Klas's Posts
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Why do we think only Nigeria (Kevin) has the right to conspire. Yesterday, Kevin, Jeremy and Quin were discussing how to get Itai evicted next week for whatever reason. Paloma may have started seing Kevin as a major rival and hence her ingenuity to clip his wing early. There is only one winner and nobody is there to play a supportive role. |
Yacob said during the diary session yesterday that he had made a pact with Kevin to watch each other's back. Whatever that means. Unlike the previous day when he predicted only 3 Nigerians in the finals, he reviewed the finalists to be Kevin, Geraldine, himself and two others that I cant recall now but he excluded Nkenna. If the 'pact' was made at a meeting, Paloma might have overheard them, hence her accusation. Just my thinking sha. |
Biggie has announced Rene, Edward, Paloma and Liz as the 4 nominees for this week. Elizabeth must save and replace one otherwise she becomes the fifth nominee. Her decision will be known tonight. |
What housemates told biggie about Geraldine Quinn - "The Nigerian girl is too quiet" Kaone - "She is open and sweet" Leonnel - "She is simple and straight" Diplomatic way of saying she be mumu?? |
Talis: Migines:Liz did not nominate Paloma. She nominatedRene & Eddie just like most of the girls alliance. |
Yacob told his alliance mbrs last night that he forsees the 3 Nigerians in the final and he has lowered his expectations to $2,500 not $200k. Do you share his prediction? |
Rene - 12 nominations Edward - 8 Paloma - 7 Liz - 7 Hannington - 3 Itai -1 Elizabeth (HOH) nominated Hannigton & Rene. Apart from Mzamo & Rene herself, all girls nominated Rene. Only Nkenna nominated Itai. Itai nominated Paloma & Liz just like the Smoker's alliance members. He appeared to have turn-coat |
soki2ng:If na to say she just ran, e for better. After rubbing it in on the ‘king’ that she had lived in that palace for a whole week, she iced the cake by asserting that there was no switch to control the lightings in the palace and biggie can switch the lights off at any time. She then suggested that they should join the rest of the housemate and when it was time to sleep, they would come back. Kevin reluctantly agreed and immediately they reached the main house, the gal vamoosed upstairs and promptly tucked herself in her bed. Kevin was not shown again. I don’t blame the gal sha. The kin suggestive sexual story of a woman desperately hitting on him at Nairobi airport which Kev knacked her just before they left for the penthouse gave his intentions away. |
Can you give more info like what type of roofing sheet are you using?, if aluminium, what thickness 0.45mm or 0.55mm? Is it longspan straight or steptiles? steptiles will require more purloin (wood) than straight one. I just finished roofing one bungalow in Abuja using Tower metcoppo 0.55mm which consumes 334mtrs of aluminium at roughly N1.1m Breakdown Wood for Tiebeam, rafter & purloin N273,000 Wood for nogging N54,000 Nails N35,000 Carpentary labour N105,000 Aluminium, accessories & instalation N630,000 You may negotiate down the labour cost. However be sure of what type of woods he is buying. If he feel you discount too much, he may agree and buy low quality wood that will give problem in future. Also he may buy lower guage roofing sheets for you. Whatever you do, monitor him well. |
Dayocoker Sebastian AdigwePoint of correction, Adigwe joining AP Board has nothing to do with Otedola. Infact Afribank preceeded him on the Board. Afribank through its nominee company acquired the shares of AP initially held by the former core investor - Sadiq Oil (read Peter Okocha) in 2004 when NNPC came on board in debt-equity swap. It was the NNPC shares that Otedola acquired in 2006 to become co-core investors with Afribank. Osunde & Akinkuotu (former MD of Afribank) used to represent Afribank interest in AP until Adigwe took over from Akinkuotu in 2006. |
We are supposed to have 14 housemates from 14 countries but we currently have 12+1(the twin brother) from only 10 countries. Uganda and Kenya have 2 representatives each while Angola, Zambia, Malawi and Tanzania are not represented yet. It is safe to assume that 4 ladies will come in from these yet to be represented countries while Uganda and Kenya will also lose a rep each. The first switch of the twins took place some hours ago. If their identity is not blown for 4 weeks by the hsemates (a tall order) both will become valid housemates otherwise both lose out. The suprising thing is that no hsemate has raised the issue of the absent countries. Are they that dull. I surely miss Ofuneka & Richard on that score. |
ajileko:0.7mm & 0.9mm for a residential bungalow? Wont those require steel roofing and therefore more suitable for industrial and warehouse construction? @2n2k In addition to what Ajileko said on 0.45mm & 0.55mm, I noticed you mentioned longspan step tile. Note that this will consume more wood for purlin than the box (straight) type because the recommended spacing should be like 30cm instead of 90cm for box type to get good finishing |
AIYEKOOTO1:Wema has not been investigated yet The following ten banks were investigated. The rest will be concluded within the next one month Union Bank FAILED Finbank FAILED Intercontinental FAILED Afribank FAILED Diamond PASSED UBA PASSED First Bank PASSED GTB PASSED Sterling PASSED Oceanic FAILED |
Sanusi said their huge exposure to the capital market and massive non-performing loans were the key factors that contributed to the liquidity problems in the affected banks. He said when he became the governor of the CBN, he was alarmed at the quantum of exposure which some of the banks had. Sanusi said their exposure to the capital market which had lost over 70 percent of its value was a long-term problem “unless people believe that the capital market will pick up in the next few months and I do not think that stocks are going to go back to that very high level within a short time.” As a result, he said the CBN asked for a special examination of these five banks which by the apex bank’s estimates were showing signs of distress given the length of time they spent at the Expanded Discount Window (EDW) introduced last September by the former CBN governor, Chukwuma Soludo to shore up their liquidity. Sanusi said: “If we take the average exposure at the discount window every month, between October last year and July this year, these five banks accounted for 90 percent of transactions at the EDW. “The remaining banks accounted for 10 percent. This for me is an immediate sign of distress. We tested it further and closed the window and said no more money. “We then guaranteed interbank placements. If we didn’t guarantee the inter-bank market, banks will not lend to them.” “But when we did this, we immediately saw the affected banks taking money from the interbank market to repay their exposure to the discount window. “This was clear evidence that they do not have cash at all. Their balance sheet had shrunk. The cash had gone. There were clear signs of the banks going under. On seeing these signals, we sent in special examiners. The idea was to go and find out the true position of things.” The CBN governor said what they found was not so much of a surprise, “but I think the extent was alarming because I did not believe that there were banks that have up to 48 or 50 per cent non-performing loans of their total loan portfolios.” He said what the banks needed to do was to provide for these loans and to raise capital which they could not do. He said decisions by the management of the affected banks exposed them to the capital and oil markets and risked their depositors’ funds. “This was the basis for the decision to sack them,” he explained. Sanusi added that once the decision was taken to inject capital into the institutions as a lifesaver, there is no way the CBN was going to allow the same team to manage the funds which belong to the public. Sanusi disclosed that the CBN would inject N405 billion into the five banks because they urgently needed fresh funds. He explained that the capital injection is just a temporary measure in the form of Convertible Tier II Debt which shall be repaid to the CBN once the banks are recapitalised. “It does not translate into the government taking up equity,” he stressed. The CBN governor assured that the banks could still be returned to the owners if they are able to raise fresh capital. “If today, the owners of the banks come up with the capital and bring it in and say to us, look we can bring in the N100 billion or N120 billion that you want, we will take it and give them back the banks. All we want is to save the institutions,” Sanusi said. He explained that the N405 billion being injected into the banks is a convertible loan. “We want to make sure that whatever we provide is not a loan that will be taken back immediately. We want the management to know that they have this money until they get fresh capital. “Yet, we also want to make sure that we don’t lock ourselves permanently because the last thing we would want is to get Nigeria back to the era of nationalising banks,” he said. The governor stated that he does not anticipate that the continuing audit of 14 other banks will throw up considerable surprises since the decision on the five yesterday was based on the CBN’s assessment of banks which show signs of distress. With the removal of the CEOs and their EDs, the CBN yesterday appointed acting CEOs to head the management teams of the five banks. The acting CEOs and their financial institutions are: Mr John Aboh, who is to take over at Oceanic Bank; Mahmud Alabi - Intercontinental Bank; Nebolisa Arah - Afribank Plc; Mrs. Suzanne Iroche - Finbank and Mrs. Funke Osibodu - Union Bank. The CBN has mandated the new helmsmen to continue with the businesses of the banks as going concerns. Addressing journalists in Lagos after a meeting with the CEOs of the 24 banks operating in the country, Sanusi said the banks showed serious liquidity strains since October last year and had to be given financial support by the CBN in the form of the EDW, where the CBN extended credit facilities to the banks on the basis of collateral in the form of commercial papers and bankers acceptances, “sometimes of doubtful value.” “The total loan portfolio of the five banks, was N2.8 trillion, with margin loans amounting to N456 billion, exposure to oil and gas N487 billion, aggregated non-performing loans N1.143 trillion, representing 40.81 per cent,” said the CBN governor. He also stated that one of the banks was technically insolvent with a capital adequacy ratio of 1.01 per cent, adding that a minimum capital injection of N204.94 billion will be required in the five banks to meet the minimum capital adequacy ratio of 10 per cent. The outstanding balance of the five banks on the EDW, said Sanusi, amounted to N127.85 billion by end of July 2009, representing 89.81 per cent of the total industry exposure to the CBN, while their net guaranteed interbank takings stood at N253.30 billion as at August 2, 2009. He said their liquidity ratios ranged from 17.65 per cent to 24 per cent as at May 31, 2009 and against the regulatory minimum of 25 per cent. The CBN governor said at the time of his assumption of duty on June 4, the banks owed a total N256.6 billion at the EDW. He said a review of the activity in the EDW showed that four of the banks were almost permanently locked in as borrowers and were already unable to repay their obligations. He explained that a fifth bank had become a very frequent borrower “when its profile ordinarily should have placed it among the net placers of funds in the market.” The apex bank chief noted that three of the five banks were systemically important to the banking sector, accounting for more than five percent of the assets and deposits in the sector, while together, the five banks account for 39.93 per cent of loans; 29.99 per cent of deposits and 31.47 per cent of total assets as at may 31, 2009. Five other banks - Diamond Bank, First Bank, United Bank for Africa, Guaranty Trust Bank and Sterling Bank - were found in a good financial state by the joint team of examiners from the CBN and Nigerian Deposit Insurance Corpor-ation. The CBN has fixed mid-September as deadline for the conclusion of the audit of the remaining banks. Level of Exposure Total Loan Portfolio - N2.8 trillion Margin Loans - N456 billion Oil & Gas Loans - N487 billion Aggregate NPLs - N1.143 trillion http://www.thisdayonline.com/nview.php?id=151636 |
Those who will take over the banks The newly-appointed chief executives tasked with steering the five banks away from troubled waters are: |
Roughlen:Literally means "eat stones without drinking water" Jocular reference to Igbos from their observed tendency of eating very hard garri/eba without taking water during meal. |
Is there really any forex risk in this transaction? Bared of semantics, what Access granted is to me a naira loan. AP's form M and proforma invoice from its supplier was reportedly used by Access to bid for forex from CBN which was used to open the letter of credit. The case here is that Access provided the naira to fund the bid from CBN. So essentially I dont think it bore any exchange risk and therefore there should be no exchange variation. If Access had funded the LC in the first place from an off-shore loan, the form M would have been "not eligible for foreign exchange" and hence could not have been used to bid from CBN. It appears it wants to make profit on CBN's fund. |
The Punch of today on page 15 and Nigerian Compass of today on front page carry the same story on AP management reaction to the liquidation petition. According to AP "We are ready to pay but we are opposed to Access Bank's tactic to fleece us. They want to rip-off our company to the tune of N400million" According to them they opened form M through access bank which forex was sourced from CBN at the official rate of N116.62 but access bank wants the repayment at N127 to a dollar. AP petitioned CBN over the rate differential . "However, the CBN involvement at the insistence of AP, Falasinu said, infuriated access bank which threatened to go to court even when it was yet to provide any satisfactory answer to apex bank's question" From their story, it would appear that the case is more of disagreement over what is due than inability to pay. |
Is it only Minister of FCT? What of Minister of Defence Executive Secretary - Petroleum Trust Development Fund Chairman - Federal Character Commission |
Who decide that the story is 'untrue and degrading'? If the airline felt libelled, why didnt they sue the media instead of taking laws into their hands. |
Second Republic Senate President, Joseph Wayas, has been barred from flying Arik Air over what the management of the airline described as unruly behaviour while onboard.I have no objection to Wayas, Charly Boy's ban but should the unnamed journalist be punished for doing his work even if unfavourable to the airline? |
Saintb:Their CATTLE is NIGERIA and they are minding it well. ![]() rasputinn:And it is DIsG. ![]() |
hakir:Good analysis but will the apartments run themselves?. Variable cost of running which is almost like a 5 star hotel not factored in. |
mabotech:No. Joseph Sanusi (former cbn governor) is a yoruba from Ondo state. Lamido Sanusi is a fulani prince from Kano. He is the son of a former Emir of Kano that reigned in the mid-20th century. The only common indices with them is the position of the Managing Director of First Bank. |
Ex Inferis:Thanks Ex Inferis. The only snag is that I have installed so many apps thru cydia sources - xsellize, ispazio, yellowsnow etc and I have used these apps for some wonderful things which I may lose if I have to do complete restore. Can I back up and to where? Infact I cannot see any apps installed by that davidkwm of a man. Might be they were wiped off when it was jailbroken. Anyway thank you for your suggestion. @logica Cant you be less arrogant in your postings. Even if you are Steve Job himself, humility should be your watchword. If by anyway ex-inferis is correct, then your 'solution' is as reliable and useful as a one naira clock. So much for idiotic arrogance. |
logica:Be assured that neither the source nor I are so low as to steal mere iphone and I didnt say I bought it. I intended to register and purchase some software and that was why I tried to log in initially. I was suprised to see the name there. The purpose of my post is to seek help on how to bypass the repeated request for password and register my own account. The site is just asking for password instead of asking me to register. Pls do tell me how to access the registration 'window' instead of the login pasword that is showing |
[size=14pt]I have a jailbroken and unlocked iphone. The itune/app store account is already registered in the name of one 'davidkwm'. I dont know the password and my source (of the iphone) doesnt know either. What do I do to access itune/app store? Thanks.[/size] |
busi-bodi:The requirement had always been in CIBN Act right from the original Act in 1992 and still retained in 2007 Ammendment. It is not OBJ legacy. Contrary to what most people think, YOU DO NOT NEED TO WRITE ANY EXAMS TO BE A 'MEMBER' OF CIBN. Infact all present MDs of Banks in Nigeria are 'members' even those who dont know what the logo of CIBN looks like. Unlike ICAN or some other professional bodies, there are Seven (7) classes of membership in CIBN as follows MEMBER: Anybody working in a bank is required to register as an ordinary member of CIBN. He/She pays annual subscription of N1,000. No exam is required. Just be a bank worker. More of income generation outlet for the institute. They may use MCIB after their names. HONOURARY SENIOR MEMBER: An ordinary member as above who has retired. STUDENT MEMBER: A graduate who wish to write the institute exams to qualify as an Associate GRADUATE MEMBER:On successful completion of the institute professional exams by a student member before election as an Associate. ASSOCIATE: On election/admission of a graduate into associate cadre. They use designation letter ACIB after their names. HONOURARY FELLOW: Conferred honoura causa on a prominent person FELLOW: Conferred on Associate after 10 years of qualification on application by the associate. They use FCIB as designation letter |
As some posters have rightly stated, airspace can be closed for presidential movement. In ICAO rule book, the airplane carrying a country Head of State has priority take-off and landing rights. This privilege may be extended to a visiting Head of State. I have doubt about the reason given by the airline for the delay if such long delay did indeed happen. The report was said to be culled from the Saturday 17/1/08 edition of Saturday Vanguard. Since it referred to ‘yesterday’, one can deduce that the event happened on Friday 16/1/08 between 12 noon and 3pm (since the plane reportedly landed at 3pm after ‘3hours’ delay). But at that period, the president was at National Central Mosque in central Abuja for normal Friday muslim prayer. Was the airport closed for the president that was 60km away or was the whole Abuja airspace closed when there was no national emergency? Nigeria government has in recent times taken measures to minimise the time of closure of airport for VIP movement. These include shifting official reception and Guard Review of the visiting president to the grounds of the Presidential Villa instead of the airport, so our president hardly goes to airport to receive dignitaries. If the report had referred to the previous Saturday 10/1/08, it would be understandable because of the emergency ECOWAS Heads of state’s meeting on Guinea coup that took place that day but then no genuine aviation official would have claimed ignorance of such pre-planned closure. I will also raise the issue of apparent non-compliance with ICAO rule by Bellview on the minimum quantity of fuel to be carried by planes. It should be enough to reach planned destination and possible diversion to another airport. Now, no air controller will ask a 1 hour flight to be in holding pattern for 3 hours at destination airport (an equivalent of 2 return trips) without diverting or returning it. In fact, the flight would not have originated at all since Lagos is in the same air jurisdiction as Abuja. As for passengers fainting, did the plane got de-pressurised because it was held up? Was it then allowed to land because of mayday call or no distress call was made or it was ignored? There are many things in that report that just do not reflect how civil aviation operations are done |
My iphone suppose don born pickin by now. So I will collect all then. |
babeisme:You mean some pple don collect the iphone before they see the koko ride? They had cause to be patient since they are holding something ![]() |



