₦airaland Forum

BlackPikiN:
See conspiracy.
Did you watch today's game?
Linsanity is no f0rking fluke. He's good.

Yes, i watched the game. Jeremy Lin is still living up to the hype.
The man is good, no doubt. The question is, He's the guy worth all the hype and attention?
Would the Nicks feature Lin and make him "face of New York Nicks" based on his antecedents alone, when they have other notable players that can easily take that spot. I doubt that. They are doing so because of their strategy. Its a business decision.

Let me use this analogy. Lets pretend you're being touted as the next president of the US, and you have the backing of the power brokers. Would you not perform with all the resources at your disposal? And even if your performance fall short of expectation, would you expect the power brokers to sing praises of you or fault you openly? Keep in mind, any attempt to castigate you and your effort would also hunt their decision making capabilities.

Common people, the guy is just a marketing strategy for the Nicks and people should see the situation for what it is. I think the guy is being over hyped to gain the attention and the funds of Asian customers. It looks like the strategy is paying off big time. I would not be surprise if our marketing academical world write a case just for this. Can you imagine the gains of this strategy alone; seat price increase by 25%, turn out increase by more than 25% for every home game, Jeremy Lin's jersey sale top NBA jersey sales.

All in all, nice strategy and result. People should not make the mistake of comparing a one hit wonder with all time favorite. "How can we compare death with sleep" They don't go together at all.   

Hakeem all the way

FROM THE DESK OF MR LAMIDO SANUSI
EXECUTIVE GOVERNOR, CENTRAL BANK OF NIGERIA (CBN)
OUR REF: CBN/OHG/OXD1/2012
YOUR REF:,
TELEX: CENBANK.
PAYMENT FILE: CBN/BEN/010

CBN DEBT PAYMENT NOTICE OF YOUR FUNDS


Attn: Beneficiary,

My name is Mr Lamido Sanusi the Executive Governor Of The Central Bank of Nigeria (CBN) and the Executive Chairman of "E.C.D.R".I discovered that your name and email address (in the Central Computer among the list of unpaid contractors, inheritance next of kin and lotto beneficiaries that was originated from Africa (Nigerian Government) Europe, Asia Plus Middle east,Americans) among the list of individuals and companies that your unpaid fund has been located to a suspense account.

Your name appeared among the beneficiaries who will receive a part-payment of $10 million and has been approved already for Payment. yesterday two foreigners (Mr. Tim Parker and Mr. Rowland Gulf) visited my office in your stead to inform me that they are your Representatives from United State,whom you send to collecting your Funds for you.

We in this Bank do not understand why you sent these men to come and Collect your Funds on your behalf. If actually you want them to help you Collect your Inheritance Bill Sum,at least you should have informed me as the Executive Governor of this Bank. They actually tendered some Vital Documents which Proved that you actually sent them for the Collection of this Funds. Honestly, it really baffles me that you took such decision without my consent.

Here are the Document which they tender to this Bank today:


1. LETTER OF ADMINISTRATION.
2. HIGH COURT INJUNCTION.
3. ORDER TO RELEASE.

Actually, these Documents which they tendered to this Noble Bank is a clear Proof that you sent them to Collect this Funds for you. Finally,I told them to come back tomorrow morning and they promised to come back.As the Governor of this Noble Bank, I was supposed to Release this Funds to them but I refused to do so because I wanted to hear from you first.

Due to the Nature of my job, I will not want to make any mistake in Releasing this Funds to anyone except you whom is the Recognized Bonafide Beneficiary to this Funds.Kindly clarify us on this issue before we make this Payment to these foreigners whom came on your behalf. In receipt of this confidential Letter, you are required to email this Bank immediately you receive this Confidential Letter.

OFFICIALLY SIGNED.
MR LAMIDO SANUSI.
GOVERNOR CENTRAL BANK OF NIGERIA

These are the people that continue to give Honest Nigerians bad names. Can this kind of negativity be stopped, reduced in any way. How can Nigerians stop the widespread of similar negativity coming from lunatics like this?

where is Mrs Iweala? I thought no more debt after the Paris exit. What happened to fiscal discipline?

fresh air

Dont talk about it, be about it.

I don’t see how FG can compel these companies to build refineries when their business model clearly shows the opposite. Majority of these companies are getting out of the downstream business while beefing up their upstream businesses. They are no more a refining company, but exploration and production companies.

Chevron, Exxon Conoco Phillips, Marathon Oil, Murphy Oil, and other upstream companies are clearly divesting majority of their refinery businesses worldwide, and what they have left remains strategic.
Example of this is the sale of Pembroke refinery in UK to Valero, divestment from Nigerian petroleum products marketing businesses.

Exxon selling its Japanese refining and marketing business to partner TonenGeneral Sekiyu K.K.,
ExxonMobil selling off its interest in three businesses operating an oil refinery and retail stations in Malaysia to San Miguel Corporation (SMC) of the Philippines for a total of US$610 million.

Conoco Phillips and Marathon split their company into two public companies to drive home the point.

This plan of compelling these companies to build refineries on the pretext of pumping product out of Nigeria is dead on arrival, considering their action.

Gideonyte:
If this goes through then it will be great!!!! The truth is no Nigerian company has the internal expertise and experience to build refineries, none has ever done it before so it will be great to allow these companies do it for us, however, Exxon and Co should assume the role of contractors and technical partners. They will build it, run it for some time whilst training our people. We need jobs in this country! You may not have an idea of the thousands of jobs oil from Nigeria creates in the US, these jobs are needed in the country!

Have you ever wondered how Nigeria is building one of the largest LNG plants in the world The contract signed by TSKJ consortium is such that they are paid not by CASH but by LNG! So basically these guys build what pays them! That's why NLNG has grown astronomically over the years!

Another case in point is the Afam Power plant (650MW) built by Shell and NNPC. Do u know that NNPC initially did not contribute their usual quota to that project but Shell did it anyway in record time for $2.5b.

I'm not saying we shouldn't encourage indigenous companies but pray tell which indigenous company can prove that it has all the expertise to build a refinery? It takes a lot o, to even find and get the oil from the ground is not easy at all. Many of the indigenous companies will still subcontract it out to foreign firms and of course you know it will open terrible avenues for corruption.

I support this abeg!

I agree with you that Nigerian companies are not there in terms of experience and expertise, but they can grow and learn through proper corporate planning, joint ventures and necessary government support. We don’t have to allow foreign companies to build whatever infrastructures, refineries e.t.c alone. By allowing them to do it alone, we’re depriving the country and ourselves necessary experience that’s suppose to accumulate to Nigerians in the process.

Imagine for example if we allow Shell/Exxon to build refinery themselves. That means the whole EPC process will be done by their employee. Engineering experience, financial, logistics experience and other experiences that Nigerians can and should benefit from; through the job process will be lost. The knowledge and experience through the job will stay within the foreign company.

Assuming the project has a partner such as Oando or other Indigenous companies under a joint venture agreement. Assuming a (40:60 agreement) where foreign company retain the operatorship of the proposed venture, but have representatives to oversee the project scope including financing, engineering, safety, logistics and others. At least the proposed venture will ensure certain experience are ceded to the indigenous company which they can always applied somewhere else.  

Government should incentivise our indigenous companies, and make it easy to joint venture with foreign companies. Government should help mitigate certain risk issues that these foreign companies might be looking at while dealing with indigenous companies. Issues such as financing capabilities should be looked at; government can provide funding along side of other financial institution, World Bank, US EXIM bank, at a reduced interest rate and high tenor to ensure these indigenous companies meet escrow account funding, cash calls and other funding activities. These funding approach should be structured to allow FG recoup its investment same time other financial institution get their payment.

dplordx:
Is this news at all? Duh: so you dont know IMF, UN, Common-Wealth, Paris Club are nothing but tools created to keep colonialism in place?
Isnt it obvious by the 1st thing Okonjo-Iweala did when she worked for Baba, and now for Jonah?
Make the super-rich richer, and destroy the commoners? Shame y'all do nothing but play with your BBs all day long. Pick up international books, and start seeing how the world see Nigeria. A rich dummy that every internationalist see as the perfect target. Besides, this Bokoharam saga has so much internationalist fingerprints on it. When a group thats hell-bent on destruction, without a mission or goal is running around, please, suspect the CIA, or their ancilliaries. GEJ isnt paying his dues, and they wont let him breath.

This is not new news at all, i agree with you. So many people still need to be educated / reoriented; on how to free their mind from mental slavery, why sectional, tribal and religious sentiment should not be allowed to polarize our politics, policies and economics, why and how corruption, nepotism will continue to regress our economy if we allow it to continues to thrive, why and how divide and rule policies are not in the interest of Nigerians.

These are the reasons why we need to continue to create awareness to enlighten people on problems and solutions. Information has to be bandied around over and over for people to get the message. People don’t just change their ideology, character, faith overnight,  unless they have reasons to. Let’s all give them reasons why, and continue to create the necessary awareness that will result in progressive change for all Nigerians and Africans.

Part III

http://www.youtube.com/watch?v=kOwE0nGLvR4&feature=related

Part II

http://www.youtube.com/watch?v=1sNV6h7DOyY&feature=related

Part I

http://www.youtube.com/watch?v=AynGBMUgdmg&feature=related

This is a must watch documentary.

My objective for posting this you-tube message is not point fingers, or hate anybody, countries or continent but to create awareness; to liberate our minds and ourselves from mental slavery. The goal is to enlighten people on issues, problems, ideologies, characters, that continues to regress our country and to stimulate our thinking on how we can correct these issues.     
http://www.youtube.com/watch?v=yTbdnNgqfs8

Ndata:
SURPRISE! So GTB comes after First bank followed by Zenith.I never knew Gtb has overtaken those banks.Wonders shall never end!

In terms of brand value, this is different from enterprise value and market capitalization.

To those of you condemning Ribadu, I will reply by saying

"The greatest punishment to a wise man who refuses to rule, is for him to suffer the misrule of idiots"

The man has taking the honourable path. Kudos to him

Why is the government not arresting this guy?

Is this article about subsidy repayment or loan repayment? This has nothing to do with FG in terms of subsidy payment, that will come later. The article is about repaying a business loan, and not a political loan. If he was able to secure such loan, got subsidy funds(free money), then he should be able to pay it back. I clearly don't understand the political victimization here. Negotiate with AMCON if thats what you need to do, but dont play the political card when the game is up.

When people hear this kind of news, it should be an awakening call to every citizens of Nigeria to remind us that if we don't plan and organize ourselves properly; in the next 20-50 years, the same story of relinquishing more than 43% of our oil revenue to foreigners will continue to dominate Nigerians daily discussion. The time to fight corruption, injustice, bad governance, accountability, transparency, mediocrity, sectionalism, religion and other regressive issues is now, because all these issues are the reasons why status quo continues to hold our economy to ransom.

Back in the 1960 – 80’s, Saudi Arabia allow the west to come into their country to explore, produce and to cart away high financial and other economic benefits from their Country in return for the promise to train Saudi’s workforce. Agreement was made, promise was fulfilled. Many years after we have the birth of Saudi Basic Industries (SABIC), Saudi ARAMCO, and others companies owned and operated by the Saudi indigenes. SABIC is one of the world's leading manufacturers of chemicals, fertilizers, plastics and metals today. Saudi ARAMCO, also a world leading Oil Company that produces, manufactures, markets and ships crude oil, natural gas and petroleum products.

The time is now. We need to get our act together; define what we want, plan it and implement our strategy to achieve results. If we don’t, we will continue to get the same result such as this. We cannot expect a better result with the same mentality, it is impossible. To get a better result in that area;
-      We need different leaders with different vision.
- We need to pass the first version of the PIB and implement it .
- We have to implement strategies that will train and grow a knowledgeable workforce. The reason why Houston Texas remains energy capital of the world today is because of the human resources (knowledge) that resides in that city. No country can grow faster without growing its workforce.
- We have to shy away from politicizing the leadership of this industry, and allow credible people to pilot the affairs of this industry. 
- The industry should be free of sectional sentiments, religious sentiments, and other forms of divide and conquer mentality.
- There should be transparency, accountability and elimination of corruption.

Its funny how we glorify corruption, injustice, mediocrity and other forms of oppression in this country. With all the facts in the public eye, some people still have the boldness to defend these scumbags.

Jascoman:
However I have absolutely no control over this well orchestrated smear campaign, which is mainly directed at my mother, I therefore appeal to Nigerians not to take everything they see or read at face value.

http://thewillnigeria.com/politics/11971-Ugonna-Alison-Madueke-Says-Internet-Photos-Mischievous.html

That means we should not take this article as brilliantly presented at face value.

I guess you’re one of those benefitting from the status quo. Well, I have news for you, game over. There is no reason why Nigerians need to continue to reward corruption, nepotism, wasteful spending and mediocrity. So, the time to remove her is now.

I have not seen any work or miracle performed by the minister, so why should we retain her. All the local content, PIB, bond to fund fuel scarcity and other initiatives witnessed in the oil and gas industry in the past three years has never been her idea. She just happened to be around to implement them. To implement these initiatives, she still fails woefully. She’s the reason why we’re in this predicament called fuel subsidy scandal in the first place. Why we have massive corruption surrounding oil blocks allocation, crude oil exportation, and others. Non passage of Petroleum Industry Bill and poor implementation of local content initiative. Inefficient and excessive allocation of resources for the utilization and operation of our refineries. How can one fail an open book exam, when you have all the time in the world?

In terms of implementing these initiatives and manning petroleum industry affairs efficiently, we have other credible Nigerians that can do that. Almost every Dick and Harry in the Oil and Gas are aware of the content and objectives of the local content initiatives and PIB. Given the opportunity, it will not take them that long to achieve expected result. We should not, under any condition be clouded by the reasoning that Only Mrs. Madueke is fit to achieve the result of deregulation, PIB and take the energy industry to the promise land. Whatever work she has done in that industry, someone else can continue.

The time to remove her is now before she causes other havocs.

One united Nigeria we stand, separate Ibo, Hausa, Yoruba we all fall together.

Right on the money prof, 

Our SS, SE, SW, NE, NC governors; over to you.

Koikoi:
Because his master(Buhari) uses them to make Nigeria ungovernable

If he's the voice of the voiceless as he tries to paint himself, he shd be concerned abt the innocent lives being lost for no cause. Besides, other concerned Pastors have said one thing or the other concerning the senseless killings by boko haram. But on this issue, tunde bakare - a supposed man of God plays the dumb and shows no concern

You shd be ashamed of yourself for asking that very callous question

So for speaking against injustice, corruption that continues to plague Nigeria and Nigerians; the man should be ashamed of himself. I pity people like you. People like you are the real enemy of Nigeria and the reason why we're not progressing as a country. Because Jonathan is in power and he’s from South South, so all the corruption charges that trail his administration should be discarded and overlook.

The earlier we understand that this country is not going to divide (not this year, 2015, 2020, never), the better it will be for all of us. United we stand, divided we fall. The earlier we can all unite to combat all those structural problems that continue hold Nigerians to ransom the better we will be in the coming years. These structural problems are responsible for why Singapore, Malaysia, and all those other economies that rank on the same levels in terms of economic development as us back in the 70’s have made the leap and why we’re still in stagnation. All of us need to unite to ensure that religious sentiment, sectionalism, mediocrity, tribalism does not determine our faith as a country

This is the time to do it. Let us all come together and fight corruption, injustice, let us all come together in respective of our origin within Nigeria, and fight to demand more from our public office holder. It is our collective duty as Nigerians to analyse and critique public policies, economic policies, public appointments, and others issues that affect every citizens of the country. From strong positive criticism, you get the best out of individuals and government. Let us criticize our government objectively, with no sectional sentiment attached. I should be able to criticize Jonathan or Amaechi objectively without expecting myopic sentiment from my SS brothers and sisters. I should be able to criticize Fashola, Aregbesola or Mimiko constructively without sectional sentiment or political undertone from my SW brothers and sisters and same for the North. What is good for SS should be good for SW, NW and Nigeria. We’re not under colonial rule anymore and our attitude should continue to reflect this simple fact.

It is high time for us all to stop this divide and rule mentality. It has never worked for any region before and it will never work for any region now. What it will continue to do is breathe division, hatred and retaliation mentality. Let us all unite and move the economy forward together.

Hopefully, this request will not be swept under. Result will be achieved.

We need to do more to arrest and keep corruption under watch, increase accountability, transparency, or else fight to increase FDI and grow our economy will be an illusion.

A civil society group, Socio-Economic Rights and Accountability Project (SERAP) has sent a request to the Governor of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, to provide it with documents pursuant to the Freedom of Information Act (FoI) on the systemic corruption on fuel subsidy to enable it petition the Economic and Financial Crimes Commission (EFCC) for the perpetrators to be prosecuted.


In the petition dated January 15, 2012 and signed by SERAP Executive Director Adetokunbo Mumuni, the organisation hailed Sanusi for recommending that those involved in the fuel subsidy scam to the detriment of millions of Nigerians should be arrested and prosecuted by the appropriate authorities.

“This request is made to obtain the necessary documents for us to swiftly send a petition to the EFCC to achieve the objectives which you have articulated for many years, that is, to bring about the effective prosecution of suspected perpetrators of the subsidy scam,” it said.


The organisation argued that if the problems in the fuel subsidy system were not fully and urgently addressed and suspected perpetrators prosecuted, it would continue to have a devastating effect on investment in the oil and gas sector while also discouraging the building of refineries. It also expressed concern that while N250billion was allocated for fuel ‘subsidy in 2011, by the end of October 2011, over N1.3trillion had been spent.

“Having found that no supplementary appropriation was submitted to the National Assembly by President Goodluck Jonathan, we would be grateful for information on who authorised the release of the sum of N1.26 trillion, which was paid by the CBN under your management,” the organisation added.


The organization also said that, “We agree with you that this raises serious suspicion of corruption in the fuel subsidy system. We believe that this situation is a major contributory factor for the situation of extreme poverty in the country, which in itself is a violation of human dignity, inhibiting the full and effective enjoyment of human rights.”

Brilliant piece.

I know some people are going to come here and try to politicize this write up instead of disputing facts embedded in the write up.

NLC, it is up to you to do Nigerians bidding. Negotiate to secure corrupt free environment, accountability, transparency, to cut wasteful spending, regressive policies, mediocrity, passage of PIB, blockage of fund siphoning and other issues that affect every commoners in our country.

Mallam Ribadu is spot on. This is an opportunity for us to fight against excessive spending in government, mediocrity, injustice, accountability, transparency and all other structural reforms that will progress our economy. This protest is more than fuel subsidy. I hope NLC understands these issues and are willing to push for these issues during their negotiation with FG. I hope NLC at this point will do more to articulate what we're fighting for, grant more interviews to create awareness specifically around issues raised by Ribadu and continue to rally people to fight for these causes and not just on fuel subsidies alone.

If after this protest, all we're able to resolve is fuel subsidy issues. Then, i will conclude that the whole protest is a waste of time, waste of resources, and NLC is a fraud that does not share the plight of the people. Also, that the Cabals are the one controlling the NLC leadership as speculated by the FG.

Well said Mr. Sanusi.

I think it is about time the government create a new PR department to reorient citizens mind. Majority of Nigerians don't read, they're gullible and ready to follow the media hype blindly. What needs to be done is to create an environment, through necessary channels to reach target masses; where government will preach and support Whistleblowers in every industry, economic theories as it affects Nigeria / Nigerians can be debated, preach about discipline attitude and why this is good for common Nigerians.

I support Deregulation because i understand and believe in its embedded benefits. We cannot be clammoring for change on one hand and on the other hand remain hellbent on paying the price. We cannot be pushing to be among the best 20 economies in the next 10 years, and still remain primitive in terms of our economic reform. We have to be ready to make tough decisions for the progress of Nigeria. Change is not free, its not easy and it requires a lot of sacrifice. No pain, No gain. We have to be willing to sacrifice today for better tomorrow.

If these change will bring forth increase employment, increase revenue for the government, Innovation, improvement in human resources, increase economic development, increase political development, and other benefits on the long run. Then, i will say the time for deregulation was yesterday.

I have never been a supporter of Mr. Johnathan in any way. I supported Buhari in the last election. But, this policy is about Nigeria not about any individual or political organization. lets us all get it right for once in our country. The time is now.

Your analysis is flawed. While refinery is not the most profitable business venture, it is profitable. Thats why companies like Conoco Phillips, Marathon Oil Company would rather split their company and operate their refienries than to sell out to others. Thats why you have companies like Citgo, Valero and others that rely only on refinery business for their business existence.

In the US, the government does not operate refineries. All they do is to provide conducive regulatory environment for refinery businesses to thrive. I cannot for once remember the last time US have fuel scarcity, or when the price becomes too unbearable (because it follows the price of crude oil, which everybody follows). If government want to continue to kill and haemorrage that industry of funds, innovation, proper management, growth and other benefits, they should continue to micro manage it. The only way to get the refinery industry in Nigeria moving is by way of government hands off, I repeat, government does not have any business being in that business at all. Their business should revolve around taxation and regulation.

paragonpro:
Contrary to what the government wants us to believe, there is no where in the world where the price of fuel is left to the vagaries of market forces. The us governments over the years had been actively involved with oil politics in order to regulate the price of fuel. So much so that the government spends billions of dollars if not trillions in wars to ensure they have access to cheap crude for its citizens. Russia is even worse, they arbitrarily determine the price of petrol and gas and sell to other European countries at what ever price they choose. They even inflate prices to countries that is not towing their line.

Refineries is not a profitable business, it is mainly used as a political tool, a form of tax tool or a social security tool, depending on the goals of the government. No private person will invest 200 billion dollars to build a medium sized refinery with the very long pay back time. they would rather invest in stock markets or government bonds.
The Nigeria government cannot and I repeat cannot shy away from directly being involved in refineries. They should earn their huge pay for a change.

Who will take over after his impeachment? Sambo? Birds of the same feather

While i support the fuel subsidy removal. I hope necessary measures are being put in place to cushion effect fuel scarcity within the country. The effect and result of this can send the price of petrol as high as about N300 - 400/L based on people hoarding petroleum products so that they can sell at high price.

I hope the regulators understand this problem can happen, and they are putting measures in place to checkmate it.