₦airaland Forum

Itsrm:
If they had done that, the supreme court would not have been able to handle the case. It would have gone through the lower courts before the supreme court.
The supreme court can only be the court of first instance in cases between the State and the Federation or cases between states.

Given how urgent they wanted the judgement, they could not have joined Emefiele and CBN

Ok. Thanks for the clarification.

iamoyindamola:
They didn't do that?
So what was the case

It was FG that they sued.

iamoyindamola:
The governors gave him till tomorrow
It's in the news

So after tomorrow what happens? They will go back to the SC?

The mistake they did in the first place was not joining Emefiele and CBN in the suit.

afrodoc2 please check your mail.

izzou:
[color=royalblue]Instead of all these governors to mount pressure on Emefiele, na eye service all of them they do.

No bank is accepting old notes as deposits; that's the problem.

As long as they are not accepting it as deposits, anybody dealing with bulk of raw cash won't accept it. That is the reason why Fuel stations would never accept it. The one i saw accept it, was selling fuel at 400/ltre

I don't blame EPE General hospital or LAGFERRY for declining. If dem collect am finish, where dem wan pay the money?[/color]

2 fuel station and a food mart is collecting it in my area but they are the only ones collecting it. Nobody else is collecting it.

Ibime:
Sector risk, low liquidity coverage, a stunning lack of macro-economic foresight, and finally poor CEO messaging

Awash with an accelerated increase in deposits during the VC boom of zero interest rate environment, they put too much of their cash into Govt bonds, about 60%, where typically a bank with a strong retail arm should be giving out loans that will yield more than the Fed funds rate. That was the big mistake of not reading the macro environment, and the rest is history

So they had poor short-term liquidity coverage having put their money in long term Govt securities

Their client base being tech are no longer seeing abundant VC money so deposits were slowing and withdrawals increasing and most of their cash was tied in Govt bonds. CEO then sent out wrong messaging that they were selling their Govt securities to cover (which would be at a loss before maturity, given the disparity between treasury yields and fed funds rate), instead of quietly borrowing on interbank market to cover. VCs being a small and connected community reacted to that messaging and decided to all withdraw at the same time, causing a bank run and that's the sum of it.

I was with one of our soccer dads at my son's practice yesterday who let me know the extent of tech industry exposure to the bank. He works for Bondaval, a UK Fintech and he said 80% of their cash was with SVB, and almost all tech companies bank with SVB. When I came home, I started withdrawing money off exchanges, cos in all likelihood an exchange with US exposure may bank with them. That's before Fed stepped in last night. Actually Fed should have stepped in sooner given how crucial they are to the Tech industry. It actually probably only takes a couple of billion from Fed to right their balance sheet in the long term, as against billions being wiped off SVB balance sheet as they start selling long term assets for pennies on the dollar to cover short term liabilities, and further tens of billions wiped off the tech industry from contagion and capital flight.

Most Nigerians startups were not affected because SVB refused to allow Nigerians open account with them.

I saw a thread on Twitter where a VC analyst actually predicted what happened to SVB since January 18. The analyst even told people he's shorting SVB stock.

Looking at how everything pan out, I'm wondering how they kept buying those bonds ot 10yrs maturity when the interest rate was almost zero, they should've known that the feds were going to have to increase the interest rate at a point.

Roland17:
I humbly plead the 5th and invite experts like brothers Afrodoc, Skimpledawg and Sir Izzou to help us here.

Skimpledawg is only an expert in the works of the ministry.

Una good morning

[quote author=OasisX post=121689538]

[font=serif]..... Baba Kabiru dey cook for Alimosho....... 🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥

On your mandate we shall stand 🎶 🎵 @raufaregbesola meets Igbo Community in Alimosho LGA pic.twitter.com/eVEEBJ9sQ0

— Akinyemi Oluwaseye (@cyberseye05) March 12, 2023

wey dey craze. Yayi has been in Alimosho for about a week now dey run things without this media parade wey Aregbe dey do.

Ka ri mi

Mrviktor:
If u contest nd loose plus 1 game

There's no way we lose that appeal.

I will be surprised if we dont contest that red card.

chrisley024:
The positive is that our next epl game is on 2nd April. I think it's enough time to rest certain players.

Why? International break or what?

Leyqute:
Na VAR see red card. That same VAR no see the handball or penalty.

Useless people.

Shey they told Anthony Taylor to go and check the VAR for review, the call is totally on Taylor

swiz123:
Emotional analysis. Casemiro nearly cut that guys leg off. What happened to sweeping the ball out? Why show studs?

You must know more than the PGMOL chairman who just said in skysport studio that it's not a red.

raumdeuter:
Some of Sanwo-Olu moves are just somehow. He will be ridiculing himself all over the place

That was how he went to Magodo landlord issue instead of staying in his office and making calls. That's why the policeman insulted him

He went to join endsars rally yet he was insulted and the endsars crowd still blamed him for the killings yet the endsars crowd won't vote for him

He is now running around locking ice cream, doing church usher and other simp moves to appease the same demographics of people who will never vote him even if he removes his eyes for them

The guy na clown, instead of energizing his base to come out and vote, hes appealing to those who will never see anything good in whatever he does.

Anthony Taylor is an idìot

Hows that a red when his leg touch the ball first.

Anthony Taylor is an idìot

Martinez is too composed on the ball.

Shaw has zero awareness

So Casmeiro and Bruno pivot?

afrodoc2:
Carabao Cup, 3rd position. Deep runs in both Europa and FA Cup but ultimately no more trophies.

I see us winning both FA and Europa. Since Barca didnt dump us out, I'll be surprised if we dont win the Europa.

OasisX:


... dem say dey go punish Soludo by voting Ellu P top to bottom in Anambra State HOA Election and chase him out too after his first term.... LMFAO!

Vote out a Technocrat for another Okada-Rider for bragging right.

Soludo election is not even this Saturday. Soludo still has more than 2yrs to go in his tenure.

DontBullshitMe:
This is false though but I understand that believing it makes you happy and fulfilled so it makes sense that you keep saying it.

People did rallies for Abacha and Babangida in this country, why do you think people wouldn't have celebrated Tinubu's victory?

Obi has supporters and is widely loved but the same thing applies to other contestants. It's not hard to see.

Even this morning, I saw like 3 different videos of people in polling units in Akwa Ibom where APC won rejoicing and dancing as the polling officer was counting the votes.

People needs to know the world doesn't revolve around them. You can only talk about your immediate environment.

sod09:
This is why I refuse to go to bank

The one I witnessed yesterday at a filling station weak me.

An Okada man bought fuel 500 naira with the old 1k note, the attendant gave him the old 500 naira note and he rejected it. Las las he bought 1k fuel instead because the attendant refused to give him the new note as change.

Me that did transfer, I waited for over 30mins, money no reflect for their Fidelity bank. I went back home and came back 5hrs later and the money still never show. I had to do another one to one of their employee Palmpay before I could bought fuel. I have to go back there today if the money has reflected so I can collect my cash.

Buhari and Emefiele just dey suffer people unnecessarily.

afrodoc2:
Larride check your inbox.

I've responded.

sod09:
Bro it's getting hard, I no get 1 naira cash laidis
Na trust they make people accept transfer for here

I didnt go out at all throughout this week. It's just getting worse and worse.

Only fuel station and a certain food mart is collecting the old notes in my area, every other person Is rejecting it and new notes is nowhere to be found.

CrystalTiger:
But wetin hard for this Buhari to just open mouth say oya make people dey collect money as directed by CBN...The eight solid years we've wasted under this man...God forbid evil ...You go get funds for aza, to hold am for hand go be problem..

I dn almost slap cc girl for bank on Friday...Queue finish for ATM, na 20k old notes them pay, I enter bank tell the girl say people no dey accept am, she boldly tell me make I dey go CBN go deposit am.. I'm like WTF, una no dey accept am but una dey disburse am..

Everybody just dey do anyhow for this country walai..

This shit is funny. Pay out old notes and refuse to accept it back as deposit. Why then are you giving people as withdrawal.

Buhari and Emefiele just dey suffer the citizens unnecessary. Stories I'm hearing in my neighborhood this morning is demoralizing.

afrodoc2:
Yes boss. Sorry was busy with some family engagements.

No wahala boss. Anytime you are free.

afrodoc2:
1000 percent. Wike is the type of person to wear high-heeled shoes to sneak out of hostel at night.

But the truth of the matter is that Wike was less interested in delivering Rivers state to the APC and more interested in demonstrating his lordship over Rivers state.

Your last paragraph is correct.

It was more about making a statement than anything for Wike.

afrodoc2:
1000 percent. Wike is the type of person to wear high-heeled shoes to sneak out of hostel at night.

But the truth of the matter is that Wike was less interested in delivering Rivers state to the APC and more interested in demonstrating his lordship over Rivers state.

Doc check your mail please.

GloriousGbola:
Maybe gvr can give us the breakdown

I listed multiple agencies in lagos, all of which you pay different fees to. Who collates these fees?

Your roadworthiness, your vehicle license, your proof of ownership for your car, your payment for construction approval, your lasaa fee, your lasepa permits, your parking permit, the registered lastma fines, land use charge, drivers license for commercial drivers - you think the fees for all of these are collated by hand?

In most other states supervisory agencies fees begin and end with the local govt. Or you have governors like fayose trying to shake down banks for community development.

Bold of you to assume GRV have an idea of what's hes saying.