₦airaland Forum

humilitypays:
‎Seriously, Fashola and the entire APC party need to bury their heads in shame. They thought leadership is by negative news, lies and propaganda.

Apapa-Oshodi Expressway is an eyesore to Nigeria's image. What a shame!

Also major roads in Lagos connecting streets and major cities in Lagos are nothing to write home about. Lagos is deteriorating deep inside but they keep painting it so perfect when street roads, inter-L.G.A roads are death-traps!

Even though some roads are for Local governments to construct, Governor Ambode should not abandon them....he should persuade Local Government Chairmen to work on their L.G.A roads and street roads.

Lagos is becoming a mega city and is now the economic center of Nigeria and West Africa, the bad state of Lagos roads; especially roads around Oshodi, Isolo is really speaking bad of Lagos government.

Ambode wake up o....‎

And you just displayed your ignorance on a public forum in the name of being politically correct.

That road is a federal road.

The money from the ports goes to the federal government and not APC state government.

The federal government distributes the money between the 36states of the federation. Why can't the whole 36 states shout to the FG.

It is the second highest earner of revenues for the whole country after oil.

PDP was in power for 16years and never bothered to even renovate the road let alone reconstruct.

Why should Lagos state spend its own resources on a road that generates revenue for the whole country? But then APC under fasola made attempts to do the road around 2012 but the federal (PDP) stopped him for political reasons.

When we say PDP was a curse to the country that they destroyed this country beyond imagination, this is what we mean.

APC in federal has made attempts at reconstructing it but the PDP wolfs in APC's sheep clothing in the senate refused to approve the funding.



Again Fasola has outmaneuvered them. These are some of the numerous mess that this government has been battling with.

Whaaaat?

Only benue one married the dead the other married a ghost.


Marriage to the dead twice today in benue.


Anyone marrying from Taraba, Nasarawa, Benue or Tiv tribe must investigate very well to avoid stories that touch.

They are criminals

A welcome development

Good one

Kudos to Ahmed Ali.

adanny01:
Those who are quick to rain insults actually donot have anything to give.

I asked a simple question, you obviously have no answer in your arsenal but a lot of insults.

There are no conversations on NL, there posts. Anyone can quote and post. Dont act dumb, it doesnt fit your argument.

The more you try to justify the dumber you appear.

If you had bothered to follow the trail of comments between the person and I you wouldn't have commented cos the answer that eludes you had already been trashed in the comments. You don't expect me to start repeating my comment to everyone in your dumb category every time they asked that question.


It pays to read and a very important virtue of intelligence is patience and proper investigation.

adanny01:
About the bolded, who has committed the crime, the bank that approved an illegal transfer or the person whose account is the destination.

EFCC can do all the investigations they like, it will never make sense to rope Ibe Kachikwu's name in something that does not directly relate to him or his immediate family.

This is why you should not jump into people's conversation when you don't know the genesis and its eventual revelation. It makes you look stupid and dumb.

wirinet:
Lecture learnt and correction taken.

We both agree that it is pure politics. At worst the companies and its stated directors could be guilty of money laundering, but I still insist nothing in the said letter implicated Ibe Kachukwu.

EFCC said they have been instigating this case since September 2015, even before Ibe Kachikwu was appointed minister, Is EFCC telling us that they could not conclude simple financial transactional investigation within 2 years? So what is the purpose of the letter? What do they want the vice president to act on when they have not reached any conclusion in their investigation?

Like we agreed on, its all politics.


There's nothing bad in EFCC investigating a minister. But it is bad that someone can leak the information to the press. Honestly there should be security clearance for people to have access to this kind of info and who ever leaked it along the security clearance line can be traced and dealt with. Stuffs like this are normal in government of any country but if allowed to go out, it creates problem and unsettles the populace.


If EFCC had been on it since sept 2015 before Ibe was appointed, then it must have been part of the back ground check on the minister before appointment. Background security check does not mean the person v big investigated is guilty it is to check if he is clean enough or if his baggage can be managed. But then it should never have been made public by anyone. It means Nigeria as country cannot do anything in secret without the world knowing.

Goan die

wirinet:
Are you sure you read the report or you just too much in a hurry to crucify Emmanuel Ibe Kachikwu, that you are blind to reason.

What do you mean by there is a difference between investment and cash? We are not talking about physical investment, we are talking about investment account . It is a bank account. I have been doing business in this country for over 20 years, and i have numerous types of accounts, believe me there is little difference on how people and banks themselves treat the different accounts. Sometimes people transfer cash into my corporate account, sometimes from abroad for nothing to do with my business. Sometimes, people transfer money for business purposes into my saving account. Because the account is termed "investment Account" does not mean money for all sorts of issues cannot be transferred to or from that account. If you say it is unprofessional, i agree, you can even say it is unethical, i sill agree, but to term it a crime is preposterous.

Let me school you a bit but before I go on let me tell you about myself. I am a trained accountant who had worked in 2 different commercial banks. Particularly booking investments and helping to liquidate investments. Something I did for quite a number of notable Nigerian businessmen.

Now when they say investment account, it does not mean their's a particular account dedicated for such by the bank. An investment account is opened for you when you decide to make an investment and it automatically closes the moment the investment matures and its liquidated. You cannot transfer a single kobo from an investment account. You can only decide to liquidate the investment before the maturity date which is called draw down. Now if you are a private investor or individual, you may decide to liquidate the investment into any account that you provide but for a corporate account, you have to present a resolution if the company's board or shareholders to be able to liquidate the investment into another company's account.

It now becomes a crime because the report didn't state that there was a letter to that effect.

It becomes a crime because you cannot just transfer N1bn cash into another unrelated company's account let alone liquidate an investment into another unrelated company's account. There has to be a resolution signed by the shareholders of the company at an extraordinary general meeting to do so and their has to be a very tangible reason for such. If no tangible reason is given it will be interpreted as laundering money for a particular person in the company or the company is trying to avoid tax. Either which is a serious crime in any country.

Now, now where was Emmanuel Ibe Kachikwu mentioned in the whole letter, except where it says "upon receipt of additional intelligence relating to duchess energy ltd, Emmanuel Kachikwu and Dumebi Katchikwu (i wonder what that means), it was talking mainly about Dimebi Kachikwu and one Olatimbo (i suspect Olabimbo) Ayinde. Now, if the alleged crimes were committed by these duo, why not arrest them and take them to court, what concerns Ibe Kachikwu, or is Ibe Kachikwu going to be responsible for all crimes committed by any one named Kachikwu.

The fact that Ibe Kachichwu's name is mentioned in the same line as his brother's and Energy resources (the company) may goes to show that the two of them may have stakes in the company or they may not. If they do, it will make both of them to be liable to litigation when the veil of incorporation is lifted.

And remember the investigation is actually about the minister and everything surrounding him will be touch-lighted to reflect any wrong doing.

This sound like people looking for anything to nail kachikwu, for raising questions on the allege monumental fraud going on at the NNPC. it is not different from how Sanusi was witch hunted out of CBN for raising similar issues.

Yes it may sound like that but I am not part of those people cos you've not seen where I mentioned categorically that Ibe kachikwu is directly involved. I only cleared your submission that no crime was committed.

Like I said earlier, it is all politics. The aim was to paint him bad by informing the public that he was under investigation but your submission that no crime is committed is not an excuse cause obviously a crime has been committed unless a meaningful explanation is provided and the explanation may and may not eventually be linked to Ibe Kachikwu.

adanny01:
You said you've read through our exchanges but somehow you missed this part.

I hope it answers your question.

I hope you also see why I cannot just start replying you with another long epistle.

Sorry for the insults.

erico2k2:
can I ask you something?
1 how did you know she is under travel restriction?

"Those familiar with the matter say she is barred from travelling out of the UK while the investigation lasts."

https://www.premiumtimesng.com/news/headlines/243772-efcc-blocks-ex-minister-alison-maduekes-offer-return-nigeria-trial.html/amp

If she's not, then why didn't she travel down herself to attend the court proceeding. Why does she have to request for the attorney general to effect her traveling to Nigeria.

2 How did you know she has a case in court

This is laughable. Ordinarily I shouldn't answer this question cos it shows your sentiment has made you not to realize this whole drama started cos of a court case she joined herself in.

3 How did you know her passport was taken?
Taking a person's passport in the Uk would have been true in 1950 not 2017, they are way too advanced than that level of tech

Taking passport is to restrict your movement but when your movement is restricted without necessarily taking the passport physically then what does that mean. Of what use is your passport when you're not allowed to travel with it.

Let me use this as an example. You abolish death penalty, but you sentenced someone to life imprisonment in solitary confinement. Tell me what is the difference. The aim is to remove such person from the society.

wirinet:
I hate it when people speak from both sides of their mouth.

I still do not understand where the crime is and how it concerns Ibe Kachukwu. A company (or an individual) can transfer cash to any company or anybody. As long as the money is not being transferred from public purse and the company transferring or receiving the money has not made any complaint, i do not see the business of the government in this.

Oga ignorance is written all over you and your sentiment is blinding you from seeing the obvious error in your analogy.

There's a very huge, really huge difference between investment and cash that you are referring to.

Cash can be transferred by anybody to anyone no doubt but liquidated investment cannot unless expressly stated in letter to the financial institution and some explanation has to be provided to EFCC why the Investment was liquidated into another company's account and not the investing companies account.

Why didn't the company wait for the investment to liquidate into its own account and then transfer the cash to the receiving account.


EFCC is empowered to investigate anybody corporate or individual, private or public, as long as they have financial dealing within the jurisdiction or Nigeria and especially when they are relatives of government officials.


Stop wasting time embarrassing yourself here and get proper education on how government works.

erico2k2:
You are right non of us dey there, but the fact remains the same, the amount was publish and her passport was not taken away from her, UK govt dont take passport as they can electronically kill your passport.As we speak there is nothing of charge against her, she is free as a bird.
The case was meant to be heard in June this year, but for lack of evidence matta die like dis! and let me say this, She has no House here!

Restricting someones movement from traveling is as good as taking his/her passport.

If she is free as a bird then why is she making request to the court to compel the attorney general of the federation to produce her in court so that she can attend her court case in Nigeria. Why didn't she just pick her bags and travel down to Nigeria for her court case? She knows it's only the country that can request for are restriction to be lifted temporarily through diplomatic means.


The woman is under travel restriction/travel arrest/seizure of passport.

If the case is dead why didn't she travel. Why is she still under restriction. Investigation is being made against her for over 1 year she has not been able to challenge the travel restriction because the U.K. Authority have a legit investigation that will lead to litigation against her.

I don't think I said she has been charged in any of my past comments. Obviously she has not been charged but she is under travel restrictions pending the conclusion of investigation.

Now if there's nothing tangible in the investigation, then it will be a violation of her fundamental human right to free movement if the U.K. Authority still keeps her under restriction.

You need to understand that unlike In Nigeria, investigation must be completed before charging anyone to court in developed countries.

ojlifa:
The question is easy please answer it,and stop beating around the Bush.the fact is no crime has been commited .I can empty any of my account into another.it is my money.none of the account where linked to the minister rather it was his brother,the money in question has not been linked to any crime.this is a disgrace if this report truely came from EFCC because this wouldnt indicate that they do not know what they are doing

Yes no crime has been commuted and the report also states that investigation is still ongoing to determine the reason why but the fact is that there can never be a reason for the investment of a company to be liquidated into the account of another company. Two separate entities that has no stake in each other.

It might not be the kind of crime your mind sees(stealing and stuff) but it is a financial misnomer that makes it a crime. transfering the investment of a company to another is not a crime but liquidating the invesment(asset) of a company into the account of another company without a letter to show for the transfer of investment is a crime.

Even the bank would be in trouble when the sh!t hits the fan.

gwinaB:
Dumebi is actually the minister's younger brother. He was more popular than the minister until his appointment. What is the history of that account?

Private owners of money can decide where they want their funds to go.

My bad. I didn't know Dumebi was his brother.


Private owners of money?


But this money is not a private money, it is an investment of a company and it is not just any money, it is an investment of a company.

Companies are not supposed to just invest its money and dash out the investment plus the return on it to a private individual.

There's what is called entity concept. It means a company is a legal entity on its own that is separate from an individual who is also an entity on his own. Their relationship shall not mix except by contractual obligation but no matter the contract, the investment of a registered company must not be liquidated into a private account.

gwinaB:
What has this got to do with NNPC and ministry of Petroleum? . it didn't state that funds were transferred from NNPC or min of pet. neither did the report say they go contract from them. The company apparently has been in business before 2015.

Obviously, it has nothing to do with NNPC. It is all politics in play "do me I do you" but it has every bit to do with minister of petroleum.

1. An oil company's investment is liquidated into a private account? Very criminal.

2. The private account has nothing to do with the investment.

3. The private account belongs to the wife of the minister of petroleum.

Conclusion: The Oil company liquidated the investment into the account of the wife of the petroleum minister for onward delivery to the minister.

Purpose: to curry favor from the minister or payment for favour already rendered. Whichever way, it was an illicit transaction that most likely have no contractual agreement.

ojlifa:
Wonderful now please quote what chapter of the consitition that voilate or tell me the name of the crime? I repeat this is the.most useless report an investigating organization can release

Please delete this post if yours its embarrassing.


Investment of a company liquidated into a private account? And you say there's nothing wrong with it? You need to talk to an auditor to explain what it means to you.

erico2k2:
bross which charge sef, which case? you are recycling same Old and stale news to be honest, do you know how much was found on her?if U hear you sef go laugh.

I have heard and read different amounts.

Whatever they found on her either £1 or £1bn you and I were not there. We only believe different stories flying around of which we can't verify. One thing I'm sure of and cannot doubt is the fact that the U.K. Government will not hold anyone's passport thereby preventing him/her from traveling for more than a year if they are not sure something tangible will come out of their investigation.


Until when they charge her then we can know for sure. Mine is that her term of sentence can only start counting from the moment she is charged. That is if the duration of litigation is long.

U.K. Is not Nigeria where anything goes.

mgbadike81:
her case in the UK have been stalled without progress and even if she's convicted, she would get just a few years like ibori besides it's her legal right to be joined in the case against her in a Nigerian court. you can't try someone in absentia and call it Justice.

She has not been charged yet. Only when she gets charged that they deduct the years of litigation from her sentence.

Once investigation is complete and she is charged to court, if the court should find her guilty of the charges within 3month of her being charge then she will serve her term complete.

Wow

I think I like the first one.





But not to be greedy, I will go for the Bugatti Chiron.

BrainArk:
The crusade was a counter attack against the jihadist who where bent on Islamizing the world.

Mirand606:
Can you correlate the Spanish inquisition to the instructions of Jesus Or can you correlate crusades(even though it was a defensive war) with the instructions of Jesus or the first Christians on earth
Whatever is not inspired by Jesus or the Apostle as nothing to do with Christianity. On the other hand Islamic terror is inspired by the words and deeds of mohammed.

May God judge you accordingly for your blatant lies all in a bid to defend your religion's barbaric past and at the same time paint another religion black.

Am not surprised cos you follow a religion without guideline, principle or boundary. Anybody can invent anything to justify his or her action.

akuracy:
Death is INVEGETABLE

Guy Wetin happen naa. You wan start another mass shooting for here? This place no be Las Vegas na.



INVEGETABLE ko INSALAD ni.

This really cracked my resolve. The tear drops finally came out despite my strong determination not to allow it.



I love the Psquare part. Its a nice jab at the foolish waring siblings.

Wheezdom:
shut up u useles supporter of failure n doom. Stupid boy. We need good roads, electricity, stable currency, n d rest jst ass d fool said. Fulish boy.

I'm not surprised. This is how you talk to your parents. Ozuor


Ur name is an irony.

odigbosky:
if only your sense was small as a monster seed, you for no dy think with your yansh.....Ozuor.

You see exactly what I'm talking about.


Ordinary "Mustard seed" you cannot spell and you expect to comment on the presidents speech.


First get a proper education before exchanging comments with me. Ndi ara.

Even if Naira starts exchanging for N1 to $200 some people will still criticize buhari. I'm not surprised. The question is beyond the understanding of an average Nigerian graduate because they are poorly educated. Its like asking a fisherman to analyse the speech of a naval captain.


Great speech that addressed the current situation in the country.

If they criticize, ask them to tell you what they expect from him, why they expected such and why they feel what they expect from him is better than what he just said. Just watch them as they start stammering.

Ibime:
Most of.accounting is the interpretation of IFRS reporting standards that require human intuition. Computers cannot readily interpret how to recognise some costs eg is it a finance lease to be capitalised or an operational lease to be expensed etc.

Each country has different legislations governing their accounting standards, tax administration and various other legislations that affect financial reporting.

Software engineers are will have to come up with different softwares for each country and the more the rules changes the more they have to upgrade their software and the more each organization will have to change its software and train its personnel accordingly.

The Financial investment will be too much of a burden for the company than to have human accountants. Not to talk of frequent data loss due to constant changes in software.

The economic and financial implication of accounting software going wrong could put any company out of business for good.

H2Ossss:
.... Bank auditor ke? 1ce worked in a bank before moving to an audit firm... And most of those bank auditors know Nada.. That's y the banks still employ audit firms as internal auditors..

I swear down. When my boss spelt out all the requirements for him the man quietly thanked my boss and left.

Bank auditors are not supposed to be referred to as auditors. To me they are more like chief whip in a house of assembly or a protocol officer cos what they do is just to inspect compliance with checks and balances put in place by real auditors.

Ibime:
There are many aspects of accounting that cannot be replaced like audit, tax etc but numbers can be reduced in management accounting, financial reporting and budgeting (Cognos is doing that already), transaction recording (blockchain technologies are doing that already and will do so more in the future).

Its can be reduced temporarily but it will ultimately be handled by someone who understands the basic principles and concepts of accounting. Some of those things requires discretion to be executed whereas softwares are rigid and not flexible.

Accounting softwares are not designed to replace accountants. They are designed to assist accountants because the work of accountants are very tedious and complex. That is why you have multinational companies and other big companies having payroll accountants but then the payroll accountant are to use softwares rather than calculators.

H2Ossss:
Trying to understand how cashier and accountants relate.. Guy.... Accountants .... I say no more...

Bros I tire for the illiterate o.


Confusing accountants with bank cashiers.