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 Politics › Why Is The Ogun State Government Taking Over Private Schools? by ektbear(op): 3:13am On Aug 11, 2011 |
In what appears like a u-turn, Ogun State Government yesterday announced the return of two secondary schools in the state to their original owners.http://www.sunnewsonline.com/webpages/news/national/2011/aug/11/national-11-08-2011-019.html |
| Politics › Nationalised Banks: Nse Appeals To Investors As Shares Dumping Persists by ektbear(op): 2:58am On Aug 11, 2011 |
on AUGUST 11, 2011 · in NEWS BY MICHAEL EBOH LAGOS — The Nigerian Stock Exchange, NSE, in a bid to halt the ongoing dumping of shares and loss of confidence in the capital market, has appealed to investors not to be discouraged by the current crisis rocking the financial landscape. It asked them to keep faith in the ability of the authorities in the market to safeguard their investment. Meanwhile, the nationalised banks have confirmed the injection of funds for recapitalisation by AMCON. This came on the heels of a massive dumping of shares on the floors of the NSE, following the nationalisation of three banks by the Central Bank of Nigeria, CBN and the Nigerian Deposit Insurance Corporation, NDIC. The NSE, according to a statement, yesterday, by its spokesperson, Mr. Wole Tokede, appealed to investors not to be disillusioned by recent happenings in the market, saying the Exchange would not renege in its duty of protecting the interest of investors in the market. He said the Exchange believed that the actions taken by the CBN, NDIC and AMCON would resolve the banking crisis and help stabilise the Nigerian financial markets in due course. He blamed the slide in the value of listed equities on the full suspension of the three banks, which led to erosion of the market capitalization by N30 billion and also on the crisis in the international financial landscape and global capital markets. Banks confirm recapitalisation The nationalised banks, yesterday, confirmed the injection of funds for recapitalisation by AMCON. In statement, Mainstreet Bank said it had received N285 billion capital from AMCON. The statement said: “The injection of N285 billion into the operations of Mainstreet Bank Limited MBL, has put the shareholders’ funds of the bank into positive position. With this, Mainstreet Bank now posts capital adequacy ratio that is well above regulatory requirement of 10 per cent and has become one of the most capitalised banks in the country.” Enterprise Bank, in another statement, said it had received N111 billion from AMCON and repaid N60 billion bail-out money to CBN. The statement said, “ Enterprise Bank Limited has been fully recapitalized by the Asset Management Corporation of Nigeria (AMCON) by injecting a total of N111billion into the Bank. Accordingly the bank has fully refunded the N60 billion injected into the bank when the Central Bank of Nigeria (CBN) intervened in the defunct Spring Bank Plc in 2007 and 2009. The balance of the funding is left in the Bank to support business development and other financial requirement. As a result, the bank now fully enjoys a level-playing field and can compete favourably with any other bank in the banking industry without any disadvantage. The bank is in a position to meet all its obligations. Customer confidence has equally increased and there has been no run on the bank since the transformation of the bank from Spring Bank to Enterprise Bank Limited. http://www.vanguardngr.com/2011/08/nationalised-banks-nse-appeals-to-investors-as-shares-dumping-persists/ |
| Politics › Re: "Thank God We're Not Nigerians" New Hit Song From Ghanian Singers by ektbear: 2:55am On Aug 11, 2011 |
Portrayal of Nigerians was a turnoff for me. Even beyond that I didn't like the protagonist. Hard for me to remember more specific details. I just remember while watching it how pissed I was I'd blown money on the film. |
| Culture › Re: Why Do (some) Nigerians Abroad Despise Black Americans? by ektbear: 2:45am On Aug 11, 2011 |
I don't despite AAs personally. I used to when I was a little kid because I lived around ghetto ones. But college-educated, upwardly-mobile AAs are perfectly fine folk by me. |
| Politics › Re: Nigeria Is Moving Forward; Fct Minister And Govs Now Sell Kerosine by ektbear: 2:34am On Aug 11, 2011 |
Selling more subsidized fuel isn't going to solve naija's problems. Bleh. "Moving forward", indeed It is like GEJ is trolling us |
| Politics › Re: An Inept Leadership by ektbear: 2:30am On Aug 11, 2011 |
Interesting post. Lots of good points. BTW, "drunken sailor" is a common saying in the English language, not an ethnic slur. |
| Politics › Re: "Thank God We're Not Nigerians" New Hit Song From Ghanian Singers by ektbear: 2:18am On Aug 11, 2011 |
@tpia: I didn't like that movie very much for some reason. It got great reviews, but for me it was kind of boring. You enjoyed it, I guess? |
| Politics › Re: Constitution: Fg Set To Remove State Of Origin by ektbear: 2:13am On Aug 11, 2011 |
REP S NIG:Hehe Then maybe I am not a "true Odua son." Maybe I'm a son of Oduduwa's cousin or brother  In any case, regardless of what Awo has written on the subject (as if I must follow the words of Awo slavishly and blindly to qualify as an "Odua son"  , I maintain my position. |
| Politics › Re: Mimiko Threatens To Shut Down Tinubu's Radio Station by ektbear: 2:03am On Aug 11, 2011 |
Interesting new posts. Lol @ that echo stuff |
| Politics › Re: NNPC To Build 3 New Refineries In 24 Months by ektbear: 1:58am On Aug 11, 2011 |
Dis Guy:Yeah, skimming through the article, looks like the same Greenfield refineries being done with the Chinese. So nothing actually new. Title of the article is bad |
| Politics › Re: "Thank God We're Not Nigerians" New Hit Song From Ghanian Singers by ektbear: 1:52am On Aug 11, 2011 |
[quote author=Jenifa_ link=topic=728064.msg8897919#msg8897919 date=1313022477]  should I be concerned?[/quote]Hehe, no I'm good. I just don't get insulted by stuff like this? Almost view it as a compliment. Plus the song itself is genuinely catchy, imo.[quote author=bk.babe97y link=topic=728064.msg8895338#msg8895338 date=1312992446]I rarely post on this site anymore (cause Ive finally deduced that most of you are sick in the head) so the bolded flew past my head . . . . Suffice to say: YOUR MOMS IS THE BASTARD, YOU SON OF A HO. . . . Thank You. Peace.[/quote]I think you quoted the wrong person |
| Politics › Re: Mimiko Threatens To Shut Down Tinubu's Radio Station by ektbear: 3:53pm On Aug 10, 2011 |
I don't see why Ondo needs to become ACN. Mimiko is performing, from what I'm told by folks who live there. If this is true, then for what reason should he go? As others have stated though, Mimiko needs to understand that shutting down the voice of the opposition is anti-democratic. |
| Politics › Re: People Of African Descend, what do u live for? by ektbear: 12:59pm On Aug 10, 2011 |
Hrm. What do I live for? Many things. The things that make me happy in life. My family. My friends and loved ones. My homeland and the indigenous people of it. |
| Politics › Re: "Thank God We're Not Nigerians" New Hit Song From Ghanian Singers by ektbear: 5:55am On Aug 10, 2011 |
I'm still bumping this song. Between this and watch the throne, it has been a good week musically for me |
| Politics › Banks Nationalisation: Investors’ Wealth Falls By N281 Billion In 2 Days by ektbear(op): 2:41am On Aug 10, 2011 |
Written by Friday Ekeoba, Lagos Wednesday, 10 August 2011 Notwithstanding the assurance given on the viability of the financial sector and the capital market, the heat of the banks’ nationalisation has continued to take its toll on trading on the Nigerian Stock Exchange (NSE), as heavy offloading of shares continued on Tuesday. Tuesday’s transaction saw investors expressing the fear of losing their entire investments in the remaining rescued banks, thus causing market capitalisation to drop significantly by N281billion in two trading days. The banking stock index on the NSE binging from Monday fell by the highest margin. The NSE Banking Index, which measures the performance of the top 10 most capitalised stocks in the sub-sector, fell by 13.4 per cent at the close of trading on Tuesday, the highest percentage fall in almost a year. Except for the rescued banks which failed to even make the losers’ chart, thus showing that there is price stagnation following the technical suspension placed on them, Ecobank, Zenith Bank, Access bank, FirstBank, Skye Bank, Fidelity, United Bank for Africa, Unity Bank, Diamond Bank, Wema Bank, Sterling Bank and FCMB pitched their tent with the laggard. Particularly, market capitalisation slide by N281billion or 3.9 per cent from N7,484 trillion recorded at the end of transactions on Friday to N7, 203 trillion on Tuesday while the All-share index fell by 877.79basis points or 3.8 per cent, from 23,397.44 to 22,519.11. On Tuesday, major blue chip companies, comprising 38 stocks depreciated in price while seven less capitalised ones recorded price appreciation. http://tribune.com.ng/index.php/news/26416-banks-nationalisation-investors-wealth-falls-by-n281bn-in-2-days |
| Politics › Re: Proposal For Nairaland Sovereign National Conference by ektbear: 5:11pm On Aug 09, 2011 |
Speaking of new nicknames, do you happen to know this emeka_gh fellow? |
| Politics › Re: Constitution: Fg Set To Remove State Of Origin by ektbear: 5:07pm On Aug 09, 2011 |
@djustice: I read through some of your posts on this thread and elsewhere. There is a lot of sense in what you say. I'm not as extreme yet in your views, but if I were a Lagos indigene like you appear to be, I might feel the same way. As I've said earlier on this forum, people have the right to defend the integrity of their homelands. By any means necessary. |
| Politics › Re: Okorocha Begins Delivery Of Free Kerosene In Imo State by ektbear: 4:00pm On Aug 09, 2011 |
Ondo State joining Osun and Imo in this kooky policy: http://www.vanguardngr.com/2011/08/ondo-dispenses-kerosene-at-n50/ So this 110k liters being given at out N50 when it will fetch N150 on the black market. If my math is correct, $73k in subsidies I guess? I don't see the difference between this and just giving away the cash out. Or $73K worth of free amala or pounded yam. I oppose amala politics like this. But perhaps $73k wasted isn't that much in the grand scheme of things? I dunno, maybe not the end of the world. . . just don't be spending more than 2 or 3% of the annual budget on this type of stuff, imo |
| Politics › Re: WMD: Nuclear bomb by ektbear: 3:48pm On Aug 09, 2011 |
At the time, I don't think they realized the hugely negative impact of a nuclear weapon. And it wasn't clear what else would make the Japanese quit, from what I recall from my HS history class. We'd whipped their @sses pretty well even before dropping the bombs, but they didn't give up. From the US perspective, was necessary to end the war quickly rather than letting it drag out. |
| Politics › Re: N’assembly Kills 6-yr Single Term Proposal by ektbear: 1:51pm On Aug 09, 2011 |
Nice posts, Koruji. Btw, I actually don't think this single-term proposal is a bad idea (at least in theory.) But since it doesn't look like it will fly, I guess no real point in me spending time defending it. |
| Politics › Re: Fashola Signs Law Against Abandonment Of Pregnant Women by ektbear: 12:43pm On Aug 09, 2011 |
Why did it make you laugh? |
| Politics › Re: Nigeria Is Running Out Of Oil by ektbear: 12:33pm On Aug 09, 2011 |
juman:Bad management. We aren't even on Indonesia's level yet, let alone China or India |
| Politics › Re: Bpe Probe: $3.2bn Alscon Sold For $130m by ektbear: 3:18am On Aug 09, 2011 |
How does "set up with" relate to "sold." When did they spend this 3.2 billion setting it up? How much debt/unpaid pensions/other liabiltiies did the saddle the company with? What was the next highest bid (I assumed that they auctioned it off)? |
| Foreign Affairs › Re: Will Usa Go To War With China To End Its Economic Decline? by ektbear: 6:59pm On Aug 08, 2011 |
nolongTing:that section is dead. nobody'd see it if you posted there |
| Foreign Affairs › Re: Will Usa Go To War With China To End Its Economic Decline? by ektbear: 6:53pm On Aug 08, 2011 |
how does going to war help stem an "economic decline?" Anyway, US economy is still growing (2-3% a year, iirc.) Just not as quickly as China's (10% or so per year). |
| Travel › Re: British Govt Creates 1,000 Visas Opening For Talented Migrants by ektbear: 6:52pm On Aug 08, 2011 |
Poaching talent. Good for UK, sucks for whoever is losing 'em |
| Politics › Re: Law To Ban Overseas Education For Wards Of Public Officers Underway by ektbear: 5:37pm On Aug 08, 2011 |
@Sagamite: Perhaps it is just better for us to agree to disagree. |
| Politics › Re: Law To Ban Overseas Education For Wards Of Public Officers Underway by ektbear: 4:18pm On Aug 08, 2011 |
Sagamite:I've already mentioned numerous reasons why. To repeat, not all children of politicians abroad are using stolen funds for their education. Many may be, but not all. I said this law is easier to enforce than other laws because it involves laundering kids?It may be, it may not be. Anyway, you should go back to my post which you quoted and see that isn't what I was mentioning. Amsorry?Wth does majority have to do with anything? What about the minority who are not corrupt? And you objected to me comparing this law to a sledgehammer before? Furthermore, don't you have to prove that someone is guilty before treating him as such? At any rate, here is again what I quoted: "You said telling public officials to use public facilities they are responsible for is abuse of rights" So tell me, how is the Minister of Defense, Minister of Finance, or hell, even the LGA chairman of such-and-such LGA responsible for the poor state of Nigerian education? Why does it concern him? When did it become his responsibility/job? Amsorry?Jesus man. This is getting a bit ridiculous. Maybe we should ask why South Koreans aren't going on holiday to NK or something. Generally you don't get to go on vacation to countries your own country views as a foe. |
| Politics › Re: Law To Ban Overseas Education For Wards Of Public Officers Underway by ektbear: 4:01pm On Aug 08, 2011 |
@okada_man: Hehe. This is why I have mixed feelings on democracy. It takes very little before it becomes pure mob rule. Any silly law that appeals to the blind instincts of the masses will likely be passed, whether it is a good law or not. So tell me, you want to pass this law. It presupposes that all public officials sending their kids abroad are looting money. So what happened to the concept of innocent until proven guilty? Fine, that is a concept from the Western world and English common law that may not be applicable in Nigeria. But doesn't at least some burden of proof lie with the government to show that student X abroad, son/daughter of politician Y is using stolen funds? |
| Politics › Re: Law To Ban Overseas Education For Wards Of Public Officers Underway by ektbear: 3:53pm On Aug 08, 2011 |
The law is not targeted and precise?No, it is not. Before I even bother with this, let me be clear, are you saying it is harder to launder money than to launder kids?I didn't compare the difficulty of laundering money vs. kids. Point is that laundering kids is dead easy. Nigerians I know in RL are doing it right now, heh. Against more difficult legal systems to crack (that of the US and UK). You said telling public officials to use public facilities they are responsible for is abuse of rights, illegal and unconstitutional, and you don't think telling US citizens they can not do business in Cuba is similar?When did the minister of defense become responsible for education in Nigeria? 95% of Nigerian public officers have absolutely nothing to do with the Nigerian education system. You think telling US citizens that they are not allowed to visit Cuba is less of abuse of so-called "rights", is more legal, more constitutional and more precise and targeted?US and Cuba are essentially still in the cold war! How are you comparing two countries who are antagonists to this situation? Only worse possible analogy you could have made was one with South Korea and North Korea. |
| Politics › Re: Law To Ban Overseas Education For Wards Of Public Officers Underway by ektbear: 3:42pm On Aug 08, 2011 |
@Sagamite: There are lots of ways to go to school abroad w/o even being rich. Some people are dual citizens, for example. Or they have relatives abroad they can stay with an attend school. There are also competitive scholarships for elite private schools (and of course, for universities as well). You can borrow, get work study, etc, etc. Not every foreigner studying abroad is necessarily rich. It is just dumb to presuppose that every child of a politician studying abroad is spending stolen money. Granted, 90% of might be. But if that is the case, go after said politicians rather than trying to cast Strike down the immunity clause. Pass a whiste-blower law (if one doesn't already exist.) Let the police and court systems work more effectively. Anyway, there isn't too much point discussing this further. . . even if this law passes, nobody will obey it. More importantly, it misses the big picture of what is important and what is not. |
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