₦airaland Forum

Akanbi_edu:
I think this topic should be moved to ethnicity section.

Beaf:
I don't see the purpose of an Ijaw bashing thread in the politics section. Are these stories gaining popularity, because the President is Ijaw?
Whats the next low blow from our resident bigots?

arsenefc:
We all have rights to move about FREELY, but no one has the right to move about freely with thugs with the intention to foment trouble.
Again, kudos to the cops for acting preemptively. If Aregbesola has any problem with that, let him go to the courts. What he cannot do is to try to undermine the office of the VP; that is petty, rascally, and abuse of his privilege.
PS: Would he have tried that with OBJ or Abacha or Buhari or IBB

http://www.vanguardngr.com/2011/10/our-problem-with-ijaws-in-edo-akenzua/

On October 29, 2011 · In Politics ,
For some time now, there has been tension in Ijaw/Bini communities in Ovia North East Local Government Council of Edo state as a result of land dispute. The Ijaws in the area are claiming ownership of the land which had pitched them against the palace of the Benin monarch.

The Enogie (Duke) of Obazuwa, His Royal Highness, Prince Edun Akenzua who also is the younger brother to the Benin monarch, Oba Erediauwa oversees this disputed area. In this interview with Saturday Vanguard, he describes the Ijaws in the area as settlers asserting as unthinkable the claim being made by the Ijaws.

He also speaks on the curse placed on kidnappers by the Oba of Benin, Governor Adams Oshiomhole’s administration and other national issues. Excerpts:

The Ijaws and the Binis have been living harmoniously all these years. What went wrong?


Prince Edun Akenzua, We are in peace with Ijaws
Well, there is no problem between the Benins and Ijaws over land. What we have is that the Ijaws are claiming land which we know belongs to the Benins. And we are telling them that that part of the area is Benin land. We accept the Ijaws, we know they live here for a very long time but they are living on Benin land. They have lived here over a 100 years.

Nobody is going to ask them to leave because they are not Benin people but they cannot attempt to claim that the land on which they live here belongs to the Ijaw country. I describe them like the black Africans who are now referred to as African Americans, who were taken away to America.

They have lived there for hundreds of years. They cannot claim that where they live in America belongs to any African country. Or that the only laws they will listen to are the laws made in Africa. So it is here. The Ijaws who live here are entitled to whatever goodies are available in Benin but the land belongs to us.

How ijaws came to Benin soil

Oba Orogbua brought them from Benin River to Iko. Oba Orogbua was the Oba that founded Lagos, Dahomey and all that. He went on expedition and of course he needed canoes to carry him and his troops across, and the Benin people are not sea faring people.

So he decided to go and bring the Ijaws who were at that time at the Benin River where they were fishing. He brought a large number of them to Iko to paddle his boat for that expedition. After that they remained here. They have no business with land. They are not farmers. They stayed at the river banks where they built their houses.

They caused no problem to the Benin people. In fact, in the late 80s, the Ijaw people in Gelegele were coming to pay homage to Oba Akenzua 11, that’s my father, by bringing fish. In 1988, I was installed the Enogie of Obazuwa. They was an Ijaw man, he was the Amakushiwe at that time, of the Ijaws in Iko. He told me that he used to be one of those who would put basket of fish on their heads.

There were no cars then, and they would walk all the way from Iko to come and pay homage to my father. And he told me that when they got to Benin, there was a Chief called Legema who was at that time the Ogua who would now announce them. So we had very cordial relation.

In 1988-89, the Ijaws in Iko would bring fish to Igo market and barter the fish for plantain and yam. We have been living peacefully with them but only now that their sons are becoming educated and they began to dangle before them the possibility of having a local government, the possibility of having a state, that they suddenly realized that they needed land. If you want a state, you cannot build a state on water, so you must have land. So this is why they are now fighting everywhere claiming that the whole of the water front should be constituted into a state for them. I don’t see any nation that will make one state to have all the water front contained in five or more states.

Was it why they attacked your palace?

What happened was that there was a time the state government was going to establish a model school and we had offered land because the government was looking for a suitable place for it, and we said we have a place. Government now sent a delegation to go and inspect the area we said was available. And when they came, they saw the flat land and they said they required about 12 hectares.

So when they left, I called some boys in Obazuwa to physically measure the land to ensure that we had what was required. So the next morning which was a Friday, as the boys were doing that, almost opposite my palace there, the militants came and descended on them, cutting them with cutlasses and all that. In the process, they abducted three of the boys and took them to Iko. So I called the governor and the Commissioner of Police. We had to keep policemen on the land for over one month to protect the work the boys were doing.

The opposition PDP is saying that Governor Adams Oshiomhole is not doing enough to check the activities of kidnappers in the state. What is your assessment of the ACN led government in the state?

I will rather talk about Oshiomhole’s government because what he has done for Edo state, his work has turned him into a reference point. I personally appreciate more what he has done to the psyche of Edo people than building of roads.

What he has done, perhaps not as visible, is what he has done to the psyche of the people because before Oshiomhole, governors in Edo state said physical development could be done because there was no money. Because people will now ask where did Oshiomhole get the money? We discovered now that Oshiomhole has in fact done what in two years the PDP government did not do in eight years. I was reading criticism of Oshiomhole the other day by the chairman of the PDP in the state, saying that the contractors being used by Oshiomhole are not Edo people. I just thought it was very unnecessary to say that. I don’t care who the contractor is provided the road is well built. And I hardly see any difference between ACN, PDP or ANPP. Because there is no difference between them. That is why it is so easy for any member to cross to the other party and feel comfortable in that new one.

And those he is meeting feels happy to receive him because they are all the same.

Before the last election…am the convener of a group known as the Bini Leaders of Thought. At that time, our focus was to have a Bini man to succeed Lucky Igbinedion. The reason for that was because one–we wanted to use our population to produce a governor because our thinking was that if we have a Bini man succeeding Lucky Igbinedion, the things we did not do during the administration Lucky Igbinedion we would have opportunity of doing them. And that was to develop the state.

That was what we had in mind. Then Oshiomhole came, people reacted in the polls. And because the PDP government did nothing at that time, people supported Oshiomhole. He came and proved himself, he has proved he is capable of doing things. So this time around that they are going back to the polls, I will be surprised really if he does not get the support of the people.

What if the PDP decides to throw up a Bini son as their candidate to challenge Oshiomhole? Where do you think the Binis will go?

We the Benin people really believe in what people always say- that you don’t change a winning team. Oshiomhole has come to do what he is expected to do. Why must you change him? The Benins don’t just push for a position for the sake of it. Benin is one of the few places where we send non Benins to positions. Years back, we sent one Ekuyasi from Ogwasi Ukwu area to represent us in the Western House of Assembly. We look at competence not tribe really.

delpee:
Two wrongs dont make a right. Aregbe should have handled this in a more matured manner instead of personalizing the matter. He can make his feelings known without being rude. Thats why diplomacy is a blessing under such circumstances. Crass behavior does not encourage decency in the lives of our young ones to whom he should be a role model. The office of the President should not be denigrated though we have a right to disagree and express our grievances.

Beaf: Imagine running a state that can barely breath and then challenging the source of oxygen to a battle? Does the man smoke wee-wee?

Beaf:
"Leaders" like the unrefined thug, Aregbesola. Indeed.

Fortunately, you will sink alone. The ship is sinking. . . sinking. . . sinking. . . sinking. . . sinking. . . sinking. . . sinking. . .
The empire is crumbling. . . crumbling. . . crumbling. . . crumbling. . . crumbling. . . crumbling. . . crumbling. . . crumbling. . . crumbling. . . crumbling. . . crumbling. . . crumbling. . . crumbling. . . crumbling. . . crumbling. . . crumbling. . .

Lolz!

tpia@:
am out.

edoyad:
Dig a bit more and more collaborators will be discovered, probably senior Police officers and others

http://tribune.com.ng/index.php/news/30396-reverse-this-exclusion-now-south-west-pdp-tells-jonathan

Written by Jacob Segun Olatunji, Abuja
Friday, 28 October 2011

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Worried by the marginalisation of the South-West zone under the present administration, concerned leaders of the Peoples Democratic Party (PDP) in the zone, on Thursday, advised President Goodluck Jonathan to immediately address the exclusion of the zone in the composition of the members of the presidential committee to select nominees for the federal boards and parastatals.

In a statement issued in Abuja by the leaders and signed by Senator Bode Olajumoke, which was made available to newsmen, the party described the exclusion of the zone from the board selection team as unconstitutional and provocative, which must be addressed immediately in the national interest.

Following the dissolution of the federal boards of parastatals, a committee was set up by the presidency to select new members for these boards and parastatals.

The composition of the board selection team has as follows Vice-President (North-West); Senate President (North-Central); Speaker (North-West); Secretary to Government of the Federation (South-East); Chief of Staff to the President (South-South) and national chairman of the PDP (North-Central).

The statement read in parts: “There was no explanation on the criteria used in constituting members of this selection team. Whatever criterion, however, was used in selection of the committee members, it is evidently most inconsiderate, insensitive, provocative and unconstitutional to have excluded any zone in its membership.

“The South-West zone is a critical zone like every other zone and in a situation where it is put in a disadvantaged position, this will not augur well for the unity of the party and of the country.“

Mrs. Patience Jonathan, Nigeria's first lady was given a 'surprise' birthday party in Perth, Australia today Oct 26th, by her husband and her handlers. The Governor of Benue State, Gabriel Suswam conducted the birthday ceremony.

The president and the first lady are currently in Australia to participate in the 2011 Commonwealth Heads of Government Meeting (CHOGM).

Anvaller:
This is another ski-mask move from the ACN.

1st all, how would you know if the govt have over inflated the students' population? I believe they have.

Secondly, how would you measure or confirm that the number of books eventually distributed is not just 60-70% of the actual population of the students (not the inflated figure)

And above all, why are they more interested in expending a huge sum on distribution of books and not interested in expending same on renovation of schools? From a commonsensical approach,U renovate the schools first and then think about the books. How would the students assimilate the teachings from any book in an un-conducive environment? [b]The point is, it easier and less risky to technically embezzle by executing the latter than to execute the former. [/b]It is a more difficult task to verify whether every single student got 1 copy each of the 3 subjects. in Nigeria of today, do we have any system on ground who can conveniently do that? Where as it is much easy to observe that buildings were not renovated or poorly renovated in schools XYZ as claimed by the X govt.

If u no know, U go know.

http://tribune.com.ng/index.php/front-page-news/30343-reps-move-against-efcc-boss-want-judicial-officer-as-new-head-to-outlaw-anonymous-whistle-blowing-amaechi-accuses-commission-of-targeting-ex-govs

Reps move against EFCC boss
•Want judicial officer as new head; to outlaw anonymous whistle-blowing
•Amaechi accuses commission of targeting ex-govs

Written by Jacob Segun Olatunji, Taiwo Adisa and Kolawole Daniel, Abuja
Thursday, 27 October 2011

THE House of Representatives, on Wednesday, threw its weight behind a bill that seeks to overhaul the headship of the Economic and Financial Crimes Commission (EFCC) by making only retired judicial officers from the Supreme Court or the Court of Appeal, to head the commission. The bill also plans to outlaw anonymous whistle-blowing.


This followed the passage for the second reading of a bill for an act to amend the EFCC Act, Cap. E1 LFN 2004 and for other related matters, sponsored by Honourable Bassey Ewa.

If the amendments scale through, Mrs Farida Waziri, a retired Assistant Inspector General of Police and current chairman of the EFCC, will be unqualified to continue as the commission’s boss, while the new investigation unit being proposed in the amendments to be headed by a retired Assistant Inspector General of Police.

He argued that allowing a senior police officer to head the investigation unit of the EFCC would provide a direction for the commission in terms of charges to be preferred against an accused.

Introducing the bill, Honourable Ewa said appointing retired justices as head of the anti-corruption agency would give it the desired clear-headedness to carry out its responsibilities, without necessarily allowing itself to be used for political witch-hunting.

The two amendments, according to him, were needed to reposition a commission that had increasingly turned to a political tool against perceived enemies in recent times.

Other lawmakers, while contributing to the amendment, criticised the commission under Mrs Waziri and equally argued that accommodating anonymous petitions violated the Evidence Act, which requires a petitioner to be identified and placed as a witness.

In his contribution, Honourable Kamil Akinlabi said the EFCC, as currently constituted, “has become a tool for political witch-hunt,” adding that appointing a retired justice of the Supreme Court or the Court of Appeal to head it would bring about the necessary sanity and insulate it from undue interference.

Honourable Emmanuel Jime, on his part, called for a total overhaul of the corruption fighting agencies in the country, adding that “we may have to look at the possibility of joining the EFCC and the ICPC for greater efficiency.”

Honourable Bimbo Daramola cautioned that rather than laying emphasis on the leadership of institutions, “we should work towards strengthening the institutions, so that even if somebody comes into office with a wrong mentality, the law would ensure that he does not deviate. We can tighten the law to prevent people from using the laws to witch-hunt opponents.”

The bill was, however, referred to the House Committees on Drugs, Narcotics, Financial Crimes and Justice for further legislative input.

Meanwhile, Governor Rotimi Amaechi of Rivers State has decried the practice whereby all former public office holders, especially governors, are being taken to the EFCC.

He said his personal view was that the EFCC was unduly targeting the governors, who, he said, only control 26 per cent of the nation’s resources.

According to him, the commission would do better in the fight against corruption if it focuses on 100 per cent of the revenue or, at best, the level of government that controls the lion’s share.

“I am speaking as Amaechi. I am worried that you finish serving your people, then they invite you to EFCC just to rubbish a governor. Nobody takes into account the services that you have rendered.

“Everybody just believes that once you are a governor, you are stealing public money. Some of us have joined to propagate the theory by the Edo State governor that if your child sits for an exam and if he scores 52 per cent, what has he done? Passed. If he scores 26 per cent, what has he done? Failed!

“So, if the EFCC is serious about fighting corruption, they should focus on the 52 per cent and once they can stop corruption in the 52 per cent, then they have passed. Even if they stop corruption in the 26 per cent they have not passed!”

In another development, the House of Representatives, on Wednesday, raised a panel to investigate the alleged shoddy merger and acquisition of Intercontinental Bank Plc by Access Bank Plc and, as well, reviewed the role played by the Asset Management Company of Nigeria (AMCON) in the process.

The Speaker, Honourable Aminu Tambuwal directed the panel “to investigate the acquisition of Intercontinental Bank Plc and the roles played by the AMCON, Access Bank and the interface of the management team of Intercontinental Bank Plc in the entire process, as well as the involvement of United Alliance Company, a business concern allegedly owned by a director of Access Bank, and report back to the House within two weeks.”

The resolution to probe the acquisition and merger of the Intercontinental Bank and Access Bank was sequel to a motion brought before the House by Honourable Yacoob Alebiosu.

Presenting the motion before the House, Honour-able Alebiosu said “that carefully thought-out reform plan and consolidation policy is essential to the future stability and growth of the Nigeria economy,” adding that “mergers and acquisitions are critical components of a working reform policy in any economy and the driving force of economic re-engineering process”.

According to him, “for the mergers and acquisitions being implemented in the banking sector to positively impact the economy, they must not only be seen to be devoid of underhand deals, but must conform to the international best practices and statutes, adhering to integrity test, in order to prevent the avoidable mistakes of the past.”

The motion, he said, was necessary to safeguard the interests of the stakeholders of the bank.

djustice:
My brother, Nigeria is cash and carry. You show the cash, you carry the men. Tinubu has bought SSS, Police, and the army boys in OP-MESA. If Jonathan has any sense, he will withdraw the military from security duties in Lagos State, as Tinubu is infiltrating the military with Lagos LG's funds that Fashola siphons from the joint State/LG account. The LGs get only about 20% of their Federal Allocations! This is a FACT. Plus, they're not allowed to collect any of the funds guaranteed them under Fourth Schedule of the Constitution, namely:

1. Private Houses and Tenements Fourth Schedule Part 1 (j) (Tenement Rate, now called Land Use Charge in Lagos State and collected by the state)

2. Waste Disposal: Now collected by LAWMA, an unconstitutional body, existing in direct contradiction of Fourth Schedule Part 1(h)

3. Abbatoirs: Collected by the state in direct contravention of Fourth Schedule Part 1(e)

4. Control and Regulation of Outdoor Advertising and hoarding: Collected by LASAA in direct contravention of Fourth Schedule Part 1(k)i

5. Control and Regulation of Shops and Kiosks, restaurants, bakeries and other places of sale of food to the public; and licensing control and regulation of the sale of liquor (last two includes hotels): All controlled and regulated in Lagos State, under all sorts of different charges, levies, fees and taxes charged directly by the state, in direct contravention of the Fourth Schedule Part 1(k) iii-vi

Fashola and Tinubu are collecting all these revenues, and when you ask, they'll say the Constitution empowers the State House of Assembly to make laws for the Local Governments, and all they are doing is within the ambit of Lagos State Law. However, Lagos State law cannot be and is not under any circumstances superior to the constitution, and where there are conflicts between the two, the constitution prevails. The same constitution, in the same Fourth Schedule, Part 1(d), says that the State House of Assembly may confer more functions in addition to the ones listed on Local Governments in their domain. Nowhere in the Constitution does it say that the state house of Assembly may TAKE AWAY the functions, responsibilities or abridge the rights of the LGs in their domain. These idiots are breaking the law, blatantly, and their poster boy is a SAN.

SAN my foot. Two kobo SAN.

http://tribune.com.ng/index.php/news/30249-nigerias-constitution-a-fraud-fashola
Written by Shola Adekola, Lagos Wednesday, 26 October 2011

LAGOS State governor,  Mr  Babatunde Fashola, has condemned the constitution of Nigeria, describing it as fraud.

Speaking at the presidential wing of the Murtala Muhammed Airport, Ikeja, Lagos, on Tuesday, on arrival from Abuja, Fashola said the only way the impact of the local government areas in the country could be felt by the people was for the constitution to be amended in their favour.

The governor described a situation whereby the Federal Government took the lion’s share of the  revenue allocation as unrealistic, adding that both the states and the local governments were left to share a paltry 48 per cent, which, he said, was inadequate to take care of the challenges at the state level.

He said if the government at the federal level was working assiduously with all the resources at its disposal, the agony Nigerians were allegedly experiencing would have been minimal, while challenging journalists to carry out independent analysis on the pulse of the people on the activities of the Federal Government over the years.

He insisted that it would be difficult for the local governments to carry out their statutory functions of free health and free education at the primary school level, adding that they had been left with payment of salaries alone.

“Now, which is the government that is closest and most impactful to the people? But sadly, it is the government that has the least revenue,” he said.

Fashola said the appropriation law prescribed about N240 billion for 2011 for subsidies, adding that as of September, the country had exceeded the approved amount by an additional N1.2 trillion.

http://dealbook.nytimes.com/2011/10/25/wall-st-giants-seek-a-piece-of-nigerias-sovereign-fund/
By AZAM AHMED
Chris Ratcliffe/Bloomberg News

Wanted: A reliable overseas business partner to invest more than $1 billion presently trapped in Nigeria.
This is not a scam.

Nigeria, the West African nation that has gained notoriety for the illicit e-mail spammers aiming for Western bank accounts, is attracting attention for legitimate financial opportunities — investing its own savings.

In an effort to preserve and increase its oil revenue, the country recently established a so-called sovereign wealth fund, following the path of many resource-rich countries. Now, Wall Street titans like Goldman Sachs, Morgan Stanley and JPMorgan Chase are courting top government officials, aiming to grab a piece of a portfolio that could eventually be worth tens of billions of dollars.

“The country is at a point of inflection, and what we do in the next few years will set the pace,” said Olusegun Aganga, the former Nigerian finance minister and current minister for trade and investment, who helped create the sovereign wealth fund. “It’s a land of opportunities, which unfortunately has not been tapped well.”

More than half a century after discovering oil in the Niger Delta, the country continues to subsist barrel to barrel. Poverty is rampant. Public corruption is pervasive. And the government coffers are bare, even though Nigeria is the 10th-largest oil producer in the world.

By saving and investing the petro dollars, Nigeria hopes to break the resource curse. The nation, which derives 80 percent of its revenue from oil, created the sovereign wealth fund to buffer its economy from volatile commodity prices and impose fiscal discipline. The government so far has set aside $1 billion for the fund, and it could funnel as much as $2.5 billion a year, if oil prices remain high.

“One of our biggest problems in civil society is the time horizon that we’re operating on — whether election cycles or quarterly reports,” said Ashby H.B. Monk, a research associate at the University of Oxford who studies sovereign wealth funds. “The idea of a sovereign fund is to give government bureaucrats an opportunity to make long-term policy knowing that the buffeting winds of capitalism won’t blow them off course.”

Such funds have become powerful investment forces over the years. Abu Dhabi and Kuwait have amassed hundreds of billions of dollars by plowing their oil riches into stocks, bonds and other global assets. During the financial crisis, sovereign wealth funds provided critical capital to banks and other troubled firms.

To grab a piece of the lucrative business, big banks and asset managers have tirelessly cultivated relationships with governments worldwide and added teams dedicated to sovereign wealth funds. In recent months, bankers, lawyers and consultants flew to the Nigerian capital of Abuja to pitch officials on their services. The government chose JPMorgan Chase as one of its advisers on the structuring of the fund.

In other countries, the Wall Street feeding frenzy has drawn criticism. The Libyan Investment Authority, which was started in 2006, has complained that it lost millions of dollars on several investments, while money managers generated huge fees, according to documents leaked this summer to Global Witness, an advocacy group.

The Securities and Exchange Commission is looking into whether American money managers, in trying to land business with sovereign wealth funds, violated antibribery laws, according to people with knowledge of the matter who were not authorized to speak publicly about the inquiry. “If you don’t get these organizations designed correctly as sophisticated investment operations, you can lose a lot of money,” Mr. Monk said. “It’s the power of finance — for good or bad.”

Nigeria’s new fund is the brainchild of Mr. Aganga, a Nigerian native who worked at Ernst & Young’s London office before joining Goldman Sachs in 2001. Last year, the Nigerian president, Goodluck Jonathan, asked Mr. Aganga to join his cabinet.

As the minister of finance, Mr. Aganga pushed to start a sovereign wealth fund almost immediately. He had helped oversee part of Goldman’s Africa business, and knew Nigeria was among the last oil-rich nations without an investment portfolio.

“It’s important that we have some savings for the future generations,” Mr. Aganga said. “It just makes sense for your economy. You’re completely exposed otherwise.”

But Nigeria has a spotty record managing its money. In 2004, the country started plowing extra oil revenue into a separate account, as a way to build savings. At one point, the portfolio held an estimated $20 billion, analysts say.

The funds did not last long. State and federal authorities leaders regularly siphoned off money to fill budget holes, build utilities or pay for other projects. By last year, the assets had plummeted to less than $1 billion.

“There were no rules about withdrawals or whom it belonged to among the three tiers of government in Nigeria,” said Razia Khan, head of African research at Standard Chartered Bank.

To avoid making the same mistakes, Nigeria is earmarking assets for different purposes in a structure that mirrors older sovereign wealth funds. One portfolio, which will invest in stocks and bonds, is focused on long-term growth in preparation for the day when the oil wells run dry. An infrastructure portfolio will support upgrades to the country’s bridges, roads, buildings and railways.

During periods of weakness, the government will have an emergency account to prop up the economy. But officials will be able to access the money only under certain circumstances, like a steep drop in oil prices.

Commitment will be crucial. Some politicians are already grumbling that the sovereign wealth fund will divert assets that the economy desperately needs now, and they are threatening to derail the effort. Such pressure, said John Campbell, a former United States ambassador to Nigeria and a senior fellow at the Council on Foreign Relations, a nonpartisan research center, could prompt the country to “raid the cookie jar” to deal with short-term issues. “Unless there is the political will to live up to those aspirations,” he said, “it’s not going to work very well.”

“My view is, better mute the trumpets for the time being,” Mr. Campbell said.

It will come down to execution, say Nigerian officials and outside analysts. The government is tapping an independent board to oversee the investment process and to ensure compliance. While critics point to the delay in naming those directors as a potential concern, authorities defend their position. They argue that the new finance minister, Ngozi Okonjo-Iweala, a former managing director at the World Bank, who was sworn in this August, needs time to learn all about existing matters.

tpia@:
lordy lordy, naija.
oh well, horniness no be today.
thank goodness fear of something- whether God, su, my dad, my mum, my grandma, cradle robbing or whatever it was, kept all these h.orny fellows away from me.
am out sha.
if concrete or buildings could talk . . . . .smh.

ekt_bear:
Lol. Both of my parents went there. They've brainwashed me with pro-Ife propaganda

Anyway, I dunno who made you the judge of who can say what. Imo, take your "talk" and shove it up your @ss.

[url]http://www.vanguardngr.com/2011/10/nigeria%E2%80%99s-economy-at-risk-from-resolution-of-banks%E2%80%99-crisis-cbn/[/url]
On October 25, 2011
BY MICHAEL EBOH

Efforts at resolving the crisis in the Nigerian banking industry will put the country’s economy at risk, says the Central Bank of Nigeria, CBN, in its Economic Report for the first half of 2011.

The CBN also said that government’s efforts at addressing the growth and developmental challenges of the country will likely pose a threat to plans to ensure a stable economy.

The CBN, in the report, said the funds injected into the eight rescued banks, thus far, is capable of bringing about a significant increase in inflation and exchange rate.

The Asset Management Corporation of Nigeria, AMCON, said last week that it has injected a total of N2.1 trillion since 2009, to recapitalize the eight troubled banks whose management was sacked by the CBN and the NDIC.

AMCON said it injected a total of N736 billion into the three recently created bridge banks to bring them to the capital and liquidity adequacy level required by the CBN.

The Bridge Banks were created to take over the assets and liabilities of the nationalised Afribank, BankPHB and Spring Bank.

AMCON further disclosed that it injected N1.364trn in the remaining five rescued banks, which is on the verge of being acquired by other banks, to bring them to a position of zero capital.

This is in addition to other funds that will be used by the corporation to acquire the Non-Performing Loans and huge debt burdens of some banks in the country, before the end of the year, as disclosed by AMCON and the huge funds budgeted by the government to pursue developmental projects across the country.

In the half year report, the CBN, in the economic outlook for the second half of the year 2011, said these cash and liquidity injections pose a serious threat to the economic and financial stability of the country.

According to the CBN, the liquidity injection from the efforts at resolving the banking crisis and the fiscal arm in addressing the developmental challenges facing the country in the second half of 2011 may engender liquidity surfeit and drive up prices generally, including the exchange rate.

The report said, “Monetary aggregates might continue to lag behind their indicative benchmark, while money market rates could remain high.

“It is expected that the monetary authority will engage in proactive monetary management to reduce the risks and threats of any imminent inflationary pressure. “Furthermore, the continuous pressure on the foreign exchange market would pose major policy challenges for the CBN.”

The CBN further stated that events in the global economy pose a major risk to the Nigerian economy in the near to medium term.

According to the CBN, despite the the favourable near-term growth outlook for the domestic economy, recent developments in the global economy that have seen a sharp slowdown in economic activities in major advanced economies that prompted a downward review of global economic growth forecast for 2011, pose a major risk to the domestic economy in the near-to-medium term.

“With the growth slowdown in trading-partner countries, weak currencies will translate into build-up of inflationary pressure,” the CBN disclosed.

dayokanu:
She doesnt need to kneel. She can bend and place her hand on the concrete slabs which makes the labia majora shoot out wella

Also there is something called "Joko le sho" google it. it comes in handy.

At one time the school authority installed Halogen lamps in motion ground to reduce runs.

Trust boys to destroy it within weeks

dayokanu:
I was an Awo boy to the core. Which fellowship was that?

I used to go to fellowship too until Cameroun defeated us in the Nations cup final in 2000 and I stopped going. February 13 2000.

tpia@:
na wa oh.
all these undergrads and s.ex sha.
wonder what time they actually study.
and on the cold concrete too.
o ga.
women behind don suffer.
una nor see mosquito in those abandoned buildings?
but some med and engineering students are wild sha- quite true. I heard some guys [think they were med students] discussing once on how they needed as many condoms as possible to save them from "those dangerous girls" "tan le koba enyan". Keeping it zipped wasnt an option of course.

dayokanu:
Tpia, You have no idea, Boys used to queue with their babes to use the free location A typical queue on cold harmattan nights used to be quite long. In the morning used condoms all over the place

Motion ground, top of health sciences, top of Agric building , Social sciences basement, cricket pitch and those abandoned buildings used to have more intimate activities than  the streets of empire.

After drinking jedi and palmwine in Old Buka, Carry your babe and go and bleep on concrete in abandoned building.

Life was good

dayokanu:
Koruji,

So you are an Ife alumni?

No wonder.

GREATESTTTTTT IFFEEEEEEEEEEEEEEEEEEEE

ARTICULATEEE IFFFFFFFFFFFFFFEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

I know that building what a waste opposite the amphitheatre? Is the building still abandoned? Also the proposed senate building that was also abandoned and the project behind Pharmacy too.

Those abandoned buildings became locations to go phock babes.

Only God knows how many of these Nairalanders who were conceived in a cold night in an abandoned building

Beaf:
[size=4pt]LOLZZZ!!!!

How can Aregbesola ask people to catch rats and squirells for 50billion?[/size]

arsenefc:
^^^
Pictures please?

When did you graduate BTW?

[url]http://www.thenationonlineng.net/2011/index.php/news/24017-lagos-acn-to-pdp-leaders%3A-you%E2%80%99re-a-blackmailer.html[/url]

•Parties trade words over results

The Lagos State Action Congress of Nigeria (ACN) yesterday described the Peoples Democratic Party (PDP) leaders as blackmailers itching to secure power at the grassroots through the back door.

But PDP said the ACN deliberately rigged the elections in the disputed wards and local governments to maintain what it described as false superiority.

ACN Chairman Otunba Oladele Ajomale and Publicity Secretary, Comrade Joe Igbokwe, said in a statement in Lagos that PDP was still nursing the pains of its defeat in the Southwest  in the last general elections, adding that its desire to bounce back during the council polls was resisted by Lagosians.

He said PDP was bitter because it received feelers from its polling agents that it had again kissed the dust.

Igbokwe said: “We have noted the desperate scam arts of the members of Lagos PDP, a party that does not maintain any real presence in Lagos, in its effort to blackmail the  electoral commission to issue it with unmerited favours in last Saturday’s election.

“We want to assure Lagosians that a desperate group like Lagos PDP, fully aware of the level of rejection it commands in Lagos, cannot do anything to change the legitimate will of the people.

“We want to make Lagosians aware of the antics of Senator Musiliu Obanikoro, who was on a desperate and dangerous mission to force down the electoral wish of his son as the chairman of Obalende/Ikoyi Local Council Development Area.

“ We note that throughout the election, Obanikoro was actively involved in several acts of security breach in his desperate mission to enforce this selfish mandate.

“For this, he was moving around, with armed thugs, scaring people who were on their legitimate missions, and heating up the polity in Lagos and to generally foment trouble for this selfish mission. He was moving around in a tinted vehicle, bearing diplomatic numbers and was actively involved in the bid to organise demonstrations when it was obvious from returns from the polling booths that his son has woefully lost the election. We note that in extreme desperation, Obanikoro and his thugs have invaded the Ikoyi/Obalende LCDA and we see such illegal act as an exercise in futility”.

Igbokwe said PDP was just erecting lies on its false foundation in Lagos, recalling that the party once posted fake election results on the internet to confuse Lagosians.

He stressed: “Lagosians will not forget in a hurry how the PDP unleashed war on Lagos for creating additional local governments and 37 LCDAs, to the extent that local council funds in Lagos were withheld for several years with the intents of paralysing Lagos and punishing its workers.

“That the party is now laying claims to winning these LCDAs is ridiculous for Lagosians know all the facts and will happily repay PDP with their open rejection, as they have consistently shown. So, what should surprise any observer of Lagos politics is the claim by PDP that it won these councils it unleashed war on for more than 10 years.

“Lagosians know the antics of the PDP, which went as far as posting fake and fabricated results on the internet in April 2003, which claimed that it won the governorship in Lagos, when the collated results show that it lost woefully. They know that the PDP made similar claims in 2007 and 2011 general elections and is repeating same again in election into local councils it has devoted all its time fighting against.

The Publicity Secretary urged Lagosians to be calm and await the official announcement of the results by LASIEC.

Ajomale said: “We strongly condemn the PDP supporters who have decided to take the laws into their own hands by mischievously spreading falsehood that their candidate, Ibrahim Obanikoro, won the Chairmanship contest, even before the result was announced by LASIEC.

“It is on record that, hours before the close of voting at the election on Saturday, this PDP candidate himself went on Twitter and Facebook to announce that he had won the election and been elected the  council chairman, despite that voting was still in progress.

“These unruly PDP supporters invaded the secretariat of the council and drove away its employees. They also descended on the Ikoyi/Obalende office of  Lagos State Independent Electoral Commission (LASIEC), as the Commission was collating the results of the election, forcing the LASIEC officials to relocate to a safer place from where they announced the result of the election, which was won by our party, the Action Congress of Nigeria.

“We are astonished at the brazen act of lawlessness exhibited by the rampaging PDP supporters, and strongly condemn them as barbarians who have chosen to take the law into their own hands.

“It is an irony that those who chose to engage in sheer thuggery over the outcome of a largely peaceful election are from the PDP, the same party that has accused the Congress for Progressive Change (CPC) of being behind the post-election riots witnessed in the North after the Presidential elections of April 2011.

“Had the ACN not restrained its supporters, they could have confronted these barbarians, thus triggering off a clash that could have led to a breakdown of law and order similar to what the PDP had accused the CPC of masterminding earlier.

“The ACN had, before, contested and lost elections in states under the control of the PDP, but not once did our supporters resort to self help.

“The law is clear that whoever feels aggrieved at the outcome of an election should seek restitution in court, just as our party has done times without number, because we believe in the rule of law”.

“We therefore, call on the police to swiftly act to restore law and order at the Ikoyi/Obalende Council Secretariat without delay, by dislodging the thugs who may still be occupying the secretariat or milling around the premises”

However, PDP Chairman, Hon. Setonji Koshoedo, told reporters in Lagos that the delay in releasing the results of the elections was suspicious, maintaining that ACN planned to upturn the victory of his party in the disputed councils and wards.

pDude:
Pls reboardcast.
Sen. Musiliu Obanikoro Shot In D Leg While Defending Mandate (Votes) @ Ikoyi/Obalende local government now now.
God we need u now.
Da Prince

I just received this via bbm. Is it true?