₦airaland Forum

HERE IS THE ANSWER!



Procrustes, in Greek mythology, was the cruel owner of a small estate in Corydalus in Attica on the way between Athens and Eleusis, where the mystery rites were performed. Procrustes had a peculiar sense of hospitality; he abducted travelers, provided them with a generous dinner, then invited them to spend the night in a rather special bed. He wanted the bed to fit the traveler to perfection. Those who were too tall had their legs chopped off with a sharp hatchet; those who were too short were stretched (his name was said to be Damastes, or Polypemon, but he was nicknamed Procrustes, which meant "the stretcher".



In the purest of poetic justice, Procrustes was hoisted by his own petard. One of the travelers happened to be the fearless Theseus who slayed the Minotaur later on in his heroic career. After the customary dinner, Theseus made Procrustes lie in his own bed. Then, to make him fit in it to the customary perfection, he decapitated him.



Theseus thus followed Hercules' method of paying back in kind.In more sinister versions (such as the one in Pseudo-Apollodorus' Bibliotheca), Procrustes owned two beds, one small,one large; he made short victims lie in the large bed, and the tall victims in the short one.



Every situation that  life throws at us, is an aphorism of some sort and can be  likened to the 'The Bed of Procrustes' .We humans, facing limits of knowledge, and things we do not observe, the unseen and the unknown, resolve the tension by squeezing life and the world into crisp commoditized ideas, reductive categories, specific vocabularies, and prepackaged narratives, which, on the occasion, has explosive consequences. Further, we seem unaware of this backward fitting, much like tailors who take great pride in delivering the perfectly fitting suit —but do so by surgically altering the limbs of their customers.

@nwabobo
There is no need to go into 'attack mode' (it tends to blur one's ability to engage in a constructive and meaningful discussion). If you read my post and deconstruct my take on the matter without any cognitive bias, you will notice that I didn't say that AMCON was Sanusi's original idea. I just made a clarification so that the actual facts are not muddled up (it wasn't Soludo's idea too).  I am also not trying to rewrite history in anyway. It is vital to do this so that, people do not think that AMCON actually came into existence during Soludo's tenure.

I also agree with you, that Soludo had commenced the 'audit' of banks during his tenure but I doubt if the level of financial misappropriation uncovered till date would have been detected through his 'audit' because, apparently, he was confident that with the second round of 'consolidation',  'Nigerian banks were too big to fail'

Beyond this, I think that the level of decadence witnessed in the industry would perhaps be at a minimum if he had the guts to actually set up the corporation as against   ‘reviewing the draft'-originally put forward by Joseph Sanusi (refer you to my post again!) whilst making this ‘suggestion’ known "at a stakeholders seminar in Lagos on 30th March, 2009 during a PowerPoint presentation "(cited by nwabobo, 2011).
Ideas or suggestions on paper really amount to NOTHING, if they are not implemented in due time.

Don’t get me wrong, I admire Soludo and I have been taught by him when he was a visiting tutor to my alma mater in the US (a rare privilege for me). I also think that the speed at which Sanusi is moving with the reforms may not be sustained in the long run due to the unanticipated effects it will have on the economy. However, I still give Sanusi kudos because he is doing ‘something’ at least. It is going to be a tough call as there is already a growing apathy for investments in the banking sector and foreign investors are watching with a bemused expression, but then, the era where bank MDs set up proxy companies and use shareholder’s funds for personal/proprietary trading whilst giving bogus loans to their cronies is over.

Finally, I cannot recall taunting AMCON as ‘saviour of the banks’ whilst presenting any of my views on the above subject matter. Even if I did which, I have not, I would suggest that you take a second look at and I quote your sentence thus-Hon. Minister, or are you embarrassed to learn that even the AMCON you 'TAUNT' as the ‘saviour of the banks’ happens to be one of Soludo’s initiatives?”.   No offence meant , but try and look up the dictionary meaning of ‘TAUNT’ and see if it has been used in right context (you seem to be contradicting yourself here).


P.S-I am not a ‘hon.  Minister’ and have a dim view on cheap sarcasm. I am just a ‘Nigerian professional in Diaspora’ who is passionate about our great country because I believe that Nigeria will be great again. This is going to be my last feedback on this.
Thank you and God bless Nigeria.

Charm lies in the unsaid, the unwritten, and the undisplayed. It takes mastery to control silence.
                                                                               N Taleb

Nationalised Banks : Winners and Losers

Winners
• Depositors: Deposits have been saved by CBN's intervention and AMCON's acquisition.
• Regulators: Making quick but hard and necessary decisions to reform and safeguard the financial system.
• Bank customers: Will benefit from competition, especially in the retail segment of the market, as more banks offer innovative products and jostle for market share.

Losers
• Retail shareholders of the defunct Afribank, Bank PHB and Spring Bank: With the revocation of the banking licences and acquisition by AMCON, whatever was left of their negative shareholders funds (if any) has perished.
•Major shareholders, including Francis Atuche, Abiola and Yar'Adua families (Bank PHB), Osa Osunde (Afribank), Kola Daisi, Segun Agbetuyi (Spring Bank) and other institutional shareholders watched their investments go up in smoke.

P.S-The major shareholders mentioned aboove have made it very difficult for any serious investor to commint to long term capital financing required for the recapitalization.Hence the draconian move by the CBN. Sad though the the investing public (aka retail shareholders) are bearing the brunt of this mess which was not created by them.



http://www.thisdaylive.com/articles/nationalised-banks-winners-and-losers/96132/

@nwabobo- [s]Sanusi never initiated the setting up of AMCON, Soludo did.[/s] Get your facts b4 going public.
you are slightly incorrect.Yes AMCON was part of the 16 point agenda in the original consolidation plan which was initially suggested by Joseph Sanusi (apparently He didn't have the clout to implement any of the plans on the 'white paper')

Soludo just suggested that the government should set up a TARP fund(troubled assets relief program) for the industry to cushion the effects of bankruptcy anticipated during the first round of consolidation. He later jettisoned this idea when most banks were able to recapitalize with 25 billion and replaced it with a second phase of consolidation which I would say, started the whole mess in the industry today. It was during the second phase of consolidation that banks started cooking up their financials,conducting fictitious valuations and manipulating stock prices so that they could raise fresh funds from the capital market.


I still recall watching an interview that Soludo granted during the wake of the recent global liquidity crisis and he categorically said that the banking sector in Nigeria does not need the relief fund because banks have successfully completed another round of consolidation and 'Nigerian banks are too big to fail'(I am presently trying to search for the video on YouTube)

It was during this period that there was this mad rush to open branches on every street and loans were granted with reckless abandon.

So my take is this-Soludo might have had the idea but Sanusi actually fought for it and ensured that the bill for the creation of AMCON was passed by the National Assembly

Acquisition Highlights
I hope this will shed more light on what is really happening and for people to know that in the long run, everything is done to bring sanity back into the system


AMCON Buys Afribank, Bank PHB, Spring Bank

• To inject N678bn lifeline
• No longer bridge banks
• Banks to be sold in three years time
• To operate as national banks
• Four of the eight rescued banks account for 80
   percent of negative asset value of the eight banks
Nigeria’s financial regulatory authorities Saturday moved into the final phase of plans to forestall the systemic collapse of the banking industry with the handing over of the three banks nationalised on Friday to the Asset Management Corporation of Nigeria.
The Nigerian Deposit Corporation of Nigeria had taken over former Afribank Plc, Bank PHB Plc and Spring Bank Plc following the withdrawal of their licences by the Central Bank of Nigeria over their inability to meet the September 30 deadline to recapitalise.
It created three bridge banks, Mainstreet Bank, Keystone Bank and Enterprise Bank, to take over the assets and liabilities of the banks in the interim.

A bridge bank is a temporary bank established and operated by financial regulators to acquire the assets and liabilities of a failed bank to facilitate its resolution.
However, at a ceremony Saturday in Lagos, NDIC sold the three interim banks to AMCON through a subscription agreement. The transaction terminated the existence of the bridge banks.

NDIC Managing Director, Mr. Umaru Ibrahim, announced the transaction at a media briefing where the agreement on the transfer of ownership of the banks to AMCON was signed.

His AMCON counterpart, Mr. Mustapha Chike-Obi, said N678 billion would be injected into the three new banks to raise their capital adequacy ratio to 15 percent respectively and also to enable them to pay back the funds that CBN injected into them in 2009.
The CBN had injected a N400 billion lifeline into five banks, including Afribank, in the first tranche of banks it rescued in August 2009, and injected another N200 billion when it intervened in the operations of three banks—Equatorial Trust Bank, Spring Bank and Bank PHB—  two months later.

Chike-Obi explained that AMCON would issue bonds tomorrow to raise the funds to pay bank the CBN.
According to him, while a total of N285 billion will be given to Mainstreet Bank (formerly Afribank), Keystone Bank (formerly Bank PHB Plc) will get N283 billion while Enterprise Bank (Spring Bank) will get N110 billion.

AMCON will recapitalise the banks, manage them for about three years, before finding new investors.
Chike-Obi said the decision to take over the banks was taken after due consultations among the regulators.
He said: “We need a stable banking system. Also, we have emphasised that no depositor will lose their money. That was the mandate given to the regulatory authorities and that is the mandate we are all pursuing.

“Depositors’ funds are safe, the employees’ jobs are safe. These banks will now operate in a stronger position than they were yesterday. AMCON will oversee these banks, the management will run these banks as going concerns and CBN will regulate these banks in pursuant to its mandate.

“This is not a case of government interference; this is a case of government doing what it is expected to do. This is being done in pursuant to the provision of the AMCON Act 2010 and we hope that these banks would in the future be seen as shining, individual, competitive entities.”

Ibrahim pointed out that by the subscription agreement, AMCON has become the owner of the three banks and will provide sufficient capital to restore the banks to the level of capital adequacy required for their operations.
“With the successful sale of the bridge banks, the NDIC has fulfilled its primary objective of ensuring that depositors in the banks do not lose their funds.

‘The capital provided by AMCON through share subscriptions will strengthen the banks’ liquidity and allow them to carry on business and meet all their obligations as they fall due.

“The liquidity position of the banks will be further enhanced by the willingness of the CBN to extend the guarantee of their interbank obligations until December 31.

“AMCON has identified independent and credible persons with significant and required experience to fill the boards and senior management positions for the bank and will be seeking the approval of the CBN for their appointments.

“AMCON is confident that the new teams will manage the banks to establish strong market positions and effectively compete in the Nigerian banking sector,” he added.

Ibrahim said the Securities and Exchange Commission and the Attorney-General of the Federation were aware of the plan to create the bridge banks, adding that SEC will soon make a pronouncement on the shares of the former banks listed on the Nigerian Stock Exchange.

For clarity, CBN’s Deputy Governor, Financial System Stability, Mr. Chiedu K. Moghalu, stressed that the new banks are “no longer bridge banks as at today (Saturday). They were bridge banks as at yesterday (Friday).” 

He said the three new banks had been issued commercial banking licences, with a national jurisdiction.
He described the regulators’ actions as the most effective in dealing with the malaise creeping into the financial sector, adding that the NDIC took the decision to transform the three banks after an assessment of the eight rescued banks. President Goodluck Jonathan, he revealed, endorsed the plan.

Moghalu stated: “Four of the eight rescued banks have signed Transaction Impleme-ntation Agreements and those four banks represent nearly 80 percent of the negative assets value of the eight intervened banks combined.

“Those three banks, in the assessment of the CBN, could not have met the deadline for the recapitalisation of the banks. Since the banks could not have met the deadline, there was no point in prolonging the situation.

“I will like to draw your attention to Section 39 of the NDIC Act which clearly states the legal basis for the action we took. Bridge banks have been used in various parts of the world; they are a very neat way of resolving the problem. The most important thing is that it prevents the liquidation of the three erstwhile banks.”

Moghalu added that by the action of the regulators, “the banking crisis of 2008 and 2009 have been finally, firmly and fully resolved.”
“What has happened is that these three banks have been in a bridge status for some hours this weekend. They are now full banks on their own, having been acquired by AMCON.

“We hope that there will be no legal challenges from the shareholders. But everyone is free to legally question the implication of our action,” he added.

http://www.thisdaylive.com/articles/amcon-buys-afribank-bank-phb-spring-bank/96069/
http://www.thisdaylive.com/articles/timeline-on-the-banking-crisis/96067/
http://www.thisdaylive.com/articles/-and-three-bite-the-dust/96068/

good , they should start right away!

It is not about the tenure, but rather ensuring that the amount paid is commensurate with the facilities at the property. what if I as a tenant decide to enter on a 3 year tenured contractual agreement with my landlord or realtor and pay 'up front'  just to ensure that my rent remains stable within that period?


My flat where I rent has 'bills included'  in the rent and my landlord has factored in the cost of the TV license and Wi-fi access into the rent. Of course any property that is in my locality without such services, has a low rent.This will only allow landlords to increase their rent year after year without recourse to the poor occupants!

The first step is to ensure that there is a certain degree of uniformity in the rent prices(one room apartments should have a range ,same for two bedroom  etc etc).Then govt should ensure that properties are built up to standard.

God bless Nigeria!

I am really surprised at the kind of analysis put forward by some Nlers here-like oil and water(they can never mix!)

We still have a long way to go.Then CBN has tried its best to ensure that these affected banks have a level playing ground in the market with those banks that were not involved in shady financial deals.

Like one poster rightly commented-Do you think it is easy to have an investor in two months? Any bank that is not in the process of finalizing a M and A deal(merger  and acquisition)  now  or even in advanced level discussions with a core investor for a management or leveraged buy out should forget it as far as September 30th is concerned! The management of these banks(both old and existing) have made it quite difficult for any interested parties to conduct due diligence just for their selfish reasons

The CBN had since 2008 -2009 granted these a 'life line' in excess of about 700 billion through the 'extended discount window' (this is a instrument of monetary policy -usually controlled by central banks that allows eligible institutions to borrow money from the central bank, usually on a short-term basis, to meet temporary shortages of liquidity caused by internal or external disruptions.) and yet no turn around and to think that all this was all interest free. If these banks didn't meet the deadline and were liquidated people will still rave and rant.The liquidation process is quite cumbersome, the  asset stripping process alone can take ages and at the end it is the 'ordinary shareholders'(You and I )that  will be paid last that is, if there is anything.


Please what are we saying ! I also see people comparing Soludo and Sanusi. I have great respect for Soludo no doubt, but he is partially responsible for the mess that the banking system is in today because he didn't have the guts to caution or reprimand these MDs when they stepped out of line and the whole Islamic banking idea was originally part of the 16 point agenda  on the CBN white policy paper developed by Soludo when he was the CBN Gov!. He just lost sight of the over all goal when the  huge success of the consolidation process got to him and he was collecting awards here and there.

Are we  also quick to forget that the crisis in the  capital markets was also exacerbated by him in mid 2008 when he abruptly stopped banks and other financial institutions from granting margin loans for the purchase of stocks for  both the primary and secondary markets?. A procedure that shouldn't have been approved in the first instance?

Sanusi might  not have the 'qualifications' that Soludo has but in a succinct sense, I don't think you need to be  'super economist' to understand what is happening in the country and why we are in this dire situation. IT IS NOT ROCKET SCIENCE!

Finally, it is not the number of qualifications that you have, that will make you succeed, it is a combination of  intelligence , your emotional quotient and whether or not you are 'street smart'-ask TO, JO,AIG, Uncle T(RIP) and Dangote, just to mention a few!

God bless Nigeria and help us all!

@chamber2,
Pls stop sounding 'like a raging bull in china shop' and an alarmist!

@lastpage, your analysis is off point.On the contrary,CBN is trying its's  right nowbest to stabilize the Naira.

The main reason why there is so much discrepancy in the exchange rate is because we are an import oriented economy. Every we use from toothbrush, electronic appliances and even our cars are imported! So, there is a huge imbalance in terms international trade.
Do you know how much actually leaves the shores of Nigeria daily through 'capital flight' as a result of this huge imbalance?

Banks have been nationalized to ensure safety of depositors and shareholder's funds.I support the decision all the way.

It is very funny how people respond to posts. Anyway, to start with, licenses have not been revoked at least for now. The hard truth is that there is so much decay and rot in  these banks that, they are almost insolvent. Some of these banks even have negative balance sheet sizes and negative equity.

It is very difficult to get investors who will be interested in channeling funds into these banks because, it is almost impossible to conduct fair asset valuations for them as entities. Though a harsh move at this  point, I in my opinion think it is a step in the right direction or would you prefer that these banks go into liquidation if they cannot get fresh injection of capital by September 30th?

The NDIC has only exercised its statutory rights and transferred ownership to bridge banks (a bank authorized to hold the assets and liabilities of another bank, specifically an insolvent bank. A bridge bank is charged with continuing the operations of the insolvent bank until the bank becomes solvent through acquisition by another entity or through liquidation). This is in the interest of the  shareholders and to ensure safety of depositors' funds. The CBN on the other hand has released a statement to reassure people that all is well.

For example, AMCON (asset mgt corp. of Nig) currently has troubles with creating the anticipated liquidity needed to revive the equity markets because , they cannot determine the actual size  of the margin loans created. When AMCON was to be enacted by law, banks were asked to carry out a due diligence and declare all margin loans, the amount declared was about 3-4 trillion. When AMCON conducted it own due diligence, it was discovered that the actual amount  was three times that size, with one of the aforementioned banks carrying about fours times the amount it declared!

It is the lack of transparency and inconsistency that has warranted this action. As my American friend would say it-would you prefer to  pick up the can now or kick it further down the road? Which ever way, you still have to pick it up one day'

I am only concerned with the manner in which the whole exercise was handled because it will just create a 'run' on these banks and further worsen their already dilapidated situation. However since the NDIC has woken up to its responsibilities and CBN is there to act as 'lender of last resort' then all should be well.

I am impressed that you have decided to leave your  job no matter the stipend paid, to take this leap of faith so that you can enjoy that anticipated career growth that we all desire.However,I would like to include a word of caution whilst asking you certain vital questions

1. Make sure that you do what are passionate about and makes you happy. Once, these two things are in sync. Money will come. In a more succinct sense-PEPPER GO RED!

2. I have read with wide amazement certain suggestions put forward using spurious analogies (albeit good ones I must admit). Hence, one question comes to mind-Have you contacted any Nigerians at RGU? I know for sure that there is a huge Nigeria presence in Aberdeen especially amongst the student populace, that will be able to give you 'first hand' information.(Facebook is a good place to start, just use the relevant search criteria and am sure you will get some  positive head start, also try LinkedIn)

3. Regarding your choice of school, you will enjoy what I call 'location advantage' because; RGU is based in Aberdeen-the capital of Europe's petroleum industry. Thus, you can make use of this opportunity to develop the required networks amongst the right students and alumni.

4.Also, I would like to add a 'mild note of caution' here-the era of automatic employment after studying abroad is fast diminishing in Nigeria so you really have to be sure that you are doing this for the right reasons(I guess only you can provide a sincere answer to this).

5. RGU is a good school in terms of regional ranking and in certain core courses, however they are not yet there in terms of global ranking and if you really want to make your mark fast in your industry, perhaps, you need to consider a top ranked school? USA or Canada maybe?

6. What are your plans after school? Do you want to get back to Nigeria and into paid employment or set up your own practice? Whichever way, you need to have a mind map of what your post LLM plan is and put that into the ‘scheme of things’. This is vital because, I have seen ambitious graduates travel abroad and lose sight of the goal at hand.

7. If you intend to start your own practice, you need to create a niche for yourself (i.e. identify a new service in the legal profession that will be required and build a brand-your own brand around it) A NLer passed some comments about personal injury claims; this is an untapped area but is there a market for it in Nigeria? I know for sure that employee compensation benefits and work related personal injury claims are 'hot' areas here in America and UK, but what about Nigeria?
8. Have you considered scholarship options at your school of choice? I do know that most schools offer part of full scholarships on tuition fees and living expenses. I suggest that you find out if there are any opportunities for this and make the best of it.
9. Also, bear in mind that, there have been significant changes to the Tier 4 student UK visa. For example students coming in from September 2011 will no longer be permitted to work whilst on study and the PSW (post study work) permit will be phased finally in April 2012. I doubt if you will be done with you study be then. This has two implications-(a) you cannot work as a student thus, the ability to augment your expenses or even make a little extra to recoup what you intend to spend,is  zero (b) you will be required to return to Nigeria after your study, thus, the chances of staying back at least for two years to work and get some ‘international exposure’  is very slim.
BEST OF LUCK!

.

.

@ violent. I guess we are saying the same thing but from different perspectives (am looking at it from the firm's point of view whilst I suppose you have decided to take the macro-economic approach). You are quite right, alot of marcoeconomic factors come into play when measuring the overall performance of a collective investment scheme.

Thus,measurement of financial performance alone cannot determine the expected yield to maturity of the respective units of investments in the scheme especially when the yardstick used is a financial index(citing your example).

On the  otherhand, I slightly disagree when you say that such cannot be  'modelled'. Anyway,I will take the gentleman's path of honor, so that 'we'  can stick to the topic at hand.

Where about are you based? I sincerely do hope that we can meet sometime

.

Charm lies in the unsaid, the unwritten, and the undisplayed. It takes mastery to control silence.
                                                                                                                                        N Taleb

My mummy spanked me when I was a child living in Nigeria, and Daddy gave me long sermons (which I still dread till today) coupled with occasional knocks on the head. I didn't understand nor like it then but I am grateful that they did because I now realize that it was done out of love and I am the greatest benefactor at the end, I LOVE YOU DADDY and MUMMY ALL THE WAY!

For those who say that occasional spanking is not good , just go to YouTube, search for 'world's strictest parents' and happy viewing



https://www.youtube.com/watch?v=apnMjVMjyA0

When money is printed without any real economic activity attached to it (real production that will create sustainable jobs and add to the growth of the economy), it becomes greatly devalued.

For the poster,the main issue should be how, the Govt of the day can ensure that the 20k earned has real value?

Good question and well structured answers.However there is more the the intrinsic value of money mentioned in the reply,there is also the derived value of money(original value) which was debased when America decided to move abandon the gold bullion system for obvious reason!

As a result of this, the currency of any country is not determined by its intrinsic value alone but also by its derived value. The derived value of money stems from the value of the underlying variables associated with it. Here I will refer to Seun's post on why Government cannot print money with reckless abandon. One of the major reasons why our currency has no real derived value is because we are basically an export oriented economy. Everything we use is tied to the derived value of goods and services produced in another country and sold in ours.

If we are able to develop the real sector and revamp the the manufacturing then, perhaps the 20k you are complaining about will be a neat sum.
God bless Nigeria !

.

I'm sick of people talking trash about people back home, if no be there dem born you, na there some of us stay grow so watch your language. It's annoying enough having white people move their purse when they walk pass you thinking you gan rob them, it's dehumanizing enough having them call you African because you're Nigerian, and having an ignorant loose mouthed individual generalize and speak trash about Nigerians on a Nigerian thread is the height of it (''can be'' doesn't make the insult any better). excuse your french? you must be sick of out your head. ''Nigerian existence''? WTH is that crazy mfcker excuse my pidgin



@OP

Why 2shotz sue dem for naira na!! naira is nothing to these companies, he should have gone all way out in dollars, negotiate in dollars (nothing below a million), I mean !!

I hope he's saving up for a good lawyer too (he might end up using all his life savings to afford the lawyer though but it's worth a shot if he's done his homework and found out he got above 80% rights on the songs)

I wish him best of luck make e no forget arrange make boys go parade for front of court with banners and all sorts of kolomentality.

About time!!!!


BROTHER, SPOT ON, I AM SICK TO DEATH OF NAIJA PEOPLE ABROAD WHO JUST SIT BACK AND TALK TRASH ABOUT OUR GREAT COUNTRY, 2SHOTZ SUE THEM ABEG AND COLLECT UR PEPPER AFTER NA YOUR SONG!

@moremi2008.
dangote is not an "evil monopolist" as u said. DANGOTE is just a ULTIMATE VOLUME PLAYER. which means they enter a market and produce more QUANTITY than the existing companies & circulate though their vast HAULAGE system. They always leverage on PRICING, LOGISITICS & CUSTOMER SERVICE. every product they manufacture has other active players. SUGAR, SALT, AGRO-SACKS, FLOUR, CEMENT, HAULAGE, DANSA JUICE, MOWA WATER, MILK, PASTA(spaghhetti/macaroni/noodles), PETIT TOMATO PASTE, ZIZA MILK, TELECOMS(ALHEIRI) and OIL & GAS.

dangote is a consistent business man that creates the largest employment in NIGERIA. he is a de-tribalised nigerian, establishing industries not just in the north but all over the nation. dangote is a philantropist per excellence. HE CREATES MEGA INCOME FOR STATE & FEDERAL GOVERNMENT THROUGH TAXES.

the same hatred u & others on this thread av for him is directed towards bill gates(microsoft), larry ellison(oracle), mark zukerberg(facebook), michael dell(Dell), donald trump(trump group) and other entrepreneurs who have dominated their market in america.

other software makers in america beleives bill gates is running a monopoly while all microsoft does is giving customers value added products as bonus. when u buy the windows operating system, u get windows explorer(an internet browser) as bonus. other social networking site owner's hate facebook with a passion e.g "myspace.com".
for your information, the best is yet to come for DANGOTE GROUP. MICROSOFT, ORACLE, DELL, FACEBOOK, SKPE, WAL-MART, VIRGIN AIRLINE all enjoy government support in their AMERICA so stop the hate

dangote




SPOT ON!, PLEASE TELL NLDERS TO STOP HATING AND FOCUS ON CHASING THE CHEESE!

Nice thread, Dangote has made money because he invested his seed money wisely.I will still go back to the question asked, what would you do if you get a 2 million naira jackpot today?

For those that have picked gates,buffet and branson as mentors, these people like dangote are part of the capitalist system.

Are we quick to forget the antitrust case against gates in the late 90s when he acquired and liquidated every hi-tech firm in silicon valley that is a perceived threat? need i talk about branson who hides under the auspices of the 'virgin' brand to kill competition? buffet on the other is an investor and not an entrepreneur because he only invests in companies unlike dangote,gates and branson.

I will not dispute the fact that he has used his proximity to the seat of power to increase his wealth.truth be told in the eyes of a capitalist this is called 'NETWORKING'

Finally, I will ask again:-what would you do if you get a 2 million jackpot? if you cannot provide an idea that includes a business plan that will turn the jackpot into an income generating asset, then stop BEEFING

DANGOTE is my Mentor anyday!

[b]Make the woman happy. Do something she likes and you get points

Do something she dislikes and points are subtracted.

You don't get any points for doing something she expects. Sorry,

That's the way the game is played.

Here is a guide to the point system:

SIMPLE DUTIES

You make the bed (+1)

You make the bed, but forget the decorative pillow (0)

You throw the bedspread over rumpled sheets (-1)

You go out to buy her what she wants (+5) In the rain (+ But return with Beer (-5)

You check out a suspicious noise at night (0)

You check out a suspicious noise, and it is nothing(0)

You check out a suspicious noise and it is something (+5)

You pummel it with iron rod (+10) It's her pet (-10)

SOCIAL ENGAGEMENTS

You stay by her side the entire party (0)

You stay by her side for a while, then leave to chat with a college buddy(-2)

Named Tina (-4)

Tina is a dancer (-6)

Tina has silicon implants (-80)

HER BIRTHDAY

You take her out to dinner (0)

You take her out to dinner and it's not a sports bar (+1)

Okay, it's a sports bar (-2)

And it's all-you-can- eat night(-3)

It's a sports bar, it's all-you-can- eat night, and your face is painted the colors of your favorite team (-10)

A NIGHT OUT

You take her to a movie (+2)

You take her to a movie she likes (+4)

You take her to a movie you hate (+6)

You take her to a movie you like (-2)

It's called 'Death Cop' (-3)

You lied and said it was a foreign film about orphans (-15)

YOUR PHYSIQUE

You develop a noticeable potbelly (-15)

You develop a noticeable potbelly and exercise to get rid of it(+10)

You develop a noticeable potbelly and resort to baggy jeans and baggy Hawaiian shirts (-30)

You say, "It doesn't matter, you have one too." (-8000)

ENJOY THE BIG QUESTION

She asks, "Do I look fat?" (-5) [Yes, you lose points no matter what]

You hesitate in responding (-10)

You reply, "Where?" (-35)

Any other response (-20)

COMMUNICATION

When she wants to talk about a problem , you listen, displaying what

looks like a concerned __expression (0)

You listen, for over 30 minutes (+50)

You listen for more than 30 minutes without looking at the TV (+500)

She realizes this is because you have fallen asleep (-10000)

Now what chance do you have[/b]

1) [b]Insult upon injury
2) Nonsense and Ingredient
3) If I sound u ehh, I will soon slap you
4) How Far?
5) Can I see your particulars?
6) Anything for me sir?
7) Are you mad?
Half-caste
9) Next tomorrow
10) Make I come block you dia
11) Lie, Lie
12) See me see trouble oh
13) Shift small for me lemme sit
14) abeg vamus / abeg commot
15) nonsense say wetin happen
16) Abomination
17) Over my dead body
18) God forbid bad thing
19) I need to retouch my (h)air
20) any word with 'bloody' e.g. bloody fool, bloody liar, bloody idiot
21) Na wa oooo
22) Tell me something
23) Why do you want to know my name?
24) Abeg joo
25) Can u imagine,
26) wonders shall never end / cease
27) Tofiakwa (n some people feeling janded will sayTUFI!!!!)
28) Chei, Kai
29) Oya me we dey go
30) Hold on lemme branch somewhere
31) Come and Escort Me
32) Stop at that junction over there
33) Borrow me your pen/biro
34) Still yet!
35) Me and you will enter the same trouser
36) You are so annoying
37) Why? Because Y has a long tail and branches
38) What is the time? Quarter To buy your own
39) Effico or jackometer!
40) ITK- I too know
41) Muumu
42) How are you? 'We're managing’
43) and so what?
44) I want some assorted biscuits e.g. Rich tea, Digestive etc
45) Your face look familiar or similar
46) You are so daft
47) NFA- No future ambition
48) Are you already ready?
49) That is so dry!
50) I don belle full or my belly is full[/b]

1) Insult upon injury
2) Nonsense and Ingredient
3) If I sound u ehh, I will soon slap you
4) How Far?
5) Can I see your particulars?
6) Anything for me sir?
7) Are you mad?
Half-caste
9) Next tomorrow
10) Make I come block you dia
11) Lie, Lie
12) See me see trouble oh
13) Shift small for me lemme sit
14) abeg vamus / abeg commot
15) nonsense say wetin happen
16) Abomination
17) Over my dead body
18) God forbid bad thing
19) I need to retouch my (h)air
20) any word with 'bloody' e.g. bloody fool, bloody liar, bloody idiot
21) Na wa oooo
22) Tell me something
23) Why do you want to know my name?
24) Abeg joo
25) Can u imagine,
26) wonders shall never end / cease
27) Tofiakwa (n some people feeling janded will sayTUFI!!!!)
28) Chei, Kai
29) Oya me we dey go
30) Hold on lemme branch somewhere
31) Come and Escort Me
32) Stop at that junction over there
33) Borrow me your bic biro
34) Still yet!
35) Me and you will enter the same trouser
36) You are so annoying
37) Why? Because Y has a long tail and branches
38) What is the time? Quarter To buy your own
39) Effico or jackometer!
40) ITK- I too know
41) Muumu
42) How are you? 'We're managing’
43) and so what?
44) I want some assorted biscuits e.g. Rich tea, Digestive etc
45) Your face look familiar or similar
46) You are so daft
47) NFA- No future ambition
48) Are you already ready?
49) That is so dry!
50) I don belle full or my belly is full[b][/b]

Nigeria’s Eurobonds rose to a record high following the victory of incumbent President, Dr. Goodluck Jonathan at the Saturday’s Presidential election.

Bloomberg said the dollar denominated bonds expected to mature by 2021 rose for a third day, gaining 0.3 per cent to 103.185 cents on the dollar in London Monday.

Data compiled by Bloomberg revealed that the value attained was the highest level since the debt was issued in January.

But it said that the yield of the $500 million Eurobond fell four basis points, or 0.04 percentage point, to 6.3 percent. The $500 million of bonds are Nigeria’s only international notes.

Jonathan won the poll with 22.5 million or 57 percent, of the total votes cast, compared with 12.2 million or 31 percent, which his closest rival; Gen. Muhammadu Buhari got, the Independent National Electoral Commission (INEC) had said. Violent protests in the north had led to the death of several people in the country.

London-based Head of Africa Research at Standard Chartered Bank Plc, Razia Khan was quoted to have said: “Investors are taking a measured view of the risk; the key is that given Jonathan’s victory oil output is unlikely to be under any threat. The protests were in the north and of course the oil comes from the delta and the delta is firmly in support of Jonathan.”

In a related development, analysts at Fitch Ratings, a global rating agency have expressed optimism that the successful outcome of the Presidential elections and an increase in oil savings are “promising” for the credit profile of the country.

Bloomberg also quoted a London-based Director at Fitch’s Sovereign Group,
Veronica Kalema, to have endorsed the outcome of the Presidential election.


http://www.thisdaylive.com/articles/jonathan-s-victory-nigeria-s-eurobond-hits-record-high/89957/

Kalema explained: “The credible elections are a real positive for Nigeria, their news about the excess crude account building up is encouraging. We would now need to see what the new government would do in implementing some reforms, which would shield the excess crude account from election cycles and would reform the sovereign- wealth fund.”

Fitch had lowered its outlook on Nigeria’s BB- rating to “negative” from “stable” on October 22 last year due to concerns that the nation was making withdrawals from the Excess Crude Account (ECA), a windfall saved when the price of crude goes above the benchmark used for the country’s budget, and foreign-currency reserves dropped.

THISDAY had on April 12, reported that the ECA rose to $6.9 billion in March from $3 billion in December.

“We are due to do a ratings visit around August, by then they will have had enough time to start implementing reforms. Then we will see what to do,” Kalema added.


http://www.thisdaylive.com/articles/jonathan-s-victory-nigeria-s-eurobond-hits-record-high/89957/

Very Funny.Just few weeks ago alot of people Nairalanders included were all advocating for Buhari to be president and now we are all singing a different tune.

We don't need leaders who will see themselves as 'heroes' in Nigeria, we need leaders who can act as 'hosts'

When Iwu was there we all complained that he was used as a machinery to rig elections and  now  with Jega it is still the same old story, na only God fit help us.

NAIRALANDERS ARE VERY FUNNY , TWO WEEKS AGO WE WERE ALL FULL OF PRAISES FOR BUHARI CITING HIM AS THE MESSIAH THAT WILL CHANGE NIGERIA FOR GOOD.
NOW, WE ARE ALL QUICK TO RAIN ABUSES ON HIM. I WILL STILL SAY THIS: - THE GREATEST CHANGE WE NEED FOR OUR COUNTRY TO MOVE FORWARD IS NOT CHANGE FROM OUR LEADERS BUT CHANGE FROM WITHIN US AS INDIVIDUALS.

GOD BLESS NIGERIA

First and foremost, I want to say that Nigeria will be great again. I am an active member of Nairaland but rarely comment on issues but I feel compelled to add my bit to this ‘bubble’ that the political terrain in our great country is turning into. To my fellow nairalanders who claim that GEJ's victory means another 4 years of corruption, let me say that corruption as a social endemic didn’t start 12 years ago (i.e when PDP came into power and thus the advent of our nascent democracy).It has been there just waiting to rear its ugly head since the era of the military junta. Infact, the reason why we hitherto till now didn’t know the level of decadence that corruption has created in our society is because of the military junta where everything is done via a decree or tribunal. Democracy has just exposed us the level of decay because of freedom of speech. Are we quick to forget the reckless looting by the Abacha junta who turned the state coffers to his personal 'piggy bank' or IBB who till now cannot explain how he spent USD12 billion of our oil money or a military state administrator who stashed foreign currency in his father's silo and died during a plane crash?.
Also there is Buhari whom I admire because he is principled but is bent on a personal vendetta against everybody who has allegedly embezzled state funds since 1983.Is this what we really need right now? Look at the failed alliance between ACN and CPC. The alliance which could have removed PDP from power felled through the cracks because evidently there were selfish interests at play. on side there was Buhari who reportedly has 'hubris' and Tinubu who was more concerned with how many cabinet slots the alliance will offer him and his cronies’ didn’t vote in the election because I believe that all are evil, but on second thought if i were to cast my vote then I would go for the lesser evil-GEJ.We are quick to shout 'no light' but i can confirm to you that the reason why most joint venture partnerships with the private sector to revamp our energy sector has failed is because of the political uncertainty which makes it very difficult for the private sector to invest with a long term horizon. Hence people are just in for the short haul.
Let’s assume that another party won the election, the normal cliché would be to disregard all projects and contracts awarded by the prior govt regardless of whether funds have been disbursed or not and yet we complain of some many uncompleted white elephant projects scattered around the country. We need to look beyond parties and dwell more personality don’t think that GEJ is a saint and I don’t think that Buhari or Ribadu must be PRESIDENT before they can advocate for change? If we look around the world, there are people who are not in position of power yet, they have more influence than some countries and governments. Personally that raises a question for me? Must Buhari rule Nigeria to bring about change?
What we need right now are leaders who see themselves as ‘Hosts’ and not those who think that they are ‘Heroes’ or what would we say to those whose loved ones are killed in northern Nigerian as at now because GEJ has won? What about the churches and mosques that is set ablaze? Also remember that the north has been in power for over 38 years but that is an area that I will not dwell on because after all we are 'ONE NIGERIA'.
Nigeria will be great again and very soon. Nairalanders, the question I will ask is:-Do you want to be part of the success story? If yes then pray that God dwells with whoever is elected to lead. GOD bless Nigeria! .Just my two cents