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Business › The Issue Of Taxation In Nigeria by olajide8(op): 9:17pm On Jul 03, 2012

I have been wondering for sometime at the multiplicity of taxes in Nigeria, and I am of the opinion that if they are fully implemented people would just die as the bills would be to much, I am also fully aware of what some are meant for, but not the majority, after a brief discussion on this forum it has become pertinent for me to get all your info's on the this very pertinent tax issue
1- personal income tax this apply to individuals
2-company income tax companies from their profit
3-education tax (TETfund) from organisations
4-industrial training tax
5-local government income tax for traders or else your shop/store would be closed down
6-premises tax for operating a business
7-advertorial signage tax bill boards movable signage on your official cars
8-VAT & COT on your bank account for current accounts
9- vehicle licenses, drivers licenses, road worthiness, ECMR, universal road usage licenses (car owners)
10- Petroleum equalization taxes charged petroleum logistic support marketers
11- Human tax collectors area boys and area fathers on moving your personal property and building houses(omo oni le)
12-filing of annual returns for corporate organisations
13-VAT and COT on electricity tariff.
Please add more; I want to know the little drops of taxes, that kill small scale businesses without any reciprocating impact on the generality of us that pay them..

Travel › Re: Canada Freezes Federal Skilled Worker Program by olajide8(m): 4:25pm On Jul 03, 2012

[quote author=Curious_city]Your post seems twisted to a level. So from your last paragraph, Not paying bills/tax is the best form of benefit?
U see? that is why Nigeria rarely works. Most of us in Nigeria don't pay tax except U work in the civil service or blue chip coys, but these taxes is what brings development and basic amenities assuming gov't is transparent. But U and me know that an average Nigerian is thinking of how to outsmart others n take his share of "national cake".
Nigeria will only work when we change our value system and stop worshiping money and material wealth and also respect the rights of others. Stop blaming your father/forefathers, rather blame our greed and myopic materialism which is what makes people run abroad expecting to turn to a millionaire overnight.
Also, unnecessary pride and arrogance will continue to keep us in the dark. We castigate anyone doing better that us rather copying what they are doing well. Can't we see our mistakes and correct them rather than blame those who chose to seek shelter elsewhere rather die of hunger, insecurity, road mishaps?[/quote]Who said anything about not paying taxes? Read through my post, I may have used a lot of "IF" to open your eyes to what you wouldn't look at! Well its your own opinion, but this is mine I spent more then 7 years growing up in the u.k then- a very long time ago, I can still remember vividly being pushed into a departmental store shelf by some other white kids while all the items fell on me I still have a mark on my face to show as a racist trophy, a friend of mine was blinded with a knock out which they have proscribed in the U.k now, and so many racist remarks went with it, well those are my experiences, my father was an accountant in the u.k I was placed in a school/class for factory workers until my mother whom use to work as the only black in the cadbury milk and chocolate production came and introduced herself immediately I was moved, right now it isn't as visible as that again!
I used the, "IF" a lot, because of the likes of GEJ, and their generation adults walk freely and don't pay cognisance of the things that happen to the more vonorable (children) to associate freely with, for their parents the fear of deportation for minor flimsy reasons has put a lot of them in check, yes you don't have to expect to share the same benefits that the indigents have but at least some level of human respect!! Just my point of view though, you have yours

Family › Re: Top 10 Lies Men Tell Women by olajide8(m): 3:45pm On Jul 03, 2012

miteolu: 1. You d best thing that ever happened to me.
2. I cant do without you.
3. I was in a meeting when you called.
4. If I come again to this world you will still be my wife.
5. I cant lie.
6. There was network failure when you were calling me.
7. For better for worse.
8. I see you always in my dream.
9. You are my dream come true.
10.I will never look @ any ones (women) face except you

Family › Re: Top 10 Lies Men Tell Women by olajide8(m): 7:33pm On Jul 02, 2012

Siga: I LOVE YOU!!!!

But its mostly true and women prefer to hear that line

Travel › Re: Canada Freezes Federal Skilled Worker Program by olajide8(m): 8:34am On Jul 01, 2012

Going through the whole posts it just occurred to me that in 1979, the exchange rate of the naira to the pound was £1= 0.60k, a dollar was far less, the canadian dollar was no where to be found, our economy was on top, we had potentials of aligning ourselves a par with theses countries, people didn't need piles and loads of documentation to travel abroad, so many fortunate people whose parents left for canada left because U.I and IFE, didn't admit them, so many lecturers were sent on sabbatical because they needed to exchange, and further more develop their intellectual base, now our governments over time and the years, have failed us, to the point that we have to apply for 1-3years to be given skilled "mai nene" visa, some come and brag about it, where as they have contributed in any bit or manner, to the development of nigeria, they want to come back and become ministers and D.G because they have gone to acquire foreign certifications some even praise those countries because they have light and water as if we can't do the same if just if, we had the right people in place, the descendants of Prof magnous kpako the formal S.A to the president of nigeria on poverty eradication was collecting millions and billions for pilot projects which never brought direct development, rather "keke Napep", where other countries where bring in toyota motors to assemble cars, that are economically viable, they designed un-implementable models for the nigerian state, only to come here collect all our moneys (salaries and allowances) to pay their mortgages outside nigeria and their school fees debts, some lie to themselves that foreign countries are better then nigeria because of ephemeral issues which could have been solved if the leaders even gave a direction of where they want nigeria to go, we all want the best for ourselves but are these conditions where racism exist directly or indirectly the best for us? The question is where and what did we do wrong? What did yours and my fathers do wrong that has made us reach this level were we que to get out of nigeria? What are we still doing wrong?
@factbox a lot of what you have said is true and a lot of people wouldn't still accept those facts because the sun is fortunately shining on their side of the world, but for more emphasis though a lot of us wouldn't accept no matter what, could you plz give us a list of some of the bills being paid and taxes? Plz maybe they would understand better.

1 Like

Politics › Re: Bomb Blast At Shalom Church, Trikania , Kaduna by olajide8(m): 12:47pm On Jun 17, 2012

And Kaduna has been set ablaze, information just getting to me by my neighbour who is in the thick of the riot stranded in K.D, is that immediately after the bombing they have started killing themselves and everybody around both those passing through that axis by road et al, GEJ has and continues to prove that he is not interested in resolving this BOKO HARAM issue, what the heck. He is not interested in securing life of an average man!

Politics › Re: Another N1.5bn Fraud Rocks House Of Reps by olajide8(m): 11:08am On Jun 17, 2012

What a country! I have criticized, I have pointed out and I have said, It doesn't take much to put things right, but in this situation, where these people put the cart before the horse, I laugh at my few nigerian's, knowing I am laughing at myself in the process. From the Presidency (executive) to the Legislative (NASS)and the Judiciary, they are stealing Nigeria dry, and their is no visible fight against corruption which way Nigeria, which way to go>>>. Without making to much emphasis, we have become a bazare going! going! going! gone!

Car Talk › Re: Nairalanders: How Do You React When Your Car Is Hit? by olajide8(m): 7:57pm On Jun 16, 2012

Starrylady: Lmao!!!!!..try hit yoruba man car,mk u c wetin go happn! If oduduwa no cm dwn cm beg am... Den b ready 2 commit homocide! Na dem no get power bt dem lyk trbl! Moderator abeg no barr me o!

What a small shapeless "thing" that can't even buy a bicycle spoke trying to show her level of ethno-centricity, tribal cocoon, at your age, tribal issues is what u are talking about!

Car Talk › Re: Nairalanders: How Do You React When Your Car Is Hit? by olajide8(m): 6:02pm On Jun 15, 2012*

The first thing that drops out of my mouth is I.d..iiiiiiiiot, then I shout more cause a traffic scene, look at my car and then drive off..

Politics › Re: Ondo Governorship: Mimiko Turns To President Jonathan For Help by olajide8(m): 4:45pm On Jun 02, 2012

tosynawesome: M̶̲̥̅̊y̶̲̥̅̊ broda, U̶̲̥̅̊ ve spoken well, I'm from ondo state i just want U̶̲̥̅̊ to know dat dis is just a mere propaganda. Mimiko has bin doing a wonderful job ever since he assumed Τ̣̣ђё mantle of leadership. No ACN governor van withstand him in terms of achievements.

Let's put one their first and see, at least some states have tried the two, if someone like the proposed CPC candidate, Ehinlanwo can also come out to want to contest, when they should be saving their face then their is a big issue, rather then dynamic younger person's www.vanguardngr.com/2012/06/ondo-guber-poll-ehinlanwo-declares-interest/

Education › Re: UNILAG Renamed 'Moshood Abiola University' by olajide8(m): 1:47pm On Jun 02, 2012

And if, the british government, can rename "Big Ben" the symbol of London, that has been there years and years before their current Queen. So, just a school, MAU an institution created by we men! Is now bigger then a person how myopic can we be.

Education › Re: UNILAG Renamed 'Moshood Abiola University' by olajide8(m): 8:21pm On May 29, 2012

iykmora: where this baba sala pop-out from? Mehhhn you almost murdered me with your grammar. Abegi move to the left jhooor!

Another small kid talking, I heard you guys have finally turned it into a carnival, still the same old party, party, party, in fact look at most of them under 20's protesting O! Without knowing what they are fighting for, what a shame, go and read history and become more enlightened.

Education › Re: UNILAG Renamed 'Moshood Abiola University' by olajide8(m): 12:52pm On May 29, 2012

deenee: The comments on this thread till now indicate that a lot of our students and hitherto future leaders are far worse off than Mr President himself.

First and foremost it is wrong to compare UNILAG now known as MAUNI with the likes of Harvard and Yale. The former is a federal institution funded by the government whilst the latter is privately held. The former is in my own basking in the euphoria of their past glory whilst the latter is Ivy league. The former depends on government funding to carry out research and the last time I checked, not much has been done in that aspect in recent times whilst the latter has an endowment fund equal to the balance sheet size of some emerging economies hence they have the liberty and free will to carry out scholarly research.

The decision to rename UNILAG is not one done in isolation. The NASS must have deliberated on it before it was passed into a law for the executive to implement.

I am not going to discuss along the lines of whether this decision is morally justifiable or not as there is already a lot of contention on this matter but I have a very dim opinion of the response and feedback thus far. It clearly shows that what we need is not a name change but a complete overhaul of the entire educational system as it is obvious that the by products churned out daily fall below standard!

God bless Nigeria!

^ see whether privately or publicly funded, they are still universities and what comes out of them is what matters(quality of graduates), without talking I still insist as V. P for africa on the board of world bank he fought for reparation for Japan, and so many other countries look at Japan today, the mistake he made was him using it as part of his campaign agenda and that was why the U.S abandoned him during abacha's era, he made so many people the likes of Dokpesi, Dele momodu etc, they are endless funded the building of college of education, ijaniki, Lasu, the lists are endless, employed thousands and everyday gave people money to feed, those he couldn't help so much he employed their children, ran scholarships for so many contributed to the building of the same multipurpose hall in MAU and the sports centre of university of lagos, where his team use to train abiola babes, brought in volkswagen assembly line, paid students who met him one on one, gave to the less privileged was never proud, he spoke hausa and igbo fluently, and was given chieftency titles all over nigeria, not because, he was stupendously rich, (richest man in africa) but because, some of the children protesting their parents indirectly are benefiting as a result of his works, AIT employed some, channels employed some, the list is endless late sonny okosun, said it that he was the single largest employer of labour after the federal government then, look at the amount of people he paid their hospital bills, in fact if they named abuja after him his worth it, I am a critic but amongst everything this govt., have or has done, this is the only one that makes a bit of sense to me.

Education › Re: UNILAG Renamed 'Moshood Abiola University' by olajide8(m): 11:57am On May 29, 2012

What's the issue the swag in the name or quality of output university of harvard or is it harvard university is one of the best in the world named after harvard for building structures in the school as a philanthropist isn't it the Rector that are preventing schools (Polytechnics) from issuing degrees, can you fault the quality of what comes out from their"though some are questionable" just like universities, just because, they don't want to be directors or provosts of universities, so what's the issue isn't the man worth it? He single handed, won the elections around the country in 1993, and also died in incarceration, most of those fighting or protesting weren't even born then, I was part all students then were part, thou I left, maiyegun was part malcom X (fabiyi) and it was because of June 12, most of those protesting now, don't even merit admission, into the above school so why fight? When you are supposed to protest against corruption, NAH name of school! Rubbish bunch of spoilt small kids, if you say its because he is trying to bribe south westerners, that is a case other then and we know how to threat fraudulent person(s)

Politics › Re: FG Explains Role In N155bn Malabu Oil Scandal by olajide8(m): 12:54pm On May 28, 2012

And if I am to ask what is this to mean let me state were the corruption comes from 10m to the SSS officials to book an appointment a non scheduled appointment smuggle you on the list, from the pilot gate, 10m to the secretary, and the principal advisers, to the president on oil and gas and 50m to DAME to talk to GEJ when he is drunk, why can't they just allow due process, rather then NEPOTISM and FAVOURITISM, give standing orders to the courts to expediently handle all cases, I can also tell you they would have settled a few people for change of ownership and they pay in dollars, so you and EFCC, can't trace it e.g I was told that to see DAME for a contract that was awarded to her company and she wanted to look for technical partners to help her with the contract, you have to pay 1m to her P.A in dollars and 1m to her SA, and the specific desk officer, would collect 5m while she gives you her business card and calls the issuing MDA's, and you are done with her, while she taking 16% how true I don't know I have really had the opportunity to do that but in every rumour theirs an element of truth. So I still believe they would either do trade by barter exchange we help you, you patronise our shipping line or you just pay for our ship loading water et al.

Politics › Re: Lagos Set To Begin Second Light Rail Project by olajide8(m): 10:36pm On May 27, 2012

GAR3TH: If i'm not mistaking the second rail project is the redline. It will run on the existing NRC tracks or corridor [i forgot]. All the investors and lagos state have to do is buy the rail cars, construct a thrid rail and the train stations and install rail signals. I dont believe they will be building any new rails since NRC and the FG rehabilitated that rail line not to long ago. but i may be wrong

^ I guess it would make sense if the lagos state government repeated the same feat, by doing elevated rail lines at least those that want to sit on the rail lines and beg for money can continue, and lagos state trains and Nigerian Railway Corporation trains, can work simultaneously, they wouldn't be a need to share the same rail tracks, so as to avoid maintenance issues, though it would be expensive, I guess it would make sense to have separate rail lines.

Politics › Re: Don’t Abandon Me In These Trying Times, Jonathan Begs Nigerians by olajide8(m): 10:22pm On May 27, 2012*

If GEJ is just realising now because a few northern governors said they wouldn't support him come 2015, he should have known 6 months ago, that nigerian's had and were leaving him, because of his clueless"ness" and direction"lessness" let me state out all the mistakes of the president see just a few;
SECURITY- encouraging boko haram by not wiping them out when he had the opportunity to
CORRUPTION- by withering the power of Efcc and making them a redundant ineffective parastal his wife Dame is now the person issuing government contracts she is the acting president while he is the acting first lady.
POWER- by spending more money on darkness and promising in his words we vow to increase power of late he wanted to fraudulently steal from us again by increasing the price/tariff of what we do not have electricity.
ECONOMY- by spoiling and increasing the level of inflation he met a mudu of beans at N200 now it goes for N320 a 70% or less percent increase.
FUEL - he unilaterally increased the price without recourse to nigerian's interest on the first of January, they also increased the price before thinking of, in his governments words "palliatives" (our rights are now palliatives) the subsidy probe, they want to sweep under the carpet, my take they assessed the probe to see that they wouldn't find anything against or case against themselves, before they decided to allow efcc to probe the case "malabu oil block" case
numb case.
EDUCATION- it has become so muddled up they don't know what to do, imagine UTME choosing different entry points for students, they can't scrap NBTE, colleges of education commission, they don't want to unify the schools and bring them apar
NEPOTISM and FAVOURITISM -can be said to be GEJ hallmark
DISRESPECT FOR NIGERIANS- imagine sending soldiers to lagos to stop nigerian's from doing a peaceful protest against all the wrongs of the government.

4 Likes

Politics › Re: Lagos Set To Begin Second Light Rail Project by olajide8(m): 5:17pm On May 27, 2012

^ eko ile been a while

Education › Re: The Problem Of Admission In Nigerian Institutions by olajide8(m): 8:06am On May 24, 2012

olas2u: You are even lucky to have private schools,during mytime it was either you are in or out.

Thank you bro during my time the cut of mark for mathematics science, unilag was 200, I scored 205 and still couldn't get admission, even with my admission letter "stronger people" stronger then me, who I know who my parents know, took my slot I look back at that time and feel pity on myself NEPOTISM nigeria "tufiaka", medicine was 265, now I guess its 180 to study medicine, but let's look at something a bit important digressing, to add to the level of insult, a unified examination was taken and still yet different cut off marks adopted, for entry into the institutions, still not solving the issue of discrimination, are these people serious at all? if its the polytechnic lecturers or managers that are not interested in bring these institutions apar (NBTE) veto power Presidential directives still exist, except they are not interested in doing the right thing and they are paying lip service to this issue, so many things have changed, their were only a few universities and very few state owned universities LASU, OSU in fact it goes way back, primary school days, common entrance examination and G2 exams, its either you were going to a federal government college or like my parents would say then a Jakande school. Things have really gone down south.

Phones › Re: Did Mtn Migrate You From Paygo To Family & Friends by olajide8(m): 3:04am On May 23, 2012

So how do you migrate back, to pay go! at least we should have the right to our preferences, and not be forced to use packages because they want us too.
MTN, you na hear huh

Politics › Re: RMAFC Slashes Reps’ Allowances By 80% by olajide8(m): 7:29am On May 21, 2012

Biggoozz: You called N17,000,000 P/A a paltry sum? when several MBA holders with over 15years work experience are dying to get such offers.

See them speaking like business men, as if they bought shares in House Of Rep.

Its not per annum its per quarter for their staff salaries in abuja and their constituency offices meaning they would still give them houses or look for a way to give them accommodation because its no longer monetized its just a dirty situation mumble jumble

Politics › Re: RMAFC Slashes Reps’ Allowances By 80% by olajide8(m): 7:28am On May 21, 2012

Biggoozz: You called N17,000,000 P/A a paltry sum? when several MBA holders with over 15years work experience are dying to get such offers.

See them speaking like business men, as if they bought shares in House Of Rep.

Its not per annum its per quarter meaning they would still give them houses or look for a way to give them accommodation because its no longer monetized its just a dirty situation mumble jumble

Politics › Re: Soludo Takes Lawmakers To School On Capital Markets by olajide8(m): 8:02pm On May 20, 2012*

rhymz: Mr Olajide
I am surprise that you claim to be an industry player and yet erroneously think Universal Banking was part of Soludo's policies. For your information, it was introduced by his predecessor Joseph Sanusi in 2002, Soludo came on board in 2004.
Besides, there was nothing wrong with the model, the issue was not whether you were doing universal banking or whatever form of banking. The problem was in the CBN policy regulatory structure, the institutional framework for effective discharge of the central banking functions is not adding up in the CBN. It is excessively over-politicized. The issue is more of populist programmes rather than core monetary policy agenda for the economy.
There are two major roles of the central bank: that of maintaining monetary price stability, and the banking sector regulation. If both of them have been acclaimed to have failed, it means what is needed actually is not a change in any policy. The problem is not with the policy, the problem is in two major areas. The first major problem area is: instead of building a very strong institution, we are building a very strong personality around a very weak institution. That is what is happening at the central bank and most other Nigerian institutions. You build very strong individuals and then you weaken the institution, instead of the reverse. They don’t bother about building strong institutions.
We keep over emphasizing the individuals in positions, thereby removing the institutional concept that makes the systems work. There is no amount of policy reversal, no amount of ingenuity in policies that will improve the system.
Trying to downplay Soludo's success in stabilizing the naira as if it was an easy feat once there was a huge pool of external reserve without recourse to the fact that his policies grew the reserve even though the price of oil per barrel was not on the high as it has been in Sanusi's era, only shows how weak your argument is and the fact you don't see the correlation let alone "school me".
You are better off trying to understand the facts and basics than schooling anyone here . . . lol
The other issues you raised about the shaddy dealings that went on with the banks and the capital market all boils down to thesame regulatory ineptitude on the part of the Soludo led CBN which one would have expected Sanusi to build upon instead of turning policies on their head.
Presently even with the catagorization of banks, the so-called specialized banks are not lending to the real sector, Sanusi's CBN has criminalized the lending point to the point there is a credit contraption. And there are serious lapses by those who are supposed to be performing oversight functions. In Nigeria, nobody regulates the regulator. The central bank accounts to nobody. And you see heavy amounts of money being dished out by the CBN financing developmental programmes and all that and nobody checks that. You probably heard of the N500 billion injected into the power sector when we all know that funding is not the problem of the power sector. How can such an amount come out of the coffers of an agency of government without passing through appropriation? That is a sign of collapse. Thesame way the CBN wasted 620 billion on the banks they alleged were on the brink of failing, what has become of these banks and the money injected into them?
I wont be surprise that when Sanusi leaves office, there will be dirty revelations of CBN balance sheet showing how bankrupt Sanusi has left it with the way he throws money around without recourse to due process, yet he is the one touting due process and coperate governance in the commercial banks.

I have left the sector over 5years so I am no longer a player, I don't really see much difference in what I have been trying to say and your last post soludo built individuals through universal banking, (the timing was wrong, my opinon though their is really no right time) rather then institutions through improper DI-vestment of ownership holdings and multiple banking DI-vestments, secondly thanks for the info, I never knew it was started by his predecessor, thank you. But you agree with me that poor supervision majorly caused the challenges, and it is correctable their is a principle in finance that allows for debts to be written off. I can't remember the terminology right now, but the CBN did not give them the money, it was a bailout and they are collecting it back now well I have talked to much let's leave it at that

Politics › Re: Soludo Takes Lawmakers To School On Capital Markets by olajide8(m): 3:37pm On May 20, 2012*

[quote author=de-moore]Olajide abi Ola"goat" or ola"nama" All i see in your wite up is a stupid and biased yoruba nonsense man trying as hard as possible to discredit any eminent and erudite sons and daughters of igbo on NL. Can u tell me any Yoruba econimist who is as sound as Prof. Soludo who can make or has made an impact in any sector of nigerian economy mchewwwww. People like Dora in NAFDAC, Ngozi in Finace, Ken Nnamani Senate, Soludo CBN.Barth Nnaji NEPA to mention but few....[/quote]This is my point of view, Omo ale jati jati, omo ti won fin se ipe fun omo, tribal cocoon, this is politics section and economics, idiot! that is why a clueless government were able to convince an educated illiterate like you that they needed to remove subsidy when in true fact their wasn't any subsidy, they wanted you to fight the so called untouchable cabal that has infiltrated their regime, personally I have no issues with the prof., but like I said earlier the policy on universal banking.

Politics › Re: Soludo Takes Lawmakers To School On Capital Markets by olajide8(m): 3:23pm On May 20, 2012

rhymz: Olajide
I don't see the point you are making as it is obvious you are talking from the stand point of bad belle. You contradict yourself and show bias if you are so willing to believe the Data from the CBN under Sanusi as authentic while you dismiss Soludo's as fake and whatever gutter language you want to use.
It is ok if you don't like the man but if you can't detach your emotional disgust towards the man and discuss the main issue then I see no reason debating with you as it is clear you are here to attack personality rather than analyse facts.
Unless you started observing Nigeria's economy and financial sector when your "superstar Sanusi" came on board with his rant about sanitization, it will be very dishonest for anyone to claim that the Nigerian economy was not active during Soludo's era.
Infact if there was any time the manufacturing sector started witnessing big projects and investments from local investors from the likes of Dangote and other foreign investors, it was soludo's era. Entrepreneurs were able to get credit lines from a consortium of nigerian banks to fund big ticket projects that stimulated every aspect of the economy, from manucturing, hospitality, technology to the banking sector. Employment was created and we had more FDI coming in, small businesses were not left out as the new recaptilized micro financed banks gave out interest free loans, it was even obious from Nigeria's GDP at the time.
I don't know what you mean by real money but these projects and expansions of course were funded with money not paper. This stimulation of the economy was represented in facts and figure that I presented to you. Inflateion rate went down, our currency was very much stabilized against the dollar and other major currency
It is very obvious that you are reading supposed facts and figures from your head you want to see be the case. Most of what you have written are conspiracy theories and some are utterly dumb for one to even consider answering them as they have no factual basis. May be what you expected Soludo's CBN to do was to get involved with very stoopid activities like Sanusi is doing, activities that has nothing to do with the CBN.
Under Sanusi the CBN has lost focus and is just groping in the dark. No matter how you want to look at it, Sanusi's policies have been very retrogressive and has not improved our lots. Our Naira has depreciated even more, he has unwittingly brought back the bureau de change to appease a sectional interest, I ask again,"of what economic importance is the Bureau de change?" The CBN is supposed to give advise to the government and help her exercise some restraint on what it spends money on, today, look at our foreign reserve, it has been depleted. To even show that Sanusi is confused, one has to wake up everyday to read on paper that the CBN wants to over the commodities exchange, the CBN wants to go into real estate investments and numerous frivolous stuff like that that shows the CBN is confused on what its jobs are. Seriously Mr, you need to raise the bar of your argument beyond your emotional feelings and hearsay and just address the facts.
I refuse to stoop to the level of hitting below the belt just to score some points. Besides, I find the structure of your write up clumsy and hard to read, you may want to state you points clearly.

Well like I always say its my OPINION, I don't believe I am trying to score cheap points or hitting below the belt, economist argue amongst themselves about their point of views, I am not even an economist I am a marketer and a master degree holder in financial mgt., I am trying to show facts from the peoples point of view, like I normally say I am a street boy, I don't where coats around and sit inside air conditions, I hustle my brother, I neither know sansi from jerk nor soludo, SLS is hausa, soludo is igbo, me my brother yoruba;
1. I don't believe in any of their data, if its coming from Nigerian Bureau of Statistics none is true.
2. I don't think I have contradicted myself I don't have an issues with recapitalization.
3. I have an issue with universal banking
4. Common wealth heads of government meeting (CHOGM) held in abuja created about 50,000 Jobs temporarily a year, that's adhoc we want things that would leave after the person it was made for years etc
5. COGA community of african countries games created more then 100,000 jobs for just a year temporary jobs.
6. SLS is trying to development SME's through the bank of industry loans re-capitalising it to give out loans, bank of agriculture for those that need equipment loans for their farms, these have direct impact on you and me and they create real jobs which in turn generates real wealth. Not universal banking
7. I never said the economy was not active, but what policy was making it active giving people like dangote the sole import license to bring in cement, or giving otedola the sole import license to bring in diesel.
8. I can smell a case of personal bias, to sansusi's case of breaking the universal syndrome, removing the power to run bureau de changes, by any one if you have the capital base nothing is stopping you from doing the business yourself seriously their is free entry and exist of any business in nigeria and their are so many bureau de changes owned by non northern their is one beside ecobank at allen avenue ikeja and so many others.
9. Believe this or not, increase in foreign reserves would stabilise and or reduce the exchange rate, in fact any countries exchange rate is directly influenced by their foreign reserves, I would love to school you on that by giving you an example but only if you apologize, a demand for a scare commodity increases the price and reduces the value of your local currency blahablah et al
10. If I may ask what is the role of CBN, (bankers bank) then I don't think he has lost focus by telling banks to go back to what they are supposed to do create money and safe guard people money with them
11. Maybe, I may say he went a bit far with reference to the money given out to bomb victims but that's not the issue I believe the iSsue is what went wrong and whom is in charge of monetary policy management - your saving fixed deposits all lines of money (m0, m1, .m2 and m3)
12. Well for the issue of jobs the banks were trying to reinvest the funds they raise from re-capitalisation and that boosted the capital and property market, what you felt was DFI was actual vulture capitalist coming to take their spoils from our economy while trying to meet up with obligations in their home countries issues of recession in europe america had started way before they made it know to the world they needed to take profit and the capital market and other african countries became targets.
13. From your point of view you have assessed a loan from a MFB I have I even started a MFI and ran it so what may you possibly know.
14. With the issue of the CBN going into real estate business that I don't know O! You are the first person to say this I would find out.
My final submission I don't have any person beaf for Soludo but I have a beaf for the universal banking license he gave banks in nigeria "a developing country"
15. Is it transcorp you are making reference to look at the that now.
16. nigeria's problems can not be looked at from a blanket point of view you just have to look at specifics and measure potential against actual.

Politics › Re: Soludo Takes Lawmakers To School On Capital Markets by olajide8(m): 8:34am On May 20, 2012*

^with out being sentimental I don't have any personal score to settle with him but I can tell you that inflation reduced on paper and our exchange rate reduce simply because of this action "the rise in foreign reserve from $ 11.44 billion in June 2004 to $60.89billion in August 2008" a quote from you, and that is the impact of increased foreign reserves, I will also try to be as objective as possible facts and from experience(personal), rather then from doctored government figures,(they don't even have the current price of a bottle of vegetable oil, or a mudu of red beans as at today- the nigerian bureau of statistics) are my bases of argument, what are the indices for measuring inflation directly -purchasing power, how did they come about their figures of a reduction from double digit 11%to a single digit 6.5% over the period, without the real indices of development, by restricting spending in some key areas, which is why, they made look like the economy was better, monies where returned to the finance, that was fully utilized after 30th of Dec., by ministries and departments, and this was used to shove up our foreign reserves, temporary jobs were created coja, chogm, name them, its a lie! But, truth on paper, no real jobs, no manufacturing firms as they were leaving nigeria in droves, all these are the data we should personally collate, if you have worked in a bank before, you would ask yourself a question, is it the COT and interest charged on loans, serch fees for opening new accounts minimum balances, that are used to pay salaries of about 12-15 core staffers ie branch manager earns about N750k ABM N450k marketing staff N90-N114k etc, running costs, diesel power, L.G premises taxes, fueling cars used to run around, the office administrative overhead, they are all unsustainable, pls., if I may say, I collected a loan in 2008 and the interest was way above 24% from a commercial bank specifically Diamond, so that to me doesn't hold sway, about a drop in interest rates, reasons why bank can't abide with that official figure are numerous, they will tell you that government have said! but these funds were not given to them by government, so if you want a loan, we charge you what's fair to us, thirdly, how many of these branches were opened in economically viable places and were they were, they were busy acquiring assets not doing banking, to add to their balance sheet, just like they say the economy would crash if they didn't increase fuel price, lazy economics, it would never crash, some banks would have gone international to become affiliates of other selling part ownership and divesting truly, just like stanbic ibtc, and some may have failed not as a result of the recession but as a result of insolvency and bad investment planning, CONSOLIDATION WAS NOT, the PROBLEM it was the manner it was done, no true guideline, that ensured that funds obtained were for the development of the banks operations, rather they went acquiring assets, that they believed would rise based on speculation, but had no direct impact on financing real development, UNIFIED BANKING was the PROBLEM, the ability for the banks to do various businesses under one umbrella, becoming an international player isn't the issue the real issue is how and what is the impact on the economy?did you really become an international player, by borrowing money or by creating money? By developing potential investors within the economy, they may have become part of the top 500 but how many could finance the construction of an oil refinery? Direct impact financing only their balance sheets, imagine a bank with only 72 branches and funds of 1.6trillion -basically fewer staff reduced overhead and more funds to invest over long periods in projects, that's what makes a bank, consolidation was good but unified banking huh

when the same bank would divest into various things using the limited funds available that to me is a no no!

Politics › Re: I'm Not Nigeria's Problem, Says Jonathan by olajide8(m): 2:04am On May 20, 2012

Onlytruth: I can rule and fix Nigeria within 1 year in office. You just need guts to solve Nigeria's problem. The current occupant of Aso rock doesn't seem to have the guts.

Here is what I would do.

Step 1: Meet all the key military officers in Nigeria and get their unalloyed support.

Step 2: Declare Marshal law and dissolve houses of congress (at federal and state levels) and sack all executives at state levels.

Step 3: ( It is a secret!, hint: will involve mass arrest and jailing of past ruling thieves)

Step 4: Invite the UN to conduct COMPLETE census in Nigeria, complete with all biometric information from state to tribe, clan and family levels.

Step 5: Constitute a Sovereign National Conference (based on representations from the census data) which would draw up a new structure for the country (eg create new federal Constitution which recognizes regions, complete with regional constitutions).

Step 6: Conduct new elections based on census data and NEW tamper proof ID card system and electoral act produced at the end of the SNC.

Step 7: Step down, hand over to the newly elected leaders, and go back to Otuoke!

Simple my brother GBAM for you!

Politics › Re: Soludo Takes Lawmakers To School On Capital Markets by olajide8(m): 1:12am On May 20, 2012*

[quote author=Frank-C]@olajide
are you saying that the market crunch was caused by Soludo's consolidation policy, and by implication the consolidation was ill advised and wrong? You also seem to quarrel with the idea of making the most populous black nation the financial hub of africa despite her potentials. Please, educate me on why the 7th oil exporter cannot(no should not) finance her oil deals locally and why it is better for them to finance it from europe and america.
Finally, to prove the excellence of your idea, kindly point out how Sanusi's policies of 'conservative economics' (as you seem to be advocating) had changed things for the past three years. Mind you, the only achievement(very debatable claim cos we know what his appointed CEOs did despite the sterling corporate governance built in by Sanusi) of Sanusi so far is that he sanitized the banks. Now, please tell me how to measure how sanitized banks are.[/quote]@manny sorry for not putting the punctuation's where they should be, sometimes while typing from a mobile phone you just can't seem to notice.
@frank-C the market crunch was not caused by the consolidation of banks it was caused by a lot of things from my point of view but the near by total collapse of the financial system in nigeria was caused by unified banking, now how can a country say it wants to become a financial hub realistically when the antecedents are not real, technology, production of cars, manufacturing brings in income, via both importation and exportation for foreign exchange, imagine how much income would accrue to us if we package tapioka flakes or something else, which are used in doing drugs and export our excess to other countries and practically dump them their look at the income to the companies that manufacture the flakes, and their banks, as account holders, COT, export financing etc( their is a principle in banking which states or believes that of 100% of the funds put in banks 70% would be spent while 30% would be saved in most ideal developed economies) now imagine that difference from about 1000 account holders both corporate and individual, fixed by the owners of the fund for say about 3-4 years, those are medium-long term funds for some small scale manufacturers to make use of, by banks, this would in turn generate wealth, from all sides and reduce defaults by lenders, interest rates would be lowered as a result of reduced risk, and this would enable banks give moratorium on loan offers, before they enforce you to start paying bank the loans, this is what should be regulated and then other people would automatically come in search of these funds, from outside nigeria for investments in nigeria, this would then make nigeria the true financial hub. Oil and gas investments are no cheap investments and returns don't come immediately, ask femi otedola, its also a high risk industry ask chevron and shell, that have to pay different penalties for various issues these funds, our local banks can't muster, the reason why? is so simple how can majority of nigerian's save when they don't even have enough to manage them selves with, and the little they are supposed to set aside inflation has wiped out, with all the oil we have ask mobil, chevron where they get funds to finance their projects, HSBC, citibank and etc because believe it or not all businesses operate on loans, which bank in nigeria can singularly pay for 30% stake in an oil block on behalf of a customer, of about $300 million for a duration of 15years if they don't have long term funds how many nigerian's can set that aside while waiting for other paper work, except a few corrupt persons now look at a bank that doesn't have these long term depositors funds, because personally the owners wipe their account clean before the end of the month, to make use of, how would these local banks maintain a tangible liquidity level while trying to handle such a project involving oil and gas? though we need to look for how to finance it locally because with that we would finally emerge as an economy, now look at a country like the U.S, where just a customer would have that kind of money lying fallow in a fixed deposit account they can afford to do that kind of business and still meet up with their obligations to small account holders.
With reference to "conservative economics" kudos should be given to the Current Governor, he has tried to manage the system in a recessive economy, and I sincerely don't think you are referring "SLS" as a conservative economist or his conservative"ness", just look at the risk he is taking through, the bank of industry to start real growth in the economy/industry manufacturing (thou they still have to expand the scope and put in more money and reduce the bureaucracy, I haven't collected my loan after it has been approved and any offer letter given to me since Nov last year) he has tried to make people produce locally, what did the policy of the previous Governor do enrich those at the helm of the echoleon of banks, he took the first step, before NOI followed suit, to the claim of sanitizing banks, I may not be able to give you facts and figures but as a formal stockbroker let me tell you their must be some parameters, they would have set, but trying to bring out the issue in the easiest manner, I would use a hypothetical example, an organisation has shares of a total of 10units and the company is owned by 10 people costing N1 their for the true value of the company is N10, and meaning one for each person, now that bank decides to raise money and each owner divides their shares equally into 10 meaning they now have 100, and they tell you they are worth N100 but truly they are only worth N10, they now say, they are selling out according to law 40-50% of their shares, at the same N1 meaning they have collected N25 for themselves from you as owners of the business, still keep their 50% ownership and then they tell you from their prospectus, that they are investing in expansion, while they put some crazy figures for buying software and upgrading, they now tell you about their subsidiaries, and allocate some figures which they would invest in their subsidiaries which stand at about only 25% of the investment in the subsidiary, while they have 75% ownership with your own money, an example is UBA assets, UBA international markets etc, zenith bank and visa phone, now what they are now doing is if you raise funds for expansion upgrading or investment they look at your books and make sure that is what the money is used for "banking supervision" if a bank shares are owned by the CEO's get them out of the system because they hold to much of the shares and are in actual fact cheating you and I, "investors" by using your own money to buy you out and taking the profit, while cooking up figures, and that was "part" of what, I guess he was trying to sanitize also the way loans are given out the crazy targets etc

Politics › Re: I'm Not Nigeria's Problem, Says Jonathan by olajide8(m): 8:27pm On May 19, 2012

Prior to the civil war, the first republic nigeria was run as three independent regions, that was what our colonial masters handed over to us which was run independently with their own governing structure, but immediately after the first coup by aguiyi ironsi nigeria was merged, common sense they say sometimes is not common reversal is what we need to that particular structure fundamentally, and as simple as ABC we would return to our glorious days, please check history we hand premier's of the north, east and western regions and their was development, we ran what was best a parliamentary system do you think they didn't think before they handed over that kind of government to us, which was working well, far before amalgamation so our problem was not the 1914 merger MR PRESIDENT our problem is concentration of too much power at the centre which has enabled you to weil too much power, the winner takes all syndrome and when it is concentrated in the hands of an incompetent person this is what we see, imagine someone in abuja whom has never lived in lagos determining whether they would give you the right of way for a project which would directly better the lives of the people in the state and that region, how lagos state would have to take permission to create LGD area's on how people would be appointed as local government chairman on what type of foreign investments have to receive governments appendages and how corruption has grown from the top, MR PRESIDENT be a little more creative and think outside the box that's where the answer is and not blame passing and bulk, passing I am so ashamed of the set of people we have as leaders look at their certifications it is deceiving them, if this is a waec examination they have all failed all papers from power to education to make it worst CRK they failed it woefully they don't have any morals what a shame

Politics › Re: Soludo Takes Lawmakers To School On Capital Markets by olajide8(m): 3:26pm On May 19, 2012*

rhymz: I dont realy understand the point you are trying to make, Sir. Could you be more coherent and straightforward.

I would try to be as explicit as possible bearing in mind that its my opinion, now prior to the introduction of universal banking we had a proliferation of banks and banks were categorized into retail banks, whole sale banks, trading banks, merchant banks mortgage banks and investment banks, bearing this in mind most of the banks did business some on a small scale and some on a larger scale the financial services market then had room for finance houses, bureau de changes and discount houses because some of these banks had to do business with each other ie over night lending to each other, while also bearing in mind that their main line of business was foreign exchange buying and selling , now as a result of the then Governor's new policy he wanted nigerian banks to be internationally acceptable-fine! as I guess he also needed a frame work to work with as a lecturer or research person, their own goal was to make nigeria the financial hub of africa, and the need to make them "nigerian banks" international acceptable, a be able to play a role in the international oil and gas sector of the worlds economy as well as provide funding for big time oil and gas business transactions which are still largely financed by international banks, the question then was? Is this possible when our banks can not avail manufacturers within nigeria long term loans to create a source of finance? And are we ripe for this kind of policy, also bearing in mind the fact that we "nigeria" is a consumer country, and developing country "note we have to learn to crawl before we walk and run, and its not possible to jump all these stages, we have to produce generate real income before we can decide to become the financial hub of africa as "soludo" said, and wanted, and in my own point of view if we want to become a financial hub we have to have real wealth, which comings from manufacturing science and technology, further more foreign investors invest in real tangible products and not air ", that said, a Governor came on board and said his policy was targeted at unifying all the various financial services providers causing so many of them to either fold up(noting the job losses that followed this policy), be acquired or merge to meet with the new Govt., policy of the governor which sanusi said was a "trial policy" (to see if it would work) by the Apex bank, bearing in mind it wasn't a NATURAL development bank recapitalisation for unifying the banks services(anything built without a foundation would definitely collapse), but one which required, a fire brigade approach -immediately, so what did they do, banks with different lines of businesses came together without the proper framework and some took advantage of the gaps to enrich themselves those that had more funds brought out those with little and where their was no agreement they were winded up, a bank now could do mortgage, insurance, wholesale investment, retail, bureau de change, trading, et al (jerk of all master of none) now upon this they also had to borrow money internationally to meet up with their capital base requirements N25b then wasn't small money O! while also going to the market to raise investible funds to meet up with their own equity contribution, which they did successfully (also note these funds are short term based for financial services organisations, which in turn lead to the crazy targets given to marketers to attain then, so they could repay their lenders and that's why marketers went after fixed deposits like no mans business), government then encouraged foreign investors that never believed these banks could raise their equity contribution locally to invest in nigeria, bearing in mind they also needed fundings to meet up with their loan obligations and customer liabilities in their home countries as they are also doing local banking, now they come with their own various associates or arms and come into the capital market where they saw the so called "universal banks" were able to raise equity from, they then use their names and profiles to borrow money to trade in the Capital market on other banks shares, further using their own funds invested in the banks, that are now "universal banks" this continues and profit is been taken, from 2 points, from a loan borrowers point of view, and interest being paid on the loan and from a market players point of view operator, of these institutions all because of universal banking, now a player in the industry is now appointed "SLS" as Gov., after looking at all the games being played by his fellow operators insists that banking supervision should be further looked at and those that destroyed the then beautiful idea of his predecessor should be looked at critically and investigated which soludo didn't do because he had believed they would be honesty at a policy they all came together to adopt! Now my take as always what an "experienced" old man would see sitting down a child even if he climbs the tallest iroko tree wouldn't see it (what is age/wisdom -first hand experience in the practice) and that is what SLS brought to the table which soludo in my opinion didn't have he never ran a bank even for 30mins to know what overheads they actual pay how human beings react, how balance sheets are falsified based on what the bank accountants give the auditors, to decisions on how to create wealth, by thinking of businesses, to do with bank funds in their custody that is what Sanusi brought to bear in my opinion and not certifications and smooth talking (This is a bit of digression their is a school in the east of nigeria university of environmental sciences with more than 15 professors and they can't find a solution to erosion problem which is parting away with part of the school premises and they are asking for government funding and help to solve a problem that they teach students on board to solve, and then the central bank is now headed by another one of those professors, and you say because he is a smooth talker he is better look at the antecedents) a developing country needs hands-on expertise, even in the uk their are 2 types of accounting courses - accountancy & applied accounting this arose as a result of a need. And that's my point of view

Politics › Re: Soludo Takes Lawmakers To School On Capital Markets by olajide8(m): 8:31pm On May 18, 2012

The intent of posting their qualification is for you to see which one took the easy route to the CBN governors seat most nigerians you see continue school for 2 reasons the couldn't get a job "or job of their choice" or they needed to move up within their organisation and needed the paper qualification which we so much value in this country, for christ sake sanusi was in addition to the above once the MD of united bank for africa thou was fired by a difference in his point of view and that of keem bello osagie, soludo is a smooth talker any day anytime and issues of just a singular policy universal banking has caused all these issues small and simple as it looks its the cause.

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