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Politics › Re: FG Has Spent $8 Billion To Support The Naira – Rewane by Lookmun: 4:46pm On Feb 23, 2025

DeLaRue:
1. You are correct, me self don tire trying to help people understand what's going on. Please vote for who you like. I've never voted in Nigeria.

2. Where did I see the excess dollars coming in? Some information are slow to make it to the press, so I understand your scepticism. However, some people have this information. If the CBN had not bought the excess dollars that came in over the past few weeks, dollar will probably have gone down to less than N1400. The CBN stepped in to buy the dollars because such sharp drop will have caused instability in the market. The CBN rightly prefers sustainable stability over unsustainable sharp drop.

3. As for the $8 billion, that refers to how much the CBN spent to defend the naira over the last 18 months or so.

As we speak, this year so far,the CBN has not been defending the naira due to the excess dollars coming in. If this situation continues for most of the rest of the year (nothingis guaranteed), the CBN will not need to intervene as often as it did in the past. If the CBN only spends N$1 billion to $1.5 billion defending the naira this year, that would be a fantastic result.

Nigeria's economic indicators today are much better than they were last year or the year before.

That is why more dollars are flowing into the country.

Foreign investors are not mugus. They don't take money into a failing economy.

They can see what those of us residing in Nigeria can't see. They already see the green shoots of recovery in the Nigerian economy.

What they see is a country that is the economic powerhouse of Africa that is now taking many right economic decisions.

Nigeria is now on the path to economic revival. We need to build on the few succeses of recent months, and the government must do all that it can to ensure that most of the population share in the coming prosperity.

The rates are not stable because naira is doing fine. The naira is being helped to be stable not only by reserves but also by FG borrowing. If there is too much dollars it would impact the reserves and there won’t be need to be increasing external debt. Your claims don’t add up.

2 Likes

Politics › Re: FG Has Spent $8 Billion To Support The Naira – Rewane by Lookmun: 3:43pm On Feb 23, 2025

Alliswell248:
U are wrong.
Learn to comment as a responsible person, and not a dullard

The government is not printing money like emefiele did.

How are you so sure? At least I know that Tinubu has recommended printing notes before. It’s very loud in the media. And by the way we warned when Buhari was still in government that he doesn’t know what’s happening in his government. Was Emefiele’s antics any surprising to you?

Crime › Re: 70 Christians Beheaded In Church In Congo by Lookmun: 9:13pm On Feb 22, 2025

Haydens:
Because they believe that Christians are weak. They believe in slapping on one cheek and turning the other while the terrorist religion believe in eye for an eye.

No problem at all at least 6-7 billion people in the world cannot all agree on everything but if you check the post I responding to, I was asking the person to take responsibility for the actions of the Islamists that took the lives of others rather than point fingers at someone else. There’s over 10,000 religions in the world not just Christianity so the so-called sponsors could have used some other people. Why always you?

Crime › Re: 70 Christians Beheaded In Church In Congo by Lookmun: 9:45am On Feb 22, 2025

Softmirror:
How does that change the facts that the United States are always the ones sponsoring this chaos in the name of 'ISLAMIST'.

The terrorist groups are known whether it’s AlQaeda or ISIS or Lukuwara or Boko Haram. These organizations have links with Islam and they justify their deeds from direct quotes from the book.

Why don’t we see the Christian terrorist groups being sponsored by the western forces to kill their other religious counterparts?

Hence we need to place the responsibility for these killings on the actual perpetrators rather than justify them.

4 Likes 3 Shares

Crime › Re: 70 Christians Beheaded In Church In Congo by Lookmun: 9:41am On Feb 22, 2025

Haydens:
All these insolent act are being sponsored by the West indirectly.

Let’s assume you are right for a moment, why are the western forces not sponsoring Christians to kill the Muslims, why is it the other way round? I think we need to place the responsibility on the actual perpetrators rather than make excuses for them.

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Politics › Re: Dangote Refinery Has 500 Million Litres Of PMS In Stock by Lookmun: 10:50pm On Feb 21, 2025

Gboss247:
It is called commercialization where government organizations are operated to maximize profits not receiving subsidies in the name of nationalization.

Yes you’re correct that these state oil companies run like businesses and so maximize profits. This model makes their operations sustainable in the long term even though they are state companies. And that’s what I’m saying that it’s actually possible to run a facility of that magnitude successfully if the right people with the right motives are there and if there is the right corporate governance there.

But NNPC despite metamorphosing to NNPCL still carries the same baggage of secrecy and lack of accountability. If the fundamental problem of having the people who run the refineries as the same people that benefit from the rentier system of importation, then there would be no solution that will resuscitate the moribund facilities.

1 Like

Politics › Re: Dangote Refinery Has 500 Million Litres Of PMS In Stock by Lookmun: 10:12pm On Feb 21, 2025

Saga16:
You want to continue with the same strategy?

By all means, be my guest.

People have become grandparents, waiting for them to work.

My dear brother I know you mean well but the reason why they aren’t working is because there is a huge incentive to keep them that way. If it was merely a case of incompetence, then privatizing it would be a no brainer. But in the case you have people that run the facilities and at the same time are beneficiaries of importation.

These people are enemies of working refineries and that’s why they were the ones that screamed that Dangote was giving us substandard PMS at the onset before the man came on air and showed the world samples of his PMS (it turned out that these rogues were lying) because the product that they condemned has now been adopted by them).

Politics › Re: Dangote Refinery Has 500 Million Litres Of PMS In Stock by Lookmun: 9:05pm On Feb 21, 2025

Saga16:
Yes, it will make them work.

From time, it would always be the connected that would purchase such facilities.

The cost of purchase, if considerable, would ensure the buyers have no choice but to make them competitive.

Lol

They would sell it for pennies not just to connected people (which is not bad in itself) but to incompetent people who cannot run these facilities. They’d sell and get kickbacks in return. It’s not enough to want something to work, you need to have the capacity to make them work.

But why would they even do this? Because there is a lucrative market for importation so if you have not purged that system and you think that by selling the facility to private owners, you have solved the problem NNPC refineries, you are in for a big shock.

Politics › Re: Dangote Refinery Has 500 Million Litres Of PMS In Stock by Lookmun: 8:54pm On Feb 21, 2025

Saga16:
I don't know how old you are, but our refineries haven't worked for close to 40 years.

You want to keep betting on them?

You have to understand that the problem is deeper than the state running the facility. It’s the corruption and the gains of greed that’s the problem. You conveniently ignored the scenario I painted about privatizing and selling to cronies. Will that make it work? No.

There are gains being made from inefficient working of these facilities. If you don’t recognize that, your privatization solution will only a text book solution.

Politics › Re: Dangote Refinery Has 500 Million Litres Of PMS In Stock by Lookmun: 8:45pm On Feb 21, 2025

Saga16:
Which local refinery?

They should all be privatised.

We can't be doing the same thing for 40 years , keep getting the same result.

Whatever works is okay for me but I disagree that WE MUST privatize. There are countries whose state oil companies run their refining business. I tell you, even if we privatize today, so long as that corruption element is not undone, the same people will sell to themselves or their private stooges that lack the capacity to run those companies and then we are back to square one. Like I said, I don’t mind privatization but the issue is deeper than that.

Politics › Re: Dangote Refinery Has 500 Million Litres Of PMS In Stock by Lookmun: 8:39pm On Feb 21, 2025

Saga16:
If you think you can get it cheaper, please do.

It doesn't put as much demand for the dollar as we had in the past.

Competition is also welcomed.

If they are serious about dealing with monopoly, they can make the local refineries truly work. Question is how much PMS does PH refinery give us daily at present? I’d be glad to know if you have the answer. All these audio performance will not help. Aramco and Petrobras run their refineries in their respective counties through alliances with other private sector players. Who says they cannot go toe-to-toe with Dangote?

Now we hear that a local company has excess PMS which is even the cheaper option. We hear that he sometimes has to source for crude abroad because of epileptic implementation of the crude supply agreement he has with the government. This company is refining PMS and the government is actively aiding importation when we hear that Nigeria spends N5.5trillion on petrol and diesel imports in 4 months.

Exchange rate is at a record low at 1500-1600 and then instead of cashing in on what we produce locally to reduce the pressure on the naira against the dollar, the government is aiding the process by which the naira will remain in a bad place.

If you say the currency has stabilized, I ask you what’s the plan to bring it down to reasonable levels? Or do you think that 1500-1600 is a good place to be forever? If you agree that that’s not a good place to be, why would you encourage importation like that when you have all it takes to get your refineries truly producing and in the main time you can cash in on local production.

If they are truly serious about fighting monopoly, get Dangote to commit to a certain percentage margin after factoring costs and all and if not, you will exercise your regulatory role to curb their excesses.

Importation of the most important FX parameter is never the solution in the face of a weak currency.

Food › Re: FG Urges Traders To Reduce Food Prices by Lookmun: 6:12pm On Feb 19, 2025

BlackyOne:
Go out and arrest anyone with a profit margin of over 20%

Major producers needs to own retail outlets across the country, and enter into a franchise/partnership with major commercial retail outlets for ease of distribution.

These will help to reduce man made inflation, we know already that Nigerians are exploitative and terrible wicked to themselves as they've learned from the government, but the government can still do more to reduce the hyperinflation that majority of Nigerians are struggling with.

They should arrest those making over 20% profit? Why not urge governments over the world to arrest tech giants that make much more than 20%? Entrepreneurship is all about risk and reward? Where were you when they were making risks 100%? When they now make 20% profit you are here to arrest them. It wouldn’t work because we are not in a fascist state.

Politics › Re: NNPC Reduces Petrol Pump Price, Issues Instruction To Filling Stations by Lookmun: 9:22pm On Feb 14, 2025

gloryman91:
Our leaders are from us, we grew up together from various family backgrounds, getting to the offices turned to something else.

Even though the leaders came from us, there was a time when traders would display their wares on the street and go away without fear. Nigerians are in foreign countries and living orderly.

So that tells us that there is something wrong with the system of law and order here. It’s not a mechanic or teacher that will enforce law and order in a society. If leadership is not pivotal to societal transformation then tell me what use is it having leaders?

When the system of maintenance of law and order is faulty in a society, then you will compulsorily have chaos, loss of value system and societal decay. That’s the situation in Nigeria now. You cannot have poor leadership and still expect that the society will turn out well. It’s not possible.

1 Like

Politics › Re: FG To Establish ‘Power Rangers’ To Guard Electricity Assets — Minister by Lookmun: 7:35pm On Feb 14, 2025

Go go power rangers….pa-ran-ran-ran-ran
Go go power rangers...pa-ran-ran-ran-ran
Go go power rangers
Mighty morphin power ranger-ers

3 Likes

Politics › Re: NNPC Reduces Petrol Pump Price, Issues Instruction To Filling Stations by Lookmun: 7:20pm On Feb 14, 2025

gloryman91:
In this nation of ours where greediness has killed everyone, I just pity ourselves, even a day old born worships materials.

In any faulty system, when you correct the head the body will follow suit. In a society where law and order is not upheld and people can get anyway with anything so long as they have means, there is no other outcome than having a lot of people trying to get ahead no matter how it is done.

Leadership is the critical factor missing in Nigeria. At least we have Nigerians abroad doing great things legally and complying with the laws of land.

Nigerians have been paying for fuel through their noses in the last couple of years so it’s not like Nigerians are unreasonable people. It’s just that they know that there is a lot of inefficiency and deceit and these things would drive prices above normal in an artificial way.

Politics › Re: NNPC Reduces Petrol Pump Price, Issues Instruction To Filling Stations by Lookmun: 8:54pm On Feb 13, 2025

Those that are blaming Dangote here and there are not understanding that all it takes to quench the man’s so called monopoly is to get your freaking refineries to work not all the jamboree of pseudo-refining or blending if you like. Also, you can throw your weight behind the BUA Sugar man who we hear is interested in this kind of investment.

But what would Nigerians (who are at the receiving end of all these NNPC shenanigans) rather do? Blame Dangote. They will see fuel importation numbers on the rise and rather than ask critical questions, they will still make excuses for their captors. No he juju be that?

If the refineries are truly churning out PMS efficiently and in sufficient quantity, while NNPC charges an amount to cover for their costs plus a margin, Dangote would have no choice than to align himself and this will eradicate supernormal profit. But now the opposite is the case as Dangote determines the price and NNPC just follows like a local dog with a rope tied to its neck.

Politics › Re: NNPC Reduces Petrol Pump Price, Issues Instruction To Filling Stations by Lookmun: 8:25pm On Feb 13, 2025

chidiokay:
I will rather trust Dangote, dangote is a business bounded by "profit margin"

But Nnpc & FG are criminal enterprises motioned by greed, selfishness and Nigeria must never develop

There is transparency in dangote price computation But Nnpc/FG they are full of opaqueness

Correct!

Politics › Re: NNPC Reduces Petrol Pump Price, Issues Instruction To Filling Stations by Lookmun: 8:23pm On Feb 13, 2025

gloryman91:
Nigeria and Free things.

5&6

Not really, they are realistic people that know that we have all it takes to have good prices not prices artificially hyped up by opaqueness, corruption, greed and inefficiency.

1 Like

Politics › Re: FG Hikes Private Universities' Application Fees From ₦‎6 To ₦‎30 Million by Lookmun: 5:34pm On Feb 11, 2025

allen113:
Considering the amount some private university charge per session, I think this is fair.

There is no way the schools won’t increase their fees so at the end of the day, the middle class would bear the brunt of this move. If new private schools increase their tuition, why won’t the old ones follow suit?

Politics › Re: Nigeria Spent N5.5trillion On Petrol, Diesel Imports In 4 Months – THISDAY by Lookmun: 5:41pm On Feb 03, 2025

Some people have been trying to convince us that subsidy removal in present day Nigeria will bring an end to importation.

What they need to understand is that the guys that call the shots in the sector have intentionally made it so opaque that the more you look the less you see.

And the reason for this isn’t far fetched except your eyes are closed - the profit that comes from the status quo is too juicy to let go.

1 Like

Politics › Re: Court Strikes Out Afe Babalola's defamation Suit Against Farotimi by Lookmun: 11:54am On Jan 31, 2025

zoedew:
See, no matter how iron clad a set of facts are, the science of reasoning does not admit of seeing things the same. Paradigm shifts. That is one of the reasons why dissenting judgments exist at Appellate levels of adjudication. It is not refined to refer to a person who has a different opinion from yours as "knowing nothing".

You are absolutely correct and you are certainly highly gifted cerebrally as I can infer from your submissions and your manner of presentation but I’m just basing my personal convictions on the matter so far on the information available in the public at this moment. Of course beliefs can change as new facts emerge. That’s all I’m saying.

Politics › Re: Court Strikes Out Afe Babalola's defamation Suit Against Farotimi by Lookmun: 7:15pm On Jan 30, 2025

zoedew:
That’s another way to interpret the aftermath of the events that led to the withdrawal of the complaint by the Complainant.

To have a contrary viewpoint based on he facts of the matter so far is to dwell in the realm of speculation. The facts of the matter are as follows:

a) the accused wasn’t present at the reconciliatory meeting
b) the pardon was unconditional meaning it was given regardless of anything the accused was supposed to do
c) the accused has said publicly that he didn’t contract anyone to beg for him and there has been no rebuttal to that
d) the accused has not refrained from the action that triggered legal action from the prosecutor meaning that the accused is still adamant that he acted in good faith
e) the case is technically still in court so the accused must act and speak advisedly as touching the matter and has been so advised by his legal counsel

Politics › Re: Court Strikes Out Afe Babalola's defamation Suit Against Farotimi by Lookmun: 1:37pm On Jan 30, 2025

jflower06:
Dele's mouth has been gagged.
He has been compensated with the office of the Secretary of Afenifere in exchange for his silence.
The so - called peace meeting was arranged to safe Afe's and judiciary face

No his mouth hasn’t been gagged.

Apart from the fact that he doesn’t even need to utter a word (so long as he doesn’t succumb to any pressure to withdraw his book or give a public apology or plead for mercy), other lawyers are still pushing the case in court and therefore the case is still in court technically and so it would be foolhardy for him to make any unnecessary statements. This is probably why his lawyer advised him to keep quiet as stated in the write up.

The moment he pleads for mercy or recants his claims, then he’s backed down.

Politics › Re: Court Strikes Out Afe Babalola's defamation Suit Against Farotimi by Lookmun: 1:31pm On Jan 30, 2025

zoedew:
Farotimi don chop ban (gag)!

The write up clearly stated that Mr Dele wasn’t present in the meeting where the prosecutor granted him unconditional forgiveness. Based on the facts we have so far, the said forgiveness was not applied or begged for. Mr Dele has said publicly that he didn’t send anyone to beg for him and there’s been no rebuttal to that.

The write up also states that Me Dele’s lawyer advised his client to make no further statements on the matter. That’s the reason why he has kept quiet. However the book he wrote is wide in circulation so he doesn’t even need to make any further comment as things stand.

Politics › Re: Court Strikes Out Afe Babalola's defamation Suit Against Farotimi by Lookmun: 1:22pm On Jan 30, 2025

zoedew:
Other Lawyers in Age Babalola still have their cases in various courts in the country. They may decide to continue with their own cases.

This is welcome so that we can get to the root of the matter. However Dele hasn’t backed down at all.

Politics › Re: Court Strikes Out Afe Babalola's defamation Suit Against Farotimi by Lookmun: 10:44pm On Jan 29, 2025

The book is still selling and there has been no public apology or recant from the said offender. Until Dele does any of the above, he hasn’t backed down and Afe Babalola has the right to do whatever he wishes with the case.

Politics › Re: Court Strikes Out Afe Babalola's defamation Suit Against Farotimi by Lookmun: 8:48pm On Jan 29, 2025

NewHe:
Then why send emissaries, if he's sure of his allegations?

Who said the Ooni and other traditional rulers were sent by Farotimi? Neither Farotimi himself nor Babalola nor even the said emissaries have attributed their efforts to Dele so how come we are convinced that he sought their help?

In fact Dele had said in public that he didn’t ask anyone to plead on his behalf and there had been no rebuttal of his statement.

Is it possible for me to beg you on behalf of another person without that person asking me to? Yes it is possible.

Politics › Re: Court Strikes Out Afe Babalola's defamation Suit Against Farotimi by Lookmun: 8:39pm On Jan 29, 2025

Helpfromabove1:
I guess the was expecting Chief Afe Babalola to keep quiet just like the Supreme Court justices mentioned in the book

Dele Farotimi has mentioned in public that he didn’t send anybody to beg for him. There’s been no rebuttal to that. We cannot therefore Just assume that Dele begged for forgiveness because it fits our preferred narrative. Afe Babalola or anybody else hasn’t said that Dele is willing to beg.

Moreover, it was Afe Babalola that pressed charges against him in court. If the case is being dropped, that has to be between the accuser and the court. Dele has nothing to do here. In fact he has said and done all that he needs to do so he doesn’t need to say any word again.

If Babalola is doing Dele a favour by withdrawing the case, it’s laughable because imagine someone accuses you of sleeping with your brother’s wife and is adamant that you did it. Published a book on it, publicly declared that he will not beg and he’d rather go to prison than admit wrongdoing and at the end of the day you come out and say you forgave him because someone begged on his behalf.

Politics › Re: Court Strikes Out Afe Babalola's defamation Suit Against Farotimi by Lookmun: 7:49pm On Jan 29, 2025

NewHe:
He hasn't said anything but it's likely that's what happened!
It's a lesson for those that will just opened their mouth to run down others or institutions without, evidences!

He doesn’t need to say a word anymore because what he has “said” in his book is still speaking till this moment.

Politics › Re: Court Strikes Out Afe Babalola's defamation Suit Against Farotimi by Lookmun: 7:38pm On Jan 29, 2025

Jeezuzpick:
Did he beg for the case to be withdrawn?

Why would he insist to do case and be wasting money when the person who made allegations said he's not doing again?

If you were in his shoes, is that what you would've done?

Farotimi never said he’s not doing again. He hasn’t recanted his speech or given a public apology or withdrawn his book. Farotimi doesn’t have to do anything.

Politics › Re: Court Strikes Out Afe Babalola's defamation Suit Against Farotimi by Lookmun: 7:34pm On Jan 29, 2025

Guestmale:
This withdrawal of the case has not exonerate Chief Afẹ of damning allegations against him by Mr Farotimi until and unless Mr Farotimi write a public apology and concede that he make a false allegations against Chief Afẹ.

You’ll wait indefinitely for that apology.

Politics › Re: Court Strikes Out Afe Babalola's defamation Suit Against Farotimi by Lookmun: 7:32pm On Jan 29, 2025

Gandollar:
But Dele has not recanted his allegations and the book is still in the market. So, the allegations are true.

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