₦airaland Forum

[quote author=Busy_body link=topic=829822.msg9813545#msg9813545 date=1324511547]I know Justdumb already has an irredeemable generational curse on his head, but dem swear for all of you in page one and two picking on dell_net for voicing her opinion ni Is this how "educated" people behave WTF ARGGGHHHHHHHHH [/quote]Some opinions are best left in the arse.

If the opinions need to come out of the arse. The owner should go to the toilet and close the door and discharge.

Katsumoto:
What interest rate are you referring to? What risk are you also referring to? The interest rate in the Eurozone of 1% does not reflect the risk to investors.

The interest the Euro Central Bank pays on its bonds.

That should reflect the risk of the Eurozone failing and being unable to pay the periodic interest and the final principal of the bond. They also reflect monetary policy.

PhysicsQED:
Sanusi is intelligent, but the most intelligent man in the country, as in any country, is more likely to be some obscure professor tucked away somewhere (probably in the natural sciences) and not in government. She knew that she was exaggerating when she made that statement, but it can be interpreted as being not just exaggeration, but also condescension. And if you don't know a place, why make statements about who is the most outstanding person in that country in a certain aspect?

I honestly think Sanusi is something of a dilettante, actually, and that this may explain his publications in areas that have nothing to do with his chosen career and his dearth of publications relating to economics.

An aspiring or amateur political philosopher might want to read Marx's Eighteenth Brumaire, but I see no reason why a competent modern economist or banker should even care what that is, let alone read it. Not that people can't have a wide range of interests, but I think this supposed higher intelligence is mostly show, eloquence, etc. and not really substantive.

Also, there's certainly nothing in his publication history or scholarly background to suggest he's any more intelligent than or even as intelligent as any of the top Nigerian economics professors from any of the better Nigerian universities (UI, UNN, Uniben, OAU, etc.).

On a completely unrelated note, that woman (Christine Lagarde) looks a bit like the Mad Hatter.

Again, I will say it.

Educational attainment is not equal to superior intelligence. Being a professor is not a sign one is more intelligent.

hustla242:
I'm obviously not asking them to disburse all the allocation in dollar certificates, that's impossible- it's common sense. State governments spend a good chunk of their allocation on capital project with foreign partners. I gave you a case in point- Lagos state where the capital expenditure actually exceeds the recurrent. It would make a massive difference to SLS's monetary framework, so since you have insiders in the CBN why don't you pass on the message- don't worry I'll take no credit.

I asked you earlier?

What proportion of the funds did Lagos get?

What proportion of States in Nigeria have capital requirements that exceed recurrent budgets?

You can't use a lame excuse of one state's exception to justify he made a "schoolboy error" in converting dollars to Naira when Naira is what was mainly needed.

hustla242:
I'm sorry the Eurozone's interest rate is sssooo much more than nil,  its 1%- my apologies fella. Lower interest rates= lower inherent risks- WHAT??
I'm finished with you because this confirms that you have no clue what you're talking- I thought as much, but I gave you the benefit of the doubt.

Why don't you give me a brief lecture on how interests rates are set on bonds then?

I am happy to learn if you know a different way. Maybe my understanding of interests rates on security as  something linked to risks is utter tosh. It will me interesting to learn the new paradigm you are proposing from "out of the box".

hustla242:
We offered returns of 7% on the Euro bonds, it was oversubscribed obviously everyone knows there's money to pay up in Nigeria. Bonds and interest rate have an inverse relationship, low interest rates in the Euro actually devalue those bonds and vice versa. With these bonds, you actually want the interest rates in the Eurozone to go up because that means there's too much money in their system and they're tightening.  To give you a clue that it was way overpriced or unnecessary IMO- South Africa's was pegged at about 5%- a much more robust economy.

No 1, wtf are you talking about when you say "We offered returns of 7% on the Euro bonds".

No 2, So what if low interest rates devalue bonds? It devalues it for you to BUY it CHEAP. If it is low, you pay low and hope the interest rate go up. What is your argument?

hustla242:
It's hard work trying to explain all this to an "intelligent" economist I tell you, I would go deeper but for much more people reading this thread. But trust unless we try to dissect the logic behind all these moves and think outside the box, we will all continue to live in perpetual darkness- literally!!

Please go deeper and explain "out of the box" understanding of the link between interest rates and risk. I would love to know if box is a synonym for mind.

Explain to me ("out of the box" that is) what proportion of state expenditure is to "multinationals" and why they should pay in dollar certificates.

hustla242:
You are "intelligent", try to read, digest, and then put forward a reasonable argument. I think you're missing the reading bit and I'm having to remind you of quite a lot. I said use dollar certificates to fund capital project where multinationals are involved,  the most intensive capital projects are run by multinational companies due to access to fund and technologies unavailable locally. This would free the CBN of printing the Naira and having to tighten the monetary policy in an already choked-up economy.

I would expect you to be "intelligent" enough to realise I asked you to try and figure out where most money of state governments go: Recurring expenditure and local engagements.

Not multinationals.

Are you saying this majority should be satisfied with dollar certificates?

hustla242:
I think you're also confusing two things, investing in currencies via the capital markets can be either through debt or securities. SLS and his team bought Eurobonds (debt) not stocks(securities), whose value depend on interest rates in the Euro zone which is almost nil. The DMO already pays interest on this money and you wonder why people are suffering??
Our leaders are using our taxes to gamble and we sit here and sing the high praises to them heaven?? Erhh,  No.

He's intelligent, but he can be better. That should be the attitude of every Nigerian.

FYI, bonds are securities.

Securities can be stocks, bonds or derivatives.

FYI, the interest rates in Euro zone is not almost nil. It is 1 point something.

FYI, the lower interest rates, the lower the inherent risks.

hustla242:
Me being far from a career as an economist does not mean I don't understand the basic fundamentals of pricing, demand, and supply. I don't care where SLS went and I never mentioned disbursing foreign currency, that's illegal. If you take a deep breath and read carefully, I said dollar certificates, which we did in the past and kept the Naira and other economic indexes fairly stable. The CBN has absolutely no need to monopolize the dollar at the expense of inflation.

Amsorry. So you are saying State governments to pay recurring expenditures with dollar certicates?

Really?

hustla242:
If you're saying that it's perfectly fine to invest, knowing that your money is going to lose value in the next 5 years, when you have better options in the short-mid- and long term, then I pity those who'll trust you with their hard-earned cash.

Spain did lose their S&P credit rating, OK forget about Spain, Greece's credit rating was downgraded to "Junk" status- and we still open our eyes and invest in their national currency- You call that Intelligence?? Surely you know better than that as an "economist".

I hope you realise there are circumstances in economics where you would want your currency to lose value?

Do you realise in capital markets what happened 5 minutes ago is virtually irrelevant? You are still stuck in this mental rot of "if it is going down, then it is bad".

In efficient markets, the market corrects itself almost instantly. It is almost consistently a blank plate. So what happened to Greece or Spain is unimportant, what is important is the assessment of current factors. Things that go down can as well go up!

hustla242:
Dude, if you're going to argue, at least do some research, there's no point in wasting my time when you don't have any facts or haven't done your homework.

No country in the Euro lost their AAA rating C'mon bro, what world are you in? Spain did, Italy did, the U.S, I believe Greece did, The French and British are most likely next,  so what are you on about? I'm far from an economist and I know this simple facts.
Spain loses AAA rating as Europe battles debt- http://www.latinamericanpost.com/index.php?option=com_content&view=article&id=5138&catid=3:latinoamerica&Itemid=38

We are talking about the last 2 months (as you said) right? I did check my facts. And this is what my source was saying: http://www.bbc.co.uk/news/business-16226543

That is not an indication of losing AAA but a suggestion of it might lose it. That is why I said "I dare say".

hustla242:
Assessment that did not meet expectation?? Hindsight?? Sounds like you're trying to make an excuse for incompetence- which is what was. It was an error, Aganga sheepishly acknowledged it once, when they ended buying up the Chinese currency. I don't need to answer the rest of your questions, if you don't get the point- I'm sorry, go do your homework, find out and bring the facts back not questions.

Incompetence?

Really?

If you know nothing about economics, you have to keep quiet.

It is perfectly acceptable to not be able to predict the future and future behaviours of people on aggregate. Only an arm chair critic will sit down and scream it is easy.

You really need to answer my questions about whether you are suggesting state government shout start operating in a foreign currency.

hustla242:
We as Nigerians, need to start thinking deeper about our problems because it would require more than Forbes, The IMF,  an Oxbridge PhD, and the usual rhetoric to solve our problems. Some issues do not require a rocket scientist, others do. Sanusi is an excellent banker, very well educated (LSE), but definitely not the best Nigeria has to offer. I would argue that anyday, anytime!

As a matter of fact, Sanusi never attended LSE.

I don't think with your exposure that you are far from economics you are in a position to even be criticing his policies.

realchange:
it is a huge chunk of it. say 95% of it
you cannot say you are intelligent, but was a B student in school, when there are other A students.

if you are talking about 'wisdom", then that is different.
intelligence = IQ = high grade at school. QED.

What utter rubbish!

So in your brain, your conclusion is that the ones that got "A"s are the most intelligent?

How old are you?

realchange:
did sanusi obtain a first class in anything at uni?
did sanusi emerge the best student at any time?
did sanusi even obtain a ph.d?

comparing sanusi and soludo is like comparing wole soyinka with owei lakemfa!

You are dumb for thinking education = intelligence.

ifeci:
Her boyfriend get hand for this thing

Do you know them personally?

Please don't shock me. Abeg you!

chuksme:
[b]shadrach77[/b]I don't like the statement you made above, there is no tribe that has no greedy people among them,ok.

Don't mind hopeless, moronic cretins like him.

hustla242:
Your "sources" against Soludo are no better than mine mate, if they were, Soludo would be in court now. So it remains subjective- let's leave that.

My source is more reliable to me than your source is reliable to you.

A direct source is more useful than an anonymous, faceless online source.

Mine is better.

hustla242:
Buying undervalued securities is a money-maker if you're buying strategically, so know when you're getting in, when you're getting out etc. Euro countries are loosing their AAA ratings left and right, the Euro crisis might possibly end up in a break-up of the Euro zone which would devastating to those bonds. There were much better options, and they did the right thing in the end by investing in the Chinese.

Drop in AAA rating is hindsight. I am sure you were not saying that 2 months ago when they bought the securities. Even the industry experts were not saying that.

More importantly, Euro countries are not losing the AAA ratings left and right. I dare say none has. You are just projecting the fears you hear to back up your hindsight. Things I am sure you never said 2 months ago. Such are not valid arguments.

In economics you try and assess the future, you don't predict it.

There was no schoolboy error here, it is merely an assessment that did not meet expectations. It happens the best and most intelligent worldwide.

hustla242:
On the capital vs. recurrent expenditure- take a snapshot of Lagos' 2012 budget (a microcosm of Nigeria), and the capital indeed exceeds the recurrent budget. Even if it didn't, we are net importers, most local contractors import their goods, most states have  foreign debts- dollar certificates would resolve these issues and stem inflation, interest rates and reduce the burden on the populace.

What proportion of the funds did Lagos get?

What proportion of States in Nigeria have capital requirements that exceed recurrent budgets?

Are you saying state governments should pay local contractors in dollars?

hustla242:
I'm not against SLS cause of any ethnocentric B.S, I'm the same person that'll tell you Aganga made a mess of his job as Finance Minister. Again, I'm not saying I can do better than him but calling him the "most intelligent" Nigerian is just far-fetched.

As I earlier qualified it, he is the most intelligent of the public figures I have seen.

Obviously Lagarde is wrong as she has never met me. [Straight face]

Give me the post of CBN governor which comes with about N12m a year salary, free top notch accommodation, official cars, crazy allowances and unbelievable networks in one of the World's most pregnant economies, why would I need to be corrupt? Why would I risk all that if I had a brain in my head?

Any intelligent person would realise they do not need to be corrupt and they can make a killing from consulting, IB advisory, public speaking and chairmanship of local operations of multinationals using their knowledge and networks.

segzi cres:
no vex i wuz in a hurry

Ok, bros.

obitobe:
let us don't be quick to condemning her, i would like us to be easy on her, the fact she was caught does not prove that she is guilt as charged, and beside it could have been implanted in her bag back in Nigeria by anyone not necessary to frame up but for her to be the transporter without her knowledge or maybe she is fully aware of the whole deal and her luck just ran out. Well there are many sides to the story, please its a shame that it was associated to Nigeria and the UKBA are just making a big noise about it, i guess if its were other developed western world there wouldn't be much fuss about it, but just simply because its Nigeria i guess.

You were making sense until you got to the bolded and decided to spoil it with your ignorance and "I am a victim" idiocy.

Work hard, save up and apply for visa to go abroad and broaden your horizon. If it was any other person from any other country, it will be the same reporting. Stop claiming moronic "victimisation".

If dem no give you visa, use the money wey you save buy DSTV and learn about yonder.

segzi cres:
nigerians make me sad, use your hard too when involved with religion if not you'll become a puppet, wake up nigeria, our fetish ways is who's making us believe all dese BS, it wuz jus a me sure to calm our cannibal ways tho, da's where it ends

Next time try and post in English.

Abuse:
I still doubt that she did it. I believe she was framed. Lets watch our the drama unfolds. We should not just read stories online from this British terrorist and take them hook line and sinker. Let us investigate this matter. Chinwe is innocent. Get me my lawyers. I am off to UK,

Cretin!

cjfavour:
In a sane society,no reason is good enough for a public officer to go contrary to d dictates of d constitution.Maybe only in this animal fam called 9ja where foul is fair and fair is foul w/out prosecution as far as u belong to d right group.

You are a cretin!

How did he go against the constitution?

Foool! I thought I told you to go and read your books.

Product of a failed education system. Checking for facts is non-existence. Lets not even delve into the reasoning.

cjfavour:
if he's intelligent why couldn't he read the constitution and know that nigeria is a secular state b4 he started campaigning for islamic banking? I used to be his fan but he lost me when he started campaigning for that religious system of banking with %igeria money. I'm nt against islamic banking but for a CBN govnor to be championing it,and at that period didn't sound right. So whether IMF said dt or nt,he's not intelligent as far as he can't understand the dictates of d constitution.

You are a cretin!

Shut up and go and read your books!

hustla242:
Well, I never said it was true,  same way an confirmed rumor from a nameless "sagamite" about Soludo's deals remain speculative at best.

That is why I said: Feel free to throw it back.

I am very intelligent o, don't try it.

I personally believe my source because my source is DIRECT. I know the source closely and what they do in CBN and I am CLEAR there is no motive since they were making a killing from the CBN.

Don't compare that to some apocryphal and unknown source that post something on the net and I am suppose to believe it.

hustla242:
"If" it shot up?? I'm not an economist but I would not for my life buy U.S or Euro bonds right now simply because there's a lot of uncertainty around those zones, that's common knowledge.

There are people that would buy when things are rock bottom.

These people are by no means stated as making "schoolboy errors".

I believe it is common knowledge that buying undervalued securities is a money maker.

hustla242:
State governments don't have to convert it, they could pay for their infrastructural development in these dollar certs since most of the companies executing the projects are multinationals, it's been done before. So no, again don't need to be a genius.

Really?

Are you sure majority of their expenses is on infrastructure by multinationals?

I will bet it is on reccurring expenditures like salaries and contracts with local parties?

Am I wrong?

KA24DETT:
Saga, this guy will never stop no matter how much u drill it into him. I am pretty sure he understood that he's wrong but his ego wouldn't let him admit  it,  If you can delete your previous posts on nairaland,  he would take that option, Him telling you to bring proof to back up your point and pulling up ICAO are all ego defense mechanism,  Abeg , mercy for am.

Dell_net,  It's okay bros, let it go, Live to fight saga  another day, I know , he is a tough nut to crack. Always steady mobbin,

I know na! Na the "I no go carry last" defensive mechanism dey push am.

seyi4kunle:
Despite all the warning, she still went to take a dive into the drug business, she is just too greedy even when she has a jumbo salary from that cool job. Let her face the wrath of the law of Great Britain

Out of curiousity, how much do they pay this air hostesses sef?

Wallie:
Someone said she must have been framed because there are other “motives”. Sure there are other motives out there! Arik could have misplaced someone else’s luggage and the person planted 4kg of cocaine on the airline or the air hostess might have served a warm drink to someone on the plane. It might even be a case of her enemies using voodoo to teleport 4kg of cocaine into her luggage out of jealousy.

However, the simplest and most rational motive is simply MONEY! Who else is best equipped to carry the stuff than people with unlimited access and knowledge of Airports and security?

Some of you need to be writing plots for Nollywood movies so that we will not be able to predict the endings as you will come up with the craziest twist with all your conspiracy theories!

Their illiteracy can accidentally ping some creativity.

Wait till cap28 gets here. He would say it is the evil whiteman that set her up to shame a black nation.

hustla242:
1.  I don't think it was a pressing issue, and obviously the government didn't think it was or still is, which is why it's been shelved albeit temporarily. Right idea, wrong timing.

That is injustice. Injustice is never a good idea.

If you want to sallah or allahu akbar your money, that is your business, not mine. It does not disturb me and I should have no right to stop it.

hustla242:
2.  You go into the Euro, buy 1/2 a billion dollars in Euro at time when the value of the Euro is going south. Options? Brazil, China (which they bought later on), Japan etc. The interest rates on these bonds alone can be better spent, ask Cote D'voire that had to renege on bond agreeements due to high interest rates.

My understanding of free markets is securities can go up or down. Hindsight is not really an asset widely available in free markets.

So because the value was down you think it should not be bought? So what if after it was bought it shot up in value, what would you say?

How is that a schoolboy error?

hustla242:
3.  He doesn't determing if the money is to be disbursed to tiers of government but he determines how. Disburse it in dollar certs like we did until Yaradua came along, not changing into Naira and inflating the economy.

Will the state governments not convert to Naira themselves when they get it?

Is combined gross conversion not more profitable than individual smaller scale state conversion?

hustla242:
4. http://thestreetjournal.org/2011/10/face-of-a-fraud-how-cbn-governor-sanusi-lamido-sold-intercontinental-bank-to-his-friends/. You make what you want of it mate.

Please don't get me wrong, I give him a lot of credit for what he's done, he's dealt with some serious issue head-on, won various awards etc. I'm just not standing in awe of him as "the most intelligent" Nigerian alive.

Sorry, mate. I make nothing of unreliable, apocryphal rumours.

Worse still coming from an unknown source where the author is nameless.

Feel free to throw it back.

We had a group like this that have been attacking him from the word Go.

phreakabit:
Every opinion should have reasons backing them. . . . What is/are your reasons for saying:

1, SLS is a "Genius"

2, Soludo is no where as intelligent as SLS.

3,Soludo is a criminal. I know that personally. (Proof on this one particularly would be much obliged)

I have heard and read alot of Sanusi's opinions on issues. I am a critic and an intellectual elitist. I read every line and try and critic and I never find a hole. Just like I know a cretin when I see one, I know a member of the clerisy when I see one. Believe, there is hardly any better judge of that than me.

Soludo is a criminal. I know someone whose bread and butter is in contracts with the CBN. This person told me how Soludo and Olisa Agbakoba frequently inflated legal fees OUTRAGEOUSLY and shared it. This person is not bitter because (s)he was making there money in CBN so has no motive to.

If you are in a good position to make money in Nigeria (good salary, status and network) but yet risk all to be crooked, you are a fooool, not intelligent!

[quote author=dell_net link=topic=829822.msg9810091#msg9810091 date=1324474474]@sagamite You are a waste of time and space. You are the kind of people that get educated by experience instead of learning. What is difficult in looking into ICAO standards? I will mark your words.[/quote]You are a cretin!

The excellent places where I schooled, if you believe you have a point, you go and bring your evidence and not tell people to go and search for it.

Product of a failed education system.

[quote author=dell_net link=topic=829822.msg9809928#msg9809928 date=1324473133]You this guy you are making me mad, go and look up ICAO if an airline cannot meet basic security standards what will happen. Do not need to be a Rocket Scientist to see this as a security breach.[/quote]You are a cretin!

No 1, I am sure the ICAO security standards will be in regards to Terrorism, Aircraft safety and Flight competence safety, not who is carrying drugs.

No 2, how will one or even a few incidence of cocaine carrying invalidate the security standards to the point a company cannot operate a route?

No 3, is it Arik that is responsible for security standards or Nigerian customs. Will that not invalidate ALL flights from Nigeria (including the Western ones ala BA) if they is Nigerian customs is deemed incompetent at ensuring safety?

[quote author=Godman_n link=topic=829501.msg9809846#msg9809846 date=1324472404]Most people don't get the message.

Sanusi is an intelligent guy but no way near a genius. People like Soludo approaches Genius. But Sanusi is bold and honest to a very large extent, probably owing to his background.[/quote]Knowing book is not intelligence. Ok?

Soludo is no where as intelligent as SLS.

mikeapollo:
The so called Bishop is ignorant of things of the spirit and has indicted himself by his words and actions.

It is obvious that he slapped the girl out of the frustration of lacking the anointing to deliver her. If he had the anointing to deliver her, he would have gone ahead to deliver her instead of slapping the girl. The Bible says the weapons of our warfare are not carnal(slapping) but spiritual.

Again, by saying that the girl went back to the wicthes society, it means he has acknowledged the fact that the girl was never delivered. Again, it is funny to say that the girl's fellow wicthes asked the girl to go back and beg him because the slap he gave her could kill her for ever. Adluterated talk!
What power does the slap have to kill for ever, if the Bishop could not deliver the girl, which would have shown the authenticity of the power of deliverance in his life.

These are some of the ways tha the so-called pentecostal pastors deceive people with empty and boastfful talk!

Lets not be blinded by the condemnation of Ole-depo. Mikeapollo is also an . . . . .EDIOT!

A . . . . .mooron!

Deliver my arse!

debrief08:
Hahahaaaaaaaa, wetin i do u? Anyway i am sure this fakke pastor and Bishop Oyedepo cannot live with someone who has been labeled a witch under d same roof. They re held captive by fear

They are ediots.

I am not insulting them. I never insult, I state the obvious.

They are EDIOTS . . . . . . . with BSc and MBAs from quack places!

[quote author=dell_net link=topic=829822.msg9809765#msg9809765 date=1324471547]The beer parlor in your mothers back side. Bring it on.[/quote]You are a cretin!

You still can't defend your moronic opinions from your arse?

hustla242:
Making a case for Islamic banking during a very volatile period, surely there are more pressing issues.

And so?

What has Islamic banking got to do with your life?

Why should he pander to the lunacy, illiteracy and ignorance of others over a very simple issue?

You think the avenue to bank in a way acceptable to the 50m+ Muslims of Nigeria's religious belief is not a pressing issue?

hustla242:
Secondly and even more importantly, going into the European market at an uncertain time economically in the Euro zone. The yield on those bonds hit a record low a couple of months ago.

Explain to me the scenario and aims of the idea?

Then provide me with the options.

hustla242:
Also, receiving petro-dollar income, converting to Naira and disbursing to tiers of government, and hoarding the dollar. Ofcourse printing Naira is going to cause excess liquidity in the system (you don't need to be a genius to know that), then you have to tighten the yoke around people's neck even tighter- as if it wasn't tight enough. Shall I go on?

Who determines if money is to be disbursed to tiers of Government? The CBN governor?

hustla242:
You're saying Soludo is a criminal and SLS has clean hands?? C'mon be real

Do you have any reports of SLS criminality?

omar22:
@sagamite


You need to leave this guy alone,

he looks like one of those that could start an arguement in an empty room!!!

You know I like to intellectually torture the intellectually-handicapped.

[quote author=dell_net link=topic=829822.msg9809716#msg9809716 date=1324470866]@sagamite why don't you look it up your damn self?[/quote]You are a cretin!

See how you are proving me right that you are a product of a failed education system.

Did you pass school by telling your teachers to go and look for the evidence of your arguments? Which beer-parlour school failed you?

You think NL is that school were you can shyt your opinions without back up and you are hailed as a hero?

When we ask you to back it up you start struggling like a mooron.

Can you see that I am right when I say you are a cretin and product of a failed education system?

[quote author=dell_net link=topic=829822.msg9809655#msg9809655 date=1324470340]@omar22 this is a remake of all the wars. Look up Frank Lucas and see what he did during Vietnam war. His was in dead soliders coffin. . . well, according to the movie American Gangster starring Denzel Washington.

@sagamite, please if you don't have anything positive to say just shut up.[/quote]You are a cretin!

Explain what relevance War on drugs/terrorism have to your conclusions.

Product of a failed education system.