₦airaland Forum

Chinese firms to take over troubled banks - As Shareholder group takes CBN to Court

http://tribune.com.ng/13092009/news/news2.html

Problems over the sale of Nigeria’s five troubled banks will soon be over as some Chinese firms have indicated interests in buying over the banks. The latest development is not unconnected with the reception and enquiries that greeted the CBN team that’s attending the World Economic Forum in China.

A source, who refused to give details nor names of the Chinese investors, told Sunday Tribune that the CBN will give an update on the affairs in the troubled banks soon.

The CBN settled for China following poor response from UK investors at the recent London road show. However, CBN’s Head of Corporate Affairs, Mr. Mohammed Abdullahi, denied that the bank team went to China to auction the five banks, but rather to attend the Forum and meet with global industry players.

According to him, “the CBN Governor is presently participating at the World Economic Forum in China. The annual forum has nothing to do with the search for foreign investors in any of the Nigerian banks as being insinuated.”

He added that the concern of the CBN for now is to continue to ensure that Nigerian banks remain safe and sound, and that when the affected banks are due for recapitalization in future, the CBN will inform the public and the process be made open and transparent to group of investors.

He, however, reiterated CBN Governor’s statement that there is no law in Nigeria barring foreign investment in Nigerian banks, but insisted that the CBN will ensure that only investors interested in the development of the economy will be entertained.

Reacting, a foremost shareholder group in the country, Proactive Shareholders Association of Nigeria (PSAN), said it had concluded plans to take the apex bank to court.

In a letter signed by both Oderinde Taiwo and Kenneth Amanze, the National Coordinator and National Publicity Secretary respectively, addressed to its Lawyer, Barrister Nnodu Okeke & Co., the association hinged its grouses on the attempt by the CBN Governor to look for foreign investors for the five affected banks; the injection of fund to five affected banks, and the flurry of activities initiated by the CBN which has gone against the interest of the owners of the affected banks.

The association explained that the sudden action of the CBN has not reflected the principles of democracy and rule of law, which the present government professes, but that it infringes on the rights of the owners of these banks, adding that the action really undermine the relevance of other stakeholders, especially the shareholders, by unilaterally removing the five bank’s directors and their chief executives without giving them opportunities to defend themselves.

Amschel Mayer Rothschild (1773-1855, who in 1838 said: "Permit me to issue and control the money of a nation, and I care not who makes its laws."

"I care not what puppet is placed on
the throne of England to rule the Empire, , 
The man that controls Britain's money
supply controls the British Empire.
And I control the money supply."
                                        Baron Nathan Mayer Rothschild

I think if this goes through, the Nigeria should cancel the 1st October celebrations. Independence Day then becomes meaningless.

Something to think about. Is this not just a Chinese FRONT? Who are the real people behind the scene pulling the strings?

@jamesdpath

He has not replied to me yet.

Are you in the Granite business also?

Please give me a quote for small stone chips (RICE) between 500 to 1000 tons. I have my own lorry for delivery.

Thank you.

Richest Nation on earth.

http://www.brillig.com/debt_clock/

http://www.usdebtclock.org/

How is wealth defined these days?

@Boladez

I live in Ibadan, but willing to travel to Lagos or other cities nearby, as long as the garage is good. Do you recommend any garage.

Thanks for your assistance.

Guys
I am looking for a good garage that is fully equipped to service a 406. I have three 406 Stationwagons, 2 Diesel and 1 Petrol engine. Please, I am not looking for a roadside mechanic. I need a proper garage where I can maintain my vehicles, that can get quality spare parts, diagnostic equipments etc.

I contacted one of the Official Peugeout garages and said he wanted 200k for a service and all the cash to be paid upfront!! Very disappointed indeed. Even their site is currently down:-

http://www.peugeotnigeria.com/

Thanks for your help guys.

Does anyone have EXPERIENCE of building a MULTI-LINGUAL website. We are a small manufacturer of building products and would like a web presence in YORUBA, HAUSA, IGBO and of course ENGLISH. We can provide all the technical contents, include the relevent translations. We have registered a .com domain and would also like to register the associated .com.ng.

Please provide link of previous multi-lingual builds that you have had involvment.

Many thanks.

Does anyone have experience of building a MULTI-LINGUAL website. We are a small manufacturer of building products and would like a web presence in YORUBA, HAUSA, IGBO and of course ENGLISH. We can provide all the technical contents, include the relevent translations. We have registered a .com domain and would also like to register the associated .com.ng.

Many thanks.

The borrower shall surely be slave to the lender.

Sorry, those links again:-

http://www.middle-east-online.com/english/business/?id=18805

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=6257baab-b297-46b1-b18b-48fba3cc6889

http://www.forbes.com/markets/feeds/afx/2006/12/18/afx3262456.html

http://www.thenews.com.pk/update_detail.asp?id=14745

http://www.forbes.com/home/feeds/afx/2006/03/15/afx2598386.html%2017mar2006

http://www.chinadaily.com.cn/english/doc/2004-10/31/content_387140.htm

http://www.marketwatch.com/news/story/dollar-flat-after-current-account/story.aspx?guid=%7B8AA8A8BE-1710-4716-8D93-29096264EBBA%7D

http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=123061&version=1&template_id=48&parent_id=28

http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&subsection=market+news&month=December2006&file=Business_News2006121815144.xml


The Trend is Your Friend

http://finance.yahoo.com/currency/convert?from=USD&to=GBP&amt=1&t=5y
http://finance.yahoo.com/currency/convert?amt=1&from=USD&to=EUR&submit=Convert
http://finance.yahoo.com/currency/convert?from=USD&to=CHF&amt=1&t=5y
http://finance.yahoo.com/currency/convert?amt=1&from=USD&to=RUB&submit=Convert

Note: IRAN will:
- Calculate its budget in Euros
- Sell its oil in Euros
- Convert its foreign dollar assets into Euros

[link to english.aljazeera.net]
[link to www.middle-east-online.com]
[link to www.fxstreet.com]
[link to www.forbes.com]
[link to www.thenews.com.pk]


Also of relevance: Japan is Iran's biggest oil client, buying 1/4 of the country's output but is reducing its custom with Iran:
[link to www.forbes.com]

While China is rapidly catching up:
[link to www.chinadaily.com.cn]

This means that the two biggest holders of dollars as a foreign reserve (and the US dollar's net worth) will be needing to convert from dollars to Euros when they buy from Iran.

This move ties in with the announcements of these countries that they need to "diversify" their FX assets. I.e. they knew that this was going to happen and they have made plans.

Now, that also means a relatively stable transition, as these countries will probably allocate a percentage of new currency to be held in Euros.

So no big dollar crash prescribed by this action, but it does force the two biggest US debt lifelines to take the Euro a lot more seriously in real terms.

The UAE (United Arab Emirates) has announced that it will be moving away from the dollar as soon as possible, either to the Euro (see Reserve diversification section in this story):
[link to www.marketwatch.com]

or to the new GCC (Gulf Common Currency) that is being promulgated):
[link to www.gulf-times.com]
[link to www.thepeninsulaqatar.com]


Venezuela, Oil Producers Buy Euro as Dollar, Oil Fall
[link to www.bloomberg.com]

From the above:
Venezuelan leader Hugo Chavez is directing a growing share of the country's oil profits into euros as the dollar and crude prices fall.

And:

Indonesia Buys Euros

Bank Indonesia is boosting euro holdings, said Senior Deputy Governor Miranda S Goeltom in a Dec. 13 interview in Jakarta.

Also Greenspan reckons OPEC is starting to shift:

The euro climbed as much as 0.5 percent on Dec. 11, the most in a more than a week, when former Federal Reserve Chairman Alan Greenspan said there are signs OPEC nations are switching their reserves out of dollars.

Check out some dollar trends:-

To GBP:
[link to finance.yahoo.com]

To EURO:
[link to finance.yahoo.com]

To Swiss Franc:
[link to finance.yahoo.com]

To Russian Rouble:
[link to finance.yahoo.com]


OPEC Abandons U.S. Dollar
Posted By: Terresa Monroe-Hamilton @ 11:55 am. Filed under Politics, Middle East/Terrorism

Courtesy of MoneyNews.com:

Oil-producing countries have reduced their dollar holdings to the lowest level in two years and shifted oil income into other currencies, according to the Bank for International Settlements.

Members of the Organization of Petroleum Exporting Countries and Russia reduced their dollar holdings from 67 percent in the first quarter to 65 percent in the second quarter.

[link to noisyroom.net]

Venezuela switches from Dollars to Euros
http://www.bloomberg.com/apps/news?pid=20601086&sid=affCa25VtRhU

Iran to replace dollar with euro
http://english.aljazeera.net/NR/exeres/57E17F90-F717-45AF-B56E-87235A4BD8B6.htm


Dollar dropped in Iran asset move
http://news.bbc.co.uk/2/hi/business/6190865.stm

Iran is to shift its foreign currency reserves from dollars to euros and use the euro for oil deals in response to US-led pressure on its economy.
In a widely expected move, Tehran said it would use the euro for all future commercial transactions overseas.



DO YOUR OWN RESEARCH

The following countries have recently anounced that they were switching or at least drastically reducing their dollar exposure, by moving their foreign reserves from US$ to EUROs:-

[list]
[li]Iran
China
Venezuela
Argentina[/li]
[li][/li]
[/list]

More will follow. In 1 trading session 2 weeks ago, the dollar lost 3% of it's value in 10 mins. If you're holding US$ 40 bn in the kitty, that's about $1.2bn loss.

Who exactly is responsible for managing our foreign reserves? Our Treasury Managers should immediately consider the following:-

[list]
[li]Move at least 50% of our foreign reserves into Euros
25% into Gold
Stop accepting conffeti (toilet) paper (US$) for the Oil
Switch Oil/Gas transactions out of US$ and into Euro/Gold
Get the hell out of those SWAP agreements with the IMF/World Bank and back the Naira with 15% Gold[/li]
[li][/li]
[/list]


For goodness sake, Slavery is supposed to be over, is it not? Or was it just relabelled as 'Independence'?

In most of the European world, there exist 2 major laws which is used to combat fraudulent activities, and which seem to work reasonably well.

Banking Law
An attempt to deposit any amount over 10,000 GBP (or equivalent) is a reportable item

In Receipt of Stolen Goods
If receive a stolen item, with full knowledge that the item was stolen, then you are as guilty as the person that stole the item


How is it that our leaders can turn up at your local Barclays with hundreds of million of pounds to be deposited, and there is no question asked? It is said that over US$ 1 Trillion as been stolen in this way, since October 1960.

Why are these institutions not been dealt with in the appropriate manner for receiving stolen goods?

These are the good, honest, white folks that you want to save us? I think not!!