₦airaland Forum

Several media houses reported that the national grid collapsed; OBI simply reacted to a report which was all over the news.

Not surprised that a certain group of lousy individuals are attacking OBI instead of the media houses who published wrong info.

Nazgul:
Rejecting a gift that you can afford more than a 100 times isn't a virtue. If I have 10 bags of pure water in my house, I can easily reject a sachet from a friend cos I have more than enough.

Truth is no struggling pastor would reject such gift regardless of the source of income of the giver.

During his struggling days, he would have happily accepted it and called it the will of God. So it's nothing special.

If you listened carefully, he said this happened many years ago when he didnt own a house of his own.

Godwin4444:
The only condition that can make me refund is if I will refund to the same account that credit me

Anything else na station or court I go enter straight cos police no go wan hear story later

immortalcrown:
Don't panic, as long as the account you are to send the money to is the same account that sent the money to you. But if the person wants you to send the money to a different account, involve the police.

If it was a POS transaction and the account identity is unclear, involve the police before returning the money to any account provided by the person.

How can one confirm the correct account number from which the funds came? I assume you'd need to contact your bank for this.

Old sycophant...

LegendHero:
I agree with point number one and disagree with point number 2.

Your $ is constant since you’re sending it from abroad. Depreciation means you dollar have more value in naira terms.

Before, if you’re giving one of your family member 300k monthly which is roughly $428 before Tinubu, do you mean to say because of inflation, you will be forced to increase the $428 to $800 which will translate to 1.2m using current N1600 to $1 rate?

Think before you speak nao. What common sense and inflation will double that value in dollar terms?

The increase is due to two things:
1. CBN Governor restructuring how IMTO remit into official channel
2. Devaluation because that means people will be encouraged to invest more in Nigeria through FDI flow and diaspora investments.

If I was supporting 2 people before, the current inflation and hardship means the number of struggling people I'm having to support now are like 10, so even the N1.2m is barely enough. My Nigerian bank account bled terribly in the last week, and this is the same story for a lot of people I know.

LegendHero:
Yes, it is the special policy. Cardoso mentioned that in April 2024 at the IMF meeting. What they did was reconnect with IMTO and streamline the inflow more easier for them to use the official channel. Before then, it was someone hard. Check the screenshot below.


It is not common sense, stop saying what you don’t know. I send money back home coz I’m one of diaspora Nigerian. In your example, the reverse will be the case.

My $100 before is 70k, now my $100 is 160k. People you give urgent 50k to increased more than 2folds. So how does that miraculously mean you part away more fund?

The only thing you can say is that if you have projects you’re doing in Nigeria, it could push you to invest more now. For example, if you have plot of land you allow to lie there unchecked, it’s very easy to build it coz the psychology will tell you that your dollar now hold more value. That’s part of the reason for the inflow.

I guess basic economics isn't exactly 'common sense' as I assumed, so my bad!

I'm going to leave you with the same thing I said before though, i.e. the real factors influencing the increased diasporan remittances are:
1. Naira depreciation which motivates diasporans to send more money home.
2. Inflation and hardship in Nigeria which is forcing diasporans to have to send more funds back home to support family members.

I'm a diasporan myself and I know from first hand experience how the exchange rate influences my decision and the decision of people around me to send money home. I also know from first hand experience how much more pressure I'm under to send support funds to family and friends these days.

It's okay if you dont agree with me, it's okay if you choose to believe the increased remmitances is due to some magic performed by CBN governor.

LegendHero:
You don’t have that common sense. The dramatic plunge in naira does not translate to more $$ in IMTO inflows.

—Before CBN reform: If you are sending $100 to Nigeria before, that 70k.

—After the reform: if you’re sending $100, it is now 160k.

So tell me what data point you use to automatically say when the naira value drop, it suddenly make diaspora to compulsively send $$ home to their families.

With the way things are in Nigeria today, so you genuinely believe it's a special policy of the CBN that's making Nigerians in diaspora send more money home in this period?

There are certain economic events which alter how people behave with their money (economic sentiments). If I used to send $100 back home monthly, the fact that the value has jumped from N70k to N160k activates my 'greed' and motivates/encourages me to send even more than $100 in hope of cashing out nicely. This is common sense economics!

Something similar happens when shops do 'sales' events where they slash prices (Black Fridays); it lures/encourages buyers to spend even more than they'd have normally spent because they want to milk out on the good deals.

In summary, currency depreciation creates an incentive for diasporans to remit more funds back home, just the same way it lures foreign investors to pump more funds into an economy; there's a reason countries like China deliberately devalues their currency from time to time.

Oladimeji556:
The Central Bank of Nigeria’s (CBN) latest data has revealed a remarkable 63.7% surge in inflows from international money transfer operators (IMTOs) in the first nine months of 2024. IMTO inflows rose to $3.82 billion during the period, a significant leap from the $2.33 billion recorded in 2023.

This dramatic growth is largely credited to key policy reforms implemented under the leadership of Governor Olayemi Cardoso, who assumed office in September 2023.

https://ratecaptain.com/imto-inflows-skyrocket-by-63-7-in-nine-months-following-cbn-reforms/

#IMTOInflows
#CBNReforms
#NigeriaFinance
#ratecaptain

What a shameless attempt at making failure look like progress! The dramatic growth in diasporan remittances isn't the result of any silly policy reform; rather it's due to the dramatic plunge in value of the Naira.

Common sense law of economics - When the Naira value drops, it encourages Nigerians in diaspora to compulsively send more money home. In addition, the heightened hardship in the country is forcing diasporans to send more money back home to support relatives.

How did someone think this was a sensible thing to brandish as an achievement?

immortalcrown:
Obidient,

Batified,

Atikulated,

Balabulu,

Practicalize,

Trafficate (This one will likely enter dictionary soon.)

Although the word 'Practicalise' isn't commonly used in the UK or US, it's definitely an English word. Similarly, the verb 'Trafficate' is an English word spoken by over 200 million English speakers of west Africa.

UltraSolid:
Exactly. People just love writing rubbish and peddling fake news because they know most folks don't like to read today. Highest tax band in the UK is 45%. How then is this guy paying over 100% from his earnings towards tax?

AfahaAbia:
I know you're sitting in one dingy room in Ajegunle typing this. What that person wrote up there is very correct.

@AfahaAbia, See how you ignorantly insulted someone who tried to educate you. In what part of the UK do people pay more than 50% of their income as taxes?

Iamdbull:
People have been anticipating the Muslim Egyptian star Christmas pictures and he didn't disappoint he has finally posted



https://www.instagram.com/p/DEAs1J2uLTN/?igsh=d2oxd3R4YzN3azhm



https://www.youtube.com/watch?v=JG88GZRcid8?si=6jGg4-wg0ShgmT0P

If you check closely, it will exclusively be black African Muslims who'd have a problem with this, especially those from northern Nigeria.

stampo:
The Enemy of your friend must be your own enemy too by force.

Xisnin:
Because Nigeria does not own a plane!
Azman air bought a plane from a country which has sanctioned Iran
and then delivered the plane to Iran, essentially Azman air has turn itself
into a smuggling business.

Azman lied in its purchase contract.

In short, it is illegal to help Iran facilitate any deal that involve the US dollar or Euro.
Now, Azman air is essentially a dead airline because it will never be allowed to buy
western Aircraft or spare parts again.

Now, how does this concern Nigeria?
If Azman air is culpable and the authority does nothing about it,
it could be assumed that the Nigerian state secretly backs such deal and thus all our
airlines could become target of various sanctions which will be very bad for our growing
airline industry in terms of aircraft or parts procurement.

Personally, I think Iran should be on Nigeria's blacklist for backing subversive movement like Zakzaky's and
smuggling arms to non-state actors in Nigeria.

wickedclown:
It's all about the contract terms signed before purchasing the planes.
It's like an intellectual property like copyrights where you can't play a movie sold to you in public...
Now see it this way... Iran supports terrorism.
USA planes are sold to Iran by those who purchased from Nigeria.
These planes bring in funds for Iran and at times are used to transport these terrorists who are hell bent on wiping usa off the surface of the earth...
How would it sound that a major attack was carried out by usa with help from one of their planes sold to Iran by Nigeria??

saddler:
Does Nigeria manufacture planes?

Do you know there are terms and conditions of sale of these planes?

Karlman:
Lol
You lots are funny.

Paraman:
Is the plane made in Nigeria or the USA/Europe who place the sanction on Iran?

Arrowhead71:
it is not an open sale according to IATA rules and Nigeria government was not informed about the transaction

YoungBlackRico:
You no fit understand with this kind of reasoning

The question I asked earlier was more of a philosophical question bordering on the propriety of a sovereign country possessing the right to dictate to other independent sovereign countries who they can or can't talk to, sleep with or do business with.

Why should a sovereign country have the right to even sanction other sovereign countries, to the point of bullying other sovereign independent countries into comforming to the rules they set?

That no one thinks there's a flaw in this system, that is the basis of my confusion which I talked about in my earlier comment.

HenryWilliams:
The US expects everyone to toe the line.
Hate whatever they hate and love whatever they love..like zombies

This is exactly the part I dont understand, why should it be right for one sovereign country to be able to tell other soverign countries who to like, hate, talk to, sleep with or do business with?

YoungBlackRico:
You no fit understand with this kind of reasoning

My question had a deeper essence which you missed obviously cos of the limited extent of your own reasoning and your desperation to feel more intelligent by mocking others.

My question was more about the propriety of one sovereign country being able to dictate to other sovereign countries who they can or can't do trade with.

motymop:
Nigeria didnt santion Iran

What the airline did was legal.

I'm actually confused.... If the US doesn't like Iran and wouldn't do business with Iran, how is it a crime if a Nigerian airline decides to sell a plane to an Iranian airline?

What's all the hullabaloo cum balablu about Kemi romancing with her Nigerian roots?

If she doesn't want to openly fraternise with the Nigerian government or the state of failure which these people brought upon us, why wouldn't they let her be?

Is it by force to identify with thieves and scoundrels all cos of national ties?.... Is there anything she's said about the Nigerian government which isn't true?

The desperate 'attachee by force' mentality is now embarrassing!

Kaii.... Our educational system in Nigeria needs help!

Sheuns:
Cacao is a perennial crop. It can take up to 5 years to grow before producing any pods.

Our politicians lack such patience that’s why they are bent on oil. Oil extraction is daily once discovered

Oil production is also usually preceeded by well over 5-10 years of research, exploration and field developments. Our leaders are just dumb; or rather they not dumb but just thieves.

uuzba:
Not sure about this "jump".
One plate of beans and bread used to be N500.
Now, you spend N1500 for even LESS beans and bread.
It's inflation that has happened.
Quantity is same or reduced.

Was wondering why no one else was mentioning this earlier in the thread. The report didnt mention there was an increase in output... The 300% is just a facade that's purely driven by the devaluation of the Naira.

In 2023, $1 was N400 but now it's N1700. So by default if I export a tonne of cocoa every year, the Naira devaluation automatically means I earn 400% more in Naira; and we all know the inflation already swallows this extra income.

Voodoo economics!

Lol... The comments in this thread though!

One valid lesson I've learnt under the sun is that as long as you're alive, there'd be thousands of humans who'd just HATE you for no clear reason. These folks would also be constantly frustrated and tormented by your very existence.

An even more interesting fact is that these hating people aren't necessarily bad or evil people...

There's a 95% chance the funds would be stolen, the projects abandoned, and not a single soul would be held responsible or punished... No be Africans again?...

shizzleStar:
you used to be part of them when you supported the repackaged incompetent Buhari for 8 years, maybe you are just a little better as you supported Obi in last election. Fyi, those mental misfits bashing PO are 95% yarobas who you were romancing just few years ago

The reason I supported Buhari in 2015 is the exact same reason I supported OBI in 2023 - I desperately hate what corruption is doing to Nigeria and will always back the candidate with the cleanest record in regards to corruption...

You're right! It's disheartening and shameful seeing the very same people I teamed up in rooting for Buhari purely on the anti-corruption mantra, now turning around to support Tinubu, a renowned overlord of corruption and banditry. To these guys, it was just about tribe all along.

Just imagine the number of people on this thread going over and beyond to defend and justify corruption.

Goodnewsforlife:
tinubu was out of government for 16 years n PDP tried everything humanly possible to nail him but they couldn't find one n he was discharged n acquainted

So y are u lots still crying about tinubu today?

Oh yes, Tinubu has no whiff of corruption or a record of wrongdoing because the Nigerian courts said so. Even people like Ibori were cleared of all wrongdoing by the same Nigerian courts.

Meanwhile, despite being a past governor, OBI has never even been questioned by the efcc let alone taken to a court. Do with these info whatever you please.

Goodnewsforlife:
we are saying d same thing now

Obi is an angel because he's Igbo n all others are criminals

Slow minds are only capable of seeing tribe, even in unrelated matters. I explained why I likened OBI to a saint in my previous comments, and nowhere did I make an allusion to tribe.

For an African politician who has previously held public office, and who is contesting for the highest office in the land, if after the excruciating scrutiny he's been through since 2019, the only thing you lot can pick on him is that he has some of his personal money saved in a safe haven, an act which isnt a crime anywhere in the world, then the man is literally a saint.

I'm pretty sure your brain would still interpret this from the tribal lense again cos that's all you're capable of.

Goodnewsforlife:
yes now

Igbos will always call their brother a saint while paint other people's brother bad

It's happened in 1967 so no big deal n that's y we don't take u serious when u talk about killing thieves who stole

How dumb can one possibly be to input tribe into everything?.... What has the argument or the comments I made got to do with tribe?

After 5 years of rigorously scrutinising OBI, the only allegation you lot keep regurgitating against him is that he saved his personal money in a safe haven, an act which isnt a crime anywhere in the world. Meanwhile the one you hail in aso rock also has funds in the same safe haven...

Goodnewsforlife:
it also reminds us of d man who kept money in safe haven n in his teenage daughters account while poverty rose to 58% in his state

He was hiding money n people were dieing in hospitals cos he didn't pay doctors n they went on strike for 13 months

Most of you who keep churning out this lame argument to justify the banditry going on in aso rock, if you guys were sensible, the first thing you should have asked is, whose money was saved in the safe haven?

If after 5 years the only allegation you guys can still come up with against OBI is that he saved his PERSONAL money in a safe haven, then the OBI is truly a saint.

blueAgent:
That's not totally true.

I have seen ppl with masters and PhD degrees supporting Tinubu.

Tribalism is one of our greatest problem.

Trust me, despite the tribal, religious and/or political allegiances, the masters and PhD degree holders who supported Tinubu were in the minority. If you analyse the last election results thoroughly, you'd realise the APC did poorly in urban areas where you'd typically expect to have more learned and comfortable people. The majority of the driving votes they got were from rural areas habited mainly by uneducated and poor people. Even in the north, APC didnt do so well in urban cities like Kaduna and Abuja.

Another indicator was the online opinion polls prior to the elections where Obi kept winning with over 90%... Participants of those polls were mainly younger people who are mostly educated at least to secondary school level (this is the demographic you'd typically find on social media). Again, despite the tribal allegiances, thousands upon thousands of educated younger Yorubas (and ecen northerners) voted against APC.

So my conclusion from the last election is that widespread illiteracy, not even tribalism, was the reason APC got the votes they got.

muykem:
1. Many Nigerian students are enjoying students loan.the era of student drops out of school because of school fees is over.
2. Fiscal stability, the era of states struggling to pay salaries and meet their responsibilities is over.
3. FCT has taken a new look under able minister Wike.
4. Several federal roads works is ongoing under able minister David Umahi.
5. Uncountable achievements in the ministry of interior even opposition confess.
6. We are having a good deal in aviation as many countries has accepted our local airline in their air space.
6. Revenue to debt ratio improved from 97% to 67%.
7. Nigeria foreign reserve has increased from 32b dollars to 40b dollars etc

@muykem
Everything you mentioned there is either an empty achievement or just laughable. Kudos to you though for making an honourable attempt, unlike most of your 'empty' colleagues who just resort to dragging OBI or mentioning "Ipob" whenever these debates are raised.

Firstly you mentioned fiscal stability, but that's just one laughable point. With the Naira crashing from N400/$ to N1700/$, the FG and states now earn 2-4 times more than what they earned compared to the Buhari days, but despite the hyperinflation, only a few states have agreed to the new minimum wage which is barely double of what it was before. In otherwords, states paying even the new minimum wage isnt fiscal stability or responsibility, rather it's economic wickedness and retrogression.

You also mentioned revenue to debt ratio improving from 97% to 67%. Again that's another dubious statistic cos the current govt has actually borrowed more. The 97% to 67% figure is just a reflection of the crash in value of the Naira. The bulk of Nigeria's debt is local debt in Naira, so crashing of the Naira automatically reduces the debt ratio. That isnt exactly an achievement and neither is it progress; rather its just fraudulent exploitation of local lenders.

Sheuns:
1. Many more students were able to go to university during other presidents tenure.
2. Many states still owe salaries and struggle to pay even the old minimum wage.
3. FCT took a new look under President Obasanjo all thanks to El Rufai.
4. There’s no past president that didn’t work on federal roads since 1999. Obj, Yaradua, Jonathan, Buhari.
5. Ease of getting passport isn’t achievement. During Buhari’s era, a friend got his passport in Katsina in under two weeks.
6. The country is in more debt than ever before.
7. Nigeria’s foreign reserves have hit over $70bn during Objs tenure.

All these you listed aren’t achievements.

Absolutely nothing listed there is an achievement worthy of celebration.

DIVINEEVIDENCE:
I propose we ban all illiterate citizens from voting during elections.

If you want to be eligible to vote for a candidate, go get a university degree.

We cannot have a few people who cannot see beyond their noses serially voting calamities into power thereby jeopardizing the future of the entire nation.

To whom it may concern.

A university degree is even too much. If the minimum requirement to obtain a voters card in Nigeria is a WAEC result, regardless of the rigging, APC wouldn't have won the 2023 election.

Kobojunkie:
Stop with the inane attempts to derail here! 🙄🙄🙄🙄

You have consistently made attempts to distort the facts to win an imaginary point for your gods-of-men there and that is all this is.🤐

All I said on this thread was that whilst it is possible that a pastor was arrested, it is very unlikely that a "ladies and gentleman" statement was the real reason for the arrest.

How exactly did your brain interpret the above bolded statement to mean a 'defense of pastors'?

I understand you may have been defrauded or perhaps molested by a fake pastor at a young age, which obviously explains your unhealthy obsession with pastors all over Nairaland. But you desperately need to seek help because I'm beginning to see reason with others on this forum who think you're not okay.