₦airaland Forum

Oil has fallen

Basically, when oil was high...the money rolled in, and banks rejoiced.

Now oil has fallen....and the money is not there...


Plus

Ibrahim’s alert confirmed the long-running fears of systemic upheaval in the banking sector, which barely survived the shocks of 2007-2009 and only after a decisive intervention by the leadership of the Central Bank of Nigeria that prevented failure. The IMF has identified weak regulation as a critical factor in the last few years. In what some see as self-indictment, Godwin Emefiele, the CBN Governor, recently took to warning the deposit money banks of sanctions for round tripping and other sharp practices in the foreign exchange market. The recourse to sermons and warnings demonstrates the crisis of regulation that has for long plagued the country’s financial system. The CBN is armed with enough legal powers to monitor and sanction abuses and misdemeanours by bankers. Lamido Sanusi, as governor (2008 to 2014), proved this when, after stress tests, the central bank removed the boards and managements of eight banks, appointed interim replacements that nursed them until they recovered and were bought by new investors. Sanusi also identified gross insider abuse by directors and managers for the crisis.

Apparently, as the CBN itself has acknowledged, insider abuse is back; sharp practices in the forex market partly blamed for the collapse of 44 banks between 1994 and 2000; money laundering and violation for reporting regulations, as well as false accounting have taken hold in the DMBs.

Can Emefiele prevent systemic distress? Doing so requires, above all else, courage and astuteness. It was the frequent recourse to the CBN’s overnight lending window that alerted Sanusi to the stress in some banks in 2009. In 2017, the bank said, 60 per cent of the average daily N216.34 billion the DMBs borrowed from its Standing Lending Facility was for Intra-Day Lending Facility.

Reports, evidence and testimonies in corruption trials have detailed how regulations and anti-money laundering laws were brazenly violated by bankers to assist high profile public figures loot and hide public funds. These disclosures should have prompted audits, fines and, where necessary, severe sanctions on complicit banks, directors and managers, some of whom have testified to their involvement in court.

Nigerians don't like following the laws...

Ahmeduana:
DID YOU SAY ALL THESE RUBBISH WHEN THE PAST ADMINISTRATION INCREASED THE PUMP PRICE?

Considering that it was the arguments propounded by GEJ's admin back in 2012 that finally convinced me,a diehard 'subsidy or else' fan to change my mind....yes.

Plus, we don't have the cash anymore.We need oil to be at $140 per barrel before we can afford to subsidise fuel.

enemyofprogress:
Ibos and Fulani herdsmen have one thin in common

They are Nigerians like the rest of us?

VULCAN:
What works elsewhere doesn't work in Nigeria so stop with the analysis.

What will surely happen is that the majors will agree on a very high price range and each will sell within that range.

Most people think oil business is like gsm so they erroneously believe that prices will fall like gsm. Both industries have different DNA

The same was said of GSM...and prices eventually fell.

Thing is...the only way you are going to keep prices low is by paying a subsidy...which we don't have enough money to pay for...or by setting prices...which means businessmen cannot make a profit...and which is bad for the economy.

I appreciate that most Nigerians cannot afford high fuel price...but we cannot afford subsides,and subsidy scams again.

life2017:
Two former Governors, Jolly Nyame from North East(Taraba) and Joshua Dariye who is a serving APC Senator from North Central (Plateau) have been jailed so far. Both are members of APC.

The theory that you become a saint once u move to APC is not entirely true anymore.

Some have now change the narrative to it is only Northern Christians former Governor who are being jailed. But they forgot that former Adamawa state governor Bala Ngilari a Muslim was jailed by same high court for 5 years and taken to prison before he was later set free by Appeal court.

The former Taraba and Former Plateau Governors still have an opportunity to go to Appeal court.

Another "bad belle" argument some people make is that why is Amaechi not in jail? Below is the answer to that: Uduaghan is in PDP and still in PDP. He stole massively in delta state. He is yet to be sent to Jail.
Theodore Orji of Abia state wrecked Abia state. He even went further and stole the Mandate the people gave to APGA. He is still in PDP and not in Jail. What we can say is that no past former Governor from Southern Nigeria has been jailed under this administration. We should stop mentioning Amaechi back and forth because of his immense contribution in preventing our Hero (GEJ) from getting a "second and half term" after enjoying "One and a half term"

Excellent post.

Hmmm....

The cause of this problem is simple....Nigerian economy is essentially an economy where people are brought up to expect their share of the money. Indeed, elections in Nigeria are fought on the prinicple of whether money is shared equitably.

As a result..people grow up with the idea that the Government has a bottomless pit of money to spend on all 200 million of us. Infact,the govt has a tiny pot (and the painful thing is that people are looting from the pot).

Until we stop sharing oil money and start using it to develop ideas that we can sell to the world...generating billions more....we are going to have scammers who think that the world owes them a living....and corruption is going to keep on thriving.

victorazyvictor:
Pot should not call kettle black.

Christian, Moslem politicians are both corrupt.

Yeah...I read the memo too.

But thing is...when Christians sin, God punishes them more heavily than anyone else because we have the responsibility to be the LIGHT...

One thing that makes me ashamed as Chrstiain in Nigeria...we preach that 'Stealing is bad on Sundays,and loot on Monday.

Time it stopped.

Notmyproblem:
Traditional ruler for your pocket. That is why I love the Igbos no one is willing to worship anyone. That is why they have been at logger head with the Fulani and Yorubas. The Fulani are mad at them for not being submissive to them like the Yorubas. The Yorubas are angry with them for not worshipping the Fulanis just like them.

Hmm...you have just

1.Justified murder
2. Engaged in tribal bigotry
3.Showed you haven't moved on from the loss of the last elections
4.Tried to defend your tribe by insisting no one there commits sin .

Dude....there are saints and sinners in every tribe. Just because some murderous jokes kill a man...does not man I will suddenly regard Igbos as bad people. Am sure there are lotsof non-Igbo Nairalanders who think the same.

victorazyvictor:
Who no dey still, Buhari?



Black people sometime I wonder weda una get common sense.

Na white pikin go ask you question that will be beyond your comprehension, but here we swallow everything because poverty has blindfolded una.

So I am defending corrupt non-Christians by my comment?

OK....go and read your bible. When God's followers sin, he chastises them.

No matter what you say about Dariye,he would have been a free man if he had not dipped his hand into the people'scommonwealth.

The fact that Buhari has not been found guilty of any crimes...for now (and if he is, may he be prosecuted, )....does not mean we should let our christian leaders who do commit crimes walk free.

God did not send them there to act like Satan's kids...he sent them there to be the LIGHT.

(P.S...I regard APC and PDP as the same side of the coin,and think they should be thoroughly investigated. Enough is enough.)

victorazyvictor:
Is Yusuf Buhari a Christian?

Is Baru of NNPC Christian?

etc.

Must our Chrsitian leaders steal?

Must followers of God steal because the other guys do it?

Dariye spent 8 years in Plateau,and the state was as underdeveloped as he left it.

Nigerian Chirstians are suffering because we are defending our Achans, Ananiases and Saphirras. We must repent.

The funny thing is that it is Nigerian Christians who are asking this kind of funny question.

A so called Chirstian governor steals, is jailed for comitting crimes( and the basis of the prosecution started with a petition written by a woman who was not a Muslim or Atheist,)...and we all defend him because....if he is jailed,Nigeria would be islamised?

Is Dariye our God?

Now I know why Nigerian Christians are having it rough. We better repent, (not back APC, ) and support righteousness in our leaders.

When a christian sins...God allows Satan to dance azonto in his or her life...till he or she repents.

zombieHUNTER:
Buhari is a certified harbinger of hardship and bad governance....


The man is an economic calamitous entity

Woe to anyone who supports such idiot

[quote author= post=68433566]Something must be done to curb all these unnecessary increment.
Let the common man cook also and eat in peace![/quote]So you want buisness people to sell kerosene at a loss?

The reason why our downstream sector is in a mess is because government controls prices.


And as a result, people cannot make profits as they should..leading to scams, lack of money to fix refienreis, etc..

Better we deregulate the whole thing...and allow marketers sell kerosene at the price they want to sell it. Prices will shoot up, but....investment will flow in,and prices will eventually fall because competition.

And all those subsidy scams will stop...because who wants to be doing scam when you can earn much more under deregulation?

Note: Deregulation , to anyone that is interested, means that government hands off pricing kerosene, petrol...and allows marketers set prices as they want...so Buhari's price increases are not deregulation at all...since govt is still determining the price.

Kumbola:
Jailing all those prominent plateau state PDP members are just their ( APC ) tactics to kidnap Plateau State people’s vite. Which APC ex was or is jailed? No one. Nyko of Adamawa State . Rotimi AMechi, and many others are there living with their APC freedom. APC will fall. We voted APC in Plateau State 2015 because we though Buhari will change things. Now we see and believe all is lies . They are now using dying minutes rush to clean and gold pent their party to dissive us, but now everyone eye is clear... you will now see them trying to free Elzazaki, which will still never help them. Sorry to say this.but if I may ask! Is Honorin MKO now a proude thing? Do you think if MKO is alive he will show up to collect the aword? No, I guess so. I was opportune to have met MKO before traveling to Brazil. How can you honor someone that is dead long ago, while the presend President was among people that dine to finish MKO. Be wise brothers and sisters . We need a new outstanding and rapid idea new government.. remain bless and repent Nigerians

Dariye and nyame are both in APC, they left PDP ages ago

proprince:
You are very correct. I know how this uncircumcised philistines behave.

Some Chrstians will still support them.

What happens to the muslim governors who have been looting also?

Where is Idris Wada and Ibro who were past governors of Kogi?

God is watching, no matter how they try they cannot islamize Taraba and Plateau

So we should petition God to not punish unrepentant sinners?

When a people sin, God deals with them well. Manasseh in the bible was a sinner when he took over from Hezekiah. God handed him over to the Babylonian rulers who threw him into a dungeon. There he repented, and God freed him.

Me, as a Christian I am happy that God is punishing our corrupt governors. Maybe when a Christian gets raised into a position of authority next time he won't sin.

We have a responsibility as Christians to be righteous. So , when we sin, God punishes us heavier than the non-christians

Better not justify evil. Dariye is a sinner, God is dealing with him now, so he can repent and maybe save his soul from Gehenna.

MisterGrace:
Two Christian governors convicted while the muslim ones jolly about.

We know your plans so that they won't help their people separate from you "if" the separation move finally materializes.

I pity the Christians in Kaduna, Jos, Bauchi, Adamawa, Maiduguri and other core northern states.

Bros....the Bible is clear...if someone calls himself God's child and indulges in sin, God will hand him over to be punished.

We cannot be fighting evil outiside and tolerating it inside.

Good news...though it is still early to tell if there would be any benefits.

ikbnice:
Ẹ̀gbọ́n, instead of sweating to abuse or curse. Just say it boldly with facts that all those facts raised there are not true. You don't just insult blindly, you state your own points.
How can I be happy with APC government when apart from the general hell Buhari is showing us, Akeredolu raised my school fees from 35k to 150k (over 400% increase). Not only that, he brought caterpillars and bulldozed the good roads in my town and didn't touch the bad ones all in the name of making gutters. Dem use suffering swear for APC ni.

If you ain't feeling the heat of this government, you are either a G-guy, SARS or a thieving politician

School fees rise became inevitable when govt in 2013 told ASUU that it won't be possible to give universites N3trillion in extra funding as promised in 2009.

You can critique your governor for every other thing...but not for increasing fees...unless you want to continue with poor equipment in your unviersities.

You cannot expect a good degree for just N35000. when it costs N600000 per annum to train a Nigerian student.

CilicMarin:
Are ipob yoots Nigerians? They should go and mock their coward Albino Nnamdi Cownu..

Useless pigs..

Nothing wrong with crticising the government...APC does need to sit up.

Esales:
Abiola this, democracy that.

The real truth those old enough can remember is that Abiola is a hater or Christians and Igbos. Do you know how many people died during "oso - abiola" how many ppl sold off their ppties as peanuts, how many bibles he sank in the Atlantic or destroyed?

He ended up the way he did cus of collective cries and prayers of the people who feared for their lives should he be sworn in as the president.

Go and ask ur parents about this before you quote me ignorantly. If your parents were too young to understand politics then, as your uncles or your grandparents .

Thank God for the likes of Abdulsalami or else military won't have handed over to the democracy you're all celebrating.

Well, personally I did not think Abiola was what Nigeria needed.

However, the lesson of Jne 12 is simple. Don't subvert a democratic election, even if the candidate is someone you don't like.

Look at the USA. Trump is a guy who has in the past done some 'illegal' stuff...yet, when the time came...Obama handed over to him.

Abiola won an election, and a section of the country, at the risk of provoking a crisis, refused to give himpower....and some of the effects are still with us today....the mistrust, the exacerbation of tribalisim, etc.

I know all about Abiola. I know he said things against my religion. I know of ITT...and how he probably backed the Army when it suited him. But what happened to him was wrong...and I am thankful that today, we are slowly but surely maturing out of that kind of behaviour...to the point that GEJ (who i am not a fan of) was able to hand over to the opposition without playing wuruwuru of 'annulment' and 'my hands are tied' that IBB and Abacha played with us.

Democracy is not about voting for who you like...it also involves defending the process, even if your candidate did not win. Thank you.

Tommy34:
I'm a 22 years old boy who's been constantly torn apart from within, I have always been seen as the black sheep in the family, I mean everything I do comes back to haunt me. I finished secondary school 2013, took Jamb but didn't get through, then 2015 came and got a pre-degree form for Adekunle ajasin University located in Ondo. I scaled through the exams, got admitted but I need was to pass Jamb for the same year. I didn't make the cut off.
  I was so ashamed of myself but I believed I still had time, so I came up with a lie, what I was going to do was pretend I actually got admitted to the school, then with the money given to me, I would get another Jamb, pass it and be a student...
  Unluckily for me, I got found out by my cousin in school who told my family, now they are requesting for my matric number and password, which I don't have. I'm too deep in the lie to say the truth because I know I'm most likely going to be disowned (my dad has made that clear). Now I'm thinking about cutting ties, staying in school and try to come up with some money so I can really be in school and study.. only then can I tell them what happened.. I don't know, I'm pretty confused and would be grateful to any advice, I'm lost but I'm hoping to find my way..

TELL THEM THE TRUTH....


They won't harm thee....

Follygunners:
Really? Should I be surprised? Did you just write this comment?

I got no comments for you. Keep wallowing the ocean of your ignorance. Good day!

While I think corruption is a major cause, thing is, good health care costs money.

I am ready to bash the govt for not doing its job, but we cannot pay 2bn dollars and expect to get first world health care.

We need far more than that, so either we earn more money, or we keep on taking IMF loans

troublemakea:
ur the most mature...bless u bro I really learnt from you. thanks

Thank you very much.

oooduancalmdown:
But why does the USA have nuclear weapons?

Why does China, India, Russia, South korea, And Pakistan have nuclear weapons too?

While I don't like the US policeman attitude...the US has not developed any new nuclear bomb in decades (courtesy of the test ban treaty of 1963...which many countries,including Russia and China have signed up to).

Plus, the US got bombs because they worried the Russians might have them. Ditto the South Koreans...because NK had them first. Japan does not have a bomb yet...but if NK keeps up with the bombs...then it might get a bomb too (and they have a government in power that flirts with that idea)....which in turn ramps up tensions with China and South Korea....

Same reason why US does not want Iran to get the bomb....because the Saudis and other Arab nations might get one...and things could get very tense.

At any rate...yours truly wants to see every nuclear bomb dismantled. We don't need them. They are risky assets to have.

Donelli:
Shed more light on the the bolded please

OK...

1.China has a large ethnic korean population...so if there is crisis in the DPRK (not likely to happen now..but possible)...many of themwould flee to China...potential security issue.

2.As for South Korea...a destabilsed NK means that unification looks easier (my opinion). But rebuliding the DPRK...is going to cost. Thenthere is the knock on effect of crisis...

I don't think the DPRK would fall like that...many people said it would fall in the 1990's...and it didn't, despite the very serious fammine that left millions dead. BUT....a stable DPRK keeps many countries happy. Esepcially China and the US. Better still is if a permanent peace treaty for the 1950-53 war comes out of the Trump-Kim talks (though i ain't hoping for that much!)

yungshegz:
Rastafarians in Ebonyi have concluded plans to hold candle light procession for departed Nigerian Reggae icon, Ekeleke Onwubuya, popularly known as Ras Kimono.
Rastafari, sometimes termed Rastafarianism, is an Abrahamic religion that developed in Jamaica during the 1930s. Scholars of religion and related fields have classified it as both a new religious movement and a social movement
Kimono died on Sunday at the Lagos Lagoon hospital of an undisclosed ailment at the age of 60.

source:https://www.infonewsnigeria.com/discussion/989/rastafarians-to-hold-candle-light-procession-in-ebonyi-for-raskimono#latest

Rastafarian religion developed this way

In the 1920's among many black people in the Carribean and the US...there was a lot of anticipation that a new 'saviour' would come. In 1928...in Ethiopia, a noble known as the Ras (Duke) Tafari (aka Tafari Makonnen) who claimed descent from King Solomon and the Queen of Sheba ascended the throne of Ethopia as HRH Halie Selassie the first.

Many people ,especially in the Caribbean and the US , identifed him as the foretold saviour, and adapted his pre-regnal ccogonem Ras Tafari...as the name of the religon Rastafarian.(Selassie was also refered to as JAH RASTAFARI).

Robert Nesta Marley , the father of reggae music, was a feverent Rastafarian (though a year before he died he converted to the Ethopian Orthodox Church,and was buried according to its rites). He would often start concerts with a traditional Rastafarian greeting 'Greetings in the name of Selassie, JAH RASTAFARI.' (Of course,not all reggae musicians are Rastafarians...)

And now you know.

(I'm not a rastafarian...just a wide reader! )

ItzBIM:
O ye of little faith, begone u evil spirit.

Freya take you....

ItzBIM:
Nigeria will get to to the semifinals.

Screenshot it, save it, do whatever just remember you read it here first.


Oluwa sha ma sin wa lo.

No we won't.

We don't have good enough strikers, we don't have enough players playing in top European clubs,and our whole football structure is weak and bad.

Sorry...but we have to be honest with ourselves.

Smellymouth:
So this Onazi is 25 years old?
Well I am not surprised, Yakubu Aiyegbeni remained at 27yrs for 7yrs as well before eventually moving to 28..

But it isn't their fault.

Back in 2013...NFF said that clubs should pay players salaries of at least N150000. At least 3 clubs in our top division said they won't pay.

So what do you expect a player who is in his twenties to do? Keep on earning poor salaries till he retires at 30...or become 20 again and head to Europe and earn $30000 or more a week?

I guess we could solve part of the problem by privatising some of our clubs,and keeping good records....but if we privatise clubs, people owuld grumble about high ticket prices.

zinaunreal:
You just relpied someone who loves ignorance and lacks understanding. You wasted time you for use go one round with olosho in replying a dummy

At least I gave him some useful information. Let's hope someof it sticks.

EzendiEgo1:


Why trump and Kim Jong-un the behave like small kids.

Why can't they do their summit in peace without the world hearing about it.

As Old as Trump is, there's no atom of shame in him. You are 71yrs old while this idiot is 38yrs but still yet he place himself so low to have a summit with this fool.

I have so much respect in America president ( Franklin D. Roosevelt ) he can't take this rubbish act by Childish president trying to compare U.S strength.


North Korea shouldn't allow this fool to destabilize them. They should learn from what happened to Japan in 1941Hiroshima:20,000 soldiers killed70,000–126,000 civilians killed
Nagasaki:39,000–80,000 killedTotal: 129,000–226,000+ killed

Within a day

The reason why they are talking is....if the DPRK does not disarm, South Korea will ramp up its nuclear capability,the Japanese too would want their own bomb, as would several other South East Asian nations.

China too is also worried....what is aimed at the US can be aimed at them too....

Plus, NK does not have the ICBM capability to deliver a bomb (their annual budget is 1/4 that of South Korea's.).

NK is also badly run, poor and broke. They need these talks...before the government collapises...and causes problems for China and SK.

Stevenson1:
Oga that can never happen. Don't you think these people wants to marry too. This is Entertainment for you, abi you want them to loose their fans. I know you might not agree but once an Artiste got married, 30% of his or her fans will drop out completely. Mind you that women covers 70% of the fans we are talking about. Make we just dey use our head sometimes. Also, this people have seen the worst kind of fine, cheating and unfaithful gals ever created. Just tell me why then are you expecting them to marry.

1.Lol...as it was in the begining.
One British singer is still unmarried at the age of 70 because...fans!

2.But still I want the guy to get married for theise reasons

a) Marriage has been called a 'padlock'...it reinforces the fact that you have responsibilities (and even makes you look responsible)...so if the guy gets married...he has more incentive to be responsible for his wife and son (and even though ladies are now making their money,we are still a man-dominated society...everyone expects man to be the provider).

b) When one gets married...in some instances,there is something called a marriage certificate...because sadly humans ain't trustworthy. In the event of legal complications...either the guy or the girl or the child could lose out. The guy can ,for example,abandon both mom and baby, and say he has no reason to care for them since there is no 'contract' (ie marriage certificate). If they was married,and the man wanted to play funny...it would cost him[i] dearly.[/i]

c) Society ,especially African society is too judgemental (One reason why I haven't gotten any babe pregnant as a single man is that people will judge the babe more harshly than the guy). Sure...she may be a star...but many African mums won't be holding her as an example to follow to their dauhgters. And let's be frank, suppose the guy leaves her? She may find it difficult to get into a relationship because she is 'used goods'.

You get my drift....

Follygunners:
Gullible Nigerians! I knew they'll come on here to congratulate him.

How many citizens of his own state have such privilege? Of course, many of you will attack me.. no qualms. You're all used to being 2nd/3rd class citizens anyway! They embezzle their various states resources for their personal gains at the expense of the poor, innocent masses yet, you'll all be praising and adulating them. Mediocrity at best! Fools!

I'm a Yoruba to the core but, shout out to all the less privileges, poor, widows/widowers, hungry, hopeless, helpless citizens of that state facing hardship as a result of these guys corrupt practices... May NONE of his generations, relatives et al... experience peace! May you all prosper above them all. Amen!

You are right of course...but ARE YOU READY TO PAY AMERICAN FEES,AMERICAN INSURANCE PREMIUMS AND AMERICAN STYLE TAXES to get the same level of health care here in Nigeria?

The oilmoney we earn cannot provide adequate care for Nigerians....so it is either you pay $15000 for caesarean....or we take IMF loans to build good hospitals.