Deenee's Posts
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 Celebrities › Re: D'banj Buys A $200K Aston Martin Vantage (Pic) by deenee: 10:57am On Nov 01, 2011 |
When he was struggling, nobody cared and I am so surprised that we Nigerians have been brainwashed into this Western way of thought. So what if he buys an Aston Martin? Bill Gates donates money to charitable causes but he also has one of the biggest and most robust collection of vintage cars. Why not tell him to sell his collection and feed the poor with it? We are always quick to compare ourselves to America and Britain- the same countries where it is the norm for kids to take out student loans just to attend University even when their parents can afford it, where the mentality of 'relentless consumerism' is at its peak Dbanj if you get money to buy Bugati Veyron, buy, enjoy your life and let all the haters keep hating |
| Jobs/Vacancies › Re: Why Do Nigerian Employers Conduct Job Interviews Till Night? by deenee: 10:36am On Nov 01, 2011 |
I think it is all part of the process, though I cannot generalize at this point. I work in financial services abroad with a bulge bracket PE firm and on the assessment day, 15 people were disqualified because they displayed 'erratic scenes of impatience' and I think that time is the longest that I have had to wait for any appointment (7 hours sat in one place!). Apparently there was a 'camera' in the room filming all we did whilst we waited. For the competency based interviews, we waited for over 9 hours and then did a scenario exercise by then of which, most applicants were ready to 'walk up a wall'. |
| Investment › Re: The Access Intercontinental Bank Fraud In Picture by deenee: 10:31pm On Oct 17, 2011 |
I give up, there is no point engaging in any form of discourse on this matter again. See links below from Bloomberg showing Intercontinental Bank market cap What building? , didn’t Allstates, SGBN, Liberty, Spring and Citizens bank (s) have buildings? The current market cap is a 'mere' N13.2 billion for the whole 'shares' even with the so called 'equity' that you claim that AMCON has injected. Mind you, that shareholder funds’ is determined by the current market price of the stocks traded on the exchange. The prevailing price is 0.70kobo and they have about 18.9 billion authorized shares in issuance. Multiply the price by the shares in issuance to get the capitalization. May God open our eyes of understanding! http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=INTERCON:NL http://investing.businessweek.com/research/stocks/charts/charts.asp?ticker=INTERCON:NL 1 Like |
| Investment › Re: The Access Intercontinental Bank Fraud In Picture by deenee: 3:00pm On Oct 17, 2011 |
I am tired of trying to explaining myself. It looks like a lot of us don’t understand how an M and A transaction works. We keep saying that Intercontinental has been short changed in the whole transaction. How ?, when they have negative shareholders’ funds at the point that the whole deal was originated? Whilst structuring a merger or acquisition, the market capitalization of the company to be acquired is used. What was the market capitalization of Intercontinental as at when the transaction implementation process was agreed? Market capitalization (often called ‘market cap’) is a measurement of the size of a business enterprise (corporation) equal to the share price times the number of shares outstanding (shares that have been authorized, issued, and purchased by investors) of a publicly traded company. As owning stock represents ownership of the company, including all its equity, capitalization could represent the public opinion of a company's net worth and is a determining factor in some forms of stock valuation. As we speak, Intercontinental has the largest number of authorized shares in issuance alongside Bank PHB and Oceanic and currently trading at rock bottom prices (in fact, I think trading has been suspended because of the 'deal in progress'). Are we quick to forget that these banks were amongst those that came to the market to raise additional capital even when they didn’t need it? Have we forgotten the period when some of these banks were involved in the ‘my balance sheet size is bigger than yours fiasco’ that eventually led to reckless corporate management practices and how branches sprung up in every ‘nook and cranny’ even when there was no business/strategic justification for their existence? We keep saying that Intercontinental , Oceanic et al. have a huge branch network. My question is how many are actually posting profit? Most of these branches are ‘dead weight’ and just cost centers! Once again, the 550 billion that AMCON has plugged into Intercontinental to fill a ‘big hole’ is not equity. It is the book value of non-performing loans that they have been carrying in their books which we all know is determined by the market value of the shares as they are traded on the exchange. To shed more light on this, the loans in a strict sense were worth much more than this. Are we quick to forget that Intercontinental singled handedly gave out margin loans to ‘one individual’ using several legal entities as ‘proxies’ and to the tune of about 400 billion naira, which was used to buy back their own shares from the capital market and create the ‘impression’ that there was ‘real’ demand for these stocks. Thus driving prices up just before their last ‘hybrid offer’. This is further exacerbated by the fact that such loans didn’t have a strong ‘collateral base’ and were just backed up through the securitization and domiciliation of share certificates with the obligor (Intercontinental in this case). I am sure that a lot will agree such share certificates are worth nothing now. What AMCON simply did was to determine the current market of the various tranche of NPLs and they acquired them at a fair value. If we are to go by the 2006-2008 prices, those loans were worth over 2.3 trillion as at when they were structured! Please let’s not be stuck in the simplistic assumptions that form the central theme of the balance sheet equation. What about the ‘contingent liabilities’ that are treated as ‘off balance sheet items’ and not included in the BL equation? I would ask this question once again; would you as an investor buy into such a corporation with a ‘big hole’ (whose breadth and depth has not been fully determined till date) without the assurance from CBN via AMCON that the recovery of the NPLs will be guaranteed? What Access paid which is around 50billion is the current ‘market cap’ of their stake in Intercontinental (as defined above). Once the TIA is successful, new stocks will be issued to the shareholders of the ‘merged entity’. The sad thing is that Access bank shareholders would probably get more of a ‘fair deal’ than those of Intercontinental! Thank you! |
| Investment › Re: The Access Intercontinental Bank Fraud In Picture by deenee: 2:01am On Oct 14, 2011 |
Please read my comments again. There seems to be a lot of mix-up here as regards the role that AMCON has played in the whole impasse. Each supposedly distressed bank has been treated on a ‘case by case basis’ even those that didn’t fall under the CBN hammer. This is the reason why first and foremost, all banks have been asked to transfer ‘margin loans’ created and utilised during the capital market bubble of 2006-2008 to AMCON for a start. More so, people tend to mix up the asset-liability concept when it relates to how it is presented on the balance sheet of banks. Banks create assets (loans and advances) as a potential source of income, the big buildings and the flashy cars you see are not assets , they are liabilities because they have to be charged off via ‘depreciation’ against the income statement of banks and they don’t earn any interest. However there are some instances when ‘office space’ within such big buildings can be rented out as with the case of UBA on Marina Street and income generated here is classified as ‘income from extraordinary activities’. Bear in mind that banks are in the business of financial intermediation (sourcing funds from the surplus and making available to areas of deficit whilst making a ‘spread’). Yet again I connote that, in the case of Intercontinental, non performing loans have been acquired with the intention that they will be recovered. As for the nationalised banks, an equity stake has been acquired to keep them afloat as there were no indications that they would be able to meet the September 2011 deadline. I don’t know how else to explain this again! Finally, for all those making ‘noise’ that Intercontinental has been ‘short changed’, how many of you would invest now in ICB shares at its current market price? |
| Investment › Re: The Access Intercontinental Bank Fraud In Picture by deenee: 2:34pm On Oct 13, 2011 |
@Dancewith, You are correct to say that the management of the nationalised banks were playing ’ hard ball’ but to the detriment of who?- the common shareholder of course; like you, I and others who have invested their ‘hard earned cash’ in these corporations, believing that they would be viable and alternative sources of income in the near term. ‘Nationalised’ or not, the management have benefited from the huge severance packages paid to them and we the shareholders are left with nothing. Let me ask this, when was the last time any of these banks paid dividends or issued bonus shares to their investors? More worrying, is the fact that the institutional investors (a lot of whom saw the ‘hand writing on the wall’) had divested majority of their holdings long before the 'financial impasse' started. Also, what is the current market price of these stocks? Once again, I still state that AMCON has only acquired the ‘eligible performing assets’ in the case of Intercontinental to create liquidity whilst it has contributed an ‘equity stake’ to the nationalised banks. Hence, the reason for the take-over of the banks concerned and deployment of new management. I think that, we are mixing up the scheme and order of things as regards the role that AMCON has played and will play in this ‘impasse’ now and in the future. The transactions consummated are done on a ‘case by case’ basis and not one’ blanket transaction’ for all supposedly distressed banks. @Maawitemi, I have read your article on the potential investors and I have this to say- signifying an ‘intention to enter into negotiations’ for a deal is not an overall indication that the deal would scale through or that the investment considered for the deal is a worthwhile one. Take the case of PHCN, a lot of potential investors are interested in acquiring the firm but after conducting ‘due diligence’ posit that it would cost more to turn around the ‘moribund’ utility firm even if, it was bought for ‘peanuts’ and thank you for the other comment! |
| Investment › Re: The Access Intercontinental Bank Fraud In Picture by deenee: 1:05pm On Oct 13, 2011 |
Maawitemi:Please let’s get it right. AMCON has not injected equity into these banks. Though, it has the power to do this under the jurisdiction of the CBN, what it has simply done is to acquire eligible bank assets(loans and advances) as stipulated in the AMCON act. I have attached a link to the AMCON 2010 act below for further guidance. Thank you! http://amcon.com.ng/AboutAMCON/CorporateOverview/MissionVision.aspx |
| Investment › Re: The Access Intercontinental Bank Fraud In Picture by deenee: 12:47pm On Oct 13, 2011 |
dancewith:Thank you for the response. However, I think that is expedient to understand what has transpired during the whole deal whilst opining that the analogy you have used re the nationalised banks does not add up. These banks were nationalised because even with the fresh injection of funds, there were still ‘ regular borrowers via the CBN ‘extended discount window’ and no ‘rational investor’ would touch them with a ten foot pole. More so, allowing them to become bankrupt (which is what would have happened if they were not nationalised) will just send another round of ‘shock waves’ through the entire financial system and jeopardise the possible acquisition or merger talks underway. There is also one misconception that I would like to correct here, the funds used in this regard is not ‘tax payers’ money as you and most people connote. Funds have been provided via the CBN (lender of last resort) through AMCON ( a special purpose vehicle) and in the form of debt. Intercontinental and others still have negative shareholders’ funds in ‘retrospect’ because of the non-performing loans at their disposal, hence saying that their balance sheet has been “cleaned out” is intrinsically incorrect. They have merely transferred the NPLs which will be recovered at a later date to AMCON and AMCON has issued out debt coupons to them funded by the CBN. The intention in the medium term is to assign ‘ratings’ to these tranched securitised non-performing assets (which will be determined by their recovery rate thus, loans that have the propensity to be repaid ‘quickly’ are rated higher and vice versa), purchased by AMCON and make them tradable as ‘convertible debt instruments’ via the capital markets to the investing public. When this is done, then we can say that ‘tax payers’ money is involved. To the best of my knowledge, this has not been the case. Also Intercontinental, like other ‘distressed’ banks have no ‘liabilities’ just assets and non-performing assets for that matter. At this point it is vital to reiterate that our definition of assets and liability ‘accounting wise’ is quite different from the way it is used here. In this context and as indicated in the balance sheet of banks and other financial institutions, ‘liabilities’ refer to the different classes of funds sourced by the bank via savings and current accounts and fixed deposits; all which have varying cost of funds and tenors. They are termed ‘liabilities’ because the bank has a ‘moral obligation’ to make the funds attached to them available on demand- hence the reason why you can deposit your money and withdraw at ease and on demand (except, there is a liquidity crisis where assets are more than liabilities). It is also from these pooled class of liabilities that banks create ‘assets’-loans and advances of different classes ranging from the ‘ubiquitous’ overdraft to syndicated loans- arranged by different banks and where one bank is the lead financier. At the’ point of sale’ or during the transaction implementation process, Intercontinental had more non-performing assets than liabilities hence the hole you have described herein and a very BIG one for that matter! You also say that they should sell their buildings- who will buy them? Who has purchased the building of hitherto distressed banks like Liberty, the defunct National bank, All States Trust and others? AMCON is not ‘Father Xmas’, so saying that AMCON has paid off the ‘liabilities’ (which should be called ‘assets’ in this regard) is a statement that should be given some afterthought! AMCON has only filled the ‘hole’ created by bad management/corporate governance at Intercontinental et al. and this has just been done temporarily. Have you bothered to ask yourself why the nationalised banks didn’t attract any investors? Finally, Intercontinental is not ‘great’ again as put forward by you simply because the 550b non performing loans have be transferred to AMCON. What will make then great again is if they are able to make ‘real profit’, sustain it ,reward investors/ shareholders accordingly and trade at a reasonable market price. More so, the injection has only made the bank a ‘tenable investment worthy of consideration’ and 50b, paid by Access is perhaps the best offer it could get based on the current valuation (market price of stock on the exchange and assets-bear in mind that these ‘assets’-building et al. depreciate and lose their value as they ‘wear and tear’ whilst some are not even marketable) and a lot of other extenuating factors. But then again, this is a topic of discussion for another day! |
| Investment › Re: The Access Intercontinental Bank Fraud In Picture by deenee: 10:37am On Oct 13, 2011 |
The whole merger process is very valid. There is one point that we are all missing here; what is the current market price of Intercontinental shares now vis-a vis three years ago? The price that Access will pay for the stake acquired in Intercontinental will be by and large determined by the current market price obtainable, hence if we are to go by this, Intercontinental would be sold for 'peanuts' compared with what what Access has put on the table! I am sure you will all agree that Intercontinental, like most other banks are trading at an all-time low. Also, the stake provided herein by AMCON cannot be converted ‘equity’ as some as suggested herein as it is meant to be a 'provisional investment' meant to create liquidity which has dried up due to the large number of NPLs most of these banks presently have in their books! This situation is further exacerbated by the fact that a lot of ‘fictitious accounting’ had been going at Intercontinental and apparently, they actually have a negative balance sheet and even negative shareholders’ funds as a result of the mismatch between assets created and liabilities sourced vis-a vis the tenor of the liabilities and the repayment periods for the assets that they have been used to create. Furthermore, AMCON is not a licensed to carry out ‘bank services’ but rather, is a special purpose vehicle created by the government and enacted by law to buy up non-performing loans in banks hereby creating ‘liquidity’ which is needed in the financial markets now. So, what AMCON has done is to ensure that Intercontinental is an ‘attractive asset’ to discerning investors. There is no need evidently, to shed some ‘light’ on the technical details of the whole ‘transaction implementation process’ used for the deal because apparently , a lot of people are still trying to get their heads around the ‘overall concept’ More so, I am appalled to see people comment here, that nationalized banks in the UK are making profit, which profit and where is the evidence to back up this claim? The banks that have been nationalised in the UK (top of the list include RBS and Lloyds TSB) are still making huge losses and there are massive redundancies there! See link below to support my claim. The funds injected into the deal by AMCON will be repaid by the new owners once there is enough liquidity and the capital adequacy requirements as stipulated by the CBN has been met. http://www.ft.com/cms/s/0/53bc5744-be68-11e0-ab21-00144feabdc0.html#axzz1aeY89vxe |
| Investment › Re: Has GTB Declared Share Bonus & Dividends For 2011 Ending? by deenee: 8:31am On Oct 06, 2011 |
I am afraid I cannot provide you with an idea list of stockbrokers at the moment because,I am not in Nigeria currently but I do a lot of transactions with ARM Securities, the securities and trading subsidiary of ARM. I have also dealt with Zenith Securities and Cashcraft Asset Management in the past. So far so good their services and response rates to the timely execution of my trades have been average. More so, with each stockbroking firm, I have access to an online trading account where I cannot monitor my account and execute trades without stress. This of course is convenient for me because of the factor mentioned above What I would suggest you do is try to do some background research on your own and draw a list of forms and see which will suit your investment aims. The internet is a good place to start your scan. Cheers! |
| Investment › Re: Has GTB Declared Share Bonus & Dividends For 2011 Ending? by deenee: 10:42am On Oct 05, 2011 |
jahofa:If you don't have a CSCS, then your investment will still be held in form of share certificates which I presume is already in your custody. I will recommend that you look for a good stock broker, open an trading and CSCS account and have all your certificates verified so that the bonuses paid can be credited directly into your account. Am not sure if FBN has declared any dividend or cash bonus for this year. |
| Investment › Re: Has GTB Declared Share Bonus & Dividends For 2011 Ending? by deenee: 11:22pm On Oct 04, 2011 |
The cash bonus and dividend declared is an interim one(an interim dividend payout is usually paid before a company's AGM, at which the financial statements are made public) Thus,what you have received is an interim dividend. The final dividend will be paid in the first quarter of 2012, when the results of the 2011 financial year have been prepared and made public. |
| Romance › Re: Is It Okay To Marry Someone From A Different Race? by deenee: 11:42am On Oct 04, 2011 |
tpia@:One love Bro, Still one love Bro! |
| Romance › Re: Is It Okay To Marry Someone From A Different Race? by deenee: 10:44am On Oct 04, 2011 |
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| Career › Re: European Union And Nigerian Job Hunters: Investment Banking by deenee: 12:41am On Sep 30, 2011 |
tanimola22:Well, I guess they do, but hey of course, I don't use pigdin as an 'official language of business'. I just use some of the popular slangs like 'wetin dey' , 'how far', 'pepper don red 'et al. when chilling with some of my work mates (i.e having a drink or on a night out). More so, quite a handful get the meaning behind some of these 'slangs' especially 'pepper don red' which has become a common thing to say on the 21st of each month! Anyway, the point, that I am trying to make is that you need to be yourself Apart, from i banking, there are other finance related roles on offer in London. A good place to start your scan is efinancial careers-they post alot of job openings in finance and within different specialism. The down side of this is that you have to deal with recruiters and those lot are the most 'sleazy' set of people I have come across. I recall giving you some head start on GS internship in London. Any feedback? |
| Career › Re: European Union And Nigerian Job Hunters: Investment Banking by deenee: 11:14pm On Sep 28, 2011 |
There are two categories of Nigerians abroad Those who feel inferior and as a result, display inept incompetency in all that they do- Nigerians who believe that they are living the 'dream' by 'stacking shelves' or doing all sorts of 'menial jobs' with their 'foreign qualifications' rather than return home, fall in this category. Also, those who tend to see the 'oyinbo' man as a one with an 'upper echelon' also belong here. The other category is the fake 'wannabes'-those who by virtue of been abroad try to 'mimic' the way things are done there. I have never spoken with an American accent-it is foreign to me yet I work with Americans and I have had the opportunity to consummate good deals in the front office and my unique Nigerian accent with 'occasional pidgin' makes me stand out amongst my peers! My point is, if the British, French, Russian, Chinese and American can speak with their accent why can't I speak with mine? Also, I banking is not a place that I would recommend for any graduate now, the pending Eurozone crisis and high unemployment levels in America attests to this. Secondly, there is some much 'public disdain' towards the financial sector especially in Europe. However, all hope is not lost, but still, applying for and hoping to be recruited for a front office role is a 'bad strategic move' if your plan is to still work in i banking. Why not try a back office or middle office role for starters and work your way up? Additionally, most banks or FIs need people that understand the investment climate in emerging countries in Africa, hence there is a huge gap in this area, but alot of us don't realize this. For example, a friend just got a 'mouth watering' offer from Rothschilds' for a project finance role and will work out of their country office in SA and London office consecutively. The trick here is to understand the employment terrain and carve a niche for yourself. I work for a bulge bracket PE in NY and in their FIG group with core focus on Africa and Middle East and quite frankly this is where is the action is right now. You will be amazed at the volume of transactions and deals that Nigerians in Lagos and Abuja and other cities consummate abroad. Just my own random contribution to the thread. |
| Business › Re: Segun Agbaje's Performance As Guarantee Trust Bank (GTB) MD by deenee: 9:11pm On Sep 25, 2011 |
For all the Nlders screaming 'blue murder' for charges on foreign transfers, there are certain factors you need to consider, If your instruction is to transfer GBP, remember the origin currency will be converted to USD, first before it is converted to the destination currency- GBP, in this case. In this process, the final value could be distorted due to discrepancies in exchange rates between the currencies involved. Also for those, whose request is to transfer dollar, have you ever considered the exchange rates? and remember that receiving bank will always take their charges which is in most cases, is deducted from the funds transferred, at the point of destination. Secondly, UK banks have 'hidden charges'- don't be fooled by the 'plastic smiles' of their staff and aesthetics of the bank environment. They can charge as high as 25 pounds for missed or delayed installments on a monthly direct debit, they can also charge you 'ridiculous fees' for trying to switch from one class of account to another based on professional advice provided by them! They are 'highly regulated' yet a 'rouge trader' has been placing fictitious bets on exchange traded funds worth billions of pounds since 2008! |
| Business › Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by deenee: 4:50pm On Sep 17, 2011 |
tlops:Spot on,I have worked in this kind of "high octane environment'' where you live life on the edge . This is the world of finance. Truth is somebody has lost 1.3 billion and someone has gained 1.3 billion. From what, I have gathered from friends in London, he is a high frequency trader trading on ETF (European Traded Funds) and he must have been making money for UBS so point is, they are using him as a fall guy. I don't want to believe that he can consummate 'unauthorized transactions' to the tune of 1, 3 billion without any one knowing? What kind of risk management systems do they have there? |
| Politics › Re: Obasanjo Begs Boko Haram Leader's Family For Forgiveness by deenee: 11:55pm On Sep 16, 2011 |
Big B1:Cool down, I think it is a move in the right direction, for sure BK has been hijacked,what has Buhari, Atiku or IBB done to pacify them? I also don't condone what nor agree with the mayhem that BK has caused till date but also I know that we don't have the machinery to tackle them so the best move is to 'befriend' them BTW America didn't beg Osama and see what it has cost them! |
| Politics › Re: Reps Threaten To Arrest Okonjo-Iweala Over N4.5trn Contract by deenee: 11:32pm On Sep 14, 2011 |
Kobojunkie:Really? Everything in the article 'widely' suggests that she has been singled out, even the caption! If not, why has she been summoned and with threats of a potential arrest if she fails to honor the invitation? You seem to just always move 'a little to the left and a little to the right' without drawing up any logical inferences. This is a good strategy when used in 'warfare' or in the world of 'business' but on a thread like this  |
| Politics › Re: Reps Threaten To Arrest Okonjo-Iweala Over N4.5trn Contract by deenee: 2:34pm On Sep 14, 2011 |
@kobojunkie Ok madam, but before your request is obliged, I would like you to ponder over this; from all indications and based on news 'made available to us via the media', the contract was not part of the budget, so in ideal circumstances and holding other parameters constant, let's assume that the national assembly was not aware of it (because it was not part the whole budget-this is just an assumption before you hang me  .Additionally, I know for sure that the ministries are mandated by law to make available to the three tiers of government (national assembly inclusive), monthly allocations for projects approved et al.. So I ask again, can the ministry of finance just award a contract of this 'amount and magnitude' without the knowledge of the national assembly? If yes then something is definitely wrong with the whole system and there should be a complete overhaul! I am not taking sides with anybody, here but I will be very happy if we can 'critically analyse’ information made available to us before we make informed opinions. So, if it is discovered that 'due process' was not followed, should Dr NOI take the fall? After all, she was not at the helm of affairs in the ministry when the deal was consummated. Also, I doubt if any of the owner(s) mentioned herein, is in any way related to her. More so, I am sure that some legislators were involved in the whole process then (again this is my view though not backed up by any proof). We need to look the 'bigger picture'- Pressing issues such as sound economic policies that could precipitate the development of our great nation have been swept under the carpet. Yet, we are all screaming 'murder'. Permit me to project a scenario of the plausible outcomes for the 'orchestrated plan' Scene 1- Best case scenario, Madam N spends the rest of her 'tenure' defending one trumped up charge or another or worst case she is forced to resign or kicked out (History is here to vindicate me on this) Scene 2 -Pressing issues that require immediate attention and essential for the average Nigeria to effectively reap the benefits of our ‘nascent democracy’ is swept under the carpet or better still tied with a special ‘padlock’ and the key thrown into the river Scene 3- the same invisible people pulling the ‘strings’ and who feel that Nigeria is their national cake continue to have a swell time whilst employing the services of our corrupt leaders and elected official s who can be bought a premium . In fact at any premium! Scene 4- You and I and other Nlders continue to engage in ‘endless debates’ along the lines of I am 'right and you are wrong'whilst the Nigeria of our dream disappears right before our very own eyes and becomes a figment of our imagination! GOD bless Nigeria! |
| Politics › Re: Reps Threaten To Arrest Okonjo-Iweala Over N4.5trn Contract by deenee: 1:54pm On Sep 14, 2011 |
Kobojunkie:'Jumping the gun' yet again. If you read my post, you will see that I have indicated that the national assembly is 'part of the whole approval process'. Of course , contracts are awarded by the respective ministries no doubt, but yet again, these contracts form part of the capital or recurrent expenditure included in the national budget which is constitutionally' reviewed by the national assembly before it is passed into law. Can you see the point that I am trying to pass across? Surely, a contract of that amount in 'value and magnitude' could not have been approved or awarded without the knowlegde national assembly. Or, am I missing something here  |
| Politics › Re: Reps Threaten To Arrest Okonjo-Iweala Over N4.5trn Contract by deenee: 1:33pm On Sep 14, 2011 |
Kobojunkie:@ Kobojunkie, yet, another point that does not 'hold water'. On the contrary, the national assembly is part of the whole approval process for the award of contracts. This is why they are elected into office to act as a 'check and balance' amongst other functions and in addition, to "coming in when things go wrong". ( BTW, if they do their 'jobs' as exepected of them in the first place, the probability that 'things would go wrong' should be reduced to a bare minimum )Also, you seem to have a 'personal vendatta' of some sort against Dr NOI? Why leave Segun Aganga out the whole fiasco? The supposed contract was awarded during his tenure so, in addition to requesting for the audience of the current finance minister, I am of the opinion that he too, has some questions to answer. Yet again, I ask the same probing questions-why now? GOD bless Nigeria! |
| Politics › Re: Why I'm Being Attacked By Detractors - Okonjo-Iweala by deenee: 12:33am On Sep 13, 2011 |
@ kobojunkie. One question-who defines what the 'TRUTH' (that you passionately claim to pursue) is?. Allegations have been labelled in the past no doubt, but the fact that the US has not denied these allegations does not mean that everything contained herein is the TRUTH! It also does not imply that they have accepted all the contents of the 'alleged cable' . She has admitted that this same information has been circulated in the past but does that make it the TRUTH?. This is part of the sweeping generalization that you make which 'waters down' your 'take' on the matter. Anyway I guess, I don't need to engage in a 'war of words' with you. So from now, I am a 'bemused spectactor' as far as this matter discussed on thread is concerned. GOD BLESS NIGERIA even in the midst of our 'DETRACTORS' both home and abroad! |
| Politics › Re: Why I'm Being Attacked By Detractors - Okonjo-Iweala by deenee: 11:48pm On Sep 12, 2011 |
Kobojunkie:Can you explain the rationale behind the 'sweeping comment' quoted above? If it is not about Iweala, then what? We have developed a culture of 'witch hunting' in the name of fighting corruption and this is one of the reasons why the development we so much seek in Nigeria is 'akin to running on a treadmill'- moving but going nowhere in particular! I don’t take any news that originates from ‘Sahara reporters’ serious because their ‘methods’ can be questioned. As earlier mentioned, the source must be authenticated. The fact that, the report was among the cable supposedly sent by the 'US ambassador', as part of security documents doesn’t make it 100% genuine. What evidence do they have to back up the claim? I still maintain my stand, If there is an investigation and she is found guilty then she must face the music, but I will not buy into this idea of giving a 'dog a bad name just to hang it'. The hard but bitter truth is that a lot of people are not happy that she is back in Nigeria and occupying the post she has currently. That is one angle that should be explored (and I mean people in Nigeria; close to the seat of power and even abroad!) She is way better than some of the public officer holders we have elected and I am not particularly impressed that you 'kobojunkie' are quick to label people and call them names. This is a public domain and free thread; hence people should feel free to express their opinions and should, ideally do this without any fear of reprimand. If you think that the views expressed herein don't 'hold water' then the best way to make others see 'reason' with your take on the subject matter, is to present your ideas in a logical manner and back them with evidence that can be substantiated. BTW, I don’t think that you would do a ‘better job’ than her if given the opportunity. Nobody should be above the law but at the same time, the law should not be used to cause ‘distraction’ especially at this defining moment in our great country. |
| Politics › Re: Why I'm Being Attacked By Detractors - Okonjo-Iweala by deenee: 2:45pm On Sep 12, 2011 |
Claus:Excellent observation! To the best of my knowlegde, I have seen the the seminal 'wikileak' reports especially those related to Nigeria. Though, I am yet to see the 'original wikileak' cable related to the 'allegation' and I am currently searching the web for it. Hence, my view that the source must be 'authenticated' (I would be grateful if you can provide access to this?) BTW, Sahara Reporters? |
| Politics › Re: Why I'm Being Attacked By Detractors - Okonjo-Iweala by deenee: 2:35pm On Sep 12, 2011 |
kulutempa:Thank you, God bless and spot on! This was the trend during OBJ's tenure, it was stopped when Yar'Adua became President. we need to see which companies have been awarded contracts, amounts involved and whether 'due process' is followed, at least for a start! |
| Politics › Re: Why I'm Being Attacked By Detractors - Okonjo-Iweala by deenee: 2:27pm On Sep 12, 2011 |
denitro: |
| Politics › Re: Why I'm Being Attacked By Detractors - Okonjo-Iweala by deenee: 2:01pm On Sep 12, 2011 |
@ kobojunkie You don't need to 'jump the gun'. I have seen the report and she said that she was expecting 'allegations' along this line as, and I quote that she has been 'advised' prior to accepting the offer to serve not to return to Nigeria. Why 'advise' her not to return? Why are we quick to put her head on a 'chopping block'? If she is found guilty, she should face the outcome, as I don't condone corruption and advocate 'zero tolerance' for it. But again, I can see from the feedback and 'reaction' (a popular behavioural trend with Nigerians both at home and in diaspora) that we have already formed a 'biased opinion' , simply based on some 'wikileak' report . Hence, there is nothing that she will do or say now that will make sense.God bless Nigeria and may he open our 'EYES' to see and understand beyond what we read in the Media-only then, can this great country of ours move forward. Finally, I now understand that the problem is not just our 'corrupt leaders' as we all know but our collective 'mindset' which needs to deconstructed! It is only when we forget all our learning that we begin to know. -Henry David Thoreau |
| Politics › Re: Why I'm Being Attacked By Detractors - Okonjo-Iweala by deenee: 1:32pm On Sep 12, 2011 |
Kobojunkie:In retrospect, the source has to be 'authenticated'-wikileaks or not. We also need to look at the 'bigger picture'. As indicated in my earlier post, she might not be a 'saint' but she is better than some of our leaders in government today. Corruption as a 'social pandemic' has become the norm in our society and the beneficiaries include public officer holders, corrupt private sector participants and even foreign MNCs. We are all quick to put a 'rope around her neck for her to be hanged without looking at the 'bigger picture' |
| Politics › Re: Why I'm Being Attacked By Detractors - Okonjo-Iweala by deenee: 1:12pm On Sep 12, 2011 |
jerseyboy:What kind of response do you expect from her ? Or will you not agree that this, is a huge 'distraction' from the goal at hand? We need to look beyond petty 'ramblings' and focus on how Nigeria can move forward in all aspects as a 'collective entity' I still put this question forward-Why now?, if Dr Ngozi is still with the WB and is not in Nigeria, advocating for radical reform-which is giving 'some people' sleepless nights, will the wikileaks report come out? Media-black man's KRYPTONITE! |
| Politics › Re: Why I'm Being Attacked By Detractors - Okonjo-Iweala by deenee: 12:51pm On Sep 12, 2011 |
Why make the allegations 'public' now?, when the 'supposed contract and kickback' for the debt deal was consumated around 2004-2005. I beg to ask this queation-If Dr. Okonjo-Iweala is not part of GEJ's cabinet and is not at the forefront, advocating for a 'reformed Nigeria' (something that we all desire) , will these 'Wikileaks report' come out? I am not saying that she is a 'saint' but it is high time we begin to critically analyse information before we 'react'. As one of my mentors would always say- the media is a 'deceptive tool' that has been used to control the 'thought process' of people and with the advent of social media, it is an easy tool used to turn people into 'clones'. Media-black man's KRYPTONITE |
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