₦airaland Forum

I know its impossible. But Nigerians debating about who should become the next CBN Governor should consider some interesting facts about the current Governor of the Bank of England, Mark Carney:

On November 26, 2012, the British Chancellor of the Exchequer, George Osborne, announced the appointment of Carney as the next Governor of the Bank of England. Carney succeed Sir Mervyn King on July 1, 2013.[32] He is the first non-Briton to be appointed to the role since the Bank was established in 1694. The Bank of England will be given additional powers starting in 2013, such as the ability to set bank capital requirements.[33]
Prior to taking up the post, Carney has already indicated disagreement with the Bank of England's Executive Director of Financial Stability Andy Haldane, specifically on leverage ratios and on bank break-ups. He has been quoted as saying Haldane does not have a "proper understanding of the facts" on bank regulation.[34]
Though the term is officially eight years, Carney has said that he intends to stand down after five. He is likely to be offered a total pay package of about £624,000 ($990,000) per year, approximately £100,000 ($160,000) more per year than his predecessor.[32] A chauffeur is also part of the packages, but he declined and will instead commute to work using the London Underground system.

Source: http://en.wikipedia.org/wiki/Mark_Carney

I was really impressed with the parts highlighted. An unassuming personality, while some of our policy makers behave as emperors (feudal lords) in their empires (fiefdoms).

We still have a lot to learn and practise as individuals in particular and as a country in general.

The opportunities in the Nigerian economy is so much, I often wonder if the heads of these banks and the regulators (CBN) are really smart despite their acclaimed awards.

The regulators (here in Nigeria) are deflating instead of inflating the Nigerian economy while the US is busy inflating their economy through quantitative easing.

The banks lack ideas. Paypal, Amazon, ebay and other big brands / companies overseas that are yet to establish their presence here in Nigeria should be part of the main marketing focus of these banks instead of giving their employees unrealistic targets. Imagine a Nigerian bank partnering with paypal for example.

It is very easy for the banks to sack their workers and then hire a foreign musician/artist for over N200 million for a single performance. This thread comes to mind : https://www.nairaland.com/1570752/close-account-access-bank-activist

In summary: "........ we appeal to good spirited Nigerians to pull out their savings because of the inhumane action of sacking 200 staff and at the same time coughing out N200 million to hire foreign musician recently,” HURIWA’s National Coordinator, Emmanuel Onwubiko, said.

shymexx: Agreed the man is a good business man, from what I just read on his CV. However, I honestly don't think he's qualified for the position, based on his experience on managing financial crises. 50 cent also made $100 million from the vitamin water deal, but that doesn't make him an economist (just comparing the business sense). Nigeria needs to stop settling for less - you lot need tested people, who understand the basics of managing a Central Bank. A proper economist and not a savvy business man. For example: a look at Mark Carney, the governor of the Bank of England's CV and experience alone, is enough to tell you what he's going to bring to the table. From his experience in the Russian financial crisis, to shielding Canada during 2000s financial meltdown. Same for William Dudley of the American Federal Reserve.

The question is: what experience has he got in the three major responsibilities of the Central Bank - managing a country's currency, money supply, and interest rates?

However, I like and admire his topnotch business IQ - especially this: "Elumelu made a name for himself when he acquired and turned Standard Trust Bank into a top-five player in Nigeria. In 2005, his corporate reputation as an African Business Leader was sealed when he led the largest merger in the banking sector in Sub-Saharan Africa to acquire United Bank for Africa (UBA). In five years he transformed it from a single-country bank, to a pan-African institution with over 7 million customers in 19 African countries." Highly impressive.

Moreover, his definition of Africapitalism is a tad bit confusing. On one hand, he alleges that it isn't capitalism - yet he also says: "it is a rallying cry for empowering the private sector to drive Africa’s economic and social growth." However, he wants it to be done without "nationalisation or government policies." That looks more like a ponzi scheme since Africans don't have full financial capabilities for full blown capitalism to thrive - else the people would have to be enslaved, for that to happen. With only 1% of the people owning 95% of everything. That's definitely not the future for Africa. The government still has to play a major role to drive the desired growth - either through partnership with the private sector - or subsidy.

^^^^^^Kindly correct the highlighted above. William C Dudley is the President of federal Reserve Bank of New York (one of the twelve (12) Federal Reserve Banks of the US) and not the head of the US Federal Reserve System currently chaired (headed) by Ben Bernanke.

I wish Nigeria can truly operate federalism as practiced by the US.

Tony Elumelu This must be a joke.

Well, if SLS can be appointed as CBN governor why not Elumelu or Fred Ajudua the 419 Kingpin. The joke continues......

He (SLS) should be replaced with Dr. Sarah Alade - CBN deputy governor (Economic Policy) just as Janet Yellen (vice chair of US Fed reserve) will be taking over from Ben Bernanke as head/chair of the Federal Reserve in the US.

seanet02: Home » News & Reports » News
News and Reports
Former Primate of Anglican Church Peter Akinola "Kidnapped" and Rescued by Ogun State Governor
Posted: Dec, 24 2013, 2:12PM

Photo: Channels
By SaharaReporters, New York
Earlier today former CAN President and Primate of the Anglican Church Peter Jasper Akinola was carjacked and then subsequently taken away by armed robbers in the trunk of his car. The attack occurred near along Abeokuta Lagos expressway. The former Primate was later rescued by Ogun State security forces personally led by Governor Ibikunle Amosun.

SaharaReporters learned of the kidnapping and rescue operation from the commissioner of Information of Ogun State, Hon. Yusuph Olaniyonu.

Further updates will follow as we receive them.

http://saharareporters.com/news-page/former-primate-anglican-church-peter-akinola-kidnapped-and-rescued-ogun-state-governor

Thank GOD.

Merry Christmas to Rev Peter Akinola and all well meaning Nigerians.

I have met him once or twice. He is so full of life (vibrant) and very amiable. I pray he gets released or rescued from the kidnappers. Anyone who turns or have turned this into a tribal/ethnic/racial (or whatever) thread must really get his/her head examined.

Wishing Rev. Akinola a safe return to his family.

I am often amused by the high level of ignorance displayed. It is tantamount to saying that the current CBN governor (SLS) was the one who initiated the policy to set up (establish) the Asset Management Corporation of Nigeria (AMCON) to bail out the distressed banks.

However, I am not too surprised because the Heads of these MDAs act as demi-gods in their respective positions, hence ignorant people are quick to accord them undue praise and accolades.

Well the ignorance continues...........

mikeansy: so its ok for our CBN Governor not to know the revenue remittance procedure from NNPC after 4years as CBN Governor? So its ok for our CBN Governor not to know his numbers?

I am one of those who believe that Sanusi exagerated that Banking crisis he claimed to have solved. This is a classical example of Sanusi's approach to issues! [b]He likes to blow things out of proportion [/b]and fellows like this should not be the head of any country's reserve bank!

He is like a fire-fighter who comes with petrol and water. He Pours the petrol first in a raging fire and then puts off the fire with water afterwards, ignoring the additional harm he must have caused while adding petrol to the fire he is supposed to extinguish. This is his modus operandi and perhaps it works well for him.

PS: This does not absolve the NNPC, CBN, FIRS, DPR and other MDAs from corruption. We all know they are corrupt at different levels.

A CBN governor that does not fully understand how 51:49 JV agreements works in the oil industry. There are rules that govern "whistle blowing".

He (SLS) simply played his part of the recent premeditated and triangular attack on the President.

He said the letter was the handiwork of former Aviation Minister, Chief Femi Fanikayode. Also speaking, the former aviation minister said Obasanjo’s letter signified the end of the Jonathan regime, calling on Nigerians to look beyond the messenger

It may not be the handiwork of FFK. But for him (FFK) to state that the letter signified the end of GEJ's regime means a lot. I guess his name should be added to those in the political watch-list.

He said the motive of the letter is suspect adding that Obasanjo’s letter will not set Nigeria on the right part.

The letter is obviously suspicious and mischievous.

He said it is an irony that Obasanjo and former Vice President Atiku Abubakar who called themselves thieves on television as a result of fraud in the Petroleum Technology Development Fund (PTDF) have become allies in speaking about corruption

The records are still available.

He said that Obasanjo had close to nothing while he was seeking office only to amass stupendous wealth after eight years on the throne, with a university to crown it up.

Perhaps he (OBJ) got a bank loan to finance the University. Otherwise ..........!!!!!

He explained that it was while Obasanjo was in power that former Attorney General of the Federation, Chief Bola Ige was killed, and he did nothing

And Obasanjo is quick to accuse the President (GEJ) of condoning injustice.

On allegations of killer squad, the Afenifere chieftain, said the same felon, Obasanjo is accusing Jonathan of using was used by Obasanjo against Otunba Gbenga Daniel.

The killer squad (snipers) allegation against the President (GEJ) was really a turn-off. The country trains special ops officers in different countries overseas including countries where Abacha must have trained some officers while he was President. As the boko-haram crisis rages on in the country (North-East in particular), it is not unexpected that some security officers will be sent to secret and special military and counter-insurgency trainings.

He said that nobody knows what happened in the NNPC during the eight year that Obasanjo held sway as President having made himself Petroleum Minister.

....and he (OBJ) gave an oil block to a hairdresser.

he said adding that the way attacks on the President occurred suggest that Nigerians are being programmed ahead for an eventuality, with Tambuwal kicking off the attack, followed by Sanusi Lamido Sanusi only to be rounded up with Obasanjo’s letter, he said and warned the nation to be weary of the grand plot.

The online lynching of the President was well coordinated and very suspicious.

He noted that Obasanjo squandered billions on his third time agenda and that Obasanjo who assured the generals who brought him forward to run as President that he would do only one term as condition to run reneged on his vow only to run for a second term and attempt a third term, wondering why he is championing integrity when he lacked none.

Perhaps Obasanjo thinks that discerning Nigerians are suffering from amnesia.

Afenifere chieftain, Mr. Yinka Odumakin has described Chief Olusegun Obasanjo’s 18-page letter to President Goodluck Jonathan as nothing but the manifest of a coup in the making.

A coup will probably lead to a counter-coup and more counter-coups and a final closure on the country called Nigeria.

Kachi188: Even though I believe that NNPC is not totally upright about crude oil sales, I believe there has to be a political twist to sanusi's letter. It leaves more questions than answers and I believe heads should roll at CBN.
1. If you manage my account and someone systematically defrauds me, and it takes you over 18months to alert me, its either you're totally careless or you're in on it.
2. Seeing the way the 'missing' money was arrived at and the reply from NNPC, shows that CBN has zero idea of how monies from crude oil sales are remitted to the federation account. Multiplying crude oil production by international price is a very unprofessional and almost pedestrian way of determining what should be paid in. If everything produced is paid into the account, does it mean there is no production costs, no overheads, do the oil multinationals drill our oil for free, and take nothing home at the end? The monies paid on by FIRS and DPR were miracle monies?
3. A letter addressed to the president should never leak to the press no matter the reason. There are countless inter-ministerial meetings between CBN and NNPC where this issues could be highlighted and dealt with. As the CBN governor, you can access the president at any convenient time. Correspondence between the CBN governor and the presidency is highly classified. This shows a systematic desire to discredit, and overheat the policy since most nigerians take whatever is written in their favorite newspapers as gospel and make no effort to verify.
4. I wonder how someone will steal an amount bigger than. The national budget and our economy will not fall. It means NNPC decided to keep back over 70% of our daily crude oil sales for over 18months and nobody noticed, nobody said a word until now.
I fear for NIGERIA!!!

The antics of the current CBN governor (SLS) is nothing new to those who really know him. His modus operandi is to generate/create storms out of tea cups.

one mopol: This is the part of the memo that makes me feel the report was in bad fate. How can someone of OBJ's caliber with his much talked about love for the country add a line like this in a open purported letter to the president ?

OBJ just wants to heat up the polity . nothing more

Indeed it was written in bad fate no matter the purported noble intentions of the former president. Very soon when some other members of security organisations such as the NPF, NN, NA, NAF, SSS, DMI and others go for special and secret training overseas they will claim the President (GEJ) is training assassins.

Also be informed that as the country faces insurgencies such as boko-haram, there will be special and secret military training to combat the terrorists. These are often state secrets. I guess someone privy to such sensitive information can actually mislead the gullible public to achieve his/her mischievous objectives.

There's no need to worry. The president (GEJ) does not have a death/killer squad as alleged. He has two independent brigade of guards (unprecedented, a tactical move and a surprise to his real enemies) to safe guard himself / FCT.

There are so many undercurrents in the polity right now.

If you do not have the software (Trusteer Rapport) installed on the devices (laptops, smart phones, tabs, etc) you use for your internet banking as advised by GTBANK on their internet banking platform, kindly do so.

I just discovered the following on the OPEN CONSOLE of the software:
1. There were a number (about 6 different IP addresses that did not match GTBANK) on different dates that I used the online GTBANK platform even though I was logged on their original website: www.gtbank.com

2. The software (Trusteer Rapport) prevented some keylogging intrusions.

The software is not a replacement for other anti-virus softwares but helps as an additional layer of security because it secures your online communication with the GTBANK website.

It seems that even if you are logged on the original websites of banks, online criminals still devise ways of trying to steal your account details.
I did not bother to install the GTBANK Truster Rapport software until recently because I was skeptical using the software eventhough it's free.

NOTE: Ensure you install the software from the original website of the bank.

The manufacturing (market) potentials of this country is so great, imagine:

He said Nigeria imports some 500,000 units of used cars annually and 60,000 units of news cars, but with the new policy, manufacturers could make cheaper cars that are accessible to more people in the country.

The Nigeria automotive policy is a good policy. It helped South Africa to achieve the following:

According to Aganga, “The new policy is an adaptation of the South African Automotive Policy. Since South Africa started manufacturing cars, the industry today contributes 7 per cent to the country’s GDP, it accounts for[b] 12 per cent of exports[/b], and[b] is the second largest employer of labour[/b] there.

I will always support any government policy that drives (encourages) domestic production of goods. How else do we solve the high unemployment rate in the country without policies such as these.

Continuation:

Risks Related to Our Business and Our Industry:

For more visit: http://www.sec.gov/Archives/edgar/data/1418091/000119312513390321/d564001ds1.htm

It is important for investors to read their S-1 (prospectus) or seek professional advise before committing their funds.

Continuation:

Risks Related to Our Business and Our Industry:

26. We may face lawsuits or incur liability as a result of content published or made available through our products and services.

27. Our intellectual property rights are valuable, and any inability to protect them could reduce the value of our products, services and brand.

28. We are currently, and expect to be in the future, party to intellectual property rights claims that are expensive and time consuming to defend, and, if resolved adversely, could have a significant impact on our business, financial condition or operating results.

29. Many of our products and services contain open source software, and we license some of our software through open source projects, which may pose particular risks to our proprietary software, products, and services in a manner that could have a negative effect on our business.

30. We may expend substantial funds in connection with the tax liabilities that arise upon the initial settlement of RSUs in connection with this offering, and the manner in which we fund that expenditure may have an adverse effect on our financial condition.

Continuation:

Risks Related to Our Business and Our Industry:

21. Our products and services may contain undetected software errors, which could harm our business and operating results.

22. Our business is subject to complex and evolving U.S. and foreign laws and regulations. These laws and regulations are subject to change and uncertain interpretation, and could result in claims, changes to our business practices, monetary penalties, increased cost of operations or declines in user growth, user engagement or ad engagement, or otherwise harm our business.

23. Regulatory investigations and settlements could cause us to incur additional expenses or change our business practices in a manner materially adverse to our business.

24. Regulatory investigations and settlements could cause us to incur additional expenses or change our business practices in a manner materially adverse to our business.

25. If our security measures are breached, or if our products and services are subject to attacks that degrade or deny the ability of users to access our products and services, our products and services may be perceived as not being secure, users and advertisers may curtail or stop using our products and services and our business and operating results could be harmed.

Continuation:

Risks Related to Our Business and Our Industry:

11. Our new products, services and initiatives and changes to existing products, services and initiatives could fail to attract users and advertisers or generate revenue.

12. Spam could diminish the user experience on our platform, which could damage our reputation and deter our current and potential users from using our products and services.

13. If we fail to effectively manage our growth, our business and operating results could be harmed.

14. Our business and operating results may be harmed by a disruption in our service, or by our failure to timely and effectively scale and adapt our existing technology and infrastructure.

15. Action by governments to restrict access to our products and services or censor Twitter content could harm our business and operating results.

16. If we are unable to maintain and promote our brand, our business and operating results may be harmed.

17. Negative publicity could adversely affect our business and operating results.

18. Our future performance depends in part on support from platform partners and data partners.

19. We focus on product innovation and user engagement rather than short-term operating results.

20. Our international operations are subject to increased challenges and risks.

More information from their S-1 (Prospectus) : http://www.sec.gov/Archives/edgar/data/1418091/000119312513390321/d564001ds1.htm

Risks Related to Our Business and Our Industry:

1. If we fail to grow our user base, or if user engagement or ad engagement on our platform decline, our revenue, business and operating results may be harmed.

2. If our users do not continue to contribute content or their contributions are not valuable to other users, we may experience a decline in the number of users accessing our products and services and user engagement, which could result in the loss of advertisers and revenue.

3. We generate the substantial majority of our revenue from advertising. The loss of advertising revenue could harm our business.

4. If we are unable to compete effectively for users and advertiser spend, our business and operating results could be harmed.

5. Our operating results may fluctuate from quarter to quarter, which makes them difficult to predict.

6. User growth and engagement depend upon effective interoperation with operating systems, networks, devices, web browsers and standards that we do not control.

7. If we fail to expand effectively in international markets, our revenue and our business will be harmed.

8. We have a limited operating history in a new and unproven market for our platform, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.

9. We have incurred significant operating losses in the past, and we may not be able to achieve or subsequently maintain profitability.

10. Our business depends on continued and unimpeded access to our products and services on the Internet by our users and advertisers. If we or our users experience disruptions in Internet service or if Internet service providers are able to block, degrade or charge for access to our products and services, we could incur additional expenses and the loss of users and advertisers.

Caveat:

Of course, Facebook made its debut with high hopes, only to see its stock fall below the IPO price by the second day of trading. Twitter has valued itself at just a fraction of Facebook and sought to cool expectations in the months and weeks leading up to the offering.

Tech stocks are very volatile but very profitable to the founders, employees (with stock options), venture capitalists and angel investors.

Risk Factor:

Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes, before making a decision to invest in our common stock. The risks and uncertainties described below may not be the only ones we face. If any of the risks actually occur, our business, financial condition, operating results and prospects could be materially and adversely affected. In that event, the market price of our common stock could decline, and you could lose part or all of your investment.

http://www.sec.gov/Archives/edgar/data/1418091/000119312513390321/d564001ds1.htm