₦airaland Forum

Ecoterrorist:
ok

Ecoterrorist:
It seems this one thinks Ffk and Fayose are Igbo? I'm not doing tribal war here so shift abeg

agabaI23:
It is funny actually. During the campaigns, I tried to engage a cobbler in Abuja. When he found out I was pro Jonathan, he asked if I was Igbo?

Ecoterrorist:
I'm happy that you came out of your sentimental shell to spew your warp thinking here. Is it bad if I oppose buhari? He is not the messiah I want so why should youin your warped jjudgement now do a warped poll to tag every oppositions to buhari to be Igbo. Can't you people defend your Pol Pot without tagging an ethnic group? What happened to tackling issues constructively without an ethnic undertone?


I SMH for you

If you see a banker jump out of the window; follow him. There must be money in it.” Anonymous.Once upon a time, that was considered good advice. Bankers, in those halcyon days, could do no wrong. They had a sure nose for sound investments from which to profit. For decades in Nigeria the wisest investment a banker could make was in oil and gas.

So, bankers literally jumped out of the window to get their own pieces of the action in oil and gas. Money in local and foreign currency flowed into their coffers; so much so, they could, like Gowon in the 1970s say “Money is not our problem, but, how to spend it”.

What better way was there to spend it than to invest in more oil and gas ventures? If one goose lays a golden egg a day, surely two birds will lay two eggs a day; three layers will produce three eggs – ad infinitum.Unfortunately, life does not always move in straight lines. Sometimes it is like a boomerang; the stuff you throw out, turn your back and which returns to crack your skull.

It was one of our brightest and best bankers, Mr Atedo Peterside, who during the debate on banking Con-SOLUDO-tion, who warned his fellow bankers, lining up to support Professor Soludo, that it is easier for an economist to understand banking than for a banker to understand economics. He earned my everlasting gratitude for that frank admission – as an economist naturally.

Economics is full of paradoxes. At least two of them are responsible for the dire situation facing the banks in 2016. The first is the idea of economic cycle. Plainly stated, it means that nothing lasts for ever – neither good times nor bad periods. When global or national economic boom occurs the incentive is there for more investors to enter the key sectors and for those already there to expand.

When the global price of crude, driven by double digit GDP growth in China, India, Russia and near eight per cent in Brazil, Indonesia and South Africa, shot up to $145 per barrel in 2008/9 there were speculations that it might eventually reach $200 per barrel. The frenzied search for more oil deposits globally was only equaled by the famed search for gold in Colorado in America’s early days.

Every puddle containing a “spoonful” of crude became valuable and more crude oil was pumped into the world than ever in history. Even the export embargo placed on Iran and Libya’s inability to produce were unnoticed by a world swimming in the “black gold”. Come to think of it, when was the last time oil was called “black gold”?

Crude started to lose steam as several countries in Europe went into economic recession and Greece twice threatened to default on loans. This was followed by economic slowdown in other countries as well – Nigeria is as good an example as one can get. From annual growths of 6.5% to 7.2% in 2008 to 2014 — the best racer on the continent during the period — our country crawled to 2.8% growth in the first three quarters of 2015.

China is expecting less than 5% growth, Brazil and Russia are in recession and Saudi Arabia has a $200bn budget deficit to manage. Suddenly, the gold had become dross on our hands globally. Another economic principle which explains why all the banks might suffer the consequences of “Group Think” is called the “Fallacy of Composition”. Again simply explained, it warns economic units that if one or two profit from a venture and later everybody else joins disaster will follow.

We are all familiar with drivers on Nigerian roads in a hold up. Suddenly, one driver peels off and goes down the wrong way which is free and beats the traffic jam. Then two others follow down the wrong way. Soon every vehicle is going down the wrong way and standstill occurs – until Road Safety comes to restore sanity. When all the banks in Nigeria jumped out of the window in pursuit of oil and gas companies, a good economist could have told them that financial paralysis would follow eventually.

Financial paralysis is round the corner because the investments in oil and gas, which made sense at $145-90 per barrel, are now threatening to result in bankruptcy as the price of crude dives closer to $30 per barrel. Production has been halted in many rigs, meaning no money flowing in.

When oil companies fail to pay, bankers are in a fix. But, not just bankers; we are all in a fix. Shareholders of Nigerian banks, already waving off a bad 2015, will again have to endure two economic woes – low or no dividends and plummeting share prices. Currently, only two banks shares are above N15 per share: ECOBANK and GTB. None of the others is above N6 per share.

These are shares that were eagerly purchased at N40-70 per share when Professor Soludo assured Nigerians that we could put our money in banks and go to sleep with our eyes closed. Nobody is sleeping now because the economic wolves at the gate are set to swallow what is left of bank share prices and, perhaps, the banks themselves.

Unfortunately, for the banks and the rest of us, “returning to base” – meaning a more diversified client base will not be easy. The easy money available in oil and gas rendered Nigerian banks lazy and, to some extent, unprofessional. It will not be easy for them to identify the next golden opportunities; and they might not even have the funds to lend. Turning back from the wrong road takes a lot of time and eats up your fuel.

WaffenSS:
God save you. I for don Buharize you.

phantom:
For the first time in the history of rivers state,Militants make up 90% of the state house of assembly and you want some of us to take you and your WIKE serious?
I grew up NEAR diobu to fear the name "VOKOR".a boy who grew up in diobu doing "funny things" to survive.
That same guy is making laws for rivers state.
real PH boys know who I'm talking about.Will not call his full names.

Tonye,save your rubbish for guys wey dey outside rivers state. Forget all the sugar coating.Rivers is in trouble.

gare:
There is a lot of things wrong with the story. One she has lied, two there's no way you can rule out the Odilis from her story, she has to sit down and give us the part two of the story

WaffenSS:
Sure. I can give you dollars...but you're solely responsible for crediting it to your domiciliary account.

WaffenSS:
Wish I could give you 2 likes: one for your comment above, and one for your signature.

Okanokan:
You've not landed! Follow Due Process! and where you think the Law ain't good enough, go to the National Assembly to amend it. All this demands Due Process that the crux of MATTER!

Okanokan:
So Nigerians should support and align with TYRANNY, because 5000 persons or a little above that out of 170million Nigerians signed a petition in support of an absolutist Leader, who has destroyed the very FOUNDATION that brought him to office.

EasternActivist:
There have always been swift response of the fire service team in Nnewi. All you need to do was to call 112. That was during Jonathan's regime.
Now even the 112 is not going, how can you contact them?. Is now even getting worse as almost all the fire outburst occurring around Nigeria there were little or no effort by the fire service to forestall the disaster. unlike the previous administration.

That's a fact..

Buhari should look into it please not only corruption we go chop abeg.

blazetitov:
Nice one. But watch out for the wailers. They will bomb this page with details of the product being sold for N300 per liter in their village.

EasternActivist:
When Jonathan was the president, fire service were active like a biitch. Now Buhari is in power, fire service is now going extinct.

Smh.

Idrismusty97:
This is good news for us if two of the world top Oil/Gas exporter decides to obliterate themselves. They should target only their oil installation in fact. I still wish Iran teach sissy Saudi Arabia a lesson.

canuck:
With the recent executions in Saudi, including that of Sheikh Nimr, a prominent Shiite cleric and critic of the Saudi royal family, there could be possible implications for Nigeria:

1) Nigeria, with majority of her Muslims being Sunnis, may be emboldened to execute Sheikh El Zak-Zaky, the Nigerian Shiite cleric arrested last month;

2) Adherents of extreme Wahhabism in the North or their Shiite counterparts may feel the need to take up arms;

3) Oil prices may start going up due to the unprecedented tension in the Middle East.

What are your thoughts?

EternalTruths:
Oil is not the only revenue we can trade for dollar

Buhari should entrench Fiscal federalism in order to encourage the states to exploit their resources to increase the inflow of dollars.

bonechamberlain:
I believe now, people might begin to see the dasuki trial as a personal vendetta.

DecemberIV:
You definitely know nothing about Hitler if you read that article and Hitler related to what was being discussed.

The same wailers that allege sectionalism and call PMB king of the North, are the same ones now insinuating that PMB is marginalizing Sokoto State.

I'm an indigene and from my understanding, the Perm Sec position is NOT a political appointment but is the highest rank in the civil service. There is nothing political about it no matter how hard the PDP rabble rousers and Dasuki apologists try to portray it as so.

PentiumPro:
They've decided to take their destiny into their hands now that they've realised that UN and the world powers are not interested with their Biafra ruse, by impeaching Buhari and making Ekeweremadu the President, lol

PentiumPro:
You are having a conversation with one of the most delusional and dishonest IPOB miscreant on NL.

me1234:
I hear she was a help to PETER Odili's wife where Amechi met her. Don't know how true this story was but don't quote me ooo. Like I said am not sure of this story but people who know her please tell us the true story.

EternalTruths:
You see why many of you guys fail exams.


Jonathan never ordered killing of Massob members


We Igbos know the real killers

When it is time, we will deal with them.

EternalTruths:
Let me make one fact clear

Jonathan never killed any Massob member.

jameseva:
I initially contemplated folding my arms to watch unpatriotic and self serving, corruption-supporting fo.ols display their gullibilty on social media but decided against it yesterday after the #TyrantBuhari hashtag trended!

I have never seen anywhere in the world where citizens of a country openly supports proven corrupt officers and practices all in the name of opposition!!These Nuisances are the loudest voices when it comes to labelling Nigeria as an underdeveloped country, but are the first to queue behind looters and thieves over a few thousand Naira! Gosh! I hate this people! Their bigoted, blind and selfish support for corrupt individuals is the major reason why Nigeria is lagging behind in the comity of developed nations.

I use this medium to call on every goodwilling Nigerians to not leave president Buhari alone as he tries to fight corruption to a standstill thereby alleviating our living conditions as well as instilling positive psychology of hardwork, discipline and good morals into our lives! Corruption will fight back ruthlessly cos they have the financial means and willing tools (idiot.s) at their disposal! We must stand gallantly with our president both online (social media, internet forums etc) and offline!

My twitter handle with 7640 followers, Nairaland account, facebook profile, instagram and other social media accounts will do its part in shaming doom wishers and propaganders of hate against the progress of Nigeria! I hope several others take up this challenge as well. NIGERIA MUST WORK!!

EternalTruths:
Tomorrow when his tyranny faces the direction of those supporting his disobedience of court orders, they will start deceiving themselves calling on God and organizing street protests.

If you know you will call on God for deliverance when absolute power corrupts Buhari, ask God now His view about your stand before you start shouting Oluwa oooo egbami

Oluwa(God) will not save you guys if you fail to do so.


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chrisblack:
many Filling station in lagos are selling at 85 and 86.and presently no queue. Guy that NnPC station is either a fake or You are lying.I just bought fuel here in lagos at 86

EasternLion:
Lol, you don't know Odenkule more than I do madam, lol.

He should have said same thing during Abacha's time.

Sirnokiopee:
If you are eating at the said hour and you finish your Fufu at 11:45 then you eat your meat at 12:03. Now have you eating dinner or breakfast?