₦airaland Forum

Itsrm:
They froze foreign currency accounts and "forcefully" converted peoples holdings to their local currency.

This was the result.

Will look for the link and share. I saw it on twitter.

That's not what your snapshot is saying though.

Anyway, please share the link when you get it. Happy to be countered

Itsrm:
Your suggestion will only worsen the situation. I just finished reading a research paper on what happened when Pakistan did exactly what you're suggesting.

Why are speculators not driving the demand for petrol for instance? The reason people are hoarding it is because its scarce. If CBN floods the market with USD today and the price starts crashing, people will be forced to sell.

Not true. Completely different situation.

Except I remember wrong, What Pakistan did was to ban all fx black markets which is different from what I mentioned. I think their aim then was also to take out black money that was in circulation - Terrorist financing e.t.c. Maybe you could share the research paper, let me see what you mean

Also when you say worsen, what exactly do you mean?

OasisX:
......NNPCL is no longer incharge of collecting crude oil revenues but CBN bruh.

So...

Doesnt matter who collects it. Who owns the revenue or earned it?. Its called accrual concept in accounting.

As far as I know. NNPCL is still the one who earned the crude oil revenue, CBN is just collecting on their behalf cos of how shoddy NNPCL has been about the whole thing, so I dont see that much significant difference.

CBN is just sort of acting like a revenue accountant to NNPCL

OasisX:




Naira will bounce back, economy will recover soon. Naija is hard at the moment, very hard to be honest, but I believe PBAT will soon get it right.

Make una no vex, I remain to be an Optimist and a Believer that Naija will be great.

No it wont. At least not in the short or mid term. I still dont see where the supply to meet the exceeding demand will come from

User09:
Anyway, like i've always maintained, speculators, hoarders and arbitrageurs need to be taken out so the CBN can actually access and deal with the real demand.

I've always wondered why the fixation on the dollar and using it as a benchmark for economic assessment when the general populace should be worried about other economic indices.

Even the exaggerated PPP model doesnt predict the current astronomical exchange rate in the market.

What is all this constant monitoring of dollar rate and using it for political and economic assessment. I have seen enough to know that the speculators are the ones driving the market - which I wouldnt be surprised if the CBN folks account for most of this given that a number of their senior directors are involved in the black market business

Like I have always said and would keep harping on. The dollar needs to leave the Nigerian banking system. I'm almost certain it is a radical but the only way to go now.

raumdeuter:
Kyle Walker don cummm again

https://news.sky.com/story/kyle-walker-manchester-city-and-england-star-apologises-to-wife-after-fathering-second-child-with-model-13059201

Territorial battle between women lol.

Wont be surprised if the main wife wants a 4th and/or a fifth child.

At 33 he's getting close to retirement; fortunes may soon start to dwindle, I feel sorry for him though

Itsrm:
The are not competitors to normal banks.

1. They still use normal banks for their settlement because they are not allowed to open accounts with the CBN

2. Traditional banks have mastered the art of making money. Bad as the economy was in 2023, they are posting hundreds of billions in profit. I think Zenith bank was on 500bn+ as at end of Q3 2023. Using the logic of most people, you would expect their profit to dwindle seeing as it was the year moniepoint and the likes really came into limelight due to Emefiele and his useless policies.

3. There is nothing moniepoint and the likes are doing that traditional banks cannot do ten times better. The reason they don't bother is because there's not much money to be made from the retail arm of banking. I won't be surprised if moniepoint is actually running at a loss. As past events have shown, these fintech coys are masters of cooking their books

I'll wager that most of this is just based off of exchange gains from the FX sitting in their balance sheet.

Bank's performance are generally expected to move in tandem with the economy. Nigerian banks are just not creating or driving any value in their economy

afrodoc2:
I am not following. What do you mean?

I am saying bombing the kidnappers with the hostages ≠ eliminating/reducing the future threat; There are so many other possibilities

Especially since we all agree that these folks operate with the mindset of a terrorist

afrodoc2:
It depends.

Are you happy for them to bomb your wife, kids, and parents in order to save the family of izzou, Amoto, afrodoc, jodera, and oasis in the future?

The options arent binary though?

There's a million and one iterations/possibilities

GloriousGbola:
The boss compiled a document of 'Nigerian traits'. Not a record of performance gaps.

I am not happy with your performance, and it is because you are a Nigerian and I have documented evidence of this.

Then the doozy picks African time. Do you think Nigerian workers in the corporate space can play African time? The foolish woman set the company up.

If Ibime sister is as cunning as her sibling, she sef fit use one foolish oga to cash out.

Interestingly, the boss is Venezuelan which many would argue is a bit similar to the Nigerian environment

GloriousGbola:
https://www.nairaland.com/7975975/tolulope-fayokun-wins-racial-profiling




When you take profiling to the next fking level.

Not sure I totally agree seeing as the other claims were dismissed.

I think this is just one of those cases where oga and subordinate dont see eye to eye and she played into her hands with those comments.

Also worth nothing that this was 2020 at the height of COVID where most employees at J&J would have had significant workloads. Interestingly the oga in question has left J&J, so I wonder if that counts for anything

9 mins seems a lot

raumdeuter:
Maybe na for Nigerian audience sha

Cos if Ivorians hear am, dem fit popo his head

Language barrier. Wouldnt mind French commentary atp

Leyqute:
What’s he on about?

Extremely biased. Speaks only from the Nigerian perspective. No single commentary on CIV plus poor grammaire

Amokachi giving the most biased commentary I've ever listened to in a game of sports

Good one on Osimhen not standing up there

nihilistjnr:
Omo no talk this one for outside.

Indian resource (as in resource based in India, and not UK/US based resource of Indian descent) behave very similarly to Nigerians in my experience. There's good and bad talent, highly skilled resource and grifters blagging their way through roles, highly conscientious workers and lazy bums in every workforce.

But the idea that Indians take work more seriously than most is a big MYTH.

Brah, I've worked with a lot, and alongside a lot in my consulting travels - and the majority of the ones I've worked with are shït, having either lied about their skills and qualifications to land on jobs they couldn't do, to being unable to produce documentation in simple English, to being incredibly lazy bums.

In my experience, they work well on repetitive task roles where they have to follow scripts, like call centres, but that doesn't require additional work ethic beyond basic gumption.

No talk this thing again for outside.

Totally agree with this.

In all of my experience with diverse people in the workforce, I have never seen a set of people play the blame game like these folks.

Infact when you read their email and response to issues, you can sort of sense it. Although they tend to quickly behave when called out on it

Itsrm:
The fact you don't see his name means nothing. Some of those names you see on the list of shareholders are SPVs and you may never know the actual people behind the SPV.

What we know is, Osinbajo was one of the pioneer shareholders of MTN. To the best of my knowledge, you don't even get invited to be a pioneer investor except you're buying something substantial. I think Dangote set his at $50m

He may not be a majority shareholder in the real sense of the word but he definetly has substantial holdings.

No he doesnt but let's just leave it at that. Also you can look at my other posts

He wasnt one of the pioneer sharehoders. To the best of my knowledge, It was more of Africa Capital Alliance that created the SPV that brought them in

BlueRayDick:
As I no get energy for shalaye nko ?

Where is the actual CCB disclosure which would contain more details. Pretty sure some miniscule shares prior to 2015 wouldnt count for major or significant shareholding today - which is what you said

As an aside, a lot of your stories dont check out. It's easier to just ignore since the overall motive of the story checks out

You always seem to know someone or have a friend who's experienced all kind of scenarios. - I'm sure you know what they say about people like that.

Ease off on the need to speak on everything. I only corrected what I'm pretty sure was wrong

BlueRayDick:
Yes it’s false

You said he's one of the major shareholders in MTN.

There's only been one from time and its been the same.

Even on the retail side, Osinbajo name doesnt even pop-up. There are some notable names there but definitely not Osinbajo.

And Yes, this is me speaking having seen their shareholding register

BlueRayDick:
Osinbajo is not a civil servant/government appointee. He was voted into an elected position. I know Osinbajo is one of the major shareholders in MTN, but I don't think the rule that applies to these ministers & civil servants applies to governors, presidents and vice presidents.

No be me write Nigerian constitution, public service rule and Public procurement Act. What the law says is that public servants can only engage in farming.

This is false. He's not.

I doubt he even has any MTN shares

Itsrm:
Just saw in this link that UBA contributed $100m. So 5 of them combined together to raise $500m

Interest to UBA will be about $11.5m

It's through an SPV, so I doubt the bolded.

Also its 2% facilitation fee for the lead arrangers (which i'm pretty sure wont be UBA), They'll be really stupid to offer $300m. I'm more concerned about the pledged security especially given the tenor

Chelsea having the most penalty in a season isnt something anyone could have predicted

"Your genetics load the gun. Your lifestyle pulls the trigger"

The above was a popular quote back in school. Don't know who said it

afrodoc2:
Greatness is by the wins on your resume. If you don’t have great wins then don’t have disgraceful performances,

Fury has no great wins. He has disgraceful performances.

Once he struggles we start hearing he is fat between fights. Whose fault?

As in. Anything just to make Fury seem like what he isnt. Who uses the excuse of lazy, undisciplined and fat for an athlete

Even went as far as comparing with Ali. Ali that beat most boxing greats and hall of famers; Archie Moore, Bob Foster, Ken Norton, Foreman, Floyd Patterson, Sonny Liston, Joe Frazier. He even beat most of them multiple times.

Nothing in Fury's resume even compares. Beats bums or people off their peak or shape, has a history of ducking fights. Not one of his single fight was against a rated opponent who was in top shape.

BlueRayDick:
Not at all.

When bank liquidates , the first set of people that will get compensated are the creditors of the bank followed by those who hold preference shares. If at that time money no dey again to share to anybody ; e don be for any other stakeholder be that .

Now that’s where NDIC comes in; NDIC will pay a Maximum of N500k to u for the funds u have with the bank as a customer and that’s the end . Cos the N500k is the Maximum NDIC can guarantee they can pay on behalf of the bank if it fails .

But don’t fret , NDIC and CBN through their risk based supervision of banks have made it almost impossible for banks to fail post 2005 bank consolidation exercise . ( Just like itsrm pointed out ) . Instead make bad thing happen , rain go fall .

Before a bank fails CBN would’ve seen it miles ahead and they would’ve stepped in . It’s one of the reasons AMCON was established ; if not for
AMCON banks like FBN, UBN etc would’ve failed due to their bad debts wey people like Oba Otudeko , Ben Bruce and the likes dey owe them.

Historical NPL ratios of these banks says this is incorrect. Ecobank Nigeria was more befiting of your example

afrodoc2:
These receipts are solid but not insurmountable for a seasoned vet like Dayo.

I could even help him. There's a bit of synergy between what he posited earlier and COP28.

All he has to do is talk about transition risks which Nigeria stands to be one of those severely impacted being an oil-dependent nation.

Making a case at these sort of summit is not unheard of

GloriousGbola:
this is from the file

search out makinwa - then filter out the NGO that nominated her


https://www.iccdiafrica.org/

these are all the people from that particular NGO

International Climate Change Development Initiative

outside of the executive director, no one else who went is a Bonafide employee of the organization
or they do not appear on their website

they are all in unpaid advisory capacity

if i was to hazard a guess

a lot of nigerians simply used this as an opportunity to go on holiday to dubai - since it is now much harder to get a visa as a man under 40 or a young unaccompanied woman.

las las the director of the NGO will collect stray bullet for doing toke a favor.

as i have said repeatedly, the file is there for anyone to peruse and analyse.

I'll also put my money on the Lagos state government.

Most of the names you have there are affiliated with the state government in some way

It's clear to me that the Government didnt sponsor the entire Nigerian representatives.

As someone who knows how this sort of thing works, I'll wager that a significant portion were sponsored by private entities and NGO's; There's a lot of sustainability driven initiatives in Nigeria particularly in the private sector who are really keen on jumping on these sort of things

It's also clear that the govt doesnt want to release the entire list of sponsored to avoid the same kind of reaction we are witnessing; Could be in hundreds and the detractors would still have a fair point.

Transparency and disclosures usually help with things like this. Also all this cost being set against the potential benefits by the govt would go far in easing all the noise

TrebleChamp:
Same UAE that purportedly lifted travel ban on Nigeria during Tinubu's visit . Well we wait to see if this report is true or another APC lamba...

Not speaking on the Nigerian context.

Read the post again

OasisX:
.....UAE has promised $4.5B to support energy transition in Africa, guess who is gonna be major benefactor?!

Mi o ni sọ ń kánkán.

Dont hold your breath. Just loads of greenwashing from UAE

Spent more on lobbyist, image-cleaning, PR and advocacy than actual sustainable initiatives

akwesenana:
I like as the AZ dey small small dey clear for una eye.

Na you concede four goals for una house, yet you dey get erection, dey feel delusional about qualifying for Conference League.

Hopeless lots.

Its's the new delusional reality where people see signs of the truth and dismiss it for what they want it to be

Was just wondering what they saw with the whole rubbish hype cos of the draw with city. This is a team that beat Man City 3 bloody times in 5 weeks under TT

Look at our points, win rate and the reality stares back at you. This is after forking out close to a billion dollars. Nothing has impressed me so far about the new team and even the 4th position is no longer an option

To be fair, this is all on the new owners who with zero clue on how things are done and just waltz in and think they can change things successfully