₦airaland Forum

All right, donnie. I think it's time for us to have a heart to heart discussion about spiritual things and why we believe what we believe. I will start a new thread for that.

I wish someone could really show me why this capitalization is a good thing. Everyone seems to know that it's a good thing but no-one is able to explain except by making authoritative statements or alluding to 'experts'. I believe that if I can't understand what you are saying after giving it much thought then it's probably nonsense. Maybe that is wrong here?

The brain, of course. It coordinates the whole body and without it even if by miracle the rest of your body is working you cannot be regarded as a human being. Followed by the heart because it pumps nutrients and oxygen that all other organs need to function.

She'll pretty when she grows her hair and eats some food!

Well you are right. The interview was not meant to be made public; it was an intellectual conversation but I believe that Sowore just wanted to make himself popular by publishing all those revelations. Or maybe he felt it was something we all needed to hear.

Welcome cabali. Do not mis-spell your words here o!

after we both agreed that she should marry since I still have years ahead in my school programme.

Both of you should take IQ tests. So this what they call stupidity?

You know what? I think the story is fabricated because I think you are smarter than that.

AbbeyMarie:
But then how do make political desions? Do we put liars in jail?

Thanks to the principle of separation of church and state you Christian fundamentalists don't need to worry about political decisions at all!

See also: Fornication or Homosexuality: which is a greater sin?

IAH, you are misunderstanding Farriel. He means to say it's wrong to wear body-hugging trousers to church.

The word means wife and nothing more.

Welcome to Nairaland bro

cabali, isn't it rather silly to side with an allegedly corrupt vice president instead of calling for the EFCC to investigate him?

Yeah. And interestingly enough the feminine trousers are more revealing than the ones made by men. You know, I think if God had a choice in this matter he would ask all women to wear trousers made for men since they are less revealing than the skirts or 'tights' that women love to wear.

What is a decent relationship? Are you saying you want to marry this girl?

I understand what you mean when you say your religious differences won't affect the sex relationship.

True love can probably wait for 1-3 years. There's no need to hurry.

you are surprised that a girl would not want to advertise her gayness to the whole world and trigger the prejudice and homophobia of bystanders, possibly putting you both in danger?

As I said earlier, corruption should be dealt with by EFCC investigation and not consolidation.

dejiolowe: @seun. your arguments are wrong. the banks were too many

I don't remember customers complaining that banks were too many. Customers like to have choice. The only people complaining about that were the big banks who were not interested in competition from the smaller new generation banks kicking their colective butts.

dejiolowe: consolidation has done well for the market.

Well as a customer, I am unhappy about consolidation. Primarily because a progressive bank like STB has been forced to merge with a retrogressive bank like UBA which I have sworn never to patronize. Now I have no choice.

The employees (including many capable Hnd olders) that are out of jobs are also unhappy about the consolidation because they are now jobless. Those that remain are happy because their jobs are more secure following the exit of their colleagues.

The customers, creditors and investors in the "failed" banks are also unhappy because they have lost everything. Those in the "successful" banks are happy because they now have less competition to bother about, QED.

Charles Soludo is happy because the "reforms" have made him the most famous CBN director or all time. His face is in the news because he has taken "bold" steps (on behalf of the banks) and somehow the industry has managed not to fall apart.

If consolidation is so good, why don't we go one step further and consolidate the 25 banks into one powerful bank of international standard? We'll call it CBN and Soludo will be the chairman.

In summary, I am convinced that there is a lot of insincerity in this entire process. A lot of people are supporting consolidation because they have been convinced by high-sounding arguments by banking professionals who have been convinced by the CBN governor that this is what will lead them to the promised land.

I, personally, will have been more impressed by something simple like affordable and secure online payment. This "reform" - at least the consolidation aspect - to me is like running on a spot.

Well I have. I lost confidence in them first (except a few like Pastors Adeboye, Gbile Akanni) and then later I lost confidence in the religion they promote.

I got to know him through Fantasia Barrino when she rendered his song 'I Heard It Through The Grapevine'. I like the original rendition a bit better, and also 'How Sweet It Is To Be Loved By You', 'You Are Everything', and 'Ain't No Mountain High Enough'.

I am completely unimpressed by 'Sexual Healing', which seems to be his most most popular song. I don't see why people like it.

There is no way that there'll be 49 plane crashes in one year. After the third plane crash the president will declare an emergency and ground all the airplanes. If after the arplanes are allowed into the air they start crashing again, then people will know that there's a "curse" on them and they will be permanently grounded. So it is not possible. Plus, how many planes fly in Nigeria really?

Ok, let me simplify the argument so we don't keep mixing things up and regurgitating the rubbish that we have been fed through the media.

Regulation is good. That's what they've been doing all along before the so-called consolidation. Monitoring of banks, very good. Protection of customer deposits, admirable. But all that can be done without the arbitrary minimum capitalization rule. If you want to nip corruption in the banks, you can investigate them. You don't have to force an unecessary "reform" on everybody to flush out a few bad elements. Can't you people see this simple fact?

Look at forums. Let's say in a bid to reduce the spread of misinformation through forums the Internet Society instead of dealing the problem directly decides to impose a minimum memberization rule on forums such that any forum with less than 10,000 members by the end of January is a failed forum that needs to be "cherry picked". Considering the fact that Nairaland is the only Nigerian forum that has so many members, won't you say that the rule is biased in our favor? This is exactly what has happened in the banking sector.

Regulation is good: I don't think it should be too hard for CBN to regulate the 40 or so banks that were forced into marriages of convenience due to this arbitrary policy. If they are inconveniencing the whole industry just to make it a little bit easier for them to regulate, I'd say that's very arrogant.

Investigation is good: the CBN can pump some extra money into the treasury of the EFCC so they can investigate corrupt banks and get the directors prosecuted. The message they have sent is that you can steal as much as you want, but as long as you can convince the public to invest $25 billion naira in your company all will be well. There are many more direct ways of dealing with corruption and they work quite well.

How about we recapitalize/consolidate the Yahoo-Yahoo industry so we can stamp our their rampant fraud?

Welcome to Nairaland!

Not me, but Chippla

Chippla has done some simple maths to reveal that Nigeria is actually quite poor despite the so-called oil wealth. According to his calculations, the country only makes about 2100 naira per month ($15) per citizen. So because of our enormous population, oil wealth is not going to be enough to guarantee us a good standard of living, even if there is zero corruption!

Let's now do the math: 108 billion Naira + 36 states x 2 billion Naira + 774 LGAs x 65 million Naira = 230 billion Naira ($ 1.77 billion).

There are about 120 million people living in Nigeria. Lets divide this sum by 120 million.

Amount per head = 230 billion Naira/120 million people = 1920 Naira/person = $15/person.

Thus, the total amount received by all tiers of government in Nigeria for the month of October 2005 comes to a mere $ 15 per person. Sounds like a very poor nation despite its so-called oil wealth!

http://chippla..com/2006/01/poverty-beyond-corruption.html

What do you think about this? I think we have to look for ways to make every man, woman and child in Nigeria productive. Create jobs people, we shouldn't all be jostling for jobs in the oil sector or banking sector!

And now the CBN is calling them "failed banks". Is it not the CBN that caused them to fail by asking them to raise money that they don't really need to run their businesses?

Banks do need a certain level of capitalization

Lets assume that you are right and banks need a certain level of capitalization. How do you determine how much capitalization a particular bank needs? Isn't not something for the management of each bank to decide? Since when have Government bureaucrats been more adept at predicting the needs of an industry than industry insiders themselves?

Nairaland wouldn't be here today if the government had decided that one needs $300 minimum to start a website. I don't believe that those who have access to the largest pools of money are necessarily the right people to be in control of the banking sector - or any sector for that matter. They should leave room for those entrepreneurs who have the ability to achieve more with less money.

I think you have taken a very commendable step.

However, are you not afraid of the security implications of giving remote login privileges to people you've never met in person? What if some of them are hackers? Hope you don't use the system for any serious work that may be compromised if your system is hacked?