Rasputinn's Posts
Nairaland Forum › Rasputinn's Profile › Rasputinn's Posts
1 2 3 4 5 6 7 8 ... 198 199 200 201 202 203 204 205 206 (of 243 pages)
 European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 3:44pm On Nov 03, 2008 |
walttt: Are you kidding me? |
| Politics › Re: Efcc Protecting Corrupt Politicians by rasputinn(op): 3:43pm On Nov 03, 2008 |
inquisitiv:Michael I-don-care was formerlly Benue state attorney general and commisioner for Justice(?),who defended then Gov Akume in court when he had a case against the EFCC.He openly swore then that if he had his way he would scrap the EFCC (now that he's AGF,I guess he's doing just that) |
| Events › Re: Born In September? Find Your Birthmates Here by rasputinn(op): 7:36am On Nov 03, 2008 |
princekevo:Hey Kevo Wetin be the parole? Well e r welcome to this wonderful thread for September peeps Your birthmate thus far is Duroti Holla out |
| Events › Re: Born In September? Find Your Birthmates Here by rasputinn(op): 7:29am On Nov 03, 2008 |
muddie4u:Hi Muddie Welcome to this wonderful thread for September peeps Your birthmate thus far is Pamperme Holla @ 'em |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 9:19pm On Nov 02, 2008 |
debosky:He'll soon run out of excuses,he's becoming ridiculous churning out one excuse after the other,week in,week out |
| Politics › Re: Efcc Protecting Corrupt Politicians by rasputinn(op): 9:06pm On Nov 02, 2008 |
1luvkipsus:You might want to re-phrase the highlighted ot read "until Waziri begins to collect bribe from the incumbent governors" because I wonder why she'd be protecting some former governors if there's nothing in it for her,,,,,,,,,,,,  |
| Politics › Re: Efcc Protecting Corrupt Politicians by rasputinn(op): 7:21pm On Nov 02, 2008 |
AND THIS BY OKEY NDIBE Farida Waziri’s job as undertaker By Okey Ndibe At the very minimum, Mrs. Farida Waziri should cease parading herself as the chairperson of the Economic and Financial Crimes Commission (EFCC). She should also stop collecting the salary as well allowances pertaining to her office. More than that, she ought to refund the sums already paid to her to assume the challenge of fighting financial crimes. Last week, Mrs. Waziri basically confessed that she lacks the will, skill and desire to prosecute the war against graft and sundry financial crimes. She also served notice that she’s presiding over an agency that has sabotaged the anti-graft crusade. There’s no question that, in some quarters, Mrs. Waziri is viewed as a “hero,” a woman doing a “fantastic” job. A Yar’Adua impostor-regime that lacks the moral spine or ethical capital to stare down corruption has reason to hail this woman who is slowly, surely re-making the EFCC into a vendor of farce and comedy. There’s Obasanjo, a man who set his moral bar so low that he now lives under the blissful illusion that history is about to transport him to the pedestal of greatness. Then there are the indicted governors who, comforted by Waziri’s assurance, are sleeping a little better now. Soon their lawyers may head for courts and petition that their cases be thrown out. And why not? After all, the woman who should know has exonerated them. She has proclaimed that they stole nothing; that their prosecution was done, in the first place, out of malice. To be sure, this Wazirian maneuver is bizarre but hardly surprising. From the outset, some of us suspected (and predicted) that Waziri’s primary task as chair of the EFCC was to emasculate and then oversee the folding up of the agency. When she grandly told the panel that screened her that she was fully willing to step on big toes, the words rang hollow. It seemed to me, in fact, that she meant the collective big toes of dispossessed Nigerians. Those who stood behind her strange appointment to head the agency seemed driven by one wish, and one wish alone: that she would accelerate the demise of the EFCC. Last week, she took a giant step towards realizing their expectation. She startled Nigerians with claims unbecoming of somebody who draws a salary for allegedly fighting crime. First, she stated that the agency has no case against former President Olusegun Obasanjo. Who does she think she’s kidding? Unless she was on vacation in Neptune during the House of Representatives’ hearing on the power sector; unless she slumbered in outer space while witness after witness detailed how Obasanjo bypassed due process to authorize huge payments to foreign and indigenous contractors for projects that were not executed, and probably were never meant to be executed, she would not have had the effrontery to say there’s no case against the former president. advertisement Then, in an equally scandalous move, Mrs. Waziri “revealed” that the EFCC’s files on thirty-one former state governors contained little or no damning information. In effect, the EFCC chair let Nigerians know that the indictment of the thirty plus ex-governors was nothing more than hype. Of course, she craftily sidestepped some questions. Did the agency ever gather the information, and if so, was it stolen? If the former was the case, then what happened to the information? If the latter, then she must tell Nigerians at what point the files were raided and emptied of documents and other evidence. At any rate, Waziri was put in at EFCC ostensibly to lead the charge in investigating quick-fingered thieves who paraded themselves as leaders. If she lacks the ability to unearth evidence of corruption against public officials who daily parade their loot in public, then it amounts to a confession of incompetence. It follows that she has no business occupying the space she does as EFCC chair. But let’s tell ourselves the truth: Waziri is doing a “terrific” job for her sponsors – among them, some of the governors under investigation or indictment for money laundering and other forms of abuse of public trust. I suspect she must have received calls from a lot of these former or current public officials patting her on the back for a job excellently done. advertisement It is no secret that former Governor James Ibori of Delta and Bukola Saraki, current Kwara governor, were part of a coalition of former and serving governors who sponsored Waziri’s headship of the EFCC. Months before Mr. Umaru Yar’Adua finally appointed her, Saharareporters.com had disclosed that a number of indicted politicians were lobbying Yar’Adua to put her forward. The website also reported – and backed it up with documentation – that Waziri had in the past intervened with the anti-corruption agency on behalf of at least one indicted ex-governor. Is it conceivable that these embattled politicians who facilitated Waziri’s appointment considered her a tough, sinewy prosecutor who will pursue their prosecution with renewed vigor and zeal? Were her sponsors remorseful felons who wanted a woman capable of seeing to it that they were sanctioned harshly? What does it say about Nigeria that it is a country where men charged with the grave crime of manipulating their offices for personal financial gain are permitted to choose the person who will investigate and prosecute them? If Nigeria took its anti-corruption crusade with a modicum of seriousness, then it should have occurred to Yar’Adua as well as members of the National Assembly that Waziri was one person who should never have been recruited to captain the EFCC. Quite apart from her coziness with some of the people she was supposed to give hell for their alleged illicit self-enrichment, her record as a crime buster was far from impressive. In appointing her to lead the EFCC, Yar’Adua hung out a loud sign, to Nigerians and the rest of the world, that the fight against corruption had gone from the era of selectivity into that of absurd comedy. Let’s be clear: Waziri’s predecessor, Nuhu Ribadu, was far from an exemplary head of the EFCC. Under his leadership, the agency sometimes came across as part of Obasanjo’s vindictive apparatus for witch-hunting those who stood in the way of his self-perpetuating agenda. Ribadu seemed willfully blind to the fabled corruption enacted in Rivers State under the watch of Peter Odili. Odili, a self-styled golden governor who, since leaving office, has kept away from Port Harcourt, was in Obasanjo’s graces – and so not to be touched. Ribadu also refused to see the billions of naira that Obasanjo used in a (thankfully) futile gambit to buy a third term – even if it meant raping the constitution in the process. After Yar’Adua’s installation as occupant of Aso Rock, many of his cohorts began to make the case that Ribadu’s style of fighting corruption was selective. That argument, while unimpeachable, did not justify gutting the EFCC. If anything, it provided an opportunity for Michael Aondoakaa, Yar’Adua’s attorney general – if he was serious-minded – to begin the prosecution of those that Ribadu had chosen to spare. At any rate, to remove Ribadu and replace him with a woman of Waziri’s deficits was a mark of Yar’Adua’s poor political judgment. With Waziri running the show, the EFCC has become a “show.” At least Ribadu brought a measure of passion to the cause of fighting corruption. Mrs. Waziri has brought, on the other hand, a commitment to turning herself into a fashionable and ostentatious figure. Ribadu successfully prosecuted Diepreye Alamieseigha and Tafa Balogun. Forget that these two men received what amounted to light slaps on the wrists. But what has Mrs. Waziri got to show for her salary and allowances? Only this: to tell Nigerians that she has no clue how to establish that a single politician stole anything from the public coffers. It’s a scandal and a shame! If the agency beat a slight retreat from what Mrs. Waziri told the legislature, it was merely because of the groundswell of criticism from every sector of Nigeria. Does it mean that the EFCC is back to the work of fighting corruption? My hunch is that, as you read this, Mrs. Waziri is thinking up fresh ideas for making the agency disappear altogether. Nothing less would satisfy those who her big-toed sponsors. http://www.saharareporters.com/columnokn4.php |
| Politics › Efcc Protecting Corrupt Politicians by rasputinn(op): 6:56pm On Nov 02, 2008 |
After reading the following article by Solana Olumense,my mood immediately became pensive because it's very obvious amongst other things that Mrs Farida Waziri was just planted at the EFCC to shield her corrupt benefactors from justice,please read through and let me know what you think . October, National Hypocrisy Month OCTOBER is our national birth month. Our 48th anniversary came around last month, about 30 days ago. I would like to move the following motion: That October be adopted as National Hypocrisy Month. For most of last month, I argued in this column that the Economic and Financial Crimes Commission, (EFCC) had deliberately sabotaged the statute by which it was created by failing to file the Commission's annual report. I called for its chairperson, Mrs. Farida Waziri, to be fired. Mrs. Waziri did not resign. She was not fired. In fact, she got up to argue that the law be amended to eliminate the immunity being enjoyed by chiefs of state. I agree with Mrs. Waziri on this point; that immunity should never have existed in the first place. But it seems to me that she is herself enjoying the privileges of the National Hypocrisy month. Here is the chairperson of the EFCC who has refused to conform with the law that brought her to office by sending the annual report, her first, to the National Assembly. Brushing such an inconvenience aside, she wants even greater authority. Authority without responsibility. Are some outlaws better than other outlaws? Yes, I know that the EFCC's Femi Babafemi has claims that not only am I mistaken in demanding the 2008 Report, but that the 2007 Report has been submitted to the National Assembly. I have tried to obtain the report, but failed. I know journalists that have tried to obtain it, including from Mr. Babafemi, and also failed. In the spirit of National Hypocrisy month, I do not know of any member of the National Assembly that has asked the EFCC for the report. Not one, even though Mrs. Waziri met with many of them during the month. This is perfectly understandable in the context of National Hypocrisy month. I guess the members of the Assembly would argue that they make the law, which makes them superior to it. They do not have to be outraged even when the law is broken over their heads. In the context of the National Hypocrisy Month, it is also understandable that President Umaru Yar'Adua, who last week fired 20 Ministers allegedly for non-performance, finds no contradiction in pretending he has no interest in whether the EFCC meets this statutory requirement or not. All of this is particularly interesting when you consider that, during the same month, Mrs. Waziri claimed she could not prosecute 31 former governors because their case files were either "distorted or missing." She said that our former President, Olusegun Obasanjo, has no case to answer because no petitions had been filed against him, a claim we have since proved to be empty. She has since taken half a hesitant step back from those statements, but she has not confirmed she is prosecuting anyone. She simply wants the additional authority to prosecute five governors; with those, she has no strings, unlike the former ones, some of whom she is known to have done business with. At the Federal Ministry of Justice, Michael Aondoakaa, the Attorney General and Minister of Justice, with the support of President Yar'Adua, is using federal resources to help James Ibori to avoid justice in England. He is telling the court that some of the evidence that can send the former Delta State governor to jail and deny him his loot is inadmissible because it was obtained from the EFCC without his permission. You would be outraged, if you were a Nigerian, who cares about people like Mr. Ibori getting what they truly deserve, unless you considered the matter in the context of National Hypocrisy Month. Our National Hypocrisy Month should think about the army of Senior Advocates of Nigeria who convey so much concern during the day about what is wrong with Nigeria, but are falling over each other at night for the privilege of "defending" the thieves that looted Nigeria blind. During National Hypocrisy Month as they swim in the mud that cannot be washed off, these lawyers ought to be inducted into the National Hypocrisy Hall of Infamy. Let us celebrate October. It is our month, the one when we hug Nigeria warmly from the front, and coldly plunge in our knives at the back. http://www.guardiannewsngr.com/editorial_opinion/article03//indexn2_html?pdate=021108&ptitle=October,%20National%20Hypocrisy%20Month |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 6:32pm On Nov 02, 2008 |
A-40:I disagree with you man IT IS OVER You cannot draw an analogy between where we are today and where chelshit was this time last season (don't forget they've always had strength in depth through and through,they only had a jerky start to the season because the asshole called mourinho was beefing his boss and the players were confused where to align and it reflected on the field of play) Our present scenario is totally different from the above. A-40:Q.E.D |
| Events › Re: Born In September? Find Your Birthmates Here by rasputinn(op): 2:09pm On Nov 01, 2008 |
Hey all,hope u're having a great weekend |
| Events › Re: Born In September? Find Your Birthmates Here by rasputinn(op): 2:52pm On Oct 31, 2008 |
ANOTHER JOKE Two young lovers go up to the mountains for a romantic winter vacation. When they get there, the guy goes out to chop some wood. When he gets back, he says, 'Honey, my hands are freezing!' She says, 'Well, put them here between my thighs and that will warm them up.' After lunch he goes back out to chop some more wood and comes back and says again, 'Man! my hands are really freezing!' She says again, 'Well, put them here between my thighs and warm them up.' He does, and again that warms them up. After dinner, he goes out one more time to chop some wood to get them through the night. When he returns, he says again, 'Honey, my hands are really, really freezing!' She looks at him and says, 'For crying out loud, don't your ears ever get cold?' |
| Events › Re: Born In September? Find Your Birthmates Here by rasputinn(op): 2:48pm On Oct 31, 2008 |
JOKE Why do you guys think that men find it difficult to make eye contact? Well the same question was put to a certain dude by a fine looking lady and the converstaion went thus; Lady:Why do men find it difficult to make eye contact? Dude:It's because breasts don't have eyes. |
| Investment › Re: Stock Market Tips For Nigerians by rasputinn(m): 2:39pm On Oct 31, 2008 |
BHG:Areas of interest coloured |
| Investment › Re: Stock Market Tips For Nigerians by rasputinn(m): 2:35pm On Oct 31, 2008 |
Banks Groan Under N300bn Failed Loans By Moses Obajemu, 10.31.2008 Thisday Investigation Some Nigerian banks are currently groaning under massive weight of about N300 billion non-performing facility granted to some petroleum marketing companies to finance building of tank farms, product import and facility expansion, THISDAY has learnt. Consequently, most banks have stopped lending to small operators in the sector. A highly placed official of one of the affected banks said most of those who got the loan facility diverted the money from the original purpose for which the loans were meant, acquiring other “assets and liabilities” in the process. He also said those who actually utilised the loans had managed the funds poorly, admitting some had been gravely affected by the changing dynamics in the international oil market. This revelation is coming at a time when quoted companies on the stock exchange are said to have lost about N3.5 trillion in the value of their shares since March 2008. Most of the bank stocks have been on a freefall from an all time high, triggering panic among investors. Operators in the petroleum sector, according to investigation, sourced over N250 billion from banks as business seed capital. In effect, the players are owing banks over N300 billion plus interests, which the debtors are not servicing and are not even in the position of liquidating, thereby causing panic in the banks that granted the facilities in the construction of the depots. Competent sources informed THISDAY that some of the affected banks are gearing up to take over the tank farms and some of the assets used in guaranteeing the loans. While the total combined storage capacities of the tank farms are up to 1,000,000 mts, the average availability at any time, according to reliable sources, is about 100,000mts. The rush to establish tank farms was in response to boom expectations. Sources revealed that banks are jittery over how to recoup their funds. Market watchers however appear to have little sympathy for the banks as they point out that the banks themselves cannot escape culpability. “Banks are known to have often deployed shareholders’ funds to finance loss transactions because there is a lack of comprehensive risk assessment of importers (independent marketers who are basically traders of refined products), which implies loss via traders’ losses. They always shy away from supporting real sector principally because of the long gestation period, they go for traders because of quick returns,” a market analyst told THISDAY. Some market watchers believe banking sector regulators should come in for some knocks “for not leaning on their recent sterling reform efforts” to sanitise untoward practices that smear and endanger the sector. As it is now clear from emerging facts that operators in the downstream petroleum sector may default in repaying these loans, this has sent shock waves into the banking sector because of its financial implications. |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 12:20pm On Oct 31, 2008 |
@ Muki Message got and delivered |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 8:24am On Oct 31, 2008 |
@ Sauron Your expressed opinions above are very objective save for not holding the defence accountable for d 3rd & 4th goals.The defence & d lackadaisical midfield are to blame, As per d panic buttons,I'm pressing 'em with both hands,that doesn't mean a loss of faith,but rather that something is inherently wrong with most of our gaffer's decisions of late:whether it's to do with converting Eboue to a midfielder or refusing to buy anotha quality midfielder in d summer window(I wrote then on this thread on d need 2 get a player like Luka Modric when t'was obvious he was leavin dynamo zagreb),or not buying a quality CB or was it the subs he made?The list goes on and on,the unfortunate thing is that Arsene is too proud n stubborn to change his mind.I will support my club come what may because I've been @ it before AW was hired n I'll be there when, ,,,,,, |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 8:02am On Oct 31, 2008 |
AC Milan is tabling a £30m bid for Fabregas in the January transfer window |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 2:16pm On Oct 30, 2008 |
nyabinghi:Learn what and from who?You,only in your dreams,,,,,,,,,,, I said the race is effectively a two horse race and I meant that the way we're d ropping points,the gap between us and the two teams above us can only get wider. In case you didn't notice,I did NOT mention manure because manure is really not in the equation.This present crop of manure playaz are as likely to drop points against the smaller teams |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 11:36am On Oct 30, 2008 |
It's now effectively a two-horse race between chelshit and liverfool (with chelshit having a slight edge cos they won't drop unneccesary points against weaker teams) |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 11:33am On Oct 30, 2008 |
I heard AW will be resigning at the end of the season Now that's really unfortunate,it's cos the board will not sack him,else he shoulda been shown the door @ the start of the season He obviously is not ready to compete for any trophies any longer Such a shame |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 10:59pm On Oct 29, 2008 |
This is some serious baloney of a defence |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 10:56pm On Oct 29, 2008 |
This is some baloney of a defence |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 10:49pm On Oct 29, 2008 |
Cristalz:Hi Crizzie,congratulations Ronnie's put y'all two goals up Guess West Ham is no longer your bogey team  Hull just fall my hand trailing chelshit 0- 3 presently |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 10:38pm On Oct 29, 2008 |
Juande Ramos was really lucky to have had a lucky escape Hope dirty Harry is enjoying the baptism of fire  |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 10:31pm On Oct 29, 2008 |
That's what I'm talking about RVP |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 10:30pm On Oct 29, 2008 |
Beautiful goal Ade,nice job Nasri Remaining one more goal to restore the two-goal advantage Go Arsenal |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 10:28pm On Oct 29, 2008 |
Beautiful goal Ade,nice job Nasri Remaining one more goal I'm having a wonderful night already |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 10:26pm On Oct 29, 2008 |
Yello for huddlestone More frustaration for spuds  |
| European Football (EPL, UEFA, La Liga) › Re: Arsenal Fan Thread: For Gunners Only (Old) by rasputinn(m): 10:23pm On Oct 29, 2008 |
vichel: MrCrackles:Talk of mistaken identity Knew you guys'd figure out sooner rather than later One luv guyz |
| Investment › Re: Stock Market Tips For Nigerians by rasputinn(m): 8:33am On Oct 29, 2008 |
Now that the shackles have been removed,let's hope the market quickly finds a support level after an expected short free-fall |
| Investment › Re: Stock Market Tips For Nigerians by rasputinn(m): 8:32am On Oct 29, 2008 |
Stock Market Dips as NSE Removes ‘Circuit Breaker’ •Good times now ahead, say foreign investors By Goddy Egene and Eromosele Abiodun, 10.29.2008 The Nigerian Stock Exchange (NSE) yesterday removed the restriction of one per cent maximum downward movement of share prices as efforts to find a solution to the persistent bear run continue. The latest development has excited some foreign investors who said yesterday that the future now looks good for the nation’s stock market following the removal of artificial restrictions. THISDAY had, in its editorial last Sunday, described the “circuit breaker” as futile and called for it to be lifted. The peg was put in place on August 27, 2008 following a meeting Vice-President Goodluck Jonathan, Minister of Finance, Dr. Shamsuddeen Usman, held with stakeholders in the market to stem the fall in share prices. While the downward price move was restricted to one per cent, upward movement was left at five per cent. Despite the application of the circuit breaker, share prices plummeted further to a point where the market began to record zero price gain. Some stockbrokers and market analysts began to call for the removal of the peg, arguing that the market was still being artificially restricted from finding its level. But some interests, said to have borrowed heavily from foreign financiers, were uncomfortable as there was a possible take-over of their businesses by their financiers if share prices were allowed to go on a free fall. These interests were said to have prevailed on the NSE not to remove the one per cent peg. The Director-General of the NSE, Prof. Ndi Okereke-Onyiuke, yesterday finally announced the removal of the peg. With the decision, the +5/-1 restriction will now go back to the pre-August +5/-5, thereby allowing prices to fall by up to five per cent in a day. She said the decision to remove the restriction was informed by the position of the stockbrokers who are dealing members of the NSE and the need to stimulate foreign investments. According to her, the stockbrokers took the decision at the 12th Annual Conference held in Ilorin, Kwara State, last week. She said: “The intervention was used to feel the pulse of stockbrokers since we put the circuit breaker of one per cent downwards in our market. At first, it was welcome but all of a sudden people that were not dealing members reacted and later some people said we should not remove it because some people that are not even in Nigeria want the market to bottom out so that they can pick up our stocks for peanuts. “These were ramifications that we were not thinking of when we were singing the song of the circuit breakers. This, as at it may, we kept our ears shut until our dealing members went to Ilorin and had their conference and appeared they have collectively decided that we should remove the circuit breaker. And so after due deliberations, we have decided today (yesterday) to remove the circuit breaker and go back to five per cent up and down which is what we were doing before.” Apart from the removal of one per cent, the NSE also reversed the minimum number of shares needed to move a price of stock from 100,000 units to 50,000 units. Although the circuit breaker has been removed, Okereke-Onyiuke said it could be re-applied anytime. She said: “I want to make it clear that this will be the last announcement from the NSE concerning circuit breakers. It is from you, the stock brokers, that people heard the percentage or the style of our circuit breaking. There is no where, no stock exchange in the world, not a single one that does not have a circuit breaker. “The president [of the NSE, Mr. Oba Otudeko] and I just came back from an emergency meeting of the World Federation of Exchanges in Milan, Italy. It was made clear that this is a regulated market it is not an Over-the-Counter market that is unregulated that has a free fall. All the regulated stock exchanges in the world, every one of them has a circuit breaker. It is not the public that would hear, it is only the market control and the management of the exchange that knows when and what percentage of circuit breaking to put depending on what they see at the market, that is the regulatory role of the exchange. “We will never, ever let you know and if you decide to speculate on your own and make it public information to your investing public, it is your business. We decided to announce this because the whole world knows about this one per cent. So we want to tell the whole world that we have removed it.” Apparently worried by the focus the media is giving on the crisis in the Nigerian stock market, Okereke-Onyiuke barred journalists from the viewing gallery which is located on the 9th floor of the NSE Building. Stockbrokers who spoke to THISDAY condemned the action, saying it did not show any sign of transparency on the part of the NSE management and would further fuel speculative reporting of the activities of the market. Meanwhile, some fund managers from South Africa, New York and London visited the NSE yesterday to assess the market with a view to investing. Mr. Peter Thomson of Coronation Fund Mangers, South Africa, who spoke on behalf of others, said while the Nigerian market is very attractive, some fund managers left because of the negative rules. Thomson said with the reversal of the rules, foreign investors would return to the market soon. However, the removal of the peg dealt a big blow on the market capitalisation of the NSE as it lost N324 billion or 3.5 per cent, falling from N9.135 trillion to N8.811 trillion. The capitalisation had recorded a depreciation of 0.5 per cent or N54 billion the previous day before the price restriction was lifted. As at the close of trading yesterday the market had lost N3.8 trillion from its peak of N12.6 trillion last March and N1.4 trillion from this year opening value of N10.18 trillion. |
| Investment › Re: Stock Market Tips For Nigerians by rasputinn(m): 8:29am On Oct 29, 2008 |
egoldman:1% max daily loss as against 5% daily appreciation |
1 2 3 4 5 6 7 8 ... 198 199 200 201 202 203 204 205 206 (of 243 pages)