₦airaland Forum

koruji:
Aworis are Yoruba - only in deluded minds are Awori supposed to see themselves any different from Yoruba.

Your illusions know no bounds.

This matter doesn't really concern heebows. I don't see why you are wasting your time joining issues with them.

@Ileke-IdI: You have said most of what needs to be said. This is most of the reason why I welcome the weakening of the FG and the presidency. Less chance of me (and my land) being derailed by blind people who have no clue what they are doing, and thus select leaders for sentimental reasons

How on earth does suffering make you better qualified to be president? What is the connection?

How about you instead choose leaders for their intelligence, wisdom, education, political savvy, charisma, selflessness, etc

People as the gods of a nation? What does this mean?

They should be appeased within reason. No real reason to have 'em alienated, if this group actually represents their feelings.

[quote author=Jenifa_ link=topic=728064.msg8871600#msg8871600 date=1312686040]well, you suck.
I listened to it once and never want to hear it again in my lifetime.[/quote]Very thin skin you have

Toughen up

That is not enough to conclude.

page9:
The true and genuine christians have no problems with Islamic Banking. Those hypocrites and the uninformed are the problems Q.E.D

Who gave you the right to speak on the behalf of "true and genuine christians"? STFU.

hmm

I look forward to you providing evidence that "90 -95% of the oil exported from Nigeria in the past 15years" came from offshore oil.

This song is catchy as hell, lmao.

Man I've been playing it a lot

This sounds sketchy. The price per vehicle is too high. 200 million per? $1.3 million for an armored jeep? In the neighborhood of $400k is how much I have heard these cost, not $1.3 million.

Hrm, bk.babe from what he has said earlier would know how much this type of truck will cost.

Anyway, there is nothing wrong with them buying it, the issue I think is the price.

Pukkah:
Nevertheless, this report is sufficient for the Imo House of Assembly to act on to commence impeachment proceedings against him.

Well said.

[quote author=ndu_chucks link=topic=728281.msg8871177#msg8871177 date=1312678053]@ekun_bear, did you read the book "Onshore Oil and Gas in Nigeria – Production, Drilling and Expenditure" mentioned in the link? If you did, you'll find the information there. There are more oilfields onshore, but the output from a single offshore platform could be 10 or even 100 times that of a typical onshore field.[/quote]I don't have access to that book right now; I'm out of town and far away from my library. Since you do, scan the relevant page (or quote from it.) Like I said, I highly, highly doubt that most of Nigeria's current oil production is offshore. Perhaps the more attractive new fields are there, but existing, no way.

[quote author=ndu_chucks link=topic=728281.msg8867710#msg8867710 date=1312634845]ekun_bear, The figure is quite accurate and as a matter of fact, some reports show that Onshore oil and gas production in Nigeria declined at a CAGR of 4.8% over the 2000-09 period, I believe the decline is more like CAGR of 10-20%. For reference, refer to the attached file - the book is quite expensive but you may find a copy in a University's Petroleum Engineering department's library.[/quote]Your linked reference doesn't support the 80% or 90% offshore.

ezeagu:
The 100% Federal off-shore thing would be a loss of South Western Nigeria.

http://www.rbudde.de/GEO7/Nigeria_Oil/Nigeria_GasOil-1979.jpg

Hrm, I see. In that case, let me not give away my people's birthright w/o knowing exactly what the impact is, heh.

lagerwhenindoubt:
Oga haba. the role of a good opposition party is not to point at faults without providing good direction. I am not surprised you have not in your usual feisty self sprung up in defense of this ACN proposition. They have just pointed out a fault but the direction they have provided is much lamer that the faults they have pointed out  

I think it is a bad suggestion in this case. That is why I'm not defending it. But contrary to the above dude's idea, they have the right to speak up about policy. Speaking up is what a good opposition party does

Can you provide a reference for this 90-95% of the oil being from off shore?

I don't think that it is true.

Anyway, I'm in theory not opposed to your suggestion of retaining the onshore/offshore dichotomy. At least for now.

That is the role of a good opposition party. Aren't you in yankee right now? So you should be used to democracy

^-- I don't think the core north can prevent it. I think everyone aside from them wants it as this point. SW needs more control over its own destiny, even if this comes at the cost of smaller (or zero) oil checks from the FG

Very greedy folk, these Sudanese. Lol.

Khartoum blocks South Sudan oil shipment

Saturday, 6 Aug 2011

Sudan has blocked a shipment of southern oil after Juba refused to pay customs fees, the foreign ministry said on Friday, escalating a row in which the south accuses Khartoum of sabotaging its economy.

“Sudan has blocked the ship in Port Sudan ,  When the ship leaves the port, the south has to pay the customs authorities. This is the first time they didn’t pay,” foreign ministry spokesman Al-Obeid Meruh told AFP.

Earlier, he had said the 600,000 barrel crude cargo had been blocked because the Juba government refused to pay the north’s fees for the use of all its oil infrastructure, including its pipeline, refinery and Red Sea port, which is the south’s only export terminal.

Meruh confirmed no agreement had yet been reached between north and south on transit fees, one of the most sensitive of Sudan’s various unresolved issues, following the formal independence of the south on July 9.

He said Khartoum was asking for $32 dollars per barrel.

The ministry of energy and mines in South Sudan, from which 80 percent of the divided country’s total oil production of 470,000 barrels per day is pumped, accused Khartoum of delaying the negotiations to squeeze the south.

“They want to stop the shipment so that it prolongs the whole process. Khartoum is trying to sabotage the economy of South Sudan,” the ministry’s undersecretary, David Loro, told AFP.

He said a committee of southern officials was currently in Khartoum working to reach an agreement with the Sudanese government on the question of transit fees.

South Sudan sold its July-lifting oil independently, for the first time, at international prices and apparently without interference from Khartoum, shipping around 3.2 million barrels from Port Sudan.

Since then, however, South Sudan’s chief negotiator, Pagan Amum, has warned Khartoum against starting “economic wars” over currency and oil transit fees, and has said the charges that it had imposed amounted to “daylight robbery.”

He said Sudan should set its transit fees according to “international standards,” and cited the figure of $1.8 a barrel charged by other states with similar arrangements, reflecting how far apart the two sides are on the issue.

http://www.punchng.com/Articl.aspx?theartic=Art201108060561815

Dumb move by Obi, I think. I saw that Aregbesola is doing the same thing too, and just shook my head.

Oil subsidy cannot be the best way to spend money, imo. May as well be subsidizing pounded yam or amala

PointB:
50% over 10 years, and 100% over 20 years with tax paid to the FG would be more like it. The idea of resource control is at the heart of true federalism.

It sounds too rapid to me, but even that might be possible. The initial 50% over 20 years though could be done fairly painlessly, I think.

Gbenge 77:
Do you consider two years fare as fair on tenants?The landlords are usually overzealous .They excesses need to be curtailed.

What does "fair" mean? Shouldn't the landlord be able to charge whatever the market will allow? If not, why?

hercules07:
I tire for the guy o, the money should be used to bring in more money, what we need are people who can manage resources and I am sure that GEJ is not one.

I think in the US, the social security fund is invested in US government treasuries. Essentially giving a loan to the US gov't.

I've only started reading a bit about how they do things in Singapore, but their equivalent (called the CPF) was and is also utilized for capital projects and national investment.

I don't like that Sanusi seems to be trying to bring the pension fund under his control, but the basic idea (that the funds can be used to build up the country) I think is sound.

Dis Guy:
What do you think pension funds in other countries are used for?

@ ekt at the moment it seems there no clear cut instruction for what to do with the funds, i think some % were used to support 'housing' though

Thanks. I'm sure that more information is available on the site (http://www.pencom.gov.ng/). Poked around a bit, but didn't find the answer immediately.

I hope it isn't just sitting idle and mostly unused. That is what, $13 billion or so? You could build a lot of miles of toll road with that type of money. . .

A snippet:

Nobody did and in more than three decades since he first set foot in Texas, the anticipated flood of dominating, overpowering big men with the combined strength of a cape buffalo and the speed of a cheetah never materialized. Olajuwon didn't transform the center position, simply because there has never been any one else like him.
"Oh, not even close," said his former college and NBA teammate Clyde Drexler. "Plenty of big men have had this or that, but not everything like Dream. We're talking one of a kind.
At the 1997 All-Star Weekend in Cleveland, when the league honored the selection of its 50 Greatest Players, Olajuwon was stopped in a hotel hallway by a pair who might as well have stepped down off basketball's Mt. Olympus -- Bill Russell and Wilt Chamberlain.
"Ah, our bloodline," Chamberlain told him. "The big man who plays at both ends of the court the way a big man is supposed to play."
"You're the one who represents us," Russell told him. "You carry on for us. I just enjoy watching you play."
It was the mixture of ferocity, speed, competitiveness, agility and hunger that made him swirl about down in the low post like the howling winds of a hurricane and yet drop in his signature turnaround, fadeaway shot -- the Dream Shake -- from the baseline with a surgeon's touch. Those roots that first sprung up through African soil blossomed at Fonde Rec Center in downtown Houston in those early days under the green thumb of three-time MVP Moses Malone.

http://www.nba.com/2011/news/features/fran_blinebury/08/01/hakeem-olajuwon-feature/index.html

Wish we were producing more players like him. . .

Sounds like a good idea. But this pension fund isn't under the control of the CBN, is it?

Also, I wonder what the current N2 trillion is being invested in. . .

By Akinola Ajibade 05/08/2011 05:34:00

Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, yesterday stated that the unlocking of the N2trillion pension funds is the only way to solve the infrastructural problems in the country.
Sanusi, while speaking during the unveiling of IO Furniture Limited in Lagos, said the apex bank has recorded considerable success through the N500billion intervention fund set aside to resuscitate certain critical sectors of the economy. He said meaningful progress would be recorded if the N2trillion pension funds can be unlocked and further subsidies released to meet infrastructural needs of the country.
The CBN chief said he bought the idea of extending credits to certain sectors of the economy due to their strategic importance, when the proposal came to him two years ago.
He said CBN and the banks will not hesitate to patronise indigenous companies that produce quality products, adding that IO furniture has set the example of what a company can do with the facility offered to it. He added that the rationale behind N500billion fund was to provide long-term facility to companies, stating that not many companies can borrow fund and pay back within a short period of time.
“ Sometimes, I’ m amazed at the kind of commentaries being run on the pages of the newspapers about the performance of CBN. Some are saying the economy is not growing. I do not know how they arrived at that. We have done a lot to fast-track the growth of the economy. We are giving money to the sectors that are critical and of immense values to the economy. However, CBN had to use its balance sheet in a manner that is intelligent enough to contribute to economic growth”, he said.
Also, the Director, Development Finance Institution, CBN, Paul Nduka Eluhaiwe, said the apex bank has disbursed over N199billion out of the N200billion earmarked for the manufacturing sector.
Eluhaiwe said only N300million remained undisbursed before he left Abuja for Lagos yesterday.

http://www.thenationonlineng.net/2011/index.php/business/14799-cbn-eyes-n2tr-pension-fund-to-address-infrastructure.html

Interesting.

mekaboy:
ENUGU HAS MAINLY HOTELS AND JOINTS WHERE PEOPLE GO TO HANG OUT- WITH ABOUT FIVE UNIVERSITIES IN THE STATE AND A LOT OF FEMALE STUDENTS, IT HAS BECOME A TOURIST DESTINATION FOR MEN WHO WANT TO RELAX AND ENJOY THEIR WEEKEND WITH SOME FEMALE COMPANY.

BESIDES COAL- THE ONLY RESOURCES THAT IS GENERATING MONEY IN ENUGU STATE NOW IS "GIRL" YES GIRLS. THAT WHY ALL THE HOTELS IN ENUGU ARE FULL BY THE WEEKEND.

Hrm, interesting. Guess you gotta make money one way or another