₦airaland Forum

Fhemmmy:
Depreciation still holding better value than what you spent when you built the home . . . . .
You spent 20M Naira to build a home where a rent could 400K a year and you build 6 block of flats . . .  now tell me how long it will take you to realize your money back and yet have the house still as yours, and you are still making money on a yearly basis.
By the way, when a tenant leave and you have to renovate, how much would it cost you, remember those are bricks and only paint or fix doors and lighting, so i have no idea what kinda money you have to spend that will be so terrible.

20 million naira to build a house with 6 blocks of flat in Lagos? including cost of land? This number is overly optimistic.

Real estate is no longer a slam dunk investment with the huge interest rate Nigerian Banks charge. Even if you have the cash, it will be wiser to spread your investment portfolio to minimize the risk.

In the long term, 30 - 35 yrs yes. if that is you goal.

"Charged with inflating the cost of 400 TV and rigging the bid for 3 cars and 100 photo copiers". Really? Is this why EFCC were blowing hot air about the guy? This is it?

Why would he try to skip town because of inflated cost of TVs and cars (albeit they are Mercs)? More questions than answers. I don't get it.

There's more to this and EFCC need to tell us what's going on (and quickly).

Is Bankole a fall guy for some bigger fish or is this some kind of personal vendetta? Again, more questions than answers

oh well, its just another Nollywood film: we know what will happen in the end, but watch it anyway just to confirm it will end as expected
EFCC is a joke.

sonnie10:
If i am buying from a road side display (dealer), i don't think i would trust him enough to pay into his acct and then wait for 24-48 hours for him to acknowledge the receipt of the money before taking the car. It should be "CASH AND CARRY". Don't be surprise that the vehicle and the seller might not be there when you go back for pick-up. With bank check or draft (not personal checks), all parties are settled instantly.

why do you choose to do business with this type of dealer?

This policy may actually help the auto sector by driving away the kind of "fly by night" dealer you mentioned and allow reputable ones to flourish.

Considering the large transaction values, all reputable dealers must operate a bank acct. Simple. If you don't want to use an acct, go find another business.

Kobojunkie:
You also, quite conveniently by the way,forgot to add that this innitiative is almost solely PRIVATE SECTOR DRIVEN and not Kenyan Central Bank IMPOSED.

And your point? I used Kenya as a case study on a successful ebanking program. Not to compare & contrast private vs Govt intiitated

Look, ebanking channels includes: online banking, mobile banking, ATM, POS & Mobile Payments. Of all these, there is greater opportunity for Mobile Payments to flourish in Nigeria since it relies mainly on mobile phones, hence my use of the Kenyan example. As we speak UBA is testing a Mobile payment program. Also a private sector company launched a Mobile payment platform early this yr targeting the unabnked population.

so you see it's picking up in Nigeria. Only skeptics like you will nitpick and find ways why it won't work

Sagamite:
3 years?

Na NASA project?  

1 year is more than enough.

So many pieces to make this work and CBN will need time to fix things along the way.  Pus, its a smart approach to manage expectations. You know Naija, any small hiccup "the I told you sos" will start calling for Sanusi to go, scrap the whole thing or both.

medjai:
A country with less than 20% internet penetration. . . Nigeria is not ready for the transition into a cashless society.

Actually it's 29% penetration (44 million users); and rising driven by mobile web usage. The need for ebanking is growing everyday in cities like Lagos and we must encourage more people to use ebanking channels. The benefits are huge and we can't ignore

My only concern that CBN is too abrupt and 1 yr is not enough time to allow consumers and businesses to adjust. They should  introduce it within a 3 yr period. Start with a  limit of N500,000 in 1st year and reduce it gradually to N150,000.

Kobojunkie:
Currently there is NOTHING that stops banks from promoting EPayment methods --- as far as I am concerned, they need to step up and offer if IF and ONLY IF they feel the service is something they would like for their customers. Or is that not how it ought to happen?

You don't need to get me to understand EPayments -- I live in a country where I enjoy the benefit of EPayment when I WANT TO -- NOT BECAUSE I HAVE TO. So I should be the one telling you of the benefits of EPayment. You, on the otherhand, need to understand the ISSUES that stand in the way of EPayment in the way you envision it in helping Nigeria today. There is nothing wrong with EPayment -- the difference is like owning a cell phone over a landline. It offers convenience and the sorts BUT if yoiu do not have infrastructure and a system able to handle the potential issues that come with it, your cell phone might as well be a brick or paperweight to you.


So, because about 25% of the people in Kenya use EPayment means it is a solution for Nigeria-- it is a solution to be forced on over 70% of Nigerians , why? Why? Why ? Seriously, Why?

What you describe above ought not to be the CBN's Job -- what do we have creative business minds out there for? If they decide to take advantage of the 70 million mobile subscribers number, the sure . . . businesses can. But the CBN should not be in the business of creating situations that essentially FORCE people to subscribe to services without much else of a choice. It is NOT RIGHT POLICY !

No roads, no electricity yada yada yada, yes we know this, but doesn't mean businesses have to be risk-averse. We heard the same "no infrastructure song" when the Mobile telcoms came 10 yrs ago. And today? MTN made $2.5 billion profit last year.

guess we have different perspectives of Nigeria. you see infrastructural challenges; I see growth opportunities for businesses

BTW - 40% of adult pop in Kenya use Mobile payments. you don't expect kids to be added. don't try to distort the facts by saying 25% of the entire pop.
I

Kobojunkie:
I am not at all skeptical -- I mean this is a country that implements draconian policies that shackle people, and what people do is simply live with it without as much as a NO WAY HOSE -- Why else do you think Fela sang "Suffering and Smiling" for?

And yes, CBN is not telling people the exact reasons for this Shackling(IMO) policy, and that to me makes it even harder for me to make sense of.
What benefits though? If 99% of your customers pay cash, what huge benefit do you gain from embracing epayments though? If the owner of the corner autoparts store has 99% customers who pay cash, what will installing electronic payment do for this store owner? Really?

Mobile Payments even in Kenya is still not used by a high percentage of the populace. We copy success stories without considering what fraction of the populace really use these things. Also you need to ask if Kenya had to go as far as instituting penalties against those who could not afford these upgrades? I mean come on!! Someone on another thread tried to suggest Japan as reason why it will benefit Nigeria. Is Nigeria Japan? Does Kenya share the same unique situations we have in Nigeria? Why Kenya? Why not US?

The CBN approach sucks; but epayments should be still be encouraged. You need to understand how epayments can drive business growth before making your assertions (in bold). Businesses will quickly adapt once the benefits are clear.

Not sure why you think usage rate is low in Kenya when reports state the contrary. click & read these reports:

http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/AFRICAEXT/0,,contentMDK:22551641~pagePK:146736~piPK:146830~theSitePK:258644,00.html

http://mobilepaymentmagazine.com/m-pesa-kenya-savings-transfe

We don't have to copy Kenya, but study and figure out the challenges and opportunities there. With nearly 70 million mobile phone subscribers in there is huge potential for Mobile payments to flourish. CBN should just stay away and let the Banks/Telecoms take the risk.

Kobojunkie:
The poor people don't have to conduct more than 150,000/1 million in transactions per day with banks -- they can however conduct in their numbers 150,000/1 million in transactions with sole proprietors/small businesses and corporate entities.

Imagine the store owner at the corner store whose customers are only able to pay in cash since cash is what they have -- at the end of the day the store owner counts his till and finds he has made over Naira 250,000(this is actually his sales average per day) what does he do with this money? Deposit it in the bank, right(lets assume that)? Well, this policy says he cannot do that without penalty, every night. Do you get it now?

@Kobojunkie Your skepticism is understandable; but there are huge benefits to ebanking. Sadly, CBN are not telling us the benefits but try to force it down our throats. I believe CBN should leave this to market forces to determine if ebanking will be a popular choice of payment. Let the Banks take the risk. But in typical Naija style, Govt legislate things and create all sorts of headache.

Businesses (even the little stores) will embrace epayments once they know the benefits. My fear is that Nigerian banks will only try to profit and make life difficult for everyone

Read about the Kenyan experience with Mobile payments and you may get a sense of the benefits

Carrying N100,000 (or more) can be a huge headache as well, but epayment provides an option.

xreal:
Abeg! Abeg! Abeg!

And why can't we see reliable picture and videos confirming this? The picture being flaunt in the News and on NL - is reportedly (by the press) an unconfirmed one.

Why the rush in burying sinking the corpse of such a 'wanted'? (if indeed he's been hunted all this years).

IMO, it's either he is somewhere living a healthy, wealthy and a comfortable life or he's been dead long ago.

Deceit, Lies. . . all na propaganda.

Wayo peepull.

Look, Bin Landen is dead! end of story.  Don't worry, he'll release a new video or audio message very soon to assure his supporters

The irony: the guy was living comfortably in Pakistan while his followers, like that dumb Nigerian (Mutallab) are spending the rest of their lives in jail.

Great! Next in line is Gadhaaffi himself

Tyrants Gadhaffi continue to terrorize young Africans and their people all in the name of fighting against Western powers/imperialist. You can't hold people in bondage forever.

In power for 42 years! how wicked and mean spirited. What has he done for his people with all that oil wealth?

5. To achieve interoperability of local currency POS transactions, no card scheme, foreign or local, shall operate exclusive acquirer agreement or contract in Nigeria with effect from June 1, 2011. Any payments scheme, processor, switching company, service provider or bank that contravenes this policy may be suspended for a minimum of one (1) month by the CBN as a processor, switching company, service provider etc in the first instance. The license may be withdrawn by the CBN if the contravention is repeated.

Can someone please explain what this means in plain language

I Hope the CBN & Banks have solid plan to execute this. The Banks have to be held to account and not use this to gouge consumers by introducing new e-payment fees. My main concern is that our Banks will see this as new source of revenue instead of helping to promote an efficient financial culture amongst Nigeria.  

In the end Banks stand to gain since epayment channels helps reduce their operating cost and encourage more people to use financial services. The CBN should be vigilant and penalize any Banks that attempts to get greedy and introduce unnecessary fees.

BTW: e-payment channels include mobile payment, online, Mobile banking & ATM. There are so many aspects to cashless banking aside from POS & ATM alone; though initially these will be the main focus.  

I believe mobile payment can provide huge opportunity & benefits for the unbanked population (currently about 67% of Nigerian adult pop. ) In countries like Kenya, Mobile payment is becoming popular even in the rural areas.

why is the turnout (54%) very low? I was expecting close to 50 million votes considering all the noise about this presidential election

Mavor:
I can tell you first hand cos I am one of those involved in the registration of voters and I am a Computer guru that INEC is full of poo. The laptop and finger print scanner are made in China. Imagine, the laptop has no processor fan. It uses an inefficient heat sink on the processor to remove heat, so every now and then ( every 2 hrs ), after constant use, the laptop will go off due to over heat, also, the keyboard becomes too warm to touch. Secondly and most importantly, the fingerprint scanner is the biggest problem with this exercise. The software for it that interfaces with the laptop was badly designed. Any small dirt on a finger tip gives the laptop problem, secondly, the laptop will be attributing the fingerprint of one person to another, hereby giving error during individual voter's bio-data collation. We all know that no 2 human beings in this world have the same fngerpriint. For example, lets say Individual A comes and registers and goes away afterwards, when Individual C [/b]comes to do his fingerprint scanning, the scanner software will be claiming that [b]Individual C's left-hand little finger has the same finger print as Individual A's left-hand thumb finger print and that is not realistically possible, as a result, error in data acquistion. How much National Assembly give Iwu and Jega for the DDC machine, dem go dey import Chinese sub-standard product, pocket the rest money, instead of them to procure solid DDC machine's. This exercise was bleeped, even before dem start.

Bravo for your insight.  These people will never do the right thing if their lives depended on it.  Imagine, using crappy machines to help determine the destiny of a nation. why do they always think of their pockets first? N87 billion going down the drawn (or pockets of some pot belly contractor
and is cohorts in INEC)? I give up!

A really pathetic statement  by that INEC officer.  Throwing corpers under the bus is a typical attitude of leaders in Nigeria; they will never accept responsibility for their failure. The Buck stops with INEC. period. We don't need silly excuses but their assurance that they can run this election smoothly. Jega needs to personally apologize to those poor corpers & redeploy (or remove) that silly official.  

Leadership should always accept responsibility for problems and outline solutions to rectify them. Apparently I was expecting too much from INEC leadership. Now they are playing the blame game: this time it's the corpers, I wonder who they will blame when they can't deliver on running a smooth election.

BTW, people heaping the blame on corpers are dead wrong. Stop sidestepping the issue and focus on INEC'S lack of proper planning. Yes, we know our educational system is in a sad state, but that is not the issue for discussion.

fstranger1:
There are two major roles that any national language can play. It can feature as a subject in the school curriculum and also as the medium of instruction in other subject. It is in the latter sense that language is being used here. Such language therefore, verbal or nonverbal is a means to an end. It is used to communicate ideas, thought, events etc.,from one person to another. For the language to be useful the person to whom it is spoken should be able to internalise it and understand the message which is central. To the extent that he cannot express his thoughts or ideas neither can he understand most of the messages passed to him through that medium, then such a language can be deemed to be of limited or no use to the person. Imagine what will happen if that person is forced by circumstances to learn another subject matter in this language! Scientific and technological developments are in currency all over the world and any language (like any nation) that fails to acknowledge this fact and thus develop capacities to absorb scientific terms, concepts and expressions is doomed to obsolescence. Such language will gradually phase out. English language, for example has been able to accommodate scientific terms that are of Latin and Greek origin in addition to inventing other words to meet the demand of scientific development. Such invented words include infra-red, ultra-violet, ultrasonic, supersonic, ultra-modern, anabolic, katabolic (catabolic) intracellular, extra-cellular

T[b]here are many words, expressions etc., which were not hitherto known in English langauge but have been incorporated and widely used as a result of its contact with science langauge.[/b] Thus it can be said that language can be learnt through science and technology. A similar chance for development as is described for English language can also be made to come the way of the three Nigeria major languages i.e, Hausa, Igbo and Yoruba. These languages, including Igbo, the least developed of the three have capacities for assimilating words, terms and expressions from other languages and other cultures. In Yoruba langauge, for instance, there are such words as redio, komputa, suga, baluu or oko ofurufu, keke, biro, rula, which were originally unknown in the language which are now in relatively common use because of the influence of modern technology.

This sounds great in theory and may appeal to a sense of national pride & independence, but cost of implementation will be extremely high.  As well, the ethnic diversity of Nigeria will make it almost impossible for this to work. No, this is a non starter and we should look for other solutions.  

You need to consider the incremental benefit, cost and the political ramifications of doing this. The 3 major languages are spoken by less than 50% of the population so you'll also need to develop learning materials translated into the other ethnic languages that make up Nigeria.

For instance, will a Yoruba child living and attending school in Kano be taught in Hausa or Yoruba? what of the Ibo kids living in Lagos? do they have to master Yoruba before they can be admitted to school? You can clearly see where this is heading to. We're still grappling with ensuring balanced ethnic representation at the political level and you want us to add this into the mix.      

The sad state of education system in Nigeria is one symptom of an ailing country; it has nothing to do with medium of instruction.  Get rid of the corrupt & decadent political elite and we'll see changes. We all know this, why discuss theories that will never leave the drawing board.  Ask yourself this: of the total amount budgeted on education since the last 20 yrs, how much has been spent on building school, buying books etc vs. buying champagne, cars for the ilks of Ibori or Babangida?

@ psoter
Now you need to draw a line in the sand; time for talking is over. Tell your wife "hey sweetheart, I know you love mama and I respect that but there can't be three people in this marriage. You either ask mama to leave now or we put this marriage to rest. period.

Staying in the office over Xmas is a dumb idea. Man up and go home to tell your wife and mama that things will have to change now! Let the chips fall wherever. Be assertive and let your wife know you mean what you say. If your wife loves you deeply she'll do everything to save the marriage and ask mama to leave. If not, well I don't think she loves you enough and it's time for both of you to move on.

Kobojunkie:
Even though it is wholly private?

Well in this video (link below) Gov Fashola clearly implies it's a partnership between public & private sector. So which part of the project is private? and Gov Fashola  even says "I've taken it on as my baby to deliver it" does he mean Lagos state govt is on the hook for funding?

http://www.ekoatlantic.com/videogallery/videogallery.htm

Typical Tory move when the economy is not doing well: play the immigration/race card to squeeze immigrants out of the country. The same tactic was employed by the pathetic John Major govt in the early/mid 90s, when the economy was in a deep funk. What of the fat cat executives in the city that were bailed out? All their buddies in the top financial institution are always insulated from tough economic measures. Why? because they are the top contributors to Tory coffers.

Hopefully those fools that voted in the "Eton college old boy network" are now regretting their decision. Good news: you can kick out the bastards in the next election cycle.

I believe Britain is the most dynamic and resilient economy in Europe and things will definitely get better; it will just take a while. Of all cities in Europe London is by far the most cosmopolitan and one most people from this side of the Atlantic wish to visit.

So folks, hang in there & don't let the Tories and their side kick Lib Dem drive you out of town.

babapupa:
You actually ransacked the company's website for ownership info? Do private companies normally provide ownership info on their websites? How old are? That was a foolish and redundant quest on your part.


Again, the man said to the best of his knowledge, Tinubu is not the owner. That more than sounds like NO, Tinubu is not the owner. What part of that is hard is so hard for you to understand? Or you're just challenged in the areas of reading and comprehension?


You're on the right track tho', keep sending your inquiries where ever you're sending them to, at least, you are trying and doing what the dumb and lazy journalist wannabee at Sahara should have done.

I see, it's all smokes and mirrors. They only put a website out there, with bits of information to make it all look real.

Well for folks like you ignorance is bliss; you don't want to rock the boat. You are easily shepherded so getting the real fact becomes a very difficult task.

babapupa:
You are not making any sense, some of you just run your moth just for the heck of it. The argument here has nothing to do with accountability, the man sat there an answered every question thrown at him. T[b]he man said as far as I know. What part of that is confusing?
[/b]
Too bad the governor did not offer you your desired details about ownership of some  company. Is it now part of the governor's job to start keeping tabs on who owns what within the state? The burden is on the investigative journalist to find answers to basic questions of ownership and it's not like the answer is locked in some volt, these are public records.

Too bad we have useless and intellectually  lazy news men wannabee, instead of doing the leg work and find answers to questions, they throw out silly and unfounded allegations. Then we have people like you with warped interpretation of journalism and professionalism going on and on about meaningless assertions. Are we not talking about the same video abi I missed some portions ni?


Find something better to do with your time and quit bothering us with meaningless rants.

So who the heck owns this company that is been handsomely remunerated to collect revenue for the state.? Why can't the Gov simply tell us and put this matter to rest? Revenue collection is an important function of Govt but if this is in private hands, then info about the company should be readily available. Which public record can we get this? Tell us since you know

BTW, I checked Alpha Beta's website; no information about the owners
http://www.alpha-beta.net/index.htm

I also sent an inquiry to CAC to help unfold this mystery.
http://www.cac.gov.ng/

People like you simply sit on your backside and accept any garbage tossed at you. Asking tough questions and seeking the truth from your elected representatives is your responsibility as a citizen.

@ mbulela

Ok, lets agree to disagree about Sowore's style: I like it, you don't. Period

My concern is about transparency in govt. Gov Fashola should have gone the extra mile to shed more light on the thorny issue of Alpha Beta ownership & any perceived relationship with Tinubu. Simply saying "As far as I know, Gov Tinubu is not the owner of Alpha Beta" was not enough. A missed opportunity to show great leadership

This is a company that helps his administration collect NGN14 billion per month in revenue; not just a vendor that supplies books for Primary school. It's therefore a big deal that we know who they are, how they operate etc. And if there is any perception of corruption with this company, Gov Fashola should do more to assure people that this is false. Don't simply ask people to provide evidence

Some leaders in Nigeria believe they don't owe anyone explanation. When you question them too hard, they say you are too rude and refuse to respond properly or not at all. I think Fashola is falling into this class of politicians.

Well I wish the Gov all the best and hope any whiff of corruption does not dent the great work he's doing in Lagos state

What’s wrong with Sowore’s approach to asking questions? Sometimes you have to ruffle the feathers of politicians to get them to respond. It’s a provocative style, but great leaders should know how to handle these kinds of questions. We may not like his style, but the important thing is that was he helping in the quest for the truth.

I admire what Gov Fashola is doing in Lagos state; in fact anytime I visit Lagos I’m always impressed at how much his administration is doing to make Lagos a better place to live. And I believe he is by far the best performing Governor in Nigeria; he deserves that accolade. However, I was very disappointed at the manner he responded to the questions. Yes, he educated us on the process of disbursement of federal revenue to the states, but that was not we wanted to know. Besides if the process was iron-clad how come Ibori siphoned so much money from Delta state?

While affirming that Tinubu is not the owner of Alpa Beta, he should have provided a more reassuring answer like who exactly is (are) the registered owners of Alpha Beta. If a private company is collecting revenue on behalf of the people of Lagos state, information on the major Shareholders and Directors should be public knowledge. This should not be shrouded in secrecy. The question of the relationship between Tinubu and this present administration seems to hang in the air.

His body language , the moment he heard it was Sahara Reporter asking the questions became very dismissive towards the reporter and almost like “this nuisance again”. And finally to come out and say “I don’t read you” was really arrogant and uncalled for. This for me was not one of his finest moments.

And those people clapping and cheering in the background were really nauseating.

Building a formidable team is very vague expectation. How do we determine when they are a formidable team? He should set out real objectives so that after 3 yrs, we can see if team is making progress or not

ok the minister goofed-up on this one; now enough of the Akinyuli bashing. People need to chill out

So what next? I think this is a good time to start the conversation on whether the name "Nigeria" has to change. If people hate the name "Nigeria" so much, then advocate to change it & stop clinging to Naija. For me Naija/Nigeria is the same thing like Demola (Demo), Bankole (Banky), Bukola (Bukky) etc. although some say that using Naija is more inspiring than Nigeria. really? Naija is in vogue now, but will it still be trendy in 30,40 yrs time?

Nations have changed names and after sometime it sticks (Upper Volta > Bourkina Faso). I don't think a name change will make much difference if the current state of things in Nigeria continue

This is one of the moral quagmires that confront Nigerians; we should always be guided by conscience and the need to stand by what we believe to be right. The children are the key beneficiaries of the parents’ criminal activities and must equally share in any shame and embarrassment. I’ve not met any of these kids and don’t care to know them.

By having any personal relationship with these kids, you’ve acquiesce with the parent’s crimes and may have surrendered some moral ground in fighting corruption

@Sagamite the OP, I believe your continued friendship with the individual you mentioned is wrong. Yes, he/she may be a great individual, but I can never reconcile my conscience with the injustice inflicted by his/her parents. You need to make them look in the mirror everyday and hate the privileged upbringing they enjoyed and the misery other children faced as a result of their parents’ criminal activities.

I will sacrifice my friendship with him/her, regardless of how difficult it may be, instead of the path you choice. (bolded statement)

I just quickly adjusted and said "Enough said, you don't need to explain yourself, forget about it" so as not to make the person feel embarassed or uncomfortable. We are still very very good friends.

@poster
what do you expect? the web is a den for scammers; littered with "Keyser Soze" types

there are lots of women prowling the internet for a big pay day. watch out

Nollywood movies including Yoruba movies are quick, dirty & low budget production or wuru wuru to the answer. (Short cut) ;DWhat can you say? Still, I find them very funny and entertaining. I think if you make it too refined or too polished you may take away some of the entertainment value. In the end, movies are there to entertain not to test my level of intellect. I’m not a movie critic so I always look beyond the flaws in these movies and just enjoy it

If you can’t compete with Hollywood, better find a model that works and is well appreciated by your audience. The average film costs US$25,000 (NGN 3.7 miilion) to produce and can sell up to 100,000 units in Nigeria; @N150 per DVD. Do the math and you'll understand why they keep churning out this types of "home movies"

I’ve seen countless on Youtube on my way home from work; helps kill time on the train. BTW, why are people uploading them to Youtube? I’ve always been curious about this.