₦airaland Forum

QueenNyakim:
But God is just a fictional character delusional people believe in. So, there is no helping to whoever you are replying to.

Okay.

Shaytun:
A lot of petrol station will close down in the coming month.

This is how you fight corruption, not using efcc to chase people up and down.

And this was in 2018, the number of petrol station will have doubled by now.

There are economic zone and “cities” in Cameroon where there are no single fuel station, every body there depends on smuggle fuel called “Nzoa” from Nigeria .

Just 3 words in his inaugural speech:

Subsidy is gone.

Boom:

Ripple effects immediately.

PBAT, I campaigned for you throughout immediately Osibanjo lost the ticket. Now the real work begins.

Set up your team this June and encourage the private sector to create your cherished consumer credit system to cushion the effects of the subsidy removal. God help you and your team.

Pkid1:
Person wey don reach 1 year. Which time you wan give am again.

Such is life. You campaign with poetry and govern with prose.

theenchanter:
u're right.

I'm no economic expert but maybe a free float would be better than outright devaluation.

68816419:
Why are Kenyans calling the man a liar?

They already have a list of many things he promised but yet to fulfill in 8 months.
When a presidential candidates talks too much, that's what you get.

Mkenya2019:
https://www.bloomberg.com/news/newsletters/2023-05-23/next-africa-dangote-refinery-opens-with-fanfare-but-no-fuel-yet

Even the International Monetary Fund doesn’t see it reaching a third of its 650,000-barrels-per-day capacity in 2025. More likely, the commissioning was timed for Muhammadu Buhari to preside over a symbolic ceremony before he steps down as president next week.

I already told you even before the commissioning then that it would begin with about 300,000 barrels later on this year. This is no news.

QuietMynd:
Phase 4 of land reclamation of eko atlantic has resumed

With Tinubu as president, no way Eko Atlantic would be abandoned. Lucky Eko Atlantic.
Top private investor in Eko Atlantic is/was a close ally to Governor Tinubu in Lagos.

I believe that report earlier today of a devaluation by a news outlet was planned. The CBN and the federal Government were probably testing the waters of the black market.
Probably later in the day when they felt they've seen enough, they then debunked the rumour.

I said it.

Translation:

The new President of the Federal Republic of Nigeria has taken the decision to no longer subsidize the purchase of petroleum products. This measure will result in an increase in the price of contraband gasoline called "Kpayo" in Benin in the days to come.

Subsaharan:
oh wow! do they have fuel subsidy too?

Their big daddy has been subsidising for them. Don't ask me who that father christmas is 😄

Subsaharan:
It's the official rate that would come closer to the black market rate, not the other way around. That's the only way to make the rates converge. They could try to attract Dollars into the economy to reduce demand but for that to happen, a lot of reforms need to be implemented. Truth is if the currency is around to float, it's the market that would decide what the rates would be. Not the CBN governor or the president.

After all said and done the exchange rate (without subsidy) would still settle between 500-600 naira (or even better with some reforms), which is just at the middle between 460 and 700 naira.

Subsaharan:
Sharpp!

Edit: oh!🙂

Instead of devaluing outrightly, I think they should find a way to make the black market fall instead. At the end, we may have it settle between 500-600 naira.

Shaytun:
Naira has been devalued.

https://dailytrust.com/exclusive-cbn-devalues-naira-to-630-1/

CBN did not devalue the naira yet.
Speculation by dailytrust newspaper.

coputa:
Elumelu should be appointed as the CBN governor,Emefailure should not be retrained.

Elumelu?? Nah.

emmachukwu99:
It will not work.

You can't have USD in banks like that. Na parallel market e go still dey, with high price.


Expect 1000/1$

But I heard parallel market has been gaining this week though.

RepoMan007:
Double subsidy removal in action. Next is inflation of commodities and the cry of the masses, then comes a massive paradigm shift in how business run.

Were never gonna be easy decisions no matter how I look at it.

Shaytun:
Naira has been devalued.

https://dailytrust.com/exclusive-cbn-devalues-naira-to-630-1/

Also Parallel market now 712 naira from 765 naira last week. Convergence gradually happening.

solmusdesigns:





The new Cabal

Remi Tinubu, Seyi Tinubu and folashade Ojo

One of the best FirstLady of Lagos State..

Her spelling bee competition

One day Governor contest



.

Well, this looks like a more sexy cabal than what we used to have though.

rvp2018:
Dangote soon will buy Senate to impose import ban of refined fuel - to "save dollars". Abuja will play along after getting huge bribes. Then he will monopolize the market.

You and this Dangote, Dangote, Dangote. He is not even that popular in Nigerian business and political discussion as you make him here.

Subsaharan:
I'm really happy he had the balls to do it. His first meeting was with the CBN governor and the GMD NNPC. it all seems the naira has been pegged closer to or around N600/1.

In the coming months, Fx arbitrage should be gone too, that was very wasteful and only benefitted the elite.

Tinubu is currently between a rock and the deep blue sea 😂

LagosFirstSon:
Tinubu should be kind enough to clear the debt from the money in his bullion vans if truly he love this country

After all , he told the world on national TV that he's richer than Osun and Lagos states and being a president is all about sacrifice

Bullion van don loss since.

Shaytun:
Shut up

The fact is Tinubu or no Tinubu, subsidy had to go now.
However, I am looking forward to Tinubu's plan on palliatives in some form or another.

Shaytun:
So NNPC has been responsible for paying fuel subsidy.

Instead of remitting to the federation account, they instead tide the money for subsidy payment

But this is not new info.

taylor88:
Do you know the most difficult job on earth right now?

Imagine your job is to write Tinubu’s Biography?

Where you wan start?

How you wan get information of “15 things you should know about Tinubu”

Whoever that’s doing that Job now must be sweating heavily bcuz Omo

Writing Tinubu’s biography is like writing attributes of a ghost

Where you wan start from?

Date of birth
Education
Family
Growing up
Source of income
Cocaine and heroin etc

Guy you go faint looking for what doesn’t exist

Here are some quotes from Tinubu himself on his Chicago University performance:




Tinubu at 69: His life story, from rugged early period, escape to exile, others
Monday, March 29, 2021 3:34 am



Asiwaju Bola Tinubu


Today, Monday, 29 March, 2021, Asiwaju Bola Tinubu is 69 years old, 12 months shy of the landmark 70. He was born on that day and month in 1952 in the city of Lagos, Nigeria.

Here is a marathon interview he granted our organisation. He spoke about his rugged beginnings, studies in the USstruggles against the military for the actualization of June 12, the current democracy and others.

How do you feel about your birthday, especially with the political turbulence you had to go through, starting from the NADECO years, exile, your return and the politics of the 4th Republic?

I feel very good and I pray to God to continue to grant me long life. The NADECO period was a very turbulent period for all of us, but I am happy about the role the media played. For example, I am glad that your magazine has continued to maintain the objectives, character, professionalism and principles of its founding members in the promotion of democracy in the country.


I remember vividly that the top management staff of TheNEWS magazine were employees of the rested African Concord. Then, they did a story in African Concord, which embarrassed the military government, and they were asked to apologise. But they refused, stood by their story, with a firm conviction of their professionalism and integrity. They opted to resign instead, and without hope of another job. It gave some of us joy and pride that there were young and vibrant men who were committed to the rule of law, professionalism and who could exhibit a great deal of character.

Bola Ahmed Tinubu
Bola Ahmed Tinubu

The NADECO years was a turbulent period to really rescue democracy. It was meant to guarantee freedom, protect Nigerians, ensure enduring adherence to constitutionalism.


I disguised with a huge turban and babanriga and escaped into Benin Republic on a motorbike. My old Hausa friend gave the clothes to me. In fact, when I appeared to Kudirat Abiola, she didn’t know that I was the one! I gave her some information and some briefing. I left at 1 a.m. While in Benin Republic, I was still coming to Badagry to ferry people, organise and coordinate the struggle with others on ground. We put a group together, ferrying NADECO people across. It was a very challenging time. I can’t forget people like Segun Maiyegun and other young guys in the struggle. I would come from Benin to hold meetings with them and sneak back.

Given the way you have turned out to be a fearless politician, I hope it is not unreasonable to assume that you were not a compliant child while growing up. What were those pranks you played and how were you dealt with when caught?

I admit that I played some pranks and got spanked while growing up. Yes, I indulged in some pranks, like trespassing into other people’s gardens to pluck oranges, despite warnings not to do so. I would spend my allowance on bicycle renting. I told a couple of lies. For example, I would collect money from big uncles for the purchase of five books – Dic, Tion, Na, Ry –) instead of one dictionary! It was only one that I needed. I did that so as to have enough money to play around, rent bicycles and buy sneakers. I would play football, go and play at the lagoon, and turning out very dirty and rough in the evenings. There were so many of such pranks.


I would seize football from my mates and take it home. The boys would come to the house, asking for the football and my parents would spank me and order that I return the ball to its owners. There was a time I asked my uncle, the late Kafaru Tinubu’s dispatch rider to lend me his motorbike to ride. One day, he gave the motorbike to me to ride. As I got back home, my uncle, who had travelled and was not expected back at the time, had arrived. He caught us and ordered that we be locked up. It took a while before he released us, and I was severely flogged.

I was taking the third Accounting class and equally working as a security guard at a construction site. They were very serious with their kind of security. You just had to do that job. There were about six points with six clocks at the site, which the security man must wind every hour and with a dog in hand. So, there was never a chance of trying to catch a nap. As I was doing my accounting assignment, I fell asleep. I was dead asleep! The inspector came to the site and found me sleeping, with my head on my books. He simply pulled the register and wrote: ‘I have been here. You were sound asleep. So, see me tomorrow.’ When I woke up, I found that Skiddo (the dog’s name) was gone, and then the register. I just went to a corner, cleaned my face and concentrated on my assignment because I knew the job was already gone.

There were instances in which I and few of my friends would sneak into the truck of musicians, like the late Adeolu Akinsanya and Roy Chicago, without knowing where they were travelling to for musical performances. We would hide ourselves in their instrument trucks. There was a particular day when we did that and found ourselves in Ado-Ekiti, somewhere I had never been before. We did not know that he was going to perform at Christ’s School, Ado Ekiti. We had no money to return to Lagos and were stranded there. We couldn’t follow them back to Lagos because they were headed for another location, where they had a show. We managed to get to Lagos by jumping on a cocoa truck that was coming to Lagos.

Can you tell us those your friends with whom you played pranks?

Tunde Badejo, Bolaji Agaba, Rasheed Abina, Tunde Adeyemo, the late Sola Popoola… We really had a good time. There was a particular time 11 of us packed ourselves in a Volkswagen Beetle and headed to the University of Ibadan through Majidun/Ikorodu Road for the Havana Nite. As we were going through Majidun, one of the car’s tyres burst and we had a serious accident. I thank God that I am alive today.


Bola Tinubu

In the midst of these, when did it strike you to travel out of the country?

I was lucky. Even though I was ambitous about travelling out of the country, particularly as my friends like Folabi Salami and Tokunbo Maxwell had just travelled to Germany, I would say that I was just lucky.
Others, like Nurudeen Olowopopo, of blessed memory, and Sola Popoola headed for the United States and it remained Tunde Badejo, Bolaji Agaba and myself. So, the three of us were determined that we must get out of Nigeria, too. I went to Ikenne, with my late sister, for a big ceremony. We had gone to pick bottles of Coca-Cola from the cold room and wanted to quickly return to the St. Saviour’s Church, where my sister was. There was a sudden rain of bullets and had we not been rushing to the church to ensure that we didn’t miss what was going on there, I would have died. The young man that was standing with me was hit. He slumped and died.

Based on the sad incident and how I had narrowly missed death, my family said to me: ‘This boy, you have always said that you wanted to travel out of the country, it is time to do so.’ So, my mother gathered some money, sold her trinkets to make up for the remaining part of my allowances and joined it with proceeds from the sale of the Volkswagen Beetle given to me by my uncle, the late Ganiyu Tinubu, who used to work at Simpson Street, Ebutte-Metta. He had a Beetle car he bought from a Canadian and had it converted into a convertible, which I used to drive. Nobody taught me how to drive. He asked that I sell it and add the proceeds to the money I needed for my trip. That was what I did.

The MD of Mobil, Bob Parker, thought I was crazy when I told him I wanted to join politics. I also told the Finance Director, Akinyelure, that I wanted to join politics and use my brain for my country and that I couldn’t continue to be an armchair critic. The two of them could not believe what I said. They said, given my career path in Mobil, if there was any chance of anybody becoming something there, then I would be the one. I stood my ground and said I would give it a try.

Bolaji Agaba and I left the same day for the United States, while Badejo left some months later. We got our visas through my family connections. Bolaji’s own had almost expired before we left. On our arrival in the US, we thought we would stay in New York. But Nurudeen Olowopopo said no and we put some money together for Bolaji’s ticket and we headed for Washington D.C. I stayed with the late Sola Popoola at Washington before we started finding our way. We were running out of funds then.

He helped us secure a one-room apartment in Alexandria, Virgina. We got an unregistered used car (they left the licence open) commonly called Gypsy, which we ran as a taxi. We operated at the airport, where we picked passengers, and not anywhere else, like the hotel because it was forbidden for unlicensed cab drivers to do so. We did that for a while to raise some money. We did, and Bolaji went to Tennessee, while I headed for Chicago.

Was it through cab driving that you were able to survive?

It was aimed at getting additional money to what I had. I always liked to have a life of comfort. Tunde Badejo and Olowopopo told me that Chicago was very cold, so I told myself that I must have a car. I was supposed to have started schooling in April. I deferred it till September in order to have more money. Immediately I got to Chicago, I went straight to Richard Daley College. It was very interesting. I was able to pay for my apartment and tuition fees at the Chicago State University. I supplemented that by doing different menial jobs like door guard and security man.

Can you tell us some unpleasant moments that you had then?

One experience I will not forget was when I over-charged a naval officer, who was returning to the country. It was not intentional. Apparently, I didn’t know the direction; there was no GPRS in those days to locate directions. So, he gave me the direction to his house in a Virginia suburb. I gave him the price and the man responded with a slap to my face. He said I should know the correct fare to charge to the location he mentioned. He slapped me and gave me the money.

Another experience was when I took a guy whom I didn’t know was drunk. When I drove to his house, he pointed a gun at me instead of paying the fare. He took my leather jacket and said: ‘Get into your car and get lost.’ He did not pay. Another interesting one was when I was taking the third Accounting class and equally working as a security guard at a construction site. They were very serious with their kind of security. You just had to do that job. There were about six points with six clocks at the site, which the security man must wind every hour and with a dog in hand. So, there was never a chance of trying to catch a nap. As I was doing my accounting assignment, I fell asleep. I was dead asleep! The inspector came to the site and found me sleeping, with my head on my books. He simply pulled the register and wrote: ‘I have been here. You were sound asleep. So, see me tomorrow.’ When I woke up, I found that Skiddo (the dog’s name) was gone, and then the register. I just went to a corner, cleaned my face and concentrated on my assignment because I knew the job was already gone.
You can’t lose two things. I ensured that I read well for my test and passed the next day. I opted to post their uniform and the cap to them, but suddenly ran into the man and he handed me my cheque and said the job was gone. I told him I knew and we said goodbye to each other! I had to start looking for another job.



Tinubu
Tinubu

Were you tempted to stay back in the US after your studies?

To be honest with you, yes. I was lucky when I got to Chicago State University. I entered the university with honours from the Richard Daley College, because I got credit in majority of the Accounting courses.

After the first term, I was one of the candidates on the Dean’s list and my professor, Joe Jesse, commended me for my hard work, class participation and brilliance. He said that I would be lucky if I could keep my activities and brilliant results up till the end of the term. He didn’t say more or in what form the luck would manifest.

At the end of the term, and still on the Dean’s list, Professor Jesse came around to inform me that he would employ me to manage the Accounting laboratory for the institution. He gave the letter of employment to the dean of the faculty. The following week, I was called upon to take up employment as a tutor in the institution because I was very good at Mathematics and Accounting. I met Tunde Badejo in the school; he was a year ahead of me. But I told him (we took a bet) that we would graduate the same year and he didn’t believe. Later, when I was given a scholarship to become a tutor, I took the letter to Tunde Badejo and said: ‘See, the school is paying my tuition.’ He was amazed. That was how I became a tutor, with my tuition being paid. Tunde Badejo majored in Mathematics, and having been challenged, his performance got better the following semester and he also became a Maths tutor in the Department of Mathematics and Computer Science. I was challenged and severely under pressure to keep up the grade as each semester rolled by, because if my grades should drop I would lose the scholarship. It was quite challenging and in the end, I graduated top of my class and I was recruited as an Accounting major. There were big accounting firms then. Touche was number nine. I was recruited. And I still got other job offers. Then there were eight big accounting firms in the United States, including Arthur Andersen , Arthur Young, Ernst and Whinney, Peat Marwick and Mitchell, Deloitte and others. Out of the big eight, five of them offered me jobs and that was school recruitment–right on the campus.

I told them that people do it in America and Bob Parker agreed. They said they would give me a leave of absence for four years, during which they would not fill my position. They later said that they would not stop me because it would rub off positively on them if I became successful in politics. They told me to come back and take my position if I found it uninteresting and unchallenging.

"I was on the Dean’s list; I was in line for the award for the overall best counting student as well as that of the university scholar’s award. With that, the big firms would continue to woo you. Despite the five job offers, I was equally offered employment by IBM and others. Professor Jesse called me and advised that I should not be arrogant. He asked that I remove my name from the career placement centre because, according to him, the more they saw my grades, the more I would be sought after. He said that might hinder other accounting graduates from being recruited and that the faculty wanted as many accounting graduates as possible to be recruited by the big companies. So I went and removed it. Usually, there was a benchmark for recruitments by the big professional accounting firms and they didn’t go beneath that. I got an offer of $20,000, with travelling allowances and all that. It was big money for me at the time".

taylor88:
Do you know the most difficult job on earth right now?

Imagine your job is to write Tinubu’s Biography?

Where you wan start?

How you wan get information of “15 things you should know about Tinubu”

Whoever that’s doing that Job now must be sweating heavily bcuz Omo

Writing Tinubu’s biography is like writing attributes of a ghost

Where you wan start from?

Date of birth
Education
Family
Growing up
Source of income
Cocaine and heroin etc

Guy you go faint looking for what doesn’t exist

Well, I think here's a good place to start. Long but worth the read.

https://thenewsnigeria.com.ng/2021/03/29/tinubu-at-69-his-life-story-from-rugged-early-period-escape-to-exile-others/

rvp20182:
You're most consistent fool here..that t I give you...consistent in foolish thoughts..you're likely to enjoy warmth of burning house..strange because west Africa is burning furnace..poor West Africa

Mumu.

Obaaderemi2:
Yes, we all know Buhari didn't make provision for the subsidy beyond June, something he wasn't bold enough to do in his eight years.

Reason was that he was waiting for functioning refineries.
I believe someone bold enough to close borders for years despite the opposition to it from many quarters, and at a time ban Twitter for a year when one of his twitts was blocked can also remove subsidy if he wanted.

Nigerian equities rallied 5.2% following President Tinubu’s inauguration speech, termed a “TinuBULL” by analysts.

All market indices posted positive gains, with the NGX30, NGX Banking, and NGX Industrial indices gaining 5.58%, 8.2%, and 6% respectively.

Market turnover rose 10%, total volumes traded increased by 133.5%, and the market capitalization of the All Share Index surpassed N30 trillion.

Obaaderemi2:
The day I need a specimen like you to tell me where the bear shits in the wood is the day I leave Nairaland for good. No sane person needs anyone to tell them dual exchange rate system is crazy or that subsidy hurts an economy like Nigeria's where revenue is meagre. What I've always suggested is gradual removal or reduction of subsidy. Removing it abruptly might send the economy into a tailspin.

Buhari already removed subsidy as there is no provision for subsidy in the budget beyond June. All Tinubu did was make it clear to the Nigeria public he was not going to piggyback on what Buhari has done already which is removal of subsidy by end of June.

"President Bola Tinubu alongside the First Lady and Vice President Kashim Shettima today resumed duties at the State House.

As part of his first full day in Office, President Bola Tinubu received briefing from the CBN Governor, Godwin Emefiele".

It seems Tinubu as a former Mobil Treasurer is more focussed on the CBN.