₦airaland Forum

VeeBabs:
Every good mathematician knows that when a number is INCREASED by a factor, say, 70%, DECREASING the new value by the same factor DOES NOT RESTORE IT TO ITS ORIGINAL VALUE.

Example:

Take N100.

Increase by 70% (N70) = N170.

Now, decrease N170 by 70% (N119).

N170 - N119...

What do you get?

Answer = N51.

Now, does your original N100 = N51?

No.

But you INCREASED and DECREASED by the same percentage?

Do the math yourself, if in doubt.

I'm not defending anybody, but even if a merchant does this "trick", he still ends up giving you nearly HALF the original price of an item.

Just pointing out the flaw in a common logic I've heard often.

chinon:
....yes we might be over flogging this issue but my dear that video aint a videoshop movie.

Governor Olusegun Mimiko of Ondo State has found himself in potentially serious legal jeopardy in the United States of America as a US-based lawyer, Andrew Uchemumu, has filed a lawsuit over the governor’s alleged breach of a 2013 contract. In the lawsuit, Mr. Uchemumu alleges that the governor caused a Maryland-based company to illegally jettisoned him as the attorney in a deal with a chocolate manufacturing company, SpagNvola LLC.

The lawsuit alleges that Governor Mimiko arrived in the state of Maryland in September 2013, booked himself into a presidential suite at the Gaylord Resort and Convention Hotel at National Harbor and staged an elaborate ceremony to announce a partnership with Messrs SpagVNola Chocolatier, relatively small factory producing Chocolate from Cocoa imported from the Dominican Republic. According to the lawyer, Mr. Mimiko made an undertaking that Ondo State would soon commence production of chocolate bars in partnership with the chocolate firm.

Governor Mimiko subsequently claimed that he would set up a chocolate processing company in Idanre, Ondo State. However, his administration, with its tenure about to end, has not even laid the foundation for any factory. SpagVNola company has not produced a single bar of chocolate from Ondo State.

Mr. Uchemumu’s lawsuit accuses Governor Mimiko of encouraging SpagnVola Chocolatier LLC to discontinue any legal relationship with the law firm after the law firm had rendered important legal services to SpaGNVola .

SaharaReporters obtained the 7-page complaint filed by Mr. Uchemumu’s law firm. No date has been fixed to hear the lawsuit.

Saharareporters could not ascertain the nature of Mr. Mimiko’s relationship with SpagNVola. When our correspondent contacted the company by telephone, an employee insisted that all inquiries to the head of the firm, Eric Reid, have to be submitted via email. As at the time of going to press, Mr. Reid had not responded to questions emailed to him.

The lawsuit could force Mr. Mimiko to avoid visits to the US where he could be subjected to grueling deposition that could expose other shady dealings should the litigants succeed in moving the case to trial.

A banker, Mr. Aliyu Suleiman, has been jailed for 195 years by the Kano State High Court for stealing N21million belonging to a community-owned microfinance bank. On arraignment, before the court presided over by Justice Dije Abdu Aboki, the convict pleaded not guilty to the 105-count charge brought against him by the Economic and Financial Crimes Commission (EFCC). The convict was arraigned by the EFCC on September 30 2014, for allegedly stealing over N21million from Albasu Microfinance Bank.

But in her judgment, Justice Aboki sentenced Mr. Suleiman to two years on the first 44 counts of the 105-count charge and a fine of N300, 000 on each.

The judge pointed out that where the convict defaults in the payment of the fine, he is to serve additional six-month imprisonment on each count.

From counts 45 to 74, the convict was sentenced to a fine of N500, 000 or 12-month imprisonment on each count, while on count 75 to 105, he is to pay a fine of N200, 000 or face a 12-month imprisonment on each count apart from 97, which was considered a duplication.

The sentences are to run concurrently.

The convict was also ordered to refund the sum of N14. 8million as restitution to Albasu community or spend five more years in prison.

Mr. Suleiman, a former staff of the defunct Oceanic Bank, was engaged and entrusted by the Albasu Community to take charge of its microfinance bank.

While in charge, the convict breached that trust by siphoning over N21million by forging signatures of the other signatories to the funds.

lovat:
Mynd44 i hope you are aware that i can descend on this monikers without any scratch on my back.



I'm not a saint when it comes to causing people.


To the Op. Is Tinubu your father or what did you do when Gej is called ineffectual buffoon.


Wetin concern me with the matter. I resemble naij.com ni


You guys started it so you should endure it

The feud between the National leader of the APC, Asiwaju Bola Tinubu and the party chairman, Chief John Odigie-Oyegun is affecting the finances of the party, NAIJ.com has been told.

A senior chieftain of the party who spoke under the condition of anonymity, confided in NAIJ.com that all is not well within the party because of Tinubu’s withdrawal of financial support to the party headquarters.

“Things have gone from bad to worse,” the party chieftain told NAIJ.com on phone, “Ever since the refusal of President Buhari to fund the party activities, Asiwaju has been the sole financier of the party.

“But he has withdrawn his support due to the way he was humiliated by the party chairman in the Ondo primary.”

Asked to comment on the rumours that there are plans by anti-Oyegun elements in the APC to remove him and include his name in President Muhammadu Buhari’s ambassadorial nomination list, the party chieftain said it is true.

His words: “I can confirm that the report is true. The truth is even members of the APC NEC have lost confidence in Oyegun.

“Why do you think they have not come out to pass a vote of no confidence on him, which is the norm in politics when a leader is under duress.

“Majority of the NEC members are tired of Oyegun’s antics and they are all pre-occupied with positioning themselves for government appointments than staying put in party politics.”

NAIJ.com reached out to another chieftain of the party who corroborated the story. He pleaded for his identity not to be revealed because he was not authorized to speak on such matters.

He said: “Baba (President Buhari) has not sent a kobo to the party since he came into office. When we went to Aso Villa to complain, he asked the party chairman how the monies for the forms sold to party aspirants was expended.

“The party chairman could not give a reasonable explanation, so baba asked us to go and look for ways to make money for the party.

“Tinubu has been the one funding us since then because we could not even approach the governors knowing their situation.”

NAIJ.com efforts to get the APC official reaction to this report was not successful as at the time it was published.

Yesterday, there were media reports that the national secretariat of the APC in Abuja has been thrown into darkness following the party’s failure to offset the N1.7 million debt owed Abuja Electricity Distribution Company.

An electricity receipt pasted on the gate of the APC secretariat which was seen by Vanguard showed that the party had only recently paid N500, 000 of the debt.