₦airaland Forum

anitank: I am a catholic and hope to remain so till death except of course I get married to a non-catholic man. I have even attended SHILOH once and was blessed by it. I believe God is everywhere and it doesn't matter where u worship Him. What matters most is what u do with The Word after hearing it.

callydon: Situation Update...
Yes d Students Affairs Unit was burnt yesterday night.
Now b4 U cross d skool gate U MUST show ur students Id card and Skool fees receipt.

olajide_07: ^with out being sentimental I don't have any personal score to settle with him but I can tell you that inflation reduced on paper and our exchange rate reduce simply because of this action "the rise in foreign reserve from $ 11.44 billion in June 2004 to $60.89billion in August 2008" a quote from you, and that is the impact of increased foreign reserves, I will also try to be as objective as possible facts and from experience(personal), rather then from doctored government figures,(they don't even have the current price of a bottle of vegetable oil, or a mudu of red beans as at today- the nigerian bureau of statistics) are my bases of argument, what are the indices for measuring inflation directly -purchasing power, how did they come about their figures of a reduction from double digit 11%to a single digit 6.5% over the period, without the real indices of development, by restricting spending in some key areas, which is why, they made look like the economy was better, monies where returned to the finance, that was fully utilized after 30th of Dec., by ministries and departments, and this was used to shove up our foreign reserves, temporary jobs were created coja, chogm, name them, its a lie! But, truth on paper, no real jobs, no manufacturing firms as they were leaving nigeria in droves, all these are the data we should personally collate, if you have worked in a bank before, you would ask yourself a question, is it the COT and interest charged on loans, serch fees for opening new accounts minimum balances, that are used to pay salaries of about 12-15 core staffers ie branch manager earns about N750k ABM N450k marketing staff N90-N114k etc, running costs, diesel power, L.G premises taxes, fueling cars used to run around, the office administrative overhead, they are all unsustainable, pls., if I may say, I collected a loan in 2008 and the interest was way above 24% from a commercial bank specifically Diamond, so that to me doesn't hold sway, about a drop in interest rates, reasons why bank can't abide with that official figure are numerous, they will tell you that government have said! but these funds were not given to them by government, so if you want a loan, we charge you what's fair to us, thirdly, how many of these branches were opened in economically viable places and were they were, they were busy acquiring assets not doing banking, to add to their balance sheet, just like they say the economy would crash if they didn't increase fuel price, lazy economics, it would never crash, some banks would have gone international to become affiliates of other selling part ownership and divesting truly, just like stanbic ibtc, and some may have failed not as a result of the recession but as a result of insolvency and bad investment planning, CONSOLIDATION WAS NOT, the PROBLEM it was the manner it was done, no true guideline, that ensured that funds obtained were for the development of the banks operations, rather they went acquiring assets, that they believed would rise based on speculation, but had no direct impact on financing real development, UNIFIED BANKING was the PROBLEM, the ability for the banks to do various businesses under one umbrella, becoming an international player isn't the issue the real issue is how and what is the impact on the economy?did you really become an international player, by borrowing money or by creating money? By developing potential investors within the economy, they may have become part of the top 500 but how many could finance the construction of an oil refinery? Direct impact financing only their balance sheets, imagine a bank with only 72 branches and funds of 1.6trillion -basically fewer staff reduced overhead and more funds to invest over long periods in projects, that's what makes a bank, consolidation was good but unified banking when the same bank would divest into various things using the limited funds available that to me is a no no!

rhymz: Hahahah.... In a way, Soludo made rubbish of Sanusi's obsession with heavy regulation of the financial market when he said:“stock market crashes will always happen: no amount of ‘reforms’ or ‘regulation’ will stop future ones. The jury is still out on what constitutes ‘appropriate’ regulation or ‘reforms’ of the market: debate raging in US now, over vs under- regulation.”
He made his case here because since he left office, Sanusi and his supporters have always implied that the reason the market crashed was as a result of his laxed regulation and control of the market. Now that the market is heavily regulated and controlled, we still are having thesame problems attributed to Soludo's handling of the market. This goes a long way to show that after all said and done, market crashes were inherently part of the market cycle and not neccessarily as a result of the stiffness or otherwise of regulations.
Another very valid point he made was pointing out to the corrupt law makers how their nefarious activities also contributed to the downfall of the financial market.
"He said the stock market was simply a reflection of what obtained in the larger socio-political strata of any economy saying it was the mismanagement and bad leadership in Nigeria that was responsible for the market crash".
And yes, He was very correct when he said; "Investors are not stupid (when the Market was booming, Nigeria was not rated No.14 failed State in the world— think about this!) They are watching the nonsense going on in our polity and how policy makers somersault policies on their heads, thoughtless policy reversals without minding how it affects long time investments and stuff like that.
How are we sure that the market is not just reflecting the fundamentals of the economy?
This one question Sanusi obviously do not have answers to;“What kind of market do we want — a market that leads the economy or that follows the economy?
Let us define our target/destination and how far we are from it before we know the appropriate vehicle to reach there.
Another question that made Sanusi look like a confused policy maker experimenting on unsound economic policies is this one:“How come that in three years and with monthly oil price averaging $100 per barrel and over 2mbd, and with all the ‘reforms’ in money and capital markets (supposedly there is no more lax regulation/supervision) and despite Dangote’s over N2 trillion listing which lifted the market cap over N8 trillion, the market cap is basically today at the level I left it three years ago?”
Like seriously, Sanusi has driven the market into a standstill that is why everything is crashing.

juman: Prof. Soludo consolidation of the banks was commendable.

But Under his watch the bank owners simply turned the money of their customers to their personal money and spent it recklessly. Even the banks contributed immensely to the collapse of the stock market by their unethical behavior because there was not enough check and balance from central bank and other agency.

[/@Ileke

Always assumed you were, anyway there must be a reason for you to think the book is boring, maybe you read it at a time you were not ready for such a book or maybe you are more into mills and boons than literary work   .


Do not easily assume that I'm the only one who feels that the book was boring. So I'm guessing you'd have to make the same assumption for everyone?
Not a book I'd pick up, somebody wanted to be nice to me by giving me such a boring book]

You may need your head examine. It is either you are nut or one of  bloody, ethnic biased yoruba foolish folk. an international best seller book with 150 languages of translation being boring to you. hmmmmmmmmmmmmmm,