₦airaland Forum

samsworld:
[b][/b]hi, mine's 25th. find a mate for me?[color=#770077][/color]

Hi
Your mates are ihuoma85 and Akanni
Show 'em some love

simiyumimo:
pls who knows the current contact details of AIRSERVE registrars .I have not received my share of 2007 dividend declared last year!
Thanks

Kind of forgot about the dividend(mainly because of the poor dividend declared),thanks for reminding me

Stillwaterrrrrrrrrrrrrrr ,Chinesedollllll and Saucekiddddddddd
Where art thou?

And to all ma September peeps,hope the economic meltdown has not gottn the better of us,all we got to do is re-strategise,re-prioritise and go on with our lives.
For the investment-savvy peeps,spread your risk into other sectors,diversify your investment.Invest prudently and cautiously,no more impulsive spending of any sort

Finally wherever your live's endeavours take you today,do have yourselves a blessed and profitable midweek

lekzite « #607 on: November 24, 2008, 01:29 PM »:
hey guys i was born on the 11th of september

Hey you lekzite
Aloib, bebelac1,imf nthnymarce and sexlover are your buffday mates
Welcome man

Bukie #606 on: November 24, 2008, 09:04 AM :
Hi Rasp. Do I have mates in d house? I'll love to link up wit them

Hi Bukie,sorry for the delay in replying you,t'was an oversight not intended
However,you failed to say your birthday,so dearie you might wanna tell us your buffday so we take it from there

kell4eva:
mine is 18th September ,
all the 18th lets meet here.

Hi Kel,sup with you
Welcome to most beautifullest thread on Nland
Your buffday mates so far are Duroti,Princekevo and kayraph you'll do well to holla @ 'em

niyisky:
was up fellas, mine is on 9th, have you heard that the first ever online marriage community has just been launched, www.worldmarriageforum.com. Guess what, you september mate is the founder and owner of this online community and also the first world online community to be founded by a naija, so go to www.worldmarriageforum.com and hook-up with friends both home and abroad. Hey I am in need of a solid team to champion this goal so go on now and join the community. I will be waiting for you oooooooooooooooooo, !

Hi Niyi
Welcome to this beloved thread,the forum you mentioned 'is it a forum for peeps looking for spouses 
Please clarify cos we don't wanna trespass
Oh,by we,I mean the married folks in da house 

N E ways,yours sincerely is a 9th baby too,the rest of us born on the 9th are Igbonla,Adebiyi221,s4d and MR DEE
Reach out to 'em

A new month becomes on the journey towards our beloved months
Where ma peeps @

A new month becomes on the journey towards our beloved months
Where ma peeps @

dayokanu:
I thot today was the deadline for Arshavin deal. we have like 18 hours more.

Lets wait and see

We've been made to be so engrossed in the Arshavin saga that we've forgotten about the CB issue,_{now it's like if we fit get just one playa we go hala ope ooo} such a shame
I wonder how Arsene wants to end his reign @ the Emirates

A-40:
Shior!! so it has come to this??

Man you really cracked me up
Hehehehehehehehehehe

A-40:
Adebayor was garbage in that match! Diaby was even worse R.V.P was pretty average and Nasri as always was the only creative spark

, and Bendtner was SHYTE bigtime on the day

Hmmmmmmm,no cigars today

Hmmmmmmm

debosky:
A replay is one extra game we don't need with this lean squad.

Ma point izaktly

What can Wilshere do in 2+ mins,well good to see the back of Mr Pink who has succeeded in playing shyte once again

What was Sagna thinking crossing the ball outta play

Good shot from the edge of the box Nasri,too bad eckerlman saved
C'mon Gunners,give me just one goal with barely 10mins left

Good shot Nasri

@ What's the cost pls?

lagbaja=topic=222961.msg3379894#msg3379894 date=1232776545:
He explained that men of a vigilance group in Anifowose Ipata/Oloje areas of the state capital had chased two armed robbery suspects who wanted to demobilise the Mazda car with the intention of stealing it, and

"while one of them escaped, the other was about to be apprehended by the team when he turned his back on the wall and turned to this goat. They quickly grabbed the goat and here it is.’’ Mohammed said.

The police spokesman said the goat "armed robbery suspect" will not be left off the hook until investigations into the case are concluded.

Thank goodness say dem catch the goat,even I hear say na the same goat go tamper with NEPA dats why naija no dey get light,even that penalty wey that flying eagle player miss against south africa, na the goat kick the player leg (ask one Ilorin policeman who was in the stadium that day).That's not all now listen;psssst I heard the goat is responsible for the frail health situation of Mr President.
Now that the reason for the slow pace of baba go slow's government has been arrested,I dare say there's no need to interrogate the goat,make the ilorin policemen just kill am chop

debosky:
I told y'all - the Injury Angel and his cousin are now living at OT and White Hart Lane.

Debo,

Your post above is good news especially as it applies to the highlighted portion,so I hope the scummies will do me a favour and turn old trafford to a red hart lake  and drown 'em spuds after that I hope stoke city will go down to white hart lake and give any survivors from the scummies onslaught a relegation stroke on Tuesday.
Go scummies,you can do it cuz tottenham sucks 

@ OP,YEA RIGHT,WHO'S LAUGHING NOW

Criz gurl, just leave 'em eagles,eaglets,cockerels alone.They were begotten of the NFA/NFF/FFF,what does a score of F remind you of
Mark my word,we'll see more shockers on the continental scene

How bodi & work?
_{Koh yooooooooo}

vodinav6:
great people am here, dont 4get whom you are, on earth

And your day?

Hey all

toba1909:
I believe we'll sail past 4th position this season.

I believe you

toba1909:
II hope Arshavin deal will be concluded next week

Whether it's done in seven or more days,read ma lips;IT'S A DONE DEAL
Andrei has never hidden his love for and intention to star for The Arsenal,never mind the economic shenanigans of the  zenit board

toba1909:
so AW should bring a good CB to Emirate also.

I earnestly hope so

Why the Naira is on a Freefall

I am by no means an economist, but I have a few suggestions on why the naira has been on a catastrophic fall. One, the fall in crude oil price has reduced the influx of forex into our economy. The dollars are no longer raining like they used to. Simple demand and supply logic: lower supply pushes up the price. Two, the foreign reserves were being used to defend the former rate of $1:N116 even after the fall in crude oil prices. Our reserves are going down. There is a limit to which you can draw from your reserves before you start sending danger signals to your trading partners. Three, the $1:N116 that was sustained for so long, without improved local industrial production, had worsened our balance of trade. Imports had become so attractive that the ports are overflowing with containers. It means, essentially, that there has been too much pressure on the dollar to finance imports, thereby depressing the naira. Four, the global financial crisis has seen a drop in the amount of dollars supplied independent of CBN. Wire transfers to Nigeria are not what they used to be, while big banks that used to supply dollars to the market are also facing the crisis.
Last but not the least: money laundering has returned with a vengeance. In the early 2000s, public officers used to convert state allocations to dollars to buy property abroad. Nobody challenged them. The naira usually went on a freefall after every FAAC meeting where allocations are shared. The then Minister of State for Finance, Nenadi Usman, raised an alarm over this trend and the political class muzzled her up. They almost got her removed but ex-President Olusegun Obasanjo refused. Then came Nuhu Ribadu’s intervention. Politicians were soon put in check. Looting and money laundering were curtailed. Politicians were getting arrested abroad with dollar-loaded suit cases.
Of course, the politicians have regrouped in this dispensation and crushed Ribadu, thanks to the “rule of raw” (apologies to Justice Minister Mike Aondoakaa). Money laundering is back in full force as looters rush to the US and Europe to take advantage of falling house prices following the mortgage crisis. The EFCC chairman, Mrs Farida Waziri, lamented the new trend recently. Obviously, there is too much pressure on the dollar from the looters and this is a major factor in the freefall. We all, not just Ribadu, are paying the price, you know.

Thisday

Job losses loom as Naira crashes further
Written by Funmi Komolafe, Labour Editor, Babajide Komolafe, Victor Ahiuma-Young & Franklin Alli
Tuesday, 13 January 2009
*Banks plan massive lay-offs

A thick cloud of uncertainty descended on the nation’s foreign exchange market yesterday as the Naira fell further by N6 to N150 per dollar in the official market, with dire implications for the national economy.

Reacting to the development, the Nigerian Employers Consultative Association (NECA), the Nigeria Labour Congress (NLC), Manufacturers Association of Nigeria (MAN), and other members of the organised private sector warned that the continued fall of the Naira would lead to widespread increases in prices of goods and services, unemployment, and increases in costs of capital projects across the country.

Already, there are indications that the banking industry would soon experience massive job cuts as banks have concluded plans to lay off thousands of workers as part of strategies to cope with the impact of the global financial crisis.

At the inter-bank market, N153 exchanged for one dollar as against N147 on Friday, while the parallel market, Bureaux de Change (BDCs), said they do not have any specific exchange rate for the Naira owing to uncertainty on the official exchange rate and supply of foreign exchange by the Central Bank (CBN).

With the latest drop, the naira has depreciated by N18.73 or 14.3 per cent in the official market since the beginning of the year. Last week, from N131.27, the naira depreciated to N144 in the official market, losing N12.73 to the dollar.

Foreign exchange dealers of banks and BDC operators, who spoke to Vanguard, expressed concern over the silence of the CBN, saying this is fuelling uncertainty and speculation in the foreign exchange market. A senior bank dealer said the apex bank had been very secretive since it started depreciating the Naira last month.

“Hitherto, the CBN announces results of foreign exchange auction and the ruling official rate, but since the beginning of the year, the apex bank has not been doing this. Rather, it keeps the banks and BDCs in the dark on how much it is selling and what rate it sold,” the dealer complained.

“As a result, nobody is sure of what is going to happen, whether the CBN will sell foreign exchange and the quantity it will sell, whether it will further depreciate the naira, and by what margin. The situation has got to a point that nobody knows what to do and there is increasing dependence on rumours and speculations.”

Experts warn on inflation

Members of the Organised Private Sector and banking experts have warned that the depreciation of the naira would occasion widespread increase in prices and increased unemployment.

According to the Nigeria Employers Consultative Association (NECA) and the Nigeria Labour Congress, the crash of the naira will lead to job losses, drop in capacity utilisation, higher cost of production and a drop in the purchasing power.

Speaking to Vanguard, Director-General of NECA, Mr. Olusegun Oshinowo, said “the managers of this economy should address the state of our economy and our currency.”

He saidthe implication is that “costs will go up, capacity utilisation will drop, there will be lay-offs and purchasing power will drop.”

NLC’s General-Secretary, Comrade John Odah, described the crash of the naira as tragic. He also called for transparency on the part of the government.

His words: “It is tragic and it shows that our economic managers have not been able to protect our currency and economy from the global financial meltdown. It shows the hollowness of claims that we are not going to be affected.”

NECA Director-General said: “We need somebody to come up and tell us what is going on. We are in a crisis and we are not acknowledging this.”

Speaking in the same vein, NLC General-Secretary, John Odah, said “something must be done urgently. Government and our economic managers must tell the people what is being done about the economy.”

Both Oshinowo and Odah said governments of other developed countries have informed their people about the state of the economy and what is being done.

In the words of Comrade Odah, “in other countries, people know what their governments are doing. The Central Bank of Nigeria must tell Nigerians what it is doing with our national economy and currency.”

Mr. Oshinowo said Government’s statement on the state of the economy is urgent and necessary now. He recalled, “in December 2008, we had to dip our hands into our foreign reserves to the tune of $6 billion. In the light of dwindling oil production, government must come out to say something.”

Speaking in the same vein, Manufacturers Association of Nigeria (MAN) President, Alhaji Bashir Borodo, said the depreciation would have an adverse effect on the cost of production in two ways.
First, he said cost of imported raw materials will rise which will further hike the cost of production and lead to increase in price levels across the country.

He further asserted that the falling value of the naira, if not arrested, could lead to increase in interest rates.

“As more naira is generated to buy dollar in the foreign exchange market, what would be left for lending to businesses would be less, which will in turn, push up the lending rates by banks,” he noted.

"The Central Bank of Nigeria (CBN), should intervene effectively to save the value of the Naira and protect the macro-economic gains achieved in the last four years, otherwise, we will be repeating our experiences four years ago,” said Borodo.

The year would be characterized by a number of macroeconomic shocks. There is the naira depreciation shock. The foreign exchange market fundamentals clearly reflect the inevitability of the naira exchange rate depreciation.

The continued funding of the foreign exchange market at pre-2009 levels had become unsustainable. Since ours is an import-dependent economy, the depreciation of our domestic currency presents potential significant shocks.

Corroborating Borodo's assertion, President of the Lagos Chamber of Commerce and Industry (LCCI), Chief Solomon Onafowokan, said the depreciation would fuel inflation through increase in procurement costs, higher absolute values of import duties, VAT and port charges all of which would increase proportionately to the degree of depreciation. These would be transmitted to the economy through higher prices.

LCCI, he stated, has noted that there is also a direct relationship between inflation and interest rate, warning that the cost of fund would come under pressure in 2009.

His words: “I have reviewed the economic outlook to put in context the policy choices in this potentially challenging year. The LCCI feels strongly that appropriate policy choices by government could go a long way to mitigate the challenges and shocks, and some of the policy choices we propose include the following:

•Governments at all levels should refrain from the imposition of new taxes or raising tax rates on the private sector in 2009.

The current investment climate is bad enough. An added tax burden would completely stifle and strangulate the private sector and stagnate the economy. We believe that Governments at all levels could achieve marked improvement in revenue through improved efficiency in the collection and administration of existing taxes.

•Fiscal prudence in the public sector is now more critical and imperative than ever before. Governments at all levels should demonstrate greater prudence in the management of their finances. The spending patterns of the last eight years are no longer sustainable.

Thus drastic cuts in public sector spending (especially recurrent spending) are imperative in the spirit of the prevailing economic conditions.

•The recent imposition of Excise duty on detergent, cosmetics, alcoholic beverages and fruit juice, spaghetti and noodles, toilet paper and facial tissues, cartons should be reviewed in 2009 in the light of the numerous challenges already facing the real sector. The proposal for an upward review of VAT should be put permanently on hold.

•The state of the power sector has become an inexcusable national embarrassment. Government should resolutely and sincerely commit itself to the target of 6000mw of electricity generation by end of 2009. Transmission and distribution issues should also be concurrently tackled very urgently.

The economy would stagnate if the present state of the power sector does not improve dramatically.
Bankers who spoke to Vanguard also stated that the depreciation will translate to further increase in the price level and that it is consumers that will bear the burden.

A former CBN director noted that, “the depreciation cost is borne by the private sector as it has a pass through effect and price level changes, which means inflation will rise. The government revenue will increase.

However what goes round comes around as cost of government import (that is, for IPP project) will hit the roof."

Meanwhile the CBN Governor, Professor Chukwuma Soludo will today meet with chief executives of the 23 banks on recent developments in the industry.

The meeting tagged breakfast meeting with the bankers, scheduled to hold in Lagos, would among other things, deliberate on strategies to end the free fall in which the Naira has found itself in recent weeks.

Banks plan massive lay offs

CONTRARY to the continued reassurance by managers of the Nigerian economy that the nation’s economy, especially the banking sector is insulated from the global financial meltdown, the banking sector is planning to lay off thousands of workers as part of strategies to cope with the global financial turmoil reminiscent of what is occurring in Europe, Asia and America.

Vanguard authoritatively gathered that a leading first generation bank (names withheld) and two new generation banks (names withheld) have almost concluded plans to retrench no fewer than three thousand workers in response to the consequences of world economic slow down.

Since the 2005 banking sector consolidation, the said first generation bank had carried out not less that three retrenchment exercises which affected over two thousand workers, while the other two banks had also carried out one or two retrenchment exercises.

According to a senior staff in the first generation bank who spoke to Vanguard on condition of anonymity, “the effect of the global financial meltdown is already here.

Banks like ours that have direct link and are collaborating with some banks in Europe and America are already feeling the heat.

The job losses is going to be massive. In our case, for a start, the job losses cannot be less than 1000. The other two banks may each retrench more than one thousand staff. Never mind what the government and its agents are saying.

I think they are just economical with words probably to avoid panic. You can see what has been happening in the stock market since last year.”

Vanguard's investigation revealed that organised labour in the nation’s financial sector may have gotten a wind of the planned massive retrenchment exercise and is calling for a united front by labour movement in the country and its allies to confront the impending mass job purge.

Under the umbrella of the Association of Senor Staff of Banks, Insurance and Financial Institutions (ASSBIFI), labour, in a recent statement called for the immediate detachment of Nigeria from the Bretton Woods institutions such as the International monetary Fund (IMF) and the World Bank, to save the nation’s economy from the imminent economic predicament.

President of ASSBIFI, Comrade Adeshina Lasisi, in a statement said: “As the global financial turbulence spreads, if not quickly checked by severing our strings with neo-liberal, Bretton Woods institutions like IMF/World Bank, many socio-economic rights of workers and political rights of citizens would be attacked.

The most apparent threat is the imminent and menacing mass retrenchment of workers, embargo on employment, arbitrary reduction of staff emoluments especially in sectors like the oil/gas, financial and communication, and of course, attacks on the terminal benefits of workers.

All unions and workers must join hands to build a vibrant movement to protect the rights of Nigerian workers in this year because during the period of crisis and economic stagnation, workers are usually the first causalities.

The organized labour and the informal sector must link up with the progressive civil society groups to contextualize the campaign for the protection of workers’ rights.

The immediate past is replete with instances of how labour and civil society served as the only formidable opposition in the country. We can do it better.”

Where is stillwater

rasputinn:
VISAFONE BEGINS N30BN PRIVATE PLACEMENT

After 10 months of operations that have seen its subscriber base growing to 2.4 million, Visafone Communications Limited, an indigenous telecommunications company, is set to raise over N30 billion through private placement of shares to a select group of investors. The company intends to raise the money by offering a minimum of 100,000 shares to a select number of sophisticated investors at N16.90 per share. The placement which has Zenith Capital as the issuing house opens to investors on January 5, 2009 and is expected to close on February 6, 2009. The bulk of the offer proceeds would be employed to fund base station expansion, fibre backbone, increase in working capital amongst other things

Though I'm yet to see the prospectus of the PP,personally I think the PP is over-priced @ N16.90,prospectus or no prospectus.
Pray tell,was it not about a year ago they obatined about 24 billion naira from a consortium of banks for site roll out and all the other blah.This PP is coming a bit too soon and with the reality in the NSE presently,it's too expensive.

What d'you guys think

VISAFONE BEGINS N30BN PRIVATE PLACEMENT

After 10 months of operations that have seen its subscriber base growing to 2.4 million, Visafone Communications Limited, an indigenous telecommunications company, is set to raise over N30 billion through private placement of shares to a select group of investors. The company intends to raise the money by offering a minimum of 100,000 shares to a select number of sophisticated investors at N16.90 per share. The placement which has Zenith Capital as the issuing house opens to investors on January 5, 2009 and is expected to close on February 6, 2009. The bulk of the offer proceeds would be employed to fund base station expansion, fibre backbone, increase in working capital amongst other things

Hi Amsky and Aisha2.this is to wish you the very best of year 2009 and to encourage you not to forget to spare a thought for the lees privileged in our midst.Thanx for ur earlier thoughts,we are stepping up the charity gear this year by God's grace

Hmmmmmm,real sign of the times
Nearly two months now (since 24 November and we're still at half a thread page)

Happy new year to you all,both the oldies on this thread (who occasionally peep in and run off and the newbies)
Whatever investment style you choose to adopt this year,I wish you all fantastic ROIs

Hmmmmmm,real sign of the times
Nearly two months now (since 24 November and we're still at half a thread page)

Happy new year to you all,both the oldies on this thread (who occasionally peep in and run off and the newbies)
Whatever investment style you choose to adopt this year,I wish you all fantastic ROIs