₦airaland Forum

How many times will this topic going to come up with different tittles?
ENOUGH pls!

Al Qaeda in the Arabian Peninsula claimed responsibility for the attempted Christmas Day terrorist attack on a plane about to land in the U.S., saying it was in retaliation for alleged U.S. strikes on Yemeni soil.

http://www.cnn.com/2009/CRIME/12/28/airline.terror.attempt/index.html

this gets interesting by the hour

I think Become rich should post more in the Jokes section

Good job! keep it up, u should get a check in the mail from Nairaland admin

[quote author=mama-gee link=topic=372716.msg5203176#msg5203176 date=1262026151]This thread is full of long Jargons
I'll be back. [/quote]yep it is! i wonder why poster can't simply put the link where he did the copy and paste job rather than take up all these space feeding us with so much trash
Seun will be very angry

I feel for his parents and family. How awful, first to suspect your son has drifted away to a very bad place, and feel strongly enough about it to try and warn people, only to have your suspicions confirmed this way.

The dude is on American watch list
He is on British watch list
His father has reported him to the American embassy
and he still manage to get a bomb on a plane!

Why have him on a watch list if you are not going to watch him?, sounds like someone is being a clown

jay bee:
All the US needs to do is make everyone travelling to US register online a day before travelling like the people from current visa waiver countries do. By doing this the names can then be checked against whatever lists the government posses before hand and in turn screen out questionable characters for special screening.

The world technology is far advanced than that, they probably don't even need a day!

Kobojunkie:
As of present, I believe the WATCH LIST is for government, and when solid evidence is available, the person is moved on to a NO FLY list which is then made available to the public, as in airport authorities. I believe regardless airport authorities ought to search everyone possible and make sure that no one is exempt.

Question is are those people on Watch list properly monitored around the world? if yes, then the fault is entirely American's, and if no, why do they need the watch list anyway?

The problem with a "watch" list as opposed to a "no fly" list is that nobody sees it. In theory the airport security screeners should know if a passenger currently being screened is on any watch list so that they can give him special attention. They do not at present see any such information and this is a huge security gap that needs to be closed.

This will strengthen BNP in Britain, Islam extremist are contributing real havoc to the entire world, why blow up a plane with kids, Mothers and Fathers who have loved ones waiting for them back at home just because your religion think it is the right thing to do! what kind of people practice such religion anyway

You are scared of your father because you are either a wimp or not mature enough to make your own decisions. I am not scared of my father and that has never made me commit crimes or even think about it. You should love your father and not scared of him. Is he kingkong or what?

this is funny!

the dude is tired of life, now he's going to rot away in guantamo bay!

Voice over PA:

Brace yourself Ladies and Gentlemen, your undies are about to be frisked for powder bombs, maintain a straight line, this is a standard security check for every Nigerian National, thank you for your cooperation

Natural justice my arse hole!

SEFAGO:
Lucky you.

My life was one constant:
Teacher: you there, what are you doing, why are you not in class, what you are smiling back at me
Me: Ah, no sir, I just went to the bathroom (whack whack whack )

LMAO, what a childhood

why blame the parents? the child is 23 years old for pete's sake!

The Osun State chapter of the Peoples Democratic Party (PDP) has called on the police and other law enforcement agencies to get to the root of the matter. In a statement by the state chairman, Alhaji Ademola Rasaq, the PDP charged the police to do a thorough job on the dastardly act, which he said smacked of dangerous politics. While commiserating with the family, the PDP vowed that it would do everything within the law to get justice in the matter.

Something we ve heard about a thousand times, Justice kor, Jury ni
Do they ever catch such assasins in the History of Nigeria? Mschewwwwwwwwwwwww

These are Historical events and NOT current issues!

Deep Sight:
I have stated before on this Forum the glaring facts which point ot Mr. Lamido Sanusi as being the worst and most childish regulator ever.

There are two cardinal aspects of this mess that the CBN Governor got disastrously wrong. You see, when laws, regulations and procedures are laid down, the purpose is to avert anarchy. If we continue to act with disregard for regulations, we will continue to be a disjointed and directionless society. That forms the plank for the emergence of a failed state.

The two critical bits that Sanusi got wrong: Regulatory Discretion & Procedure and Approprition of Public Funds.

If you are familiar with the Fundamentals of Regulatory Oversight in any industry, you will be aware that the cardinal function of the Regulator is to guarantee a healthy industry and in so doing, the Regulator has various tools of intervention. The tools are to be excercised progressively in such a manner that correction of anomalies is effected with minimal disruption to the system. The ultimate sanctions are only reserved for irreversible situations and even at that ONLY after the application of intermediary measures which have failed.

Sanusi did not apply any intermediary measures whatsoever before wielding the big stick and he failed to note the likely ripple effects of loss of local and international confidence and run on deposits that attend such public shows of regulatory might.

It is therefore clear that as a Regulator he acted hastily, and without discretion, which is scandalous considering that this is a post he has held for less than two months. Clear measures availed him in taking gradual steps to correct the anomalies.

Furthermore a Regulator must be impartial - and in this he has manifestly failed by implicitly giving the other banks more time to tidy up their books while dragging the first lot into the mud.

The Second major point is Appropriation of Public funds.
Under the Constitution of Nigeria ALL FUNDS - HOWEVER SOURCED, PRODUCED OR DERIVED, accrue FIRST, AND AUTOMATICALLY TO THE CONSOLIDATED FEDERATION ACCOUNT, AND NO FUNDS MAY BE WITHDRWAN THEREFROM WITHOUT APPROPRIATION FOR SUCH PURPOSE BY THE PARLIAMENT (NATIONAL ASSEMBLY).

Accordingly, once monies are printed (which is at all events a questionable approach to creating wealth) such monies accrue first to the Federation Account and must be appropriated before being touched at all.

Sanusi made two infantile arguments in his attempt to evade this. He stated that it was not an expenditure but a loan. This is irrelevant because the Constitution does not make a distinction. It states that ALL monies must be appropriated before being withdrawn. Thus it does not matter what you are withdrawing the money for: it must be appropriated before being withdrawn. Secondly he stated that the money was not from the Federation Account. What a laugh - the law states that ALL monies should go to that account!

His action sets a very dangerous precedent: In future the CBN Governor may print trillions of naira and disburse as he pleases since in his argument, its a loan. So perhaps he can print 100 trillion naira and give out as loans without the proper process of legislative approval? Also, if the other banks he is still auditing are found to need help, what will he do? Go back to his back yard and print more billions?

Aside from the illegality pointed out above, as an economist he should be aware that such reckless printing of monies is a key cause of inflationary trends within the economy.

Recall that both the US and UK effected similar bail-outs last year at the height of the recession. It may interest you to know that in both societies the actions were carried out by the Central Banks through Acts of Parliament.

Everything comes to the singular conclusion that the dude is hasty and rash, i know thats bad, but i will rather deal with a rash and hasty CBN governor who stopped those CEOs from giving out 15 billion naira loan to their House girl {Oceanic bank} than a governor who will rather eat pop corn and tell us Nigeria is immune from the recession.
I resent his rash and partial approach but i applaud his quick intervention at stemming the tide of malpractice, carelessness and misappropriation of depositors funds and shareholders equity capital.
If anyone think the guy is wrong why not tell what you would have done in his shoes especially considering the fact that many of the sacked CEOs have connections at the federal level that can impede you from taking appropriate steps.

In the West, the crisis began when banks stopped lending to each other because no one knew the size of toxic asset the other is carrying on his balance sheet and this stopped the flow of credit which is the principal function of banks.
Sanusi's action was to prevent this from happening, and the money he set aside is to serve as a shock in case of a likely bank run.
and what is wrong with inflationary trends anyway? its a monetary policy means of stimulating an economy

away4real:
I have chosen to reply you cause you are making sense from an informed point of view.

First on the issues of CDO and CDS which were supposed to act as so called inusrance policies, that did not manage the risk effectively  it only shifted it from one party to the other, so in no way did that adequately distribute the risk as the regulators have now come to say the oversight on this instruments were not adequate hence the problem.

To the issue at hand, you stated the problem in Nigeria correctly to giving loans to the wealthy who refused to pay back, please have a look at the right offs been given by the R8 banks and tell me how the actions of Sanusi has changed this. Exactly i agree with your statement in bold above, but how does the regulator solve this by picking on banks without any framework in place to define anything, is it by picking on few banks. The margin loans went bad not because there was no collateral but a mistake on how volatile the collaterals were? Similar to the CDI notes the price of the houses dropped so all investors had were papers.

I am totally for the reform but it should be done properly, punish who needs to be punished but let it be clear. You said you doubted if any sane regulator would not have ratios he used, then the information should be published and there for all to see. What were the measures used? We need to know.

For me more needs to be done, this is just scratching the top, but it cant be achieved overnight, the measures needs to be clear and the objectives defined.

Soludo did a job of consolidating but it was done with good hindsight and clear for all to see, the criteria was set then all were told to achieve it, even when he decided to place the nations reserves with Nigerian banks, he defined the criteria.

Sanusi should properly articulate his policy for it to be clear.

I agree with you his style and approach has been rather rash and hasty, especially considering the short time duration from his appointment to the reform, and like i said before, it might even have some malicious undertone to it.

I also believe this will eventually have tremendous effect on credit intermediation and the economic status of the country in years to follow.

I also agree with u on the fact that the CBN ought to disclose whatever measure it is using to justify "Banks that are not stable" rather than a mere theoretical propaganda which seem to be all we have for now.

However, my fury is directed on how careless the management of the banks were at managing the risk of their portfolios.  I wouldn't as a Bank executive ask for shares as collateral, given their unpredictability, random price movements and levels of risks, for a 10 billion naira loan, that to me seem like carelessness of the highest order that shouldn't go unpunished.

The CDI had insurance against counterparty risks the underlying collaterals were adequately insured, the only problem was because some institutions with AA ratings like AIG were seen as companies that will never fail,

In as much as this was proven wrong, it seem to me a right step in a right direction to obtain insurance on collaterals rather than sit back and watch while depositors money is being lavishly spent by "so called big boys" and the bank is left to hang on the thin thread of high leverage.

away4real:
What did Soludo do to manage his own situation. Soludo came up with a strategic paper few months ahead on the aim of his consolidation and provided modalities and incentives for mergers. He did not wake up one day and said all banks must meet N25 billion, it was a prperly thought out scheme.

I have not painted Sanusi a tribalist, but he has failed to provide the adequate intellectual mechanism needed for such a delicate execise. Your comparison to Enron earlier is inappropriate, why did the Bank of england or Federal reserve not kill the banks that they gave out loans to individuals that cant pay their mortgages.

The problem of the margin loans is in a way similar to the sub prime wrong calculation of the risk. Lets limit this debate to issues and not sensatious stories or conspiracy theories.

Sanusi should provide credible ratios and test and a strategic intent to guide all banks and give a time frame to achieve it, and not be in a haste to crucify Nigerian banks.

In economies with advanced financial services system, the Bank's risk from lending activities was thought to be adequately distributed in the forms of collateralized debt obligations and Insurance policies, so every one was believed to be happy.

In Nigeria, this is far from being the case, the wealthy got richer from loans from the banks and they just simply refused to pay back, many of them bought properties abroad with depositors funds, acquired massive real estates and invested the remainder in long term holdings. But the question is who bears the risk of default? Depositors of course.

This is where the Regulatory frame work comes in, you can't keep borrowing money from the Expanded discount windows to individuals based on their name and net worth alone, or more ridiculously because the borrower is a friend of the family,  you need a form of collateral just incase of an event of default which we witnessed.

Moreover i doubt any sane regulatory frame work will not consider liquidity, profitability and cash ratios before taking such a decision, the banks are over leveraged, and its totally due to the shameful malpractices of the CEOs. now guess who is bearing the brunt? the shareholders and the employees of course, logic will dictate that if it hadn't been curbed on time, Depositors will surely have their share of the cake, and trust me, that will be the beginning of a fcked up economy.

Yes Soludo did the work of consolidation, and we were so thankful for that to an extent where all eyes were closed against the rot that rooted in the post consolidated banks while Soludo secretly planned his political ambition.

Sanusi is not to blame, the dude is just doing his work protecting the Nigerian economy and depositors interest, blame Soludo for putting his own personal interest before everything else.

Some are planning 7 billion naira house
Long live Fashola, we here on Nairaland have got your back, come rain come shine

away4real:
Your contribution has been the most meaningful. The issue remains the handling by Sanusi and not if there was a problem afterall as rightly noted by you, he booked major bad loans as first bank MD.

Sanusi handled the matter so poorly that one can hardly see the strategic intent. The problem he has created is now one of mainly confidence  all those talking of bloating salaries really dont understand how financial services work and have left the substance and dwelling on trivalities and sensationalism.

The issue now is that most of the credit lines from international banks have been recalled so there is a credit crunch particularly in the area of export which was one of the main revenue generators for Nigerian banks.

I see it as a smoke which will eventually come out, lets be realistic, how long do you think those banks intend to continue keeping bad loans on their balance sheet, 80 billion naira bad loan is not something you can just hide under a smile for very long.
The effects either you choose to accept it or not are bound to reveal themselves one day, better now than later don't you think?

Has anyone wondered why the Yardua administration is yet to release an official report from the presidency concerning this whole Banking saga?
How long does it take Obama to respond to issues regarding Financial services and credit crises?

Taborah:
I totally agree with you that Soludo is a better manager than Sanusi. The fact of the matter is that Sanusi not only acted in haste, but executed his agenda with malice and vengeance. The banking crisis arose because of the sub-prime mortgage in the West,  what you can call loan advancement in Nigeria. While the US and other western govt are finding solution to their problem without over dramatising the issue, secretary of treasury has not recommended any bank MD or EDs for the guillotine.In any case Sanusi has been part of the problem. Under him, loans running into billions of naira went bad and provisions made as seen in the recent financial statement of FBN. He is garrulous and does not have the temperament of a person fit to occupy such sensitive portfolio. His comments are not only killing the financial services industry, the macro economic environment has been seriously injured. Foreign direct investment has virtually seized and the available ones are taking flight from the economy. No nation can ever develop when you muzzle your banks and create situation of instability by reckless utterances as those by Sanusi. The pronouncement of a Geithener will always have a far reaching effect on banks, money market, stock market,interest rates and other macroeconomic variables in the US.

And it is time the Nigerian Govt realised that the Headship of CBN is meant for seasoned economists and perhaps chartered accountants who understand the dynamics and complex nature of finance. It is not a position for carrier bankers who know next to nothing about macroeconomic management other than managing the intricacies of the debit and credit of everyday banking situation.

I don't fault his actions, i fault his lack of proper conduct and the malicious nature from which his decisions were made.

I fault the Soludo administration for folding arms and playing politics while the banks doctored their books

I fault the banks more for putting the Nigerian economy at risk of a potential stand still and a massive loss in jobs than what we are experiencing if the practice went on.

A former First Lady, Mrs. Maryam Babangida is dead. She died earlier today in a United States hospital where she had been undergong treatment for cancer

http://www.punchng.com/Articl.aspx?theartic=Art2009122713532146

Babangida, popularly called IBB by many, said that he was at her bedside at the University of California Los Angele‘s Jonson Comprehensive Cancer Centre in Los Angeles, United States, where he said she died at the age of 61.

http://www.punchng.com/Articl.aspx?theartic=Art2009122715381410

I guess everyone has his/her time, May her soul rest in peace

Its certainly not hell for Nigerians, but of course, if will further destroy Nigerians image abroad. People already see Nigeria as unsafe, especially butressed with the High state of kidnapping and political assasination that has been going on in the country for a while.  Imagine the headlines going on all over CNN for a number of days "TERROR ALERT! NIGERIAN SUICIDE BOMBER". you seriously dont expect everyone to be objective after such a news that kept replaying itself every 30 minutes or so, even employers in diaspora will be judgemental in their thinking.

BTW, i wonder what the suck Mrs Information Minister is still waiting for, seems our rebranding image is really taking effect after all

I wonder what difference it makes anyway

Fhemmmy:
What exactly are they building that will cost that much.
What a nation?

Ah! they are building a "befitting" paradise for the vice president.

Joke of a nation, the president is away on an holiday, fuel scarcity is the order of the day, Kidnappers are having a jolly business, education is next to nothing, power supply is a dream that our fore fathers had and the same we are still having, and guess what, in all this mess all our dear leaders could think of is to build a house befitting the vice president.
Good people, great nation

As the great Bob Marley sang: "Many more will have to suffer, many more will have to die, dont ask me why"

7billion naira?

7,000,000,000 house

you gotta love Nigeria!