₦airaland Forum

Outstrip: There is nothing I hate more than a parent that tries to turn kids against the other. Even if they are separated or divorced. it is very cruel to get kids involved in your stupid decision to marry the wrong person. Kids do not have the capacity to understand things. It is very stressful for them. Now let me go to the OPs post. I am not sure how this man told you guys this or how you have chosen to interprete it. You pointing out that her salary is meager yet she yells at him makes me feel that the man is not innocent in this. Would it be okay if she made more money? Would it be more bearable for her to keep being abusive. Anyway it's only the man that knows what really happens in his home. it looks like he and his wife are doing a fine job of destrying their home. She telling their children and he telling his coworkers

You dey vex me! I just want to punch you from this screen now. If it was the other way round you won't be saying this. N O N S E N S E!!! I blame the guy for marrying a village girl!!!

Seun: So you are saying some things can exist without being created by a designer, as long as we define them as such? Why not the universe, then? Could the universe not just simply have existed forever, just like you think God existed? When if we define the universe as a thing which has always existed and always will? If we do that, then we don't need the concept of God to explain things!

Scientifically, the Universe isn't "forever." It's called the Big B a n g Theory! The universe was formed after a large explosion. Following your same pattern of logic, can something with a beginning not have an end? Can something come from nothing? Or do you belong to the Hawking school of thought that holds the universe emerged from nothingness?

Question: Why Do Local Girls Get Aggressive When Caught Cheating?

Answer: Because local girls are generally aggressive.

femi4: It seems nobody dey send liverpool matches again

Not until Kenny leaves with his mid-table-hustling players, and Benitez returns with classy players! Benitez had little finances at his disposal, still, have a look at the team he was able to put up. This guy has all the money at his disposal, instead he buys overpriced UK mid-table hustlers!! I doubt people would like to watch getting trashed by red-zone teams.

Nice Counter, good job PArker!

How was that goal missed by THam players?!

This match looks damn boring! The one day I say I want to watch soccer, it's this.

1:45pm never reach? Skysports still talking about M. Alli!

jookco: According to Lawrence Ofili, a member of the Save Nigeria Group (SNG), the social movement that staged days of protest over this year’s controversial fuel price hike, Nigerian pastors are increasingly acting like politicians who put themselves first before the people.

“Pastor Oyedepo by his choice of businesses has severally demonstrated a disconnect between himself and hundreds of thousands of poor Christians who he claimed to have come to deliver. About 90 per cent of public schools in this country were built by early Christian missionaries; today Oyedepo has Covenant University but it is for children of millionaires,” says Mr Ofili.

“Even with the high school called Faith Academy, I am aware that most children in his congregation dream to be educated there but their parents who probably pay tithes and offerings cannot afford the school fees. His Faith Tabernacle accommodates 50,000 worshippers every Sunday; how many of them are going to fly Dominion Air? Honestly this project is not for the poor. He should have settled for mechanised farming to engage unemployed men and women.”

Well said Mr. Ofili, well said.

@ op

I foresee another minimum wage-like action.

Mavor: Meanwhile national assembly members keep increasing their allocation every year. Rubbish corrupt country. Looking forward to the revolution that separates Christian South from Muslim North.

I'll say to you what I'll say to anyone who wishes this "revolution" you speak of by way of division. LEARN FROM SUDAN!!! A TRIBAL CONFLICT EXITS, ANOTHER ENTERS!!

charles316: THIS JOBFRONT needs a job as soon as possible.

Hahahaha!!

Most certainly NOT from the likes of you!!! Now go to a corner and continue following the teachings of your pastor Oya-kill-ome!

Akainzo: I have said and continue to say, marriages contracted under Nigerian law are the only internationally recognized marriages, which can be a. Court Weddings b. Religious (Church/Nikai) or c. Customary under Nigerian Customs or common law.

I shall modify. I meant Nigerian Laws that have undergone legislative process.

A customary marriage is not a marriage under Nigerian law {under the above context}, it's one under Nigerian Customs.

Akainzo: I guessed as much but wanted you to say it. I needed to know if you were a the law profession.

Now let me clarify for you, The Matrimonial Cause Act, CAP 220 of 1990, deals with the dissolution of ALREADY contracted marriages.
While the Marriage Act, CAP 218 of 1990 deals with HOW NEW marriages are contracted.

In this particular case, we are discussing the act of marrying, which is performing marriages and not dissolution, matrimonial benefits, conjugal rights or custody rights. I hope it is now clear to you?

Well the poster wasn't talking about "How new marriages are contracted," he was talking about the international recognition of marriages already contracted! I say marriages contracted under Nigerian law are the only internationally recognized marriages, what do you say?

The Matrimonial Causes Act

CAP 220 LFN 1990

Or

CAP M7 LFN 2004

Akainzo: I hope you are not muddling things here. I replied to someone else who was using the lack of documentation at a traditional wedding ceremeony to say it is not legal. So I used the analogy of the Yoruba custom of naming and how one does the documentation after the ceremony to illustrate.

Forget that post now, it's irrelevant now!

Akainzo:
And which Act of the federal government are you quoting? But you can also see that what you quoted that it only serves to remove jurisifction for that 'act' from the High Court and might serve to limit it to the customary court.

That was simply a reply to the statement you made

only the Marriage Act stipulates the legal marriages in Nigeria and the reliefs available there of.

Akainzo: You are supposed to complete the documentation after the ceremony. This is teh same like for teh Yorubas, they do the naming ceremony on the 8th day and then proceed to the local government office to do Births Registration, would you consider that the baby has not been properly named since there was no documentation on the 8th day?

Seriously? If there's no birth certificate how would an objective outsider be certain that they baby's name is what he/she says it is, and that she/he was actually born on the day he/she claims?

Akainzo: In the church, you do sign the Marriage registry which is a documentation of the process you have just performed. It does not invalidate what the law says. I however recognise that most churches decide to issue the Court sanctioned Marriage Certificate rather than the Religious one, and this is to protect the brides marrying in the church. They do this to ensure that weddings in churches are under the court injunctions and thus prevent one from contracting another wedding.

The cause or classes of marriage has no effect on the Marriage Act, only the Marriage Act stipulates the legal marriages in Nigeria and the reliefs available there of.

I have a series of provisions that contradict the bolded. One of them is Part I Sctn 8 MCA

The jurisdiction conferred on a court by this Act shall be exercised in accordance with this Act, and any law in force immediately before the commencement of this Act which confers jurisdiction in divorce or matrimonial causes on the High Court of a State or provides for the law and practice to be applied in the exercise of that jurisdiction shall, to the extent that it does so, cease to have effect.

And yet you say "only the Marriage Act stipulates the legal marriages in Nigeria and the reliefs available there of."

Akainzo: You misunderstood the Marriage Act big time! The marriage act gives legal status to 3 types of marriages
1. The Court Wedding
2. The Church / Nikai wedding
3. The traditional / customary weddings

All the above 3 are legal weddings and each has its own marrisge certificates. Please go and read the Marriage Act.

In ALL Church Weddings you sign the Marriage registry, which means what you do in Church is essentially what you do in court and marriage registries. The act of signing the registry is what makes the wedding legal. Customary Weddings vary because customs vary. Sharia Weddings don't vary. Read the Matrimonial Causes Act.

evanstical: house ,If i am married to more than one wife,how do i go about it.is it still legal to have one?

Polygamy is not illegal. Marrying more than one woman in the court/registry while a Decree Absolute hasn't been issued by a court for the previous one would render the subsequent marriage void ab initio.

Googler: Thank you. So you mean if I had a traditional marriage and then get a certificate for that from my traditional ruler or local government chairman, that would suffice?

NO!

I'm sure they asked you at the Embassy for your Marriage Certificate. That's proof of a Legal Wedding, that's why they ask. You have to understand the reason these guys ask. The Crime of Bigamy is fully operational abroad. Bigamy is being legally married to more that a wife. To proof that, they must first proof that you are indeed legally married to more than a wife. It's basically to protect the sanctity of marriage.

^^^^^^ There are three types of Marriages recognized in Nigeria -
1. Under the Act {A.K.A. Under the Law, A.K.A Legal Marriage}
2. Traditional
3. Sharia

jobfront: Have u observed that foreign embassies like USA, often don't recognize our Nigerian traditional wedding for travel documentation purposes?
For instance, if you are a Nigerian guy married to a Nigerian lady, and you travel abroad and maybe want to bring your spouse, the foreign embassies don't always recognize our Traditional marriages, instead they want you to go to marriage registry to perform a white wedding, isn't this another form of racism and descrimination? Pls we need to press on this issue, cos our culture ought to be respected and valued by us and foreigners too. what do u think guys?

Under Nigerian Law, registry wedding are not "White Weddings," registry weddings are the legalization of marriage. I'm sure what you mean by "white wedding" is simply a celebration of a legalized wedding. Under Nigerian Law, Traditional Weddings are not legal. You ever wondered why a man can have 12 wives, and yet, only 1 of them would be his "1st lady"? That's because that's the one wise enough to make their marriage legal and you can only be married to one legal wife. Embassies generally place emphasis on the Legal, not the Traditional.

This is very highly unlikely! The whole world knows that the racist powers that be {EU and US} will keep interchanging the top offices at the World Bank and IMF between themselves. Do a little check on history. No one outside of these two regions have ever sat on any of those seats. It's part of what CNN and other media houses were criticizing when Lagarrd was put up against Ocampo. Guess who won that, despite the fact she was female?

mukina2: chei 2 -1

Who's leading?

ndcide: its really amazing some graduate earn 10- 15k per month and some others earn 1 million per mo.nth in Nigeria SMH [size=12pt][/size]

So what's amazing about it? Instead of agreeing with what the poster's saying and kicking for reforms in education you're typing this.

I can see a number "1026." Is that a room number? If it is, why're they billing a room number in a hotel in Abuja for someone who's supposed to be living in Abuja?

What is wrong with Nigerians, why don't we ask questions ? must we swallow everything hook line and sinker.

The receipt is from a business lunch which the DG had with a sister regulatory agency from another country, and it was billed to her room since she was still at the hotel at that time.
We all know the reps are some of the most corrupt, malicious and venal people to walk the surface of this earth, doesn't it seem plausible that anybody they are trying to destroy must have constituted a stumbling block to some of their sinister plans??

this is the SEC's official press statement and i would take it a million times over what the lying, thieving reps have to say.

FRIVOLOUS ALLEGATIONS AGAINST THE SECURITIES AND EXCHANGE COMMISSION (SEC) & MS ARUNMA OTEH, D-G, SEC
On Tuesday, 13th March 2012, the House of Representatives Committee on Capital Markets and other Institutions commenced a public hearing “to identify the manifest causes of the markets’ near collapse with a view to finding lasting solutions.”
In our belief that such a step aligned with the expectations of most Nigerians, many of whom suffered losses as the equity market plummeted from a capitalization of N12.6 trillion at its peak in March 2008 to N3.99 trillion at its lowest in February 2009, we prepared and presented a submission on the first day of the hearing. (Read here).
We outlined the causes of the market downturn in Nigeria, what steps we have since taken to salvage the market from further decline and what further steps we plan to take to fully restore investor confidence.
Since Ms. Oteh assumed office as SEC DG on 7th January, 2010 she has led a reform programme to restore market integrity and revive investors’ confidence.
These reforms included charging over 260 individuals and entities before the Investment and Securities Tribunal for market abuses that led to the downturn, and seeking orders of disgorgement and restitution of investors.
Based on evidence of financial mismanagement and corporate governance lapses, the SEC in 2010 also replaced the leadership of the Nigerian Stock Exchange (NSE).
As a result, equity market capitalization now stands at N6.6 trillion.
There are also new products, new listing requirements, greater capacity among operators and regulators and a drastic reduction in market infraction among others.
Aware of the sensitivity of the capital market to information, we have generally exercised restraint despite the use of some media publications by some vested interests to tarnish the reputation of the DG and the SEC
These facts are provided to avoid creating room for persons pursuing personal vendetta to damage the reputation of our Director General, to diminish the authority of the apex regulator to fight market infraction and to undermine the integrity of our market.
The DG SEC recognizes the need to follow due process, probity and fairness, given her vigorous war against white-collar crime and other capital market improprieties.
The SEC therefore welcomes investigations by relevant authorities into its operations, actions and processes, as well as requests for information by members of the public.

At the public hearing, several frivolous and false allegations were made against the SEC and the person of Ms Oteh, Director General of the SEC. This release presents the facts as follows:
a. Did Ms Oteh consume a meal of N850,000 or did the SEC pay a meal bill of N850,000 for the DG SEC?
b. Did SEC DG stay at a hotel prior to getting her rented accommodation
c. Did the SEC procure official accommodation for Ms Oteh?
d. Did the SEC purchase four cars for the DG SEC, Ms Oteh?
e. Did SEC or the DG SEC compromise her regulatory function by engaging Access Bank staff?

Did Ms Oteh consume a meal of N850,000 or did the SEC pay a bill of N850,000 for the DG SEC?
Answer: No, Ms Oteh has never consumed a meal worth N850,000 nor has she ever submitted such a bill to the SEC.
The bill referred to at the public hearing related to Ms Oteh’s hotel expenses during her stay at the Hilton following her assumption of duty.
We have reviewed her hotel expenses during her stay, and the highest charge for food was N83,400 on March 24, 2010.
This bill was in respect of an official dinner hosted by the SEC with a group of international capital market experts who were visiting Nigeria to provide technical assistance to SEC Nigeria.
The bill for the official dinner was charged to her room, and therefore the SEC’s account.
This was a single incident, and was not a personal affair. Hilton’s billing records can corroborate this.

Did SEC DG stay at a hotel prior to getting her rented accommodation?
Answer: Yes, and this was in line with the terms and conditions of her employment verbally communicated to her on January 7, 2010 and confirmed in writing on January 11, 2010.
At the time of Ms Oteh’s assumption of duty as SEC DG, she had no home in Abuja.
The official policy of the SEC is to provide official accommodation for the DG. Pending the provision of such residential facility, the DG is lodged in a hotel.
Ms Oteh however voluntarily left the hotel before an official residence could be provided, unhappy with the lack of privacy at a hotel accommodation and for security reasons.

Did the SEC procure official accommodation for Ms Oteh?
Answer: No, she lives in a rented accommodation procured in her personal capacity, on her account.
In accordance with its policy of providing official residential accommodation for its DG, the SEC began on January 7, 2010 to search for official residence for Ms Oteh.
This policy on official accommodation was communicated to Ms Oteh in writing upon assumption of duty.
The transaction referred to at the public hearing was in February 2011, in respect of rental property in Maitama, Abuja at N25 million per annum, actually lower than the going rate of similar property in the area. The transaction collapsed when the property owner required the SEC to pay as much as four years rent in advance.
The issue of high rents has been a source of concern and been the subject of a bill debated on the floor of the House of Representatives. (Read here)
All the negotiations for an official accommodation failed for reasons relating to high cost, availability, and frequently changing terms.
These transactions never materialized; the SEC NEVER leased any property for Ms Oteh.
The SEC was not successful in finding accommodation for the DG. In line with its policy, the Commission offered rental allowance to Ms Oteh in lieu of official accommodation.

Did the SEC purchase four cars for the DG, Ms Oteh at N42 million
Answer: No. She uses the two pool cars assigned to her, one in Lagos and one in Abuja.
Pool cars are official cars that belong to the Commission and used for the purposes of the Commission
Since the DG’s arrival, only two pool cars have been purchased by the SEC and assigned to the DG
The two pool cars were purchased to replace two old cars that were subject to frequent breakdowns.
The purchase of these cars followed due process and the provisions of the public procurement laws.

Did the SEC or DG SEC compromise her regulatory function by engaging Access Bank staff on secondment?
Answer: No. Laid down rules, procedures and processes have been strictly complied with by the SEC since January 2010 (including in the processing of any transaction involving Access Bank). The seconded Access Bank staff were: a project adviser and a communications assistant, and these two areas are not at the core of the SEC’s regulatory function.
Prior to Ms Oteh’s assumption of duty, two independent studies commissioned by the SEC’s Board indicated that there were human capacity gaps at the Commission.
One of the initiatives she took to quickly address the capacity issues was to reach out to development agencies, sister regulators and the private sector for assistance.
This way, the SEC received technical assistance from a multilateral development bank, a sister regulator and the private sector to revamp its sub-optimal ICT infrastructure, to complement the in-house ICT staff.
Equally, the IFC/ESMID provided a Resident Bond Adviser, for 18 months, to help develop the fixed income market.
In addition, the SEC requested and received pro bono secondment of two employees of Access Bank, one a project adviser (on facilities management), the other on brand communication support (communication assistant).
These Access Bank employees have no connection with the core regulatory functions of the Commission in any manner as would create a conflict of interest.
In fact, Access Bank has disclosed the details of the secondment in its 2010 annual report.
The fact that the SEC has bank accounts and investments with a number of banks has not undermined our capacity to regulate or approve transactions relating to them.
The Access Bank secondment in 2010 happened because recruiting full-time staff at the SEC, as in many government agencies, takes a long time. For instance, the SEC’s recent recruitment of 52 Young Professionals lasted one full year.
Note also that Access Bank is primarily regulated by the CBN.
The transaction involving Access Bank that has required the SEC’s approval was that bank’s recent acquisition of Intercontinental Bank.
Most significant securities transactions involving a bank, such as a merger or acquisition, involve shareholders, the Central Bank, the Ministry of Finance, various departments at the SEC and the Federal High Court.
For a merger, an acquisition or takeover, there are laid down procedures for the SEC’s approval.
The DG’s office receives all applications to the SEC, and in the case of a merger or acquisition, forwards it to the Executive Commissioner Operations (ECOP). The ECOP in turn forwards the application to the Director of the Securities and Investments Services (SIS) Division who then forwards the application to the Head, Mergers & Takeover department, the Head, Legal Division of SIS. The Director of SIS receives the analysis of the transaction from M&T and the legal opinion of the Legal Division, both of SIS. The Director SIS then makes a recommendation to the Executive Commissioner, Operations who in turn reviews and either endorses or disapproves the transaction and submits to the DG for final approval. The DG’s decision is based on the recommendations made and is communicated to the parties through the ECOP and Director SIS.
The Access Bank transaction was recommended for approval by all the departments and officers of the SEC who reviewed it.
The other stakeholders including the shareholders, the CBN, the Ministry of Finance and the Federal High Court also approved and endorsed the transaction.
On a review of the SEC’s records, we find that secondment is not a new practice and the public sector.
Indeed as far back as 1988, the DG SEC as a member of the Technical Committee on Privatization endorsed the involvement and appointment of private sector officials in the privatization process.

Obi Adindu
Securities and Exchange Commission
oadindu@sec.gov.ng

Okay, now I see!

All these debate!

D'Banj?

What's the difference between D'Banj and Terry G?

The future?

"I love that overloa-d {oa-d}
She dey make me catchy co-ld {o-ld}
Walking down the roa-d {oa-d}>>>"

That voice is the future, if it's properly managed. D'Banj? He'll only go so far, even with the best management.

bakila: into private pockets. I recall the case of over 356million paid into the account of a state board of Internal revenue and through various private withdrawals only 32 THOUSAND NAIRA was left.

There does exist the phrase "Private Contractors."

It depends. Taxes are grouped under Federal, State, and {perhaps} Local Governments {depending on whose jurisdiction the subject of taxation lies, amongst few other factors}. Income tax is probably the most common state tax and company tax is probably the most common Federal Tax. If you reside in a state like Lagos, chances are a significant proportion of your tax is put to good use. I won't advice anyone to pay company tax. Besides the fact that it's hardly ever enforced {because the oil wells haven't dried up, so the Feds don't have much need for your money}, it makes no sense giving your hard-earned money to those gluttons in Abuja who're probably receiving much more than you without the "Hard."

Really? A 23 year-old girl getting married to a 47 year-old man? Remind me what you saw in him {besides his money that is}. ***Hisses*** Girls and their silly mistakes!!!!

enitan2002: I was so touched by the number of people pleading for him to come down. nigerians aint that bad afterall, there is surely a light at the end of the tunnel.

You can only find such in Abuja. In Lagos, I'm sorry for you------------who won send you?