₦airaland Forum

Kobicove:
Was it only the APC that spoilt our currency?

The PDP also did its own damage to the national currency and the economy for 16 years before handing over to the APC

You people do not have any tangible exports yet you expect your currency to be strong

Kokomaster69:
Tinubu is a pathological liar , a trickster and don't believe him ever. Time shall tell for those who are his praise singers
Mark this statement.

Racoon:
Festus Keyamo Defends Tinubu From Drug Trafficking, Says Tinubu Mistakenly Shared Flats With Drug Lords

The Minister of State for Labour and Employment, Mr Festus Keyamo, has distanced the All Progressive Congress presidential candidata, Bola Tinubu, from being a drug baron who was involved in the traffic of narcotics in the United States.

Keyamo, who also doubles as APC Presidential Campaign spokesperson, noted that the former governor of Lagos State only shared a block of flat with drug barons about 30 years ago in the US.

His reaction is coming following documents of a Chicago District Court indicting and convicting Tinubu of drug dealings and money laundering in 1993.

The document which emerged online two days ago, described APC standard-bearer as a drug baron, adding that Tinubu entered a plea bargain, leading to the forfeiture of his assets to US authorities in 1993

It was also pointed out that Tinubu forfeited the sum of $460, 000 dollars in his bank account at First Heritage Bank to the US government.

Speaking on Wednesday on Channels TV, Mr Keyamo dismissed such claims, insisting that Tinubu was linked to drug peddlers who were his neighbours.

He said: “What happened was that Tinubu went to open an account. The address which he used in opening the account was the address used by these people. I think some blocks of flats. Maybe, he was happy to be in that block of flats too.

“So, they now link it that the other people they were investigating for narcotics are in the same address used by Asiwaju to open that account.’’
https://www.thenigerianvoice.com/?.

U.S. court judgement indicts Tinubu for drug trafficking
Twitter has been agog with a United States District Court judgement from the Northern District of Illinois taking possession of Ahmed Bola Tinubu’s money over his involvement in drug trafficking.

The judgement docketed on July 26, 1993, and certified by Thomas O. Burton, the clerk of the court, indicted Tinubu for heroin trafficking in the state of Illinois through a proxy organisation owned by Adegboyega Mueez Akande and subsequently forfeited the proceeds of the crime to the U.S. government.

The funds, which were held by First Heritage Bank and Citibank in trust for Tinubu, the presidential candidate of the ruling All Progressive Congress (APC), were forfeited to the U.S. government for being proceeds of drug-related offences.

Details from the now-circulated court papers show that Michael J. Shepard, the attorney for the Northern District of Illinois, said in 1993 that the court has jurisdiction over the case brought to it by special agent Kevin Moss.

According to the document, the monies held in those forfeited accounts were proceeds from white heroin drug operations operated by Aknade and his partners.
Akande had a strong and well-connected narcotics business, whose proceeds were substantial and kept in the forfeited bank accounts, the document shows.


The affidavit revealed that the defendant’s—Tinubu funds—represented a substantial part of the proceeds from this operation or property involved in money laundering.

That Judge Michael believes based on indisputable evidence that the funds belonging to Tinubu stashed in his Citibank and First Heritage Bank accounts were proceeds from Akande and other narcotraffickers’ heroin operations. The judge concluded that the proceeds be forfeited to the US government.

Below is an excerpt of the court judgement:
https://www.google.com/amp/s/businessday.ng/amp/news/article/u-s-court-judgement-indicts-tinubu-for-drug-trafficking/

US Court Releases Documents Linking Tinubu to Largescale Drug Peddling
Court documents released by the United States District Court have shown that Bola Ahmed Tinubu, the presidential candidate of the All Progressives Congress, was culpable in drug trafficking and money laundering charge instituted against him in 1993.

This latest development put paid to all controversies around the Ikirun-born former Lagos State governor as a political figure with a history of drug peddling and money laundering.

In the court documents made public on August 10, 2022 by the US court sitting in the district of Illinois, eastern division, but brought to public notice on Tuesday by Peoples Gazette, the court affirmed that Tinubu and his cronies engaged in drug peddling “on a large scale and the operations were substantial”.

Magistrate Rijcklo, who granted the forfeiture order, stated that the funds found in the account numbers domiciled with Citibank and Heritage Bank respectively, operated by Tinubu “represent proceeds of narcotics trafficking and further represent property involved in money laundering in violation of 18 USC §§ 1956 and 1957”.

The court, importantly, “ordered that the funds in the account 263226700 held by First Heritage Bank in the name of Bola Tinubu represent proceeds of narcotics trafficking or were involved in financial transactions” which run foul of US laws.

It was further held by the said court that, “First Heritage Bank shall issue a check in the amount of $460,000 payable to Federal reserve Bank of Chicago and that the funds shall be disposed of according to the law.”

In a manner suggestive of their illicit business, the Tinubu’s successful drug cartel kept a number of bank accounts in the US before the law caught up with them as evidenced in the said certified true copy of the court documents marked 93C.4483 and sighted by FIJ.

Nigerians who disagree with Tinubu on political grounds and who feel his personal life is questionable have consistently called him out. Many Nigerians have gone beyond verbal accusations to submit petitions to anti-graft agencies and drug control agencies to investigate the two-time governor of Lagos State.

Aside drug-trafficking baggage, which has been hanging over his neck for years, Tinubu has been accused of falsifying his age and altering educational credentials in a clear bid to achieve his lifetime political ambition. Public scrutiny to checkmate his personal life was recently rekindled over his ambition to succeed President Muhammadu Buhari in 2023.

However, media records show that in 2003, US Consulate Office in Lagos wrote a letter to Tafa Balogun, the then Inspector-General of Police, saying its records did not indict Tinubu of any wrongdoing at no time in the past within the territory of the United States of America.

https://fij.ng/article/us-court-releases-documents-linking-tinubu-to-largescale-drug-peddling/

Zxcvbnmghtr:

I feel that a particular region have not stopped making reference to Jonathan's government because it favoured them.

Since afterwards, they have been crying of hunger because their sustainance was tied around the man who left power in 2015.

Zxcvbnmghtr:

I feel that a particular region have not stopped making reference to Jonathan's government because it favoured them.

Since afterwards, they have been crying of hunger because their sustainance was tied around the man who left power in 2015.

JasonNOTStatham:
A bit tricky question. If one earns in dollars, a lower USD means the value of their portfolio and assets (in USD) will drop significantly. A higher USD value regardless of inflation or high cost, keeps it in range.

The thing is the percentage rise isn't balanced with current economic impact. Earning $1000 around ₦200 per USD would buy you one laptop in 2015, whilst earning $1000 now at over 1500 would buy you more laptops.

Zxcvbnmghtr:

I feel that a particular region have not stopped making reference to Jonathan's government because it favoured them.

Since afterwards, they have been crying of hunger because their sustainance was tied around the man who left power in 2015.

beejaay:
You are replying a certified enemy of the state and it's people.. The guy is in the same category as helinues. They are both enemies of the country and enjoy seeing people suffer

Zxcvbnmghtr:

I feel that a particular region have not stopped making reference to Jonathan's government because it favoured them.

Since afterwards, they have been crying of hunger because their sustainance was tied around the man who left power in 2015.

ScarletBrace:
You’re a dunce

Zxcvbnmghtr:

I feel that a particular region have not stopped making reference to Jonathan's government because it favoured them.

Since afterwards, they have been crying of hunger because their sustainance was tied around the man who left power in 2015.

JasonNOTStatham:
A bit tricky question. If one earns in dollars, a lower USD means the value of their portfolio and assets (in USD) will drop significantly. A higher USD value regardless of inflation or high cost, keeps it in range.

The thing is the percentage rise isn't balanced with current economic impact. Earning $1000 around ₦200 per USD would buy you one laptop in 2015, whilst earning $1000 now at over 1500 would buy you more laptops.

XploraBen:
How do you make this kind of comparison?

Except from Zinox laptops (which are not that popular), 99.99% of laptops (new and used) used in Nigeria are imported. So as the exchange rate increases, the price of laptops also increases.

So I don't know how you're able to make this comparison.

Gmajor:
So how many people ate earning in USD?

JasonNOTStatham:
200K can get you a laptop in 2015, 1.5M will get you more laptops with inflated price (each).

lexy2014:
You didn't answer my questions.

1. What was the price of a single laptop in 2015 and what is the price of single laptop in 2024?

2. Has the price of laptop decreased since 2015?

3. How many laptops can you use N1.5m to buy today?

JasonNOTStatham:
You can buy a laptop amounting 150K in 2015, same laptop or similar spec will be sold today in shops around 400-500k. The price is not always constant, and very much likely laptops of such spec would be a decrease today. You could buy several of those laptop with N1.5M today.

lexy2014:
You didn't answer my questions.

1. What was the price of a single laptop in 2015 and what is the price of single laptop in 2024?

2. Has the price of laptop decreased since 2015?

3. How many laptops can you use N1.5m to buy today?

JasonNOTStatham:
You can buy a laptop amounting 150K in 2015, same laptop or similar spec will be sold today in shops around 400-500k. The price is not always constant, and very much likely laptops of such spec would be a decrease today. You could buy several of those laptop with N1.5M today.

gidgiddy:
As part of its campaign strategy in 2015, APC asked Nigerians a simple question.

Is N216 To $1 Okay?

APC was outraged that Naira had fallen to N216 to a Dollar. Many APC supporters said this alone was enough to kick out Jonathan since Naira had never been this low

Today, after almost 10 years of APC, a Dollar is now N1,500

How do you feel about the question APC asked in 2015?

lexy2014:
If you say a laptop cost 150k in 2015 and "same laptop or similar spec will be sold today in shops around 400-500k", how come u are now say that "The price is not always constant, and very much likely laptops of such spec would be a decrease today"?

Is 150k in 2015 to 400k in 2024 a decrease or increase?
.
How laptops can 1.5m naira get you today?

XploraBen:
I reverted to the moniker you quoted and I still maintain my stance from when I quoted you.

The exchange rate still plays a major role in the price of laptops. In 2015, if you make $1000 @ the rate of ₦216 that amounts to ₦216,000, which will get you a very good laptop then.
Fast forward to 2024, if you earn that same $1000 @ the rate of ₦1500 that amounts to ₦1.5m, which will get you a very good laptop for ₦400,000 to ₦600,000.

Basically, you can buy two to three laptops today.


Yes✅

Kobicove:
Was it only the APC that spoilt our currency?

The PDP also did its own damage to the national currency and the economy for 16 years before handing over to the APC

You people do not have any tangible exports yet you expect your currency to be strong

maasoap:
Easier to fault others than oneself. You that didn't buy APC promises, the one you bought, did they equally leave economy better than what they met? Mumu is your name.
The funniest thing was that those who supported Jonathan's move to end petrol subsidy removal are now against subsidy removal under Tinubu. Is that not hypocrisy?

Bizibi:
it will happen again in 2027.

JasonNOTStatham:
To be explicit... You can purchase a 4 GB RAM, 256/512 GB laptop for around such price in 2015. You can purchase a 4 GB 256/512 GB Laptop today for 400-500K. Naira decline and inflation + CPI increases, hence you spend more naira.

That is "just an example", what I meant is USD earners - naira spenders is not in disadvantage as that of naira earners naira spenders. The naira side will spend more, the USD side would spend more (similarly) but still hold their balance.

The earliest post says "the current price isn't matching the economic impact", some things have x2, x3, x5, x10 or so for naira spendings but the exchange rate is currently x7.5.

Instead of the laptops example, if two online chat support rep. living in Nigeria (same roof) Makes $200 and 80K monthly and respectively as at 2015. Technically the naira earner is earning more for same nature of job.

A pay rise of x2 (double ) as of 2024, one is earning $400 and spending 600K monthly after USD - naira exchange the other is earning and spending 160K monthly.

Do you think the USD earner is complaining of thy wage?

XploraBen:
I reverted to the moniker you quoted and I still maintain my stance from when I quoted you.

The exchange rate still plays a major role in the price of laptops. In 2015, if you make $1000 @ the rate of ₦216 that amounts to ₦216,000, which will get you a very good laptop then.
Fast forward to 2024, if you earn that same $1000 @ the rate of ₦1500 that amounts to ₦1.5m, which will get you a very good laptop for ₦400,000 to ₦600,000.

Basically, you can buy two to three laptops today.


Yes✅

JasonNOTStatham:
A bit tricky question. If one earns in dollars, a lower USD means the value of their portfolio and assets (in USD) will drop significantly. A higher USD value regardless of inflation or high cost, keeps it in range.

The thing is the percentage rise isn't balanced with current economic impact. Earning $1000 around ₦200 per USD would buy you one laptop in 2015, whilst earning $1000 now at over 1500 would buy you more laptops.

Zxcvbnmghtr:

I feel that a particular region have not stopped making reference to Jonathan's government because it favoured them.

Since afterwards, they have been crying of hunger because their sustainance was tied around the man who left power in 2015.

gidgiddy:
As part of its campaign strategy in 2015, APC asked Nigerians a simple question.

Is N216 To $1 Okay?

APC was outraged that Naira had fallen to N216 to a Dollar. Many APC supporters said this alone was enough to kick out Jonathan since Naira had never been this low

Today, after almost 10 years of APC, a Dollar is now N1,500

How do you feel about the question APC asked in 2015?