₦airaland Forum

heavy g:
I didnt use and dump my ex. I just didnt want to waste anymor of her time. I thought I'd get a job and get settled after service. Things didnt work out that way. She's young, beautiful and decent. I'm sure by now she has a man who appreciates her worth! I didnt dump her for being old, she is stil very much young and beautiful. But as a girl that had finished school and service, how would I have coped when she starts undergoing pressure to get married? I didnt have anything I could boast of, to enable me marry her.
I got a school girl that I could grow with, that way, I would be capable of marrying her when she graduates. . . .

Well now you got one you can 'mould' to your satisfaction, i still dont understand grown men that marry undergraduates, they have not even stepped out to the real world to search for jobs and attend interviews or go broke and manage their little pocket money, got a flat on their own

He likes her high maintenance behaviour because it makes him look good to his boys that he's pulling such a chic.

hmm you better roll up ya sleeve and loose the heavy G tag cos you'll be paying more for this brat that'll need her skin polished every other week

^^ lol harsh!

olyivy:
People on nairaland are gradually making it a taboo for anyone to see and complain about anything wrong in lag.

How will attacking the writer and poster  answer the question or solve the issue raised in the report. Some of us actually live and experience these things so stop making it a crime to cricticise, it isnt helping the guvnor as u might think.

Almajiris!

the same fisherwoman that will chop off your head if you criticise Jonathan , funny enough the piglet wont move to Bayelsa

Fashola should do something about this. He should build and ensure maintenance.


Why build what you can’t maintain? by Florence Amagiya

I visited Victoria Island recently. I didn’t take a cab because they can be very expensive in Lagos. Imagine flagging a cab and the driver tells you that your fare is N3,000.

I am sure you will be amazed and if you do not reside in Lagos. You might be tempted to ask if he is taking you out of the state. But if you live in Lagos, you might understand and bid lower or move on. So as I was saying, I boarded a BRT bus instead, which is fair and comfortable. The bus took me from the popular Ojuelegba bus station through CMS where l alighted

why should a governor build buses, what sort of pigeon-brain people do we have here?

s/he boarded a BRT that was fair and comfortable!!!

Vanguard is for fishermen

wouldn't hurt if they actually [b]register [/b]their business _{and pay tax too}, higher withdrawal limit as a bonus.

and Oyinbo man not dare say this to us else we will descend on him and his colonial blah blah blah

good we can admit it, someone else saying it is Taboo  

phantom:
@dis guy, by the way did you read the comments after that post on his blog?you go laugh die, dude is just insane,

iwas surprised someone actually was running a commentary on the dude's personal blog imagine preaching to him, typical naija style-

speaking frankly is not in our nature- thats why we are shocked when someone from somewhere just say thing they way they see it, i read all the naija related entries and they hit the mark 89%

davmor go and continue your work, football will break your heart moreover its an expensive pursuit especially if you are in nigeria looking for huge returns-- play it for fun

yoged:
dis guy. What do you know about kwara Academy? Have you watched their boring game be4? If you dont know anytin about it. Just dont talk. Who told you they have facilities or structures. I just dey laught. How many kwara Academy player u'v heard their name abroad? B4,you can enter kwara academy. You know the Heck amount of Money u got 2 pay? And their's all dis kwara Alhaji's kid,commisioner kids playing for them. So,between ordinary guy or Alhaji's son wey don bribe the officials. Who wud go on trial 4 abroad 1st? Use your brain like obama. Its survival of the fittest. I could remember Obinna Nsofor has played for Kwara united and some other popular players. To hell with Academy. If na u ,go and join kwara academy.

stop pissing me off with your rubbish! it is an academy, it is not a club where people go to watch their matches, how many people watch academy games? Their facilities and structure is still better than most OYO clubs behind the garage, how will you advice someone to join a garage club if/when tehy have the opportunity to join a recognised academy? Idiot when did kwara acadmy start to have produced players for clubs abroad? you are certainly a disgrace to your university. you are basically saying someone should go to well known tafawa balewa poly over a new private university- i just hope you get the analogy. A club that is now recruiting their second batch, you are already asking how many of their players are abroad. which club in nigeria is not survival of the fittest? you think all those playing in establsihed glo premier league clubs dont bribe to go for trails abroad or they dont have backers?

the guy asked a question between joining a happening FC vs Kwara Academy, he didnt ask about a registered club vs an academy- you are a waste of space to uni Ilorin. now go and queue at Oloye's compound for your Amala a 6 yards of Ankara prick!

Another reason why things have improved is I am finally mobile.  I took delivery of my car, a basic Japanese 4WD, last week and hired a driver who was recommended to me by somebody who recently left.  Being able to get around is essential in a place with no public transport, no taxis, no pavements, and only a twice-daily shuttle bus to and from the office. Unfortunately, whoever built Lagos (who I suspect was the same person that designed Russian airports) originally thought parking spaces were not necessary and then later decided that pavements should be parked on.  Some other d1ckhead then decided to build office blocks with no parking except for the pavement outside.  What this means in practice is you need a driver primarily to drop you off and then take your car to some point, usually some distance away, and park up and sit there until you need him again.  True, it helps to not have to negotiate Nigeria’s roads, which are a better described as a collision of misplaced egos more than anything else, yourself but a driver’s job in Lagos consists mainly of sitting about waiting all day.  If there was anywhere to park close to where you actually want to go, you’d not need one.  Personally, I’d be much happier driving myself about but it’s practically impossible.

Ouch but true!!

ayinba1:
He is indeed very disrespectful of his host country! If he says Nigeria or Lagos is an asylum, then what is he calling the residents?

I hope his boss or someone finds him out and fires him. If it is so bad and he came from a so wonderful place, why not just go back home?

You think his boss is Nigerian or doesn't have the same opinion as him?

what happened, thought Kano Pillars and Eyinmba were meant to play a friendly, nobody went or was it postponed?

the girl must be pretty young e be like say that's whats shacking you, she is even still in school

i look forward to more of your post when you eventually get married i know you aint backing out of this- cos she will tell her daddy and mummy

lawmanlala:
The policy should b tested in states wit least IT infrastructures n highest farmer density such as Taraba, Yobe, Kebbi. That would giv a clearer picture of its impacts on such class of people dan Lagos n Abuja.

a greater percentage of those 8% that handle 150k+ daily are in Abuja, Lagos, Aba etc,

^^ that's what i thought as well, do people still go to meet dealers with cash?

The dealer will still put the cash in his account anyway, so why not put it there and let him/her check on-line,
I will be scared if someone is choosing to pay me huge amounts in cash


Anyway, Ogun state and many others are outside the test phase of the policy, but travelling up and down with cash is risky

Kobojunkie:
Do you really believe the mush that banks greedily refuse change just to rip off it's customers? What do we have other banks for? Why do we have competition for?  I get that somehow you have gotten this mush to make sense to you but I still don't see how giving the CBN in a developed country more duties means having the CBN run our banking system as if ALL, not just bailed out banks, are CBN properties. It is just disturbing.

If I were an investor looking to start a small bank, I would probably not even bother because it seems the situation is so controlled that it will not be flexible enough for a new business to come in and healthily compete.

I would really be happy if you would name some other developing countries, with democratic systems in place, taking the same path as we are today. I mean this is like having two different governments in the same country. Collaboration? You are telling me that the many small cooperatives in Nigeria willingly signed up to have their customer's daily transactions capped? If this is true, why is the house even considering a review of this policy and urging the CBN embarking on educating entities of the repercussions of such a policy, before going ahead?

Developing countries have no healthy competition, ideally regulators should allow competition correct anomalies but individuals/businesses are complaining left right n centre about COT, exorbitant charges for basic transactions, these charges are usually plucked from the air! Does your bank in US charge you money for keeping money with them? instead of competing in Nigeria businesses are well know to collude to fix price, infact a cement seller in osun/ondo was sent out of the state for selling N500 below everyone else!! and this being the financial sector the CB in developing countries should watch over them closely.
About 6 or so cement importers/manufacturers were given licenses to import cement some years ago instead of the expected competition the price actually went up!

Well all developing countries have their peculiar pattern of addressing issues, some will comply or charge appropriately; so far the ministry, fed govt have not been singing a different tune, they are more powerful than the CBN even though its independent up till now i have seen any parallel streak

at this stage of development we cant ask everyone to sign up for policies before we implement them, not especially 92% is not affected, the 8% will probably be able to adjust in these few cities and corrections/adjustments can be made. if this policy was introduced in 2019 there'll still be people oppose to it sighting many other reasons

During the announcement of the policy the CBN already mentioned an aggressive education drive, the senate committee sometimes like to be seen to be working the didnt urge a review to the margin lending that went on before the crash of the market

^^ still the same thing they are not going to nationalize the banks, but they are at the moment though not in the technical term

38. – The Bank shall wherever necessary seek the co-operation of and co-operate with other banks in Nigeria.-
(a) to promote and maintain adequate and reasonable financial services for the public.
(b) to ensure high standards of conduct and management throughout the banking system;
(c) to further such policies not inconsistent which with this decree as shall in the opinion of the Bank be in the national interest.

This part fits the current policy appropriately

co-operating with other banks to promote.   .    .    . for the public

What do you see as the role of the CBN governor?

The role has been properly defined - ensuring economic stability, financial stability, developing an effective and efficient payments system.

My sense is that those functions are handled principally by the deputy governors and I think what we need to do going forward in the selection of deputy governors is that we select people who are capable of taking full responsibility for each of those functions.

Right now, we've not looked at specific individual skills. We've looked at people who were former bank EDs or MD, or DMDs, people who've just grown through the system and made them DGs.

http://234next.com/csp/cms/sites/Next/Home/5444865-146/Revisiting_the_CBN_governor%27s_plans_for.csp

Just the ones theyve got people in

Kobojunkie:
But the same articles tell you that the CBN had no plans to nationalize those, I believe 9 banks, it bailed out. Essentially, the CBN did not take control of the banks as a result. And so far, I believe more than just those 9 were affected in the recent firings, if I am not wrong.
So, even if we want to argue that the CBN has secretly Nationalized some [/b]of our banks,[b] it still does not explain why the CBN has taken it on itself to essentially run the Nigerian banking sector as if all our banks were nationalized.

you posted a link to CBN functions earlier, i think the second part of it the first and second items deals with this particular policy, my pdf reader is playing up

Ultimately i think the CBN in developing country have a duty to be more hands on than their counterparts elsewhere, especially with a federal govt that cant pass budget on time or a govt that doesn't seems to know the effects of its actions on the economy
and with banks that greedily refuse change just to rip off its customers knowing how weak the system is at getting redress


I still belive most of these policies are in collaboration with the bankers' committee the CBN just appears to be the spokesman for all decision so good or bad it sounds dictatorial

Nationalisation is what they are doing albeit permanently- i have mentioned severally they will be selling the banks, but at the moment they are controlling them- they put the managers there, they have money in there, they will okay who t=the banks get sold off to.

in the short term they are the bailed out banks under management of govt appointed managers

but the Central bank should not proceed to make that arrangement permanent as nationalisation would lead to disaster,” Mr. Agbaje said.

234next

it is essentially a national bank

-Dis Guy

I think are effectively national banks

-Dis Guy

think this is what you are on about, well tehn short-term nationalisation - now I'm making an entry in wikipedia, investopedia

“Technically, what the CBN is saying is that the Central Bank had to come in and capitalise those institutions because their previous management lost the capital to bad loans and frivolous transactions but the Central bank should not proceed to make that arrangement permanent as nationalisation would lead to disaster,” Mr. Agbaje said.

According to a bank official who asked not to be named, buying equity shares in the bank temporarily to stabilise them is not a bad idea, as long as there was a clear understanding of when the equity would be sold back to the private sector.

“We must understand that the government has a duty to save these banks from failing out rightly,” he said.

“The only concern that might arise is the needed assurance that the arrangement is temporary, and that there would be a clear timeline of returning the banks back to private investors. What is going to happen is that these reforms would create a new set of shareholders,” he said.

I dont think am saying anything that much different really, might not be using the right technical words but similar lines, they will be sold off

So we have banks

the CBN has appointed managers for

Pumped in Cash into

guaranteed their customers and lenders

Searching for buyers for them on behalf of the its and shareholders

probably dictate where their lending should be directed at

I dont think i mentioned the cbn 'owning' them


Nationalisation by any other name to me, intervention?

And suddenly our courts always get it right? I could not figure out, on what grounds, the CBN could step in to take over from banks in the way it has, but as always, this is Nigeria where most anything goes

but if CBN doesnt take over those banks they will affect the other banks and kaboom! By pumping money into the banks to recapitalise them and quarantee bank depositors and international lenders, they are effectively the biggest shareholders and they have a responsibilty to ensure financial stability, there was absolutely no way some of those banks could have survived! they were over exposed, they were basically dashing out loans to people that they know wont pay back, they'll just write it off or pass the cost on- they were wotten to the bery core - the other banks werent big enough to bail them out, in fact they didnt even know how bad their loans are so the only person that could intervene is the govt/CBN

here an example from the UK

http://en.wikipedia.org/wiki/Northern_Rock#Subprime_mortgage_crisis_and_nationalisation

Do you have proof of this because I could not find any information to support the idea that the CBN now owns, and retains majority shareholder right in most all major Nigerian banks.

Proof that the banks were given money? they got about N450B and bad debt were taken off their shoulder so they can do business again. some of these banks had debt more than their were worth, their prices fell from 30s,40s to N1.N2

I think are effectively national banks, the media might not be calling them that but the CBN gave them money, AMCON took off their bad loans, govt guaranteed their customers, appointed their managers- will effective decide when/who they get sold off to, to recover their investment

Nine banks out of the 24/25, some banks also got help from the govt but not enough to control anything

Are you even serious with the above?? Do you know what position Shareholders hold in a business? They are essentially OWNERS of these companies, and so telling me our "courts" decided against allowing the OWNERS of the companies deciding which way THEIR company's future goes is like telling me it is now OK for the courts and Government to take away our rights even more.

you said the cbn is making up laws as it goes, i said the courts decided between the two within the law ---- the majority shareholders have a higher say, their shares have been diluted or eroded by the crash in the markets. cbn put in more money than they own meaning it is essentially a national bank, with them being the minority shareholders and the cbn with controlling stake--- the companies were public companies not private

CBN appointing managers in PRIVATE BANKS Remember how people demanded that never happen in the US, only recently

Leaving the managers there will mean leaving loyal personnel who were involved in loan abuse to clean out all the evidence- National banks, tax payers* money upto 1.4tr or so

Are you are certain that is not that the CBN decided of it's own to TAKE OVER in areas it is NOT MEANT to, only that as always, this is Nigeria where people really ask the right questions since, many are too busy arse licking and others are too busy just not caring but looking out for ways they can also gain from it all . . .

not certain, but according to the link, investopedia, the CBN roles vary from country to country and i'm sure they have agreed who tackles what amongst them, the both sit in the economic team anyway. There are many eggheads in there so i'm pretty sure the decisions are made in tandem with the ministry

Well, here's what the man is not telling you, he has not actually asked people if they have forgotten or not. He has simply assumed that no one is complaining. No be Nigeria we dey again? If anything, people have, on the most part, simply found for themselves alternative ways around this problem, and this includes loading -must-gos with the cash and carrying it that way to those they want to pay**.

hmm the bankers are in the best position to say, unfortunately the press only ever listen to the policy makers

I don't think CBN is NOT part of Goverment in the way you see it. Ministry of Finance is part of government, but CBN, like INEC is meant to be independent in a way and does not make up it's own laws as it goes without the consent of the land.

the cases brought by the shareholders have been thrown out of courts- the court must have made its decisions based on the laws the CBN is operating within

Maybe the ministry of finance, which is part of government should focus on such, not the CBN IMO.  http://www.investopedia.com/articles/03/050703.asp

the Ministry of Finance seems to have left that responsibility to the CBN to concentrate on other aspect- raising funds, attracting investment,, debt, managing weath etc etc it ofcourse can rein disagree with policies of the CBN through its appointed members on the board of the CBN - http://www.investopedia.com/articles/03/050703.asp

Shareholders are Shareholders. Remember when Ford, GM stocks crashed and Shareholders still had power on the way forward for the companies? Yes, crashing is part of  what happens to companies and yes, Governments do not then AUTOMAGICALLY take over companies even then.

true, the CBN only appointed managers to re-strengthen these banks so it can recover 'taxpayers'  investment and hand them back to the shareholders and the new owners-  Lloyds bank, Northern Rock etc had the same experience until it stabilised

The Acting Managing Director of Guaranty Trust Bank, Mr. Segun Agbeje on Tuesday in Lagos  threw his weight behind the new Central Bank of Nigeria, CBN policy which intends to limit daily cash withdrawal by an individual to N150,000 by June next year.

At a media briefing in Lagos yesterday, Agbaje said the CBN is in the right direction as there is the need to de-cash the economy.

He noted that, though the policy may come with some challenges, he said Nigerians would soon get used to the system once the necessary teething problems have been resolved by the apex bank.

“The new policy introduced by the CBN which intends to limit daily withdrawal to N150, 000 will make life easier for all of us. We need to de-cash the economy, though the CBN will need to put in place a lot of infrastructure, once that is done, it won’t be painful as people think,” he said.

Agbaje said, “most Nigerians complained when a ceiling was placed on the issuance of cheques above N10 million but most of us don’t even remember that such a policy is in place now.”

leadership

^^ if dem paint am red now, you na go talk say na blood money avenue!!

i think its just rendering, but if there was a green line then it will fit in perfectly

Forcing of policies should be left to Government and not the CBN. CBN is, in my opinion, OVERSTEPPING it's bounds time and time again, in this country. And making excuses for this will more likely come back to bite us at the end of the day. We watched in awe as the CBN took it on itself to fire Bank Directors( without the consent of Shareholders), and we also watched the CBN essentially take over the running of our banks like say we be mumu. Now it is into the business of Building hotels, and installing Pos terminals. CBN is NOT in the business of enacting LAWS . . . we have the legislative and executive arms of Government for just that.

is the CBn part of govt or not? encouraging safer, more efficient payment systems, attracting investments in the technology and banking sector- is the job of the the govt and CBN to my lil understanding is part of the government, what is biting us and leaving a big hole at the moment; is money laundering, armed robbery during cash movements, inefficient banking where customer/public frauds cant be traced- this policy will only bite us if we dont allow a test run at least so they can tweak and come up with a better one

shareholder? what shareholders the stock market crashed already their funds were pennies compared to what the CBN put it so theres only one shareholder the Nigerian people/CBN, what do you need the Shareholders who only nod their head like agama lizards at AGMs, the majority shareholders have the biggest say.
why do you think the shareholders have lost most the cases against the CBN

I haven't seen a CBN ATM and i doubt i'll see a CBN POS machine anytime soon _{except perhaps some people are hoarding it and selling it for zillions}


We dont have Nigerian economist on NL or even Bankers??


_{now why is the kettle over-boiling!!!}

According to available industry data, it will require over 65,000 ATMs to serve over 140 million Nigerians. This means that the potential for more ATMs as well as PoS terminals to be deployed nationwide is still very high.

The E-Payment Providers Association of Nigeria has estimated the country’s card payment industry to be worth over N23.4tn.

According to Interswitch, Nigeria’s premier transactions switching and electronic payment firm, a total value of N360bn transaction was done on its platform in 2006.

Despite the robust potential of the Nigerian e-payment industry, experts lament that card- based solutions have gained more grounds with little penetration into Internet and mobile processes

Popularly called ATM cards, there are currently over 30 million Chip/PIN debit and credit cards in circulation in Nigeria.

The Central Bank of Nigeria had issued a directive that the over 30 million magnetic stripe cards formerly in circulation in the country be replaced with more secure chip/PIN cards by September 1, 2010.

After complying with the CBN directive, about 16 Nigerian banks in association with Interswitch used the Verve National Consumer Promo to woo bank customers to replace their magnetic stripe cards with the Verve chip/ PIN cards.

The sixteen banks involved in the campaign included First Bank Plc, Intercontinental Bank Plc, ETB, Stanbic IBTC, Oceanic Bank Plc, Unity Bank Plc, Sterling Bank Plc and Spring Bank Plc.

Others were Wema Bank Plc, Bank PHB, FCMB, Afribank Plc, Fidelity Bank Plc, Skye Bank Plc, Ecobank Plc and Finbank Plc.

The Chief Executive Officer, Valucard Nigeria Limited, Mr. Kyari Bukar, recently said that the volume of ATM transactions in Nigeria had reached N80bn monthly.

He also said the monthly transactions on PoS ranged between N1.3bn and 1.4bn across the country.

While ATMs transaction is growing in the country, PoS payments have been very marginal thereby explaining the huge difference between the N80bn and N1.4bn transaction figures.

Experts say e-payment systems are largely driven through web and PoS transactions than ATMs in developed economies.

However, Nigeria’s cash-based economy has been identified as the main reason why PoS transactions are at their lowest ebb.

it is in the FSS 2020 booklet, it was adopted by the banks, is it what they want and what is better for the economy in the long run
We have to test run it and make adjustment as we go along

Punch

ZenithThisday 2006

Afribank pos

[url=http://www.punchng.com/Articl.aspx?theartic=Art200704100451514]InterSwitch pos roll out] 2007

http://www.chamsplc.com/web/blogs/23/Chams-boosts-e-commerce-with-50000-Pos-terminals-ATMs-.html 2009

This thing has been coming with collaboration of the banks and other providers, the CBN didnt force it, one can say it only upped the ante by announcing a date

The banks should be allowed to roll out more ATMs


me i no be economical man, i no be banker sef

Gone for Tea and Biscuit 

I so much love you, because God have ordained you before you are born for the betterment of Nigerians,

Yuck!

lol the CBN is GOVERNMENT!

When I said cost of Printing in Nigeria pales in comparison to many other countries, I meant when GDP, and all are considered. Brazil, Kenya,Ghana, etc have costs almost more than we have considering

a) Our population
b) GDP
c) Amount spent on ther non-essentials in the same country.

okay but if there's saving to be made we should, anything to make their operations more efficient is welcomed, even the cost of running the CBN is too high

That is something completely different from the CBN intruding and making decisions as if it is also in charge of the individual banks choice on cash handling. What the CBN is meant to do is set policies to enable banks(mostly private entities) to conduct their business in the most effective and efficient way possible.

This is what the CBN is doing albiet in an aggressive manner-perhaps sanusi's persona overshadows this; 'our' money is being used to bail these banks, in fact most of their business is government linked, these policies are made in collaboration with the banks, I doubt the CBN comes up with the research and policy affecting the industry alone. bankers' committee don't announce policy they leave it for the CBN

There is nothing enabling in this policy -- matter of fact, what it seems to do is LIMIT banks and customers in more ways than one. CBN should not be in the business of demanding banks implement electronic payment alternatives, it should instead put in place policies to ENABLE banks do it should they feel that service will be beneficial in the end. CBN should not be in the business of limiting the transactions banks can offer customers -- it should instead focus on policies to enable banks offer the customers solutions that are tailored to their need and their capacity.

All the banks invested in alternative payment platforms including POS, mobile banking, ATMs etc etc cant remember the CBN forcing them to implement electronic payments, it announced a date when cash transactions will attract a fee over a certain amount

Last year a bank charged customers any time they withdraw cash over the counter perhaps to discourage congestion/ encourage atm or other options.

Not all banks do. Matter of fact, if you follow the news, the CBN itself is speaking of it's working on installing 300,000 PoS terminals or so around the country.

PS: You cannot just say "Long term benefits outweigh this and that " without working harder at providing more substantive support for such claim. Doing that is akin to GBAJUE moves.

Not all banks have e-banking?

CBN speaking of installing 300,000 pos doesn't mean it is doing it itself, the sold license for those in the business of doing that, the banks are even into it also with other providers-

femmy2010:
That is what i don't like too.
If they are sure of the to be introduced policy then let them do their bit and allow us to make our choice on whether to go cashless or otherwise.

if nigerians are left with a choice of using seat belt or not - what do you think will happen?


Some policies needs to be forced pushed vigorously, there's no point making a law you wont enforce