₦airaland Forum

houvest:
@ Onlytruth. I am really wondering at how this issue is taking your time. Are we so forgetful? Tell me again who fielded Ribadu few months ago and who voted for him. Nuff said.

and your point is
Ribadu was a big joke that not even the fact that he was flying the ACN flag could win him the SW votes. The fact that the ACN under the leadership of Tinubu settled for Ribadu as against a more porpular candidate from say the east or even Buhari( who was a powerful force to deal with)only goes to show that the mechanism in the ACN for the emergence of its candidates especially, presidential candidate is flawed, parochial and tyrannical. We all were witnesses to the arm-twisting demands that collapsed the possibilities of any serious party alliances. How one man almost single-handedly was making demands on his own terms in the guise of representing the Yoruba tribe, while the main characters involved were rendered "siddon look spectators" in a matter that they would have taken the front seat. At a point, I was having problems differentiating what the party stands for- yoruba political ideals and preservation or a wholistic national democratic principle. ACN will remain an annex of the Afenifere until they learn to handle affairs in a democratic manner that excludes any tribal consideration but emphasize more on national considerations and spread. Decision making wont have to be the sole privilege of one man just because he bankrolls the party.

houvest:
@ Onlytruth. I am really wondering at how this issue is taking your time. Are we so forgetful? Tell me again who fielded Ribadu few months ago and who voted for him. Nuff said.

and your point is
Ribadu was a big joke that not even the fact that he was flying the ACN flag could win him the SW votes. The fact that the ACN under the leadership of Tinubu settled for Ribadu as against a more porpular candidate from say the east or even Buhari( who was a powerful force to deal with)only goes to show that the mechanism in the ACN for the emergence of its candidates especially, presidential candidate is flawed, parochial and tyrannical. We all were witnesses to the arm-twisting demands that collapsed the possibilities of any serious party alliances. How one man almost single-handedly was making demands on his own terms in the guise of representing the Yoruba tribe, while the main characters involved were rendered "siddon look spectators" in a matter that they would have taken the front seat. At a point, I was having problems differentiating what the party stands for- yoruba political ideals and preservation or a wholistic national democratic principle. ACN will remain an annex of the Afenifere until they learn to handle affairs in a democratic manner that excludes any tribal consideration but emphasize more on national considerations and spread. Decision making wont have to be the sole privilege of one man just because he bankrolls the party.

lagcity:
When is this nonsense about Yoruba Party going to stop? It is mainly Igbos who call ACN Yoruba party. ACN has never fielded a Yoruba candidate for president. The last two ACN flagbearers were Atiku and Ribadu. Is it ACN's fault that they didn't sweep the SE? ACN candidates came out in the SE but Igbos didn't vote for most of them. APGA is the only ethnic party in Nigeria because unlike CPC, ANPP and ACN, it didn't even bother to venture out of the SE.

guy relax! It is not just the Igbos that sees the ACN as a tribal party but also tribes of other region. The fact the ACN got a landslide victory limited only to the whole of the SWestern states lends credence to my argument.

lagcity:
When is this nonsense about Yoruba Party going to stop? It is mainly Igbos who call ACN Yoruba party. ACN has never fielded a Yoruba candidate for president. The last two ACN flagbearers were Atiku and Ribadu. Is it ACN's fault that they didn't sweep the SE? ACN candidates came out in the SE but Igbos didn't vote for most of them. APGA is the only ethnic party in Nigeria because unlike CPC, ANPP and ACN, it didn't even bother to venture out of the SE.

guy relax! It is not just the Igbos that sees the ACN as a tribal party but also tribes of other region. The fact the ACN got a landslide victory limited only to the whole of the SWestern states lends credence to my argument.

Aljaherem
Will you stop distracting us with your very dumb questions steeped with subtle tribalism and bigotry. So an Igbo, Yoruba or Hausa president is not Nigerian, right? Where is this Aboki from sef, Pluto?
Your hypocrisy fills my palate with bile every time you surruptituosly try to pit one tribe against another one. Abeg stop the nonsense jare!
As for claims that Igbos did not vote MKO, I personally think that propaganda is stale and has been rubbished by the introduction of the internet and political blogosphere discussions. Abiola got more than the constitutional 25percent requirement in the four S/eastern states, whether he won there or not is immaterial, it is fraudulent for any conclusion of non-support by the Igbos to be drawn on the basis that he could not secure clear cut victories in a majority of the S/eastern states.
It would have been understandable if the case was like Buhari's, who got less than 10percent of the eastern region votes.
Finally, come 2015, the master stroke wont be that of Tinubu to decide but a well thought out alliance with first, the ACN(needs to shed off the Yoruba party toga and the menacing Tinubu grip to be taken seriously in other regions), APGA(like it or not, in the s/east, they are the next best thing after PDP) and other aggrieved element from the Phi Dee Phi(as that is bound to happen come 2015)
But I doubt if Tinubu's ego wont get in the way, as there is bound to be personality clash with say Ngige(who wont want to be as docile and behind the scenes as Ribadu) .
Aljaherem
Will you stop distracting us with your very dumb questions steeped with subtle tribalism and bigotry. So an Igbo, Yoruba or Hausa president is not Nigerian, right? Where is this Aboki from sef, Pluto?
Your hypocrisy fills my palate with bile every time you surruptituosly try to pit one tribe against another one. Abeg stop the nonsense jare!
As for claims that Igbos did not vote MKO, I personally think that propaganda is stale and has been rubbished by the introduction of the internet and political blogosphere discussions. Abiola got more than the constitutional 25percent requirement in the four S/eastern states, whether he won there or not is immaterial, it is fraudulent for any conclusion of non-support by the Igbos to be drawn on the basis that he could not secure clear cut victories in a majority of the S/eastern states.
It would have been understandable if the case was like Buhari's, who got less than 10percent of the eastern region votes.
Finally, come 2015, the master stroke wont be that of Tinubu to decide but a well thought out alliance with first, the ACN(needs to shed off the Yoruba party toga and the menacing Tinubu grip to be taken seriously in other regions), APGA(like it or not, in the s/east, they are the next best thing after PDP) and other aggrieved element from the Phi Dee Phi(as that is bound to happen come 2015)
But I doubt if Tinubu's ego wont get in the way, as there is bound to be personality clash with say Ngige(who wont want to be as docile and behind the scenes as Ribadu) .

Interesting views so far!

I was going to ask this question by the way; which tribe/ethnic group has the most of local dishes? Me think it is us, Igbos, you need to be in the east to appreciate our very many local delectable dishes that will make you want to shove down pizza and hamburger into dustbin. I may be wrong though but I am yet to see any tribe with so many dishes to boast of like the igbos. I remember back in them days when my mum was alive, jeeez. . That woman made some soups that till these days I am yet to see in any local restaurant here in lagos. calabar people too have some very nice dishes too but I doubt it is in variety like that of the Igbos though.

Yorubas: inspite of the fact that most of the times here on NL, they are always at loggerhead with us Igbos, after my tribe, they are the next tribe I respect the most in Nigeria. They are extremely fun loving- I would rather go to a yoruba party or wedding than my fellow Igbo party. You get served food the minute your butt is on a seat at the venues. Their meat and fish are usually oversized, they make sure you have food in your stomach before they go next to the items on the agenda.
They are very nice people if you understand their way, you will do better with them if you can speak yoruba fluently. Another thing, their gurls sabi carry belle easily, as in dem fertile die. .lol. .and dem no dey hear abortion o, u go must born am. They also have a very strong affinity for their cultural values. Where two or more of them are gathered be sure to hear yoruba language spoken however educated and polished they are, you will never see a yoruba man speak english to a fellow yoruba person in the company of coleagues. Also, I notice a lot of my Yoruba friends have extremely accommodating parents. You can visit your yoruba babe in her house even when their parents are around. If you become a regular face, they start calling you Okor or Iyawo. . Lol, come try dat one with my sis for my house make pupsy show you how not to 4ck up cos of woman. Also yoruba ppl have the most experts when it comes to native medcine, no other tribe does it better than them. Even in PH, owerri and onitsha, a lot of them dominate the alternative medcine market.
Seriously, if I were not Igbo, I won't mind being Yoruba than any other tribe.
Yorubas: inspite of the fact that most of the times here on NL, they are always at loggerhead with us Igbos, after my tribe, they are the next tribe I respect the most in Nigeria. They are extremely fun loving- I would rather go to a yoruba party or wedding than my fellow Igbo party. You get served food the minute your butt is on a seat at the venues. Their meat and fish are usually oversized, they make sure you have food in your stomach before they go next to the items on the agenda.
They are very nice people if you understand their way, you will do better with them if you can speak yoruba fluently. Another thing, their gurls sabi carry belle easily, as in dem fertile die. .lol. .and dem no dey hear abortion o, u go must born am. They also have a very strong affinity for their cultural values. Where two or more of them are gathered be sure to hear yoruba language spoken however educated and polished they are, you will never see a yoruba man speak english to a fellow yoruba person in the company of coleagues. Also, I notice a lot of my Yoruba friends have extremely accommodating parents. You can visit your yoruba babe in her house even when their parents are around. If you become a regular face, they start calling you Okor or Iyawo. . Lol, come try dat one with my sis for my house make pupsy show you how not to 4ck up cos of woman. Also yoruba ppl have the most experts when it comes to native medcine, no other tribe does it better than them. Even in PH, owerri and onitsha, a lot of them dominate the alternative medcine market.
Seriously, if I were not Igbo, I won't mind being Yoruba than any other tribe.

nwabobo:
Did Aganga finally agree to the TV debate as proposed by Soludo?

Just being curious since I've not been following developments on this.

he won't dare his guts na, he knows Soludo is no Sanusi, the man knows his onions like the back of his hands, taking up such a challenge will be tantamount to an an try to square shoulders with an elephant, somethings just have to slide! His response was that a minister was too busy to engage in such an unneccessary fisticuf-hahahah-he knew better than to overflog the issue. Soludo was not just talking to him but to Sanusi as well cos as at that time, they were in the habit of making remarks that put him, Soludo in bad light when it was beginig to show that the duo were not aby better than their much maligned predeccessor . I think they learnt to shut uo after that.

nwabobo:
Did Aganga finally agree to the TV debate as proposed by Soludo?

Just being curious since I've not been following developments on this.

he won't dare his guts na, he knows Soludo is no Sanusi, the man knows his onions like the back of his hands, taking up such a challenge will be tantamount to an an try to square shoulders with an elephant, somethings just have to slide! His response was that a minister was too busy to engage in such an unneccessary fisticuf-hahahah-he knew better than to overflog the issue. Soludo was not just talking to him but to Sanusi as well cos as at that time, they were in the habit of making remarks that put him, Soludo in bad light when it was beginig to show that the duo were not aby better than their much maligned predeccessor . I think they learnt to shut uo after that.

This is banks finally have been nationalized and probably would be sold to the Mutalabs for peanuts and used for the commencement of their much talked about Islamic banks.
Some people here praising Sanusi and calling this rubbish a good move do not have any idea the extent to which Sanusi has destroyed our financial sector with his gross ineptitude and tactless policies.
When he took over these banks, he pumped in about 4billion US dollars into them, gave us assurance that they wont be allowed to fail, they even appointed their own corrupt managements and after all that fanfare and un-neccessary noise, they have come through the backdoor to pump in another money that will go down the drain.
Whether it is AMCON or NDIC pumping the money, one thing is certain, people are no more interested ib doing business with these banks again because our egocentric CBN governor has ensured that the confidence in those banks is non-existent. The new money being pumped in now, will be used to pay liabilities, majority of which id customer's deposits- dead right, we are going to withdraw it by monday then they will understand the enormity of the problems they keep creating. No doubt people will lose jobs, all that talk of people retaining their jobs is pure PR poo; when the bridge banks go thesame way like the others, they will downsize as usual and unleash their PR to explain why they had to downsize and thesame gullible public mesmerised by Sanusi's grammar will be cheering only for them to realize later that they are the ones losing their jobs even though there are no tangible improvements.
Truth be told, Sanusi started off recklessly and that is why those banks could not recap. Why he has refused to work with the shareholders of these banks is even more suspicious, why not let the shareholders recap their banks initially instead of the mafioso take over style he pulled 2yrs ago. Now the ripples of his ineptitude are begining to show effects in those banks and he is resorting to arm-twisting tactics to make himself look pre-emptive and calculative, september 30 is now August 5th, how typical of an inconsistent lame duck.oney that will go down the drain.
Whether it is AMCON or NDIC pumping the money, one thing is certain, people are no more interested ib doing business with these banks again because our egocentric CBN governor has ensured that the confidence in those banks is non-existent. The new money being pumped in now, will be used to pay liabilities, majority of which id customer's deposits- dead right, we are going to withdraw it by monday then they will understand the enormity of the problems they keep creating. No doubt people will lose jobs, all that talk of people retaining their jobs is pure PR poo; when the bridge banks go thesame way like the others, they will downsize as usual and unleash their PR to explain why they had to downsize and thesame gullible public mesmerised by Sanusi's grammar will be cheering only for them to realize later that they are the ones losing their jobs even though there are no tangible improvements.
Truth be told, Sanusi started off recklessly and that is why those banks could not recap. Why he has refused to work with the shareholders of these banks is even more suspicious, why not let the shareholders recap their banks initially instead of the mafioso take over style he pulled 2yrs ago. Now the ripples of his ineptitude are begining to show effects in those banks and he is resorting to arm-twisting tactics to make himself look pre-emptive and calculative, september 30 is now August 5th, how typical of an inconsistent lame duck.

I just recieved this text message on my mobile phone from my bank, BankPhB-"Dear customer,Effective 05/08/2011, BankPHB Plc becomes Keystone Bank Ltd (KBL).KBL will continue the operations of the Bank. Customers deposits remain safe and protected, CBN guarantees intact and extended. All staff jobs are secure as well. Be assured of continued excellent services. Keystone Bank Ltd"- no jupiter on earth is stopping me on monday from withdrawing my money from the bank, thank God by monday, I will be on night shift from next week.
Sanusi is a complete jerk that is more interested in wielding his powers as CBN governor than solving the problems he worsened in the financial system.
Is it even constitutional to do this? Revoking the licences of banks that dared to take the CBN to court for its handling of the funancial crisis. What exactly us going on, is this some class war? Has this man lost it or what. Sadly, we have got a numbskull for President and a bunch of nitwits legislators that know nothing about anything. God help this fcking disorganized country, this is just freaking vexing. GEJ is a fcking disappointment, can't believe I actually voted this lame-duck . . .jeeez, does this man knows anything about what is going on at all? wTF! Somebody must stop Sanusi from this deliberate destruction of the financial system. The man obviously is overwhelmed and is now resorting to force and arm-twisting fight with Nigerians. olving the problems he worsened in the financial system.
Is it even constitutional to do this? Revoking the licences of banks that dared to take the CBN to court for its handling of the funancial crisis. What exactly us going on, is this some class war? Has this man lost it or what. Sadly, we have got a numbskull for President and a bunch of nitwits legislators that know nothing about anything. God help this fcking disorganized country, this is just freaking vexing. GEJ is a fcking disappointment, can't believe I actually voted this lame-duck . . .jeeez, does this man knows anything about what is going on at all? wTF! Somebody must stop Sanusi from this deliberate destruction of the financial system. The man obviously is overwhelmed and is now resorting to force and arm-twisting fight with Nigerians.

chino11:
Wrong idea. The level of prostitution in Owerre is second to none in Nigeria. I remembered the last time I passed thru Owerre on my way to Onitsha, it was a horrible sight to behold. The Imo state gov should channel the investing citizens to go into manufacturing industries, it could be light industries. For imo state to attract people to itself, it has to invest in human capital, invest in industries, invest on things that can give people employment to be able to stem the population and new ones will emigrate to the town

you sound like a stray eeediot that just like to see his post on the pages of NL however stooopid it is.
What exactly do you mean by level of prostitution in owerri is second to none? Have you lived there before or just echoing stoopid careless rumours from uninformed co-eediots like yourself?
Or your journey to onitsha en rout owerri gave you all that information about the state? This shows how petty and small-minded this nitwit is, how old are you again?
People should understand issues before mouthing off and spewing ridiculous ignorance from the cavity on their ugly faces. Imo's proximity to Port hatcourt and Aba makes it a confluence state for relaxation and tourism and any biz man with insight will know that. Besides, the state boasts of very educated public and socially savvy population even though not as ethnically heterogeneuos as say Lagos, Portharcout or ABJ. Contrary to what many of us would have expected, I think there is an appreciable amount of people there with buying and spending power. That is why you would walk into say Maris supermarket or Destiny supermarket and see large amount of people entering and leaving them.
Owerri is a fine town, well planned with very good and well connected underground system for draining water when there is a flood. The road network is not bad too, even though it is obvious there is need for fly overs to release the traffic on douglas and wetheral roads that is experienced almost every night.
Another thing the town has going for it is its clean and asthetic environment, the sense of organization and good planning that you get when you go through the streets. People build houses the right places and markets are located in very open places with readily avaible tricycles to take you anywhere. The fact that okada transport was ristricted to remote places and not in town makes it easier to walk on the streets with the fear of some overzealous bikerman bashing into you in their usual crazy manner.
As for the complaints of the City being overpopulated with hotels, that is laughable and not true, infact, for every hotel you find ib Owerri, there are 5 in places like Lagos and Abuja. May be the fact that a lot of the hotels are kind of concentrated in one place gives people an overbloated impression that the town is saturated or overrun by hotel.
More investments in the state is welcomed whether hotel or a manufacturing business.

Interesting

Have U tried Coke and Cigar. . .jeeez, shiit is like taking cyanide, slow and steady death i tell u.
What abt white rice with Oha soup, or yam and rice(i hate dis combo) even white rice with boiled plantain, my aunty does dat ish. . .hahahaha . . White rice and ewa agonyi stew. . .fried egg and custard

Duncan mighty any day. . . . .the guy has got a very distinct style that can only be traced to him. . . .his lyrics are way better and deep than Timaya's.
As for him breaking into the SE market hmmm. . That statement is off. Nigga haf most of his sales in th simultenuosly in the SS and SE jare! Infact most of his fans are ppl from the SE hence his constant use of igbo languages in his music. The guy is good no doubt

This explanation completely ignores
the fact that when the government
“borrows” money from the Central
Bank that’s exactly what it does. It
creates the money out of thin air and
gives it to the government to spend in
exchange for Government debt (i.e.
IOU’s).
Not only that, but through the process
of fractional reserve banking private
banks use the Central Bank’s “new
money” as the basis for increasing the
money supply by an additional 1,000%
(10X) through private lending.
Adding insult to injury, not only does
the current system multiply the
inflationary impact of government
deficit spending (10X as much as if the
government had simply been honest
and printed the money itself), but it
also requires the government to levy
additional taxes on our children to
“repay” the principal and interest on
the original “loan”.
The fact is, if the government cut out
the middleman and used seignorage
(i.e. the government’s power to levy an
indirect tax on its citizens by simply
printing more money) we would all be
much better off (at the expense of the
bankers).

I would be grateful if any one had any
thoughts on the following question.
I understant that if a government
were to print more money and
circulate it into its own economy, that
this would inevitably lead to increased
inflation in its country. Sound
argument for not printing more
money.
But why would a country not print
more money to purchase from other
countries (e.g. to repay debt or to
purchase raw materials). Wouldn’t the
extra money then simply be dumped
into the other country, leading to
higher inflation in that country and not
your own? Or perhaps is the answer
that in dumping the extra money
overseas, you are indirectly creating
more money in your own territory?
Maybe a naive question but I would
love to have a good answer to it!

Well, I want to disagree a little that printing money will always lead inevitably to inflation. I believe there are cases where governments have printed their way out of economic recession and its likes- the big US bailout comes to mind. I think the problem lies with the fact that we do not have the expertise, economic mechanisms & reach to checkmate any adverse effect occassioned by doing so.
I have always asked too in thesame breath like the op, what if a country prints its own money and use it to buy goods and make debt payment outside of her country so that the brunt of inflation, currency devaluation etc will be borne by the other countries who have accepted to do business with the printing country. Afterall, how do you tell the difference that monies being used for transactions between countries are a deriative of wealth creation and not just printed money.nd not just printed money.

Well the fact still remains, whether one decides to go by UN's HDI ratings for states or even calculate the per capita income, Ekiti is clearly not an economically viable state. And that is the reason it is concluded that they are the 2nd poorest Nigerian state prolly after Bayelsa state, this is because without the stipend coming from the FG, these states have no other means to generate money for themselves and foot some of their bills. Ekiti is one of those states that never should have been created but for political high-handedness and stooopid parochial regional maneuvering, we are even discussing them as a state. . Scheeeeew!!

Like seriously, this dude could kill sb if shit hits the fan, Daddy G.O dey flex dey go jare! Afterall, members no dey complain. May be the next one will be a terminator or Jason X killing machine that will exterminate anybody besides the elits that try to come closer than close.
Reminds me of those jigga lines in fiesta: whoever comes close,
you ve been warned,
but niggers dont listen till the weapons are drawn.
Daddy G.O, this is so gangsta mehn!

@Becomrich
While I agree with most of the points you raised, I don't share the belief that Boko Haram is just a belief system as opposed to the generally accepted belief that they are a fundamentalist sect that tend to take their views of the Koran to the extremes.
Generally, many muslims blame the decadance of their society on the vanity of western culture and societal idiosyncracies. The belief system you talk about is the Almajiri school system practised in the north, mostly by childrien of peasant farmers with numerous wifes and countless childrien with no real intentions to train them.
The excuse usually given by these peasants for taking their childrien to almajiri schools with exploitative mallams as their guardian is thesame faulty logic of branding anything as evil. However, a closer observation will reveal that the main reason why that system of education has continued to flourish in the north unabated is POVERTY and the faulty teachings of the Koran which encourages irresponsible polygamy.
A parent that wants to absolve himself of any responsibility towards a child sends him/her to the almajiri school where the childrien can stay in the tutelage of grossly incompetent mallams whose understanding of their koran is warped with some seriously flawed political bent.
They brainwash these childrien and use them for political gains and for the next 3-4years are left to fend for themselves a cram every page of the koran, all these going on without them having to see their parents for the duration of this systematic religious brainwash.
No wonder there is no clear cut explanation as to what their agitation is all about besides making ridiculous threats and demands.
Government needs to start with those informal almajiri schools in the north which to me, serve as the factories for producing these societal misfits and religious robots. No matter how beautiful the koran is touted to be, nobody should be raised or trained solely on the dictates of any religious books. They are usually dangerous when swallowed hook, line and sinker without an informed mind to vet the information they give. and the faulty teachings of the Koran which encourages irresponsible polygamy.
A parent that wants to absolve himself of any responsibility towards a child sends him/her to the almajiri school where the childrien can stay in the tutelage of grossly incompetent mallams whose understanding of their koran is warped with some seriously flawed political bent.
They brainwash these childrien and use them for political gains and for the next 3-4years are left to fend for themselves a cram every page of the koran, all these going on without them having to see their parents for the duration of this systematic religious brainwash.
No wonder there is no clear cut explanation as to what their agitation is all about besides making ridiculous threats and demands.
Government needs to start with those informal almajiri schools in the north which to me, serve as the factories for producing these societal misfits and religious robots. No matter how beautiful the koran is touted to be, nobody should be raised or trained solely on the dictates of any religious books. They are usually dangerous when swallowed hook, line and sinker without an informed mind to vet the information they give.

Make God Punish this Emeka Ihedioha man. I can't believe this ignoramus represents my constituency abor-mbaise/ngor-okpala constituency. What a shame. The goon probably have connived with thes islamic elements to silence every potential dissenting views.
Ieeeediots! Only in Nigeria will a supposed educated federal lagislature use statements like; "we are enlightened". How demeaning can he further go to desecrate his office? What a lame brain!

Make God Punish this Emeka Ihedioha man. I can't believe this ignoramus represents my constituency abor-mbaise/ngor-okpala constituency. What a shame. The goon probably have connived with thes islamic elements to silence every potential dissenting views.
Ieeeediots! Only in Nigeria will a supposed educated federal lagislature use

This is what we get for letting mediocres into the national assemblies. Going through the sessions at the NA only shows you how lacking in depth the majority of the so-called senators and mps are-bunch of half educated dimwits with no grasp of any political ideology let alone issues as professional and intellectually challenging as analysing economic policies, banking and finances.
The slowpokes that head committees at both arms of the NA have no iota of any serious professional expertise on the subjects of their committees. Their knowledge of any of these professions whose committees they chair is at best at layman's level. They lack depth in their understanding of the subjects debated. And this is quite unfortunate, that is why "an average banker like Sanusi will be made a CBN governor on the basis of sentiments, exaggerated articulation of basic understanding of banking and finance.
Besides, the NA is peopled mostly by bigots who are moved more by premordial sentiments and parochial foresights, men and women with questionable backgrounds and below average intelligence.
Islamic banking in a country as corrosively heterogenuos as Nigeria? Have they thought of the implications of allowing it to function the way Sanusi is going about it-creating separate laws, rules and regulation different from the ones that regulates the conventional ones. I hope these reeeetarded MPs understands the constitutional stand on this before giving it a pass mark.fortunate, that is why "an average banker like Sanusi will be made a CBN governor on the basis of sentiments, exaggerated articulation of basic understanding of banking and finance.
Besides, the NA is peopled mostly by bigots who are moved more by premordial sentiments and parochial foresights, men and women with questionable backgrounds and below average intelligence.
Islamic banking in a country as corrosively heterogenuos as Nigeria? Have they thought of the implications of allowing it to function the way Sanusi is going about it-creating separate laws, rules and regulation different from the ones that regulates the conventional ones. I hope these reeeetarded MPs understands the constitutional stand on this before giving it a pass mark.

He is the first Nigerian governor to cut state security votes from 6.5billion naira to 2.5billion naira. The evidence of the monies realized is what we see in use to pay pensioners and their arrears and money given to LGAs to renovate their primary schools. Yeah lets do more!

@texazzpete
Let me address some of the half-truths and outright distortion of facts that you texapett is bandying about here.
1. Your claims of the CBN having powers to unilaterally draft guidelines to regulate the financial sector is laughable and only shows your desperate attempt to defend the indefensible and lack of understanding of the issues.
Sanusi himself knows that he has got no such powers to do so that is why he is hiding under the guise of stipulating guidelines to regulate the Islamic banking sector. Even his claims of deriving his powers from the constitution to create such guidelines without any recourse to the legislature is contestible in the court of law, that is why he is trying so hard to eat the humble pie and dialogue with CAN and other bodies that he had hitherto overlooked in carrying out his radical islamist agenda.
Like a commentator succinctly put it; "Full- fledged Islamic banking as put forward by the CBN has serious implications for our Company Law, Legal and Judicial systems, Audit and Tax systems, and the secular nature of the Nigerian Constitution, that can only be properly addressed in the National Assembly".
2. Quoting Soludo to butress your points only exposed your utter lack of understanding of the goings-on. Soludo granted licence in principle to Jaiz Bank using thesame guidelines that regulates every non-interest banking operation in the country. He did not create laws different from what the constitution allows for non-interest banking. Sanusi on the other hand, first separated Islamic banking from the conventional non-interest banking and unilaterally created new guide lines that enables the establishment of islamic banking.These new guidelines now give the CBN the power to licence full-fledged Islamic banks, full-fledged Islamic merchant banks, full-fledged Islamic Microfinance banks, Islamic development banks, Islamic primary mortgage banks and Islamic finance corporations. The guidelines also replaced the Sharia Advisory Councils with Advisory Council of Experts to work with the Institutions Offering Islamic Financial Services while the CBN will have its own Advisory Council of Experts but is, however, silent on the roles and modes of appointment of members.
And in your intelligence, you argue that the CBN and its management can give itself that kind of powers without any resort to the legislature?
3. You expose your hipocrisy when you claim that moral issues have got no say in the matter, aint that a double-speak? The whole idea behind islamic banking is to create a system where Riba is not charged on money loaned to clients( as according to their rationale, collection of riba is the root of greed and evil). Now if that is not some moral way to look at issues then what is it?
And for the last time, people should stop seeing opposition to some ideas from muslims as opposition to islam, that line of argument is weak and stale.

[quote author=Akanbi_edu link=topic=710377.msg8744517#msg8744517 date=1311061693]You know I actually expected a response like this.

Yar'adua was rigged in

Senate screening was charade

Judiciary has been compromised blah blah blah. I don't believe IQ can be bought.[/quote]No need to pretend anymore, you have just exposed yourself as a Bonafide Slow poke that is only capable of melo-drama rather than face issues raised. What do you know abt I.Q? You wont even recognize it if it kicks you in the groin, stop bandying words you can barely understand or explain jare! You remind me of that slowpoke they call aljaherem

trimwis:
RHYMZ if i get you right you are not comfortable with the word Islamic banking, either islamic or sharia all we want is loan without interest

Please advise those our bishops and pastors that are buying private jets to also start Christian banking also with our offering and tithe money.

Obasanjo borrow $18 billion from Islamic bank and the bible said the borrower is a slave to the lender. fud for tot

CHRISTIANS WAKE UP AND STOP ALL THIS SHOUT! GO AND START YOUR OWN CHRISTIAN BANK

GOD BLESS SANUSI

I am very sure your intellectual capacity to understand the issues are limited, I will advice you stick to below average discussions. Prolly, go to the romance or joke sections of the forum, they are for Retardeeens and small minds like you. This is my last response to you and consider it an honour that I even made an attempt to help you use gap in your head. Like Phreakabit has said; you are a "Dimwit" with a very low I.Q

trimwis:
Can we remove religion out of this Islamic banking issue and look at the advantage and disadvantage of this banking model. Because when it comes to religion people don't think they only react.

if truly that the Islamic banking simply means banking without interest i think Nigerians need this type of banking, we should liv the opinion of those Bishops that have 5 private jets and build expensive university for the children of politicians that destroy our public school.

I think the problem we are having with Sanusi is the word "ISLAMIC BANKING" this is the reason why a philosopher said "THERE ARE TWO TYPE OF HUMAN BEING THOSE WITH RELIGION WITHOUT BRAIN AND THOSE WITHOUT RELIGION WITH BRAIN"

RELIGION IS THE GREATEST ACHIEVEMENT OF THE DEVIL!!!

Personally as a Christian i believe Christianity is not a religion but the way of life of our Lord Jesus Christ

GOD BLESS SANUSI!!!!

If I were you, I will do a thorough research before jumping on the non-interest islamic banking poo. First, nobody, group or region is against islamic banking or whatever the name they call it. The problem is the unconstitutional manner our bigoted CBN governor is going about it.
1. Nigeria is a secular state governed by a secular constitution which is supreme to any other laws ob the land.
2. Islamic banking is one of the many models of non-interest banking and there are rules and regulations garding the operations of non-interest babking in Nigeria.
3. With the above said, why the need to set rules and regulations for the operations of islamic banking- one of the models of non-interest banking-different from the already existing laws that guards all forms of non-interest banking.
4. The Practise of Islamic banking can only be possible in Nigeria after the NA must have rectified it that it should have rules and regulations different from what is already existing-trust me bro, that aint never going to happen as it will contravene certain provisions of the constitution that excludes the participation of any religio in state matters plus the implication of allowing such will be dentrimental to the unity of this country.
5. Islamic banking operates under the principles of sharia which our constitution does not recognize in this regard. Besides these laws are very discriminatory, for example each of this banks will have an islamic council who will be responsible for decisions taken by the banks and only muslims with islamic banking expertise will be on this council, what about Nigerians who are not muslims but wants to participate?
6. There is also the issue of moral rectitude and equality, if only muslims will be allowed on the council or management board of these islamic banks, will it be fair for a nuslim to be on the management board of conventional banks who collect the forbidden riba that is the reason for the islamic banking in the first place? Why will you discriminate against me from participating on the management of your banks only to be in the mangement of the banks you claim collect riba and commit sins? Is that not double dealing?
Do you even understand how this claims of non-profit collecting works? The only difference I see is what they choose to call it, while conventional banks will say interest, islamic banks will collect marked up commissions may small though.
Finally, do you know the security risks of letting these kinds of banks to start shop in Nigeria? Do you know that the sharia laws under which its operations are anchored does not allow disclosure of account holders information to authorites? Imagine, in these days of terrorism and bokoharam in the north. God forbid that kind thing for here abeg!

[quote author=Akanbi_edu link=topic=710377.msg8744321#msg8744321 date=1311058487]Sanusi was nominated by Yar'adua (Executive representing the overall interest of Nigerians), confirmed by the senate (Legislators representing our individual senatorial constituencies). So far nobody has challenged his appointment in a Law court meaning he has the support of our Laws (Judiciary). Only for "intellectuals" to create a whole subject about Sanusi's brilliance.

Well, I will not be drawn into the debate because I know whatever the end of the debate is a reflection of US as a people.

If you go for Brilliant, we are collectively brilliant and if you eventually settle for mediocre, it means we are all mediocres as a people. The joke is not on him but on all of us.

So much for intellectualism and "book knowledge".[/quote]hmmmmm. . . I am being tempted to call you a retardeen as well, you take seriously that charede at the senate they call screening? Guy you make me laugh. Yaradua the lame duck nominated him and so what? What has that slowpoke ever done by himself except may be die. Look my man don't get me started o. . sanusi is a big time pretender who is trying to look smart, my dear. Behind all that talkative and brawn is a man that lacks real depth, he is all macho and gusto but no real substance. That man is not even fit to lace the shoes of his predecessor let alone wear them. stop being melo-dramatic and face the issues jare. ll screening? Guy you make me laugh. Yaradua the lame duck nominated him and so what? What has that slowpoke ever done by himself except may be die. Look my man don't get me started o. . sanusi is a big time pretender who is trying to look smart, my dear. Behind all that talkative and brawn is a man that lacks real depth, he is all macho and gusto but no real substance. That man is not even fit to lace the shoes of his predecessor let alone wear them. stop being melo-dramatic and face the issues jare.

chamber2:
Sanusi deserves a Nobel Prize in Islamic Banking.He is now the John Maynard Keynes of our time

9ja get people o

This guy is an airbag walahi, where did this REEtARDEEN get his economics degree. He must have been tutored by Sheiks, mullars and alfa at the University.
This is a clear proof that Sanusi has become a joke of some sort. So Islamic banking is responsible for the economic successes in Indonasia and Malaysia? That's a new info that prolly only our talkative CBN Joker governor is privy to. . Lol. . I bet he wont say thesame thing for Iran and Pakistan, countries who make up to 50% of islamic banks concentration of the world. That claim is crap and a lame excuse that holds no water.
So he now agrees that the Nigerian financial system was crippled by the global financial crisis. . .haha. . This CBN joker is so full of discordant tunes and double speak but a while ago he was busy telling everyone that the bank CEO were the sole cause of the financial problem. He hounded them for authorizing loans that according to him were not properly collaterized and for being too involved at the stock market to the extent of given her staff margine loans to trade on their own shares. Yeah, yeah, yeah. . The system was corrupt but what have you done thus far? Introduction of Islamic banking? Duh, are you high on Bin Laden's excreta? What has that got to do with a cup of garri in mushin market? Like seriously there are any real practical successes of Islamic banking besides the rhetorics from its proponents.
This guy is a clueless BUM.that holds no water.
So he now agrees that the Nigerian financial system was crippled by the global financial crisis. . .haha. . This CBN joker is so full of discordant tunes and double speak but a while ago he was busy telling everyone that the bank CEO were the sole cause of the financial problem. He hounded them for authorizing loans that according to him were not properly collaterized and for being too involved at the stock market to the extent of given her staff margine loans to trade on their own shares. Yeah, yeah, yeah. . The system was corrupt but what have you done thus far? Introduction of Islamic banking? Duh, are you high on Bin Laden's excreta? What has that got to do with a cup of garri in mushin market? Like seriously there are any real practical successes of Islamic banking besides the rhetorics from its proponents.
This guy is a clueless BUM.

CBN Governor, Sanusi, Gave
N1.56B Loan Without Collateral
At First Bank!
Sun Aug, 30 2009
By Tobi Smith
As the ripple in the banking sector
continue to escalate, more and more
people are being caught in the
dragnet.The Times of Nigeria can
exclusively report that current
CBN Governor, Sanusi Lamido,
who is leading the effort to
recover “non-performing” loans,
gave a loan of N1.56B to
publisher of Next Newspapers,
Dele Olojede, without collateral
as the Executive Director Of First
Bank.
Olojede was said to have borrowed
the money last year when Central
Bank of Nigeria (CBN) Governor,
Lamido Sanusi, was First Bank
Executive Director in charge of risk
management.
Many of the debtors have started
repaying their loans to avoid being
put on the next list of defaulters to be
published by the EFCC.
Olojede’s headache is said to be the
fact that the EFCC is after debtors,
whether their loans are performing or
not.
EFCC Chairman, Farida Waziri,
recently told those raising eye-brows
to pay first before complaining about
the inclusion of their names on the
debtors’ list.
The EFCC disclosed last Wednesday
that it had arrested an additional 24
executives and other debtors,
bringing to 39 the number of those in
its custody.
Five bank MDs were sacked by the
CBN on August 14, in part over alleged
recklessness and financial
mismanagement, which led to a debt
profile of N1.1 trillion, given out mostly
in loans without collateral.
The MDs fired were Cecilia Ibru
(Oceanic), Erastus Akingbola
(Intercontinental), Sebastian Adigwe
(Afribank), Barth Ebong (Union), and
Okey Nwosu (Finbank).
Except Akingbola, all are being
detained by the EFCC, along with over
30 executives of the subsidiaries of
the banks.
They have all been granted bail, but
have not met the stiff conditions.
Akingbola is said to be on the run.
Others grinding their noses against
the cells of the EFCC include Samuel
Adegbite, Toyin Phillips, Sani Adams,
Bayo Dada, and Dayo Famoroti.
They also include Henry Onyemen, Niyi
Opeodo, and Peter Ololo.
Waziri disclosed last Thursday that
the EFCC has obtained a court order
to detain the suspects beyond 48
hours, because their alleged offences
are far beyond civil matters.
She urged the judiciary to refrain
from granting frivolous interlocutory
injunctions to the debtors, whom she
accused of “economic sabotage” who
would not be allowed to escape with
their loots.
Olojede was said to have initially
met Henry Imasekha last year to
help him secure the loan from a
new generation bank without
success.
“It was after then he approached
Hakeem Bello-Osagie, former
United Bank for Africa (UBA)
Chairman, who introduced him to
Sanusi,” the source recounted.
Aside the loan, it was learnt that
Bello-Osagie, Nasir el-Rufai
(former Federal Capital Terrority
Minister), and Nuhu Ribadu
(former EFCC Chairman), invested
in the newspaper.
“Our main concern now is to ensure
that First Bank’s name does not
appear on the list of banks being
owed.
“We have sent people to Olojede to
pay up before the EFCC gets wiser,”
the source added.
Link: http://
www.thetimesofnigeria.com/
Article.aspx?id=2140

When on March 23, 2009
Vanguard carried a report that
anti-consolidation forces were
regrouping to reverse the gains
made by the banking industry,
many dismissed the report.
But when on
August 14,
2009, Sanusi
Lamido
Sanusi
announced
his radical
intervention
into the
banking
system by removing with fanfare
the executives of ailing banks;
many Nigerians returned to the
report and started circulating it.
The report was written before the
appointment of Sanusi Lamido
Sanusi.
Developments in the financial
sector in the last two weeks have
confirmed the veracityof the
Vanguard report. Vanguard has
nothing personal against the CBN
or its Governor but that what is
right should be done to make the
economy better for all.
If the CBN had taken Vanguard’s
report seriously, it would not have
found itself in the mess it is now as
it was gathered last week from the
usual reliable sources, that the
management of the apex bank is
looking for a way round the logjam
secretly and has started
consultations through third
parties.
Looking back, the report had said:
“Anti-consolidation forces have
regrouped with the hope of
dissembling the banks and forcing
a take-over of the top five banks in
the country, Vanguard can now
reveal.
The grand plan by the group is to
cause panic and uncertainty in the
industry and make the target
banks look unsafe for depositors.
Their aim, Vanguard gathered, is
to cause loss of public confidence
in the banking industry and compel
the Federal Government to move in
by injecting funds. Further, they
ultimately plan to instigate
government to take equity holdings
in the targeted banks.
Vanguard investigations revealed
that the group at work is made up
of former bank owners who lost
out during the consolidation
exercise, a powerful clique in the
present government, and some
aggrieved persons in three of the
six geo-political zones in the
country who felt left out in the
consolidation exercise.”
The group’s second game plan is to
make Nigerian banks look unsafe in
the eyes of the banking public.
They have perfected their game by
spreading rumour that some
categories of banks are unsound
and are on the verge of collapse.”
Two years down the line, the CBN
management has not found a
lasting solution to the Nigerian
banking crisis, rather, by its
continued inconsistencies in policy
pronouncement, the much needed
confidence in the system is
completely eroded.
By causing panic, those behind the
banking crisis have made the eight
rescued banks seem so worthless
that nobody is ready to put his
hard earned money into them. The
CBN has seems to be aiding them
by pronouncements.
The apex bank took two full pages
in the print media to show that the
eight rescued banks were
worthless and that if they did not
recapitalise by September 30, it
will be left with no choice but
liquidate them. If this is not causing
panic in the system, let someone
tell me what panic is.
Take a sample survey of the
banking public, all you will hear is
which bank is safe now? Erosion of
public confidence is the order of
the day. The CBN in an attempt to
correct its mistake has staked
uncertainty to the whole issue. It
will no longer liquidate the banks
after September 30th deadline for
recapitalisation but will
nationalise.
The CBN by it own admission had
reasoned that the option available
to it was either to withdraw the
licence of the banks and ask the
financial undertaker, NDIC, to
move in and liquidate the banks.
Both options were dropped
because of the implications for the
economy.
The CBN had told the world that
nationalising the banks would have
taken the nation back to the 1980s
when the public sector owned
substantial shares in banks and
caused distress in the system as a
result of non-performing loans.
For the CBN to now come up with
the same option it earlier told the
world or considered not feasible is
to say the least, a mark of
confusion and a sign of lack of
depth in the thinking and policy
formulation at the CBN. This is
dangerous for an economy that is
seeking transformation.
The CBN is an important arm of the
government that statements and
pronouncement from it is taken
seriously in financial and economic
circles. As it is, no serious-minded
person will take the CBN words for
it because down the line, it will
have cause to change its mind This
is what the former Minister of
State for Finance, Mr. Remi
Babalola described as ‘policy as
the spirit leads’.
Those who had backed the CBN in
its reform agenda have abandoned
it. It is simply groping in the dark
not knowing what to do with the
rescued banks, giving credence to
the fact that those who hatched
the plan may have left the CBN
leadership in the cold.
As it stands, the CBN has run out
of ideas on how to resolve the
banking crisis. All it should have
done in the first instance was to
ask the shareholders of these
banks within a given time frame to
recapitalise even if those indicted
for wrong doings were excluded
from the exercise.
The right of first refusal if given to
the shareholders would have stood
the CBN out as fair and just. The
failure to apply this principle under
the guise that banking license is a
privilege has prolonged the
resolution of the crisis.
With the lesson from Savannah
Bank license revocation still fresh
in the minds of Nigerians and the
subsequent victory of the
shareholders in court, it will be
good and better for all Nigerians
to sink their differences in this
matter and hold a stakeholders’
meeting to agree on the formula
for the recapitalisation of the
rescued banks.
The curious thing is that the
rescued banks have a combined
deposit of N3.06 trillion as at 2010
which is a source of worry to the
CBN management that should the
eight banks go under, the economy
will not be able to absorb the loss
nor is the Federal Government in
any position to pay depositors.
The Nigeria Deposit Insurance
Corporation has provision for
protecting small depositors and
can only pay a maximum of N250,
000 per depositor.
The CBN leadership should
consider resigning their
appointment for failure to resolve
the banking crisis, keep quiet and
let confidence return to the
system, or allow shareholders
recapitalise their banks instead of
the present roller coaster he is
doing with the economy.
The expectation of the ordinary
Nigerian was that after the Sanusi
tsunami, the banks will be disposed
to lending. Almost two years down
the line, the situation is worse than
when the CBN intervened in the
system. Almost all the branch
managers of banks across the
country have suddenly become risk
managers. No one is ready to
finance any project.
One of the banks’ branch
managers last week owned up to
the fact that the role of banks as
financial intermediary has been put
on hold in Nigeria in the last one
and a half years. No bank manager
is ready to stick out his neck or job
in the name of granting facility.
All projects have become risky and
as a result, projects that should
ordinarily get bank support are
brushed aside thus aggravating
the unemployment situation in the
country.