₦airaland Forum

Intrepid01:
THE possibility of yet another round of systemic failure in the banking industry, raised recently by the Nigerian Deposit Insurance Corporation, calls for quick, concerted pre-emptive action. The revelation by Umaru Ibrahim, managing director of the NDIC, that weak corporate governance and internal controls were tipping the financial sector towards crisis conflated with a similar alarm raised by the International Monetary Fund anchored on weak regulation and adverse operating conditions. With the economy falling short of growth projections, urgent, extraordinary measures should be adopted today to prevent a catastrophe.

Umaru could not mask his apprehension in an address presented on his behalf at the FITC discussion programme in Lagos: despite stringent and elaborate rules, weak corporate governance culture had rebounded in the banking system and, along with ineffectual controls, presented regulators with the possibility of bank failures. For regulators, he said the fear had prompted moves to conduct tests and moves to stave off adversity.

Earlier in March and April this year, the IMF had issued concerns over Nigeria’s continued vulnerability to shocks amid a slow exit from recession, rising debts and its ability to withstand the aftershocks of another global meltdown predicted by leading experts.



Ibrahim’s alert confirmed the long-running fears of systemic upheaval in the banking sector, which barely survived the shocks of 2007-2009 and only after a decisive intervention by the leadership of the Central Bank of Nigeria that prevented failure. The IMF has identified weak regulation as a critical factor in the last few years. In what some see as self-indictment, Godwin Emefiele, the CBN Governor, recently took to warning the deposit money banks of sanctions for round tripping and other sharp practices in the foreign exchange market. The recourse to sermons and warnings demonstrates the crisis of regulation that has for long plagued the country’s financial system. The CBN is armed with enough legal powers to monitor and sanction abuses and misdemeanours by bankers. Lamido Sanusi, as governor (2008 to 2014), proved this when, after stress tests, the central bank removed the boards and managements of eight banks, appointed interim replacements that nursed them until they recovered and were bought by new investors. Sanusi also identified gross insider abuse by directors and managers for the crisis.

Apparently, as the CBN itself has acknowledged, insider abuse is back; sharp practices in the forex market partly blamed for the collapse of 44 banks between 1994 and 2000; money laundering and violation for reporting regulations, as well as false accounting have taken hold in the DMBs.

Can Emefiele prevent systemic distress? Doing so requires, above all else, courage and astuteness. It was the frequent recourse to the CBN’s overnight lending window that alerted Sanusi to the stress in some banks in 2009. In 2017, the bank said, 60 per cent of the average daily N216.34 billion the DMBs borrowed from its Standing Lending Facility was for Intra-Day Lending Facility.

Reports, evidence and testimonies in corruption trials have detailed how regulations and anti-money laundering laws were brazenly violated by bankers to assist high profile public figures loot and hide public funds. These disclosures should have prompted audits, fines and, where necessary, severe sanctions on complicit banks, directors and managers, some of whom have testified to their involvement in court.

The CBN needs to act fast as most Nigerian banks, post-consolidation, are big and a failing one could pull down others. While inefficient banks may go bust in good times without threatening the entire system, an economy that grew only 1.9 per cent in the first quarter of this year, just two quarters separated from a recession, suffered nine million job losses in three years and, with youth unemployment of over 20 per cent, should avoid systemic bank failure. This principle was applied during the 2007/8 meltdown when the United States Treasury gave an initial $700 billion to save some big banks, Italy €17 billion and Britain £500 billion.

The CBN and NDIC should immediately undertake full audits and examinations of the banks; there should be no hesitation to use their considerable powers to remove errant boards and executives. Fraud cases rose by 56.3 per cent in 2017, according to the NDIC, while the CBN stress tests in the same year found rising cases of insider abuse with directors accounting for 40 per cent of the N2.4 trillion non-performing loans in the industry. Emefiele’s CBN should explain why such directors are still in the system and why banks have persistently exceeded the specified five per cent NPLs ratio without serious sanctions. Elsewhere, Germany’s Deutshe Bank was slammed $14 billion by regulators in the US and Europe; by early this year, the world’s top 20 banks, according to a Guardian of London report, had been hit with £252 billion in fines and penalties combined over five years for various violations.

The top priority is to protect customers: the CBN should be proactive and reform itself for efficient monitoring in real time, applying the latest technology tools to weed out corrupt officials that collude with errant bankers. It should wield the big stick and avoid favouritism.

Our banks are not fulfilling the critical role of financial intermediation partly because the operating environment is dominated by government funds, which fuel corruption, rent-taking and rule-breaking while squeezing out the private sector. The government should take the sensible approach of rolling out practical, sustainable policies of privatisation, liberalisation and export promotion to stimulate start-ups, SMEs and massive investment in agriculture, construction, transportation – rail, water and aviation – as well as mining and manufacturing. The financial system will become more efficient when DMBs rely more on private sector funds and less on public sector funds and forex, two toxic streams that have derailed banks from their traditional roles in Nigeria.


http://punchng.com/nigeria-cant-afford-another-bank-distress/

Bhelamblog:
Residents of Ogbovine Akpugo autonomous community in Nkanu West LGA of Enugu State were on Tuesday thrown into shock over the killing of the traditional ruler, Igwe Stephen Nwatu. Nwatu, a retired police officer, died in the early hours of Tuesday, after he was attacked on Monday night by some persons suspected to be his subjects.
Before his death, the traditional ruler was engaged in a running battle with some of his subjects.

The conflict between the traditional ruler and his subjects was said to have started two years ago, but escalated recently when the state government disbursed N5 million each to all the 450 autonomous communities in Enugu State.

Although the cheques for the state government’s ‘One Community, One Project’ scheme were handed over to traditional rulers, Igwe Nwatu was said to have been denied the cheque for his community, following the conflict between him and his subjects.

Nwatu reportedly walked out on the Chief of Staff to the governor, Mr. Festus Uzor and other state government officials in anger.
It was gathered that the state government invited the traditional ruler and his aggrieved subjects to a peace meeting on Monday night, but before the meeting could hold, a fight broke out in the community.

In the ensuing milieu, the traditional ruler was said to have been severely beaten up by his subjects.

He died in a hospital in the early hours of Tuesday as a result of injuries he sustained from the beating.

Gossip From Ebiwali---
http://www.ebiwalisgossip.com/2018/06/traditional-ruler-stripped-nude-and.html


Cc; Lalasticlala

calculator123:
These things aren't peculiar to the black race only. Is this why you labelled us the devil's incarnate? if yes then i am disappointed.

calculator123:
What i see is a continent striving to survive.Thus don't call us devil's incarnate.

Elthugnificent:
Oga no offense intended but please don't be academic lazy. You are wrong, learn to be open minded and learn.

I would be with you in "a hour". Does that in any way sound right to you?

charlesu49:
Which rule. So for you it'll be; a heir & a honor
SmH

CastedGist:
‘'Please, show mercy. I was misled, the prisons are congested’' ex-plateau governor, Joshua Dariye, begged judge in court today

Former Plateau state governor, Joshua Dariye, today pleaded with Justice Adebukola Banjoko to temper justice with mercy as she handed him a 14-year jail term for diverting N1.1 billion from the state when he was governor.

Counsel to Dariye, Paul Eroko, pleaded for the court to temper justice with mercy as his client was misled by some persons.



Counsel to EFCC, Rotimi Jacobs, said Dariye did not deserve a light sentence because he “didn’t show remorse” and that a strong sentence would serve as a deterrence to those holding public offices.



At this point, Dariye said he wanted to speak.



Justice Banjoko afterwards sentenced him to 14 years in jail without an option of fine. Dariye wept as she delivered her judgement.


http://www.gistmore.com/please-show-mercy-misled-prisons-congested-ex-plateau-governor-joshua-dariye-begged-judge-court

encryptjay:
If the sound that precedes it is consonant, use 'a' but if it's a vowel sound, use 'an'.
In simpler words, if 'h' is silent during pronunciation, use 'an' for example
An honour
An heir
An hour
For non-silent 'h', use 'a'.
A horse
A herd
A hospital.

It's an honour to meet with you.
This is a hospital

I think I've heard, "an husband" before.

LordsApostle:
Hello my house,
From basic knowledge, we know "an" is used for words beginning with vowel sounds, like
an aeroplane, an ark, an envelope

However, I often hear people use "an" for words starting with "H" , We know H is a consonant ; so please how correct is this?
I always hear people use the "an" for words starting with "H"
an Hotel, an Handbook etc.

That is suppose to be a grammatical blunder if u ask me, from basic knowledge, but what do I know.

I know we have linguistic experts here... Please, I'll need your input and clarifications on this...

Thank you.

akelicious:
Former Edo State Governor, Adams Oshiomole, has said he would have arrested and prosecuted former President Olusegun Obasanjo if he were President Muhammadu Buhari.

This is coming as the former Edo State governor received more endorsements from the national leader of the party, Bola Tinubu, as well as governors elected on the platform of the party ahead of the national convention of the party.

Oshiomhole, who weighed in over the faceoff between President Buhari and Obasanjo, urged Buhari to investigate and jail the former president, should he be found to have dipped his hands in public treasury.

Speaking at the event in honour of late Chief MKO Abiola’s family chaired by Femi Falana, Oshiomhole also praised Chief Frank Kokori for standing up to dictatorship when it mattered most.

“He should be arrested if he has committed any offence. He arrested many of us. So, if we are celebrating Chief Gani Fawehinmi, we have compelling reasons to do so. In all of these, we didn’t pay any money to Gani or Falana. They defended us pro bono.

“Gani is not here today, but his spirit is here. Falana is here and today, I am standing. Even the president who was in charge then, he is now complaining that they want to harass him. He was harassing me and he got me arrested.


“He thought he himself would not be arrested? If I were the president I would arrest him. We are all Nigerians. I remember one day I told him, I said ‘President Obasanjo, we made you president. You did not make me a Nigerian.

“’You are our creation; I am not your creation. You must listen’. But he thought he would be in power forever and he tried to take us on the way to Zimbabwe. He was a reluctant Head of State, became president for two terms and he wanted to do a third term because a cockroach licking palm oil would never lick enough.”
Oshiomhole added that when he was accused by Obasanjo of behaving as if I was an alternate president; and he was running the NLC like a parallel government that wanted to overthrow his government.

The former governor further stated: “The late Abiola would be smiling not just for the honour done him by the president, but that Frank Kokori who was very young then, deployed the instrumentality of oil workers to support the progressive mission of the civil society.
He said: “It is not the position you occupy but the role that you play that will define your place in history. This man was never an NLC president but he is the only unionist invited to the investiture.

“So, we just consulted among ourselves, few of us who benefited from Gani’s leadership by using the instrument of the law to confront evil leaders…at the NLC, we were so efficient at causing troubles but too poor to procure the services of legal titans like Gani and Falana but who would always come and defend us pro bono. So, we felt that on the eve of his investiture, we should gather and celebrate him.”

In another development, Oshiomhole has received more endorsements from Tinubu, as well as governors elected on the platform of the party.
Speaking to journalists shortly after he led other governors on solidarity visit to the Oshiomhole Campaign Office at Aso Drive, Asokoro in Abuja, Tinubu said: “My presence here symbolises solidarity and unity of purpose to continue to build a progressive party that will carry Nigeria on in a progressive manner and encourage good governance with courage and commitment.

“There is no doubt that I have endorsed his candidacy. I have worked with him, should I have any doubt?”
On whether he feels he can work well with Oshiomole, Tinubu said: “Yes, I can work with him, I have no doubt.”
When asked if the endorsements Oshiomole was getting from key party leaders will not discourage other contestants and make the convention exercise more like a rubber stamp, Tinubu said democracy is all about winning.

“In politics, you seek to win. Have you seen anyone who wants to lose? It is about wining, it is about choice and we just have to accept that,” he said.
Tinubu was also asked to react to the outcome of the recent APC congresses, especially as it relates to the parallel congress in Lagos State, but he dismissed the parallel state executive led by Foud Oki, describing it as a non-issue.

“Anybody can open a bank branch anywhere but it depends whether its ATM card can work,” he said.
Kebbi State Governor, Alhaji Atiku Bagudu, who spoke on the mission of the governors to the campaign office, said they were all queuing behind the former Edo State governor to emerge as the next national chairman.

“I believe all of us are in support of Oshiomhole. All our colleagues are happy with this development. Our party is looking forward to the chairmanship of Oshiomhole.
“He has had experiences in various aspects of national life and we are all confident that the party is a structure that is necessary for the continuous evolution and maintenance of democracy and his collective experiences in the recent past as the governor of Edo State, one of the most successful leaders of trade union movement and a democratic activist all his life; these qualities would be brought to bear in achieving the ideals of the APC,” he said.

The governor believed that Oshiomhole will be a leader who will be the embodiment of the spirit of the party, saying the experiences will help him make the party central to governance.

https://www.google.com.ng/amp/s/www.thisdaylive.com/index.php/2018/06/13/oshiomhole-if-i-were-buhari-ill-jail-obasanjo/amp/

calculator123:
I am black man and won't sit and watch you make a baseless and senseless claim about how a typical black man is the devil's incarnate. Wickedness isn't unique to just the black race, it is a thing of the mind. Do you dig?

calculator123:
Reason because what you wrote up there is bull crap.

calculator123:
Please explain what you meant by that statement.

lalasticlala:
https://en.m.wikipedia.org/wiki/Abdulsalami_Abubakar

damiloladuke:
A man identified as Paul Achegbulu has been arrested by the Lagos State Police Command for running an illegal blood bank in the Bariga area of the state.

Achegbulu was arrested by a team led by Police Commissioner Imohimi Edgal Tuesday after detectives got information that the suspect was draining blood from children in his one-room apartment and selling same to some clinics.

It was gathered that the police team recovered seven pints of blood from his 18, Kusa Bus Stop, Bariga residence.

According to residents, trouble started for the suspect on June 10, after he drew two pints of blood from a 17-year-old boy, Ayomide Adesanya, which made the victim to pass out.
He was said to have also drawn two pints from the same victim on June 4, and on each day, he gave the victim N2, 000.

Imohimi, who also visited Adesanya at the hospital he was admitted after he passed out, told reporters that the suspect lured underage children with the N2, 000 offer, while he confessed that he sold the blood for N7, 000.

He said:

“Adesanya became weak after donating four pints of blood. He collapsed and is currently receiving treatment at the Bariga Hospital.

“The mother told us that the daughter’s friend informed them of Adesanya’s condition after she saw him on a bike.”

But the suspect said he did not know Adesanya was underage, adding that the victim told him he was 20-year-old.

“It was when his parents came to confront me that I knew he was 17. He told me he was 20. I am a lab scientist. I was trained five years ago at Nigerian Institute of Laboratory Science Technology.

“Lab technicians from hospitals used to come and buy blood from me. I used to sell the blood through my assistant, Alfa. He’s the one who knows the hospitals he sold to. I do not know where he is at the moment.”

https://lailasnews.com/police-uncover-illegal-blood-bank-in-lagos-arrest-suspect/

damiloladuke:
A man identified as Paul Achegbulu has been arrested by the Lagos State Police Command for running an illegal blood bank in the Bariga area of the state.

Achegbulu was arrested by a team led by Police Commissioner Imohimi Edgal Tuesday after detectives got information that the suspect was draining blood from children in his one-room apartment and selling same to some clinics.

It was gathered that the police team recovered seven pints of blood from his 18, Kusa Bus Stop, Bariga residence.

According to residents, trouble started for the suspect on June 10, after he drew two pints of blood from a 17-year-old boy, Ayomide Adesanya, which made the victim to pass out.
He was said to have also drawn two pints from the same victim on June 4, and on each day, he gave the victim N2, 000.

Imohimi, who also visited Adesanya at the hospital he was admitted after he passed out, told reporters that the suspect lured underage children with the N2, 000 offer, while he confessed that he sold the blood for N7, 000.

He said:

“Adesanya became weak after donating four pints of blood. He collapsed and is currently receiving treatment at the Bariga Hospital.

“The mother told us that the daughter’s friend informed them of Adesanya’s condition after she saw him on a bike.”

But the suspect said he did not know Adesanya was underage, adding that the victim told him he was 20-year-old.

“It was when his parents came to confront me that I knew he was 17. He told me he was 20. I am a lab scientist. I was trained five years ago at Nigerian Institute of Laboratory Science Technology.

“Lab technicians from hospitals used to come and buy blood from me. I used to sell the blood through my assistant, Alfa. He’s the one who knows the hospitals he sold to. I do not know where he is at the moment.”

https://lailasnews.com/police-uncover-illegal-blood-bank-in-lagos-arrest-suspect/

stevearagorn:
Ftc good morning
Please let someone teach me how to upload news yesterday I snapped and video a man that raped 1 small girl

olamariamjonez:
The National Association of Nigerian Students (NANS) commended the Federal Government for its intervention in the conflict between the National Open University of Nigeria (NOUN) and Council of Legal Education (CLE).

NANS hailed the effort of the Attorney-General of the Federation (AGF) and Minister of Justice, Mr Abubakar Malami for initiating the resolution and urged the government to see its intervention through.

The association made the commendation in a statement signed by its Senate President, Taiwo Bamigbade, in Abuja on Monday.

Malami made the promised to resolve the crisis when the Vice Chancellor of NOUN, Prof. Abdalla Adamu, paid him a courtesy visit in his office.

Bamgbose, however, admonished the Federal Government to ensure that it did not pay lip-service to the pledge.

He threatened that the association

would be compelled to shut down all the campuses of the Law School and NOUN study centres across the country at the expiration of its three-month ultimatum should the Federal Government default.

“The Federal Government’s promise through the AGF, who oversees CLE, is commendable and shows that the government is sensitive to NANS outcry.

“Therefore, we urge the AGF to ensure that the promise is not one of those numerous empty promises and delay tactic, thus giving the law graduates futile hopes for years. ‎

‎”Without mincing words, we want to sound it clear that NANS cannot entertain any further gimmicks.

“We insist on the admission of the affected NOUN law graduates to Law School during the August 2018 session like their counterparts from other universities. ‎

“Otherwise, we will shut down all the campuses of Nigerian Law School and NOUN study centres across the country at the expiration of our ultimatum.”‎

Bamigbade, however, promised that the association would continue to be law-abiding and respectful to constituted authorities “provided our concerns and destinies are not taken for granted.”

He said that the NOUN/Law School debacle had become a special matter listed and categorised under NANS state of emergency.

“We will fight against the injustice and persecution as we cannot sit and watch Nigerian students being ridiculed and maltreated unjustly for selfish interest.”

“Our demand is clear – admit all NOUN law graduates and existing law students without further delay.

“Nigerian students do not deserve the ridicule, pain and sufferings NOUN law graduates have been subjected to all these years.

“Enough is enough and a stitch in time, they say, saves nine,’’ Bamigbade said.

(NAN)

https://hi247.com.ng/2018/06/12/noun-law-school-conflict-nans-commends-agfs-intervention/

latestupdate:
Deadline: July 5, 2018

Applications are open for the MultiChoice Talent Factory Film Skills Development Program 2018. The MultiChoice Talent Factory is an Africa-wide, multi-tiered training and experiential learning programme by MultiChoice Africa.

It is designed to provide the African creative industry with a platform to learn, develop talent, engage and connect with each other through shared passions.The MTF Academy offers eligible applicants who are passionate about telling their own stories a unique opportunity to improve their skills and ultimately contribute to the growth of the local and pan African film and broadcasting industries.

The MTF Academy initiative will operate in Lagos, Federal Republic of Nigeria; Nairobi, Republic of Kenya and Lusaka, Republic of Zambia for 12 months, with a production break to be determined by MultiChoice at its sole discretion.

The academy programme is planned to start in October 2018 and end in September 2019.


Costs

MultiChoice Africa will be providing academy students with a fair and reasonable monthly stipend, calculated at industry standards and in line with MultiChoice Africa’s HR policies, to meet their living expenses. For students who need to relocate, a housing allowance and travelling costs will be provided. Further stipend amounts are set and are non-negotiable;

If there is a professional need for a student to travel on academy related business and this travel has been approved by the Academy Director, then MultiChoice Africa will carry the costs (within reason) for these academy related excursions. If the reason for your travel is personal, then you would have to carry the cost for any such trip;

There will be a short production break over the Christmas period and then a mid-year production break. Travel will be funded for qualifying students to return home. The length of the break is at sole discretion of the academies.

For Eligibility and Application, please click here

https://ukaid.org/2018/06/12/multichoice-talent-factory-film-skills-program-2018/

FriendNG:

https://www.youtube.com/watch?v=dsKnWaS9slE


What exactly to Abiola in anyway participate in the coup that remove Buhari or what?

akeentech:
You just started working (3 months), In your appointment letter you must give 45 days notice before you quit, then you got another better job of which you must resume ASAP how do you quit peacefully without honor the 45 days quit notice?

NB. Your present employer invested ( 3 months training and lot more) a lot in recruiting you.

Mcoutureankara:
BY DIAMONDZ BLOG


Governor Seriake Dickson of Bayelsa State has ordered the arrest of an official of a local government for collecting the salaries of 300 persons every month, the Commissioner for Information and Orientation, Daniel Iworiso-Markson, has revealed.

Iworiso-Markson made the revelation on Monday during the commencement of a town hall meeting on civil service reforms in the Yenagoa Local Government Area of the state.

The commissioner, who did not give the name of the errant official, hinted that the suspect is an Account Officer in a council in Bayelsa Central Senatorial District of the state.

Iworiso-Markson, who said the suspect was unmasked during staff verification in the LGA, noted that cumulatively the fraudulent officer was illicitly earning hundreds of millions of naira per annum.

He stated:

“Recently, Governor Seriake Dickson had to order the arrest of an official of a council. He (the official) was collecting salaries of 300 people. Yearly, the officer fraudulently receives hundreds of millions of naira.

“At the Bayelsa State Transport Company, you find a situation whereby you have about 180 drivers, but there are only five or six vehicles for them to drive. You can see the level of rot in the system. So, if we must be sincere to ourselves, we must all agree to join hands with the government to clean the mess in the system.”

Iworiso-Markson reiterated that the reform had come to stay, insisting that the people of Bayelsa must collectively redeem the state from collapse.


Source;

http://diamondzblog.com.ng/2018/06/12/bayelsa-official-collecting-300-workers-salaries-monthly-nabbed/

AyamConfidence:
jobless yoot

I get work to do

AyamConfidence:
chai. ...it's a pity ooo

AyamConfidence:
iffa head you

infonewsnigeria:
A Nigerian lady Named Adaobi Joevita posted photos of her aunt who got married over the weekend. Her aunt was really old, She was so grateful that she took it to the net. She captioned the photos:
"Delay is not denial"

source:https://www.infonewsnigeria.com/discussion/1045/omg-nigerian-lady-shares-pictures-of-her-older-aunt-getting-married?new=1

AyamConfidence:
and you had to quote everything

Why people dey behave like this sef

Automotive1:
https://imagizer.imageshack.us/a/img923/3598/htCuFl.jpg


https://www.youtube.com/watch?v=zrv9EMnPziM

Donald Trump made an unscheduled stop after launch to show off his presidential limousine to the North Korean leader.

As the two leaders walks towards his presidential limo,a Secret Service agent opened the rear door, allowing the North Korean leader to take a rare look inside the $1.6 million vehicle.

https://imagizer.imageshack.us/a/img924/3281/cNUJAf.jpg

Kim’s smiles and nods shows that he was really impressed with what he saw. 

The beast travels everywhere with the U.S. president which is designed to survive a military-style or chemical warfare attack.

https://imagizer.imageshack.us/a/img924/6353/XFagxq.jpg

https://imagizer.imageshack.us/a/img923/7973/pppOwz.jpg

Other features includes a Kevlar tyres that run even if they are punctured with bullets and an oxygen system in the trunk in case of a chemical attack.

Trump sounded optimistic after the meeting , saying:
"We had a really fantastic meeting."

"A lot of progress. Really very positive. I think better than anybody could have expected. Top of the line. Really good".

https://imagizer.imageshack.us/a/img921/554/Wv9azW.jpg

https://imagizer.imageshack.us/a/img921/7687/ncGkCt.jpg

Russia's Putin also showed his armored Russian made limo to Abu Dhabi Crown Prince two weeks ago,and he was so impressed that he exclaimed "[img]Wow, how nice, It's better than my Mercedes"[/img] with excitement.

https://autojosh.com/president-trump-shows-north-koreas-kim-inside-of-his-n578-million-armored-beast/

Islie:
http://pmexpressng.com/cctv-catches-teenager-stealing-lover/