₦airaland Forum

deenee: The world of finance is synonymous with bad news. Whilst some are passing the bulk by positing their claim along the Phd vs CFA vs Ivy league MBA trajectory, Institutions like Barclays that survived what some describe as the greatest crisis of all time are arguably enmeshed in LIBOR crisis that questions the totality of what we define as "ethics or morality" in finance.

Maybe, the end of the world as we know it will be fueled by an "Economic/Financial Armageddon and not a 'Nuclear' one as envisaged.

May God help us all!

Barclays is not alone! UBS, Bank of America, RBS...most, if not all of them are involved with the fiddling of borrowing rates to make their financials appear stronger.

Economic/Financial Armageddon is here to stay!...it's the nuclear one i'm much wary about.

RixExpat: CFA an extra curricular activity? Your friend must be kidding! The odds are that he took the CFA exams and 'banged' (which is normal) repeatedly and eventually gave up hope of passing the grueling exams. Most people who cast aspersions on the CFA program are more likely to have tried but failed to go thru the grueling exams. Even employers and senior executives of financial firms recognize the worth of the designation.

Maybe you are right. He might have banged!..but if you care to know, the dude's academic profile exhibits brilliance from all angles. Having graduated with a first in Physics from Oxford, been a member of Mensa since 2008 and appointed the head of a derivative desks at the age of 28, I doubt if passing CFA would be something of a headache. I know a few people who passed the first two levels of CFA right out of undergrad, even folks with degrees in English, Agric and all those other "less technical" subjects pass on the first three attempts.

You shouldn't get me wrong. I still believe CFA's syllabus is intense and represents a standard for anyone aspiring to build a career in Finance, but for others who are a little more ambitious, it's probably not challenging enough. Everyone will eventually have to go for whatever suits them.

AjanleKoko: Okay.
But I need to ask, not a sarcastic question here.
What exactly do bankers do these days? And how come they all of a sudden are getting shown up as cheats and criminals?

Honest answer.

Are all Politicians corrupt?

Are all Lawyers lying b[i]a[/i]stards without shame?

Banks remain a vital part of the Global economy!..Their primary role as intermediaries mean their survival is sacrosanct. Some Banks, like some businesses, may engage in dodgy stuffs to make money for their principals. While this is not ethical, it also highlights the failure of appropriate regulatory bodies in their oversight duties. Not all banks or financial intermediaries are cheats or criminals, but the few bad ones are bound to give the good ones a bad look.

And even more puzzling, how come people still want to be bankers?

Cos someone has got to be one! ..we can't all be neurosurgeons or brilliant engineers! ...Nigerians don't really admire the members of the Police Force, but someone has got to do the job, right?..and that someone has got bills to pay right?

I also think the word "bankers" has been coined too loosely in a manner where everyone gets chucked in the bucket even if they don't wish to. There are people who work in Finance and don't wish to be described as "Bankers"

AjanleKoko: Investment bankers.
Enuf talk about pay. What say ye about the scam perpetrated at Barclays?

Barclays is not alone on the Libor Fixing endemic!...and this is not something relating to it's Investment Banking arm but instead the whole of Barclay's group. Bank of America, Citi group and UBS are all being investigated for this dodgy malpractice. Unfortunately, the world has come to the sorry state where everyone only thinks about the bottom line and throws out every single ethics code known to mankind without shame!

tanimola22: Wow, this sounds good O, I won't lie..

But we have many ivy MBA holders working for companies like GLO, MTN, RenCap and co in naija. I am sure they don't earn up to the figures you stated..Why then did they leave high pay for low pay in naija? I am guessing that the jobs that pay these great salaries are not just readily available for grab. In other words, such jobs are not automatic even if one holds an ivy MBA. No?

T22

The choice to move back home after an Ivy MBA, for most people is due to personal preference to be at home....not because they couldn't get a choice job after graduation. While staying in the West may bring you some good wealth and healthy career prospects, it takes you away from your friends, family and the life you are used to. For many people, this is a big factor! Rencap wouldn't pay you 15k dollars a month, but at least you may potentially earn 2 million naira a month and enjoy the comforting feeling that comes with being home!

If you expect to earn the good returns for your Ivy MBA, then it makes sense to stay in an environment that is ready to pay for it. If you don't plan staying in such an environment due to family attachments and personal obligation, then you may have to reconsider the objectives of investing in an MBA!

^^

Unfortunately i think i may be muddling a little too much in my post such that what i meant aren't actually clear. Taking the best advantage of short term volatility in this case refers to "not making" a loss as against "making a profit". So yeah, this objective function relies solely on historic vols but uses very sensitive measures of vol like a GARCH process. This is a usual mandate for clients demanding for a controlled vol portfolio.

And no! a simple Straddle or Strangle will not make you a guaranteed profit if you paid too much for implied volatility than you should. If for example, a company is about to make it's earnings announcement and you bought a straddle or a strangle close to the announcement day expecting that if the company either beats or loses against consensus estimate, there will be a short spike in its volatility. In this case, you would have paid too much for implied vol as the option prices would be higher...and the day after the announcement, the market will be less excited about the news, so the option prices will drop making your long positions useless.

Do you think it is an optimal strategy to leave a job with a good pay for an ivy league MBA?

I think this is an issue that will remain subjective to strong views whichever side of the argument you wish to be on. There's no clear optimal strategy, it all depends mostly on individual objectives and experience...and of course, what you define as "good pay". It will also depend on where you choose to develop your career for the long haul. In the UK, an MBA isn't really regarded as much as it is in the US. The quality of your work experience is a bigger factor for the UK.

But what would i choose?....I'd choose an Ivy League MBA in a heartbeat! For someone like me who's desperately ambitious and intends to spend some time in the US for the future, i believe this is very important for my career prospects. Not only is it guaranteed to open doors of opportunities, it's a fantastic way to develop some of finest leadership skills ever.

Coming back to the doors of opportunities, this spreadsheet made by some dude might interest you

https://docs.google.com/spreadsheet/ccc?key=0AndCUjb9VV86dHJLRW9nOG45U2lZZTRtTnFHWVdqclE&hl=en#gid=0

You don't go to Harvard for nothing! or Wharton! or Chicago Booth! or Stanford! ...the lowest you can earn as a basic salary after graduation is circa 120 grand. your bonus could be anything from 50% to 100% of your salary as an associate and from there, there's only one way you can go! While studying for your MBA, you can intern at some of these companies and get paid 10 - 15 grand a month.

Check out the profile of people working at Bain Capital

http://www.baincapital.com/Team/Default.aspx?viewType=ByAlpha&alphaStart=a&alphaEnd=d

Trust me, T22, if you get into a PE firm like that, you life will never remain the same (literary speaking)...those guys aren't earning junks like i stated earlier. They earn multiples of that! That's what it means to be a big boy! For me, more money has always been preferable to less.

tanimola22: Lool, mean boy...Don't let the CFA folks hear this O..dem go fight gidigbo with you. Why trivialize their achievements.

T22

LOOL

I always enjoy watching people defend what they believe in!.....I think the CFA is a brilliant designation but i feel a Phd is more challenging. I'm not studying for a Phd yet, but o boy, i dey always bow for those guys who are into some quantitative Phd.

One girl was hired in my office recently with a Phd in Algebra ...she did her thesis on near rings and all kinds of weird stuff. I tell you, this girl can manipulate a 10 by 10 matrix in her head ...i dey always bow each time i pass hin desk!

here's the rank on my list.

1) Phd
2) Ivy League MBA
3) CFA

since number 1 is a bit too ambitious for my IQ, i'd be gunning for 2. A friend of mine thinks 3 is a nice extracurricular activity!

Every investment bank and asset manager has its own investment principle and strategies for managing investments. The fact is that most wall street banks make their windfalls from proprietary trading but I want to believe that they all explore available tactics - quant strategies, fundamental analysis, tax-aware strategies etc depending on what works for them and the capability of the personnels involved.

This is very true!

that is why Goldman and others are among the top 10 highest employers of CFA charter holders/candidates (it is wrong to say CFAs) http://www.cfainstitute.org/about/pages/facts_and_statistics.aspx
because they know the value of the designation. To be frank, I will say that the CFA program covers more complex option and investment strategies than any graduate program in quant finance and it is easier to understand these complex option strategies in the CFA program than in a typical quant finance graduate program. Of course the CFA program does not cover the implementation of these strategies in a programming environment which is outside its scope.

I refuse to be swayed by some brilliant marketing documents!...Citing the top 10 employers does not actually say anything about the value of the designation. I could very well argue that Goldman sachs may have hired thousands of CFA holders back in the early nineties when CFA was preached as the next best thing after shaving stick and may have refrained from hiring a single CFA holder in the last five years, yet their name could have still propped up as the top highest employers in this sector!

CFA institute should be called up on their ethics hotline on this cheeky survey meant to promote their own designation and also give prospective students a false impression that their would always be a place for them among the top employers listed. A friend of mine has just left UK for india after searching for jobs without success even though he already has completed all his three exams.

Additionally, i doubt if any serious person that engage in the use of options will rely on a CFA to handle such risky business except of course the CFA holder has a good background in derivatives. What the CFA teaches in its options course are information any du[i]m[/i]b individual could get on an internet blog!...The knowledge is just not sufficient to risk putting capital on it!...Option trading requires more than just knowing what a straddle is..you must be able to price your options VERY WELL. For instance, if you buy a straddle after a news flow expecting to profit from massive swings, chances are you are a mugu who has just paid too much for implied vol and you'd be shocked to find that even though the market did move in the way you expected, you are still making losses on your trade. The CFA does not teach those things!...The way it appears in the text is different from the street bruv, especially when derivatives are concerned.

So what exactly is the CFA useful for? It's useless in core quants!...it's biggest strength is likely in equity research and portfolio management and even in this, knowledge and experience from a sound finance MBA is still very much revered.

Bros haba now .

So why didn't these grand mathematical equations predict the burst . Why did Lehman go burst with billions of worthless Credit default swaps obligitions. Why didn't their mathematical models predict the wahala of the US housing crisis.

Bros . even models don't have a clue of an impending disaster and it is only when u look backwards that the model might tell u something different.

The reason is because when you have statistics and probability as the building blocks of your model, then you only get to make decisions based on historical data. For example historical data prior to 2007 didn't tell anyone that US mortgage owners will not be able to pay their mortgage (even though instinct tells you something different when u see people struggling with 3/4 jobs just to pay their mortgage)

I think we may have to clarify a bit more on the term "models".

A model could be as simply as taking an average of the students in a room to infer a statement on the general population of black Africans...or as complex as optimizing a quadratic objective function to take the best advantage of a short spike in volatility. In my experience, Quantitative managers tend to use the latter more than the former. They are mostly not concerned about predicting the "future" but instead, their focus is shifted on living and making a full use of the "present". Predicting the future is almost an impossible task and looking at history may only give you an idea not the complete picture.

As for those who employ predictive models (especially in risk management), it's mostly based on the time tested theory that models actually do learn from history!...humans don't!

RixExpat: Candylips, I agree with you as regards the nature of models and your thoughts regarding comments made by Violent. Violent, I tend to think that you are trying to spur further arguments which for the purpose of this forum is healthy. The problem with most formal trainings in quant finance/financial engineering (which I also went thru) is the thinking that models are a perfect representation of a rather unpredictable market driven by irrational behavioral biases of participants. This myopic view of and absolute faith and trust in the "omnipotence" of models is one of the major causes of the financial crisis which the global economy has yet to recover till this day. One of the greatest quant of our time whom I respect so much is Paul Wilmott. Incidentally, he is the first to tell any modeler that models are at best an approximation of reality and can go wrong even when the assumptions may seem robust. I do not expect any serious finance professionals (including quants) of today to follow the way that almost brought the end of the global market. The crisis has taught all of us valuable lessons that should remain with us as long as the memory of the crisis lingers in our minds. To critics of fundamental analysis, I should point out that it is not just picking up annual reports and calculating ratios from information that were smartly manipulated by accountants and fitted to management objectives. Somebody mentioned off balanced sheet events which include contingent liabilities and events happening after the balance date; these information are incorporated in fundamental analysis. What then is fundamental analysis? In summary, fundamental analysis is all about determining the intrinsic value of an investment which is not an exact science but subject to the analyst judgments and conclusions after a thorough and exhaustive analysis which goes beyond a company's annual report to even trying to unravel accountants' intentional and unintentional misstatement of reports. Fundamental analysis is a whole gamut that is way beyond financial analysis and ratios. It even involves corporate governance and risk management. So there is no guarantee that the analyst using fundamental analysis is right because like all models, it is an approximation of reality that can go wrong.

Yes you are correct!..Models are an estimation, but what makes them useful above all else is the fact that they are completely devoid of emotions or the typical herding behavior humans are hard wired to follow. Ask any wall street analyst worth his salt to give you a detailed analysis of the market crash and property bubbles and you'd be surprised at the genius of such fellow's views, you shouldn't also be surprised if the same fellow tells you next year about why gold must have been overpriced this year ---Humans he?.. we only seem to know so much about the events after the events had actually taken place, models don't work that way!

...i have met fund managers who bought stocks because they have a friend who worked at the company, ignoring all common sense in the process of doing so!

Sound mathematical trading models at least understand that the market can stay inefficient for short terms and individuals can profit from such opportunities. Mathematical models can at least understand that maintaining a delta neutral portfolio while trading gamma effectively can be a smart way to profit from swinging markets --- which always swings as someone is always thinking "OMG, Europe is going burst" "North America is getting downgraded again" "China is going broke" "The world is gonna end and we are all gonna die" --- All these sentiments will always bring inefficiencies to the market and the smart quant alogs --- that have been designed by some cursed kids, to trade millions of positions with micro ticks-- will keep bringing in profits to their owners!

There two types of geeks. maths geeks and computer geeks

computer geeks do the algo stuff. but maths geeks are more concerned about mathematics

There are very rare species of humans that have the ability to combine maths n computer geekiness

Most times you are very brilliant in one and suck or average in d other.

I dare say this opinion is not completely accurate!..Maths and Programming are inseparable! If you are employed as a "Quant" in most financial houses, the knowledge of programming is requisite (in the very least VBA)!..You can't simply claim to be good at mathematics. Anyone can have great maths ideas, but the most important part of your job as a mathematician is being able to bring your ideas into a portfolio in a way that maximizes the risk-return trade off. Of what good is anyone that can only work out algebra on paper? Get on Matlab son!

Even Noble Price winners Merton and Scholes who where board members of LTCM coulndt prevent the hedge fund from sensational collapse.

For those reading who don't know about the hedge fund called LTCM

Read about it here http://en.wikipedia.org/wiki/Long-Term_Capital_Management

or this book

When Genius Failed: The Rise and Fall of Long Term Capital Management

http://www.amazon.co.uk/When-Genius-Failed-Capital-Management/dp/1841155047/ref=sr_1_1?s=books&ie=UTF8&qid=1329388160&sr=1-1

Hedge Funds fail, it is the risk you bear for the returns you get!...But history has shown that 86% of fund mangers who pick their stocks based on fundamentals always fail to beat the market anyway. Despite this people employing dozens of accountants and CFAs to sniff through financial statements! This probably further highlights why wall street Giants like Goldman Sachs fail to commit so much resource to fundamental stock picking like they do on their Quant stuff...and people wonder why they just don't seem to ever get broke.

candylips: am sure you are aware of the loan problem in nigeria a couple of yrs back.

The likes of dangote and co owing many banks in nigeria billions of naira and they refused to pay until the CBN stepped in

Am sure one stu.pid geek would have felt like a star when he used his intellectual prowess to design some default probabilites for these individuals and come out with very sexy positive numbers

yet these banks nearly went under

it is only a foo.l that will believe in mathematical models instead of sound fundamental anaylsis and good old human instinct

Sorry bro, but we may have been looking at these things from different angles.

It is my opinion that real "geeks" are not employed to deal with ol boring stuffs like default probabilities, VAR and all that ish!...that's pretty darn waste of talent. Probably common only in commercial and central banks.

Many geeks are hired to write algorithms, trade triangular and multiple arbitrages, quantify and trade headwinds, Gamma scalp etc etc.

sniffing around balance sheet statements and estimating probability of default is still the job of a fundamental analyst, and guess what? they all get it wrong most of the time!

Fundamental analysis is crap! many people continue to live with the grand delusions that they can estimate just how fast or how well a company can grow within a certain time frame. They get paid fat salaries for doing so and they still make weather forecasters look pretty darn smart!

I stupidly bought a stock (Chemring Group) a little over a year ago when it sold for about 7 pounds after reading stock research from some of the best paid fundamental analysts who all penned the stock as "overweight"...guess what? the damn shyt is now selling for 3.08 pounds and the bastards only just recently changed their recommendations.

I'd give my money any day any time to a PHD who knows how to trade volatility like a fanatic than the dude who thinks he's got some special talents to pick up some of the most hidden details from a balance sheet!....they must think accountants that were being paid thousands to hide those details are i[i]d[/i]iots.

shymmex: ^^^^Their air defense system is crazy!! America will think twice about intervention now. I don't think the UK will go near Syria with those Typhoons, and Eurofighters -else they will lose most of them.

Wait for it, it will come!

Their air defense is not as do[i]p[/i]e as you think it is. Just cos they were able to shoot down an old fighter Jet doesn't mean they are the bomb. I bet Ghaddaffi could have pulled off that stunt too!

When the Rafales, and the Typhoons and the Eurofighters and the B2 spirits sound over Syria, not even the Old Soviet era defense could stop them!

Just wait for it...let them push Turkey over the limit!

TechRev: @shymmex UK get liver?? Though they got politics. Still wondering how they got that Russian ship load of arms meant for Assad to turn back. I dont support Assad FYI.

UK may not be do[i]p[/i]e anymore!..but history has proven time and again that it's not the kind of guns that you have, but the kinds of friends that are ready to stick their neck in for you. UK is an old member of NATO and there's no military alliance yet that could could withstand a NATO storm!

and why is this even wrong?

Those animals deserve no better in life or in death.

All I have in this world is my balls, and my word, and I don't break 'em for no one, jou understand? --Scarface


Say Hello to my lil friend --- Scarface

Oni se kuse omode! O ti do oko mefa tan!

[quote author=O.D.B.]implying you are rich[/quote]LMAO!!!

tobbi1310: Very true, from what i understand about the meltdown, it all went ca-boot because the quant guys that built these complex models do not fully understand the market in which they were modelling and the traders that used their models also really did not understand how to make adequate adjustments to take into account the evolving nature of the market, so it became a case of garbage in garbage out. This is why i think it is essential for quants to take exams like the CFA to familiarize themselves with the economy and market structures. It is typical in every bubble, they tend to spiral out to unsustainable heights and players get complacent until the market is forced to react and in this case the result was drastic. RixExpat got it spot on with the comment on professionalism of the field and the vital process of stress testing.

Greed, not Quants, caused the market to go "ca-boot"! It's completely unfair and nonsensical to blame quant guys for the world's greed! and note: Greed is not bad in itself, that's why it's always a zero sum game. While millions may have lost their entire life savings from the market that went "ca-boot", others have been made billionaires by it and are simply eagerly waiting for the next drawdown!..This may not be fair nor ethical, it's simply the way of the Jungle and for these people, Greed is King!

If you really think taking the CFA would make any difference, then you are in for a shocker! The CFA is regarded by many people as a qualification that is only good enough to impress clients. There's nothing better on a a marketing document than saying "Your investments are being managed by 20 CFA holders" ...it's all a gimmick, mostly for the uninitiated wealthy who just need some form of reassurance.

The world can only get greedier, not less, most desks would keep hiring people who can design models that will pass on the risks of a trade to the "other" guy while they keep the returns to themselves. Since the CFA does not teach how to do this, it is only a matter of time before no one cares about how much fundamental analysis you can do or how much ethics you have and the focus will be how greedy can you get and how well you can design models that will keep us afloat while the other guys get smoked. This is where the intellectual prowess of Phds and Quants come in!

queensmith: the photos are very deceiving, the one you posted of miss angola reveals she is damn fugly as well!

You are kidding!

[img]https://www.nairaland.com/attachments/732485_Angola_-_Edmilza_Dos_Santos-1_jpg243f4116876b6599889eff070fda8833[/img]

https://a7.sphotos.ak.fbcdn.net/hphotos-ak-ash4/s720x720/395632_2681360404341_1566261009_32400517_365228235_n.jpg


which of these two is damn fugly?

Sagamite: The girl is hot!

She and Miss South Africa are the only GA-GAUN!!!

Miss South Africa is pretty fly for a white girl.

I tell you, by the time I'm done hitting that, she'd very likely have an apologetic look in the place of this "I'm a very nutty girl" look

The rest of the girls must have thought this is some sort of "The next boogeyman" contest! we once thought the beautiful ones were not yet born and we looked forward to an "exciting" future with our mouth agape!.... all of that was a lie!..a big lie!...someone should have sounded the alarm way back that the world is about to be fraught with some girls that aren't gifted in aesthetics

dayokanu: This girl must have offended God in her previous life? See her forehead(opon) like palmwine gourd

If I knew that this was what South Sudan would be giving the world, They shouldnt have been given independence

Mean!

But seriously, she's one hell of a guy!

www.nairaland.com/attachments/732358_cool_jpg2ec37e5a6e11c1c46b41de609110bb93




I'd hit that! Twice with my 17 inches bandoka!

iroko23: hi guys thanks alot for the kind words most especially to odunnu-jeez,i dint know anyone cared so much about somone they have neva met..thanks alot God would bless you so much.your evry day would be crowned with success for you kind heart.thanks also to violent,i find your words quite encouraging..God would reward your every effort..agaba thanks also to you.
i feel beta just knowing somone out there cares...thanks agn odunnu
later folks i got a life to live....

Good to know you are finding enough strength within you. Give me a shout through email. I can't promise you a Job, but i can listen to your stories and I can show you from my own experience that life takes a shot at everyone most of the time. You should also seriously consider opening a thread and asking members to link you up with Job offers, i have seen it work here two or three times already!...Your's could be the fourth and you've got nothing to lose by trying!

Odunnu: I love you Vee!

phew!! God knows how long I've been waiting to hear this!

@OP.

If you are reading this, then it may be the case that you are having several thoughts racing through your mind and voices arguing in your head. I'd implore you to listen to that voice that is telling you why this is a stupid idea and how there's still so much hope for the future.

Here's what will happen once you commit suicide:

Your parents lives will be changed forever. Their world will become empty. They will wonder why you've brought them so much pain by taking your own life. They will be so angry that you gave up on yourself and on life. You'd take their hopes, dreams, and happiness with you once you are gone. Their eyes will remain wide open, they may never find sleep again. Your memories will haunt them forever, they will wonder why you were so cruel to them.

Your siblings, if you have any will have their days filled with looms of shadows. Life for them will never remain the same. They will cry their eyes to sleep and mutter your name from their sleep. They will wonder why you chose the easy cowardly way out even though life is tough on everyone. Memories of the places you've been to together will haunt them, memories of your growing up together will haunt them!!


Here's what could happen if you change your mind now:

You could find a good Job tomorrow!...that may sound a little too optimistic considering the fact that you've been looking for one for over 8 years. But seriously, why give up after fighting for 8 years? doesn't seem very reasonable to me!...why work hard all your life, only to give up now simply because you are turning 30?

What you must realize is that you aren't in this alone. I know folks in their early 30s who are scrubbing toilets in the UK even after paying so much for their MBAs. These folks spend half of their earnings paying rent and the other half on feeding and transportation. Life is probably easier on you than it is on them. But they are not giving up their hustle!

I'd encourage you to open another thread, probably with a new username and ask for help with Jobs. Their are over 500,000 real and active users on Nairaland, and their are good chances that someone may know of a Job opening for you.

Suicide never works!...a fighting spirit is always worth it in the end!

gidiMonsta: The fact that you choose to hurl insults at me rather than bring up a counter argument to the points I raised shows your level of bias and bigotry.

I'll ask again; what part of the laws of the Federal Republic of Nigeria forbids the CBN from granting license to a religious bank? How does Islamic banking affect you?

The CBN is an institution. It was established to achieve an objective. To achieve those objectives, it must be given certain powers. Those powers are contained in an act called the CBN act. Anything outside the provisions of this act is beyond it's powers.

In reality, there are a thousand and one things the CBN cannot do:

The CBN cannot impeach the President of a country or a Governor of a state
The CBN cannot pronounce a man guilty of a federal or state crime
The CBN cannot pronounce a company bankrupt
etc etc

So, you see, those smart people that established the CBN acts, rather that list all the million things the CBN cannot do, believe it's expedient and practical to list only the things the CBN may exercise powers over. Anything beyond those powers given is illegal. If the establishment of an Islamic Bank is beyond the provisions of the CBN's powers, then it's illegal simple as ABC. Hopefully you have enough smartness to understand this basic explanation.

How does Islamic banking affect me? It doesn't!...I am less bothered if it is called Sango bank or Mohammed Bank. What affects me as a Nigerian citizen is a bold shameful way leaders trample on the Nigerian constitution. It makes us look really bad in the midst of our foreign friends whose governments respects and protects their constitution. It makes a joke of the sacrifice of all those who may have died trying to make the country a better place and provide a better future for our children!

The question back to you is: How does Islamic Banking affect you? ....I am sure even you, will begin to see who the real Bigot is between us two.

bakila: That is why he is a Federal High Court Judge his knowledge of the Laws is Subject of labelled erronous before two more Courts. He is dead wrong and he never said it is Illegal. He spoke by the way and like you its is effective as a speech without strength. The Banks are Legal and will continue to operate inspite of you SHIKENA and the Judge by the roadside statement, its called OBITER DICTUM.

The banks cannot be said to be legal until the mandate establishing them is tested before an appropriate court and a sitting Judge deliberates on their legality.

The Judge's statement may have been said in passing, but it's completely stoopid to assume that a man of such position could make an unfounded statement without due consultation. Members of the executive branch (the President including) are known for their egregious disregard for the Law. You don't just wake up someday and decide to bypass due process simply because it's Nigeria and everything/anything goes.

.

.

gidiMonsta: Islamic banking again? I tire for this islamophobists oo.

The Judge's statement is very flawed and if he had ruled in favour of Godwin, the CBN would have had the judgement easily thrown out at the Supreme Court. The judge knows this hence his locus standii excuse, there is no law that states that the CBN cannot issue a license to a bank to run Islamic banking.

I don't know what all the fuss is about, heck! There are Church-owned Universities in Nigeria that forces all students to take bible study classes, is that NUC approved?

Nigeria is a secular state, where you're free to practice ur religion as long as it doesn't infringe on others, so unless someone can tell me how Islamic banking affects you now and not some conspiracy crap, y'all can stop making noise and let's move on to more pressing issues.

What evidence do you have to prove that the Judge's statement must be very flawed? He's a Federal High court Judge and must have spent several years of his life studying and debating issues in Nigerian Law, what grounds do you have, either through experience or knowledge to challenge his claims?

He mentioned that there are no laws that gives the CBN powers to issue such license, and you,- a stu[i]p[/i]id cu[i]n[/i]t, probably without a dose of knowledge on the Nigerian constitution - are asking to see what laws prohibit the CBN from issuing such licence? The CBN as an insitution has it's boundaries and it's powers are defined within an act of the National Assembly!

What has this gotten to do with Church-owned Universities? We are talking about the deliberate, shameful, infamous, attempt to circumvent provisions of Nigerian laws by the people that ought to be role models of the society, and you are foaming trash about Christian owned Universities....who the hell said this is about religion? If the establishment of those Universities are not provided for by an act of the National Assembly then they must be illegal and should rightly be shut down as should this little infamous islamic banking project!

I am sick and tired of hypocritical Nigerians who demand integrity, honesty, Justice and selflessness from their leaders, but are themselves happy to see the law pissed upon as long as it suits their own selfish religious/tribal interests!

lookmangiw: Forget the recession blah, blah. My major concern is the price of oil. Once the price of oil drops sharply in the world market let say to $60/barrel, then our imported oil price will also drop thereby reduce the fuel price at the petrol station. Then there wont be anything like fuel subsidy anymore. In conclusion, i think the masses are the one to gain from this while the rich elite will suffer a drastic reduction in looted fund.

Not in this life or the next! OPEC is not that stuppid!

@OP

I honestly think your friend's choices are very limited. Also it gets quickly amusing sometimes how neurotic Nairalanders can be. In some other thread, a father is being cursed and condemned for applying excessively tough measures on his kid, some even went further than cursing; they opined that the father should be reported to the police, or arrested or something. In a flip-flop-Mitt-Romney style, you'd be amazed how these same group of Nairalanders appear to have lost the appetite for their campaign against "Parents who beat their kids" ...and now think this boy in mention deserves some thorough discipline....smh!

I fear the boy has been allowed to get away with a lot he shouldn't have which included threatening his mum guests and visitors. I believe he now sees himself as the lord of the house and given that his hormones are at their peak levels, he's willing to go to any length to defend his position as the lord of the house. Sadly, the mother has failed in her leadership and it may now be too late to regain that position!

Here are a few things i think may help:

-- Anytime the boy threatens to beat her up, she should daze him with a surprising, resounding deafening slap! and she must stand her ground after doing this. I believe that it will take a special kind of devil's curse for a kid to beat up his mum even though he threatened to do so. There's always a conscious part of his little brain that will always keep him from doing so. as a matter of fact, if their's one person he'd kill to protect, it's likely to be his mum. (Again, this is working with the assumption that he hasn't been cursed by the devil himself).

--- If the mum ever slaps him, she should never seek reconciliation. She must consistently and constantly show a disappointing look. Boys generally hate to see that look on their mum's face. In most cases, they would seek to make amendments without being prompted to do so.

--- If none of the above works, and the mum is flexible enough, she could consider relocating to another part of the country. It may be the case that the kid is simply too comfortable in his environment and among his friends who probably don't show much respect to their mums as well. It may be easier dealing with his errant behavior in a different environment.

--- The mum shouldn't be too quick to rule out the boot camp option. A stronger force may be all he needs


If all else fails, consider the Naija Mopo option.

Gone were the days men had ballz!...Any man in control of his home will not be so embarrassed by his wife in Public. The very least any man should do is to make sure his inlaws understood there and then that he doesn't think their little joke is funny....just responding by saying in a very firm manner that "It's very rude to call your husband dumb " is likely to jolt everyone to reality and make them realize that someone means business.

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