₦airaland Forum

femmy2010:
Am a Lagosian an satisfied with Fashola's doing.

No, my friend, YOU are a liar, not a Lagosian.

Which part of Lagos State are you from? Which family is your own? What is the name of your compound? Oni yeye, atounrinwa lasan lasan!

Rgp92:
Throwing out chinese is a lose to Nigeria, throwing out Nigerian from china is not a lose for China. They dont need us, we need them

How can you be so stupid? China's loss will be India, South Korea or even Brazil's gain. We will simply direct our trade to either of these 3 countries, and they will eagerly lap it up. We don't need them, actually. They're the ones who need us, to properly break into Africa.

Ebora Owu!!!

I always felt that he had nothing to do with the 3rd term agenda, and that it was the governors and Atiku that were promoting it on the pages of newspapers, each with his own agenda.

Seriously, Baba needs to talk more, and perhaps organise a forum to teach potential Nigerian leaders some of his quite commendable leadership skills.

Really? What held them back these past 12 years?

The operative words here are "to establish", meaning it is another scheme for the future, with no time frame. Let me remind you all:

"Lagos State Government will soon begin the construction of the Coastal Road". This announcement was first made in 1999 by the Tinubu administration. They then proceeded, 4 years later, to "concession" said road to LCC, which we all know to be owned by Bola Tinubu himself. Rather than build that road as promised, however, they jumped onto the ALREADY EXISTING Lekki-Epe expressway, destroying portions of it and adding one lane to either side. When we protested, the "concession agreement" surfaced, showing that the WHOLE OF Lekki Peninsula had been concessioned to LCC, aka Bola Ahmed Tinubu. They've been at that expansion for 5 years now, and still haven't managed to go beyond 6 kilometers completed. I still dey laff.

"Lagos State Government will soon commence the construction of the Fourth Mainland Bridge". Another promise parroted every year since 1999. Fashola has now admitted that the Federal Government would have to come and assist them to build it, meanwhile, they can build the Lekki-Ikoyi Link Bridge, another LCC property, which will be TOLLED, with $42 m of Lagos State Taxpayers' money.

and many many other unfulfilled promises like that. We are watching, and trust me, Tinubu, Fashola and their helpers will all pay one day, for all their atrocities against Lagosians. As the Lord Lives.

premechaz:
Funny. What else do you know about Akingbola. You get your information from Business Week. I get my information from knowing people working at Intercontinental, his radio station, and from people close to him.

Obviously, I am not the only one taking this position. If only you would sit back and try to understand things the Nigerian way. You look at everything from the US POV. And yes, without mincing words, Intercontinental is a Christian bank.  

Who is this half-wit??

You obviously drank what they prescribed for you to bathe with, and bathed with what they prescribed for you to drink. Numbskull.

Muttalab is a mallam, and therefore a religious leader. Did that make First Bank an Islamic Bank? When Sanusi, an Islamic Scholar and Mallam, was CEO of First Bank, did it that make it an Islamic Bank?

My friend, it is not by force that you must type something. Go back to school and stop assailing our sensibilities here with your putrid ignorance. Typical Boko Haramist.

It's actually been obvious for a long time. A lot of the judges, especially post 2007, suddenly became super-affluent, flying first class all over the world, their children attending expensive schools, and shopping in some interesting spots around the world. I remember seeing a particular judge at a private house in London. I suspect his name will come out in these reports. If it doesn't, the investigators have done a shoddy job.

Tinubu FLOODED the Police, the judiciary and INEC with unbelievable amounts of hard currency, such that officers in these institutions lost their minds completely. Look at Alimosho, where INEC officers were recently caught RED-HANDED, spoiling PDP votes in the dead of the night, preparatory to taking ballot papers to the tribunal for examination.

Tinubu is the biggest security risk we are faced with in the South-West, and people like Fashola are his die-hard disciples, despite all outward appearances.

Gbawe:
I notice you have a lot of time to focus on Fashola. Well , given that Aondoakaa is a far bigger villain than Fashola can ever hope to be seeing as our former AGF treasonously threatened the existence of Nigeria and all , can you tell us who Aondoakaa "got" his own SAN from? Katsina Alu?

Typical ACN diversionary tactics.

Focus on the matter at hand. Fashola got his undeserved and un-merited SAN with the active help of Justice Isa Ayo Salami, whom he's now blowing hot for in the matter of Salami's suspension for perjury. Then again, that's not new to Fashola, is it? Didn't his boss lie his way through the Chicago certificate saga, bribing senior judges and senior policemen along the way?

Fashola appears to be nothing but a rogue himself, considering how many juicy contracts Plycon seems to be executing in Lagos State today. Plycon belongs to Fashola, by the way.

Jarus:
Council for Legal Priviledges or so, is teh body that awards SAN and I am sure it will not have less than 10 members. If Salami is powerful enough to singularly influence SAN award, he should have been able to save himself in his current predicament.

Ever heard of the Body of Benchers? Salami was an influential member of that body when Fashola obtained his SAN. From the noise the ACN and their sympathisers are making, they've had a cosy relationship with Salami and his crew for quite some time.

Fashola has always been a fascist in the mould of Tinubu, his godfather. Just check how much media column and time is spent talking about his virtues like he's some dem-god, yet he's just a common thief, just like Tinubu, using his personal companies to steal money from the government. Plycon and Deux Projects are just two of the ones he owns.

The Brownshirts analogy IS the correct one, with Lie Mohammed and Joe Igbokwe both vying internally for the position of Goebells.

Thanks son, but I don't plan to commit any perjury anytime soon, so I won't be needing any SANs, son. Especially not the SAN-for-Cash types.

abes:
@poster
Salami still has more SANs left under his table, you can always request for one anytime you need it

Desola:
What exactly is your grouse with Fash and the ACN?

You are seriously becoming BehindBased now.

I'm pissed at them because they're stealing my state blind, and pretending to the world through the media, most of which they've bought with our money, that they're saints.

Check this:

Tinubu owns LCC, and by extension, ALL of the Lekki Peninsula from Victoria Island to Epe, via an agreement "concessioning" Lekki - Epe expressway to LCC, which agreement was drafted by Fashola, while he was chief of staff.

They are a criminal gang, nothing more, nothing less.

I see some people on Nairaland are working for Fashola here. Specifically, OAM4J, who moved this thread to somewhere off the frontpage, within minutes of it being posted. People are allergic to truth in Nigeria. Egunje spoil Lagos, and it's about to destroy Nairaland.

nsodo:
The choice is your because you make the money your self but there more risks out of the bank than inside the bank. These banks have policies and i am sure there is a sound reason why they did that. Please inquire and know why they did what they did before you take a wrong decision.

Not sure if my answers are smart, Valacious, and no, I didn't study law. Actually, I missed out on university, instead choosing a life of business, starting with selling yams at 15 before graduating to driving a kabukabu in Lagos by the time I was 18. I saved up enough money to leave Nigeria 4 years later, and have not looked back since.

I was trained on the streets of Lagos and London, and can recognise a con from a mile off. Sanusi is a con, pure and simple. He's not qualified, either academically or experience-wise to hold that position, and only got it because Bukola Saraki needed protection from Erastus Akingbola for debts he could not pay. Yar'Adua bought into it because of the Northernisation agenda. Lazy Fulanis, always wanting to reap where they did not sow.

All these trolls like deenee and others are his agents on the net. They're everywhere, facebook etc. If you're valachi, which I think you are , you'll understand what they're doing perfectly.

Information has come to light that Fashola, while he was Tinubu's Chief-of-Staff, having being out of active legal practice for about four years, was heavily assisted in his acquisition of the SAN title which was sponsored by his boss, Bola Tinubu, prior to his running for office of Governor, by none other than Justice Isa Ayo Salami, the suspended President of the Court of Appeal.

That puts some perspective on Fashola's recent utterances regarding Justice Salami and his suspension, as well as throws some light on the depth of the relationship between Justice Salami and ACN chieftains.

Even Fani-Kayode has reversed himself. He hasn't recanted the IBB/Dimka story though, even though that is a false recollection of history on his part. IBB was sent by Danjuma to ARREST Dimka at Radio Nigeria. He got there and started negotiating with the man so tay, bobo walked out of there scot free.

Danjuma was livid and had IBB detained and would have tried him as one of the coup plotters but for OBJ's intervention.

Fast forward to the 90s. IBB's unending "transition programme" got the country so wound up that he stepped aside, and Abacha stepped in, after the forgettable Shonekan interlude. OBJ ended up in Abacha's gulag as a result of IBB's maradonic behaviour that dribbled the entire nation into a corner.

IBB should shut the fu ck up, because if it were not for OBJ, they would have used him as example for Saddam, Mubarak and Gaddafi.

There are more than a billion secrets between them. Trust me. It's the same bond that exists between ACN and the opinions-for-hire and rent-a-protest as well as "NGO" exponents that abound in the land. They're all beating a path to the door of the Bourdillon Bondsman, who never fails to be generous with the funds of Lagos State Taxpayers. After all, that's why they pay their tax.

No affordable housing + this law = Homelessness on a scale never before seen in Lagos. I hope all the Fashola ass-lickers are ready to accomodate the homeless hordes that will soon stream out into the streets. Let's hope Fashola also read Affordable Housing 101!

I give up. Calling you stupid is not an insult after all.

Why are you all opening your rotten teeth to complain here? Fashola is THE BEST GOVERNOR IN NIGERIA. IN FACT, HE'S THE BEST GOVERNOR IN THE WORLD.

Shebi you all carried your apathetic middle-class selves to the polling booths to vote for the Governor Taxemtodeath in April. You gets what you pays for, blud!!!

When we warned you that ACN is a tax and chop party, you pooh-poohed us and constantly shouted, "Lagos is Working, Fashola is Working". I hope him and his taxboys take ALL your money and give you people correct TAX RECEIPTS, so you can use them to pay for your over-inflated "Governor's Consents", C of Os and other such revenue generating stuff.

Finally, long may Fashola and ACN continue to collect these monies and plant flowers for you lot. Shebi na flower una like, abi? Yeye people. PDP is the devil ke, not so?

See the greedy longer-throat governor shamelessly marketing the thing here at the launching, and even put the speech on his website. Kai!!! Nigerian officials and abuse of office. Hail Saint Fashola!!!
http://www.tundefashola.com/archives/news/2008/10/28/20081028N01A.html

Speeches

Public Presentation Of Naija Navigator

Oct 28, 2008 - I am delighted to be here today at the public presentation of Naija Navigator, an innovative Satellite technology for street navigation, by Toroseda Technology Consulting Nigeria Limited.

I find the presentation timely and apt at a period when the challenges of modern day governance require the cooperation and participation of stakeholders in the delivery of facilities and amenities to the people.

Modern day governance, particularly in urbanized setting is becoming more electronic by the passing of the day as advances in information technology grow geometrically in direct proportion to the pressing and challenges issues of social and economic development. I am pleased to note that the use of satellite Navigation will assist greatly in the traffic management efforts on our roads in Nigeria.

Probably one of the most technically challenging jobs in Nigeria today is traffic management. Why? Because road is the most developed and preferred means of transportation in the country. This makes road very vital to the economy and social well-being of our country and people with serious implication leading to stress and related health challenges, traffic snarls, man-hour loss and accidents. Available data has shown that among the three means of transportation, water, air and road, the latter indeed accounts for eighty percent (80%) of trade and movements in the country.

The introduction of Naija Navigator will be a welcome relief to the communities in both the commercial and private commuters. In fact the Lagos State government is particularly pleased that the state is the first beneficiary in the public presentation of the product just as it will in all, probably, present the highest vehicular density of 222 vehicles per Kilometre in the country.

Naija Navigator therefore will play a significant role in our desire for strategic road traffic management approach that is dynamic in conception and flexible in operation. For one, the product is user friendly and cost effective. Also, it is highly educative particularly in the area of providing information on the geography and social landscape of the city. More importantly, the Naija Navigator has a promotional value. Tourists and first time visitor to a location will find it handy and self-reassuring in the navigation of otherwise strange and unfamiliar terrains.

Once again, I want to congratulate the management of Toroseda Technology Consulting Limited for this thoughtful and innovation presentation. Your effort is a practical demonstration of private initiative which the Lagos State government has always identified with in the operation of its Public-Private Partnership Initiative through which the Private sector has participated and collaborated with in the implementation of social and economic infrastructure to enhance the people’s welfare. Our doors are open and we are for partnership on the platform of our PPP initiative.

I wish to use this occasion to assure all our partners and good people of Lagos that our goal is to use every initiative, every policy, and every project to deliver the dividends of democracy as we promised.

I congratulate the management of Toroseda technology Consulting on this noble initiative and wish you greater success in all your endeavour to add value to our economy and make life easier for our people.

I thank you all for listening.

“Eko O ni baje!”

Mr. Babatunde Fashola, SAN
Governor of Lagos State

okada_man:
This ingrate story by Fani Kayode get K-leg sef.

I thought the story was that Obasanjo saved Babangida's life after they found he was involved in the Dimka coup by begging his superiors to spare him. I Know i read that before, Which one is true o?

Even Vatsa's widow suggested same here;


Hopefully those who know the Dimka coup story will shed more light.

I know what I read was that IBB actually was too scared and he failed to attack Dimka and was appealing to him. I believe that was why they suspected him as a co-conspirator.

Which one we go believe now?

Anyway may both IBB and OBJ get buried together in the same grave!! Too much blood on their hands, buncha murderers!!!

Okada-Man, Thank God for your life. Shame on Fani-Kayode. So, it is actually Babangida that owes Obasanjo a debt of gratitude from that incident Chai!!! BABANGIDA!!

Fani-Kayode is a complete b-astard for this. Idiot.

Now, interestingly, isn't Fashola's younger brother, Demola Fashola, benefiting directly from this project through his involvement in the Naija Navigator firm??

I didn't see this back in March. But seeing it now, it is even more clear to me now that hired-guns like Eko(Iragbiji)-Ile are unrepentant liars, and will say just about anything to convince everyone that Fashola is the second coming of the Christ.

Has ANYONE ever heard of the Abuja GIS executed by Nasir El-Rufai while he was the Minister for the FCT

I said it before, and I will say it again. Anyone, ANYBODY, who is benefiting from Lagos State taxpayers' funds in order to sing the praises of those who are stealing us blind, will suffer 10,000 times the losses being suffered by Lagos State taxpayers who die because they cannot get medicare, who's children die in pit latrines when the government should provide toilets in their schools, who die avoidable deaths on the roads that the LASG, with all the huge IGR refuses to repair, or pretend to repair, and ALL the other deprivations suffered by Lagosians as a result of the wholesale theft of our commonwealth. May those individuals die horrid deaths. If they use the money to buy cars, may they crash in those cars. If they build houses with the money, may they never find peace in those homes. Ile ma gbona mo won lara ni!!! If they go on holiday, may they die of food poisoning there, as long as they are benefiting from stolen Lagos State funds, in Jesus Mighty Name. Amen.

Of course, if you're not, none of these above prayers will apply to you.

funkybaby:
I have similiar savings account with other banks and none charges me witholding tax.

Besides, why such charges on an account that has gone dormant

As for the sms alert, i intend to take it up with them soon.


I disagree. Ahead in werrin?

I use my Stanbic cash card on Intercontinental's ATM. I get instant debit alert (great) but no cash is dispensed.

I use my UBN cash card on Zenith's ATM. . . . Instant debit alert (i wish. . . sometimes i'm lucky tho) but no cash is dispensed.

I am no IT geek but i do understand that such inter bank transcations is handled via an IT platform. How come such confusion does not happen in other cournties which have the ''same robust IT platform'' as Nigeria according to you?

Besides, which bank in Nigeria has an 'e-banking' or 'on-line banking' platform/website that can compete with other major banks in the world



shikena

Funkybaby, you dey mind this Mallam?

Deenee, Nigerian banks are ahead of developed nations in IT infrastructure Don't make me laugh!!! Back in 2001, Barclays Bank had emulated the large building societies, notably Abbey National, by rolling out Oracle Financials across their branches to connect them for instant transactions, and had been like that for a few years already, and were upgrading to Oracle Financials 11i, and I helped train some of their staff on the at least 3 of its modules. At that time, Nigerian banks were not even connected to their branches yet.

My friend, security-wise sef, the Nigerian banks don't even know the first thing about ATM security or IT security in general. Their staff just pretty much do what they like with customer data. Nothing like Data Protection behaviour, even if there is no Data Protection Act yet. Not only that, their systems are so insecure, that people can clone checks (that's been done to me before) and collect. Everything is just porous, like a sieve. Their card systems are so terrible, I refused to obtain a Nigerian VISA card for a long time, and only took one recently from a bank whose systems I had checked out. There are only two of them with near enough IT systems security to pre-2000 UK standards.

deenee:
First and foremost, I don't need to engage in a 'war of words' with you or use 'abusive language' because frankly speaking, there are certain attitudes that one outgrows and for me,  this falls within the category of such. Also, I personally think that it is a waste of my time and also, space on this thread. So, I will reply stating my take on the above subject manner in a civilized manner.

Secondly, you say that money should be re-decimalized, by removing the zeros and hence eradicating currencies in large denominations.This is easier said than done and has no relevance to the issue at hand( I still cannot see the 'analogy' between this and cash withdrawal limits?). Have you thought of the impact that this 'suggestion' will have on the marco economy at large? What about the fiscal and monetary implications? Re-decimalization of currency either by devaluing it  (which is akin to what you have put forward) or otherwise has far more reaching implications on the economy of the country than just making  huge cash based transactions easy for a few minority.

Nigeria, is an import-oriented economy and this idea you have suggested can only be implemented if it is backed by real growth ( i.e manufacturing). Countries that devalue their currencies are those that have real factors of production contributing to the growth of the economy (e.g China) and there is a limit to which this can be done so that the intended effects don't back fire! Also, the imbalance caused by huge 'capital flight' and trade deficits in international payments in Nigeria cannot sustain it.

Finally, I will refer you back to my post where I have commented  that the point you raised has to be addressed from a 'holistic' point of view (i.e look at the marco and mirco-economic implications and impact it will have on the Nigerian economy now and in the long run)

Thank you.

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

Feel free to claim the moral high ground. I reserve the right to use whatever language I choose in this discussion, in particular with you, since you first
headed in that direction.

Now, as to your ill-thought out opinion that removing a couple of zeros from our currency is somehow difficult or "has no relevance to the issue at hand",  I refer you to Ghana on the difficulty issue.

As to your inability to see the "analogy" between this and cash withdrawal limits, that just betrays your myopia, doesn't it? The chief excuse given by Sanusi and his defenders, yourself included, for the cash withdrawal limits, is your ill-considered rush to an e-cash economy, based principally on the cost of managing our currency to the CBN and by extension the banks.

"Management" in this context would refer to the withdrawal of decrepit notes, and minting of new ones, as well as the cost of counting, storing and transporting the physical cash. It stands to reason, if you think about it SLOWLY, in case I'm moving too fast for you and Sanusi, that if you actually implement a policy whereby you reduce the number of categories of notes you need to print from 8 to 4 types of notes, you reduce the cost of producing the money by something approaching 50%!! Not good enough for you??

Moreover, by focusing on using the polymer notes, which do seem to be more durable than the paper notes, you reduce the FREQUENCY of re-minting.

There is also the question of the people's fundamental human right to carry on business as enshrined in the constitution. That is going to be defended in the courts, and as you can see, litigation has already begun, with a group of villages in Delta state, dragging the CBN to court for infringing on their rights with that policy. Sanusi is unhappy with the cost of banking. He wants to add the cost of all that expensive litigation to the huge costs we the banking public already pay.

Who talked about devaluation Man, you really try my patience. My friend, all I said was RE-DECIMALISATION. The value of the money as against foreign currency does not change. Only the face value internally changes. N100 becomes N1, and where N165 bought one USD, N1.65 will now buy it. How on earth is that devaluation

Moreover, 1 USD will still buy the same amount of Nigerian goods or services it bought before re-decimalisation. DO YOU NOW UNDERSTAND

Wo, I'm fed up of chatting with you bo! You're giving me a headache, just like the moronic bankers I encounter every day. I'm sure you're a Nigerian Banker by profession!

Wow!! An intelligent post from a Nairalander!!

Adeoflagos, would you agree that in the absence of large scale agriculture, the most likely candidate for ground water contamination in Lagos is sewage, followed closely by untreated industrial and abattoir waste?

If this is the case, shouldn't government be more focused on sorting out a central sewage system, or several of them, so that sewage has no chance of getting into ground water? Should they not also upgrade their Ministry of Environment from a gardening society to one that actually does something about the quality of the air we breathe and the water that gets into our ground?

Of course not. They would rather look for a way to make money from even our breathing.

God Bless you sir, for this intelligent post. I wish there were more people like you on Nairaland.

adeoflagos:
Though this post is old but I could not resist putting a response down.

Do not let them fool you. I am neither a Fashola apologist or hater. In fact I admire his approach to problem solving. I am giving this comment based on my experience. I am trained as an environmental scientist/Microbiology, and work as a Geochemist for the third largest firm in the US.

The government does not need a law to prevent people from sinking borehole. The fact that borehole is being sunk in urban and suburban area of Lagos in order to have access to water is a shame by itself. In advanced countries borehole is used only by those in rural area where connection to potable water lines is not economical, and the authorities here come out with regulation as well as a guide on how to install borehole in order to prevent water borne diseases. The most likely threat to underground water quality is when agricultural activities above-ground lead to contamination of water due to release of animal waste on land which may contain deadly bacteria like E.coli. This can often lead to death as in Canada, several years ago.

True that the government need to regulate borehole installation, but it should not be seen as a money making venture because access to water is a right and not a privilege. The fact that government over the years has failed to provide potable water to Lagosians in a city surrounded water is a shame.

DJTee:
Unfortunately OBJ may not get the full credit of the role hes has played in our politics.

He singlehandedly wrestled the key to "power" from the Northern ruling elite and threw it to the wind. And when power returned to the North, he made sure he played a significant role in the transfer process. He understood the full import of his battle with the North by remaining steadfast and unflinching and even realising that decapitulating their power structure had to come from within the very essence of what gave them the power in the first place, which was Shehu Yaradua's political machinery. He gained access to this machinery, blew it up from the inside and quickly reconstructed it with his own microchip.

In a nutshell, the old man is too much. Of course he has a few stains on his character, but which of us is perfect anyways - NONE! OBJ has earned my respect and placed Nigeria on a growth trajectory that will be difficult to derail from. You will all agree with this - Now or later.

GBAM!! Nothing more to add.

gpublish:
It's pretty sad with the rate buildings are collapsing in Lagos Island.

Hey guys its not only the landlords and there skyscraping rents at fault here. What of the uncrupulous quacks they call "Engineers". Masons and carpenters taking the roles of engineers, but who is to blame them too, where is the NSE and COREN in all of these. Its a massively corrupt and rotten system.

The solution is to have only Accredited Engineers (by COREN) responsible for any one building or civil project according to the building codes and regs. Secondly, there need to be more stringent rules/checks and balances on our corrupt govt. officials also approving these plans with no follow up supervisions.

Blame Bola Tinubu for centralising planning. It used to be, when the LGs were functional, that Physical Planning was regulated by the councils, and they had Town Planning Boards. Tinubu, in his haste to grab all the money the LGs were earning hitherto, took ALL their planning powers away, and the result is that everyone who wants to get approval has to go to Ikeja to get it done. Yes, they have district planning officers and offices, but those ones are just like DHL drop centres for British Visa. They don't give the approval. It is authorised from Ikeja, and then passed down to them. Some planning approvals are still done by Tinubu, and Fashola dare not disobey him when he says no. He used that to collect 50% of Oriental Hotel from the WEMPCO group, and tried to use it to collect 50% of The Palms. Amusan is an IBB boy, and he used that connection to keep Tinubu off. You can see how he was dealt with. Tinubu used LCC to fence off The Palms from Lekki-Epe expressway, despite the huge traffic that goes there, in a spiteful attempt to kill the business. Now, people have to drive through Oniru Estate to get to The Palms (Shoprite), but you can drive straight into Oriental from the expressway. It even has its own special dedicated traffic lights.

Why won't buildings collapse? Shebi the Planning Ministry is only interested in the money. No supervision, no checks, no nothing.

Big B1:
@Ematok: be careful.

My friend, don't make veiled threats on the internet. It's not cool to do so. You just never know who might be monitoring this forum, and you don't know who you might be threatening. Just look at what is happening to Gaddafi as an example. Nobody is ALL POWERFUL, and anybody can be brought down, even when they're not in government and thinking that they can be playing "elder statesman", while insulting the sensibilities of the people for the last 20 odd years, in and out of power.

Are you completely silly, or you just like acting like a dimwit sometimes

deenee:
Your analysis is good but off point.

The poster refers to the cost of 'managing money'. When you want to give a well balanced opinion on  an issue like this, you need to approach it from a 'holistic' point of view. The cost of cash management is quite high and this is one of the reasons why currencies with higher denominations were  introduced in the first place, but apparently it has not solved the problem at hand. In fact let me ask you  one question you say that 'coins, N5, N10, N20 and N50 notes should be used whilst N1000, N500, N200 and N100 notes should phased out immediately', if you decide now, that you want to withdraw your '40 million that you were charged $700' for, and  you are paid in coins, N5, N10, N20 and N50 notes , will you be happy?


Secondly, I don't see how the cash limit suggested will bring about job losses. Have you heard of the term 'capacity under utilization'- if you go to most Nigerian banks, all you see is graduates who have been converted to note counters and bulk tellers counting cash every day! Even, If there are job losses as you have suggested ,please can you tell me the impact it will have on the economy (considering the fact that the poster had stated that only a minor proportion are involved in this).

At this point I will say that, you have mixed up the functions of the CBN  and  commercial banks in general- the former is in charge of printing money amongst other functions whilst the latter isn't. Let me also state that the limit on cash withdrawal was actually proposed by the banks in general and not the CBN, the CBN as the apex bank, regulator and lender of last resort just drew up the policy framework to guide the implementation of the whole process.

The poster is also correct, a significant proportion of the costs associated with managing cash and not 'printing or minting it' as misinterpreted  by you, is transferred to the customers and it is also true that, a tiny proportion of customers actually account for over 70% huge cash transactions  and I think that it is ludicrous that the cost of managing this is shared by all and sundry.


In addition, you have not even looked at the 'big picture' yet , I can confirm to you that there is currently a plan  for a 'consortium of banks' to build
an independent power station and hence creating alternative source of power for their bank wide operations. I also disagree with you when you say that the IT infrastructure used in the Nigerian banking system is poor, if you say there is a a power problem-yes but infrastructure in terms  of systems-no .On the contrary, the Nigerian banking system has one of the most robust IT platforms in the world. I have worked in 'managerial capacity' in Nigeria and presently abroad thus I can say without fear of doubt, that we are ahead in the aspect. The main challenge is to have constant power supply, to maximize potentials inherent to the fullest

FINALLY, JUST TO ADD MY BIT, THERE IS ALSO THE INSURANCE PREMIUM THAT BANKS PAY FOR HOLDING 'EXCESS CASH ABOVE LIMIT', ALL OF WHICH ADD TO THE TOTAL OPERATING COST INCURRED(cited from my last comment on this thread)

Either that, or you're a complete illiterate, hiding behind big words to sound intelligent, or just plain blind! Read my post below, and slap yourself twice for that tripe you wrote, bolded and in red up there!!

Fact One:
Cost of cash to the Nigeria financial system is high and rising, N114 billion in 2009 and projected to reach N192 billion in 2012.  Jut to put this in context, the budget provisions for the Ministries of Power, Health, Education and Works in the 2011 budget are N90 billion, N257 billion, N356billion and N182 billion respectively.

When you say "cost of cash" are you talking about the cost of printing the money or of managing it?

Either way, [b][size=16pt]you can quickly reduce the cost of printing by simply re-decimalising. Remove two zeros from the currency, and N1000, N500, N200 and N100 notes can be phased out immediately.[/size] [/b]You'll be left with N5, N10, N20 and N50 notes, which are now made from polymer, which is a more durable material than paper!

At the same time, you use coins more, an even more durable form of money. I daresay that once you've minted coins, your "re-minting" costs are negligible. Why do you think the "developed economies" you and your ilk are always so quick to refer to insist on using coins as part of their currency?

The above means that my N40m would have been N400,000 only. In N50 notes, we would have needed to count just 80 bundles of N50 bundles. Geddit? I paid the money into my account with the same bank is my problem. I brought it in in forex, and to pay it in, because I didn't have a dom account, I had to change it to pay it into my account at the same bank. The bank people called the mallam that changed the money. The £700 was charged for counting the money prior to paying it into my account with them. That's what I didn't get. They were charging me for inflow!!!
Now that you've hopefully seen what I posted, can you kindly quit posting on this thread if you insist on inflicting your stupidity on us all?

bouzymill2:
Man. We got your point. You are rich. But let me remind you that you are using a pseudonym. So, your vainglorious showoffs don't mean poo to anybody. We don't know who you are and don't care to know. you can put your money inside kolo.

Pay [b]£[/b]700 for [b]N[/b]40m. What happened to Counting fee in Nigerian currecny. . .

Oh boy, I taya for you o!!! So, because I related something that happened to me, I have offended you?? What is your problem gaaan na? Are you so stupid that you must contradict yourself I related this experience because I'm here anonymously. Nobody knows anyone, so how can I be showing off to people who don't know me?? Oya, go dat corner begin konk yourself for head, and don't stop until I tell you to.

On the £700, it was actually charged in Naira. However, I couldn't relate it in Naira back then, as I still lived more in the UK than Naija, so I had to do the conversion to appreciate the charge properly. It was actually over £700!

Don't forget to konk yourself o!

You people never keep crawling out of the woodwork with your sanctimonious yeyerisms.

mikewills:
Fact One:
Cost of cash to the Nigeria financial system is high and rising, N114 billion in 2009 and projected to reach N192 billion in 2012.  Jut to put this in context, the budget provisions for the Ministries of Power, Health, Education and Works in the 2011 budget are N90 billion, N257 billion, N356billion and N182 billion respectively.

When you say "cost of cash" are you talking about the cost of printing the money or of managing it?

Either way, you can quickly reduce the cost of printing by simply re-decimalising. Remove two zeros from the currency, and N1000, N500, N200 and N100 notes can be phased out immediately. You'll be left with N5, N10, N20 and N50 notes, which are now made from polymer, which is a more durable material than paper!

At the same time, you use coins more, an even more durable form of money. I daresay that once you've minted coins, your "re-minting" costs are negligible. Why do you think the "developed economies" you and your ilk are always so quick to refer to insist on using coins as part of their currency?


Fact Two:
About 30 per cent of the physical space in bank branches, plus same fraction of employees are deployed to cash operations.  This means that a reduction in the cost of cash should achieve significant, direct impact on the aggregate cost of operation for all banks, including the CBN.ac

Careful mate. You're talking about job losses here, which I believe are actually not necessary. I actually believe a drop in the operating cost of the CBN occasioned by the drop in the cost of making our money will be passed on to banks, who SHOULD pass on those CONSIDERABLE savings to their customers. This should automatically attract more customers to the banks, ergo, more business, ergo more jobs.


Fact Three:
Cost of banking services is typically recovered from the customers (in the form of COT, interest and charges on borrowings). This means that indeed the cash operations costs are currently apportioned to other customers and stakeholders of the bank.

Once again, my response to your "fact one" should result in my response to your "fact two", which of course is an overall reduction in all those headers you mentioned.


Fact Four:
In Nigeria, over 99 per cent of customer activities in a typical bank branch are cash transactions, only 10 per cent of total number of cash transactions are above N150,000 but this 10 per cent accounts for about 70 per cent of total bank branch value of cash transactions.  Consequently, 10 per cent of customers that make high volume cash transactions impose the reported huge cost of cash operations on 90 per cent other customers.  Put differently, 90 per cent of bank customers (plus other stakeholders) are currently subsidising the cost of the heavy cash transactions generated by the 10 per cent of bank cash customers!

Twaddle. You don't see the UK banks complaining that higher volume customers are making life difficult for their lower volume customers. They serve you with a smile and place NO LIMITS on the amount of money you can withdraw over the counter. They ask only that you tell them in advance if it's a lot of money. They will give you your cash with no extra charges if you do.

These are incontrovertible facts and we really need to reduce the cost of cash, not only on the banks but to CBN and in extension tax payers (which I believe most of us fall into this category)

Finally, I refer you once again to my response to your "fact one". Reduce the cost of making the currency by reducing the notes you have to mint by FOUR TYPES. Then you increase coins production, which you'll probably do a new issue once every 5 years or so.

Get the banks to sort out their appalling IT infrastructure, in close collaboration with the likes of Glo, 21st Century Telecoms and co, and you should see more savings. Finally, sort out the power problem, because a massive proportion of the costs of banking in Nigeria is accounted for by diesel consumption.