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Politics / Re: Bank Debtors And Cbn's Directive To Publish List Of Defaulters by PastorKun(m): 3:16pm On Aug 10, 2015
in the public domain and no company can claim that their private matters were wrongly exposed. The interesting thing about this point is that many banks have suits instituted against them which have a material impact on businesses’ ability to meet obligations to other banks.
My summation is that until CBN begins to take some of the steps mentioned above and others that space constraint will not allow me to mention at this time, we will remain in this vicious circle and CBN will need to set aside money every year for newspaper publications which the public will eventually get tired of reading. The public needs to have faith in the banking system and such lists will not strengthen people’s faith; such a list could however be used in the holistic manner proposed above if it is to be of any effect (i.e., bringing those companies who have caused the borrower to default into the fray). CBN needs to work towards reducing systemic risks faced by the bank and a multi-pronged approach is what is required at this time as this is the only way to prevent future financial crises, reduce their severity and likelihood of occurrence.

No longer should appeal court close down for months for renovation while court files are gathering dust and so called ‘loan defaulters’ are waiting for justice; rather temporary sitting arrangements should be made to ensure that justice is not delayed. Also, companies should face stiffer penalties for testing court system. When you choose to go to court rather than settle amicably, the ruling on damages should be stiffer, hence a company that could have paid damages of 50million at Pre-trial Conference should be hit with punitive damages in the hundreds of millions if they choose to drag the case in court. No longer should big companies get service and small companies wait months to be paid, creating a scenario where the small companies are the ones funding the big ones, legislators should make laws compelling prompt payment and stiff penalties for default.
The unspoken part of this problem is that the companies owing the banks have probably also had to retrench workers. Each time a company repatriates money to its parent company outside our shores rather than meets its obligations to local companies, the domino effect is loss of profitability, loss of business, retrenchment, unemployment, high crime rate and so on. Each time a bank doles out cash to its senior management rather than fulfil their obligation under various contracts or honour the decision of a court, the effect is retrenchment of workers by the ‘victim companies’ also known to CBN as ‘bank loan defaulters’.
It is time for real solutions and not mediocre thought processes and actions.

A public commentary written By Mr Oluwasola a businessman based in Lagos.
Politics / Re: Bank Debtors And Cbn's Directive To Publish List Of Defaulters by PastorKun(m): 3:15pm On Aug 10, 2015
including repayment of bank loans but the following are some of the challenges faced in the course of doing business in Nigeria:
1. Foreign Exchange risk, with Naira crashing from time to time due to CBN’s policies which appear not to be adequately thought through;
2. Delay in payment by clients to the business particularly the big companies who have a penchant for owing smaller businesses for weeks and months beyond agreed dates.
3. Default by customers in spite of the businesses’ best effort at avoiding same.
4. Breach of agreement by other parties that has a material effect on the profitability of the business.
5. Prolonged court cases which leave commercial or criminal matters unresolved for too long.
6. Theft by staff which remain unresolved by the police for years.
While it is possible to expand each and every point listed above, I will limit myself to just one example. Let us say that a company called Brisk Technologies is a supplier to another company called MXN Nigeria and the latter breaches an agreement between parties that causes the former to suffer severe business loss and become unable to repay its loan to the bank, and subsequently Brisk Technologies goes to court to enforce its rights against MXN, how will publishing Brisk Technologies’ name in the papers make the company pay any faster and how do they get compensated for the reputational damage when issues are finally resolved in court, with MXN Nigeria found liable?
Nigerian companies are notorious for not settling common sense cases before they go to court, rather, trusting that the court system will take a very long time and may get the victim frustrated, they choose the option of being sued over that of resolving matters – even the pre-trial conference arranged in court hardly sees any attendance. Given this example, should CBN not provide a column in any advert being taken out to reveal material facts such as these types of court cases beside the name of the defaulting company – the way I see it, MXN Nigeria would end up ruining Brisk Technologies financially and reputationally and walk away from it all, untainted and without the public being the wiser as to who really created Brisk’s problems.
Also, perhaps Brisk Technologies borrowed N1billion Naira from Grant Trust Bank Plc to execute the job for which MXN Nigeria breached an agreement. After 6 years, the court case is finally resolved in Brisk’s favour and the company is awarded N1.2billion by the court as well as N2mllion for legal cost. In that space of time, the lawyer’s bill will probably stand at say N75million, while Brisk’s account with Grant Trust Bank will be in debit of N5billion. Will Brisk be able to pay his lawyers as well as the bank the full amount of N5.075billion from the award by the court? Is the outstanding loan a reflection of how ‘bad’ Brisk Technologies is as a company? Should a bank be able to accrue N4 billion interest on a N1billion Naira loan months after the loan has gone bad? These are the same figures bankers declare as profit and for which they receive bonuses and other perks, e.g., houses in highbrow areas, luxury cars, free family trips abroad, etc.
It seems to me that in Nigeria, we usually attempt to use bandage to cover the head of a patient with malignant carcinoma of the lungs as if that will cure him, or why else will the publication of names of so called defaulters be the solution to an example such as the one given above?
If CBN will then go ahead with such a publication with or without a proper review of the borrowing business in Nigeria, they must consider providing a full picture so as not to misinform the public to which they are releasing such information and to which they claim they owe a duty of ‘transparency’. Any publication should include the following, clearly separated by columns:
1. Principal Amount borrowed by client
2. Tenor
3. Expiry date
4. Interest Accrued till expiry of the loan
5. Interest accrued beyond expiry date
6. Purpose of the Loan
7. Material Cases related to the loan as provided by client and verified from available documents, e.g., court cases with the full names of the parties to the suit and the value of the potential damages; in the example above this column will probably read Brisk Technologies v MXN Nigeria (Suit No. LD/01/2015 in Lagos High Court) for the sum of N1Billion plus damages.
One thing the above will do is to get companies (who pretend to be very civil in public but constantly act indecently in the background) to promptly go and settle their various suits as they know that they too will be brought out into the public eye for their atrocities. Facts about these court cases are available
Politics / Bank Debtors And Cbn's Directive To Publish List Of Defaulters by PastorKun(m): 3:13pm On Aug 10, 2015
Central Bank of Nigeria (CBN) recently gave a directive to all banks to publish in newspapers names of bank debtors by July 31, 2015, and periodically thereafter. Having given this issue some thought, my take on the matter is captured below and I believe this is a more result oriented and pragmatic approach. Permit me from time to time to drift into the use of examples as I believe those examples will help present a better picture at the end of the day.

There is no gainsaying that banks are currently bugged down with debts that threaten their ability to meet obligations to customers who have deposited money with them - unpaid loans indeed need to be recovered but what is a realistic way of achieving this task? Will the publication of a so-called list of defaulters bring about the recovery of these funds? Alternatively, should CBN or banks criminalize hitherto commercial transactions gone bad? Is there another way different from these first two options that can produce results? Determining the way forward and preventing the vicious circle of loan advancement and subsequent default requires answering the following questions:

1. How does a bank determine which company qualifies for a loan?
2. Do the banks carry out the necessary due diligence before loans are advanced?
3. What do bank do to monitor these loans while they are active?
4. What are the CBN mandated steps for banks in the immediate aftermath of a loan going bad regarding principal and interest?
5. What are the actions bank takes in the immediate aftermath of a loan going bad and do they match the CBN requirements?
6. What are the actual causes of bad loans from the customer’s stand point?
7. Is demonizing the engine room of the economy, i.e., the business community the solution to the current problem?
I will not pretend to be an expert capable of providing answers to questions 1 - 5 above but as an entrepreneur I believe I can address the other two questions from the business perspective.
If CBN will solve this problem, publishing a list of defaulters is neither the professional nor the first step to take; rather they must do a thorough appraisal of what has brought about the default, the actual amount borrowed and practical steps taken by the bank to alleviate the situation in the immediate period following the first signs of likely default. Also, there is need to determine if there is a realistic chance of recovering money while working in partnership with the defaulting customers.

The CBN is meant to be powered by research – findings by the CBN should direct the economic affairs of the nation and decision makers should turn to this institution when crucial decisions need to be made. Has the CBN carried out a survey of businesses in recent times or any time past? Have they engaged professionals (not bankers) to carry out a fact finding mission and submit a report on the economic climate and how businesses are affected; fall in value of the Naira and the impact on companies conducting transactions in foreign currencies, true state of affairs of the various ‘defaulters’ the banks are ‘pursuing’, and how these situation arose or can be prevented in future? If not, then the CBN is solely relying on whatever information banks have provided and what good judge has ever given a balanced, just and fair ruling based on the testimony of one party? Furthermore, the problem will continue to recur as there will remain the dearth of information on the causes of bad loans, hence how has CBN added value and how can they guide banks to avoid similar problems in the future?
Banks have also been known to collect post-dated cheques from their customers as part of conditions precedent to granting a loan and the moment they realize the customer does not have the means to pay, present the post-dated cheque as if they have only just received it from a customer acting in bad faith – in actual fact, the bank is the one that has acted in bad faith in such a situation; and the CBN must ask itself if this is a proper and professional method for resolving such matters – this method was introduced into the banking sector during the days of ‘cowboys’ in the banking sector and is a reflection of the fact that the cowboy legacy has transcended their departure from office (though some of them still remain in the background pulling the strings in the banking sector).
Many of the so-called loan defaulters run genuine businesses with the intention of making a profit and naturally meeting all of their obligations,
Religion / Re: Tithes And Offerings by PastorKun(m): 4:11pm On Jul 30, 2015
[quote author=OLAADEGBU post=36420321][/quote]

How market? grin

1 Like

Autos / Re: Respray / repaint And Oven Bake your Vehicles to look brand new[with pictures] by PastorKun(m): 4:18pm On Jul 27, 2015
Autos / Re: Respray / repaint And Oven Bake your Vehicles to look brand new[with pictures] by PastorKun(m): 3:06pm On Jul 22, 2015
smiley
Agriculture / Re: Giant Fish Caught In Lake At IITA Ibadan. by PastorKun(m): 3:48pm On Jul 18, 2015
ItsMeAboki:


Its a Tilapia and can grow to the size of a moderate dinner plate; it has what is known as prolific fecundity i.e. it can reproduce rapidly, hence it is quite popular with fish farmers.

Are you into fishing? you seem quite knowledgeable about fishing and fishes.
Autos / Re: Respray / repaint And Oven Bake your Vehicles to look brand new[with pictures] by PastorKun(m): 3:46pm On Jul 18, 2015
tendernexx:
How much for a 2004 Honda Accord (dark grey) and how long will it take.
It has just a few dents, no much work.

It would cost you 60k and it takes four to five days to get the job done. Thanx
Autos / Re: Respray / repaint And Oven Bake your Vehicles to look brand new[with pictures] by PastorKun(m): 3:45pm On Jul 18, 2015
mikhail777:
Hello, please how much will it cost to do a neat oven baked job on a camry 96? Headlamps inclusive. And the duration.

It would cost you 60k and it takes four to five days to get the job done. Thanx
Islam for Muslims / Re: Muslims: Why The Attempt To Kill Jesus? by PastorKun(m): 2:16pm On Jul 15, 2015
truthman2012:


What is the relevance of your question?

The Jews killed Jesus because he called himself the Son of God according to the bible account. Muslims say it was not Jesus that was killed but someone else in his stead. Then my question is: why are muslims not telling us the reason they made an attempt on Jesus life rather than insisting he was not killed and that allah rescued him?

So much confusion and contradiction in islam undecided

3 Likes

Religion / Re: Tithes And Offerings by PastorKun(m): 2:14pm On Jul 15, 2015
OLAADEGBU:


What's the difference? Pay your vows before it's too late. Enough of these lame excuses. tongue

Ok my vow to the most high is to take care of the poor and the needy and by his grace i would certainly fulfill it. tongue

1 Like

Religion / Re: Tithes And Offerings by PastorKun(m): 1:34pm On Jul 15, 2015
OLAADEGBU:


"Offer unto God thanksgiving; and pay thy vows unto the most High" (Psalm 50:14).

Stop playing with translations

Psalm 50:14

14 “Sacrifice thank offerings to God,
fulfill your vows to the Most High,

tongue
Religion / Re: Tithes And Offerings by PastorKun(m): 1:22pm On Jul 15, 2015
OLAADEGBU:


Why would you not say that now that you have received your "blessings"? Don't play ignorance when it comes to paying your vows. smiley

You can't pay God angry stop this heresy.

1 Like

Religion / Re: Tithes And Offerings by PastorKun(m): 1:20pm On Jul 15, 2015
OLAADEGBU:


Don't tell me that you were really sick when you made those vows. tongue

Even if i made any vow it won't be to give to any church or pastor money, it will be to give money to the poor as my Lord and Saviour directed. tongue

1 Like

Agriculture / Re: Giant Fish Caught In Lake At IITA Ibadan. by PastorKun(m): 12:58pm On Jul 15, 2015
ItsMeAboki:


@OP:

The two are not comparable: the one in the other thread is a Barracuda, a salt water fish from the sea; while the one in this thread is freshwater fish in rivers, lakes,etc; known by many names: lates niloticus (scientific) Niger Perch or Nile Perch (local names depending continental location), in Hausa language it is also known as Giwan Ruwa (meaning elephant of the water).
It is the most valuable among our local freshwater fish because of its delicious tasting (almost bone free) flesh.
Your friend is certainly an angler, judging from the picture showing him with a rod and reel which he may have used to land that big fish; though even larger ones, bigger than an adult man (i.e. size of your friend) have been caught by rod and reel as well as other methods - including bare hands (google Argungun fishing festival).
Here are some pictures of others caught.

@ asumo12:
The type of fish you pasted in your post is again a salt water fish caught from the sea, known as Tuna; if by chance you watch DSTV, you will see how they are being caught in a programme in one of the documentary channels titled 'Wicked Tuna' - again your example is not comparable; though Tuna is an oily fish very much prized and favoured by the Japanese who eat it raw in a special dish called Sushi.

Thanx your contribution is most enlightening, but i still find it difficult to comprehend how such big fishes are caught with rod and reel.
Autos / Re: Respray / repaint And Oven Bake your Vehicles to look brand new[with pictures] by PastorKun(m): 12:43pm On Jul 15, 2015
RoyalRoy:




Thanks for this clarification. A lot of people have started to argue that its actually "unpaintable".


Please avail us with pictures of the processes when u have a job like it to deliver.

Keep up the good job.



Thanx, would endeavour to post more pics soon. smiley
Religion / Re: Tithes And Offerings by PastorKun(m): 12:38pm On Jul 15, 2015
OLAADEGBU:
Higher Everyday
TUESDAY, JULY 14, 2015

PAY YOUR VOWS

"Offer unto God thanksgiving; and pay thy vows unto the most High" (Psalm 50:14).

As the wealthy oil tycoon lay on his deathbed, his pastor talked to him of God's healing power. "Pastor," he gasped, "if God heals me, I'll give the church a million dollars." Miraculously, the man was revived and within a few weeks, he was out of the hospital. Several months later, the following chat ensued between him and the pastor: "You know," the pastor said, "when you were in the hospital dying, you promised to give the church a million dollars if you got well. We haven't got it yet." "Did I say that?" the tycoon asked. "I guess that goes to show how sick I really was!" The tycoon’s response shows that he did not make his vow from a sincere heart, and was not ready to redeem it after God had healed him. Many youths make vows that they hardly keep. Yet, paying your vow is a command from God. Do not make any vow if you think you cannot fulfill it.

Challenge: "Avoid any vow if you are not ready to redeem it"

Prayer: "God, help me not to make any vow out of desperation"

Quote: "Vow and redeem it"

Further Reading: Psalm 116:13, 14

See more at:

On a more serious note stories like this gives the impression that you can pay for God's blessings and to say the truth it is contrary to biblical teachings and christian beliefs. Churches just peddle these kind of tails to get people to give more money to them and this in reality is contrary to the will of God.

1 Like

Religion / Re: Tithes And Offerings by PastorKun(m): 12:35pm On Jul 15, 2015
OLAADEGBU:


Pay your vows, don't let avarice make you be like that rich oil tychoon. cheesy

But i didn't make any vows now tongue
Agriculture / Re: Giant Fish Caught In Lake At IITA Ibadan. by PastorKun(m): 12:33pm On Jul 15, 2015
emmanok24:



@ IITA? How did he get it past the Security without any form of harassment? Is he a staff?

Anyways that's a once in a life time catch!

He is not a staff nut he has a special permit to fish there for one year.
Business / Re: Learn More About Online, Digital And Social Media Marketing Here. by PastorKun(m): 5:25pm On Jul 14, 2015
The Revolution has started and to be a part of this trillion dollar a year market you need to have the right tools. Luckily YOU are looking at them. Grab your seat and start creating your legacy TODAY

https://www.youtube.com/watch?v=niXugw7ZTcw
Agriculture / Re: Giant Fish Caught In Lake At IITA Ibadan. by PastorKun(m): 4:42pm On Jul 14, 2015
bqlekan:
lol, you know they don't have the guts grin

Do you need guts to do ordinary fishing festival undecided
Agriculture / Re: Giant Fish Caught In Lake At IITA Ibadan. by PastorKun(m): 4:37pm On Jul 14, 2015
lobell:


Did he actually land the fish with the rod he is holding?

Yes na, there is actually a video of him when he caught the fish unfortunately i can't upload it here.
Agriculture / Re: Giant Fish Caught In Lake At IITA Ibadan. by PastorKun(m): 4:35pm On Jul 14, 2015
bqlekan:
dude. there are far larger fishes in the IITA dam, I use to work at WTP, IITA, Ibadan and I've seen fishes larger than this. I wish they could bring the argungu festival to Ibadan.

Ibadan people should start there own fishing festival na. cheesy
Agriculture / Re: Giant Fish Caught In Lake At IITA Ibadan. by PastorKun(m): 4:04pm On Jul 14, 2015
ASHTAROTH:
PastorKun ---- Aunty Kemi grin cheesy

Who is aunty kemi?
Agriculture / Re: Giant Fish Caught In Lake At IITA Ibadan. by PastorKun(m): 3:32pm On Jul 14, 2015
dame16:
op this people look northerners.

The guy that caught the fish is the one wearing the face cap and he is a Yoruba man. The other guy is probably his mallam.
Religion / Re: Tithes And Offerings by PastorKun(m): 1:49pm On Jul 14, 2015
OLAADEGBU:
Higher Everyday
TUESDAY, JULY 14, 2015

PAY YOUR VOWS

"Offer unto God thanksgiving; and pay thy vows unto the most High" (Psalm 50:14).

As the wealthy oil tycoon lay on his deathbed, his pastor talked to him of God's healing power. "Pastor," he gasped, "if God heals me, I'll give the church a million dollars." Miraculously, the man was revived and within a few weeks, he was out of the hospital. Several months later, the following chat ensued between him and the pastor: "You know," the pastor said, "when you were in the hospital dying, you promised to give the church a million dollars if you got well. We haven't got it yet." "Did I say that?" the tycoon asked. "I guess that goes to show how sick I really was!" The tycoon’s response shows that he did not make his vow from a sincere heart, and was not ready to redeem it after God had healed him. Many youths make vows that they hardly keep. Yet, paying your vow is a command from God. Do not make any vow if you think you cannot fulfill it.

Challenge: "Avoid any vow if you are not ready to redeem it"

Prayer: "God, help me not to make any vow out of desperation"

Quote: "Vow and redeem it"

Further Reading: Psalm 116:13, 14

See more at:

You still haven't repented from this your church business racket grin
Autos / Re: Respray / repaint And Oven Bake your Vehicles to look brand new[with pictures] by PastorKun(m): 1:44pm On Jul 14, 2015
RoyalRoy:

Please educate me a little bit.....



There is this alternate bumper for Hondas and Toyotas.... I am not sure maybe because of the material, most people leave it in black (unpainted) while those who try to paint it have a sad story to tell after maybe 6-8 months.

What's your take? A poor paint job or the bumpers material are just "unpaintable"?

Find attached an example of the bumper am talking about .

It's usually caused by poor paint jobs. The cause of this problem is two fold, firstly the bumper is not properly sanded and secondly plastic primer was not applied to it before painting. If it is properly sanded and plastic primer applied, it's very unlikely that the paint would peel offer a few months down the line.
Agriculture / Giant Fish Caught In Lake At IITA Ibadan. by PastorKun(m): 1:39pm On Jul 14, 2015
In response to the claim of a "monster" fish thread claim on this thread https://www.nairaland.com/2448843/monster-fish-killed-two-nairaland/3#up i decided to post the pictures of the fish my friend caught in a lake inside IITA ibadan which is by far bigger than the 'fingerling' being called a monster fish in the other thread. grin

lalasticlala dis fish is bigger oh wink

49 Likes 4 Shares

Agriculture / Re: Monster Fish Killed By Two Nairaland Guys by PastorKun(m): 1:32pm On Jul 14, 2015
Tesiday:
See Monster Fish, I hope this will give us a call from NatgeoWild. grin

The fish was caught at the lagoon of kirirkiri - Navy Town area in Apapa Lagos.

Have you caught a bigger fish?

That fish is small compared to the one my friend caught in a lake at IITA Ibadan over the weekend. tongue

1 Like

Autos / Re: Respray / repaint And Oven Bake your Vehicles to look brand new[with pictures] by PastorKun(m): 2:39pm On Jul 13, 2015
olawmi:
Hi, how many days and how much will it cost to do a perfect spray job on 2004 toyota prado and also clean the headlamps?

Thanx for the inquiry, it will cost you 70k and it will take us four to five days to get it done.
Religion / Re: In Africa Alone Every Day 16,000 Muslims Leave Islam: Ahmad Al Qataani by PastorKun(m): 4:15pm On Jul 11, 2015
shina419:
pastorkun give me the link if not u are a lair

I know the numbers are quite huge and very unnerving for most muslims grin you better join the band wagon and leave the religion of terror cheesy

1 Like

Religion / Re: In Africa Alone Every Day 16,000 Muslims Leave Islam: Ahmad Al Qataani by PastorKun(m): 4:12pm On Jul 11, 2015
shina419:
pastorkun give me the link if not u are a lair

http://www.faithfreedom.org/oped/sina31103.htm

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