₦airaland Forum

It was the mistakes of their Era that is manifesting now. When you don't reinforce and enforce morals, proper attitude in your kids and your communities, that's what you get. Imagine our leaders that fraudulently enrich their pockets, by continously and consistently padding the budget. Leaders that buys exam papers for their kids. What kind of morals do they want to teach their kids or people they are role models to?
They also forget that whatever they do, upcoming generation wants to copy. If they steal and bribe their way to cover their tracts, upcoming generation will learn from that wealth of experience and use similar strategy to execute higher stealing.
Parents prayers has always been for their children to be better than them. I guess our leaders prayers are about to come to past.

It's not too late for our leaders to change. For them to create and enforce a system of high moral values, positive attitude, and a system of patriotism. Culture corrupt absolutely, just like power. If we have the right culture and system laid down by our leaders, we can only make it better. We will learn from their wealth of experience of shear hardwork, perseverance, dedication, establishment and patriotism to improve on the system. But, if they passed down negative culture and system, it can only get worse. Because systems built on lies, deceit and short cuts will create results of similar values and virtues.

[center]Key takeaways of Modi's speech at Make in India function[/center]

Welcoming friends from abroad, industry captains, ministers and the audience in general to the Make in India Week, Prime Minister Narendra Modi said that 65 per cent of the Indian populaton is under age 35. Youthful energy is the country's

greatest strength and Make in India has been launched to generate employment, create opportunities for youth.

The key highlight of his speech was his emphasis on deregulation, decentralisation and tax reforms in a bid to invite global business to participate in making India the global manufacturing hub. Excerpts of his speech:
Our aim is to make India the global manufacturing hub, and to ensure that the manufacturing sector's contribution to GDP rises to 25%
We are committed to making India an easy place to do business and have laid all round emphasis on ease of doing business
Make in India Week is an oppoprtunity to take stock of how we have performed and the work out the road ahead
I encourage all of you to see for yourself the direction India is taking
Within a year's time, Make in India has begun the biggest brand India ever created. It has encouraged us to integrate wih the globe.
India is the most open country for FDI and most sectors are on automatic route today. FDI inflows is up 48 per cent since my govt came into office
FDI inflow in December 2015 was the highest ever in the country -- this, when global FDI had fallen.
We have taken a number of corrective actions on taxation and have said will not resort to retrospective taxation
In the manufacturing sector we have taken decisive steps in this directiom such as licensing, and cross border business
From licensing to export regime, we have given what the defence industry was looking for
This year (FY2016) we will record the highest ever coal production
2015 was the year India recorded the highest ever power generation
Fifty new mobile phone factories set up during the past 10 months
159 electronic system design and manufacturing (ESDM) units set up in 2015
We have already enacted a law for fast-tracking arbitration
Formation of company law tribunal is in final stage. We will be putting in place IPR regime and hope to pass bankruptcy laws on priority
In 2014-15 contributed 12.5 percent to global economic growth. India's contribution to global economic growth is 58% higher than its share of the global economy
India jumped 12 ranks in the latest World Bank ranking on ease of doing business
We have opened up greenfield and brownfield projects to public-private partnerships
We have set up National Investment and Infrastructure Fund have come up with Tax free bonds in rail, road and irrigation sectors
No time for incremental changes, we want a quantum jump. We need to do this in a cleaner and greener way and are targeting creation of 175 Gw of clean energy capacity. There will also be emphasis on water recycling, green energy
50 cities earmarked for setiing up metro facilities; we have to build 15 million houses
India is characterised by three Ds -- Democracy, Demography and Demand. To this we have added the fourth D: deregulation. With this, India offers you a strong platform to explore your designing and manufacturing capabilities
Judiciary is independent and time-tested
We have launched a number of financing schemes to promote entrepreneurship. We have launched MUDRA scheme without any collateral and have asked banks to identify potential among backward classes and women
When we started Make in India, manufacturing growth was only 1.7 per cent; now in this quarter it is expected to reach 12.6 per cent
Highest ever software exports in 2015; Highest ever quantity of cargo handled by ports in 2015
You take one step, we will walk two steps with you. We want our youth to become job creators not job seekers. That is why we also conceived Start-up India
This century is Asia's century. I advise you to make India your centre if you want this to be YOUR century. This is the best time to be in India and even better to make in India

I pray this kind of governance culture permeates all nooks and crannies of our political landscape. The culture where politicians, administrators creates a system of accountability and transparency to spot malpractice easily wherever and whenever it rears it's ugly head. Also, where the system punishes perpetrators accordingly, to serve as deterrent to others. I applaud this move. Kudos to Nasir El Rufai and his team.

Incentivizing employees to discourage corruption is the way to go. Paying customs people well will really help government achieve there revenue target. Nice one

1. Leaders lead by example
2. Meritocracy and excellence become a way of life
3. We become more patriotic as Nigerians in all our endeavors
4. We celebrate our leaders in all region. The goal is really to highlight the core values that propelled them to the peak of their careers. So that the society can find them worthy of emulation, learn from their wealth of knowledge, character, discipline and other progressive tenets that made them a worthy ambassadors of Nigeria.
5. We celebrate, reinforce and incentivize history. We make local, state and national history as part of our institutional curriculum in primary, secondary and tertiary institution. "Those who are unaware of history are bound to repeat it".

I am a supporter of Buhari and APC change. However, this argument about conflict of interest, with contractor paying for government airfare miss the mark. I thought this is a planned event, usually more than a month in advance. Why is this issue surfacing now? Why accept this kind of Greek gift if government procedures and protocols does not support it? Why did it take this long for Amaechi to spot the problem? Why did it take him this long to make this decision...considering the government position on conflict of interest?

If conflict of interest is such a high priority and part of government policy towards accountability and transparency. What is the government going to do to ensure this kind of conflict of interest or similar does not happen again? Who's getting fired over this issue?

Happy belated birthday @ Chibuking81. Long life and prosperity.

Devaluation of naira leads to high inflation. High inflation leads to high interest rate (based on the rationale to curtail inflation). High interest rates leads to high cost of manufacturing operations. High cost of manufacturing operations leads to closure of shops, due to inability of manufacturers to compete with imported goods. Closure of manufacturing shops leads to shifting of business strategy from manufacturing to importing. Hence the cycles continues, because first devaluation leads to the next, and next till no end in sight.

Say no to devaluation. Say no to high inflation. Say yes to low interest rate. Say yes to manufacturing economy.

The day you start kidnapping people for money and killing people in the process, is the day you become enemy of state and obstacle to the progress of your community. People like that share similar traits and characteristics of armed robbers. The same penalties metted to armed robbers should go to these barbarians as well. They should be killed. Period.

Why celebrate people like these? I guess money has changed hands.

Let them commission Amakpe Refinery first. Building a refinery is not a joke, considering the financial, engineering, procurement and construction challenges you have to overcome. Reasons why Amakpe refinery is yet to be completed after over 10 years. How can you build and commission 50,000 barrel per day, when you're still struggling with 6,000 barrels per day.

I pray these projects get completed in the interest of Nigerians.

Nice...

locodemy:
chairman.Enough of all these nonsense you guys are insunuating.i am not a broker but paid money into my brokers account for 1,000,000 units of may and baker.i am not the one to do the work.i became worried yesterday as i never gotten any alert and i decided to seek help from our members here only for me to be mocked.

My broker bid only 200,000 units of maybaker at 0.98.They told me this because i told them i was going to deal with them if my stock is not completely purchased the next day which is today.
All these has made me to talk less as i am not here to deceive anyone but to share opinions.

If i have lied that such units is not booked by me for purchase,it is only God who sees in secret that will deal with me.Meanwhile i just received an alert of 61,000 units still hoping to get all before the day is over.

Ok the 61,000 units carries yesterday date.i dont think todays is bought.i warned them to buy at 0.98 and below so that #1,000,000 will be enough to settle everything including charges.

@ Locodemy,

I like your position on May & Baker. I've always considered this as a long term play. I've been accumulating the stock in the past 2 years. Can you please share some of your rational for buying the stock. Thanks

Happy New Year to you all brothers and sisters

Say no to devaluation. We don't need it right now, it can only make Nigerians and Nigeria poorer. While I agree that a weaker currency will be a great competitive advantage to leverage for every industrialized economy. In our Nigerian economy, devaluation will hurt us more than it will help us.

1. Reviewing our history from early 80's to 2015, naira has traded in the band of 50kobo -197 naira / dollar. History shows that devaluation, structural adjustment program has been one of the primary reason why our economy is in this doldrums. So, why toil the same line again?

2. When we devalue naira, we automatically reduce our GDP, Per Capital Income. We reduce our global purchasing power. What this means is that: we have to pay more abroad for healthcare, education, tourism, international flight and other products. We (FG) have to pay more for our international debt. Also, with a reduced per capital income, it makes it difficult to attract FDI.

3. Devaluation will not make our products cheaper, because significant portion of our raw materials are imported. Devaluation will spike the cost of imported raw materials, total cost of production, increase selling price, high inflation and other regressive negative economic effects.

Again, I say big no to devaluation.

Guys,

How do we access the SEC e-DMMS portal to upload e-dividend mandate form. Can someone please shed more light on this. Thanks

Nice.

She's not qualified because she's currently not under their influence. And also because their probabilistic model failed to forecast her outcome, hence reasons to fault her recruitment into the position. Let's see what they'll say after 2 years

I agree...these people should be killed asap after passing through necessary legal system. There should be no jail time for this kind offence. What gives them the moral right to kill and demoralize humans in these manners.

Same principles should apply to every other terrorists organisations out there; including our MEND brothers and OPC brothers.

TSA: CBN Fines FirstBank, UBA N4.82bn for Concealing NNPC Funds

In line with its threat to sanction commercial banks that failed to comply with the federal government’s directive on the remittance of government revenue to the treasury single account (TSA), the Central Bank of Nigeria (CBN) last Friday fined First Bank of Nigeria Limited (FirstBank) and United Bank for Africa (UBA) Plc the sum of N4.819 billion.


According to a circular obtained from banking industry sources, while the CBN imposed a penalty of N1,877,409,905.12 on FirstBank, UBA was fined N2,942,189,651.45 for its failure to comply with the federal government’s policy.


An industry source explained that FirstBank concealed N37,548,198,102.41 belonging to the Nigerian National Petroleum Corporation’s (NNPC) instead of remitting it to the TSA as directed.
On the other hand, UBA concealed N58,843,793,029.05 of NNPC funds, which attracted the penalty.


The source explained that the penalty was the equivalent of five per cent of the funds they failed to remit respectively.
“The accounts of both banks with the CBN have been debited for the unremitted amounts and the penalties,” she added.


Providing further insight, the source said at the last Bankers’ Committee held in Lagos early this month, the central bank officials had impressed on the banks the need to comply with the directive, saying that it had it on good authority that some banks were colluding with some ministries, departments and agencies (MDAs) to conceal their funds.


In response, the bank chief executives said that they had a directive from the Accountant-General of the Federation to a Director in the CBN exempting some MDAs from transferring their funds to the TSA.


The chief executives of both banks were said to have been present at the meeting held at the central bank’s Lagos office on October 2.
“But the CBN rejected the claim, informing them that the letter was written to a Director with the CBN and not the governor of the CBN and that the governor had not received a counter-directive from the presidency on the transfers. After the clarification, they all promised to remit any outstanding amounts with them.


“However, a week after the meeting, CBN discovered that some banks had still not complied and proceeded to call all tier 1 banks reminding them that they must do so, otherwise they would be sanctioned.


“They responded again stating that the Office of the Accountant General had again sent them a schedule asking them to disclose how much of the funds belonging to MDAs had been transferred and how much was still with the banks,” she explained.


Thereafter, the source said the CBN Director, Banking Supervision, Mrs. Tokunbo Martins, then wrote to the banks asking that they furnish it with information on any unremitted funds, after which it was established that FirstBank and UBA had failed to remit N58.8 billion and N37.5 billion respectively, leading to the imposition of the penalty of N4.819 billion on both banks.


The source explained that FirstBank and UBA were being recalcitrant by refusing to comply with the directive despite repeated efforts by the CBN to get them to transfer the concealed funds.


She however clarified that the concealment was not a reflection on their liquidity, as both banks are very liquid.
“The system is awash with liquidity and this has been reflected in the NIBOR and deposit rates which have crashed. FirstBank and UBA as Tier 1 banks are both very liquid, so their decision to conceal the funds had more to do with their collusion with the chief executives of the MDAs than any confusing directive from the Accountant General,” she explained.


However, an executive of FirstBank informed THISDAY last week that there must have been some kind of “miscommunication” that led to the non-transfer of the NNPC funds.


He explained that when the confusion arose from the circular from the Accountant-General, CBN had itself directed that NNPC’s funds should be retained with the banks for 18 days, pending the resolution of the matter.


“The 18 days only expired last week, so we do not see how we failed to comply with the directive or attempted to conceal the funds. This is most unfortunate and occurred due to miscommunication from the Accountant-General and the regulator,” he said.
The FirstBank executive further assured THISDAY that his bank does not have a liquidity crisis, adding that FirstBank has a liquidity ratio of 50 per cent, 20 per cent above the CBN threshold of 30 per cent for commercial banks in the country.


“Trust me, we are very liquid. We have a liquidity ratio of 50 per cent, which is 20 per cent above the rate permitted by the CBN for banks.
“We have even informed our depositors that we are crashing deposit rates to between 3 and 4 per cent because we have excess liquidity, so we do not have a liquidity crisis in any shape or form,” he stated.


THISDAY had exclusively reported penultimate Sunday that the presidency and the central bank were considering penalising two prominent banks for failure to comply with the directive on the transfer of funds to the TSA.
The penalties that were considered included the suspension of the chief executives of the banks and its board of directors and/or imposition of penalties.


THISDAY also gathered that some banks were hiding under the authorisation letter from the Accountant-General of the Federation, Alhaji Ahmed Idris, who tried to exempt certain agencies, and was using that as a basis not to comply with the TSA.
But the CBN, in line with its September 9 circular, restated its resolve to punish any commercial bank that failed to comply with the policy on the TSA.


Meanwhile, the CBN has reiterated its resolve not to further devalue the naira.
Speaking in an interview with journalists on the sidelines of his investiture as a fellow of the Chartered Institute of Bankers of Nigeria in Lagos at the weekend, the Deputy Governor (Corporate Services), CBN, Mr. Adebayo Adelabu, said the official position of the central bank on naira devaluation had been made public.


“We all are aware of the official position of the central bank about this, that there would not be devaluation for now,” Adelabu said.
When asked if the central bank would consider the advice by the Emir of Kano and a former CBN Governor, Muhammad Sanusi II, calling on the central bank to devalue the nation’s currency, Adelabu said: “Like I mentioned earlier, we have made our official position known about naira devaluation to the public, there could be comments from different people, but we have stated our official position on that.”
Speaking earlier, the deputy CBN governor said the nation was feeling the effect of the slump in crude oil price, adding that Nigeria’s policy makers failed to diversify the economy during the time of oil price boom.


This, he said was responsible for the pains being felt in the country.
“We all know what is happening globally, and because we don’t operate in an island, what is happening in the global economy is affecting our economy, our communities and even the families.


“The dwindling price of oil and the reduction in oil production are all affecting us and have led to a drop in the country’s revenue.
“Because we rely so much on oil as the primary revenue earner for the country, we have seen where we have found ourselves. Failure to plan, they say is planning to fail. We lost the opportunity to diversify when oil price was high.


“It is periods of boom that we were supposed to have diversified our economy, instead we did not. We thought it was going to remain unchanged forever. Now that we are learning the hard way, I believe we don’t need any teacher to teach us,” he added.
Adelabu also stressed the need for growth of the agriculture sector and for Nigerians to start patronising local products so as to stimulate economic growth.


The Emir of Kano last week advised the CBN and the presidency to reconsider their stance against naira devaluation, saying the country could not continue to live “in denial.” He also called for a complete removal of the subsidy on fuel.

http://www.thisdaylive.com/articles/tsa-cbn-fines-firstbank-uba-n4-82bn-for-concealing-nnpc-funds/223781/

1. Create patriotic Nigerians.

2. Unite all Nigerians. Implement systems, structures and policies that foster unity, cordination and development among all Nigerians and for Nigeria.

3. Remove government interference and funding of all religious programs and events. No cash and currency subsidies for trips to Mecca, Jerusalem and other religious traveling.

4. Celebrate all our heroes; whether in politics, sports, business, academics, entertainment, activism and others. Make movies about them, create their biographies, name institution after them, give them awards. When we celebrate their success; we are not only celebrating their hard work, dedication, values. We are also highlighting the characteristics of a true Nigerians worthy of emulation, so that other people can model their life after them.

5. Ensure Nigerian and state history are part of our primary, secondary and universities curriculums. I have always believed that if you don't know your history and culture, how can you protect it? People can only fight for a cause they understand. It is only when you know, believe and passionate about a cause (culture and foundation) that you'll do everything in your power to elevate it.

6. The issue of morality. There has to be a continuous and consistent policy towards good morals. "Right vs. Wrong"

I've always believed that when we look at questions from the perspective of "how", our objective mindset starts working. It makes it easy to narrow down our answers without worrying too much about risk factors or those people that will oppose changes. At this point we don't need to worry about the challenges, our mind should be fixated on possibilities.

We all live in the world of possibilities, if we can visualize and imagine it, I know we can achieve it.

Please, look at the question and add yours.

735i:
Pay more attention to rise in impairments when the Q3 results are released.
Atlantic Energy's boss was picked up a day after D.Allison was arrested in the U.K

FBNH and Skye presently have over $400 million loan exposure to Atlantic energy. The amount ($400M) is over 4% of total NPL in Nigeria.

So here you are.... you have the figures... Do tyhe math.

You painted a picture as if the $400 million will be a sunk cost. The asset in contention is still a generating asset, will continue to be a generating asset. Worst case, they can decide to sell the asset and still recoup their investment when the price of oil stabilizes. I agree, the valuation used for loan origination has changed, hence reasons for junk speculative analysis on fbnh.

angelo82:
If your bank is good like some of mine,you will contact their contact center and instruct them to stamp the form and send it back to you..........Some registrars will accept except the weird First registrars and United securities.................

Thanks

angelo82:
Why can't you just activate e-dividend..............They can accept scan copies if you are not in Nigeria...............

If you're not in Nigeria, how do you get bankers signature and stamp? Can this be a scanned document as well?

At least the man has rice mills that will produce Nigerian rice, employ Nigerians, grow Nigerian rice industry, reduce our dependence on importation of foreign rice.

What are the short term and long term implications of continuous importation?

Loss of Nigerian jobs
Loss of industry expertise
Dependent of rice importation on foreign exchange

Hakagure:
The nature of an import dependent country is that the price of imported goods go up due to inflation and also that the value of the currency depreciates due to the skewed balance of payments. The source of the issue is there in your post, we dont have the reserves. Thanks for the information on the monthly dollar inflow vs outflow.

I think you're deluding yourself if you actually think this logic holds in real life. In theory, may be. During high oil prices, when Nigeria was running positive balance of payments, why is it that Naira never appreciates?

mikolo80:
by re denomination
make New naira
change 200 Old naira for New 1 naira
5000 naira become 250 New naira

I will not subscribe to the idea of redenomination of Naira, if not backed by necessary policy structure and system. It's a short term solution which will eventually compound our economic woes over time. Redenomination will lead to increasing inflation if not backed by proper structure, similar to what we are witnessing in Ghana currently.

It is shameful to watch our economy criss cross in and out of different crisis (local and international) every year, subjecting our currency to the whims of demand and supply, speculative attacks from foreign and local institutions, political, infrastructure, educational and security risks that continues to constraint Naira from appreciating.

A cursory look at the historical performance of Naira from 1983 till date (~0.7 naira / 1$ - 220 naira/ 1$), devaluation decisions couple with economic performance over the years concludes the rationale for our decreasing global competitive advantage, hence reason for our compounded poor economic performance over the years.

My question is simple, how can Nigeria strengthen its currency? What policies, structures, system and other enabling parameters do we put in place to reverse the problem/crisis emanating from devalued naira.

They should not do that at all. The government need to put in place the right structure, system and policies. Once you strengthens economic fundamentals, Naira will adjust. We should not in any way toil the direction of Ghanaians by reducing the zeroes.

If we do that, we should be expecting similar challenges the Ghanaians are having right now; high inflation, high devaluation rate and others.

1983 is replaying all over again. Nigeria will not devalue its currency. Let IMF and other western institutions continue their support Naira devaluation.

They can go ahead and make good their threat, Nigeria will not be coerced or be manipulated to devalue its currency again. Devaluation is bad for our economy, it can only impoverish our economy and citizens.

myjoy08:
Sir, deep pocket investors and traders are on sideline waiting for the cabinets which would eventually show where we are heading economically. Believe me, everything shall end well . Remember speed kills, caution is the word . Well, Banking stocks is where to look out for presently...Tips Diamond, Access, UBA, and Zenith!

Why is first bank missing from your list?

I don't know if this is a good news or bad news. Does this mean that she'll have to be prosecuted in UK and be subjected to UK's law? If that's the case, would this mean that if found guilty and agrees to asset forfeiture... Would this mean UK will have to dictate how and when her assets get dispatched.