cause. According to a video sent to Reuters, by “a Syrian rebel group”, at least one of the pilots is dead. Here's the official word from AFP:

The footage “appears to show a Russian pilot immobile and badly wounded on the ground,” Reuters says, adding that the rebels can be heard saying “a Russian pilot”, and “God is great” in the background.

Turkish F-16 fighter jets shot down the plane after it violated Turkish air space close to the Syrian border and ignored warnings, a Turkish military official told Reuters.

There was some confusion over where the plane crashed after the Syrian Observatory for Human Rights, a British-based monitoring group, said the warplane crashed in a mountainous area in the northern countryside of Latakia province in Syria while there were reports it crashed in Hatay, southern Turkey.

The Turkish military said the plane was warned 10 times in five minutes but Turkish officials would not say who the plane belonged to.
The Russian defence ministry said the plane was not shot down by Turkey but came under an artillery attack from the ground and denied that it violated Turkish airspace.

Moscow confirmed that the pilots had parachuted but had no further contact with them.

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Minutes later, the Turkish Lira sank like a rock while risk assets across Europe tumbled when the Turkish presidency confirmed that, as many had expected, the jet was a Russian, allegedly a Su-24. The Su-24 jet was warned after violating Turkish airspace and was then downed in line with Turkey’s rules of engagement, Anadolu says, citing officials at the presidency.

To be sure, Turkey claims it tried to warn the plane repeatedly:

RUSSIAN JET IGNORED REPEATED WARNINGS, TURKISH PRESIDENCY SAYS
However, while moments ago the Russian defense ministry confirmed that the shot down plane was indeed one of its own in what will be deemed a clear act of aggression by a NATO-member country against Russia, the Russian defense ministry said it could prove the aircraft was over Syria for the entire flight.

The ministry added that the pilots ejected, according to preliminary info, and that Russia trying to determine their fates, Interfax reports. Interfax also adds that the plane was probably downed by fire from ground, and that it had been flying at flying at an altitude of 6,000 meters.

Meanwhile, Turkish media reported that either one or both of the pilots may have been captured by Turkmen forces located in the region.

TURKMEN FORCES CAPTURE 2 PILOTS OF DOWNED RUSSIAN JET: AHABER

This huge escalation in the Syrian proxy war, one where a NATO country has openly attacked a non-NATO country (if Russia is correct and it did not violate Turkish airspace), comes after Turkey called this week for a U.N. Security Council meeting to discuss attacks on Turkmens in neighboring Syria, and last week Ankara summoned the Russian ambassador to protest the bombing of their villages.

Ankara has traditionally expressed solidarity with Syrian Turkmens, who are Syrians of Turkish descent.

God help PMB!!!

World War III? Turkey Shoots Down Russian Jet!!!

https://www.youtube.com/watch?v=uf8xsqNmfFc

Turkish fighter jets shot down a Russian warplane near the Syrian border on Tuesday after repeated warnings over air space violations, but Moscow said it could prove the jet had not left Syrian air space.

It was the first time a NATO member's armed forces have downed a Russian or Soviet military aircraft since the 1950s and Russian and Turkish assets fell on fears of an escalation between the former Cold War enemies.

The Turkish military said the aircraft had been warned 10 times in the space of five minutes about violating Turkish airspace. Officials said a second plane had also approached the border and been warned.

http://www.reuters.com/article/2015/11/24/us-mideast-crisis-syria-turkey-idUSKBN0TD0IR20151124

http://www.zerohedge.com/news/2015-11-24/turkish-f-16-shoots-down-russian-su-24-warplane-near-syria-border

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Murako said both the Federal Government and the state governments must look inward in order to generate resources to run their operations.

He said it was regrettable that the nation was no longer discussing how to meet the infrastructure gap, but how to finance recurrent expenditure.

The FRC boss also chided the state governments for lack of creativity, saying that if they were private concerns; they would be generating profits from the huge endowments found in the different states of the federation.

http://punchng.com/states-may-go-bankrupt-over-dwindling-oil-revenue/

The Chairman, Fiscal Responsibility Commission, Chief Victor Murako, has warned of a possible shutdown by some states of the federation in the next six months unless they find creative ways of handling their dwindling allocations from the Federation Account.

Murako, who spoke at the opening of a two-day study tour of the FRC by officials of the Ebonyi Fiscal Responsibility Commission in Abuja on Monday, expressed shock that the Nigerian Governors’ Forum had declared that the states could no longer meet the payment of the minimum wage of N18,000 per month.

The FRC boss said many states were dishonest about their level of indebtedness, adding they were much more indebted than the governors were willing to admit in public.


He said, “The truth is that if the situation we are in persists for the next six months; I said six months, not one year or two years; we will be on the floor. If the revenue continues to dwindle for the next six months and the allocations continue being low, some state governments that refuse to look for alternative revenue sources will definitely crash and there will be a labour crisis.

“Debts and borrowing have become the biggest problem of subnational governments. If most state governments will be honest and tell you their accurate debt profile, you will marvel. A lot of them try to hide by different strategies. They take short loans; some, long-term ones that will go beyond their tenure, which ordinarily, they should not do.”

http://www.vanguardngr.com/2015/11/naira-in-free-fall-as-dollars-scarcity-paralyses-activities-at-parallel-market/

Factional President of NLC, Mr. Ayuba Wabba, while insisting that Nigerian workers totally reject the governors’ position, warned that if the governors wanted organised labour to close down the country, labour was ready to do so. He confirmed that the NLC would be meeting today on the platform of the Central Working Committee, CWC, and the issue would feature prominently after which a statement would be released.

Wabba said: “We reject it totally. Nigerian workers will never accept it. We all know that it is a reality that N18,000 can no longer take the workers home and cannot sustain any family. Many countries are reviewing their minimum wage upwards to meet the current realities. In Nigeria, there is even greater need to increase the minimum wage because our currency had been devalued; inflation keeps rising among others.

“What is the relation of the Nigerian currency to the Dollar or what is value of the N18,000 to the Dollar? We are going to reject the move with all our might. We are not the cause of the problem. They should think out of the box to find solution to the problem. When there was excess crude money, the workers did not benefit and so, we cannot bear the brunt. If the governors want us to close down the country, we will do that.

“What about their outrageous salaries, bloated overhead cost, inflated contracts and others? NLC is meeting tomorrow (today) on the organ of the Central Working Committee, CWC. This issue is going to feature prominently and we are going to come with a strong statement on it. Obviously we cannot bear the brunt. They governors should think how to generate revenue instead of depending on oil money and allocation from Abuja.

“The governors should know that the N18,000 minimum wage was not just negotiated, it was a product of a tripartite process involving the governors, employers and organised labour. It passed through the National Assembly before former President Jonathan signed it into law. If any party wants to breach or renege on such agreement, they should be prepared for the consequences.

“We know there are challenges, but the governors should face reality. The problem is the cost of governance and too many frivolities. Today, with crazy bills from electricity providers, increase in fuel price, school fees, hospital bills, and other utilities, N18,000 cannot take any worker to the bus stop. We want to know their salaries as approved by the Revenue and Fiscal Mobilisation Commission, that of their commissioners, advisers and others, their security votes and others.

Fayose, who also visited Emure Local Government, said allocations to both state and local governments had gone down drastically, and cited the case of what the 16 local governments had received in the last few months.

“A comparative analysis of the allocations to local governments in Ekiti between January to October 2014 and the same period this year would clearly explain what I am talking about.

“During that period in 2014, the local governments got over N22 billion, while they were given N15 billion for the same period this year. A shortfall of over N5 billion. What even came in last month was terrible. We therefore decided to pay primary school teachers in September and paid local government workers in October.

“Now, the issue is should we now skip a month and pay all workers at once or keep rotating the payment of salaries among different categories of workers? You are the ones to decide,” the governor said.

http://www.lindaikejisblog.com/2015/11/we-may-downsize-or-cut-down-on-salaries.html


Governors under the umbrella body of the Nigerian Governors Forum say they may have to downsize the number of Civil Servants on their payroll or reduce the salaries of civil servants following the dwindling revenue generated from the Federal and state levels.

Rising from their meeting in Abuja yesterday November 18th, one of the governors, Abiola Ajimobi of Oyo state who spoke with newsmen, said there was no way the country could continue with a situation where expenditure is more than income.


“We are faced with a situation where we either have to reduce cost through salary reduction or downsize. All these we don’t want to do but prefer to have a roundtable with the president, ministers, economists to look for means of getting out of this problem.”he said.

On his part, the Chairman of the NGF and Niger state governor Abdul’aziz Yari said the falling price of oil has made it difficult to pay the N18,000 minimum wage.

“The situation is no longer the same when we were asked to pay N18,000 minimum wage, when oil price was $126 per barrel and continued paying N18,000 minimum wage when the oil is $41 per barrel and the source of government expenditure is from oil, and we have not seen prospects in the oil industry in the near future. We are coming together in a roundtable with President Buhammadu Buhari and his team of ministers, technocrats, economic experts to see how we can tackle our situation.”he said

Front page please!!

ABUJA – Thirty-six States Governors have said that they can no longer pay the N18,000 minimum wage to workers owing to the poor state of the economy.

This country is mothballing into an Economic Disaster- Zimbabwe loading!!

http://www.vanguardngr.com/2015/11/we-can-no-longer-pay-n18000-minimum-wage-govs-cry-out/

ABUJA – Thirty-six States Governors have said that they can no longer pay the N18,000 minimum wage to workers owing to the poor state of the economy.



Rising from a crucial meeting on that ended at the early hours of Thursday at the Old Banquet Hall of the Presidential Villa, Abuja under the umbrella of Nigerian Governors Forum, NGF, the governors said that the dwindling prices of oil had drastically affected their States’ income.

Specifically, they said that the burden of the wage was lighter when oil sold at $126 as against the current $41 per barrel.

They therefore sought to have audience with President Muhammadu Buhari on the economy, resolving that the only way out of the quagmire was to diversify the economy to agriculture and mining.

Reading the communique issued at the end of the meeting, the Chairman of the Forum and governor of Zamfara state, Abdulaziz Yari hinted that the Forum also backed the Nigerian Communications Commission (NCC) over the N2.1trillion sanction on MTN.

According to him, the governors agreed that the fine must be paid in full.

He said that they received briefing from the Acting Executive Chairman/Chief Executive Officer of NCC, Professor Umar Dambata who explained the matter to them.

He said: “We resolved that we must look at ways to enhance revenue generation and at the same time look at ways to cut our overhead costs more especially the political office holders’ salaries and other overhead expenses.

“The situation is no longer the same when we were asked to pay N18,000 minimum wage, when oil price was $126 (per barrel) and continued paying N18,000 minimum wage when the oil is $41 and the source of government expenditure is from oil, and we have not seen prospects in the oil industry in the near future.

“We will diversify our economy in the area of agriculture and mining. But at the same time, we should understand our situation where some of us (states) today are taking N100million take home (monthly allocation) and then have salaries in particular of over N2billion to pay.

“We therefore agreed here to take this suggestion to NEC in our meeting tomorrow (Thursday) so that we can be able to find ways to tackle this problem.

This is a sad video

http://www.dailymail.co.uk/news/article-3324310/First-footage-Paris-terror-attacks-shows-diners-diving-cover-AK47-wielding-jihadist-sprays-caf-bullets-victim-escaped-gun-jammed.html


Terrifying video footage of a sustained attack on a restaurant during the Paris Massacre can be revealed by the Daily Mail today.
The exclusive images show the merciless savagery of an Islamic State assassin and the extraordinary bravery and survival instincts of his intended victims.

They also show the incredible luck of a young woman who would have died had the terrorist’s assault rifle not misfired as he held the weapon over her head, giving her a chance to run away.

Police believe her to be the luckiest person to escape with their life during Friday’s psychopathic rampage which left 129 people dead and 99 critically injured.

There is also remarkable footage of a 20 year old waitress who ducked under the bar and wrapped her arms around an older, injured woman as the Islamic State gunman who sprayed the restaurant and its outdoor dining area with bullets.
It is the first time any film has been seen of the mayhem caused inside a property targeted by Islamic State six days ago.