EcoNews:
What did he contribute to Tinubu becoming president or if Tinubu never became president he will be dreaming of any position ?

Ben Akabueze was two terms Commissioner for Economic Planning and Budget with the Lagos State Government under Tinubu.

So, he's a Tinubu guy.

REDshouse:
What of akabueze I want him to remain minister for budget and planning ...or become minister for budget and planning ... He did well in Lagos as commissioner and also worked very well under buhari under similar role

He was never a minister but the Director-General, Budget Office of the Federation.

Believeintruth:


Oga better keep quiet if you don't understand banking and currency operations. The swap move is simply a case of Ethiopia airlines has $100m trapped in Nigeria as sales revenue and Dangote has similar amount trapped in his cement factory in Ethiopia, and so they simply do a currency swap. Ethiopia Airlines gives the Nigerian government the $100m as the CBN will pass it as an entry for dangote and dangote will record it as an FX sales from his Ethiopian cement factory. While Dangote will handover his own to the Ethiopian government who will pass it as Forex sales from Ethiopian airlines. This form of currency swap is done by Banks in the North. If GTB Minna doesn't have cash and they cannot go to CBN for cash and Union Bank Minna has cash, what GTB does is to raise a Manager's cheque for the amount of cash Union Bank Minna would give them and Union Bank Minna Branch supplies the cash to GTB Minna and collects the Manager's cheque which is cashed at CBN by Union Bank later.

Later saw this explanation. Thanks for breaking it down for those who don't understand, like me.

EcoBrick:
https://www.thereporterethiopia.com/35363/

https://www.thereporterethiopia.com/35363/

By Selamawit Mengesha

July 8, 2023

The central banks of Ethiopia and Nigeria have swapped USD 100 million in blocked funds as both countries struggle with severe shortages of hard currency.

The currency deal involves swapping revenues of Ethiopian Airlines from Nigeria and earnings of Dangote Cement in Ethiopia, as the two companies struggled to repatriate profits amid forex shortages in both countries.

The swap arrangement enables Ethiopia to access funds blocked in Nigerian banks, while Nigeria gains access to money held up in Ethiopia.

Ethiopian Airlines is the largest foreign carrier operating in Nigeria, with extensive flight networks spanning major cities like Lagos, Abuja and Kano.

The airline benefits from strong demand from Nigerian travelers going abroad but much of its revenue has been blocked as Nigeria struggles with critical shortages of foreign exchange, making swapping the last resort.

Dangote Cement has been a major player in Ethiopia’s construction sector for over a decade. The company has the capacity to produce 2.5 million tons of cement yearly.

However, as Dangote became unable to repatriate its profits in Ethiopian currency, money began piling up within the country, according to company sources.

With funds stuck in Ethiopia, the central bank finally offered Dangote a currency swap proposal, allowing it to exchange its excess Ethiopian birr for USD held by overseas firms operating in Ethiopia.

Officials say the currency swap allows Ethiopia to access funds blocked in Nigerian banks – including large amounts owed to Ethiopian Airlines – while Nigeria gains access to Ethiopian funds through Dangote Cement, a major Nigerian firm operating in Ethiopia.

Sources at the Central Bank of Ethiopia confirmed it had reached an agreement with its Nigerian counterpart to conduct a “temporary swap of foreign currencies.”

Aviation sources say Ethiopian Airlines exchanged USD 100 million of the USD 180 million in blocked funds in Nigeria for birr from Dangote Cement.

“The National Bank will pay us the equivalent swapped amount in birr,” Ethiopian Airlines CEO Mesfin Tassew told The Reporter, adding there are no plans to swap the remaining amount.

Sources say Dangote still has over USD 200 million unrepatriated from Ethiopia.

Nigeria has faced a critical shortage of foreign currency reserves recently.

The central bank of Nigeria has had to ration dollars to reduce the strain on its reserves, which fell from a peak of USD 62 billion 15 years ago to around USD 36.6 billion in December. This followed a drop in crude production in Africa’s largest oil producer due to rampant theft, vandalism and declining investment.

Ethiopia’s foreign exchange shortage has reached critical levels, making it difficult for the country to import essential goods like pharmaceuticals and industrial inputs. Ethiopia’s forex reserves are insufficient to cover even one month of imports.

The dearth of hard currency has also discouraged much-needed investment in Ethiopia, forcing the National Bank of Ethiopia to introduce reforms aimed at easing the constraints facing investors.

The central bank has now begun providing guarantees allowing investors willing to invest in key sectors through public-private partnerships with the Ethiopian government to repatriate their profits.

This article is kinda gibberish to me. So I asked ChatGPT to break it down for an 8 years old to understand:

Okay, let's break it down for an 8-year-old.

Two countries, Ethiopia and Nigeria, are having a problem with not having enough money from other countries. The central banks of these countries came up with a solution to help each other.

One of the things they did was to exchange money between two big companies in their countries. Ethiopian Airlines, which flies airplanes, was not able to get all the money it earned from Nigeria because Nigeria didn't have enough foreign money. On the other hand, Dangote Cement, a big company in Ethiopia, couldn't get its money out of Ethiopia because of the same problem.

So, the central banks decided to do a swap. They made a deal where Ethiopian Airlines gave some of its money from Nigeria to Dangote Cement, and in return, Dangote Cement gave some of its money from Ethiopia to Ethiopian Airlines.

This way, Ethiopian Airlines could get the money it earned in Nigeria, and Dangote Cement could get its money out of Ethiopia. It's like they helped each other by exchanging their money.

This is important because Ethiopian Airlines is a big airline in Nigeria, and many Nigerians use it to travel. But because Nigeria didn't have enough foreign money, Ethiopian Airlines couldn't get all the money it earned. And Dangote Cement is a big company in Ethiopia, but it couldn't get its money out because of the same problem.

The central banks of both countries made this swap so that Ethiopian Airlines and Dangote Cement could get their money. This helps them continue their businesses and brings more money into both countries.

Now I understand. I just needed to know how the swap happened,which the article didn't specify.

sukkot:
meanwhile first bank havent paid interest on my fixed deposit since march

Say wetin?
Na wa oh.

9jaRealist:


Most (if not all) of our job/career security is based on government decisions…
Some of us are more directly affected than others, but ultimately the entire economy is.
>

I agree with you but I feel for those directly affected like the service chiefs recently retired, the IG, EFCC boss, NSA, Controller-General of Customs , Immigration, Prison, and all MDAs.

Kobicove:
Na so government job dey be

You could be watching the NTA news at 9 with your family and hear that you have been sacked from your job

This is crazy mehn!

I feel for those whose job or career security is based on government decisions.

RIVERS1stson:
I have read severally on facebook and nairaland where some igbos regard ebonyi people as almajiris in igboland. Though it is true that most ebonyi people are illiterates and constitute nuisance almost everywhere in Nigeria but it is not enough to treat them that way

Dave Umahi is from Ebonyi and he's now a principal officer in the Senate. A first time senator.

Out of all the Igbo politicians, he's one of the those I'm impressed with his political strategy.

CodeTemplar:
What's responsible for low value in the north?

Low industrialisation, less commercial activities and low demand for electricity unlike in the South.

OKUCHI11:
How about Salisu Buhari

Thanks for refreshing my memory.

I remember Salisu but forgot the surname.

Thanks again!

b3llo:
Have you forgotten the youngest House of Representatives Speaker in 1999

Don't mind the poster.

That was the name I was expecting to see on his list first before the others.

I guess he's of the Gen Z clan.

University of Toronto certificate that year in 1999.
What a huge scandal it was that time.

Flathead8:
Lol he is just being sarcastic, that's how he normally tweets. Since some Nigerians prefer sad news

This is sarcasm at its peak!

Phahahahahahahahaha

hyzich:
Wow, this is commendable. There is something about BAT that I really like which attracting the best brains. It's no brainer that this committee will perform with their leader being the Tax guru himself.. we all know that revenue generation and treasury management is BAT forte so this should not come as surprise. I pray this works. For those shouting he appointed another yoruba. please show me a better Tax guru than Taiwo, check his profile and you'll be amazed I even thought BAT will give him the FIRS chair.

That may be his next assignment.

This is just to warm up!

Jones4190:
BAT should remove the charges from bank transaction, they are too much, eco bank is charging me 300 every week for maintenance, 300×1000000 customer = 300 000 000 per week

Maintenance of what sir?

Account maintenance?
ATM card maintenance?
Cheque book maintenance?
Mobile & Internet banking maintenance?

dauntless15:
Very wise man, I'd do exactly the same thing in his shoes, afterall he divorced his other wives so automatically the 33yr old is his partner and entitled to renumerations, and he didn't even neglect his children which is more than any responsible father would do, my own dad reminds us his children everyday we won't inherit anything from him even when we made it clear we don't also want anything from him, he is trying hard to sell everything to make sure no one gets even a needle, mind you, we're all fending for ourselves o, he's not helping anyone.

I'm sorry but your dad is a don dada!
Please pardon my use of language. No disrespect meant.

So we have men in Nigeria with his mindset? Wow

I guess he doesn't want any child feeling entitled to his money and assets, and also don't want bickering amongst you and your siblings when he's gone.

Till today, the late legal icon Frederick Rotimi Alade Williams (FRA) Williams' will is still being contested in court, 18 years after he died.

NIGERIAJAGAJAGA:
Good leader. But OGD lay low ooooo. I don't even know he contested as senator, not to know maybe he won.

I guess you weren't following Ogun politics news.

Buddha3:


I still find it hard to make sense of the reason(s) any middle class Nigerian will put his/her sweat into buying government bonds.

It's like tying down a lump sum of money for a lengthy period of time to be getting 9percent interest every 3 months, when the government is using that same money to put into personal investments that are fetching them even more profits.

Assume you buy those bonds with 2million naira at a 9percent interest rate to be harvested every 3 months. That implies that the government is sitting on your 2million naira and giving you about 180,000 naira every 3 months as your profits, when you can comfortably invest that lump sum on your own in one or two decent businesses and make that 180K in about a month or less.

I pretty much think it's just people who don't have the business acumen, that end up buying bonds cause they don't know how to save the money. And people who have too much of it that they can afford to have useless monies tied in bonds for safe-keep.

Thanks for your input.

You need to realise that not everyone is business savvy or has a flair for business. Some prefer to keep their monies in low risk schemes like bond.

I see nothing wrong with it except the low interest rate. That's all

ChybuzzDD:


Exactly.
I ignored it yesterday when my stockbroker sent it to my email.
The ROI no make sense

Correct man!

Buddha3:
Why won't they list bonds for sale?

The government is eagerly scrambling for all available avenues to squeeze the Nigerian public of more monies.

You'll put your small millions into investing in Nigerian bonds that will mature for harvest by 2025 at a lowly 9 percent interest rate, and by the time it matures in two years, inflation has completely eroded the value of whatever gains you think you should have made. While the government on the other hand, would have further put your millions into funding their egregious and expensive lifestyles, because there is the very strong possibility the monies won't be put into proper investment initiatives.

Na mumu dey buy Nigerian bonds at this very volatile period wey Nigerian currency dey get mood swings pass woman wey dey menstruate!

I hate bonds with passion.

Money market funds are better than bonds.

Very annoying interest rate.

Brendaniel:
See what these human beings are busy celebrating all over this thread, people sharing positions to loot the country and they are happy...

well, their celebration will favour me and my family....

Phahahahahahahahaha

Please enough with this guy's picture na.

Very soon, I'll start associating the picture with the favour me comment.

Phahahahahahahahaha

TruthinAction:
But the price of satchet tomatoes hasn't changed. So, why not go for it and add lots of fresh pepper. It will produce a very tasty stew.

Wisdom is profitable to direct.

Not many know this.

Tomato paste + pepper flakes/powder + onion = stew is ready.

Nickisindigo:
After reading the Canadian citizenship law I don't think so

Why if you don't mind me asking?
Thanks

paparazi232:
I own a barbing shop since the hike of petrol it hasn’t been easy, i do on Gen from 6pm to 11 pm but shifted it now to 7:30pm to 11pm evn without customers just to mke the place look bright for new customers to see ,, I’m thinking of migrating to solar bcus I can’t continue this way

Please sir, do.

You can't continue like this.

Dididrumz:
I already heard they've been taxing businesses that power their business with generator.

There's no electricity and sanitation is taxing people for using generators.
Too much problems in this country.

This is a state government thing.

This isn't cool at all. If electricity supply was regular, would they resort to using generators?

dominique:
These security chiefs will favour and my family



Had to hop on the latest trend

I know the remark may sound funny but there power in words oh.

So, this regime will favour all Nigerians, amen!

Princelyod:
Reduce carb and sugar intake

Mister123

I second this. Excessive sugar intake makes a toddler hyperactive.

priceactionx:

What happened that time ? Can't remember.

He had an issue with Obasanjo regarding Globacom and since he didn't oblige OBJ, OBJ decided to DEAL with him and baba relocated to London till OBJ left office before moving back and began living quietly.

You can google for more information.

priceactionx:

Adenuga was forced out of shell after a long time, lol. The man hate camera like mad.

Naaaaaaa.

His brouhaha with Obasanjo back then made him keep a low profile.

Raskimonojendor:
Tinubu doing Omo luabi stuff.
He was with the awujale and alake earlier on.

Nice to see Mr Mike Adenuga in the public eye again.

After the Obasanjo saga, he kept a low profile.

Skyview01:


God bless. Thinking like yours is a breath of fresh air. We should our leaders accountable irrespective of religion or tribe but i do think it may be too early to judge Tinubu.

Lets give a little bit of time like 6months to properly evaluate the resltant effect of his policies.

At the bolded, that's my take on what's happening.

I will access the situation after 1 year. It's too early to conclude for me.

Crystalsweetnes:
You can use carrot instead of tomatoes.......

Or garden egg. It's known as bitter tomato.

dandydrey:
Garden egg 😊

www.nairaland.com/attachments/17400687_img9349_jpeg_jpeg853b5671da2250198101c8ba9266177f

Nice stew.

Did you know that garden egg is called bitter tomato?