₦airaland Forum

s Name
Written by Demola Abimboye
Sunday, 13 March 2011
Shareholders of Intercontinental Bank
PLC protest the proposed acquisition of
80 percent equity holdings in the bank by
Access Bank PLC, a smaller outfit, as a
fraud
In Nigeria’s banking circles, the deal is
seen as an irony. Up till August 2009,
United Alliance, a company owned by Aig
Imoukhuede and Herbert Wigwe,
managing director and deputy managing
director respectively of Access Bank PLC,
owed Intercontinental Bank PLC a hefty
N13 billion. Promptly, the Central Bank of
Nigeria, CBN, published the company’s
name and the owners among those who
contributed to the downturn of
Intercontinental Bank’s fortunes. This
necessitated CBN’s intervention in the
management of the bank and led to the
removal of Erastus Akingbola and other
members of his management.
But like the prophetic story of thin cows
swallowing fat ones which Joseph told
Jacob, his father, in the book of Genesis in
the Christian Bible thousands of years
ago, Imoukhuede and Wigwe’s Access
Bank, a much smaller bank according to
bankers, is set to acquire 80 percent of
the bigger Intercontinental Bank Plc for
N50 billion only.
Before the takeover by CBN,
Intercontinental Bank had a balance sheet
of N1.6 trillion, paid-up capital of N230
billion, 330 branches, two foreign
subsidiaries, 10 well- established
subsidiaries and 12,000 members of staff.
Access Bank on the other hand had total
asset of $4.8 billion, about N720 billion,
118 branches and 1,480 employees.
Not only the founders and shareholders
of Intercontinental Bank are confounded
by the unfolding drama but also bankers
even within Access Bank. Newswatch
learnt that in spite of pending legal suits
against the planned merger and
acquisition, M&A, the two parties drew up
a memorandum of understanding, MOU,
on February 6, 2011. The 27-page
document was prepared by three firms -
Olaniwun Ajayi LP, Kolawole Awodein &
Co and Jackson Etti & Edu. It stated that
Access’ Bank’s decision “to invest in and
consequently merge with Intercontinental”
was based on the CBN order of August 14,
2009 “that Intercontinental should take
immediate steps to ensure that the bank
is fully recapitalised” and also because
“Intercontinental Bank invited offers from
potential investors for the injection of
additional capital with a view to
complying with the CBN order.”
A worried banker described the terms of
the MOU as unfair. Some of the
provisions were that the Asset
Management Company of Nigeria,
AMCON, should buy the bank’s bad loans
and give financial accommodation and
that Intercontinental Bank’s shares shall
be reconstructed by cancellation of old
shares and creation of new ones. The
shares will be on technical suspension and
so would not be listed on the stock
exchange. AMCON and old shareholders
would share 20 percent of the bank’s
total shares. Thereafter, the bank would
be dissolved without being wound up.
There are concerns about the cheap price
the buyer is offering, a mere N50 billion
for 80 percent of the bank. On January 11,
2011, Mahmoud Lai Alabi, the CBN-
appointed managing director of
Intercontinental Bank following removal
of Akingbola in August 2009, announced
to the world through text messages that
the bank “closed 2010 with N617 billion
core deposit, over N146 billion bonds from
AMCON and remained stable and strong.”
How come the sudden turn around to sell
a stable and strong bank for peanut?
A source said the Access Bank officials
were surprised when they examined
Intercontinental’s books and discovered
its size of deposit, good customer names
and successful banking products. “They
could not believe their luck and the big
opportunity the forced sale, which the
CBN order meant, was bringing to them.”
More worrisome is how Access Bank
plans to raise money for the purchase.
But insiders in the bank revealed that
Imoukhuede and Wigwe are banking on an
alleged plan for the clever manipulation of
the system. Massive funds are currently
being channelled to the Bank of Industry,
BoI, by the CBN as intervention funds for
the textile industries and other start up
businesses. A source said that Evelyn
Oputu, chief executive officer of BoI, is
Imoukhuede’s mother-in-law. The Access
boss has leveraged on this to get her to
deposit a substantial part of these huge
funds as inter-bank placements with long
tenor in his bank. It is alleged that it is
from these BoI funds that Access Bank
will use N50 billion to buy Intercontinental
Bank. As soon as Access takes over
Intercontinental, it will immediately return
the peanut purchase price to itself and
ultimately BoI.
Some shareholders said the entire
process lacks transparency. It does not
allow for competitive bids but specially
designed to favour Access Bank. Since
2009 when eight bank chief executives
were sacked, no independent assessors
have been appointed to verify the books
of the banks. Rather, only the CBN-
handpicked managers have been dishing
out figures that the banks were
inadequately capitalised. The
shareholders contended that if N50 billion
is all Access Bank is putting on the table,
why couldn’t the CBN request the
shareholders to bring in even N100 billion.
“This is fraud. Why is the CBN running
away from the shareholders who can
recapitalise it,” a source asked. He said
that “Chukwuma Soludo, former CBN
governor, realised this and gave the
banks time to raise their capital base from
N2 billion to N25 billion in 2005.
Within a few months of its creation,
AMCON has heavily discounted
Intercontinental’s non-performing loans
and introduced liquidity over and above
the N100 billion the CBN said the bank
needed in September 2009. Thus, if there
is any capital shortfall, both the
Companies and Allied Matters Act, CAMA,
and Banks and Other Financial
Institutions Act, BOFIA, require all existing
shareholders to have the first right to
recapitalise the bank. They would then, at
an extra-ordinary general meeting, EGM,
authorise the board and management to
go and source for investors rather than
the ongoing practice of imposing an
institutional investor on the bank.
It is also being alleged that Access Bank
may be fronting for some powerful
Nigerians. A source said the bank would
only keep 40 percent of Intercontinental
Bank while the balance of 40 percent
would be held in trust for some people
allegedly including Bukola Saraki, Kwara
State governor, whose companies got
about N7 billion debt waivers after
Akingbola was eased out of the bank in
2009. Indeed, when Akingbola returned to
Nigeria seven months ago, he had alleged
that Alabi was an employee of Saraki as
chairman of Songa Farms and several
development funds in Kwara State. On
assuming office, one of Alabi’s first steps
was to write off Saraki’s loans to the tune
of N7 billion. The loans were given to
Linkers, Dicetrade, Skyview Properties
and Joy Petroleum. He also allegedly
wrote off loans totalling N32 billion for
some other people. According to
Akingbola, all the written-off loans had
been classified as “good” and
“performing” by CBN examiners.
The shareholders have resolved to fight
the planned sale to a logical end. Three
weeks after the two banks prepared the
MOU, Okoli Frank Emeka, leading nine
other shareholders of Intercontinental
Bank, instituted a suit number FHC/L/
CP/254/11 at the Federal High Court,
Lagos, against Intercontinental Bank,
Access Bank, CBN and 14 others. In it,
they said that contrary to the provisions
of the memorandum and article of
association of the bank and in a manner
grossly oppressive and or unfairly
prejudicial to the shareholders
particularly the petitioners and their
interests in the bank, Mahmoud Lai Alabi,
managing director of the bank and second
defendant in the suit, as well as other
directors under the active direction of the
CBN and or its governor, have sought and
or are seeking to convert the N100 billion
injected into the bank in August 2009 into
an equity shareholding in the bank in
favour of the CBN and or its nominees.
They decried the attempt to dispose off
the bank’s assets, shareholdings and
rights of the shareholders without
reference to them particularly, since the
preparation of the MOU between Access
and Intercontinental on February 6, and
that the defendants were unwilling to
convene a general meeting of the bank’s
shareholders for the purpose of taking
necessary actions to safeguard the
owners interest as well as subject the
actions of the CBN and its governor to
scrutiny.
Consequently, they prayed the court to
order the defendants to render an
account of their dealings since 2009;
restrain them from selling the bank’s
investments and other assets to Access
Bank, thereby altering the shareholding
structure of the bank in favour of Access
or any other entity. They also asked the
court to order a general meeting of the
bank immediately to consider its accounts;
appoint the president of the Chartered
Institute of Bankers, CIBN, or any other fit
person as may be nominated by the
president of CIBN under the directions of
the court as receiver and manager of the
bank to realise and secure
Intercontinental’s assets pending the
holding of the general meeting.
Three days after, on February 28, the
petitioners filed an ex-parte motion,
asking the court to issue an order of
interim injunction on all the defendants to
the suit to stop the planned sale of
Intercontinental Bank to Access Bank
pending the hearing of the substantive
suit; an order for the substituted service
of the originating and other processes on
the defendants and for such orders the
court may deem fit.
Binta Murtala Nyako, the judge, ordered
that the respondents/defendants be put
on notice. She also granted leave for
substituted service of the suit on the
defendants.
In March last year, five shareholders led
by Sunny Nwosu had sued the bank, the
CBN and its governor, to stop the planned
sale of Intercontinental Bank to any of the
six institutional investors- Standard Bank
of South Africa, First City Monument Bank
PLC, Diamond Bank PLC, First Rand Bank
South Africa, First Bank of Nigeria PLC
and Access Bank PLC – which had shown
interest in taking over the bank.
Okechukwu Okeke, the trial judge, has
adjourned ruling in the suit marked FHC/
CP/1272/09 six times, thus giving Access
Bank the leeway to perfect the
transaction up to the stage of preparing
an MOU.
But a banker dismissed the MOU issue,
saying it is never sacrosanct in the
banking industry. He asked rhetorically:
“What happened to the MOU between
First Bank and Ecobank and between
Lead Merchant Bank and WEMA Bank in
the past?” Newswatch learnt that when
either party examined the books and saw
unacceptable things, they backed out. The
CBN then had to accept the reality. To
him, there are two key issues: is Access’
N50 billion real and whether N50 billion
is enough to bail out Intercontinental
Bank, given all the figures of negative
shareholders fund of N346 billion
bandied about in August 2009 as well as
inter-bank deals of up to N200 billion.
Abdullahi Mohammed, head, corporate
affairs, CBN, said the matter is between
the two banks and that the regulatory
institution would only approve or reject
their decision based on the facts they
present. Segun Fafore, a spokesman for
Access Bank, refused to speak on the
issues raised over his bank’s foray into
Intercontinental Bank.
However, Eddy Ademosu, general
manager and head of corporate affairs
unit of Intercontinental Bank, said the
overriding interest currently is that the
bank needs to recapitalise and that it has
been talking to some investors. “Shortly,
an MOU will be signed and made public,”
he said.

The United States should do us a favour and end his miserable life. That will be one less Ungrateful Brat outta the system jare!! Besides, nobody will miss him not even his father spear-heading Islamic

Switch47
I want to believe that you are probably a student that is yet to work and understand certain labour issues. You are more interested in who actually initiated the sack and not the ridiculous conditions that laid the grounds for the sack and the subsequent protest.
I care less about convenient business terms used these days especially when company execs and greedy top management staff are desperate to reduce cost and increase profits(which results to them being paid obscene salaries) regardless of whether it will negetively affect people's lives. Let's get one thing straight, whether these staff were employed by Aritel appointed core centre agents directly or indirectly, one thing is certain, these people work for Airtel and not Spanco or whatever the name is, so airtel can not claim to be isolated from issues that affect these staff. Afterall, the monies being paid to them as salaries are from Airtel to Spanco because these staff work for Airtel but were employed by Spanco, simple.
While FDI is very important, staff welfare is even more important, it makes no sense to force people who had hitherto enjoyed moderate salary scales and benefits to adjust to collecting less than half of their former salaries, withdraw their other benefits, all in the backdrop of a reported whooping profit made by the company they work for. This is pure slavery, what exactly informed their decision? Low profit or low productivity? Both of which are not the casr here, these guys just wanted to exploit these workers because as contract staff they are entitled to very limited benefits and rights but forget that our labour laws do not limit its protection regardless of one's employment status.
As long as there is no tangible justification for such a rather harsh decision, Nigerian government, NLC and the other civil groups that have intervened are all on point on their decision to make them revert to the former status as it is obvious that it was a clear attempt at exploitation

[quote author=tpia@ link=topic=775562.msg9313611#msg9313611 date=1318297232]wow, so you really persuaded yourself lagos isnt yoruba? [/quote]hahahah. . .tpia, tpia, tpia. . You should know better than to twist words on their heads in the hope that I will indulge you in a pointless argument to no where. Ybutteefly ignorantly claims that Yoruba people make up to 80% of Lagos population and I referenced it in my post to show how stoopid and unworthy of any serious response such unintelligence should get from me as it is obvious Ybutter does not know his right from his left. So you trying to infer that to mean the ownership of Lagos state is a lame attempt and makes you look silly even though I feel you make better post lately than Kobojunkie. . .lol

chines4:
Bros I seriously don't Understand you. Do you derive joy in insulting people?

Bros I would asvise you understand the context of my responses to these MOFOs before you jump to conclusion. I want to believe you are not trying to tell me to take insults from these losers that lay siege on the internet to insult anyone that has opposing views to theirs. I still insist that somebody should point out where in my first post, I insulted anyone or tribe. Whatever I said in my first post was in the context of the questions raised by the OP of these threads and the forebearing responses to them. Don't just quote me and conclude in judgemental tone, pleeease!!

[quote author=alj_harem link=topic=775562.msg9316896#msg9316896 date=1318344106]Bros I was not being sarcastic in anyway.

The thread was made to bash Yorubas and clearly Yoruba women have insulted in all form of manners from page 1 to 7 !!!

Don't you think it is enough ? You have made your point clear since the 2 page or so and you still kept insulting the yorubas especially the women, and now they decided to fight back; Instead of you as a man to hold your mouth and stop insulting women instead you starting calling them names for about 3 pages. LOL Na wa for u bros

I generally know Imo people to be one of the nicest people in Nigeria after the Edo and the urhobo people.

Once you insult women, they would fight back and harder, that is the way the world works. I hope you would not be a wife beater one day.

Have nice day[/quote]Your stooopidity knows no bounds!! I am not here to soothe your petty minds, you wonder why I always treat comments from you as dumb?? You try so hard to be subtle in your ethnic jingoism but always end up betraying your purpose & revealing your true intentions; i.e setting one tribe against the other while hypocritically playing the mediator, FOOL!!
Like I have always told you and your likes; your diversionary antics is wack and shitty, it does not take any extra effort to figure you out. You claimed that I have been insulting Yoruba women right from page 2, I challenge you to point any post you can reference to me right from page one up to my very first comment on this thread that came in in the latter part of this thread, else you keep you stinking dog breath restricted to your foul mouth.
Don't you see how stoopid and inconsistent you are? You lying swine!!
If you know me very well, you will know that I don't waste my time indulging in bigotry or its likes, I would rather argue my points but if anyone in the hope that becoz they re females is entitled to talk trash about somebody else then they are deluded cos I won't hesitate to give you an overdose of your own prescription. I don't fool myself and play nice becoz it is a woman and just let slide, that's bullcrap!! If you think you can get brazen with your gutter attitude, be sure I will cut you to size, be you a man, woman, Eidiot( like in the case of those three biatches that get you wet) animal or whatever, you will get it as you want it.
Now shut your mouth and go deal with your split personality ailment that has plagued your miserable life, what a M'ORON!!

[quote author=alj_harem link=topic=775562.msg9313817#msg9313817 date=1318305727]bros how was your day, hope everything is going well ?

Bros again na wa for u o

take it easy bro, you are fighting with women/girls for the past 3 days on this same thread

anyway take care brother. [/quote]RETARDEEN ODECHI Alja-wateva da fck U call Urself these days, Pls don't quote me again or make any dumb references to me again, I don't do DUMBos!!! You can practice your lame sarcasm with your co-eadiots like the three women that're giving you a hard-on over the internet, those Biaaatches can go suck on a FAT ONE, I don't give a rat a$$ about their views, they are lame anyway. Now pack well, MUR'FCKIN slowpoke!!

chines4:
Thiefofhearts and Ybutterfly, Did any Igbo guy or babe break your hearts. why the venom in your responses

Ybutterfly is an ignorant MOFO, giving response to his mumbo-jumbo and junk statistics will be giving him an undeserving credibility. Kid is all BRAWN and no BRAINS. Imagine the dolt claiming that Lagos is 80% Yoruba, why will any intelligent person indulge the kid and his crass ignorance? Let him get high on his own supply Jare!!
As for that unfortunate genetic garbage that calls herself a Thief, She can fall & die, who cares about what she has to say: it's all petty gutter lingos hurriedly put together in Yoruba language. That is my expectation of her, I will be surprised if she did not flaunt her ghetto abilities when intimidated by her superiors.
Sucks to be you. . Muheheheheheh

chines4:
Thiefofhearts and Ybutterfly, Did any Igbo guy or babe break your hearts. why the venom in your responses

Ybutterfly is an ignorant MOFO, giving response to his mumbo-jumbo and junk statistics will be giving him an undeserving credibility. Kid is all BRAWN and no BRAINS. Imagine the dolt claiming that Lagos is 80% Yoruba, why will any intelligent person indulge the kid and his crass ignorance? Let him get high on his own supply Jare!!
As for that unfortunate genetic garbage that calls herself a Thief, She can fall & die, who cares about what she has to say: it's all petty gutter lingos hurriedly put together in Yoruba language. That is my expectation of her, I will be surprised if she did not flaunt her ghetto abilities when intimidated by her superiors.
Sucks to be you. . Muheheheheheh

chines4:
Thiefofhearts and Ybutterfly, Did any Igbo guy or babe break your hearts. why the venom in your responses

Ybutterfly is an ignorant MOFO, giving response to his mumbo-jumbo and junk statistics will be giving him an undeserving credibility. Kid is all BRAWN and no BRAINS. Imagine the dolt claiming that Lagos is 80% Yoruba, why will any intelligent person indulge the kid and his crass ignorance? Let him get high on his own supply Jare!!
As for that unfortunate genetic garbage that calls herself a Thief, She can fall & die, who cares about what she has to say: it's all petty gutter lingos hurriedly put together in Yoruba language. That is my expectation of her, I will be surprised if she did not flaunt her ghetto abilities when intimidated by her superiors.
Sucks to be you. . Muheheheheheh

chines4:
Thiefofhearts and Ybutterfly, Did any Igbo guy or babe break your hearts. why the venom in your responses

Ybutterfly is an ignorant MOFO, giving response to his mumbo-jumbo and junk statistics will be giving him an undeserving credibility. Kid is all BRAWN and no BRAINS. Imagine the dolt claiming that Lagos is 80% Yoruba, why will any intelligent person indulge the kid and his crass ignorance? Let him get high on his own supply Jare!!
As for that unfortunate genetic garbage that calls herself a Thief, She can fall & die, who cares about what she has to say: it's all petty gutter lingos hurriedly put together in Yoruba language. That is my expectation of her, I will be surprised if she did not flaunt her ghetto abilities when intimidated by her superiors.
Sucks to be you. . Muheheheheheh

chines4:
Thiefofhearts and Ybutterfly, Did any Igbo guy or babe break your hearts. why the venom in your responses

Ybutterfly is an ignorant MOFO, giving response to his mumbo-jumbo and junk statistics will be giving him an undeserving credibility. Kid is all BRAWN and no BRAINS. Imagine the dolt claiming that Lagos is 80% Yoruba, why will any intelligent person indulge the kid and his crass ignorance? Let him get high on his own supply Jare!!
As for that unfortunate genetic garbage that calls herself a Thief, She can fall & die, who cares about what she has to say: it's all petty gutter lingos hurriedly put together in Yoruba language. That is my expectation of her, I will be surprised if she did not flaunt her ghetto abilities when intimidated by her superiors.
Sucks to be you. . Muheheheheheh

[quote author=alj_harem link=topic=775562.msg9305946#msg9305946 date=1318186249]Bros na wa for u o [/quote]Hey you!! It is understandable if your peanut brain finds it hard to help you comprehend.
I aint your usual average, go and look for your kind, I'm way above your league.
I have got nothing else to say to a slowpoke!!

ThiefOfHearts:
Thank you jare. Are you minding that clown? How is someone so proud that they left their towns to open businesses in YORUBALAND? Alailojuti.

Obviously, you are either an accidental product of a failed marriage or you are a divocee as well. . LoL . . I am not sorry for harshly describing your situation. Anyway, I'm not interested in exchanging childish temper tantrums with a loser like you, I would advice you face the issue being discussed and argue your point like you have got some brain in that thick skull of yours.
If my views makes you mad and gives you stomach ulcer then I am all too glad to do so. Even if you drop dead this minute nobody will notice, it will just be a case of one less nitwit out of this world to make it a better place.

Yoruba women liberated?? What does that even mean? Some folks here just like to make faulty assumptions to defend the indefencible sha. So Igbo women are in bondage, abi all because they are ready to see their marriages work and do not consider divorce as an option.
Some are even trying to make out Yoruba women as this no-nonsense, less submissive amazons. Anyway, I find it funny that only Yoruba people have such views of their women like that cos in reality they are the most docile and extremely submissive women in the pack if we were to take a sample space of Nigerian Southern Women.
Sentiments aside, I have had my own fair share of Yoruba sweethearts and I make bold to say that their women are very submissive, docile and easy to please. If we were talking on average terms, those of us that have dated women outside of our tribe can attest to the fact that Igbo women will consider a lot of things before they agree to date you let alone marry you. It is common knowledge that just like their counter part, Igbo women are agressive and a lil headstrong, you as a man will have to earn their submission to you, you won't get it on a platter hence the general saying that Igbo girls like money cos they won't even look at your face if you are not on the average, financially well off to keep up with the financial demands of a serious and intersting relationship.
Truth be told, if we were to compare who is more submissive & subservient in a relationship between Igbo women and Yoruba women, the latter will come tops.
Yet submissiveness or the lack of it can not realy account for the high incidences of divorce and separation among yoruba families and couples, especially when it is compared to the very conservative Igbo families. It is even laughable to want to attribute it to Yoruba women being liberated cos in my humble opinion, there are far more uneducated & unexposed Yoruba women than can be said of Igbo women. Also, even here in Lagos, there are more financially well off Igbo people( both males and females) than their yoruba counterparts. These people have got the money to get all the freedom, exposure and liberation ideology they want not to talk of the Igbos in both the SE and SS region, many of whom are not any different financially from their brothers in west. In fact, if there is any culture that encourages liberation, self-reliance and sufficiency it is the Igbo culture. That is why an average Igbo man is more inclined to having his own business than wait for eternity for some high paying white collar jobs. So the argument of Yoruba women being liberated more than their igbo counterpart has no iota of realism in its claims if were to look at things devoid of any sentiments. Yoruba women are not any more liberated than their Igbo counterparts, lets not make hasty assumptions and conclusions based on what we see alone in Lagos. There are just as much Igbo women in business, if not more sef as their yoruba counterparts. Just as it can be claimed that Yoruba women engage in commerce likewise is the case of Igbo women, the only difference here is that she in not neccessarily the bread winner of the family unlike the yoruba women whose husbands most times do not show any serious sense of responsibility towards both the woman and the childrien.
In conclusion, I believe culture and traditional beliefs play a very big role in how marriages in these two tribes fare in the long run. Cultural idiosyncracies, traditional views on divorce and what is generally accepted by the customs of these two tribes.

ThiefOfHearts:
Rhymz, I dont know why you are writing an epistle

Im not gonna read it. Unlike you and your uptight brothers, Im not taking this pathetic thread seriously. So if you like continue foaming at the mouth like the hungry goat that you are

GO AND LOOK FOR FOOD. COMOT FROM MY SIDE. I know you people like human flesh but please leave me be!

One of the many things I cant stand about Igbo dudes. They have NO sense of humor. Jokes fly over their pointed heads 24/7. Igbo girls sef agree. You people arent amusing at all. Just angry egomanics with NO FOOD

You are a senile BIMBO with a Bigoted sense of HUMOUR. You can fool the less discerning with all that nonsense yarns about humouring yourself in your last post but don't expect everyone to be decieved by your ill-concieved humour and false pretence of taking things lightly. Some of us understand the antics of your so-called sarcasm and lame humour, your method is stale and redundant go find another hook to cover up your vailed bigotry. I wonder how many of your tribes people here have taken the intent of the thread at face value and proceed to laugh it off as a mere joke designed to make them laugh without actually resorting to throwing temper tantrums like spoilt brats.
Abeg shut up your mouth jare if you have run short of what to post, so much for claims of making light of the situation yet you answer every tom dick and harry with strong words. I bet Miss Jester can't stand it when she is on the recieving end of her own repertoire of ill-concieved sarcasm and sardonic way of reasoning.

ThiefOfHearts:
Now I know you are delusional.

Hate Yorubas all you want but everyone knows you leave our parties satisfied. You people dont even have food. all the food you have at your Kwenu parties are tied to Yoruba culture except for that abominatiion known as fufu that even your people dont serve in public due to shame.

Tell me when I want to see my friend at her parent's home, they served bootleg chinese rice wth bony chicken wings. So ashamed of their "food"

Come to my place and see if you wont burst from moinmoin, pounded yam, vegetable, chicken, fish, goat, ewa oloyin. My friend go and sit down!

HUNGRY PEOPLE 

That's why Igbo men are so mean and angry, cos they have no food of their own. ROFL 

Unless you are joking with the above claims, na which food Yoruba people get outside of Amala, Ewedu and Gbegiri?
Seriously, Igbo dishes will pale any Yoruba dish both in sheer number and taste. If actually you have Igbo friends, you wouls have known better than to make wild claims od Igbo men starving and all that crap. No be say mouth in comparison to Yoruba men, Igbo men are more family oriented and have a better sense of responsibilty towards their family men. And it is common dact that Yoruba men are the randiest Nigerian men. I can marry a Yoruba woman but I won't support any of my female relatives or sister to marry a Yoruba man, they are so randy and flirty even when they are married. I work with many of them in an environment with a lot of folks, virtually everyone of them has a girlfriend, including my very religious boss. It is a fact no be say na bashing, marriage to them is like boyfriend-girlfriend thing, they leave their marriages at the slightest hint of disagreement, except for the educated and religious ones, the majority of Yoruba men I know seriously show know sense of responsibility towards their childrien and the ones that happen to be well off, have a dozen concubine outside of wedlock. It is appalling to say the least. Igbo men are better marriage material than Yoruba men in every rammification. I would rather marry when I am financially able to take care of a family( old or not old, whay matters is the quality of childrien) than rush into it only to breed childrien that I have no plan to take care of, that is one thing yoruba people do that is increasing the rate of poverty amongst them even though a majority of them control the resources of Nigeria.

ThiefOfHearts:
Now I know you are delusional.

Hate Yorubas all you want but everyone knows you leave our parties satisfied. You people dont even have food. all the food you have at your Kwenu parties are tied to Yoruba culture except for that abominatiion known as fufu that even your people dont serve in public due to shame.

Tell me when I want to see my friend at her parent's home, they served bootleg chinese rice wth bony chicken wings. So ashamed of their "food"

Come to my place and see if you wont burst from moinmoin, pounded yam, vegetable, chicken, fish, goat, ewa oloyin. My friend go and sit down!

HUNGRY PEOPLE 

That's why Igbo men are so mean and angry, cos they have no food of their own. ROFL 

Unless you are joking with the above claims, na which food Yoruba people get outside of Amala, Ewedu and Gbegiri?
Seriously, Igbo dishes will pale any Yoruba dish both in sheer number and taste. If actually you have Igbo friends, you wouls have known better than to make wild claims od Igbo men starving and all that crap. No be say mouth in comparison to Yoruba men, Igbo men are more family oriented and have a better sense of responsibilty towards their family men. And it is common dact that Yoruba men are the randiest Nigerian men. I can marry a Yoruba woman but I won't support any of my female relatives or sister to marry a Yoruba man, they are so randy and flirty even when they are married. I work with many of them in an environment with a lot of folks, virtually everyone of them has a girlfriend, including my very religious boss. It is a fact no be say na bashing, marriage to them is like boyfriend-girlfriend thing, they leave their marriages at the slightest hint of disagreement, except for the educated and religious ones, the majority of Yoruba men I know seriously show know sense of responsibility towards their childrien and the ones that happen to be well off, have a dozen concubine outside of wedlock. It is appalling to say the least. Igbo men are better marriage material than Yoruba men in every rammification. I would rather marry when I am financially able to take care of a family( old or not old, whay matters is the quality of childrien) than rush into it only to breed childrien that I have no plan to take care of, that is one thing yoruba people do that is increasing the rate of poverty amongst them even though a majority of them control the resources of Nigeria.

speacktome:
I don’t think a multibillion company like Google will jeopardize its image, take or leave it but what Google said is the ultimate truth.

Guy abeg stop ranting ignorance jor. Google officials are human beings and not gods, they can make vague and sweeping stateements depending on what they hope to achieve with it, it does not mean they are neccessarily right. Let them show us the basis of such claims simple, do you know how much bandwidth businesses and multinationals in Lagos consume per say? Even if every of the 2000 students have chips in their heads that use internet services it still won't surpass the bandwidth traffic generated from the city of Lagos alone. Scheeew, which kind google be that one Scheeeew!!

Akainzo:
@rhymz, thanks for your insightful riposte.

The missing link in all this might actually be the title of this thread vis-a-vis what the Google team actually said. The report was obviously skewed by the university to gain a sort of leverage / advantage. If you read carefully the Google statement and peruse the Google University program, you would see clearly that what they were referring to was Google services specific internet traffic.

If the data is thus limited to Google services consumption, it is very much possible for AUN to account for 55% seeing as they are all wired up and are currently enrolled in the the university program of Google. Unilag may generate so much internet traffic than AUN altogether, but seeing as they school is not structured into using Google services, they would not account for much on that data count as AUN would.

The question is, How many universities in Nigeria use the internet as a basic part of their operations, and How many universities in Nigeria are participating in the Google universities program?

Answers to the above would help put things in perspective.

You have a point there, the ambiguity of the claim was intentional, they know probably that the google officials were referring specifically to Nigerian internet traffic that goes into the use of google and other google services and not the entire internet traffic generated by Nigerian internet users. All thesame, the vagueness of the claim was pure PR and should not be taken seriously. And by the bros, registered ISPs in Nigeria far exceed those 3 abi na two wey you mention, I could name like 20 registered ISPs in V.I parts lagos alone with their addresses too, some of them have very few clients whose traffic are enough to keep them in business.

Fact that a lot of us here fail to recognize is that every ISP outside the United states -including the ones in europe and Asia- till this day route their networks directly to those in the US.
The United States is the center of the Internet for two important reasons: First, the U.S. backbone, composed of the tier- one ISPs like MCI WorldCom's UUNet, Sprint, and GTE Internetworking, controls the vast majority of the Internet's routing table. That means they are able to originate or terminate traffic on their own network without interconnecting. But what this means for other ISPs is that they need to interconnect with one or more of those tier-one ISPs to reach what can well be considered "the global Internet." A lack of such an interconnection would not enable the other ISP to reach all Internet users. And since the largest number of users, as well as the world's most popular Internet content, is based in the United States and hosted by these ISPs directly or via down- stream ISPs, ISPs outside the United States must connect with the U.S. backbone else they are effectively not on the Net.
So Akainzo's arguments are greatly flawed on this basis as it appears that the basis for the claims may not have been based on the location of internet protocols whether proxy or not. That some internet traffic is seen as Nigerian and some not(even when they are actually traffic from Nigeria) does not explain how AUN with a mere population of less than 2000 people could generate a traffic that will account for %55 of Nigeria's internet traffic usage, ignoring the fact that Nigeria has the highest number of internet users in the whole of Africa. The maths does not add up jare!! That claim is pure PR statement to boost the school standing, it does not matter whether it was google officials that made such an exaggeration, and purposefully vague statement. Let them give us the maths of their stats make we see how dem do the magic.

Lol, crazy op

Akainzo
Your analysis is at best theoretical and just glossed the surface of the realities.
I understand your argument that with regards to the recorded internet traffic that can be claimed to come from Nigeria, the claims of of google/AUN accounting for %55 of internet traffic emanating from Nigeria might be true.
However, the argument fails to recognize that virtually every ISP in Nigeria pays for bandwidth space to upstream ISPs and ISP host companies in Europe and most especially America and then route it back to Nigeria for retail sales to clients-including the providers of the AUN.
Now, if one is to go by your argument, it would mean some internet traffic usage is seen as emanating from Nigeria and some are not and based on this assumptions the claims might be true.
You forget to reason if one is to take Nigeria's infrastructural development in I.T and communication, there is no how any ISP domiciled in Nigeria can provide a single client the bandwidth size large enough to account for %55 of Nigeria's total internet usage without any resort to buying such access from host internet network companies outside of Nigeria. If that were to be the case, is it not also possible, if I were to follow the logic of your argument that the basis of the claims could not have been entirely on the location of the I.Ps using up the bandwidths? Because of course google would have seen traffic emanating from the ip as foreign and like others treat it differently like they would with those from multi-nationals(who route their network to those in their own country)
Besides, so many things do not add up even if it is determined that the school has an unlimited bandwith space at their disposal, how do you explain the claim that a school with a population of less than 2000 people generate more internet traffic than the whole of the country put together. What is it that they do on the internet that can generate such a staggaring figure. I don't see how that adds up.

I thought we all agreed to a capitalist system So whose fault is it if the local businesses leave room for their foriegn counterparts to dominate. Are you insinuating that foreign owned businesses should not be allowed to start shop just because we need to protect our own local biz?? Have you stopped to consider the employment this will generate for the government or the technical know-how that will be passed to Nigerians. What about the revenue the government will generate from them, the benefits of their coperate social responsibilities and so on. Even in those countries, you can't tell us they don't have foriegn owned businesses playing a big part in their economy. Whether they control their own section of the market is up to the players and not the government, period. Now you can have a real good laugh, just dont get stomach aches from it.

Na now wey shoprite enter Enugu na im a lot of these closet haters remember say e go kill local supermarket and all that rubbish. I guess since the palms opened shop in lagos every other supermarket has since died a natural death and given decent burials. Rubbish yarns!!

Na now wey shoprite enter Enugu na im a lot of these closet haters remember say e go kill local supermarket and all that rubbish. I guess since the palms opened shop in lagos every other supermarket has since died a natural death and given decent burials. Rubbish yarns!!

nakedall:
“This is  because China is becoming a higher production centre now and they are looking  for a  production centre now and they are looking for countries where there are lower wages and Nigeria is a possibility. So we talked about that. If we succeed in doing that, it will lead to about the job creation,” said Okonjo-Iweala who briefed  journalists on the outcome of the meeting"



Something is going on here, possible lie as usual. low wages in nigeria compare to china, one should doubt it.
Chinco able engineer work for $150/month, naija unable engineer work for over $500/month.

Seriously, if you have got no idea about something just shut up!! It's understandable that you can't know it all, masking your ignorance in stooopid display of ridiculing somebody who is in the know and has got far more superior knowledge and genuine facts is a malady of the mind. I am sure you have never worked in any production or manufacturing coy in Nigeria in your life before cos if you have you will understand what the minister meant when she allude to the fact that Nigeria is a low-wage country.
And FYI, there are far more competent Nigerian engineers working in industries than you can ever imagined. Don't just make very dumb statements in your efforts to sound informed only to come across as a bona fide MO'RON.
Do you have any facts or evidence to support your claims that a capable Engineer in China earns $150 monthly or did you just make that up from your lying mouth?? If you have got no clue or the brain power to understand issues, it is better you just learn from people who are more informed, experienced and understand the issues. You don't have to like the woman, just don't shoot down a good idea because you don't understand it or don't like who is bringing it.

[quote author=Inked_Nerd link=topic=763082.msg9176999#msg9176999 date=1316440182][b]@OP: [/b]Yes, some women can. Now ask yourself, can men date a woman for a whole year without asking or demanding for sex?[/quote]Matter of fact, I dated a gurl for eight months without demanding for sex and I was the loser for it. You just give and keep hoping you will collect one day but for where.
When it comes to dating and relationships Naija girls have this warped sense of collecting and not neccessarily giving back. They want you to call them, when they call you, next thing is they need a recharge, when they visit, you spend money satisfying them and also must pay their transport back home. If they must have sex with you, there must be something in the offing else no sex.
The other time my guy been dey hussle for cash say im wan pay im babe rent for sch, I was like; "dude is you crazy" u be her papa wey send am sch??
I'm yet to see any woman that won't demand at some point for a whole year. Unless of course, the woman is obviously financially well off than the guy.
Whatever happened to give and take in a relationship sef[quote author=Inked_Nerd link=topic=763082.msg9176999#msg9176999 date=1316440182][b]@OP: [/b]Yes, some women can. Now ask yourself, can men date a woman for a whole year without asking or demanding for sex?[/quote]Matter of fact, I dated a gurl for eight months without demanding for sex and I was the loser for it. You just give and keep hoping you will collect one day but for where.
When it comes to dating and relationships Naija girls have this warped sense of collecting and not neccessarily giving back. They want you to call them, when they call you, next thing is they need a recharge, when they visit, you spend money satisfying them and also must pay their transport back home. If they must have sex with you, there must be something in the offing else no sex.
The other time my guy been dey hussle for cash say im wan pay im babe rent for sch, I was like; "dude is you crazy" u be her papa wey send am sch??
I'm yet to see any woman that won't demand at some point for a whole year. Unless of course, the woman is obviously financially well off than the guy.
Whatever happened to give and take in a relationship sef

Sanusi for which President?
Nigerians sef, we easily get carried away by mere drama and theatrics rather than real results.
What exactly has been his achievements since becoming CBN governor besides staggering from one controversy to another one, talking tough, taking rash decisions that have worsened our financial problems and making himself look like a good guy as he talks down on others.
The man does not have the tact and finesse to be a politician let alone the President. This same impatient dictator that will make decisions and turn them on their heads after some time.
He may seem the next best thing to Northerners but we in the South think and know people who are way better, experienced, upright, intelligent more than SLS can ever be, with the right proportion of tact, diplomacy and understanding of the Nigerian polity.
Sanusi is an unrepentant Bigot that cares little about people who are not muslims or share his beliefs.

engineerd:
wow, i am sorry but she is definitely not worth the title! Just my humble opinion! I have seen better looking girls on the streets of mushin!

yuzedo:
Epic!!! @ Lagcity. .
@ Poster: whaaaaaaaaat?! dats our miss nigeria?? Damn! Mr. Cork is more gooder looking dan her ibo Bottom joor! (no oofience). . She look old-sugarcane dammit! (no oofience)

Is this suppose to make one laugh? Guy, you sound reeeetarded making an attempt.

LAX89:
Maybe I'm blind, but can someone please look @ the 3rd picture from the top, please tell me dats NOT a pipe sticking out from btwn her legs, pls say it aint so!

brouhahahahahahahahhahahahahhahahahahahhahah. . . Guys, when they look at a pretty woman, all they see is a face, chesticles and, an accessory a$$.

engineerd:
wow, i am sorry but she is definitely not worth the title! Just my humble opinion! I have seen better looking girls on the streets of mushin!

I bet she is finer than your woman. Don't Lie!!

MeGaStReEt:
what am i suppose to do with pishures?

Perhaps get your self-services on. .lol[quote author=Ileke-IdI link=topic=762759.msg9173525#msg9173525 date=1316388790]I like her eyes, exactly like mines

@Ogugua

You're really pretty. If you trim your eyebrows, you'd be really gorgeous.[/quote]is it just me that thinks this is sooooooo Gay!!

engineerd:
wow, i am sorry but she is definitely not worth the title! Just my humble opinion! I have seen better looking girls on the streets of mushin!

yuzedo:
Epic!!! @ Lagcity. .
@ Poster: whaaaaaaaaat?! dats our miss nigeria?? Damn! Mr. Cork is more gooder looking dan her ibo Bottom joor! (no oofience). . She look old-sugarcane dammit! (no oofience)

Is this suppose to make one laugh? Guy, you sound reeeetarded making an attempt.

LAX89:
Maybe I'm blind, but can someone please look @ the 3rd picture from the top, please tell me dats NOT a pipe sticking out from btwn her legs, pls say it aint so!

brouhahahahahahahahhahahahahhahahahahahhahah. . . Guys, when they look at a pretty woman, all they see is a face, chesticles and, an accessory a$$.

engineerd:
wow, i am sorry but she is definitely not worth the title! Just my humble opinion! I have seen better looking girls on the streets of mushin!

I bet she is finer than your woman. Don't Lie!!

MeGaStReEt:
what am i suppose to do with pishures?

Perhaps get your self-services on. .lol[quote author=Ileke-IdI link=topic=762759.msg9173525#msg9173525 date=1316388790]I like her eyes, exactly like mines

@Ogugua

You're really pretty. If you trim your eyebrows, you'd be really gorgeous.[/quote]is it just me that thinks this is sooooooo Gay!!

ogugua88:
I think it's the lighting. She was light in the video, dark in the competition, and light in some pictures lol.

Me think it is not just camera lighting, she prolly toned her skin, and to be honest, she looks way better in her new tone. If you must be that dark, you better be plump and pretty, black is more befitting if you are plump and well proportioned in the right places, just my taste though.

Mokambo:
Nitwit, who are more hoes than stinky Nigerian women. I don't want to talk about Nigerian women selling thier stinky nyases in dirty Lagos slums, go to Europe street corners and see, plenty dirty Nigerian women for $1. And they are being fcked by dogs.

And you wonder why the Nigerian government literaly bungled Ghanaians out Nigeria in trailers, Vans and, worn out commercial buses? Ghanaians were constituting a nuisance and were not adding anything to the the Nigerian economy. Unlike a majority of the Nigerians living and doing businesses in Ghana, Ghanaians, back then, were just a big nuisance and a headache. So much for the thank God I am not "a Nigerians" crap. You lot are hypocrites that like to use Nigeria and Nigerians as an excuse to cover up your shortcomings, bunch of Lazy Charly Boiz.

Mokambo:
Nitwit, who are more hoes than stinky Nigerian women. I don't want to talk about Nigerian women selling thier stinky nyases in dirty Lagos slums, go to Europe street corners and see, plenty dirty Nigerian women for $1. And they are being fcked by dogs.

And you wonder why the Nigerian government literaly bungled Ghanaians out Nigeria in trailers, Vans and, worn out commercial buses? Ghanaians were constituting a nuisance and were not adding anything to the the Nigerian economy. Unlike a majority of the Nigerians living and doing businesses in Ghana, Ghanaians, back then, were just a big nuisance and a headache. So much for the thank God I am not "a Nigerians" crap. You lot are hypocrites that like to use Nigeria and Nigerians as an excuse to cover up your shortcomings, bunch of Lazy Charly Boiz.

igbo boy:
Nna how delta state take be the poorest? I aint got nothing against onitsha but your own claimings don dey reach alarming levels, u don dey exaggerate pass eko ile.

I root for the igbos no doubt but you have been exhibiting a love for only anambra and have routinely put down (imo, abia, ebonyi, enugu, delta north and rivers igbo),

Nothing wrong with loving your area but no dey tell story by the moonlight like the yorubas do

don't mind that clueless retard. He is a kid and has got no brains. He only wants progress in Anambra while d rest state can die off.

HmmmHmmm

toba:
wow this is impressing. wow im going to miss my baby for 12months. shes going to camp with batch c in november. my love i wish u all the best oooooo. omotoke temi nikan

hahahaha, ur baby will be camping with moi. .lol. .you sure goina miss her. Lagos camp right?

silibaba:
when are we writing the NYSC aptitude test for NYSC mobilisation. house pls i need reply

are u reeeeetarded?