₦airaland Forum

@ exxell

I've always wondered why we (Nigerians) are this way. I was in Guangzhou (china) in 2008 prior to the Beijing Olympic games. Many Africans were living in peace, no much issues with the local police. Then we (Nigerians) imported our "agbero" mentality.

The jobless and undocumented Nigerians formed local cults to harass fellow Nigerians. They started robbing.. They took this nuisance to a height that the police form a squad to arrest and deport blacks. Many blacks from other African countries were affected.

We really have to change our attitude to life. We are spoiling it for all others.

Ecowas road from Togo to Ghana

Nigeria-Benin border(Seme)

Togo - Ghana border (Afflao)

Benin-Togo border (Hilla condji)

Ghana (Afflao) border post.

exxell:
These pics brought tears to my eyes. It convinced me that God created the whites and Satan created the blacks! God never planned to create me a black man but an American or European. But Satan in his mischievous nature turned my direction while I was heading to my mothers womb. Attached are two pictures that sane people should weep about.

In the background of the first pix, you can see mansions built and lived in by Africans. Thats actually Lekki in Lagos. Am currently here in Lekki. All these mansions costing millions of dollars to build and yet to tar and maintain a decent good road is hard for us! Of course the government should do it! As if world governments are thrown down from heaven and not selected from among the human beings there. In this part of the world, we see our leaders as celebrities and demi gods without even knowing that they too can die! Meaning that they are human after all!

In the second pix, you can see an average neighborhood in America. No houses built with stolen millions. But just look at the neighborhood. Can't you just imagine sleeping there.... Just on the main road! I dont mind oo. From my location in Lagos, I can actually feel the serenity, divinity and coolness of this environment. Imagine writing a movie, reading a novel or carrying out a research in this serene environment. Wont you fell blessed?

Am a black man... But I SPIT ON THE BLACK RACE! Quit all these black is beautiful nonsense. Atimes I feel we are mentally retarded and lack the capacity to be in existence. Just drive around Lagos tomorrow... You will see a lot of wicked souls walking around in human form. No compassion or human sympathy whatsoever. Ready to burn a fellow man with tires just because he stole 500 hundred naira. But willing to lie down and hail a criminal politician who is no more human than his own human nature!

Last time I was at Mbuka Obosi in Onitsha. I parked my father's car to go and buy some spare parts. On coming back, One full tire and the CD loader is gone! Just like that! Nd you say that we are human beings?

Personally, I dont believe that what hampers African growth is bad leadership. What actually hampers us is because we have a lot of malignant, evil, devilish, pugnacious and criminal minded people walking around as human beings. And the most hurtful part is that they are actually bigger in number than the good ones.

If you go to America or European countries, you will actually come to agree with me that why those peeps move forward is because they have a lot of good people abounding there. Human beings with conscience and a sense of morality. People who know that when you are selected to lead, it doesnt mean that you are higher or better than those who selected you. But that you are just selected to be accountable for their well being. Thats all.

NONSENSE!

Bro, you made a lot of sense with your comment. But I think it's not a black thing; it's a NIGERIAN thing. We are just something else, so hard to fathom.

I was in Lome, Cotonou and Ghana last week. Only NIGERIA has the worst border post, despite being richer than the other three countries. Only NIGERIA has the highest number of check points from Agbara to Seme border -over 10 check points. The road on the NIGERIAN side ( mile 2 to Seme) is horrible.
See pics below

Ghana border post (Afflao)

onatisi:
is it to personal accounts or business accounts

Canada is personal account.
Australia is a business account.
Pls let me know if there's a solution.

onatisi:
which country are you sending the money to

Canada and Australia

jjman2322:
Not sure about that.. check and let me know.., however that doesnt help businesses. There's no way I can send out $20,000 or $50,000 usd via western union.

Hi JJMan, have u been able to sort out your fx issues? I am still stuck, can't find a way to do TT at the banks. Any solution yet?


I was at UBA for the Form A; that's really a long thing. They need visa copy, ticket etc. but they are not sure how long it takes to process a form A

gboyetade:
You are wrong Sir. Legitimate business and services can be paid for through swift at better rates of naira to dollar at the banks if you have necessary documents. If you doubt it, approach your account officer/banker

Hi. I'm quite curious to know your banker in Nigeria. You mean with documents like a proforma invoice and others I can remit money oversea?

I have tried both UBA and ACCESS Bank, they both rejected dollar transfer, even with the invoice.

Which bank you dey use?

onatisi:
very very easy

You mean without resident permit, I can crossover to Cotonou and do transfer -both TT and western union ?

Do customs at the border search people crossing over to Cotonou?

jjman2322:
exactly.. If you dont understand/still confused, go to your bank with $100. Tell them you want to send it to a friend in USA, and see what they tell you.

Also, no you cant wire out Naira to any other country. That hasnt been possible for generations. You also can't exchange naira in UK, USA, etc. Its as good as toilet paper abroad.

Bro, has anyone you know tried transferring from Cotonou? Is it easy?

jjman2322:
I see there arent a lot of business men here or company owners.. Let me explain how things work before you keep applauding the CBN:

#1. In the USA, you dont need to deposit in other currencies because you can WIRE OUT YOUR USD to any country and they will convert it to their local currency.

What this means is that if im in USA, I have $50,000 USD in my account, i Can send that money to Japan, China, europe, etc.. This is not Possible with our NGN.. You can't wire Naira outside Nigeria without converting it first.. So the CBN governor is a donkey for comparing both countries.

Our currency is useless outside Nigeria. Some of you that have traveled out know you can't convert naira in UK, USA, China, however my dollars are good all over the world.

#2. This policy will lead to more unemployment. Lots of companies buy spare parts, machines from China, India.. Let me give you an example.

Say i need a new part for my machine, I get quoted $5,000 USD by a company in China.. The quickest most reliable way to pay them is to buy black market and deposit the cash in my DOM ACCT, then wire it off, and in 2 days they have shipped my part.

With the new policy changes, there is no easy way to pay for these parts.. LC's and Bill for collections are taking 3-4 months since the CBN does not have enough dollars for importers and manufacturers..

Let me explain in simpler terms:

If you wish to import raw material for production (which 100% of nigerian manufacturers do,(from plastic, to pharma, etc), then you have two ways of paying for the raw material:

LC = Letter of credit, which basically means the bank in Nigeria debits your account, then once the shipper ships he gets the funds..
Last year and two, LC's were getting approved in 1-2 weeks. Now it is taking 3-4 months, so many manufacturers now source black market funds to pay for raw materials.

Bill for collection basically means the shipper ships on credit and you submit the paperwork to the bank for payment. CBN usually approved the funds in 1-2 weeks, the last bill for collection submitted by my company took 4 months for approval. If it were not for black market we would have stopped production and had to lay off people.

Many of you aren't into business and you don't understand what is going on. Let me explain in simple terms.

What this simply means is that lets assume you have N5,000,000 and you want to go tour around and have fun in Europe:

Back then, you could convert your Naira into dollar, pay into dom acct, then travel and have fun.

Now the only OPTION is Naira card which now thanks to CBN has daily ATM limit of $300/USD per day, and maximum $50,000 per year spend per customer.

For the average poor person who never crosses the border, this doesnt affect them. However, many Nigerians need to access more than $300/day and $50,000/year.


Also, lets assume you want to buy a new car for your child in USA. Value of car = $20,000. Back then you go to mallam, buy $20,000 USD, send it to your child ($10,000 per day CBN LIMIT) and in 2 days your child buys the car. Now with the new rule your child better get used to taking the bus.

What the CBN effectively did is prevent many law abiding Nigeria from remitting funds abroad. Its kinda like banning driving at night because armed robbers operate at night.

For the average person , this policy is meaningless. For the rest of us business men who source parts, products abroad, we are in for hard times.

Goodluck all

Thank God there's a fellow business man on this forum.

I'm literally confused on how to pay oversea partners at the moment. And I can not tell them banks here have stopped outward remittance; they will freak out and recall the shipment. What do I do?

Eluala:
So if one cannot pay the forex into his account, how does he do TT to pay for goods and services purchased abroad?

Please someone with informed answer please.

That's the same question I have been asking myself all day; how can I pay foreign business partner?

I was at UBA this morning for FX transfer. Since I could not pay into my dormicillary account, I requested cash transfer; but they refused. I can not deposit USD, i can transfer USD or Naira.So what's the way out of this situation?

Is fx transfer possible at Cotonou?


@CBN
Governor is wrong when he said you'd be arrested for trying to deposit foreign currency overseas. Many banks like China merchant bank, bank of china, Korea exchange bank, etc., have dual account facility for their customers: local currency and foreign currency accounts.

IBEX contains - Ibuprofen -200mg paracetamol-325mg caffeine -30mg

Picked Out a Coffin Yet? Take Ibuprofen and Die
By Mike Whitey



“Today we know that the risk of heart attack and stroke may occur early in treatment, even in the first weeks … “There is no period of use shown to be without risk,” says Judy Racoosin, M.D., M.P.H., deputy director of FDA’s Division of Anesthesia, Analgesia, and Addiction Products.”

– FDA website

In case you missed it: The FDA has just issued a warning on various prescription and non-prescription drugs that Americans ingest by the boatload. As it happens, these seemingly benign pain relievers can kill you even if you scrupulously follow the recommended dosage. But don’t take my word for it. Here’s a blurb from the FDA website:

“FDA is strengthening an existing warning in prescription drug labels and over-the-counter (OTC) Drug Facts labels to indicate that nonsteroidal anti-inflammatory drugs (NSAIDs) can increase the chance of a heart attack or stroke, either of which can lead to death. Those serious side effects can occur as early as the first few weeks of using an NSAID, and the risk might rise the longer people take NSAIDs. (FDA Strengthens Warning of Heart Attack and Stroke Risk for Non-Steroidal Anti-Inflammatory Drugs, FDA website)

Notice how the FDA refers to “death” as “a serious side effect.” How’s that for an understatement? Here’s more from the FDA warning:

“The OTC drugs in this group are used for the temporary relief of pain and fever. The prescription drugs in this group are used to treat several kinds of arthritis and other painful conditions. Because many prescription and OTC medicines contain NSAIDs, consumers should avoid taking multiple remedies with the same active ingredient.” The New York Times includes “Motrin IB, Aleve and Celebrex” in this group of “widely used painkillers “.

Why isn’t this headline news? People take tons of these chemicals everyday thinking they’ve been thoroughly tested and are totally safe. Now we find out that’s not the case. Now we discover that you can get a heart attack or stroke “as early as the first few weeks of using” them. Doesn’t that come as a bit of a shock to you, dear reader? Doesn’t that make you suspect that the FDA is not telling the whole truth here, but is simply covering up for a profit-obsessed industry that doesn’t give a rip about its customers health?

Take a look at some of these articles I dredged up on Google News on the topic:

“Doctors issue Ibuprofen toxicity warning.” Daily Telegraph. “Warning: Runners May Be At Risk From Ibuprofen Use.” Australian Marathon Review. “Ibuprofen ‘trebles the risk of a stroke’ doctors warn”, Daily Mail Online. “Ibuprofen Side Effects Land Thousands in the Hospital”, Side-Effects. com. “The FDA’s Dilemma About Ibuprofen And Cardiovascular Risk”, Forbes. “Ibuprofen Blunts Aspirin’s Cardioprotection. FDA Issues Warning”, lexi.com. “Aspirin, Ibuprofen Warnings Advised–Health: Consumers need to be told the painkillers can cause internal bleeding and kidney damage, a panel tells the FDA.”, LA Times.

And how reliable is FDA in determining the toxicity of these medications anyway? Wasn’t the so-called “watchdog” agency implicated in pay-to-play flap just a couple years ago? Some readers might recall another incident when the FDA was caught in a “spying program on its own scientists, lawmakers, reporters and academics” to “discourage whistleblowing.” According to Truthout’s Martha Rosenberg: “top FDA managers “committed the most outrageous misconduct by ordering, coercing and intimidating FDA physicians and scientists to recommend approval, and then retaliating when the physicians and scientists refused to go along.” Review procedures at the agency (which approves stents, breast implants, MRIs, and other devices and machinery) were so faulty that unsafe devices – including those that emit excessive radiation – were approved, charged the scientists, provoking an OSC investigation … For reporting the safety risks, the scientists became targets of the now-disclosed spy program and some lost their jobs. “…

(According to FDA drug reviewer Ronald Kavanagh) “While I was at FDA, drug reviewers were clearly told not to question drug companies and that our job was to approve drugs. We were prevented, except in rare instances, from presenting findings at advisory committees. In 2007, formal policies were instituted so that speaking in any way that could reflect poorly on the agency could result in termination. If we asked questions that could delay or prevent a drug’s approval – which of course was our job as drug reviewers – management would reprimand us, reassign us, hold secret meetings about us, and worse. Obviously in such an environment, people will self-censor.” (Former FDA Reviewer Speaks Out About Intimidation, Retaliation and Marginalizing of Safety, Martha Rosenberg, Truthout)

Nice, eh? And this is the agency that’s supposed to protect the public from risky drugs?

Right. Does the name “Vioxx” ring a bell? If not, here’s a little refresher from an article by Fred Gardener in Counterpunch titled “Merck Pays a Pittance for Mass Deaths”:

“Merck has agreed to pay $950 million and has pleaded guilty to a criminal charge over the marketing and sales of the painkiller Vioxx,” the New York Times reported Nov. 23 …

The FDA had initially approved Vioxx (after a hasty “priority review”) in May, 1999 to treat osteoarthritis, acute pain, and menstrual cramps. By September 30, 2004, when Merck announced its “voluntary recall,” some 25 million Americans had been prescribed the widely hyped drug. Evidence that using Vioxx doubled a patient’s risk of suffering a heart attack or stroke —based on a review of 1.4 million patients’ records— was about to be published in Lancet by David Graham, MD, an FDA investigator. The FDA director’s office, devoted valet of Big PhRMA, had contacted the Lancet in a futile effort to stop publication of their own scientist’s findings.

Graham’s data indicate that 140,000 Americans suffered Vioxx-induced heart attacks and strokes; 55,000 died, and many more were permanently disabled. The Merck executives’ real crime was conspiracy to commit murder … An early clinical trial had alerted them to the fact that Vioxx caused coronary damage. Their response was to exclude from future trials anyone with a history of heart trouble!

Once Vioxx was approved, Merck spent more than $100 million a year advertising it … Sales hit $2.5 billion in 2003. And when brave Dr. Graham first presented his irrefragable evidence to an FDA advisory committee in February 2004, Merck argued that the “unique benefits” of Vioxx warranted its remaining on the market. The FDA committee voted 17-15 to keep it available with a black box warning. Ten of the 32 committee members had taken money from Merck, Pfizer or Novartis (which were pushing drugs similar to Vioxx) as consultants. If these MDs had declared their conflicts of interest, Vioxx would have been pulled from the market by a vote of 14-8. By buying an extra seven and a half months, Merck made an extra billion or two, and killed 6,000 more Americans.

Worldwide, Vioxx was used by 80 million people. Assuming their dosages were similar to the 1.4 million Kaiser Permanente patients whose records Dr. Graham analyzed, the death toll exceeds 165,000.” (Merck Pays a Pittance for Mass Deaths, Fred Gardner, CounterPunch)

Is that what’s going on? Is some prestigious organization like Lancet about to release a damning report on these dubious pain relievers, so the FDA is trying to get ahead of the story to save their own kiester? How much has the culture at the FDA really changed since the Vioxx scandal? Is the agency still owned and operated by the industries its supposed to regulate?

Do you really need to ask? The better question would be: What regulatory agency in the U.S. ISN’T owned corporate America? They own it all; lock, stock and barrel.

And, keep in mind, (according to Gardner) Vioxx killed over 165,000 people.

Now guess how many Merck executives went to jail?

Yep. Zero.

I’m not saying these medications don,t help to relieve chronic pain from “debilitating conditions, including osteoarthritis, rheumatoid arthritis‎, gout and other rheumatological and painful conditions”. They do. But whether they’re useful or not doesn’t change the fact that “even small amounts” of this crap can put you at risk of a heart attack or stroke. That’s what the public needs to know, and that’s the FDA’s job. Here’s an excerpt from an article in the NYT that tries to minimize the dangers:

“The broader context is important. The relative risk of heart attack and stroke from the drugs is still far smaller than the risk from smoking, having uncontrolled high blood pressure or being obese.”

True, and it’s probably less risky that bungee-jumping off the Empire State Building, but what difference does that make. The fact is, it can kill you, the FDA KNOWS it can kill you, and yet they haven,t done anything to counter the relentless tsunami of industry generated propaganda that has convinced the American people that these medications are risk free. Here’s more on that from the Times:

“The agency said it would ask drug manufacturers to change the labels to reflect new evidence that the drugs increased the risk of heart attack and stroke soon after patients first started taking them, and that while the risk was higher for people with heart disease, it surfaced even for people who had never had heart problems.”

Let me get this straight: The FDA knows that these anti inflammatories are killing people and they’re going to “ask” the drug companies if they’ll change the labels? Is this how regulation works in the US nowadays; the agencies basically have to grovel before these cutthroat industries just to get them to do the right thing?

I have a better idea: Why not just prosecute a few of these drug-pushing executives for manslaughter?
That ought to do the trick, don’t you think?

Here’s one last blurb from the Times:

“There is great concern that people think these drugs are benign, and they are probably not,” (said Dr. Peter Wilson, a professor of medicine and public health at Emory University in Atlanta) “The thought is these are good for short-term relief, probably for your younger person with no history of cardiovascular trouble.”

There it is from the horses mouth. Do not presume that these medications are safe just because they’re hyped in the media. Do your own research and decide for yourself whether the benefits outweigh the risks.


Source:
http://www.informationclearinghouse.info/article42480.htm

architez:
Get in touch with me. I'll settle your oversea people while u give the dollars to my people back home.

Interesting. Check your mail.

tsdarkside:
how about cbn direct.... much cheaper.....

Please do you know how to source directly from CBN? Dutch auction is closed.

architez:
Please, how about new cars? I anxiously await your answer.

My brother, I don't know o! The whole thing don't tire me.

I was at UBA on Monday to pay dollar into my dorm acct. I was horrified when they said, no more cash deposits into dorm accounts. How do I do transfer to settle oversea manufacturers?

E be like say na Republic of Benin be the only option. At least for seme border, I fit still change naira to CFA.

persius555:
Wrong. Most of the goods u mentioned can not be sourced locally, so CBN has not included it in the list of restrictions. 70 percent of the products that drain our foreign reserve are mainly, PMS, rice, sugar, palm oil, flour,poultry products etc Ask the NPA for datas to confirm. What do we export to balance act? Good old crude oil which has a depreciating value @ the moment. Crude was selling for as low as 55 dollar today. Nigerians dont care, change requires sacrifice.

Despite the fact that these commodities are not in the list of restrictions, most importers of these items ( home appliances, used spare parts, used automobiles, electrical, hardwares and Tools, etc.) are SMEs; And many SMEs in Alaba, Ladipo, Trade fair, Idumota, Ariaria(Aba) and Onitsha market source Foreign exchange through the black market and naira cash card since the closure of Dutch auction at the banks.

I don't know of anyone who have been able to open a form M valid for forex and sourced forex directly from CBN.

As of Monday, UBA have stopped cash deposit of forex into domicilliary accounts. Even Western union outward remittance at UBA is so clogged up that it takes days to remit because they only have a window of 30mins (8-8.30am) to process outward remittances. Isn't that madness?

Please tell me what you think importers can do with all these restriction?

Let me explain the implications here. For an SME seeking to import goods from China; there are currently only two sources of forex to finance his import: black market and naira cash cards. Black market guys are selling dollar at 232/$ -very high! This leaves you with only the naira cash card option. With this cancellation of naira cash card overseas, then the only option is the former -black market.

At 232naira/$, the cost of spare parts, household electronic, electrical fittings, generators, plumbing fittings, used cars etc., will hit the roof in the next few months.

What a load of rubbish is this new policy.
How does one buy dollar except from the black market?
Moneygram outwards is so clogged, no chance to send in an application because the banks have a backlog of applications(transfers) to process within 30mins window (8 ~ 8.30am) daily.

Dutch auction is closed, SMEs can no longer bid through the banks.

Black market rates are outrageously high, forcing importers to raise prices. Inflation looming!

Now this rubbish policy -canceling the only source of forex at CBN rate. What do they want SMEs to do?

"The UN has observed multiple incidents since early 2013, in which “armed individuals crossed the ceasefire line, approached the technical fence and at times interacted with IDF [members of the Israel Defense Forces] across the ceasefire line in the vicinity of United Nations observation. In some instances, wounded individuals were handed over from the Bravo [Syrian] side to the Alpha [Israeli] side,” according to a report issued in March by the UN peacekeepers on the scene."

"There is also documentation of what may be
weapons transfers between the IDF and members of the Syrian opposition. One report provided details of the evening of January 20, 2015, in which “UNDOF observed two trucks crossing from the Bravo [Syrian] side to the Alpha [Israeli] side, where they were received by IDF personnel. The trucks were loaded with sacks before returning to the Bravo [Syrian] side.” On another occasion trucks with anti- aircraft guns parked near the fence on the Syrian side, but the terrain blocked the view of UNDOF observers so they could not determine the extent of “interaction between individuals on each side of the line.”


Source:
www.thedailybeast.com/articles/2015/07/06/israel-s-ties-to-syria-s-rebels-provoke-mob-violence-in-the-golan.html

What are the bailout terms from IMF and ECB?
Any ideas?
I guess it includes selling off/ privatization of government assets.

I'm glad they said "no" to the heartless austerity measures proposed by the IMF and ECB. These loan institutions act like vultures, feeding on the dead. Why is so hard for them to give loan with no stringent policies attached? But they'd pressure countries to open to foreign take over of state enterprises, monopoly by big international firms (mostly from P5).

I reckon with these referendum, the Greeks ccould seek loan outside the EU. The BRICS could come of help at this moment. Imagine how Merkel would fume with rage if the Chinese grants the Greeks loan with no austere strings.

Is there no official channel for an SME to source forex at official 199 rate, other than the Black market?

At 230 for a dollar, cost of import will be high; and this extra cost can't be transferred to consumer. They are squeezed enough already.

You guys are really watering down contents on Nairaland. These are nice topics for brilliant discussion, but you lots book spaces, and insult one another. It's shameful! I hope the owners of the website could do something about this nonsense.

Who authorizes withdrawal from ECA, the FEC or FAAC?