₦airaland Forum

Nigeria is indeed a latecomer in development.

It's common knowledge that success is two-parts hard work and one-part luck. But what about smartness? Are the world's richest people really the most intelligent people around?
Pretty much, yes, according to new research by Duke University's Jonathan Wai, sent to Business Insider and first reported by CNBC's Robert Frank.
Wai found that within the top one percent of smart people, the smarter you are, the richer you are.
Overall, billionaires tended to be the smartest people. Some 45% of them are part of the top 1% of smart people. That compares to 39% of not-billionaire Fortune 500 CEOs; 41% of Senators, and 40% of federal judges.
Tech billionaires and those who made their money from investments seem to be the smartest of all. Wai found that 63% in tech and 69% in finance were among the brainpower elite.
Billionaires who made their money in fashion and retail, food and beverage weren't as brilliant. About one-quarter of them were brainiacs.
Wai came to these conclusions by looking at the colleges these people attended. If they went to one of 29 "elite colleges," there were considered to be among the top 1% of smart people. These schools require high test scores for admittance and that indicates very high intelligence, he reasoned.
You can argue that this is a pretty flawed way to measure intelligence. It automatically filters out smart people who didn't attend elite colleges and automatically assigns a high IQ to those were accepted because their parents were alumni, or they got an athletic scholarship. Wai acknowledges that flaw but says those two exceptions balance each other out.
Interestingly, this research runs counter to a study done in 2007 by Jay Zagorsky, at Ohio State University.
Zagorsky's study found no correlation between wealth and IQ. It looked at people who did well on the Armed Forces Qualification Test and how their wealth grew over time. While smarter people did earned bigger salaries, they were no more likely to become super rich over time than those with an average IQ.
So maybe the answer to the question of wealth and smarts is this: It won't automatically make you a billionaire but it certainly helps.
Source: http://theeconomistng..com/2013/04/billionaires-are-really-smarter-than.html

I personally think Sanusi has done relatively well with his intervention in the banking crisis. Nigerian banks now know it is not business as usual.






















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Itoroetti :
He knows that Gej will never re-appoint him again,after all the atrocities he has committed in d sector.
Pls go and rear nama.

But Sanusi is said to be in good terms with the President and the 'almighty' prime minister Okonjo Iweala.

The CBN Governor said he would quit after his first term in an interview with the London-based banker magazine.

Central Bank of Nigeria Governor Sanusi Lamido Sanusi may have foreclosed the possibility of a second term in office after the expiration of his term next year.

Sanusi was quoted in an interview with the London-based Banker Magazine as saying he had completed his assignment at the apex bank and would not be seeking a second term in office.

He said critics of his tight monetary policy had forgotten how unstable the nation’s financial system was just three years ago.

Though perceived to be controversial, Sanusi, who took over from Prof. Chukwuma Soludo as the apex bank’s governor on June 3, 2009, is believed to be in good standing for re-appointment by President Goodluck Jonathan given his impressive record in office as CBN governor in the past four years.

In spite of his achievements in office, earned from efficient management of the banking and financial sector issues since 2009, Sanusi said he was not keen about retaining the job after the expiration of his first tenure in June 2014.

Analysts point out that re-appointment for any CBN governor is subject to the prerogative of the president.
Soludo, Sanusi’s predecessor in office, was not re-appointed for a second term by late President Umaru Yar’Adua despite his much-touted impressive records.

“I will not be offering my services for a second term. The job is extremely demanding. I don’t think it’s something that I would like to do for 10 years. I also think I have certain skills and a temperament that are suitable for a certain phase. I’m a crisis central banker. I came at a time of crisis.

“I consider my job to have been to fix the crisis and restore stability, and to make sure we did that in such a way that no bank failed, no depositor or creditor lost money and fiscal costs (were minimised), which is why we tried to get the banks themselves to bear the costs,” the CBN governor told the magazine.

Several attempts made Saturday to speak with Sanusi did not materialise, as he didn’t pick up the phone when THISDAY called.

But in a response to an email enquiry, the CBN governor directed our correspondent to see the interview in the website of the Banker Magazine.

The response read: “You can check the Banker Magazine yourself. Maybe the interview is on their website. Whoever wrote the article is quoting something.”

As CBN governor, Sanusi had initiated a chain of reform processes shortly after he came on board in 2009, as signs of systemic failure in the banking industry became manifest.

A joint audit undertaken by the CBN and Nigerian Deposit Insurance Corporation (NDIC) confirmed the fears of some industry watchers who had raised the alarm that some bank chiefs were merely cooking their books at a time banks were posting incredible results.

Consequently, a number of bank chief executives including former managing director of Oceanic Bank International Cecilia Ibru, Erastus Akingbola of the defunct Intercontinental Bank Plc, Francis Atuche of Bank PHB and Barth Ebong of Union Bank were sent packing and prosecuted for opaque financial transactions.

Other bank chiefs affected included Okey Nwosu of Finbank Plc, Ike Akinkuotu of Equitorial Trust Bank, Charles Ojo of Spring Bank Plc and Sebastian Adigwe of Afribank.

The banks were offered to new investors, a process that saw to a new wave of mergers and acquisitions in the nation’s banking industry.

In the process, Access Bank merged with Intercontinental Bank, First City Monument Bank acquired Finbank, Sterling took over Equitorial Trust Bank, while Ecobank Transnational acquired Oceanic Bank to swell the portfolio of Ecobank Nigeria Plc, its Nigerian affiliate.

Three other banks, which could not meet up with the CBN time-table –Afribank, Bank PHB and Spring Bank – lost their licences and in their ashes emerged three bridged banks namely Mainstreet Bank Limited, Keystone Bank Limited and Enterprise Bank Limited, respectively.

Sanusi’s most impressive achievement since coming to office has been salvaging Nigeria’s banks after their 2009 crisis.

Today, their capital adequacy ratios average more than 20% and non-performing loans, which had soared, are back below 5%.

The CBN governor said there had been a transformation from banks merely buying government bonds and funding blue-chip companies to now focusing on what he calls “the middle part of the economy, where growth happens and jobs are created.”

This middle part of the economy involves industries such as agriculture and manufacturing, which have long been neglected by lenders.

“The DNA of the entire sector has been changed,” he said.

“If you spoke to the bank CEOs, you would find a shared understanding that the banking industry needs to return to its raison d’être, which is to be an intermediary of savings into the real economy.

“We’re not where we want to be. But the days when banks shied away from or didn’t see this as a core function are gone.”
source: http://theeconomistng..com/2013/03/sanusi-i-dont-need-second-term_6053.html

Do you think Mr. Sanusi has done well as CBN Governor? What is your assessment of his banking sector reforms?


















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The news is credible and from NAN. I am not surprised at all. The Professors at UBTH know their onions. UNIBEN Is really UNIBEST.

A reply from CEO of J.P. Morgan to a pretty girl seeking a rich husband

A young and pretty lady posted this on a popular forum:

Title: What should I do to marry a rich guy?

I'm going to be honest of what I'm going to say here.

I'm 25 this year. I'm very pretty, have style and good taste. I wish to
marry a guy with $500k annual salary or above.

You might say that I'm greedy, but an annual salary of $1M is considered
only as middle class in New York.

My requirement is not high. Is there anyone in this forum who has an
income of $500k annual salary? Are you all married?

I wanted to ask: what should I do to marry rich persons like you?

Among those I've dated, the richest is $250k annual income, and it seems
that this is my upper limit.

If someone is going to move into high cost residential area on the west
of New York City Garden(?), $250k annual income is not enough.

I'm here humbly to ask a few questions:
1) Where do most rich bachelors hang out? (Please list down the names
and addresses of bars, restaurant, gym)
2) Which age group should I target?
3) Why most wives of the riches are only average-looking? I've met a few
girls who don't have looks and are not interesting, but they are able to
marry rich guys.

4) How do you decide who can be your wife, and who can only be your
girlfriend? (my target now is to get married)

Ms. Pretty

A philosophical reply from CEO of J.P. Morgan:

Dear Ms. Pretty,
I have read your post with great interest. Guess there are lots of girls
out there who have similar questions like yours. Please allow me to
analyse your situation as a professional investor.

My annual income is more than $500k, which meets your requirement, so I
hope everyone believes that I'm not wasting time here.

From the standpoint of a business person, it is a bad decision to marry
you. The answer is very simple, so let me explain.

Put the details aside, what you're trying to do is an exchange of
"beauty" and "money" : Person A provides beauty, and Person B pays for
it, fair and square.

However, there's a deadly problem here, your beauty will fade, but my
money will not be gone without any good reason. The fact is, my income
might increase from year to year, but you can't be prettier year after
year.

Hence from the viewpoint of economics, I am an appreciation asset, and
you are a depreciation asset. It's not just normal depreciation, but
exponential depreciation. If that is your only asset, your value will be
much worse 10 years later.

By the terms we use in Wall Street, every trading has a position, dating
with you is also a "trading position."
If the trade value dropped we will sell it and it is not a good idea to
keep it for long term - same goes with the marriage that you wanted. It
might be cruel to say this, but in order to make a wiser decision any
assets with great depreciation value will be sold or "leased". ____

Anyone with over $500k annual income is not a fool; we would only date
you, but will not marry you. I would advise that you forget looking for
any clues to marry a rich guy. And by the way, you could make yourself
to become a rich person with $500k annual income. This has better chance
than finding a rich fool.

Hope this reply helps.

signed,
J.P. Morgan CEO

For more interesting and inspiring tales, visit http://theeconomistng..com/