₦airaland Forum

MEANING:-
Debt consolidation is when you take out a new secured loan (a debt consolidation loan) to pay off all your unsecured debts combined into a single monthly payment - often at a lower interest rate. The focus of your repayment is to pay off the new consolidation (secured) loan rather than dividing your payments to your creditors.

You may be able to take out a debt consolidation on your own using the home equity loan or a debt consolidation loan from a bank.
A Home equity loan is usually secured with your property, hence the lower interest rate compared to your unsecured loans i.e. personal, credit card loans

Myth: Debt consolidation saves interest, and you have one smaller payment.

Truth: Debt consolidation is dangerous because you treat only the symptom.

BENEFITS
• Debt consolidation loans usually have a lower interest rate and tend to be spread over a longer period. So your weekly or monthly payments are smaller.
• Debt consolidation can make budgeting easier because you only have to manage one loan.
• You will often pay a lower interest rate with a consolidation loan than you will with hire purchase and credit card debt.
• However, debt consolidation won’t solve your problems if you continue to take on new debt. It takes discipline – your focus needs to be on getting rid of your existing debt rather than adding to it.
• If you need to borrow to make ends meet or can’t resist the temptation of easy credit, get help from a budget adviser.

RISKS
Consolidating or refinancing loans can work if it means you will pay less in fees and interest. But there are risks consumers should consider when consolidating debt:

• By extending the loan term your monthly payment and interest rate might be lower, but you might pay more interest in the long run if you take longer to pay back what you owe.
• Consolidating debt alone does not get you out of debt; improving spending and saving habits is key. Stop spending beyond your means cuts it. Put your old credit cards in a drawer so you won't use them and don’t apply for new ones to avoid getting back into debt.
• Using a home equity loan or line of credit to consolidate consumer debt. While these loans offer low interest rates, they also put your home at risk if you fail to make the required payments. Be very cautious about taking this route. It doesn’t make sense to lose your house because you couldn’t pay your credit card bills.
• There can be extra fees and charges including ‘hidden’ fees for alterations, late payments and payment defaults. You could even be charged for paying off your existing loans early.
• To reduce the risks, find out the total cost of consolidating before you sign up. Shop around and make sure you read all the fine print.
• Companies specializing in debt consolidation may charge higher interest than your bank. Talk to your bank about what they can offer before signing up with a new company

• You can consolidate your debt yourself for free with a new loan or low-interest credit card.
• Consolidating debt for convenience. The simplicity of a single monthly payment is not a sufficient reason to consolidate debt.

The Real Way to Get Out of Debt
The answer is not the interest rate; the answer is a Total Money Makeover. The way you get out of debt is by changing your habits. You need to commit to getting on a written game plan and sticking to it. Get an extra job and start paying off the debt. Live on less than you make. It is not rocket science, but it is emotional, which is why most people need help getting through it from qualified financial advisors. Don't rely on debt consolidation!

References:
1. https://www.sorted.org.nz/ Debt consolidation
2. http://credit.about.com/ Will Debt Consolidation End Your Debt Trouble?
3. http://www.investopedia.com/ Debt Consolidation
4. http://blog.readyforzero.com/ Is Debt Consolidation a Good Idea?
5. http://www.daveramsey.com/ The Truth About Debt Consolidation

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Whoa, take it easy, you have just been turned down for a loan.

What next? Should you check your loan application again? Figure out the reasons you were turned down? Apply for a loan elsewhere?

Take it easy with a deep breath. Trust me or not, being turned down for a loan can be a great thing, and a good indication there is a pending problem with your credit status or your financial situation. Kindly use the opportunity to identify and fix the problems once and for all.

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A debt-to-income ratio (DTI) is a measure of the amount of debt you have to your overall income (before taxes and other deductions). Lenders, use your debt-to-income ratio to measure your ability to responsibly manage your monthly payments and repay the money you have borrowed.

To calculate the debt-to-income ratio, add up your total recurring monthly debt (such as mortgage loans, personal loans, auto loans, credit card payments and consumer loans) and then divide by your gross monthly income (the amount you earn each month before taxes and other deductions).

Example:
Let’s assume you pay N101,200 for your mortgage, N24,000 for your car and N5,400 for the rest of your debts each month. Your monthly debt payments would be N130,600 (N101,200 + N24,000 + 5,400 = N130,600).

And the gross monthly income is N250,000, your debt-to-income ratio would be 52.2% (N130,600 / N250,000 = 0.52).
If your gross monthly income was higher, i.e. N350,000, your debt-to-income ratio would be 37.31% (N130,600 / N350,000 = 0.37).

A low debt-to-income ratio shows a good sense of balance between debt and income. Lenders favor lower ratio because, from industry experience and research, borrowers with a lower debt-to-income ratio are more likely to successfully manage monthly debt payments.

On the contrary, a high debt-to-income ratio indicates that you may have too much debt for your level of income, and lenders view this as a pointer that you won’t be able to take on any additional debt.

“Less debt equals more borrowing power”

In most cases, 43% is the highest debt-to-income ratio a borrower can have and still get a qualified mortgage. A debt-to-income ratio smaller than 36%, however, is preferable, with no more than 28% of that debt going towards servicing your mortgage. In general, the lower the number, the better the chance you will be able to get the loan or line of credit you want.
However, there are exceptions, for instance, a lender must consider your debt-to-income ratio, but is allowed to offer additional debt with a debt-to-income ratio higher than 43%. Such Lenders with sufficient capital asset can make reasonable, good-faith effort, following the Central Banks’s rules, to determine that such have the ability to repay the loan.

curlled from >>>> http://moneyfarmcapital..com/2015/08/what-is-good-debt-to-income-dti-ratio.html

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My husband n I need loan to get another apartment. How can you help?
Thanks

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Address: 25, Adelabu street, Masha Surulere

Mr Kola, a banker, an assistant manager approached a financial service provider for a pay day loan of N500,000.00 with the intention to pay in installments over a 3-month period. However, having met all conditions and documentation requirements, and careful review of his salary account statement by the lender, he was asked to provide a guarantor to support his application for possible approval.

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However, Mr Kola was taken aback, as to the reason why a guarantor is required, he reiterated, “I work in a good organization, one of the top 5 in the industry in Nigeria in terms of profitability, stability and staff remuneration, my salary is regular, my employment status is confirmed and permanent, and with my profile I am credit worthy, I like my business to be kept personal”.
I thought for a minute, “he is right after all”, but on further enquiries I understood the reasons for the additional requirement of a guarantor and that has inspired these caption and I will tell you why Mr. Kola was asked to provide a guarantor for his request.
Who is a Loan Guarantor?
A person who guarantees to pay for someone else's debt if he or she should default on a loan obligation - According to Investopedia

A guarantor will pledge their own assets or services as a backup if a situation arises in which the borrower or original debtor is unable to perform their loan obligations.

1. A loan guarantor is anyone who provides guarantee
2. A loan guarantor is not necessarily the borrower, can be a third party
3. A loan guarantor can also be the borrower, if he has assets that can be pledged for liquidation in a case of default.

Factors necessitating a guarantor?
1. Over geared income: statutorily, the central bank prudential guidelines regulates and supports that an individual must not use more than 33% of the net monthly income to service loan obligations, so that the remainder 66% is left to support other domestic and administrative obligations of the borrower as the case may be. When an income is over leveraged, it poses a risk of possible default if an unexpected financial setback is encountered, thereby making it rather difficult for loan obligations to be met.
2. Irregularity of income; your income can be good and substantial to cover the loan repayment obligation, but your employer(s) can be inconsistent with paying your salaries as at when due, thereby creating ambiguity as to the actual pay day for their staff. Though it is not the applicants’ fault, but the lender identifies a risk and wants to be covered in any case of default.
3. Poor or limited credit history; the statement can throw up a lot of details which includes, history of payments, defaults or returned cheques of previous credit facilities from other sources. All this enhances or reduces the credit worthiness of the applicant and the possibility of a repeat of such events.
4. fear that your income may not be high enough to meet your repayments; it is discovered that more often than none, people tend to request for more than what they require anytime the opportunity presents itself. So as a lending institution, where such requests are considered and approved for whatever reasons inspite of the fears of default, the lender can and should ask for a guarantor as a cover for any eventuality.
5. Industry nature: Some industries are known for higher job security than others, while some others are known for their dynamic nature, job insecurities, losses and higher staff attrition rates. Where such threat exists to the primary source of repayment, it become necessary to request a guarantor in additional to the requirements for the loan application.
6. Other risk factors that suggests a possibility of default not mentioned here can also prompt the lender, if it makes them uncomfortable, to ask for a guarantor.

Types of Guarantors?
1. Individuals, can give personal guarantees to other individuals or corporate organizations
2. Corporate organizations can give corporate guarantees to both individuals and corporate entities i.e. employers can guarantee staff loan obligations
3. Banks, that is what is called a Bank Guarantee
What qualifies a loan guarantor?
1. Income - Earning capacity is at same level with the borrower: have history of profits which can be relied on for payment
2. Networth is greater than or at same level with the borrower: have assets which can be sold to help pay back the loan
3. Must be within reach of the lender, either in the same state or country and can be international (i.e. Letters of Credits - international guarantees from importers’ banks to suppliers’ banks abroad)
4. Willingness to pay on default by pledging personal assets i.e. cash or fixed properties, transfer legal documentations and financial instruments to lender to hold in trust.
Mr. Kola though with a good salary, consistent in payments, good credit history, in a fairly stable industry but his salary is highly geared, that is he is already exposed to various loans from other sources and exceeded the statutory requirement of 33% serviceable portion of his income for loans, thereby making him vulnerable to default if any unexpected financial incident occurs that can distort the present cash flow.

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I met Abiola, a prospective client yesterday. He had applied for a personal loan through our online platform and all things being equal, he qualified for our review, approval and disbursement, but on further enquiry he was disqualified.

Abiola is a paid employee and his monthly salary is domiciled regularly by his employer, ABC & Co. in his personal savings account. Despite meeting all conditions precedent, Abiola still got disqualified. Abiola couldn’t provide repayment cheques from his salary account, which is a savings account, to support his repayment plan as it relates to his salary pay day. There was a sudden and dramatic turn of event as we were unable to proceed and of course the application was closed. He was very disappointed and sad as he needed the funds urgently, but I could not help.

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We must understand that financial institutions rely more on documentations for all financial transactions, than physical sighting and inquiries. Hence every promise to honor obligation(s) requires substantial support by some form of documentation(s). Just because Abiola, had been receiving his monthly salaries in a personal savings account, does not make his verbal promises sufficient and acceptable for the repayment on an obligation, the promises(s) must be supported using cheque(s), which is a generally acceptable instrument that is only issued on current accounts but not limited to payments across the counter, it is acceptable through the clearing house processes across various banks; this becomes impossible with a savings account, even though you have cheques(s) in some cases, but they cannot be presented through clearing.

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FEATURES OF CURRENT (CHECKING) ACCOUNTS:
1. The current account is the simplest and most basic account needed for day-to-day transactions: transactions are relative to business dealings. In the credit-union world, Current accounts are referred to as share drafts. There are usually no limitations on the number of times you can make a deposit or withdrawal in this account type. They're used mainly for transaction handling. With a checking account, you make deposits into the account, either manually by visiting the bank or electronically by setting up direct deposits, with an employer, perhaps.
2. Checking accounts usually don't yield any interest on the balance. However, that's changing nowadays with many internet banks offering interest yields on their checking accounts. Generally, the balance you carry in a checking account will not earn much interest, or even no interest, while your money in a savings account will earn a higher rate of interest.
3. Checking accounts can be categorized as either personal or business. There can be a lot of differences between these two categories depending on the financial institution, but their underlying function is the same. The bank gives you a book of numbered checks imprinted with your account number and name. You write checks to pay bills or to make purchases and the bank debits the funds from your account.
As a result, some personal checking accounts don't require a monthly minimum balance, don't charge a monthly fee, provide a free ATM/debit card and even offer free checks.
Business checking accounts, however, may not have as many freebies.
ESSENCE OF CURRENT ACCOUNT FOR LOAN TRANSACTIONS

1. They're used mainly for transaction handling. There are usually no limitations on the number of times you can make a deposit or withdrawal in this account type. Therefore, current accounts are appropriate for long tenured loan repayments. Due to the nature of the current account, different taxes can be applied to these accounts as they are transactional i.e. withholding tax, PAYE which cannot be applied to savings accounts.

2. References – checking account at the point of opening them requires more verification than savings accounts, hence the provision of referrals from at least two(2) individuals, with current (checking) accounts in either same or other financial institutions and have equally been cross-referenced by other individuals. The cross-reference system creates a chain of relationships with the account holder and assumes the recognition of the person and credibility to transact business. However, I have to state here that cross-references cannot be treated as a Guarantee by the referee for any obligation(s) on any financial transaction with the individual.

3. Security of repayments – The loan repayments are made with cheques presented and paid in favor of the lender or lending institution(s).

4. Control – with a current account and cheques issued in favor of the lender, the lender gains control over the repayment obligation thereby reducing the risk of noncompliance or default on the part of the borrower.

PLEASE NOTE: Issuing a dud cheque in Nigeria is a criminal offence which is punishable on conviction with a 2 year jail term under Section 1 of the Dishonoured Cheques (Offences) Act Cap D11 Laws of the Federation of Nigeria.

A dud cheque is a cheque that cannot be paid because the person who wrote it has no money or not enough money in their bank account.

Issuance of dud cheques is a financial crime and thus falls under the purview of the Economic and Financial Crimes Commission (EFCC)

curled from >>> http://moneyfarmcapital..com/2015/07/a-current-account-is-essential-in-your.html

Personal loans are one of many types of loans you can borrow from a bank. These loans are typically general purpose loans that you can use at your discretion. Personal loans are often more difficult to get and have strict qualification requirements. If you're thinking about borrowing a personal loan, here are some things you know about them.

1. Applying for a Personal Loan
It may be easier to get a personal loan from a bank you already have an account with.
The bank will probably want to know what you're going to use the money for and may even have a better loan for your needs. As with any other loan, it's important to choose personal loans wisely and only borrow what you can afford to repay.


2. Personal loans are unsecured.
That means the loan doesn't require you to use an asset as collateral.
So, if you default on a personal loan, the lender can't automatically take a piece of your property as payment for the loan. This is the primary reason that personal loans are more difficult to get. The lender doesn't have any asset to seize if you decide you can't make loan payments anymore, except in cases where there is a commitment to pledge an asset as an assurance of compliance and repayment. Even though the lender can't automatically take your house or car, it can take other collection actions. This includes reporting late payments to the credit bureaus, hiring a collection agency, and filing a lawsuit against you.

3. Personal loans have a fixed amount.
The amount of personal loans ranges anywhere from N50,000 to N2,000,000 and depends on your income level. The better your income level, the more money you can borrow for a personal loan. Some banks have a low cap on the amount of personal loan you can borrow regardless the income level. For example, you may be able to borrow only a maximum of N1,000,000.00 as personal loan even when your income level can accommodate much more. You may be able to take out higher loan amounts at a bank you already have a relationship with.

4. Personal loans usually have fixed interest rates.
The interest rate is locked and doesn't change for the life of the loan.
Like the loan amount, interest rates on personal loans are fixed by the bank based on each bank’s prime lending rate which is directly proportional to the Monetary Policy Rate (MPR) from the apex bank. The lower the banks’ prime lending rate (PLR) and cost of funds, the better your interest rate and vice versa. Lower interest rates are ideal because it means you pay a lower cost for borrowing the loan. Some personal loans come with a variable interest rate that changes periodically.

5. Personal loans have a fixed repayment period.
You have a set period of time to repay your personal loan. Loan periods are stated in months, e.g. 6, 12, 24, 36, and 48. Longer repayment periods lower your monthly loan repayment, but they also mean you pay more in total interest than if you had a shorter repayment period. Your management fees may also be tied to your repayment period. For example, you may have a one-off(one time) management fees with shorter repayment periods, but paid at intervals like quarterly or half yearly periods where the tenor is longer. There may be a penalty for paying your loan off early in some financial institutions; you will need to find out.

[b]
We have many financial service providers with various models and credit policies making each organization peculiar and guided in approving and granting credit facilities to applicants. However, diversities exist in organization culture, policies and business models, but there are certain underlying and sure factors cutting across all players in their credit assessment and approval processes, we can refer this to the 12 Cs of Credit for Lending.
Remember for personal loans the details of these factors tend to be personal.

Here are my six:
- Character
- Capacity
- Capital
- Collateral
- Coverage
- Cash flow


Before I add six more, I’ll show you how you can use tax returns as clues to the traditional six. Lenders in my tax return analysis training are often surprised you can use a tax return this way.

CHARACTER
Character in any financial transaction is about your integrity and honesty; the question the loan officer wants to answer is, if you will repay if you can? Its crucial factor because, borrowers can because of selfish reason refuse to honor loan obligations even when they are in good financial health and can repay.

Your bank officer / financial service provider is willing to figure out whether you can demonstrate honesty and keep your promises. This may be difficult to do at face value, but can be assessed with historical information, especially through documented evidences such as your bank statements, means of identification, tax payments, good recommendations from friends, colleagues and other lenders.

Can you show the bank that you are honest, and keep your promises? If you've had a loan or supplier credit before, did you always pay on time? Have you always paid your personal bills on time? Can you prove this to the bank? Do you have good references?



Some of the flash points are as follows:
- Instances of returned cheques on your account statement can indicate your inability to honor promises ordered by you through your cheques.
- Past due obligations on loans indicates the tendency to default again
- Inconsistencies in your means of Identification, which can be termed fraudulent, if there are no existing documents to show change of names or statuses.
- Differing claims from documented evidences i.e. income and existing loan obligations
- Keeping to time for meeting, this can tell if you will make prompt payments on loans
- Living ostentatiously above their financial means
- Spending trend and savings culture.

Character is like smoke, you can’t hide it for long. Be of good character someone is watching

CAPACITY
The question your loan officer is thinking in his head is, Does it look like you can repay the loan, and at the due date, if advanced?
The loan officer at this stage is checking for the borrower’s capacity in terms of his cash flow and liquidity. Cash flow to determine the frequency of your income, as this could be monthly basis or where some allowances are paid quarterly or annually upfront. Where cash flow can be sufficiently determined, the capacity to repay at due dates can be ascertained, or on the flip side the loan can be structured to fit into the income and liquidity structure of the individual.
The personal (salary) account will be reviewed as documented evidence that shows, the amount of income, the consistency pay day, the frequency of the payments and borrower’s liquidity and cash flow.
The statement will also indicate the consistency and compliance of the sources of income against which the loan is being structured, especially for employers who don’t honor payments on the set pay days, this becomes a risk factor for the lender and imminent default on the path of the borrower.

CAPITAL
Capital in personal loan? Do they have enough skin in the game? The take here for the loan officer is to determine if and by how much the borrower is committed to the repayment of the facility, also the source (job, trade, career e.t.c.) of income from which the repayment will come from, all this can be demonstrated by the borrower in a bid not to lose these important things, opportunities or privileges in the case of default.
The loan officer, by experience will determine these important things (financial, material, prestige, status e.t.c.) and ensure they are leveraged upon as a measure of commitment.

Do you have sufficient commitments, or leverage on other people under the loan arrangement, should the unexpected problems or hard times arise?

Examples of this type of capital are:
- Employment status; permanent or contract; probation or confirmed status…this would determine if the borrower is stable and have the stability and opportunity over the duration of the loan to repay the loan advanced.
- Materials substance ; property i.e. automobiles, fixed assets, property and their registration documents
- Relationships; guarantors, references and recommendations
- Professional certificates and medals; trade achievements and accomplishments i.e. happens a lot under the student loan schemes, where you only have access to your certificates when your student loan is fully paid off.
- Written and executed letter of consent to report to borrowers’ professional associations in cases of default

With the aforementioned the loan officer will then decide if there is enough capital for comfort.

COLLATERAL
Similar to Capital is the collateral element and the idea is to determine, the fall back arrangement where there is a failure on the repayment of the loan. The question the loan officer is willing to answer in this case is What if they can’t repay it?
There could be a consideration for place character, capacity, capital and the borrower passes yet repayment fails, what will the lender fall back on to recover the outstanding loan amount.

At this stage some of the elements of capital, the skin of the borrower in the game, can become collateral fall backs that can be liquidated.
Collaterals do not form the primary basis for which lenders should advance personal loans to borrowers, but they offer a possible basis for recovery when the unexpected happens and repayment fails.
As part of the loan agreement between lender and borrower, the valuable and tangible elements (capital) used in demonstrating commitment in the loan transaction can double up as collateral in cases of default, guaranteeing the recovery of the amount of loan advanced.
To qualify as collateral, the marketable value and tangibility of the capital element, assumes that they must be of higher value in relation to the loan amount advanced to the borrower.

Do I have personal collateral which I can offer? Is the property I own mine, or do I share it with my husband or family?

Examples of capital that can be adopted as collateral in personal loan arrangements are:
- Real estate – applicable in societies where 2nd mortgages are applicable
- Automobiles – this doesn’t apply to leases
- Precious stones and jewelries
- Medals
- Share certificates
- Savings Investment / Contribution schemes i.e. mutual funds
- Guarantors’ cheques

“This one is certainly getting more interesting. Lending institutions are reeling under the weight of real estate they never planned to own. As the economy softens, the value of collateral softens too”.

COVERAGE
Like the saying goes, “do not put all your eggs in one basket” the loan officer looks at the existence or the possibility of spreading your credit risk in granting you a loan advance. The spread can be in terms of:
- The spread in terms of tenor can be better short or long. The repayment period or tenor of the loan facility, a longer or shorter tenor can be determined by the loan officer as applicable.
- The spread of the loan amount among other borrowers, expels the concentration risk as much as possible, and spreading what is requested by an individual over a number of other borrowers thereby reducing individual exposures and tendencies of default.
- The amount of the loan repayment as a percentage of the net disposable income, according to regulatory frameworks in most countries, is acceptably about 30% of the net monthly income.
- The life insurance program of the borrower in cases of risk of death or disability
- The loan amount can also be insured from the risk of loss to prevent the occurrence of loses and secure protection for the lender.

Has the risk been spread?
A lender may not know how much insurance is adequate for a particular business, but certainly could spot that it is not there at all.


CASH FLOW
Is my job paying well and profitably? Do you have a good bookkeeping system that will allow me to demonstrate this to the bank? Can you produce my financial statements from this data? Is your cash flow sufficient to make the loan payments?
This is far more important amongst the other factors, since the whole essence of borrowing is to pay back at an agreed date from the cash flow ad liquidity of the borrower. Where the borrower cannot demonstrate a healthy cash flow it becomes an imminent risk in advancing a loan facility.
A borrower must be able to determine not just the amount of income expected, but also when it is made or paid, the frequency of payment, existing and recurrent obligations being serviced under the same level of income, their net disposable income, savings and liquidity level at all times through the year at a glance at the cash flow statement.
The cash flow of the borrower forms the basis for establishing the income and expenditure pattern of the borrower, and how successive loan requests are approved and structured.
If your income is paid on quarterly basis, it makes no sense to structure a loan that is payable on a monthly basis, thereby leading to default and past due obligations with accruing default charges when it can be structured appropriately.
[/b]

http://moneyfarmcapital..com/2015/07/the-x-factors-to-getting-personal-loan.html

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The couple had been drinking and didn't realise they were in danger until it was too late, it has been reported

CENA woman having sex in a car with her husband drowned after it rolled into a riverTragic: The man was able to kick in glass and escape, but the woman drowned
A woman drowned while having sex with her boyfriend in a car which rolled into a river.

The couple had been having a picnic and drinking by the River Kuban in Russia.

They then began making love in a Vaz-2115, the Russian car brand now known as Lada, and didn't notice the handbrake wasn't in place.

The vehicle then rolled back and into the river, LifeNews.ru reports.

The man was able to escape by kicking in a window, but the 35-year-old woman sadly drowned.

A police officer Natalia Smyatskoy told the news channel: "It's possible the man could not help the woman in time because of alcohol.

"A large number of bottles were found at the scene."

The car has now been pulled from the water as investigations continue.

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What do you think ?

The renewed war against cultism in Edo state has led to the arrest of 14 Junior Secondary School (JSS) students by the State Police Command over their alleged involvement in cult-related activities in Benin City.

The students whose age range between 12 and 15 were picked last Thursday by a crack team of policemen at Oguola Secondary School, located at St. Savioir Street, Benin City.

It was reliably gathered that the suspected teenage cultists are being screened at the state criminal Investigation Department, SCID, police headquarters, Benin City.

Principal of the school, Mr. Ehanire Reuben who confirmed the report, disclosed that eight of the students were nabbed at flash spots in the school compound.

He stated that their arrest prompted the police team to conduct a search on some students in the classrooms.

According to Mr. Ehanire, items recovered from the suspected cultists include items believed to be emblems of notorious cult groups in Edo State.

Prior to their arrest, some of the suspects were alleged to have attacked a student teacher in the school and other persons in the area. Personal items of the teacher, including cell phone and wallet were alleged to have been forcefully taken from him.

Edo police command spokesman, DSP Stephem Onwochei who also confirmed the report, stated that the raid on the school followed a tip-off.

He disclosed that even though the arrested students were underage, the paraphernalia found on the students called for proper investigation, adding that the command would not leave any stone unturned in its renewed war against cultism and other crimes in the state.

http://www.pmnewsnigeria.com/2015/05/20/cultism-14-jss-students-arrested-in-benin/

Dr. Ngozi Okonjo-Iweala, Nigeria’s Minister of Finance, is bowing out of office with the economy worse than she met it

As their members battle with hunger and inability to meet up with their basic obligations as a result of backlog of unpaid wages, Nigerian labour leaders indicated last week that they may have no other option than to ask workers to stay at home. Another round of industrial crises appears to be looming.

But as harrowing as the tales of the unpaid wages, especially of civil servants, teachers, doctors and others employees in the public service whose salaries even when regularly paid can barely take them home is, it is doubtful if the resort to industrial action can force a significant change in the salary crises. For one, most of the state chief executives have indicated that the remedy for rectification of the default in the payment of salaries and other emoluments of workers is beyond their powers.

The Governors, especially those elected on the platform of the All Progressives Congress, APC repeated their incapacitation on the matter of salaries during a visit to General Muhammadu Buhari, Nigeria’s President-elect early this month in Abuja.

“One of the issues that became of concern to all of us is the really bad shape of the Nigerian economy. We have come to notify the incoming president of the challenges ahead of him. As it stands today, most states of the federation have not been able to pay salaries and even the federal government has not paid April salaries and that is very worrisome. By May and June, the unpaid salaries will be in cumulative of three months,” Rochas Okorocha, Chairman of the Progressives Governors’ Forum, PGF who led his colleagues to the meeting with Buhari told journalists at the end of the meeting. He pleaded with the President-elect to consider implementing bailout measures that could at least, enable them meet their salary obligations to workers.

Dr. Ngozi Okonjo Iweala, the Minister of Finance and the Coordinating Minister for the Economy, did not find funny the claims by the Governors that the “bad shape” of the economy was responsible for their inability to pay wages. Indeed, going by her subsequent reactions, Okonjo-Iweala who had before now painted a rosy picture of the economy, despite all indications to the contrary, considered the claims by the Governors a direct attack on her management of the financial system in the past four years.

According to her, the claim by the APC governors-elect that they have been unable to pay salaries because the President Goodluck Jonathan administration has mismanaged the economy was wrong. Rather, she located the problem in the lack of prioritization.

The Minister also affirmed that Staff salaries at the federal level were up to date, as workers had received their April salaries. However, in the chest thumping dismissal of the claims of the governors, the Minister failed to tell Nigerians that the Federal Government itself has had to borrow from the banks to be able to pay its workers.

Okonjo-Iweala revealed later to journalists in Abuja that the Federal Government itself has been hemorrhaging in meeting salary obligations and that it has been doing so through massive borrowing. Shockingly, she revealed that more than half of the budgetary provisions for borrowing in 2015 have been used in the first four months to pay salaries and provide funds for overheads.

“Of the N882 billion budgetary provision for borrowing, the government has borrowed N473 billion to meet up with recurrent expenditure, including salaries and overheads. No capital release so far.” And like the Governors, she attributed the situation to the decline in revenues accruing to the coffers of government as a result of the fall in the price of oil.

This, according to Senator Abiola Ajimobi, the Governor of Oyo State, was unnecessary equivocation on the part of the Minister. Festus Adedayo, the special adviser (media) to the Governor said the fall in the allocation accruable to the states was responsible for the financial challenges being faced by states just as it is being experienced by the Federal Government. As he pointed out, allocations to state governments had generally reduced by 50 per cent while the Oyo State government which used to collect about N4billion now receives about N2 billion monthly, while it has salary obligation of about N5.3 billion. This, he said has made it difficult for the State to continue with its tradition of paying its workers on or before 26th of every month as it used to do.


Culled from TheNews website >>>>> http://thenewsnigeria.com.ng/2015/05/18/the-failed-minister/

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After what seemed like a respite following the onslaught on Boko Haram by Nigerian security forces and their counterparts from Chad, Niger and Cameroon, Nigerians were taken aback last week when the terrorists attempted to overrun Maiduguri, the capital of Borno State.

In another audacious move, the terrorists also retook a border town with Cameroon in the Northeastern flank last week and carried out some daring bombings that left scores of people dead.

It is sad that Boko Haram fighters are staging a successful comeback after they were flushed out of vast territories they had occupied in Borno, Adamawa and Yobe states. What really went wrong? Or did the security forces forget to apply the universal dictum that says eternal vigilance is the price of liberty?

With these renewed bombings by Boko Haram, the coast is not really clear for internally displaced people to return to their homes as being suggested in some quarters. It is really too early to ask them to return home when adequate measures have not been put in place to safeguard and to rehabilitate them.

No one could have imagined that Boko Haram could stage such a daring comeback so soon after they were routed a few weeks ago. With this development, a whole lot needs to be done to keep the terrorists at bay. One of the options is to settle for is troops surge in the affected areas. If more troops are deployed to the towns that have been liberated, it would be difficult for the terrorists to have an easy ride to towns to carry out bombings.

All over the country, especially in the southeast, south south and north central zones, thousands of soldiers who were deployed to quell communal uprising over a decade ago are still in such locations long after they have completed their assignment. They could be deployed to the northeast rather than left to mount road blocks on the nation’s highways or allowed to carry out the traditional role of the police as is the case today across the country.

The gains made by the armed forces should not be frittered away by allowing the terrorists return. We hope the incoming administration will effectively tame the Boko Haram incubus once and for all so that the thousands of internally displaced persons can return to their homes and after the extensive damage the war did to their homes and economic wellbeing is restored. We must the war and the battle also.

There are strong indications that former Governors of Ogun State, Aremo Olusegun Osoba, and Otunba Gbenga Daniel and their supporters are heading back to the All Progressives Congress (APC).

Daniel and his supporters defected from APC to the Social Democratic Party (SDP) ahead of the 2015 general elections.

Osoba was a founding father of the APC but a disagreement with Ogun State Governor, Senator Ibikunle Amosu, also of the APC, and the inability of the national leadership of the APC to settle the quarrel led to his moving to the SDP with his supporters.

He also alleged marginalisation of his group by the national leadership of APC as the reason for the defection.

Osoba and his group contested and lost the last election on the platform of the SDP, though there were several last minute moves to reconcile with the APC.

P.M.NEWS reliably gathered that the reconciliation moves have been revived and delegations from the APC have met twice with Osoba in his Abeokuta home to ensure his return to the party.

Sources close to the two time former Governor of the Gateway State confirmed to P.M.NEWS that the first delegation led by the National Deputy Chairman of the APC and former Governor of Ekiti State, Engineer Segun Oni, met with Osoba immediately after the Presidential and National Assembly elections in Abeokuta.

“I was with oga (Osoba) and the delegation led by Engineer Oni came. They told him to come back to the fold. They even wanted him to withdraw the SDP candidates from the governorship and state assembly elections. However, he stated that inasmuch as he will want to return, he cannot withdraw the SDP candidates from the election at this eleventh, noting that it will negatively affect his political status. He, however, stated that after the elections they can meet again,” our source said.

After the governorship and state assembly elections, another delegation led by another former Governor of Ekiti State, Dr Kayode Fayemi met with Osoba in his Abeokuta home and the subject of discussion was his return to APC.

For now, Osoba is out of the country and our correspondent learnt that when he returns, further meetings on the reconciliation move will be held to cement the agreement.

P.M.NEWS also learnt that Otunba Gbenga Daniel is also set to rejoin the APC fold.

Daniel was a member of the Alliance for Democracy in 1999, but left to join the Peoples Democratic Party, PDP, to contest the 2003 election against Aremo Olusegun Osoba in Ogun State. In 2011, Gbenga Daniel founded the PPN to install his protégé, Gboyega Nasir Isiaka a.k.a. GNI, as his successor after irreconciliable differences with former President, Olusegun Obasanjo-led PDP. GNI, however, lost the election to present Governor Ibikunle Amosun.

In the run-up to 2015 elections, Gbenga Daniel first held a long romance with Labour Party, LP, in Ogun State, then dumped it to join the Peoples Democratic Party, PDP. But his association with PDP was soured by his frosty relationship with Prince Buruji Kashamu, who denied Gbenga Daniel the Senate ticket for Ogun East.

Of recent, Daniel has been making moves to reconcile with APC leaders and was present at the wedding of Dele Alake’s son at the weekend.

http://www.pmnewsnigeria.com/2015/05/18/osoba-daniel-set-to-join-apc/

“During the last campaign period, the devil struck me. I was in pain and was rushed to the hospital in January and the doctors told me, ‘mama, you have to go for a major operation now now.’

“What again? I asked. The campaign was still going on and I wondered how we were going to explain to Nigerians.

“You know that even when you go for medical check-up, they will be writing in newspapers, saying all sorts of things.

“I said my husband will continue with his campaign until the last day. That was how I went in for the first major operation (surgery) in the end of January.

“By God’s grace, I went for the operation (surgery) and came out. On my return from there, I went straight to the campaign ground.

“They said to me when I was leaving the hospital: ‘mama, there is another bigger operation that you have to go in for again. This one will not be in this hospital. This hospital is too small for the type of operation you need when you come back. You have to go to a bigger hospital.’

“I said ‘ha! while will you tear my body again after I had done 12 operations within one month last year?

“I said my God will see me through because he created me for a purpose. I told my prayer partner to continue praying for me. I said to myself that I will never be used for a sacrifice.

“I was booked for the operation in a bigger hospital and I was asked to go back to Nigeria and return after the campaign. They gave me a date. When I went back, I paid for everything and just when I was to be taken into the theatre, the doctors said, ‘let’s check her again.’

“By then, my husband had lost the election. I had packed out of the Villa. Behold! I went to four hospitals again and the thing was said to have vanished. My doctors were surprised; they didn’t believe that that could happen.”

Mrs. Jonathan recalled that many people thought it had ended for her when she went through 12 surgeries about two years ago.

She said although she was “dead,” God sent her back to complete her work.

But the President’s wife added that her husband’s electoral loss was an indication to her that she had completed the work given her by God.


http://www.punchng.com/news/i-was-flown-out-for-surgery-during-campaigns-patience-jonathan/

Six persons were killed on Sunday when the groom’s father at a wedding in the northern Serbian town of Kanjiza, ran amok, killing the bride, her parents and several others.

After the shooting, which police said was triggered by a family feud, the shooter, 55, committed suicide with his hunting rifle. He was said to be opposed to the wedding: he did not like the bride.

Serbia’s interior ministry in an e-mailed statement blamed “bad family relationships,” for the killer’s action.

The victims aged between 20 and 70 were family members of the bride and the groom, Belgrade-based newspaper Vecernje Novosti reported.

While police did not confirm how the shooter died, the newspaper said the drunk man killed himself.


http://www.pmnewsnigeria.com/2015/05/17/grooms-father-kills-bride-5-others-at-wedding-party/

Police in Lagos have arrested four suspected members of the 22-man robbery gang that invaded the Lekki branch of First City Monument Bank, FCMB, two months ago in Lagos, killing five persons.

Recovered from the suspects were a 2008 model Honda Accord car purchased by one of the suspects from his share of the loot; a white Blackberry Z10 phone, one Apple i-Phone 5, one military face cap, used during the operation, and 120 expended ammunition.

Preliminary investigation revealed that some of the suspects were oil bunkerers recruited from Delta, Ondo states and Arepo in Ogun State. They were identified as Duke Odogbo, 38; Lawrence Kingsley, 31; Ebi Tosan, 20, and Ekelemo Kuete, 30.

One of the suspects, Odogbo, who gave a graphic explanation of how the bank robbery took place, revealed that it took the gang 24 hours to plan the operation at Tarkwa Bay.

He further told a crowd at the Police Command headquarters, where they were paraded, that his share of the N15 million loot was N500,000.


'I was invited from Warri'

According to him, "I was invited by a friend from Warri, Delta State, to come for bunkering job. But on reaching Lagos, I was told it was a bank robbery.

"I told them I was into bunkering and not robbery. But because they told me we were going to make much money from it, I decided to join them.

"On the day of the operation, we left Tarkwa Bay at about 4.30 p.m., in two boats; with 11 persons on each. But one of the boats developed fault on the way. We all entered the good one.

"We got to the bank few minutes after 5p.m. Immediately we left the canal, some of us went to the road and started firing, thereby making way for those of us that would go inside. I led the team that went in.

"We were all putting on Army camouflage. I shattered the entrance glass with bullets and when we got inside, we demanded for the money realized for that day. The manager told us they did not make much.



"But we broke into one of their strong rooms where we got some money. We also broke into two ATM boxes, but there was no money in either of them. We told ourselves that the operation must not exceed 40 minutes.

"To my surprise, by the time we were leaving, I discovered that my colleagues were with seven extra rifles. When I asked, they said they saw some policemen in a van, concluded they were there for us and shot at them. I was not the one that shot the policemen. I did not kill anyone.

"It was when we got to the forest, located in an island in Ikorodu that we discovered that the amount stolen was N15 million and I got N500,000. I used my share to boost my bunkering business.

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