₦airaland Forum

http://www.bloomberg.com/news/articles/2015-03-09/credit-suisse-is-said-to-choose-thiam-as-ceo-to-succeed-dougan

This one is not Okonjo world bank experience that has left Nigerian economy in ruins.

Notables

first Ivorian to pass the entrance examination to the École Polytechnique in Paris.

In 1984, he graduated from the École Polytechnique and in 1986 from the École Nationale Supérieure des Mines de Paris where he was top of his class.[4]

He received an MBA from INSEAD in 1988 (Dean's list).

Thiam actively promoted an extensive privatisation programme which saw, between 1994 and 1999, Côte d'Ivoire lead African countries[11] by privatising its telephone, services, electric power generation, airports, railways and many companies in the agricultural sector.[9]

In 1998, the World Economic Forum in Davos named him as one of the annual 100 Global Leaders for Tomorrow, and in 1999 the Forum named him a member of the Dream Cabinet.[9]

In December 1999, whilst Thiam was abroad, the Ivorian military seized control of the government. Thiam returned to the country, where he was arrested and held for several weeks. General Guéï, the new head of state, offered him the position of chief of staff, but he declined and left the country in early 2000.[6]

CEO of Prudential- The appointment made him the first African to lead a FTSE 100 listed company

Buhari in Chatam house

http://www.chathamhouse.org/event/prospects-democratic-consolidation-africa-nigerias-transition

I am in Canada and my experience sort of mirrors that of the woman in terms of coming here taking a lesser job before the big one. Unlike the lady I have been lucky and with Gods help hit the big one but I have seen people come and its like the path is made for them to succeed immediately. Trust me when I was in those lesser jobs boys were not smiling

What is hurting her right now is those lesser job she took in the past is making it difficult for people to hire her and so its natural for her to be resentful.

And for the husband he came at a lucky time.i.e oil boom in Canada anyone with oil and gas experience will be hired no matter your previous experience as they need people urgently

Y

bushdoc9919:
Ah yes, in the good old days petrol cost 9K. (A loaf of bread cost about that amount.).

Consider also that the purchasing power of the naira has fallen too. In 1978....fuel cost 15.3k. Two loaves of bread cost N1. Now, fuel costs N97, while two loaves of bread cost N300 and over(depending on the maker).

The reality is that inflation, driven by our dependence on oil and our resulting Dutch diseased economy leads to a fall in the value of the naira....and thus a rise in fuel prices.

Now, world oil prices are hovering around $60. Saudi and the US are busy playing a game of chicken....to see who will force the other to go broke. Many new oil fields are comming on stream, even in Africa. All these means oil prices go down..

And with low oil prices....we have less money in the treasury....due to the amounts being spent to shore up the naira.(I feel like having some dollars right now....).

Look at the above list. Between 1980-93...fuel price went up from 15K to N5. That represents a depreciation in the value of the naira as much as it represents an increase in fuel price.

And all because of our dependence on imports....which means less forex to boost the naira....and less money in the treasury.

If you want enough cash for subsidies galore, as well as other welfare things and a strong Naira....you need the large GDP which can only be produced by INDUSTRIES.

Time to end our oil sucker behaviour. Time to end the Dutch diseased economy of Nigeria.

Oil is a curse.

Nice post.

We should remove subsidy and most important divisify the economy. 70-75% dependence on one source of income is terrible for any economy that is able to plan talk less of Nigeria that can't plan

abolyem:
Oga, while u try to make sense you ignorantly refused to state the exact reason why the world price you talked about affect us. for your economic knowledge sake, it is the exchange rate that make the price changing in our own case not just world price changes.

Yes exchange rate plays a role. However supply and demand should determine the price paid at the pump. When oil is in high demand worldwide prices go up but that is not reflected in the pump in Nigeria cos govt has artificially set a price it wants citizens to pay and to achieve that price it subsidies what people pay. So for each 100 naira u pay at the pump the govt contributes so gar price stays at a certain price.

To me removing subsidy should be the long term goal using that subsidy to fund other means of efficient means of transportation should be the goal.

IBROMARKET:
The price of oil has gone done but our pump price in Nigeria is still the same. once your raw material reduces it should reflect in your selling price. What is happening to the excess profit/exploitation.

When the price of oil goes down worldwide it means less revenue for the Nigerian govt. Since Nigeria is subsidizing gas price what that means is rather than use same amount of money it uses to subsidies fuel when gas price was high it uses less money so price remains the same hence u don't see any change at the pump.

Also if u r making less revenue it will be stupid for u to keep spending same money when ur revenue was high. Gas price will have to go down significantly and stay low long term before u see a raffle to on of that at the pump

naijasaints:
Buhari will reduce fuel price to 50naira.

Buhari reducing gas price to #50 means he is. Using more govt money to subsidies fuel price. It looks good but long term it's a bad strategy for growth for the nation.

Let gad prices reflect world prices and we may have an efficient transportation system

Cars is not for everybody

Gas price is a reflection of world's oil price. Nigeria can't be any different.

Even if we had a refinery in Nigeria that will not change significantly the price u pay at the pump as it will be stupid for a refinery owner to refine gas and sell it for cheap when he can sell at a higher price in the world market.

If u want gas price today to reflect what holds in 1960 then that is wishful thinking.


Also Nigeria has been able to sustain a stable price due to subsidy when oil price goes down money used by federal government to subsidies gas price is less. When it is high got has to budget more for subsidy.

Removing subsidy is the right step for govt to do. That removes an inefficient allocation of resources. We may have had an efficient transportation network of rail and buses if govt removes subsidy and use the money for public infrastructure.

A developed country is considered successfully if it has higher amount of its citizens using public transit to handle their daily business than use of private cars

watch video here

http://www.cnn.com/2014/08/21/health/ebola-patient-release/index.html?hpt=hp_t1

• Samuel Kayode, 57, was an accountant at Haberdashers' Aske's academies
• Under investigation after £4million of school funds ended up in his accounts
• Alleged to have spent much of cash on extravagant lifestyle and properties
• The High Court case is believed to be Britain's biggest ever education fraud

An accountant at a chain of academies championed by Michael Gove is at the centre of a fraud investigation after £4million of school funds ended up in his personal accounts.

Nigerian-born Samuel Kayode is said to have spent much of the cash on an extravagant lifestyle and buying a string of properties.

The 57-year-old part-time pastor was told by the High Court to pay £4.1million back to the Haberdashers’ Aske’s chain of academies more than a year ago.

He has failed to do so, and it is feared most of the cash has been transferred to Nigeria.

The case, kept secret for almost two years, is believed to be Britain’s biggest ever education fraud.

Although Kayode was arrested in October 2012, police have yet to charge him with any crime.

Critics of academies – state schools which have control of their own finances – say the massive loss of cash calls that entire system into question.

Questions were also asked about whether Mr Gove – who lost his job as Education Secretary last week – took close enough interest in the case.

The vast sum of money is missing from the Haberdashers’ Aske’s Federation Trust in South London.

It is named after 17th century silk merchant Robert Aske who left much of his wealth to create an educational charity fund run by the Worshipful Company of Haberdashers.

The Haberdashers’ Aske’s public schools for boys and girls in Hertfordshire were founded with his money.

Three Haberdashers’ Aske’s state secondaries in South-East London – Hatcham College, Knight’s Academy and Crayford Academy – are run by the trust as a separate charitable wing funded by Mr Aske’s endowment. They were often referred to by Mr Gove in speeches.

Kayode went to work at Hatcham in 1997 and rose to become accounts manager for the whole chain.

He was paid £57,000 a year, and told colleagues of his work as a pastor in the Christ Apostolic Church, South London, peppering his conversations with ‘praise the Lord’.

In October 2012 it emerged that a large sum of money was missing from the academies’ funds.

Kayode’s assets and those of his wife Grace, who died aged 53 last year, were then frozen.

It appeared that huge sums of school money had been paid into a bank account in Nigeria and a company called Samak, which is said to be run in Nigeria by Kayode’s second wife Yoni, although he denies any wedding has taken place.

The trust launched a High Court case to reclaim the missing cash but the accountant denied wrongdoing and claimed ‘all transactions had been authorised by the finance director’.

However, the judge found in the trust’s favour last July and ordered Kayode and the estate of his late wife to pay back more than £4million plus interest.

He remains at large and is not facing any charges, although he is due to speak to detectives again this week.

A Metropolitan Police spokesman would say only that a man from Lambeth was on police bail.

Adrian Percival, chief executive of Haberdashers’ Aske’s Federation Trust, said: ‘The civil case found in favour of the federation and we are trying to recover the money that has been taken from us. We are obviously shocked and saddened.’

But furious parents say Haberdashers’ Aske’s has tried to hush the scandal up.

Jill Rutter, who has several children at the Hatcham academy, said in an online blog: ‘The fraud strikes at the heart of the educational establishment and shows that the current system and the freedom afforded to academies is not working. Ultimately it is our children that suffer.’

Kayode’s boss at Haberdashers’ Aske’s, former chief finance officer Paul Durgan, is now working for a new academies chain.

He said: ‘Sam Kayode completely had me taken, like everybody else. Nobody from the police or school has spoken to me.’

Read more: http://www.dailymail.co.uk/news/article-2699331/Nigerian-accountants-4million-fraud-academies-Gove-hailed-Staff-member-said-spent-cash-extravagant-lifestyle.html#ixzz384aowcMn
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I am completing my MBA in one of the top universities in America...also have a masters in engineering......Thinking of coming home....

Is there any value to this in Nigeria.....will i find it hard to get job

ruffneck: Its immaterial that d guy has a first class or that he schooled in Havard
NYSC laW is clear on the 5credits

The law was made to serve man....and if the law is not working it has to be changed...this is clearly a law that makes no sense

its funny the reactions I see here....

is the Nigerian able and willing to work.... YES

is the Nigerian looking to serve his father land......YES

is he a graduate who requires an NYSC certificate to work.....YES


so what is the problem.....why must we still have a rule that prevents someone looking to feed himself the ability to work....must he then be condemned as a reject to society ...

I keep telling my folks in nigeria...Nigerians are the cause of thier problems...they enjoy making life difficult for each other and it is clear from people who blindly support that a law or rule which makes no sense should be upheld...and yet many will go to church every sunday but on monday they champion rules and laws which dont help thier fellow nigerians

Nigerian High Commission staff were forced to begin processing applications Thursday afternoon after dozens of people gathered outside, upset after travelling to Ottawa for appointments only to find that it was closed for a week.

The high commission promised clients that they would receive their passports in the mail.

Some of the people outside the high commission on Thursday had flown in from as far away as Calgary and Saskatoon, according to the CBC's Evan Dyer.

They had all paid fees of about $95 to get visas and passports. They were told to pick them up today at the high commission on Metcalfe Street.

When they arrived, they found a note on the door saying that the office was closed and would remain closed for the rest of the week.

more

http://www.cbc.ca/news/canada/ottawa/story/2013/08/22/ottawa-nigerian-high-commission-passports-visas-closed-angry-embassy-rcmp.html