₦airaland Forum

i posted news concerning senate action on 5000 naira note proposed by CBN earlier,and a guy posted later i discovered that,the guy post was moved to front page despite carrying the same information.

nobody can tell me these moderators are not biased,because this is not the first time they are doing this,on this not am calling on SEUN to please remove me from nairaland,am not a party to this favouritism stuff or he should removed the two moderators of POLITICS now

The Senate Committee on Banking, Insurance and other Financial Institutions on Monday directed the Central Bank of Nigeria (CBN) to suspend the introduction of N5, 000 note until the Senate was properly briefed.

The Chairman of the Committee, Sen. Bassey Otu (PDP- Cross River) issued the directive while speaking to newsmen in Abuja. Otu noted that the re-denomination of currency required the approval of the National Assembly, warning that the CBN must avoid sending the wrong signals to stakeholders in the economy.

He said it was vital for the CBN to discuss the implications of the currency re-denomination with the Senate before it was implemented. `` I believe that a project of this nature requires parliamentary approval because there are numerous fiscal implications on the entire economy.

``The CBN must be very careful in order not to send the wrong signal to the domestic sector and external partners that the Nigerian currency is valueless. ``So, we are sending a letter to them (CBN) to stop all further actions on this until the Senate of the Federal Republic is properly briefed,'' he said.

He warned that the conversion of some denominations into coins would lead to a waste of public funds as the previous exercise did not yield the desired result. ``In 2005, the CBN undertook a major currency restructuring to re-coin some denominations which ran into billions of Naira. ``It did not work at all because both the goldsmiths and the blacksmiths converted the coins to moulding bangles, earrings and so on,'' he added.

The Committee chairman said there were other mechanisms available to the apex bank to tackle the problem of inflation other than the re-nomination of the nation’s currency.

SOURCES NEWS AGENCY OF NIGERIA

bro you must be blind or you have not been to lagos,

dts wat i can afford

i was searching for information on central bank of Nigeria website concerning the list of banks banks operating in nigeria,to my surprise the website of first city monument bank plc i saw there was wrong,i noticed this when i clicked the link,website display was like a site for those looking for banking jobs and not the website of FIRST CITY MONUMENT BANK PLC.
if i have used the website and got swindled can i sue CENTRAL BANK OF NIGERIA on this

bros take 17k

I THINK THE BEST WAY TO RESOLVE RELIGIOUS CRISES IS TO HARMONIZE THE FASTING PERIOD BY UNITED NATION OR POSSIBLY BY THE GOVERNMENT OF A COUNTRY.
I WISH OUR MUSLIM BROTHERS AND SISTERS RAMADAN KAREEM

PHYSICS IS VERY TOUGH BUT HAS A LOT OF PROSPECTS COMPARE TO STATISTICS,IF YOU ARE NOT A BOOKWORM NEVER GO NEAR PHYSICS BUT IF YOU KNOW YOU CAN NOT DENY YOURSELF OF SCHOOL "EFISY" I WILL RECOMMEND STATISTICS FOR YOU

Public power supply in the country hit a peak capacity of 4,237 megawatts on Monday, excluding spinning reserves. This is the highest power output ever generated in Nigeria to date.

Minister of Power, Bart Nnaji, stated this on Tuesday while briefing officials of his ministry.

He attributed the sharp increase to gas availability and praised the Nigeria Gas Company (NGC) and the Minister of Petroleum Resources, Diezani Alison-Madueke, for delivering on the promise to supply gas to the thermal plants.

“Gas is coming up gradually and when fully stabilised, we can easily hit 5,000 megawatts,” he said.

Nnaji also said that although water levels have also improved at the dams, hydro power plant managers at Kainji, Jebba and Shiroro are operating a management system designed to ensure that there is water for power all year round.

“We can have more (power) if we decide to use what is available at Shiroro, for example, but we do not want to do that,” he said.

The minister said he was also pleased that the transmission backbone has been able to wheel the power produced effortlessly.

When President Goodluck Jonathan assumed office in May 2010, the quantum of power generated in Nigeria was about 2,800 megawatts.

The figure spiked by1,000 megawatts within one year, mostly through recoveries from existing plant capacities. By January 2012, the generation capacity peaked to about 4,100 megawatts.

The minister had in April assured that there would be considerable improvement in power supply from the end of July 2012 because of the scheduled increase in natural gas supply from the Nigerian Gas Company, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), and in the volume of water at the lakes in the nation’s three hydro power stations at Kainji, Shiroro and Jebba.

The Federal Government has promised to step up efforts to improve gas supply to the power sector by putting in place some infrastructure that would enhanced sustainable power generation in the country.

The nation’s gas agenda is robust. It puts gas-to-power at the core, but also envisions an aggressive gas based industrial growth. This in turn will drive further growth of power demand.

About 3bcf/d targeted at power sector with existing Power Holding Company of Nigeria (PHCN) plants being cardinal base load consumers of the gas.

source:BUSINESSDAY

Nigeria is to begin the production of heavy equipment as well as spare parts before the end of 2012, according to Dr Mohammed Haruna, Acting Director General, National Agency for Science and Engineering Infrastructure (NASENI).

Speaking in Abuja, Haruna said that the facility would be cited in Bauchi as the state government had already ceded the old Steyr manufacturing facility to NASENI for immediate take off of production.

He said that the Federal Executive Council (FEC) had approved for heavy equipment fabrication and spare parts production in Bauchi but due to paucity of funds, the take off of the institution had been hampered.

``We are glad to announce that the current governor of Bauchi State has graciously donated to the Agency the production facilities, workshops and with additional funding support for the institute.

``By the grace of God it should take off in 2012, we have represented this issue before the ministry for onward presentation to the federal executive council.

``The idea of citing it in Bauchi was to support the military in manufacturing of heavy equipment and components, spare parts for their amour and equipment and at the same time, produce equipment and component that will reduce importation.

``All is set, we are waiting for the formal approval.

He said the facility would also facilitate the industrial development of the North-Eastern part of Nigeria in particular and the nation at large.

The Steyr Manufacturing Facility is located in Bauchi and was used for assembly of motor vehicles, agricultural tractors, trucks, buses and motorcycles.

However, the company had not been functional for a while even as the then Chairman, Bello Kirfi says about N500 million is required for the upgrading of the motor assembly plant.

Haruna said that the transfer of technical know-how, technology skill acquisition and capacity building agreement was recently signed with the Bauchi state government.

The agreement also included resuscitating the near moribund Heavy Machinery and Equipment Development Institute (HEMEDI) located in Bauchi by the Federal Government since 2004 but yet to take off.

HEMEDI was conceived by the Federal Government to provide research and development (R&) support and manufacturing of heavy equipment components for railway operations.

The company was as well to support agro-allied equipment such as tractors and spare parts: generally the Institute was established to aid the survival of Nigeria's heavy equipment industry.

The areas of collaborations would also include: foundry technology, energy, science kits production, glassware/wood technology, computer aided design/manufacturing.

Also electrical equipment and power management, electrical/electronics, advanced materials including nanotechnology and advanced manufacturing technology (AMT).

According to the MoU, the Bauchi State Government shall provide project sites, infrastructure, utilities, funding for technology business development activities, enabling environment for commercial activities.

According to him, NASENI on its part is to provide proactive advice on development of engineering infrastructure and renewable energy as well as counterpart technical team during plants installation and test running.

The Agency is also to assist in upgrading and refurbishment of secondary, technical and skill acquisition institutions in the State.

In his remark at the MoU signing, Haruna called on Nigerians especially the private sectors to collaborate with the agency to ensure that the opportunities available in the Agency were well utilised for the development of the nation's economy.

" This agreement will further ensure that the Institute would be commissioned, while full activities for which the institute was approved by the Federal Government since 2004 will start soon," said Haruna.

While emphasising the need for other state governments to support and patronise locally made products, NASENI boss said that Nigeria's economic development was strongly hinged on local patronage of science and technology.

"Unless Nigerians patronise goods and services made in the country as well as invest in the development of science and technology, the ambition of Nigeria to be one of top 20 economies by year 2020 will remain a mere dream.

SOURCE; BUSINESSDAY ONLINE

The Federal Government will soon reintroduce tollgates to federal roads across the country, this was made known by the chairman of the Federal Road Maintenance Agency, Ezekiel Adeniji, on Saturday in Abuja. He said it would generate revenue for government and jobs for Nigerians.No date for the reintroduction of tollgates.
“Tolling is universal for revenue generation and job creation. In developed countries, there is no place you go to that you don’t pay toll for the roads you use.If you are paying for water, electricity and communication, why can’t you pay for good roads? We will have more revenue to maintain the roads.Because when you toll, you get more revenue, you create more jobs and you have funds to maintain the roads.” he said.


Tollgates were closed by President Olusegun Obasanjo during his tenure. However, since his exit in 2007, there had been reports that government were considering the return of tollgates to federal roads, especially as some states like Lagos had successfully introduced such on their roads.

The FERMA boss also said the agency would recruit 10,000 Nigerians from communities where it would be engaged in major road maintenance work before the end of the year.

ARES: A BIG SLAP? ABEG SHARRRRRRRAP. I BET OIL FIRMS ARE PURSUING NIGERIAN GRADUATES BEGGING THEM TO COME WORK FOR THEM

THEN WATS POINT ARE YOU PROVING TO ME

what a hell does Sanusi thought he is doing?,crippling the economy,increasing the unemployment rate,destroying the value of Nigerian currency at the expense of prosecuting his personal enemies.this guy should stop deceiving us as there is no ideal banking system in the world.perhaps the remaining issue is purely legal matter and CBN lacks jurisdiction over this

In a statement on the UK judgement, the media aide to former Intercontinental Bank chief, Erastus Akingbola, Charles Nwagwu, said: “We are disappointed with the judgment, which is at variance with all evidence at the hearing. Our lawyers have, therefore, been instructed to pursue an appeal of the judgment as well as consider all further legal options.

“May we also clarify that the judgment did not order Dr Akingbola to pay any sum of money as at today, contrary to claims in the media reports.

“This civil case in London is the fourth variant of the various cases in the Nigerian courts emanating from the forceful take-over and subsequent sharing of the assets of Intercontinental Bank and the ruthless suppression of any opposition.

“Dr Akingbola restates his innocence and is determined to clear his name. He remains confident that the judicial system will eventually vindicate him.”

just flipping through Guardian newspaper and saw an advert from Dangote group,seeking for graduate drivers,it was stated the drivers will be driving trucks and the qualifications must be B.sc,HND,OND or NCE

what has Nigeria turned to

I know for sure that some Islamic folks in the corridor of power are trying everything possible to islamise Nigeria.If you are doubting me let me give you some evidences and at the end you will be convinced to agree with me.

1.The introduction of Islamic index on Nigerian stock exchange:The introduction of this index on Nigerian stock exchange will strongly portray Nigeria as a country with strong dominance of Moslems,as a result some investors who are non religious in their businesses may decide to keep off,this will now open the door wider for the Abu Dabi group and co to come in on religious ground.

2.Introduction of Islamic banking,Islamic insurance and Islamic derivatives in Nigeria financial market;Without deceiving ourselves,nobody can tell me the strong advocacy for Islamic banking did not start immediately after Lamido sanusi succeeded in confiscating the banks that may give him problem on the full surfacing of the Islamic bank,the Islamic banking initiatives started with Soludo and still don't know the reason why Sanusi is trying to take the Glory as if he was the pioneer.
All the insurance companies have joined the suit by rolling out insurance products to dance to the tune of the Lamido sanusi in order not to be hammered.
Introduction and alignment of some funds in financial market to make them sharia compliant is also an evidence.

3.The removal of banks CEOs:The way and manner the sack of the banks CEO and sale of the banks were done,indicated that the CBN governor witch-hunted some some CEOs,Because all the bank CEOs were guilty of the allegations leveled against the sacked CEOs.Have you forgotten the late CEO of GTB PLC who wanted to purchase official jet for his office,but at the end of the examination the bank was given a clean bill of health.
Now Unity bank and Wema Banks indicted in the examination were allowed to go freely without sacking their CEOs neither confiscating any asset,simply because of the political inclination of these banks.


Nairalanders please lets reason together and come up with a communique,

i also want to ask the life span of d cheque as when it will get stale

tanx everyone bt d bank staff told me such transactn does nt exist in enterprise bank but dey can open dom acct for me,as for d guy dt came down heavily me noneone is at d island of knowledge

i dont av any national identity card or international passport but av d photocopy of my national identity card with d bank
pls i need ur suggestions

@ pufframy i managed to dispose d laptop at a paltry sum of #7k beside enterprise bank computer village yesterday,u know i bought d system frm u @ abule egba for #40k last year october d transactn took place @ d GTB d same place one thing i know dts certain, noone cheats me and prosper with my sweat
so d counter accusation to defend ur dubious act is not a welcome idea at all
pls repent God bless you

A pro-Biafra group, Biafra Zionist Movement, (BZM) said on Tuesday that the formal declaration of a Biafran Republic will be made on November 5. The group said that it was in the process to get the recognition of the international community.National President of BZM, Benjamin Onwuka, said that they needed the backing of other countries to realize the Biafran dream.

“Biafra be internationalized because the forces preventing the dreams for our independence are vested in the United Kingdom.Biafra can only be achieved when we secure the support of the United States of America; the day USA comes to our side, that day we shall be free from Nigeria; the story of South Sudan where a bloody civil war was fought for over 24 years is a typical example.” Onwuka said.


source BUSINESSDAY NEWSPAPER

sanusi jst messed up the whole banking sector believing he was reforming the sector,no financial sector in the world is devoid of corruption and lapses,d damage he has done to d sector wil take nigeria several years to recover,
soludo was d best financial sector reformer in nigeria so far,because of his style of managing d sector.
in a nutshell soludo built a beautiful mansion and sanusi was busy destroying d house thinking he was giving it aesthetic outlook.

if this keep reocurring to the looters of treasury i think others will have a chanage of heart and use the remaining fund to develop naija

the proliferation of privately owned universities will do no good to the tertiary education in nigeria,if you watch carefully u discover dt ever since d debut of private university in nigeria,government attention and contribution to government owned institutions are on decline (people are loosing confidence in public school) .
my fellow nairalanders and lovers of nigeria the establishment of private university is another way of consolidating the dichotomy that exist between the rich and poor,cos most of these universities are beyond the reach of the poor.
lets us condemn this gesture so that public school can garner the needed attention from both the private and public space

nairalanders this guy is a fraudster beware of him (puframmy)
i will not stop blackmailing u until do something about the worthless laptop u sold to me
stupid seller

its disheartening that people are still killing themselves outside boko haram strike,i think there is boundary commision in nigeria what is the commision doin if they cant resolve boundary dispute peacefully

tanx bro

ok lets take a look at this in another way,has anyone been invited for next page

hello house i av sony viao with a faulty screen and dvd drive.
the other specifications are
1 gig ram
120 hdd
core 2 due
wireless
but no cam
i want to see the system
08075537745

words of encouragement,but wait a minute do you think the management of the coy did not interfere in the recruitment exercise