₦airaland Forum

Now I know why Jonathan's ship sank. His administration was full of morons, does this cow even know a bit about what he proposes? It's obvious he has never been in the oil and gas industry. This is the worst proposal ever, GMB should try this and Nigeria is finished for good. I bet.

PassingShot:
I am neither here nor there on this. Let's wait and see GMB's administration position on the advice.

I want to believe that a lot of brainstorming will guide them to take a decision because it's not as straight forward as it looks.

Yes. It's not as straightforward as it appears on the surface.

I'll discuss it one of my Union comrades later today!

Xano:
I've read your comment. Let me present this scenerio:

If your company is in Joint Venture partnership of (60-40)% equity ratio with the other company, what will you do as regards Board Resolutions? How will your company respect their interest as regards M.O.U?

There'll be no 60-40 equity ratio. Rather, if we reduce our stakes to 40% as opposed to the 30% being proposed, we'll have a maximum scenario of 40-40-20 JV equity ratio or 41-40-19, where 40 or 41 still represents the FG, and 20 or 19 represents local investors (local and competent e&p coys, plus state govt of the region in question). The FG still dictates the tune, petroleum taxes would be raised and the extra 8.94trillion naira would be available for developmental projects.

stronger:
GEJ didn't have a spending plan. He and the PDP had a looting plan. GMB plans to spend wisely by first recovering as much previous loots as possible, reducing corruption to the barest minimum and blocking leakages. Just watch and see how it will be done.

My assumption stands. Heck, it's not an assumption. It's the truth. . for discerning minds only

Wake up. You are living in a dream world.

omenka:
k.

FInally u don learn one thing after 4yrs!

I don't think it is a good idea to sell off part of the holdings of the government in the JV with the oil multinationals. It will translate into loss of control/majority power in the business of the oil companies. I think we should look into other source of funds for the government.

Coolcash1:
I am an economist cum chartered accountant with experience and training in public finance and i can tell you that this is not a good proposal coming from the CBN helms man. He advised that only 30 percent should be retained. So, if crude oil price crashes again in the future will the government now completely divest to raise fund- of course not.

What government needs to do are;

1. Sanitize the industry of corruption and excessive leakages
2. Restructure the investment arm of NNPC- NAPIMS
3. Transfer all its interest in oil and gas assets to the investment company
4. List the company on stock exchange market for access to cheap, sustainable and developmental finance thereby freeing up the government at the centre with funding challenges.

I have always doubted the competence of this CBN governor.

Thank you for your sound analysis of this situation. This CBN governor should be tied to a stake and given 36strokes. He is such a disappointment, this is the first time I have heard him say something and it is so dumb.

stronger:
We have had 60% for years. What have we done with it? Nothing! Politicians loot!

Now that we have a responsible and accountable govt, sell part of it and develop infrastructure. Saudi Aramco has RESERVES that we can't even dream of. There is a future. Our oil will soon finish and the oil price will never get to above $100 again except there is a MAJOR WAR in the ME. Major! best thing, sell off now!

Not quite sure about this suggestion by the CBN govt. There would definite be positives and negatives in his suggestion.

But my surprise is you saying "now that we have responsible and accountable govt" it is good to be positive but you are asking like this incoming govt has managed the country somewhere before to be ascribed that responsible/accountable toga.

Let them enter first let's see how the manage the country/economy to know where we are heading. I don't trust politicians at all. I agree GEJ was a disaster.

Imagine $75B in the hands of Nigerian politicians at once. Some of them will go gaga.

socialmediaman:
Just like GEJ considered the implications of paying cabals trillions in subsidy instead of fighting corruption and implementing reforms in the oil sector? Did his decisions amount to the interest of Nigerians? When you begin to trust everything your leaders tell you rather than using your own common sense, one day they'll sell your heritage for their own convenienceto do their job and get paid while you continue to suffer the effects after they're gone. Do you think yourand gone home to wait for results to be compiled and announced? Be wise, man!

relax bros.you have your Point but that doesn't detract from the fact that he gave an advice from info available to him and Buhari is at liberty to jettison it.
Tnx

No capacity to reinvest the proceeds for long term benefits. The economy would be worse off.

Sweetguy25:
Its actually a great idea but I doubt the realizable amount the CBN projected. The problem still lies with our fiscal structures. The 75 billion dollars will be shared by all tiers of government. The FG will retain about 30 billion, 25 billion goes to the states and local governments while the remainder will be given to the CBN to defend the naira. At the end of the day, the money will still be wasted.
So it makes no difference.

Dey will now share everything, and they will not give nairalanaders wey dey debate from morning till night ..chai
[color=#990000]

Sweetguy25:
Its actually a great idea but I doubt the realizable amount the CBN projected. The problem still lies with our fiscal structures. The 75 billion dollars will be shared by all tiers of government. The FG will retain about 30 billion, 25 billion goes to the states and local governments while the remainder will be given to the CBN to defend the naira. At the end of the day, the money will still be wasted.
So it makes no difference.

[color=#000099]
Dey will now share everything, and they will not give nairalanaders wey dey debate from morning till night ..chai

Sweetguy25:
Its actually a great idea but I doubt the realizable amount the CBN projected. The problem still lies with our fiscal structures. The 75 billion dollars will be shared by all tiers of government. The FG will retain about 30 billion, 25 billion goes to the states and local governments while the remainder will be given to the CBN to defend the naira. At the end of the day, the money will still be wasted.
So it makes no difference.

[color=#000099]
Dey will now share everything, and they will not give nairalanaders wey dey debate from morning till night ..chai

somebody tell this man that we are not at war or have we suffer any natural disaster. why sell off Nigeria's oil stake? to pay salary?

somebody tell that man to keep quite.

what we need now are;

1. stop paying security vote to governors and top govt. officials
2. return all money to federation account
3. peg salaries of political office holder
4. revisit monetization policy
5.let any company that have more that 10 billion in investment and which business cover more than 70% (25 state) of the country be quoted on the Nigeria stock market.
6. state police
e t c

Keneking:
All this cabinet members of Jonathan sef...
Emefiele wants us to sell-off our collective wealth to capitalists Was he drunk when he made this statement?
A kind of advice you get when your friend is drunk and still wants to drive you home.
The kind of suggestion you get from unqualified people in government.
Nonsense

Did u comprehend d advice at all?
u swnd like one wit hatred for d CBN Gov.
You that is more qualified & not drunk.
what is your own advice for buhari as regards dgeneration of revenue, wich is preferable to that of d CBN Gov?
or is this ur coment all u know?

Bad advise!

this guy Godwin Emefiele dont have sense.....what is later,when the money is finish? then foreighners own most of our oil??

idiat...am sure he is a igbo-man...not everything is money,money,money...damnit...

This advice get as e be o. While there is an urgent need for cash occasioned by the sharp fall in oil price and the rather clueless depletion of the foreign reserve by the outgoing government, I think it is not in our best interest at this time to consume both our dinner and lunch with our little breakfast. Our stake in the oil sector will and should continue to generate revenue for us rather than some fat cats. I think what should be done is to remove subsidy completely and block leakages and explore additional sources of revenue. The agric sector has to be revamped and local production should be encouraged. We should learn to consume our own. We should also encourage other sectors of the economy to grow, an example being the automotive industry. This will help to strengthen the Naira and boost the economy.

How can you sell off d countries gold mines for quick cash
That's like killing the goose that lays the golden egg
This should be resisted vehemently

CHESSBOARD:
anyway dont quote me again and i wont...at least I am not the only one who saw how stupid u were with ur words

Mumu grandpa.

derecho:
relax bros.you have your Point but that doesn't detract from the fact that he gave an advice from info available to him and Buhari is at liberty to jettison it.
Tnx

Yeah well I just feel he's incapable of confronting the real situation and enormosity of the job facing him, so he's towing the short cut direction. Reminds me of this guy in secondary school who used to take his younger sister and follow a lonely potentially dangerous bush path to school, all in the bid to avoid facing fellow classmates who used the normal route to school whom he couldn't confront because they used to make mockery of him. Well, the CBN man has done his job the way it suits him, I'm doing mine too in my interest as a Nigerian, lets see who wins.

We are seeing one of those who are going to jointly ruin the country further with the elected president. Buhari's administration is going to be a great fiasco!

Why can't they remove the oil subsidy and cut down on the NASS earnings?

I cant wait for MAY 29. I wish Mr President can just retire to his hometown and let a CATTLE HERDER & KILISHI seller take charge.

I AM NOT PRO-APC,but i want to see the MAGIC WAND. Tgis decision can even confuse a professor, how much more a SEMI-ILLITERATE. See, i am NOT dissing, but advice here, party agenda here, coupled with lack of proper education to run a complex country like ours will go a long way in crippling this man's administration.

Reason am : EMEFIELE wants him to do this,another of his ally in his party would advice him. How does he handle this? Lets be truthful, its NOT about : I WILL FIGHT CORRUPTION. If corruption goes,does that make oil sell more? + this man cant handle all these.


I will personally watch the TV on may 29 as i did during elections. DO NOT EXPECT TOO MUCH OF THIS MAN. . . E.G : The train model he was being shown. We do not have : ELECTRICITY to run it. NIGERIANS ARE VANDALS. WE WOULD TURN IT TO MOLUE. . .SO many problems, let us see how our MESSIAH WOULD SAVE US

Wise advice

So, the advise is to sell off your investment, use the money to build your retirement home and live on pension income.
hahaha, i dey laugh o.

This is a very silly and extremely myopic idea. Especially coming from very high up place like. I wonder what his other ideas and suggestions to the government will look like.

I think Emefiele is a square peg in a round hole. Someone like him should only be in the private sector, not in a place like the CBN.

socialmediaman:
This CBN man is talking like a fresh graduate from the university without seasoned knowledge of administration. He should rather advise the president-elect to curb waste in government and restructure the civil service to gradually shed its idle workforce by introducing policies like shift work while investing heavily in the economy to generate employment and develop infrastructure

You just spoke my mind

You can't feed the monster call the civil service and NASS and. HOAs(wages, severance fees and pensions) and evil governor's pensions

Put a public procurement process that works then Nigaria can get value for whatever funds

xpat1:
Emiefele was appointed by Goodluck he never advised Jonathan to do so, why Buhari?...

I wonder

Notice how easy every region is calling one regionresource as OUR as though its on no man's land,yet let somebody call a place no man's land and you go hear am hot

Firstly This man is the CBN Governor, he should stick to his remit which is monetry policy and bank supervision.

In terms of his advice, I dismiss it completely out of hand. We should in fact be moving closer towards 100% ownership of the ventures not the other way round.
it is true govt needs funds for critical development, but this can be done by selling infrastructure bonds or doing Public-Private initiatives with the private sector.

Sell to who now oga? To you or who now?

codedguy1:
Not quite sure about this suggestion by the CBN govt. There would definite be positives and negatives in his suggestion.

But my surprise is you saying "now that we have responsible and accountable govt" it is good to be positive but you are asking like this incoming govt has managed the country somewhere before to be ascribed that responsible/accountable toga.

Let them enter first let's see how the manage the country/economy to know where we are heading. I don't trust politicians at all. I agree GEJ was a disaster.

Imagine $75B in the hands of Nigerian politicians at once. Some of them will go gaga.

I agree with you. I'd rather see them perform well for a few years before they make that kind of huge investment. Truth is, don't take that suggestion too seriously. It's very likely not going to happen to be honest. Oh well. .

Cheers

I think this new CBN governor is senseless, not in tune with the realities of Nigeria. By now, I guess he should have known that the problem is not raising money to spend but the judicious use of moneys already raised. Selling your assets so you can raise money to spend is as dumb as possible . well I don’t expect much from a man appointed by a clueless and wasteful administration.
Just yesterday they raised money to spend by removing so called subsidy on petroleum and what did we have all manners of sham projects and wasteful expenditure. Then they raised money to spend about $1bn for security only to curb book haram and what did we get more insecurity. Besides, they have raised money to spend on projects like ZTE police telecommunication infrastructure worth $500million but never worked 3 years running, also $400million for Abuja metropolis cctv never worked 4 years running . Mr CBN governor please keep quite at least we will not know how dumb you are.