₦airaland Forum

Make i run consult paul the octopus . . . . verdict out in 2 mins.

semid4lyfe:
You're wrong! It's not Nigeria Vs Guinea but Nigeria Vs Equitorial Guinea on Sunday

Na the same thing joo but let me move to that thread and make my predictions . . . . I think dem go beat us ooo.

Nigeria Vs Guinea on Sunday.

5-1 Time to look forward to the weekend

Me Bad as a Roman Catholic Father?

Life Dey there Jare . . . I dey push am small small.

How your side? . . i hear say u don hammer

Studio na which kain disease dey worry you self . . . wey them neva saw kior since 1914.

AjanleKoko:
Not to worry.
The Catalan giants will do the job anyhow. The Yellow Submarine is going down

I don't think there is any anti-sub missile called[b] Catalan[/b] . . . i only know of los blancos and los merengues.

I almost felt like crying . . . . rolex watches and cars of 39 milla when china is producing cheap cars.

what happened to helping them to get more training or other benefits instead of this expensive gifts.

You give workers reasonable rewards that benefits him and also enhances his contribution to the enterprise.

By Daniel Osunkoya

November 10, 2010 02:47AM



The report on the investigation of the Nigerian Stock Exchange (NSE) under the leadership of its former director general, Ndi Okereke-Onyiuke, showed that in 2008, the Exchange spent N186 million to buy Rolex watches for long serving employees.

The yet-to-be officially released report, a product of investigations by KPMG, an audit firm, and Aluko Oyebode & Co., a legal firm, revealed that “at the beginning of 2008, the NSE expended the sum of N45 million in purchasing 64 Rolex watches for presentation to employees who had served the NSE for 10 years.”

The report also noted that “later in the same year, Candy Floss Limited (a company owned by Yinka Idowu, former head of NSE’s corporate affairs department), was given[b] N95 million for an additional purchase of 91 Rolex watches[/b], and subsequently, after the award ceremony, another 10 Rolex watches at the cost of N46 million were purchased.”

Meanwhile, the investigators said they observed that the award ceremony document showed that only 73 out of the 165 Rolex watches purchased were actually presented to the awardees, meaning that 92 Rolex watches valued at N99.5 million were unaccounted for.

“We further observed that the schedule containing the list of staff members eligible for long service awards only contains 63 names; suggesting that[b] 10 additional and unauthorised people[/b] received presentations,” the report added.

Car gifts

Furthermore, Candy Floss Limited, according to the report, was given[b] N100 million to purchase 14 cars [/b]to be presented to employees who had served the NSE for 25 to 30 years.

At the same time, the report said that three cars purchased by the NSE in January and March 2008 for N59 million - one Land Cruiser purchased for N30 million, and two Lexus cars purchased for N29 million -were written off the NSE books at the end of the same year by their allocation to the Long Service Award account, as part of the gifts given during the ceremony.

Meanwhile, the award ceremony document showed that only seven people were presented with cars, compared to the 14 cars which were to be purchased by Candy Floss Limited and the three additional cars written off; meaning that 10 cars, valued at approximately N66 million, were unaccounted for.

The auditors also revealed that “although Candy Floss Limited was given the sum of N50 million for the special presentation to employees who had worked with the NSE for 25 to 30 years, another sum of N55 million was again disbursed in respect of the special presentation, which was to include a luxurious jeep and a special gift of the former director general’s choice.

“This suggests that there was a duplication of payment and a double purchase of a luxury car for the former director general’s choice,” the auditors said.

Further investigations

While the fact that Articles 52 of the NSE Employee Handbook for Management and Senior Staff, as well as Article 55 of the Employee Handbook for Junior Staff limits the value of gifts/cash that can be given to employees for the long service award, the auditors said, “We observed that the gifts awarded/presented far exceeded the value stated in these handbooks, “adding that “these Articles further stated that these awards should be presented to only members of staff, but we observed that former members of staff were also given awards.”

However, the auditors said further investigations to be carried out in respect of the award will determine if any payments were made by Candy Floss Limited to the accounts of NSE officers, including that of Mrs. Okereke-Onyuike.


http://234next.com/csp/cms/sites/Next/Money/Finance/5640548-146/exchange_spends_n186m_on_rolex_watches.csp

becomrich4:
The 1999 constitution state, you dont need the president assent to amend the constitution. Clearly written in bold letters.  It only requires the national assembly to present the bill to amend the constitution to the president. If the president fail to sign, the amendment. The amendment would be return to the national assembly and they make a decision. see the constitution of the federal republic of nigeria. 

It does not require the president to sign.

It does not require the president to sign only when he has withhold his assent so the National assembly should send it first to the president for his assent before invoking their overriding powers.

Yellow Subs all the way but i am expecting a good match though based on current form and pedigree Barca should carry the day.

So what is now the correct interpretation of the constitution regarding its amendment.

This is good news

Nigeria's total debt portfolio may have hit an all-time high of N4.875 trillion ($32.5 billion), Ehigie Uzamere, chairman senate committee on local and foreign debts has said.

Mr Uzamere disclosed this at the opening of the public hearing on the Debt Management Office (DMO) re-enactment bill held yesterday in Abuja.

According to Mr Uzamere, this includes local debt and foreign debts the Nigerian government is obligated to.

"Presently, our external debt stands at $4.5 billion; Domestic debt is valued at over [b]$28 billion [/b]and is rising. National and sub-national governments are going to the capital market to borrow for development projects and finance budget deficits," Mr Uzamere said.

He however said the total debt portfolio as calculated excludes and other securities the government, including states and local governments acquired over the past three years.

"There's no statistics on other implied debts from Public Private Partnership (PPP), government guarantees and bail out to banks, textile firms, etc. not to mention the arrears of contractual obligations by government. The list is endless," he noted.

The senate president, David mark, also condemned the rampant, public private partnerships and internal and external borrowing by all levels of government.

"One of the sources of public debt is public private partnership," the senate president said. "They look attractive on the surface but if faced with challenges it becomes a debt on government.

While we need the private sector to fast track infrastructural development, government must be ready to carefully scrutinise terms and conditions of every partnership to avoid pitfalls which can impact negatively on the economy and Nigerians."

According Mr Uzamere, the speedily growing debt profile is due to a lack of central regulation of government borrowing in Nigeria, hence the bill.

When the bill is passed into law, it will require DMO to issue guidelines on both external and domestic borrowing, federal government guarantees and on-lending to sub nationals subject to the approval of Federal Executive Council.

The office will also be required to develop a debt market for the state governments to allow them have direct access to borrowing through issuance of state bonds.

The bill is expected to plug the loopholes on borrowing exploited by states and local governments by making it mandatory for those governments to obtain finance minister's consent before they get loans.

"The National Assembly will not condone frivolous borrowings or misapplication of funds meant for development projects," the senate president warned.

http://234next.com/csp/cms/sites/Next/Home/5640022-146/nigerias_debt_profile_on_all_time.csp

A Federal High Court sitting in Lagos has held that the amendment to the 1999 Constitution recently carried out by the National Assembly cannot become operational without the assent of President Goodluck Jonathan.

The court, presided over by Justice Okechukwu Okeke, also ruled that the purported amendment to the Constitution remains inchoate until it is presented to the President for his assent and approval.

The court declared the 2010 Constitution Amendment Act as null and void.

Justice Okeke came to the conclusion while delivering judgment in a suit filed by the former President of the Nigerian Bar Association (NBA), Olisa Agbakoba, challenging the refusal of the federal lawmakers to forward the amended Constitution to the President for his assent.

However, the National Assembly, says that it would appeal against the ruling.

The Chairman, Senate Committee on Information and Media, Senator Anyogu Eze maintained that the legislature acted within the confines of the law, but added that it cannot stop the court from doing its job.

He added that the legislature will test the ruling in a superior court of law.

Eze also said that the ruling will not have any effect on the running of the country, especially the preparations and the conduct of the 2011 general elections as the status quo will remain, in line with the law since the matter will be going on appeal.

Mr Agbakoba had sued the National Assembly and the Attorney General and Minister of justice, Mohammed Bello Adoke, challenging the legality of the claim by the lawmakers that President Jonathan's assent is not required before the amendment to the Constitution can become operational.

The National Assembly had through its lawyer, Johnson Usman filed a preliminary objection to the suit, urging the court to dismiss the suit with substantial cost. Mr Usman formulated three grounds for the court to strike out the suit, which were; lack of locus standi, lack of jurisdiction and that the court lacked the territorial jurisdiction to adjudicate on the matter.

In his arguments he contended that only the Attorney General of the Federation (AGF) is empowered under the law to institute such a suit. He further argued that the cause of action arose in Abuja and that Lagos was a wrong place to have filed the suit.

On his part, the Attorney General in his preliminary objection, argued that he was not a proper party to the suit being a member of the executive arm of government, and that the suit disclosed no reasonable cause of action against him.

Ruling on the preliminary objections, Justice Okeke held that the plaintiff, Mr Agbakoba has sufficient locus standi to institute the action since the suit was not a challenge to the debate on the floor of the National Assembly, but to the refusal by the lawmakers to send the amended Constitution to the President for his assent. Citing Section 150 of the Constitution, the court held that the AGF is needed in the proceedings, being the Chief Law officer of the country even as a nominal party or at least to witness the proceedings.

The court thereafter dismissed the preliminary objections filed by Mr Adoke and the National Assembly.

In his judgment on the main suit, Justice Okeke, who cited Section 2 of the Interpretation Act, noted that the Constitution, having come into law through an Act, can only be amended through an Act, and that Act of the National Assembly cannot become law without the assent of the President.

He further held that the National Assembly can only go ahead to enforce the Constitution where the President refused to sign it thirty days after receipt.

"Having failed to comply with the provisions of Section 58 of the Constitution, the purported 2010 amended constitution remains inchoate until it is presented to the President for his assent," Justice Okeke held.

http://www.channelstv.com/global/news_details.php?nid=23873&cat=Politics

The Federal Appeals Court in Benin City, Edo State, late afternoon annulled the election of Delta State governor, Emmanuel Uduaghan, and ordered fresh gubernatorial election in the state within  90 days.

The decision followed the appeal brought by Mr. Great Ogboru against Governor Uduaghan, who has governed the state since 2007.  The appeal panel earlier dismissed the petition brought by the AC candidate, Okocha, where he sought the nullification of Uduaghan's election because of his exclusion from the 2007 election by the Independent National Electoral Commissiony (INEC).

The Edo State capital erupted in jubilation over the verdict.  Pending the ordered elections, the Speaker of the House of Assembly will step in as "Acting governor".

The Delta State governorship election will also act as the first major test of the re-constituted  INE), headed by radical university professor, Mahmud Jega, a former lecturer and former Vice Chancellor of Bayero University in Kano.

http://www.punchontheweb.com/Articl.aspx?theartic=Art20101110461410

^^ By what time of the day?

I never knew

AjanleKoko:
Hmm. But it's more due to the fact that many Africans are not exposed, and don't have access to the capital. Even when they do, the consumerist aspirational lifestyle we learnt from our Western brothers kick in. The Asians pool funds together, and are thrifty, while we are lavish and generally wasteful. Employees in Nigeria think nothing of taking an unsecured personal loan of US$55,000 to get a Benz GL450 2010 edition to power around Lagos.

That so called lifestyle is one of the roots to our problem and you are right on the asian traits, we clearly lack unity and team work always competing and trying to outdo each other. One of my asian friend was living on 10- 20 euros so he could save money to start business. I know three asians that saved money and with personal loans each was able to bring 20,000 euros each and with that money took more loan as a business entity from the bank and bought a restaurant. That restaurant is the biggest where i am now and there are many stories like that here, they are slowly building up. I seriously don't want to go into the formal sector because we all know they have cornered that side but Nigerians are moving there as well with our programing skills.

Can we try to highlight our problems and how to solve it here or even start a business development initiative or movement from here? Where do we start from? I believe if we don't start doing something the second colonization will be very worst, china is doing that in poor African countries and even some of them are even asking the whites to comeback and colonize them.

Make them go sitdown some where jare, it is eye for an eye.

[quote author=mike_t link=topic=546762.msg7102699#msg7102699 date=1289230075]if these so called "businessmen" had to conduct business in the Europe or the US their level of incompetence would manifest itself immediately[/quote]Except buying and selling maybe because truly we lack competence business-wise, no wonder the Chinese, Indians and Lebanese are having a field day in our soil. I am still looking for statistics on Nigerian businesses abroad apart from buying and selling. where i am now there is practically no Nigerian business presence and the best thing we can do is to import junk to Nigeria so we can make money quickly. Whereas the Asians have restaurants, supermarkets, money exchange, calling cards business and many more with only a very tiny amount to Africans.

A minister once said that there is no use of foreigners in their country but trust me in five years time it will be Africans because truly speaking we have no presence or impact in this country. All we want is quick money and no long term plans, we cannot replicate our negative ways of doing business abroad i guess.

EzeUche0:
What the people of the Niger Delta and the North should be doing is asking their leaders what is happening to their allocation? The people of the south-east should be questioning the government about why our regions is being neglected. Are we not Nigerian citizens or are we still considered 2nd class citizens? This is the question I pose for you all.

No one is a second class citizen, the good book rightly said that to him which much is given much is expected but why don't you ask your governors what they have done with the little they have received? . Trust me even if they give the south east governors one trillion every month it will still be the same story. Corruption is every where and those delta states just get huge amount of money because of derivation and some other factors that is in favour of the northern parts as well like population and number of LGA's.

South east does not need the huge allocation because if everything is right and put in place, i repeat that statement, they will be ruling Nigeria
. Lagos state does not produce oil or receive 13 percent derivation but it strives on the economic activities going on in that state. The south east states should unite and have a common economic goal for Christ sake. Turn that region into a manufacturing heaven, fight and work so that all those economic activities in Lagos state should gradually start trickling back to the region and watch the development explode.

Let them work and do something useful with the little they receive and in my opinion i rate them higher than any other states because i am not in support of states depending solely on exploitation of natural resources. You and i know that if we wake up 2moro and the oil is gone the niger delta states will be crying with in a short time.

Very nice . . .

That emenike guy should be playing for eagles oooo.

Good to see dolphins back to the premier league and warri wolves doing us deltans proud.

Is there a way we can get the goal scorers and man of the match statistics.

One goal up already and on our way to make it 12 years in a row unbeaten by our rival. 

The team is finally coming together and i want to see more improvement in marking/defending before classico.

That black guy with dada is a fool . . . no killer pass from his leg.

I am also looking forward to that and we will extend it to a 12 year unbeaten home record against them.

They have lots of injuries and unfit players now and hope our motivation will be very high to win this match.

Fashola no try at all.

I am looking forward to it and with the performance in san siro i think we will nick this one. This teams can be shiit sometimes but when they meet Madrid they turn to something else.

People are mixing issues here there is oil producing states, south south region and and the term naija delta is used loosely to describe oil producing states or the south south region. Then we have the true Niger-delta that predates the formation of Nigeria

Ibra fouled pepe and the second goal was off so we even deserve more than this draw.