₦airaland Forum

Simply put: Relationship is a superior part of friendship

a company in which his children were directors. A company statement obtained by Saharareporters revealed that members of the Okiro family claimed that they were professionals in such fields as architecture, engineering, administration, and law

Corporate Affairs Commission needs to be reviewed

talk true:
[b]Lawmakers occasionally burst into thunderous applause as the CBN boss explained the motives behind the initiatives

The mumu just use English confuse those Legislooters and they have no alternative than to accept.

I only pity the upcoming generation because they will become muslim out of frustration

Lawmakers to educate constituents on benefits

THE House of Representatives has endorsed the Islamic banking and N150,000 cash withdrawal limit  introduced by the Central Bank of Nigeria (CBN).

The endorsement came after an intensive briefing provided by the CBN Governor, Sanusi Lamido Sanusi on the two initiatives on the floor of the House yesterday.

The briefing, which was applauded severally by members, brought out the benefits of the non-interest banking and the N150,000 cash withdrawal limit.

Lawmakers occasionally burst into thunderous applause as the CBN boss explained the motives behind the initiatives, especially when he challenged opinion and political leaders to lead by example and appreciate initiatives that would take the country from the doldrums.

Sanusi told the House that the first memo for approval of licenses for Islamic banking was received and approved by the CBN during the tenure of his predecessor, Prof. Charles Soludo.

The apex bank boss insisted that if Nigeria must meet up with other countries in terms of development, her citizens must learn to put things right in line with international standards. Sanusi declared that profit sharing without interest banking was not restricted to Islam and Muslims alone.

According to him, the first memo for approval for licences for Islamic banking was received and approved by the CBN during the tenure of Soludo in 2008.                  .

His words: “The fact is that some people approached the CBN and said based on the Banking and Other Financial Institutions and Allied Matters (BOFIA) Act, which made provision for non-interest banking, they wanted a licence to operate Islamic banking. And we issued guidelines. Soludo played more roles in formulating guidelines for the establishment of Islamic banking. I am only completing the job.”

He said the guidelines issued by the CBN for the operation of Islamic banking stipulated that no form of discrimination would be allowed in terms of employment, structure and transaction.

The briefing which was characterised by occasional applause for the CBN boss, also revealed that Islamic banking, like every other non-interest banking, entailed ethical and socially responsible investment, unambiguous terms, non-faith-based products and services and the prohibition of unlawful businesses.

On the N150,000 cash withdrawal limit, Sanusi said it was meant to generate funds to offset cash management, adding that by 2012, direct cost of cash in the Nigerian banking industry is estimated at N192 billion.

According to him, the circular never prevented any individual from withdrawing cash above N150,000 but whatever amount one withdraws in excess of N150,0000, there will be a charge.              

Tracing the genesis of the cash withdrawal limit, Sanusi said that the charges would help, “to reduce industry cost-to-serve by 30 per cent; increase access, convenience and service levels across the industry; enable greater financial inclusion and integration of financial services into the economy, with its attendant positive impact on economic development.”

Sanusi further lamented that most of the people criticising the limitation on cash withdrawal were in the elite class who, he noted, were supposed to educate the larger population on the wisdom of embracing a cashless economy.

He said: “cash transactions represent over 99 per cent of customer activity in banks. About 86 per cent of in-branch cash withdrawals are less than N100,000 in value while less than 10 per cent of transactions are more than N100,000.

“For the avoidance of doubt, no limit exists on cash transaction, but the very few high volume cash users should bear commensurate service cost while the most of Nigerians are exempted from subsidising them. The 90 per cent of Nigerians who are poor are subsidizing (the remaining) 10 per cent who are imposing the huge cost of cash on the system.

“The industry proposal is not to place limit on cash transactions, but to ensure that the 10 per cent of customers that make high volume cash transactions bear the associated cost and eliminate the subsidy by the mass public of banking customers. This will have a direct impact on banking industry efficiency and cost structure - reducing the cost of cash to the financial system, will result in significant savings that can be passed on to customers in form of reduced cost of banking services and lower lending rates to borrowers.”

Impressed by the submissions of the CBN boss, the Deputy Speaker, Emeka Ihedioha, who presided over the session expressed appreciation for the enlightenment provided by Sanusi on the two issues and declared that the motive for the invitation had been achieved.

Ihedioha said: “A number of us or all of us are satisfied with your presentation. We are better enlightened now on the issues.”

He said it was not meant to be a question and answer situation but to provide an opportunity for the CBN to enlighten Nigerians through the House about the contentious issues adding that the House was satisfied with the explanations provided.

Some members of the House have agreed to kick-start an aggressive awareness campaign to enlighten Nigerians on the merits of both the daily cash withdrawal limit and the non-interest banking policies.

The lawmakers, who fielded questions shortly after the CBN governor made his presentation, explained that the apex bank had not done enough to allay the fears of Nigerians on the grey areas in the policies.

Umar Adam Katsayal (CPC, Katsina State), said members needed to educate and enlighten their constituents to facilitate the acceptability of the Islamic Banking and N150,000 cash withdrawal limit.

Uche Ekwunife pointed out that many Nigerians were illiterate and stressed the need for the CBN to educate them to be conscious of the dynamics of contemporary banking especially in the area of Islamic banking.                

Ekwunife, who represents Anaocha/Njikoka/Dunukofia Federal constituency, Anambra State explained that the rumour trailing the policies had made traders to resort to keeping their money at home, a situation she which, she noted, was likely to increase the rate of armed robbery in the society.              

Also reacting, Robinson Uwak explained that many Nigerians were yet to understand what the CBN was talking about, even as he urged the authorities to take measures to help the apex bank win the confidence of the generality of Nigerians in the banking sector.

However, the Lawmaker who represents Oron/Mbo/Okobo/Udung Uko/Urue Federal constituency of Akwa Ibom State, berated the CBN governor, who he said, dwelled on ridiculing critics of his policies, especially some of the religious clerics who picked holes in the new policies.              

“He left issues bordering on Islamic banking and attempted to ridicule some clerics who have commented on the issue. These are sensitive areas he ought not to discuss.

“The CBN needs to educate Nigerians thoroughly and prepare their minds because every citizen has the right to keep his money or not, especially the grass roots before reaching a decision.”

Razaq Bello-Osagie said that as the country was desirous of being one of the 20 largest economies of the world in the year 2020, it must align with universally accepted best practices everywhere.

But the director of Social Communications of the Catholic Diocese of Nnewi, Rev. Fr. Hygi Aghaulo has described as extremely dangerous and unacceptable the introduction of the Islamic banking.

Tracing the history of what he called “past and on-going moves to enlist Nigeria into full membership of the Organisation of Islamic Countries (OIC)”, Aghaulo noted that among the key conditions set out for that was the practice of Islamic (Sharia) banking and that the positions of  petroleum and finance ministers must be reserved for Muslims.

He urged Christians in the country to summon their representatives in the various legislative houses immediately to direct them on how to ensure that the banking system did not take root in Nigeria as it was meant to protect only the interests of Muslims.

I hope it is not dynamite that was used in 9/11 attack to bring down World Trade Centre.

One week after the threat to storm aso rock, U still believe that they will use BOMB to bring down Aso Rock or NASS constructed by Julius Berger.
Nigerians wake up. Money exchanged hands, people accept responsibility. Money is powerful

Boko Haram will be more fierce if Nigeria develop more than this because development is a sin

The Amnesty should be extended to Kidnappers in Aba, and also the armed robbers at Onitsha. Many lives have been lost through this people
Dividends of Democrazy

This same govt kept mute as the NYSC are sending corpers to this troubled zones.
An adage says that people don't run away from rain until it start raining.

Because this was intercepted, it suddenly became dynamites belonging to a construction company.
Had it been it was not, they could have succeeded in bombing Abuja again and we will be asking the same question, "what are the security operatives doing?".

Nigerians wake up. This is a fast move to cover up the politicians involved on this. Money and Power

A security alert was triggered last night as soldiers intercepted a truck conveying no fewer than 700 explosives in Abuja.
Daily Sun gathered that the vehicle escorted by two unarmed policemen was intercepted at the Abuja City Gate at about 8.00 p.m.
The serving policemen had successfully beaten all security checkpoints at all the entry points into the Federal Capital Territory with their deadly consignment until they got to Lugbe on the Nnamdi Azikiwe International Airport Road, where soldiers on routine duty stopped them.

It was gathered that the soldiers demanded to know what was in the truck and ordered the policemen to alight.
The policemen were said to have refused the order, insisting they were doing the same kind of work with the soldiers.
The soldiers, it was further learnt, insisted on searching the truck and found the explosives packed in 700 cartons.
Commander, Brigade of Guards was promptly alerted to the discovery and he dispatched a team of soldiers to arrest the policemen.

The policemen were whisked to the Mambilla Barracks where, it was gathered, they were being detained.
Daily Sun further gathered that the Brigade Commander informed the Inspector General of Police, Hafiz Ringim who rushed to the Barracks and confirmed that the policemen were not fake. He also ordered that they be kept in the custody of the military.

As at the time of filing this report at about midnight, the Director of the State Security Services (SSS) and other top security chiefs had visited the Mambilla Barracks to inspect the explosives.
The arrest immediately sparked a wave of security activities, including the deployment of soldiers in various parts of the Federal Capital Territory as well as government establishments.
It could not be immediately ascertained the source of the explosives and where it was coming from.
Only on Wednesday, the Islamist group, Boko Haram, which had been terrorizing the country revealed that it was planning to attack the Aso Villa, the seat of the Presidency in Abuja.

http://www.sunnewsonline.com/webpages/news/national/2011/july/15/national-15-07-2011-002.html

Honeycity:
who says law of karma does not exist

that imbeccile really stole and still stealing Lagos blind

Its really pay back time. You will spend your money wisely ONLY IF you got it wisely but ill gotten money will always freeze like that. Remember those in EFCC custody. But my annoyance is that he is still looting the country through his ACN.

20. Dr. Bello H. Mohammed- Honourable of Minister for Defence, Kebbi-NW
Former PDP Acting Chairman

Now that the country is faced with security threat, GEJ is compromising this position.
Seems he is not bothered about lives been lost in this country

How I wish South Nigeria will be the next latest country in the world

antonion:
HI guys just wanna check this site iam in SOuth Africa how you all doing?

This site is strictly for Nigerians. continue with the site if you are a Nigerian but if not, discontinue immediately.


@OP, I thought the era of strike is over

juman:
Since after independence population growth is only our achievement, nothing else.

lol

IF we divide this country into 4, we will have an average of 40million per country which is still higher than some African countries

House, do you think they are cowards?

OMO, they are touching the tail of a lion because Boko Haram have bombed many Police stations in Maiduguri despite the JTF sent there, bombed abacha Barracks, and recently FCT residents have been told to close business by 10pm and u call them cowards
Anyway, I pray what happens to IG wont repeat itself
http://nigerianbulletin.com/2011/06/30/army-chief-boko-haram-are-cowards-daily-trust/

Pen, they said, is mightier than sword.
The difference lies on the direct effect on lives (shedding blood)
Boko Haram is the worst because they maim lives immediately, followed by mends because they affect products which later affect lives but pen, we will see the effect after many years, it destroys more than all

Every opposing governor always start by telling us how his predecessor has embezzled the state fund and when they are leaving, they might still leave the state in worse state.

Let him leave the debt as it is, use only the federal allocation and the Internal revenue, to work in his tenure so he can prove that governors can work with what they have

confirmed. someone that pass through the place just confirmed it now.

If there can be bomb blast at the military barracks and Police Headquarter, then we are not safe in this country any longer

A Nigerian Islamist sect that staged a series of deadly attacks mainly in the country’s North on Wednesday threatened ‘fiercer’ attacks and said it would not enter into talks with the government. The Boko Haram group, which had two days ago laid down conditions for any talk with government, also disclosed for the first time that it had links with Islamists in Somalia.

“Dialogue with President Goodluck Jonathan has collapsed,” because of the statements made by the inspector general of police and governor of Borno State,” the group said.
It said it was angered by the police chief, Hafiz Ringim’s declaration that “the days of Boko Haram are numbered.

“Very soon, we will wage jihad, We want to make it known that our jihadists have arrived in Nigeria from Somalia where they received real training on warfare from our brethren who made that country ungovernable, ,” said the group in a handwritten statement.

“This time round, our attacks will be fiercer and wider than they have been,” it said, adding it would target all northern states and the country’s capital Abuja. The statement in Hausa, a widely spoken language in the North, was anonymously delivered to journalists in the North-eastern city of Maiduguri, capital of Borno State, where the attacks were concentrated.

The sect admitted links with a foreign Islamist group connected to Al-Qaeda, although security experts had already speculated that it had established ties with Islamists in North Africa. The statement purportedly emanated from “Jama’atu Ahlis-sunnah lidda’ati wal Jihad,” another name the sect calls itself.
Boko Haram had on Monday issued a statement setting conditions for ceasefire and dialogue with the government, which included the strict application of Sharia Law in the 12 predominantly Muslim states in the North.
http://sunnewsonline.com/webpages/news/national/2011/june/16/national-16-06-2011-003.html

If this people cannot be arrested, I doubt if Nigeria will be united till 2015

“it is also getting to a point where the children of the rich can’t walk the streets because of the anger of children of the poor.”
This is exactly what is happening now. Only that the poor are also been affected. think of the Kidnapping, Boko haram, and the bombing.

Imagine someone depositing N1b in Swiss account or using N50m to buy a car, if he opens a company in Nigeria with such amount, do you know the amount it will be generating everyday and the no. of graduates that will be employed. God will help us

Y negotiating with them? They are the most wanted. Better deal with them the way Obama dealt with Al queda

N11, 145, 200 in allowances described by the RMAFC as non-regular, at the beginning of the tenure.
Basic salary which is N2, 026, 400 for a Senator and N1,985, 212.50 for a Rep, plus a number of regular allowances for vehicle maintenance and fueling, personal assistant, house maintenance, domestic staff, entertainment, utilities, constituency, newspapers and periodicals.
The non-regular allowances include accommodation (N3, 039, 600 for each Senator); furniture allowance (also N3, 039, 600); and vehicle loan (N5, 066, 000)

If all these are being paid for in their allowances, whats the essence of paying them salaries and also N42 million and N45 million for every Rep and Senator respectively as running cost.

The rich get richer

I believe there is more to this bombing. How can somebody claim responsibility and the SSS still allows such individual to be parading along the street. Why can't these Boko Haram be treated the way US treated Al-Queda

http://234next.com/csp/cms/sites/Next/News/Metro/Crime/5708798-146/boko_haram_claims_bomb_attacks_.csp

It's good to have a young (fresh air) president. Have you ever witnessed this kind of dance in Nigeria before.

Sahara reporters should also be banned. Most of their news are fake