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Politics / Re: FG Endorses N5000 Note Introduction by faithin9ja: 12:06pm On Sep 05, 2012 |
I pity the iliteracy and ignorance of Nigerians in the UK we use one pound coins every day - £1 = N260 !!! in UK we £20 notes everyday £20 = N5200 in UK is closer to cashless than Nigeria as we use ATM and POS for 90% of all purchases. What is wrong with paying a taxi driver with 3 N100 coins?? What is wrong with buiyng a blackberry phone with 6 , N5000 notes? Those stealing Nigeria's money will steal wether it's N20 notes or N1million notes Nigerians used coins for over 20 years before the mid 80's 2 Likes |
Politics / Re: I Support The N5,000 On One Condition... by faithin9ja: 12:01pm On Sep 05, 2012 |
I pity the iliteracy and ignorance of Nigerians in the UK they use one pound coins every day - £1 = N260 !!! in UK we £20 notes everyday £20 = N5200 UK is closer to cashless than Nigeria as they use ATM and POS for 90% of all purchases. What is wrong with paying a taxi driver with 3, N100 coins?? What is wrong with buying a blackberry phone with 6, N5000 notes? Those stealing Nigeria's money will steal wether it's N20 notes or N1million notes. As far as I am aware there is no ATM in the world that dispenses 'coins'(this not to be confused with machines that give change such as in casinos) |
Politics / Re: I Am The Only Person Who Supports N5000 Note by faithin9ja: 11:18am On Sep 05, 2012 |
I for one will definately use the N5000, I will also use the coins |
Politics / I Am The Only Person Who Supports N5000 Note by faithin9ja: 8:53am On Sep 05, 2012 |
N5000 is a little more than £20, is much less than $100, €100 so why is our largest denomination less than $10? Coins are necessary in any economy for small regular transactions, such as bus fares, taxi fares, buying sweets and newspapers all over the world. Why should Nigeria be different? In the 1970's taxi was 10 kobo in Benin, nobody complained about using coins then. |
Travel / Re: Air Nigeria Suspends Operations And Sacks Workers by faithin9ja: 8:46am On Sep 05, 2012 |
Jimoh!!!! He has collected billions from FG for repairs to aircraft, collected billions from financial institutions to purchase the airline in the first place and now he will just close it down. Wow, this sort of thing gives capitalism a bad name. |
Politics / Re: Ola Vincent Ex-CBN Governor Is Dead by faithin9ja: 8:56am On Sep 04, 2012 |
Okija_juju: Wow!! Mr Okija Juju economics is not your strong point, garri N1 per cup in 1977 abi?. In 1977 my school fees were N22 per term, garri was sold like 10kobo per cup, BUT my father who was a civil servant on Level 08 earned not more than N120 per month, our rent in a 3 bed fat in Benin was N60 per month - do you think it was easy for my Dad? |
Politics / What's Happening To Boko Haram? by faithin9ja: 8:58am On Aug 28, 2012 |
Just saying we haven't heard from them for some time. |
Jobs/Vacancies / Re: Has Dangote Start Calling Graduate Trainee Drivers? by faithin9ja: 7:14am On Aug 20, 2012 |
A few years ago Dangote gave hundreds of his trucks to his drivers, to turn them to owner-drivers. It failed. Drivers are notouriously dangerous and dishonest.Anyone in transport business knows this. If these graduate turn out to be better drivers it will be a big plus for Dangote and possibly Dangote might revert to the plan of making his drivers 'owner-drivers' As somebody said a truck costs more than N20million - that's a lot of trust. |
Food / Re: When You See A Man In The Market: by faithin9ja: 10:56am On Aug 05, 2012 |
what if the man has been transferred to another station, whilst his wife and children remain at their base due to work and school |
Jokes Etc / Warri No Dey Carry Last by faithin9ja: 10:08pm On Jul 29, 2012 |
We get hope
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Politics / Re: What Can You Personally Do, Starting Today To Change Nigeria For The Better by faithin9ja: 8:46am On Jul 29, 2012 |
swaggerific: I'll start buy You are a very intelligent young man. Honestly with this attitude you will go far let other posters including the OP recognize the problems without blaming only politicians. 1 Like |
Politics / Re: Dimeji Bankole's Class Act Vs Aregbesola's Thuggery by faithin9ja: 12:00am On Jul 29, 2012 |
Are these the best Yoruba's you alluded to in your other posts? |
Business / Re: KAI Destroys Computer Village Shops by faithin9ja: 11:58pm On Jul 28, 2012 |
antitpiah: Pray tell me who is the best that Yoruba have to offer? |
Sports / Re: Should Eko Atlantic City Bid For 2028 Olympics by faithin9ja: 11:26pm On Jul 28, 2012 |
FESTAC nko? |
Business / Re: KAI Destroys Computer Village Shops by faithin9ja: 10:28pm On Jul 28, 2012 |
baslone: IBB legalized corruption with his culture of 'settlement' ask your seniors 1 Like |
Business / Re: KAI Destroys Computer Village Shops by faithin9ja: 10:20pm On Jul 28, 2012 |
olaheavy: Raji Fashola was 2 or 3 years my junior in University of Benin in the mid eighties. Why did he go to Uniben (kobo kobo according to your ignorant arse)? Fashola unlike you is a true Nigerian, that's why he has at least one Igbo in his cabinet. In the 1960's NCNC - Zik's party was the main party on Lagos Island you ignorant fool. Nigeria has been one before your parents met. this childish rant will get the contempt it deserves. 5 Likes |
Business / Re: KAI Destroys Computer Village Shops by faithin9ja: 9:24pm On Jul 28, 2012 |
maryjames9: Is Fashola the President now who steals billions? My friend,you are suppose to direct that question to Goathead Egbere Jonathan and PDP Governors and leaders,not Fashola. Your second point,there are new shops built in computer village waiting to be occupied.It is the duty of whoever is interested to go to banks and financial institutions to get loan and repay in 10 years ok? Goverment no be bank o. Se u hear? Let's do the right thing. If they cant afford the shops at computer village,there are other cheaper shops in lagos but not ikeja The ignorance with which people like you talk is disappointing. All politicians in Nigeria since before independence have been involved in one form of corruption or the other, do you think corruption is only with Jonathan or corruption started with Jonathan For over 60 years Igbo people have been trading and giving 'freedom' to their boys. In years gone by, Freedom meant opening a shop for your boy. How many shops can you open for the tens of 'boys' that will do apprentice with you? These 'boys' and thousands others (from all ethnic groups) are struggling to make N300 a day from their total stock of N12,000. How do you want these boys to rent shops. The smallest shop in computer village is N400,000 a year rent for less than 10 metres square. Left to you the boys should go and rent shops in their villages, because rent is cheap. And we will alll leave computer village to go to individual villages to buy our goods Financial institutions to lend money? what clap trap, in the western world you borrow money to buy a house (a mortgage), you get 25 years to pay back. In Nigeria even the most secure form of lending i.e. a mortgage is usually never even up to 5 years, at interest rates at 30% per year. How do you want a 19 or 21 year old petty trader to borrow money to rent a shop? Why do banks charge such high interest rates for such short periods (most commercial loans in Nigeria are usually less than 9 months)is because people like you will not leave your money in Nigeria banks for 5 years and above for interest of 5% per year, so the banks can lend. Banks cannot afford to borrow short and lend long. Instead you are coming to nairaland to spout nonsense. I personally support Fashola for most of his actions, but I really wish the state governments can find away to give petty traders a better and cheaper venue to trade. 2 Likes |
Politics / Re: Nigeria must leave the global economy. by faithin9ja: 7:10pm On Jul 27, 2012 |
Pukkah: I agree with you 100%, clearly get your point, yes we can grow into 'finished goods' it's unfortunate the OP and others can's see this. |
Politics / Re: Ontario Oil And Gas Refute Sahara Report Of Funding Jonathan Campaign by faithin9ja: 5:53pm On Jul 27, 2012 |
Beaf: I forecast the scenario quite accurately yesterday (quote below). When will Sahara Reporters stop lying for blood money? Walter dey naija, I spoke him yesterday, notin do am!!! Warri no dey carry last. |
Politics / Re: Nigeria must leave the global economy. by faithin9ja: 5:46pm On Jul 27, 2012 |
pleep: Unfortunately, this topic has grown wings and i wont be able to reply to all the responses. Please don't you realize the richer your customer, the more money you make. US makes more money from South Korea because South Korea is rich enough to buy US products. And when we say products it's not just televisions and mobile phones. the amount of financial transactions between US and Seoul will dwarf Nigeria's (no Africa) entire economy many times over. Manufacturing, education, health, entertainment, financial services these are all bound up in the trade between South Korea and US (not to talk of other countries). The richer Africa gets the better for the rest of the world. It is not zero sum game. Conspiracy theorists and communist/ socialists apologists always feel that because there are greedy capitalist companies in the world they feel that all countries need to push another country or region down to succeed. In the long run who will buy the Western goods and services if the emerging markets are destroyed. the BRIC countries ie Brazil, Russia, India and China their biggest trading partners are the Western economies. by trading partners I mean BRIC countries and Western economies have serious interlinked companies and factories, their financial link are greatly intertwined. Afterall does Tata an Indian company not own Land Rover / Range Rover. Africa needs to grow up to belong to this table. (a for instance Investec (google this) is a South African company that specializes in giving business loans to UK and European businesses, Nandos the South African fast food chicken restaurant is all over UK and Europe. Please we Africans can do this) |
Politics / Re: Nigeria must leave the global economy. by faithin9ja: 5:31pm On Jul 27, 2012 |
Pukkah: My friend I am jobless today, so I really have your time I disagree with your point about finished products. We do not have the 'comparative advantage' of making these products cheaper or better than from where we currently buy them, so there is no advantage to producing them fully in Nigeria, they will be too expensive and of poor quality (as I said in earlier post this was tried in the 1970's) further reasons why we should not go down this route; Our market is not big enough to support factories producing finished products like cars, we import much less than 50,000 new cars a year in Nigeria, car factories regulary produce over 100,000 per year to be cost effective even then it's a struggle (ask GM or Ford). We will require FX to bring in the raw materials or CKD whilst we sell in the local currency. As mentioned above maintained production for local markets keeps down the quality (can you compare close-up toothpaste from Ilupeju to what you buy in Wal -Mart or Tesco?. Export-oriented factories is what we need. Produce items that others will buy from us with hard FX. this is how Japan and Taiwan started, China is now there, check all the clothes factories in Vietnam and Bangladesh making clothes to be sold all over the world. My example above; a factory to make the cases (only the cases) for batteries inside mobile phones could probably turnover $5million a year that is more than N600 million. How many factories in Ajao or Isolo can boast of that kind of turnover?. Plus this brings foreign exchange and you will need to keep the factory update to maintain quality for your foreign markets. However this is very difficult to set up.No government support, poor infrastructure, poor finance, bad government that will frustrate your attempts to even export out of Apapa or Tin Can - this is all before you start looking for your foreign markets. it's easier for me to import $100,000 of pampers and sell at 15% mark up every 90 days. |
Politics / Re: Nigeria must leave the global economy. by faithin9ja: 4:27pm On Jul 27, 2012 |
Wallie: I mentioned the Buhari and Lagos Mass Transit to demonstrate the folly of our leaders and administrators in direct response to your quote of the need of these same leaders and administrators having the need of an understanding of financial intensities of the modern world. Actually what we need as a previous poster said 'is to find where Nigeria has a comparative advantage and exploit this' Our current advantage is cheap and abundant crude oil which is what we export. Whilst i understand your position regarding 'assembly plants' however this was tried in the 1970's with the indiginisation decree, and whilst this was successful for instance from removing the Lebanese man from selling material in Idumota and enabled companies like Unilever (then called Lever brothers) establish factories for goods to be sold in Nigeria, I believe we need to move on from that model i.e. creating factories for import substitution. Import substitution only succeeded in producing substandard goods with imported raw materials. We need 'export oriented' factories, we don't need to make finished products, we could concentrate on making parts for other factories in other parts of the world, we need specialize in this type of area. Using your example of mobile phones, why can't we make the cells or the cases of the batteries for mobile phones. Samsung sold 50 million mobile phones in the last three months, imagine if one factory in Nigeria had the contract to produce only 25% of the battery cases. Even at $0.10 per case that is a turnover of $1.250 million in 3 months for only 25% of the entire production. Then one person says we should be isolated!!! |
Politics / Re: Nigerian Senators Earn More Than Barack Obama by faithin9ja: 3:25pm On Jul 27, 2012 |
akin33: At this jucture, let us stage a protest to stop this broad day stealing. The PDP has succeeded in making themselves empire. If we keep silence, it will continue. The salaries of a senate or reps enough to develope a community. Chai! This evil must stop. Revolution to chase PDP away in 2015 election is sure. Graduates, atisan, businessmen, man & woman, let us come together to stop these few people that are pocketing our wealth. Imagine, in d midst of unnemployment and hunger. A person earn such amout of money and dnt care to create jobs. Are ACN and CPC senators excluded? 2 Likes |
Politics / Re: Nigeria must leave the global economy. by faithin9ja: 3:23pm On Jul 27, 2012 |
Wallie: Like Buhari cancelling the Jakande's Lagos Mass transit train scheme and paying the consultants almost as much as the entire contract for cancelling the contract. (not exact figures, but an illustration, the project was to cost $1billion, because Buhari's government cancelled we paid in penalties $800million and nothing to show) |
Politics / Re: Nigerian Senators Earn More Than Barack Obama by faithin9ja: 3:19pm On Jul 27, 2012 |
As much I as deplore this obvious waste of money, I really believe we as nation and culture are as much to blame for this. How many US senators pay school fees for other peoples children, or hospital bill for another man's wife or buy salt for his village womens union? Most of us are guilty of encouraging this type of behaivour and corruption, maybe out of our own poverty, as soon as we hear that our 'uncle' is now a senator, the speed we will rush to his house and table our problem. If he doesn't try to solve it, we go say 'that wicked man'. This does not exonerate the Senator oh!! because this same same senator after he has given me N5k for my transport with a promise 'I will see what I can do' the Senator will buy his 'babe' blackberry porsche. 3 Likes |
Politics / Re: Senator Hon. Patrick Obahiagbon On The Death Of Ghana's President by faithin9ja: 2:54pm On Jul 27, 2012 |
please confirm when did he become a senator (forgive my ignorance) |
Politics / Re: Subsidy Probe: Suspects Warn GEJ To Stop Prosecution by faithin9ja: 2:40pm On Jul 27, 2012 |
uncleb: 40 laptops my arse!!! Why does the government not subsidize the cost of buying the lorries, buses and cars? why only petrol? why does the government put BACK subsidy on diesel, afterall 911 lorry, molues, luxurious, DAF trailer all use diesel. in the 1950's were people not travelling? was there subsidized fuel, Nigeria didn't even have our own petrol at that time. Did we die? Trek from Sagamu to Ikeja - we have been fed on cheap unsustainable fuel for to long, that why employers will pay 'starvation wages' of N20,000 month because they know your transport fare (allegedly subsidized by government) is only N100 a day. If transport fares go up, employers will be forced to pay higher salaries or move their businesses closer to the work force. What is wrong in my office being in Sagamu instead of VI or Lekki? Which government industry has ever worked? Nigeria Airways, Federal Palace Hotels, NICON insurance, even NPA, NITEL, NEPA, Cement factories and you expect refineries to work? Is it not same Nigerians you will put there to work, sack the current workforce, employ totally new people, the first person you send to buy 'spark plug' will tell you 'Oga spark plug na N15,000' and you expect it to work. Privatize the refineries? Ask real business to borrow money from banks, use this money to repair your 40 and 30 year old refinaries and tell the m to sell refined product at below cost price? does that make sense? Ok sell the crude oil to them at below the international price and expect them to sell he refined product at below international price, will they do that? hell no; they will just take to cheap crude and sell on the black market as they already do. Did you say police them them with Navy and customs to stop this, which navy boy or customs man will see $50,000 and not turn a blind eye? They first sign of insanity is to continue to do the same thing and expect a different result My friend get real and think outside the box. No need to continue to hand over government money to these cabals. Before Glo was MTN cheapest recharge card not N750, now do we not see N100 recharge. |
Politics / Re: Nigeria must leave the global economy. by faithin9ja: 2:17pm On Jul 27, 2012 |
HNosegbe: Isolationism is a very emotional topic. Politicians use it to sway the minds of electorate all the time. They use rhetoric like "Damn the west"! or "We can take care of ourselves"! Gamal Abdel Nasser did it, Julius Nyerere did it, Sekou Toure did it, Robert Mugabe is doing it. India did it prior to 1991, China did it under Mao. let those advocating isolation look at anything within 2 metre radius of themselves, starting with their shoes and ask how isolation will help them. Childish immature uneducated arguments (sorry to be insulting but sometimes we need to read up history and understand simple economics before we start making unnecessary threads) |
Politics / Re: Nigeria must leave the global economy. by faithin9ja: 2:13pm On Jul 27, 2012 |
Billyonaire: North Korea and Cuba are examples of separatists economy; China and Taiwan also operated separatist economies due to their communist regime. The poster is making a valid suggestion, but I think we should try to balance staying connected to world economies and remaining economically independent. The less we import, the better for our development. Taiwan communist? Taiwan closed? please read previous posts even India and China threw off their 'so-called closed' regimes and see them today |
Politics / Re: Nigeria must leave the global economy. by faithin9ja: 2:05pm On Jul 27, 2012 |
Paul John: Please go and read up on your history of China, in particular read on the Cultural Revolution and gang of 4. China 'miracle' started when China opened it's doors, do you know as of 1999, there were over 500,000, yes 500,000 US owned businesses and partnerships in China. |
Politics / Re: Nigeria must leave the global economy. by faithin9ja: 2:02pm On Jul 27, 2012 |
HNosegbe: GBAM!!! |
Politics / Re: Subsidy Probe: Suspects Warn GEJ To Stop Prosecution by faithin9ja: 1:28pm On Jul 27, 2012 |
Kobojunkie: Ms Kobojunkie I read with interest many of posts and rebuttals, however as articulate as you can be, you often put what I can only describe as flawed arguments which disappoints me as I believe you are impartial enough to call a spade a spade, and face the reality rather than cloud reality with political positions. A few points; Nigerians as rule have been brought up with endemic corruption, from your maigaurd to our ministers, it has become a way of life. Whilst it is desirable to punish those who have been or are corrupt, it also imperative to remove the areas of corruption. Previous administrations have long since used the 'subsidy' regimes initially to give the masses cheap fuel and over time as with every government handout in the world the 'subsidy' has become a mechanism for corruption for oil marketers, bankers, government officials and politicians. Blocking a few holes in the subsidy system is not the answer, picking holes in varying amounts of subsidy paid or not paid is not the answer, these are only sticking plasters. Wholesale removal of the system is the answer. We need change in our systems, not cosmetic changes in personnel, new personnel will only become corrupted by the system within time. Nigerians have no right to cheap fuel. We do not provide cheap vehicles, if anything our vehicles are more expensive in Nigeria than other parts of the world, so why do think we have the right to cheap petrol? Yes, Ngozi Okonjo-Iweal is right, majority of the mass carrying public transport in Nigeria is diesel driven, our factories run on diesel generators. The use of petrol is usually in the 'last mile' delivery. the beneficiary of cheap petrol is the guy in Lekki with 2 SUV's and Camry to take the children to school. Your poor Okada rider fills his tank with N200 or less, total removal of subsidy will raise this to N350!! Yes prices will go up, but they will level out. anytime there is an increase in fuel costs, transporters in particular 'double' their prices, but in truth this doesn't last long. A 'hiace bus' carrying 15 passengers full tank rises from N2500 to N4000 does not have to increase the charge per passenger from N150 to N300 to cover the difference. The transporters soon learn this lessen when there is drop in passenger numbers. The biggest fraud on Nigerians is not the 'subsidy' this pales into insignificance when compared with the wholesale handing out of 'oil blocks' worth billions of dollars to a handful of Nigerians. The subsidy row as painful as it permeated down to navy boys, customs officials, NNPC and her offshoots, numerous oil marketers, ministry officials,politicians, even bankers to finance the purchases. This amounts to thousands of Nigerians (I bet you might even know some of the beneficiaries personally) unlike the division of oil blocks, which one oil block worth billions of dollars is handed to one individual. In summary whilst not condoning those that benefited by 100's of millions of naira in the subsidy fiasco, we should brace ourselves and get rid of this patently corrupt system and allow the free market reign in the sale of petrol in this nation. |
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