₦airaland Forum

AS IF YOU GET CHOICE. GET OUT JOOR

I know that spot and i know for sure that there is a padestran bridge very close to that spot. people will never listen sha. RIP

Does marrying many wives guaranty giving birth to male children? I wish them luck in their thinking

Why not get closer to get a clearer picture

8 Reasons Why You Should Avoid Fighting In The Presence Of Your Kids

You may think that it’s normal for a husband and wife to quarrel even though their kids are around. Well, people do it quite a lot, but how healthy is it really?
Exposing those young children to such harsh situations is really damaging, and it’s disturbing to know that parents argue, fight and quarrel even in front of their kids is disturbing and should be stopped.

8 reasons why it’s unhealthy to argue and fight in front of your kids:

1. THEY HAVE THEIR OWN WAY OF THINKING
A lot of people believe it’s not too bad to quarrel in front of their kids forgetting that children don’t reason as adult — the way which you see things is totally different from that which they see things. They are taught in school and religious institutions to live a peaceful life, devoid of violence, fighting and quarrels, only to get home and see their parents living the opposite — the tape playing in the head of that child might not be a healthy one.

2. THEY NEVER FORGET
Children never forget; you may think they have forgotten but they never forget. So many things they see or hear are usually stored up in their brain for a very long time. So imagine if they have to store up memories of their parents fighting and quarrelling.

3. THEY LEARN
The three places children pick up things easily from are schools, peers and at home, not forgetting the television as well. At that young age most of the things they learn is from the aforementioned — so imagine if all you have to show your kids are scenes of domestic violence, quarrels and hate.

4. THEY ARE TOO YOUNG FOR SUCH EMOTIONS
Research by scientists at the University of East Anglia revealed that Brain scans have found that children who experience ‘mild to moderate’ family problems up to the age of 11 suffer impaired brain development and could be at risk of psychiatric illness. So, imagine what parents put their children through; if findings from the research is anything to go by then a lot of parents are guilty of putting the mental health of their children at risk.

5. THEY MIGHT LEARN TO TAKE SIDES
Like I mentioned earlier on, children have their own way of thinking, and if all they see are parents always fond of having a go at each other, one of the parents might suffer because that child might begin to see one as evil and choose the other parent. Imagine when your kid starts hating you at that young age.

6. BUILD ANGER
Exposing your young children to scenes of violence at that young age means you are exposing them to having feelings of hate and anger from such a tender age, and this might go a long in their temperament and attitude in the future.

7. WOULD THINK IT’S OKAY TO FIGHT
Parents are probably a child’s first role model; imagine how bad a role model you would be if all you do is fight and quarrel in front of your children. The child might go on to exhibit such attitude in school, and that’s so unhealthy.

8. THEY MIGHT DISTANCE THEMSELVES
Like I mentioned earlier, children learn things quickly a lot when growing up and at that young age they have their own way of thinking. When faced with a situation where their parents are drug users, alcoholics, engage in domestic violence and the rest of it, that child might go on to build a safe place in their minds and live in it — and this could mean distancing themselves from you. Some parents don’t even spot this on time and before they know it, it’s already too late.

Parents should learn that their children are an important part of the family and how they feel at all times should be considered.

My own question is HOW DID THEY LOOSE THE GUN? Could it be that IPOB guys over powered them and took their guns away or they engaged and killed the army/police in a gun battle and took their guns away. Funny set of people.

So where is CBN to shout, all they know is to call a press conference to crucify the BDC operators as if they are the ones fixing the dollar price. as far as i am concerned, CBN Governor is a learner. until he graduates, nigeria economy will still be in God's hand

APC and their bad luck. Oil has never suffered like this since PDP has been in power, smelling APC. LET ME SEE WHERE TINUBU WILL LOOT FROM

Your house fine sha

Jose Mourinho has been sacked as Chelsea manager after a 2-1 defeat by Leicester compounded his side's miserable start to the season. The Portuguese boss guided his side to the Premier League title in May, but Monday's loss was their ninth of the campaign, leaving them in 16th place, just a point above the relegation places. Mourinho, who was ready to open talks over a financial settlement to seal his exit after the defeat at West Ham at the end of October, has now seen his second spell come to an end.

RIP

CBN’s Regulatory Decision in the Matter of Financial Statements of Stanbic IBTC Holdings Plc for Years Ended 31st December 2013 and 2014 – By Godwin EMEFIELE

1. I write in response to your letter dated 26th October 2015, with reference number FRC/2015/DIM/REGULATORY/001, in which the CBN was notified of a Regulatory Decision (RD) by the Financial Reporting Council of Nigeria (FRC) against Stanbic IBTC Holdings Plc (SIBTCH) over allegations of infractions contained in SIBTCH’s Financial Statements (FS) for the year ended 31st December 2013 and 31st December, 2014. The said letter also requested the CBN to sanction SIBTCH for alleged infractions.

2. The CBN understands that both the Final Notice and Regulatory Decision were based on the FRC Act NO.6 of 2011 and Regulation 21 of the FRC Guidelines/Regulations for inspection and Monitoring of Entities 2014 (the Regulations). On the strength of this understanding, we have carefully reviewed these underlying documents, as well as the financial statements of SIBTCH which are in contention. In addition to relying on our Routine Examination Reports on SIBTCH for 2013 and 2014, we have revisited the bank to scrutinize all underlying records relation to these financial statements.

3. Consequent upon these due diligence measures, we have the following comments and reactions to the allegations leveled against SIBTCH as contained in the Final Notice.

Financial Issues

4. Contrary to the allegations of the FRC that Stanbic IBTC ( SIBTC) did not obtain approval from the National Office for Technology Acquisition and Promotion (NOTAP) for the payment of affiliate software license, our review revealed that the bank actually obtained the necessary approval from NOTAP to pay affiliate software license from the Standard Bank South Africa (SBSA), for a period of three years covering 1st June 2012 to 3oth May 2015. The remittance from June 2015 to date is still awaiting approval from NOTAP.

5. With regards to the allegation of non-disclosure of intangible assets in SIBTC’s 2013 and 2014 financials, we note that the bank adequately recognized the software as an intangible asset in its 2011 financials and sufficiently disclosed the disposal of the software in the 2012 financials. Consequently, the said software could not have been reported as an intangible asset in the succeeding years 2013 and 2014.

6. With respect to the allegations of lumping several expense items under “Others”, we are of the view that the items were not material enough to appear as line items in the Income Statements and that the non-disclosure of the items did not materially affect the true and fair view of the financial statements.

7. We agree with FRC that SIBTC erred in the classification of some line items. However, the identified misclassifications did not understate or overstate its assets and liabilities, neither did it increase nor decrease its income or expenditure, such as would have caused a material misrepresentation of the financials.

8. SIBTC used its judgment to capture the donation of N275 million under “Others” because it was of the opinion that it was not a charitable donation but a mandatory contribution towards the victims of terrorism in the country. For the avoidance of doubt, this contribution was agreed at a Bankers’ Committee Meeting with the share for each bank clearly spelt out. Therefore, we agree with SIBTC’s position, as presented.

9. Contrary to FRC’s conclusions, our review of IAS 37 and IAS 32.19 indicate that SIBTC had an obligation to accrue the relevant provisions toward the settlement of the franchise and management fees as agreed between it and SBSA

Legal Issues

10. Without prejudice to the foregoing financial issues, the CBN is concerned about the apparent failure of the FRC to follow due process as aid down by its own FRC Act and regulations, in arriving at the regulatory decision, in this regard, the bank wishes to make the following observations:

i. In conducting investigation to possible breaches of the FRC Act and/or the Regulations, the FRC is required to give the Entity concerned sixty (60) days from the service of the Final Notice to restate its accounts where both the Panel and Entity agree on the need for restatement. In this case, our understanding is that FRCN called a meeting with the board of SIBTCH at 11.00 a.m on the 26th October 2015. But rather than holding the meeting, FRCN went ahead to convene a press conference at 8a.m on the same day to announce its sanctions against SIBTCH. Our review further indicates that both FRC and SIBTCH did not agree on a need for restatement of the accounts before the sactions were announced.

ii. According to the FRC Act, an entity is only punishable under the Act upon conviction by a Court of competent jurisdiction. Yet, in issuing the Final Notice, the FRC had already meted out some punishments to the affected entity, without any conviction by a court.

iii. While FRC may, following approval of the Minister, review applicable fines, there is no power for compounding offences and imposing penalty in lieu of conviction as was done in this case.

iv. Both the FRC Act and the Regulations provide for the outcome of the investigation to be made known to a registered professional or a public interest entity and a right of appeal to the Technical and Oversight Committee before resorting to prosecution. In this case, however, there is no evidence that time was allowed to elapse for the appeal process before the imposition of sanction.

v. The Regulation provides that if the Entity fails to accept FRC’s position at the end of a Notice period, the Council shall institute legal action against the entity, rather than mete out sanctions. Yet, in this case, sanctions have been meted out without evidence that legal action has been fully exhausted.

vi. A combined reading of both the Act and the Regulations shows that there are three types of sanctions that may be imposed for contraventions by Entities.
These are:

a. Imposition of monetary penalty/fine.
b. Imprisonment for a term of years.
c. Deregistration of a professional or issuance of a Warning Notice.

There is however, no authority for suspension of registration of a professional as was done in this case.

Implications of FRCN’s Actions on Nigeria’s Financial System Stability
11. We are seriously concerned that such a drastic Regulatory Decision could be taken on an entity under the regulation and supervision of the Central Bank of Nigeria (CBN) without any form of consultation with the Bank especially as the CBN is responsible for promoting a Safe, Stable and Sound financial system. Yet, such a Regulatory Decision and the manner of the announcement is not only capable of eroding investor confidence but also inimical to financial system stability. Indeed, the FRC’s ability action has already precipitated a fall in the value of the shares of Stanbic IBTC by about 18 percent since the announcement of the Regulatory Decision.

In the light of the foregoing facts, which clearly show that FRCN did not follow due process, the Bank regrets to inform you that it is uable to accede to your request to take disciplinary action against SIBTCH. Indeed the CBN does not see any reason to advice/compel SIBTCH to obey the sanctions meted to it by the FRCN.

The CBN would however continue to take all necessary steps to protect the interest of Depositors and to ensure the safety and soundness of the financial system.

13. In the interim, please accept the assurances of my kind regards.

Yours faithfully,


GODWIN I. EMEFIELE, CON
Governor

APC why complaining? i still remember how you and all your members were abusing Goodluck Jonathan, now Fayose is criticizing your government and you are complaining, thunder wey go fire una, still dey high way dey come

I hope their economy will not collapse after paying this debt

I have fallen victim of this before opposite Airport hotel Awolowo road, exactly the same way they did yours but i think that last N500 the added must be juju money which they normally use to commit their atrocity. it is well

As an Igbo man, nothing concern me, afterall i didnt vote for him. I warned my ofe mmanu brothers but they wouldnt listen and now they are complaining. They yorubas tot they know politics, i am still laughing, Make una no worry, JAGABAN is still there, he will do something, FOOLS

If Rochas like, let him abandon his duty in Imo state and relocate to Lagos, I and my household has decided to vote for PDP.

May God bless and lift her up amen

Tinubu visiting Buhari after how many days he left? It might be true that this man is in the hospital

So because the guy is complaining that's why you now know that you are not his wife, so why are you sleeping in a man's house since you are not his wife, oh girl pls wise up and dont have excuses for your laziness.

So for APC mind, they don get member? i dey laugh with pidgin

Since certificates makes him most qualified, then, BUHARI should go and sit down in Sambisa forest b/c ordinary WAEC, he no fit get. I AM STILL WATCHING

But I cant see a single blood stain on any of the dead bodies. Hope this is not another Nollywood scene.

Lord pls do not forget me

I see no reason in all your points. I am lucky to marry my wife as a virgin and after 5 good years, i have no regret what so ever. #feelinglucky#

That means Obasanjo will not attend the council of state meeting till he dies

This is why youths have not grown in wisdom! The topic says 'Alaafin Of Oyo & Wife Test Motorcycles They Donated To APC' and you concluded that GEJ just approved 2000 patrol vans for the elections. It's a pity you didn't think real hard before commenting; Jonathan is still the president and his responsibility is to ensure the safety of lives and properties, particularly after his 'boys' have been issuing threats.

Alaafin donated his to the APC while GEJ approved the vans to protect electorates. If GEJ does not approve those vans, is it Alaafin of Oyo or the Ooni of Ife that will approve them? Such height of cluelessness




NO be only monitor electorates

If Buhari likes, let him organise another coup, he will never smell aso rock again in his life time. Ordinary primary school certificate holder like him.

I know it must be an aboki judge that will do this. he want soldiers to be withdrawn so that they will kill our youth corpers again? wicked people

How will you finish the project when Tinubu is still there. Pls Oga Govnor, what happened to the billions of naira you borrowd?, what happened to the billions of naira you collected as tax?, so we should vote for Buhari to finish the project or cancel it as he did many years ago. I am sorry for you people

Re: Whatsapp Officially Comes To Laptops And Desktops by charlsecy: 2:06am
The tutorial here explains how to use WhatsApp on PC...

See http://www.mobiletechbits.com/2015/01/whatsapp-web-computer-chat.html


thanks for much for helping a friend in need