₦airaland Forum

4 Play:
PapaBrowne doesn't always make sense, but he's right here. The Yuan is pegged to the dollar. Having your reserves in a currency whose rate is fixed to the dollar makes no sense.

There are other currencies such as the Swiss Franc or the Japanese Yen to consider. This might be a false story.

Don't you think sense making is relative One man's sense is another man's senselessness. But for some odd reason sha, I agree with you. It's not always that I make sense as sense making is not exactly the goal all the time.

On a serious note, considering the yuan is absurd when you have other convertible currencies like the ones you have mentioned. Gold is even a fair option.

texazz:
@PapaBrowne
Don't be in a haste to spread FUD. The report says he's considering diversifying with a SMALL shift into some Asian currencies. And here you are shouting that the man wants to convert ALL our foreign reserves to the yuan. Since when did 'a part' become 'all'?

As the CBN Governor, he has to consider all possible scenarios pro-actively, and that's probably what he's doing. This your unending hatred for Sanusi will get you nowhere.

Ibime:
The title of thread is certainly misleading as PapaBrowne has painted the picture that CBN wants to convert all our foreign reserves into Yuan.

At present 60% of world reserves are held in dollars, 30% in Euro, and the rest in other currencies, with Yuan an increasing factor.

It is an accelerating trend, so I dont understand this tirade by PapaBrowne except that it is i[b]n his nature to go haywire at the mention of Sanusi's name![/b] 

violent:
Are you just trying to be funny?

The damn heading is clearly misleading as it sounds.

Kai!! Una need some English lessons or perhaps y'all need to go retake the TOEFL.
Can y'all please pin point where I said he's about to convert all our reserves?? Haba.

Ok. Some English Language lessons here!!
So if I say for example "Ibime is spending his time on Nairaland", does that imply that he spends all his time from 12am-12pm on Nairaland??
It could imply that he spends his break time or perhaps his bedtime or half his day. It is undefined, hence the quantification is up to the reader to deduce from the article. Same goes for the heading I placed. You guys are wearing the wrong kind of frames. Its called the relativity of perception!!

@Texazzpete
I don't hate Sanusi. I actually somewhat like him, but his actions are nauseating and they were messing things up for everybody!! Thank God Aganga has come to the rescue!

@Naijaking
Thank you joor for telling it as it is. Instead of discussing the content of the article and its impact on our reserves, they are focusing on whether or not I'm implying "all" of our reserves.

AND FINALLY. . . . sorry for spamming the thread. . . but I feel the artilcle is relevant to the discussion!

continued. . . .

I have just read a New York Times article dated January 21st 1897 and the topic is about the Oba of Benin.
One striking point from the article is the dread that the throne of the Oba carried at the time. Funnily, that dread still lives on till today.
Enjoy the piece!

This Sanusi of a man is at it again!! Just when I thought I should cut him some slack, the guy comes up with another blunderous pronouncement.

How can you consider holding our reserves in a currency that is pegged and as such undervalued by at least 40%. What if the Chinese Goverment heeds to pressure to free the Yuan? This is like running from frying pan to fire.
The Chinese Yuan is not a reserve currency, hence the thought should not even come up.

First for the Yuan to serve as a reserve currency, it would have to be turned into a convertible currency whose value would be dictated by the market, with traders, investors, governments, and companies around the world freely buying and selling it. Such a loss of control would never be allowed by the authoritarian Chinese. Never.

Secondly, China doesn't have an open bond market. Currently Chinese Bonds are sold only by Chinese banks and only in Chinese Markets. That is a no-no! How do you get your money out in the event that you need it fast??

Sanusi should spare us all these silly ideas. China itself, has 2 trillion dollars in foreign reserves domiciled in USD. They haven't converted theirs yet into the Yuan and here is Sanusi coming up with outlandish ideas just to satisfy his anti western stance.

CBN Mulls Holding Reserves in Yuan
By Emele Onu with agency reports, 06.14.2010

The Central Bank of Nigeria (CBN) is considering holding a part of Nigeria’s external reserves in the Chinese Yuan. This is being considered in order to preserve the value of the nation’s external reserves and eliminate losses at a time of increased volatility in major world currencies.

Reuters quoted CBN Governor Sanusi Lamido Sanusi as saying during an interview in Paris at the weekend that the “CBN was also considering diversifying its forex reserves with a small shift into Asian currencies, in particular the Chinese Yuan.”
According to Reuters, Sanusi said on the sidelines of the 10th International Economic Forum on Africa in Paris that “it was extremely important to maintain exchange rate stability,” and that the country's forex reserves were adequate to defend the naira at current levels.

There is fresh concern that the falling price of crude oil as well as depreciation in the value of the currencies they are held in, will affect the value of the reserves and the capacity of CBN to continue to defend the Naira.
Nigeria’s external reserves dropped to $38.41 billion last weekend from $40.30 billion at the end of April, according to data posted on the CBN website.

The reserves were said to be at $43.57 billion during the same period last year, and ended 2009 at $42.40 billion.
The monetary authority holds 15 per cent of Nigeria ’s foreign currency reserves in Euros and almost 80 per cent in US dollars.
But the Euro has slumped against the dollar since last month as concerns mount that Greece’s debt crisis might spread to other nations in the euro-zone.

Director of Reserves Management Department of CBN, Lamido Yuguda, had said in Abidjan recently, ahead of the African Development Bank’s annual general meeting that the CBN might reduce the amount of Euros it holds in its reserves if the European currency’s decline continues.

Yuguda had told Bloomberg news that “we don’t change because of short-term developments, if there are long- term concerns then we’ll change it.”
He added that CBN was considering setting the minimum of reserves it holds at the equivalent of 12 months of import requirements, compared with six months currently, to cushion the economy if there are further crises.”

http://thisdayonline.com/nview.php?id=175748

NaijaNaWaa:
Ribadu admitted that his father-in-law bought a house for him in Asokoro or Maitama for N40m. According to him, he would've raised the money himself (meaning that he's worth that amount) but demurred cos it will generate furore. He also admitted to owning a bullet proof SUV (watch his PBS interview). The questions are:

1. Who is Ribadu's father-in-law and what does he do for a living? Can we see his tax returns for the past 30 years to access his income?
2. How did Ribadu acquire a bullet SUV? From his regular earnings or another gift from his father-in-law?
3. How many policemen/public servants can afford a bullet-proof SUV?
4. Can Ribadu show us his pay-slips since he joined the police?

Somebody should tell Ribadu and his praise singers that we are smarter than he thought. I don't see any difference between Ribadu and Ibori. Period.

Go and ask those questions to your traditional ruler! Why do we sometimes just love to be so pointless!!

There is a strong correlation  between indebtedness and development. The more developed a country, the greater its debt. That should tell us that debt is good as long as it is used judiciously. From the look of things, Fashola is making  maximum use of whatever debt he is obtaining.

Below is a list of the top ten most indebted countries in the world. If you notice, the greater the economy, the larger the debt.
So the fact that Lagos is incurring debt and utilizing such for infrastructural development is definitely a good thang!!


Look at Luxembourg- With a Population 500,000 residents, they have a debt hangover of almost 2 Trillion dollars. And guess what: They are the richest country in the world.
Abeg, I will rather accumulate as much debt as possible and have the best in infrastructure, than be debt free and remain a pauper with decrepit slums like Oshodi.

        Figures are in Trillions USD.

Nigeria will shock everybody!We will not only win Argentina 2morrow, we will go ahead and win the World Cup!
Yeeaaaaappp! You heard me right. . . ."win the world cup"!!

Haba!! Everybody is so pessimistic! Everybody thinks we would lose to Argentina and crash out in the group stage.

Abeg lets all drink a cup of optimism and cheer up a little joor. The luck factor still works. We might just be lucky. Afterall, our President's name is Goodluck.

So here. . . . .these are my "goodlucky" predictions 4 Nigeria. . . . .

Nigeria vs Argentina- 2 : 1
Osaze will score one of the goals. The game will start with Argentina scoring first, then Nigeria will equalise,scoring 2 goals and winning the match. Yeah.

Oya fellas, make your predictions. Lets see who gets it right!

Feed machinery sales would be a very good business in Nigeria as many Nigerians have begun going into Animal Farming.
If your machines can make meals for Fish and Poultry, then you will surely have a very,very large clientèle base.

The main thing that would affect the market for your machines is the production capacity of the machines and their prices.
If you have smaller machines, then you can sell a lot of these machines to numerous existing farmers. If your machines are massive plants with huge capacity, then you would have to market it to fresh entrepreneurs looking for business opportunities to delve into.
The smaller machines would give you a much larger market.

If you have any questions or want me to give you any further details, feel free to make inquiries here and I will answer accordingly.

The forces that were against Tinapa are now out of power. Hopefully, Jonathan would ease the bottlenecks that Customs is using to frustrate the project and Tinanpa would pick up. Tinapa built up so much momentum and would have been a massive hit if Donald Duke stayed on in power. Infact since Duke left power, Cross River state began experiencing a huge downturn. Obudu that used to attract tonnes of visitors is no longer doing so.

Why are Nigerians opportunists?? Look at all the responses here. They are all looking to eat the guys money.
Poster, ignore all these people telling you to invest in their business, I don't think it is worth it.

This post below was suggested by a Nairalander sometime back concerning businesses you can do with 100,000 Naira.
I think it is something you can consider.

e: What Kind Of Business Will Someone Start With N100,000 In Nigeria?
« #14 on: April 05, 2007, 12:59 AM »

Buy 10 bags of Quality rice at 5000 naira per bag.
Share them into 2.5kg packs= 20 packs per bag.
Sell 2.5 kg packs in beautifully branded sachets to supermarkets,convenient stores,markets etc at 350-400 per pack wholesale.
Project Cost & Profitability.
10 bags of 50kg rice =200 packs of 2.5kg
10 bags 0f 50kg rice= 50,000 naira
Cellophane+Label packs=3 Naira/pack x 200= 600 naira
Distribution= 5000 naira
Marketing= 3000 naira
Miscelleanous=1400
Total Investmemt= 50,000+600+5000+3000+1400= 60,000
Return on Investment
200 packs at 400 naira each = 80,000 naira
You make a profit of 20,000 naira on your 60,000 investment.
It shouldn't take you 1 day to sell off 200 packs  if you are a good marketer.On the other hand you can leave the marketing to an experienced distributor.
At 2000 packs  a month or 80 packs a day you should be making a cool 200,000 naira per month on a 60,000 naira investment.
For a good sample of a nice pack, i can send u a mail.
There's a million other things you can start with a 100,000

Link: https://www.nairaland.com/nigeria?topic=43779.msg1016345#msg1016345

It doesn't have to be rice. It could be any other  product that can be repackaged. Proper branding and repackaging of goods is a very good money spinner.

@Fhemmmy
Did you still go into the transport business I would like to know the outcome.
If you didn't, can you please inform on what bottlenecks you faced that might have hindered you?
Please reply.

E be like say Nigeria don dey change small small. Thats good news. If David Mark can pull this one off, he would be my Hero!

[size=13pt]Ekweremadu: N’Assembly to Review Devolution of Powers to Federating Units[/size]

Deputy Senate President, Senator Ike Ekweremadu has disclosed that  the National Assembly is to now concentrate on the devolution powers from the central government to the federating states.

According to him,  the committee on constitutional review had received several memos and presentations on this issue, adding that “our attention will be turned to the issue and others.

Delivering a lecture a lecture titled “Constitution and Electoral Review in Nigeria: The Journey So Far at the pre-convocation lecture of the 10th Convocation of the the Federal University of Technology, Minna yesterday,  Ekweremadu disclosed that 16 items from the original 28 items in the 1959 Constitution concurrent list, were transferred to the exclusive list in 1999 Constitution, representing 57 per cent loss for the federating states.

The military leaders, he said, were to blame  for the loss, saying “the central and command structure of successive military regimes did not help in the devolution of powers.

”We also have to bear in mind that our Constitutions since 1966 to date were always bequeathed by the military.We would appreciate why ours is a federalism with a knock-kneed devolution of powers; one in which unlike any other known stable federal state, the central government continues to suck up powers at the expense of the federating states.

``The challenge therefore, is to take a critical look at the exclusive, concurrent and residual list again and see how powers are best appropriated or develop for a better, more functional and lasting federation as in the cases of Canada, USA and India,” he said.


http://thisdayonline.com/nview.php?id=174938

marvix:
Its due to the hard work of Umaru Musa YarAdua the man a lot of people on this forum love to hate. He set the foundation he set up a committee to recommend price of petroleum products and the committee consists of marketers, labour representatives and govt officials and if we all rememba durin the heated strike over d increases made by Obj just b4 leavin office Yaradua promised dat he wont increase the price unless everyone was in agreement that was the condition he gave when he pleaded with labour to accept 70 naira as against d 65naira they were insisting on and that was after he had reversed the sale of the refineries and the increase in the VAT that Obj effected just before leaving offices, it may also interest you to know that the refineries are working now even if not upto 100%.

[b]Jonathan is able to achieve a lot because Yaradua has laid a beta foundation for him[/b] what Obj failed to lay for Yaradua.

Marvix, you are joking right?. No disrespect intended. But seriously, what are you talking about??
Yar Adua was here for 3 years laying foundations abi?? Please stop talking rubbish. Yar Adua left the running of Nigeria to his cronies and they messed things up badly in order to gain from the rot.
Jonathan chased them away and everything is by itself getting corrected. All the fuel scarcities were created by those that benefit from it. Those guys are no more in power, hence things automatically returned to normal.
Stop talking this" YarAdua did this Yar Adua did that nonsense". Everybody knows he was sick, so we forgive his poor performance. You don't need to come here and start talking crap about laying foundations.

[size=14pt]Nigeria is a market nobody can afford to ignore, says Sykes[/size]

Anthony Sykes is the Director, Global Board, International Project Finance Association, (IPFA). . In this interview with Moses Nosike of Saturday Vanguard Business, he states what Nigeria stands to gain from IPFA if it develops its Public Private Parnership market, PPP; and also why Nigeria is a market that nobody can afford to ignore. Excerpts:

IPFA has been established in Nigeria,what’s the attraction?
I think that the huge and diverse continent of Africa offers three regions of clear business opportunity which are inherently attractive to the international market.
First, South and Southern Africa have, for a long time, been viewed very positively because of the strength of the South African economy, together with the competitive South African capital market and established banking sector.
Secondly North Africa offers strong and well established regional economies, while, of course, being dominated by French and Francophone interests.
Thirdly, and importantly, Nigeria and West Africa, because of the oil and gas resources, has an increased size and growth of population. Nigeria is a market that nobody can afford to ignore. IPFA needs to become established in the vast and vibrant Nigerian market which urgently needs to stimulate private sector investment in the nation’s infrastructure.

What does Nigeria stand to benefit from IPFA?
IPFA is an independent, not-for-profit organisation. It will provide the Nigerian PPP sector with a source of innovative ideas, a medium of information exchange and a lobbying group to promote the Nigerian PPP sector. Nigeria, I believe, urgently needs to increase private sector investment, and IPFA’s aim is to facilitate the development of PPP activity inside Nigeria, by providing a forum for communicating PPP understanding, and developing public awareness of the benefits that PPP brings.

Based on this, how would you rate Nigerian PPP market in Africa?
The Nigerian PPP market could be very attractive. What really matters for Nigeria and indeed elsewhere in the world – right now, is that after the financial crisis, Nigerian projects are made attractive to international investors, lenders and construction companies. These international PPP players should be encouraged to regard Nigerian projects as being relatively more attractive than other projects elsewhere in the world.
Nigeria faces a big challenge to compete with the rest of the world , to attract the attention of investors, sponsors and lenders and that’s where the IPFA is trying to help. IPFA is able to help Nigeria to make its projects more bankable, more suitable and attractive to international investors.

There are not too many infrastructural projects needing finance in Nigeria, what do you think is responsible for that?
There are too many of them and they are often very poorly thought through. Offering inadequate projects to the international market will not only not lead to unsuccessful transactions, but also undermine the whole credibility of Nigeria’s PPP sector.
Nigeria is growing fast, and, therefore, it has a lot of needs and it’s difficult for states and FG governments to be able to meet all those needs at the same time. State and FG governments need to look at those needs and understand where private sector can play a role, and where it can’t play a role, then Government needs to prioritise those projects because Government has to manage the pipeline of projects to ensure that the projects which are presented to the international market are “bankable” and are not too numerous to be digested by the international players.

What would be your advice if Nigeria wants to be a destination for infrastructure investment?
It has to ensure that its projects meet international best practice in PPP and are bankable.
Nigeria also should try to meet lenders’ objectives to allocate their dwindling capital to support core clients, in core markets and in core sectors, particularly in power, transport and water. Nigeria has to make itself a core market for investors, lenders and project companies. Nigeria also needs to provide banks with opportunities to optimise the use of capital in a profit-maximizing way.
IFIs, DFIs and other supranational agencies need to offer products to reduce or remove the capital weight of project finance lending for international banks.
In this way Nigeria could become the PPP “destination of choice” for the international PPP players. IPFA is here to help Nigeria do that.

http://www.vanguardngr.com/2010/06/04/nigeria-is-a-market-nobody-can-afford-to-ignore-sykes/

Not only are we now buying Fuel for 65 Naira, there has been no fuel scarcity since Jonathan assumed full control.

Looks like there were people benefiting heavily from the long queues Nigerians were facing.

Guardian without question is the most reliable. Next is trying to meet up and their style is really unique. They've upped the bar in Nigerian Journalism. Thisday is also good. They are very professional.
I like Vanguard for some very odd reasons.

Sun and Dailytrust have the worse possible form of journalism. Sun is a pathethic lie monger. Dailytrust promotes tribalism at its finest. Very shameful.

Off Course, why not?
Right now, Jonathan is one of the most popular politicians in Nigeria. The other extremely Popular politicains are Fashola and Ribadu. To a lesser extent, you also have Donald Duke and El rufai. Fashola is not running, neither is Ribadu nor El Rufai. Donald Duke might not have the financial capacity to reach out across Nigeria.
I don't know any other Nigerian who can win Jonathan in a free and fair election.
The only person with a slightly fair chance is surprisingly, Babangida. While he might appear unpopular amongst the literate class, the teeming mass of illiterates would vote for anybody that would provide them a T Shirt and a 2000 naira bill. Babangida can do exactly just that.

Ooooh! Here again! Another nonsense is getting Nairalanders excited!!
I have always said that [size=24pt]Nigerians are Socialists[/size] and this thread confirms it!!
Where did we get all these socialist leanings?? Kai!


Instead of paying unemployed graduates, why don't we spend that 77 billion to enhance job creation.

77 Billion would give 1 Million Naira each in interest free loans to 77,000 graduates to start up some form of enterprise.
The direct and indirect jobs to be created from 77,000 new enterprises cannot be quantified. When the loans are paid, the money goes back and gives a fresh set of graduates the opportunity to engage in entrepreneurship.

Currently, we import everything from pencils to rulers, shoes and shirts, furniture and paints, foodstuffs and drinks, and a thousand other things that cost very little to produce. Why don't we increase tariffs on these imports or even ban them outright and support these 77,000 entrepreneurs to produce exactly the things we import.

This mentality of free handouts is useless and its absurd to see Nairalanders embrace it with gladness. Socialism is outdated. There are only two countries left in the world practicing socialism and they are dirt poor- Cuba and North Korea!! Welfarism is workable only in countries with small populations.

Please Nigerians, lets offload our Socialist psyche and embrace Libertarianism and Capitalism where Free market principles would thrive.

Ibime:
This guy is a grade one comedian!

Ibime, your darling Businessday has disappointed you eh ? They couldn't even use google.
No wonder Sanusi has been hoodwinking and Bamboozling them to dust up his image a little.

@TOPIC
The MCC company is a very cheap scam orchestarted by very cheap illiterates. To think that ICRC and BusinessDay could not see the glaring pointers to this fraud in the making tells a lot about our Government officials and the Nigerian media.
Businessday is a very big disgrace.
I have researched them well enough to know that they don't exist. And they have been into these kinds of scams in the past.

The scammers have little or no idea of how the world of Finance operates if not they would have made a kill b4 been exposed. Their website is cheap, their PDF documents are crappy and useless! Many of the pictures used in their documents are Photoshopped.

Their intention probably was to scam some government officials (most of whom are educated illiterates) into providing crude lifting deals. Very cheap fellas. Useless and disappointing. Sad too.

tkb417:
excellent
The said company conceived the idea, made up their mind and sent an EOI in less than 2 months that the new minister of finance was sworn in hence the reason why this should be attributable to the new minister- can you tell us ONE thing that the minister has done to shore up investors confidence?
just one- waiting

stop posting as if those who are reading are retards

tkb417, there has been an increased interest amongst investors for the last one month or so. Now I'm not sure whether it's a result from Jonathan's trip to the USA or it's the Aganga factor, but one thing I am 100% sure on is that it definitely cannot be attributed to Sanusi actions. Infact, the gagging of Sanusi is probably a contributory factor. Sanusi has been on ground for 1 year and the results were sad.

The Aganga factor is quite important because he is of Goldman Sachs. Goldman Sachs is a pearl to investors especially regarding Emerging Markets. Remember when Goldman Sachs listed Nigeria as a Next11 country? Nigeria automatically became a delight. So Aganga, a former Goldman Sachs executive leading our economy would naturally excite investors.

But on the real, no matter how excited investors get, no one is going to put a dime in Nigeria until after May 29 2011. They need political stability. If Jonathan remains after 2011, then money would start pouring down in droves.

Great news(If the company is for real)!! Investors are getting excited again about Nigeria. Such a relief. The new economic team headed by Aganga is inspiring immense confidence! I'm more than excited. This is my area of expertise. I bet you (if this is for real), then it is just the beginning. Thank God Sanusi has been caged.
The problem however is that the framework for these kinds of investments is lacking in Nigeria.


However, I don't trust the company Mediterranean Consulting Company (MCC) S.A. (Switzerland). Looks like a shady company. They claim to have that much money and yet they are not a well known  investment firm. Plus it seems like their main line of business is oil lifting.

Funny thing also is the composition of ownership of the company. From the initial investigations I'm getting about the company, the ownership structure is weird.
Vladmir Putin, ex Russian President is said to have 26% of the company. King Fahd Bin Abdul Aziz of Saudi has 8%. Some Dr Luigi guy has 37% and a Chinese fella has the remaining 29%. This is so weird. It's impossible to have Vladimir Putin and King Fahd on the same company. High finance just doesn't work like this. This is absurd.

Businessday is a disgrace for failing to investigate this company before publishing this rubbish.

Story story. . . . . . . Story!!!

Everybody has seen the results of Sanusi's actions!
Job losses everywhere. Capital Flight. Damaged investor's confidence. A devastating blow to Entrepreneurship. Credit averseness. Reduced interest rates on fixed deposit (damaging the much needed saving culture). Treasonable decision to give off our coveted national assets to colonial slave-masters. Numerous flip flops from Sanusi's oral cavity. A crying sisi of a Governor. An insensitive Ethno-religious, unqualified, Sudanocentric, merit deficient, quota beneficiary!

[b]Thank God Aganga has taken the centre stage. [/b]We can now see more confidence building in the economy as Aganga's assurances are beginning to get investors excited again. Every investor now knows that Sanusi's powers have been melted. He can only act on consultation with and approval from Aganga as Jonathan's representative.
At best, right now, Sanusi is just a figure head in our economy. More like the Queen of England. No real powers.

Benin might have very bad infrastructure due to bad Governance over the last eight years, but interestingly Benin is actually the Fourth richest city in Nigeria in terms of economic size. It has a larger economy than every other city in Nigeria except Lagos, Port Harcourt and Abuja. It is larger than Kano, Kaduna, Ibadan and all the other seemingly large cities.

Benin has the highest number of banks per city outside Lagos.
Benin Airport has become the fourth busiest Airport in the country after Lagos,Abuja and Port Harcourt.
A lot of interesting other statistics reveal Benin as a very unique economy as it doesn't have the Federal Support the other three large cities possess.
For instance, Lagos is what it is because it's been a capital before. Port Harcourt is what it is because of oil. Abuja of course is an FG project.

What actually drives the Benin economy is the inflow of remittances from Benins in Diaspora. The amount is huge. They probably scoop up maybe 30% of all the $10 billion remittances flowing to Nigeria yearly. That is $3 billion dollars for just one city. Much more than what all states recieve in Federal Allocation.

So the logic is, don't underestimate Benin! It is a better place to do Business than most other Nigerian cities less poor infrastructure and insecurity.

Shows that all humans have tendencies for corruption, whether in Africa or USA, Europe or Asia.
The difference however is that some countries have in place systems that effectively check corrupt practices.

In the USA, CorruptoCorp and the council officials would get away with their deeds for the first, second and maybe third time, however sooner than later Paver Joe and Muni Paver would begin to raise eyebrows. In the nick of time Corruptocorp and council officers would have their day in court and probably end up behind bars.
In Nigeria on the other hand, Corruptocorp is king. In the nick of time everybody would be on his payroll including the judge and the law enforcers.

Bottomline is that the incentive for corruption in Nigeria is extremely rewarding with no risks attached. In the USA, the risks far outweigh the benefits.


Another thing this article brings out is the role of contracts in corruption., Why must projects be done via conventional bidding contracts? Can't we find another more reliable system?? Maybe contract prices should be determined before they are given out and afterwards the selected contractor would be allowed to put a percentage as profits. Or something else. Just not conventional bidding!

What a breath of fresh air! See how professional this guy is. He makes Sanusi look like a wheelbarrow pusher!

Hehehe!! Mr Poster! You are still living in the past. We are in a new Nigeria Mister!
1)[/b]The Jos crises has split the North in Two. Benue, Taraba, Plateau, Kogi, Kwara and half of Adamawa, Niger, Kaduna,Nasarawa are now middle belt states. They would gladly reject any core Northerner and vote for Jonathan. So that numbers game you talked about is no more valid.

[b]2)[/b]We now have two militaries in Nigeria. Gone are the days when the Northern Army oppressed the rest on Nigeria. This time around the Niger Delta militants would happily close down Nigeria's source of income and all the Northern Governors you talk about would have no money to pay for brides from Egypt!

[b]3) Obasanjo is the new kingmaker! He had it all planned out. He fooled those old haggards into accepting Yar Adua as the northern pick. Too bad you gys were not wise enough to decipher his plans. Its too late Mister Pikadily! Power is staying in the hands of the south for as long as we deem fit.


And a final word, Mr Pikadily: We own commerce, We own the oil, We own the Banks and now we've got the power! Sorry, your Northern Governors are left with nothing but a horde of Almajiri's! My advice to you is to tell them to forget about power and child brides and and focus on giving you guys some education!! Nonsense!