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PoliticsRe: Fed Govt, General Electric (GE) In $10b Power Deal by Wallie(m): 4:02pm On Mar 26, 2012
playmode: It is always so sad to see so called educated Nigerians go gaga over such news. Let me ask you guys one question ,how hard can be to build a power plant that we need to ask foreign firms to build one for us?

Generating power is not rocket science! All it requires is commitment, funds and a trained staff. The Nigerian Government makes a lot of money every year that if we want to build one new power plant per year we could do it. I am sick and tired of all this BS stories. We don't need GE or any other company to pay for our power plants. [b]GEJ simply needs to contract an experienced company to build one for us and train the Nigerians who will run it.[/b]I also agree that any agreement involving Americans never bear any fruit, just some propaganda to get us all hopeful.

Our leaders just make Nigerians look stupid on a daily basis , we can not do anything for ourselves except we involve a 3rd party.We are still talking about 10,000 Megawatts when we actually need 170,000 Megawatts to effectively power Nigeria.We will never have change until we decide and commit to change. Shame on us.
Contract and train Nigerians like they’ve been doing over the last several decades with nothing to show for it? How can you keep doing the same thing and expect different results? Even the government knows that help is needed to break the current cycle!

1. Between 1999 and 2007 Nigeria spent $15 billion on power. Can you please show me the result?

2. It is estimated that Nigeria will need about $10 billion yearly to meet the current power needs. Where exactly is the money going to come from? Out of which budget? As it is, the current government is getting rid of the fuel subsidy because it is putting a strain on the economy and you want them to make a $10 billion yearly investment? How much exactly do we earn from oil, yearly?

3. Lastly, I would say “what's more pathetic is seeing people who take overly simplistic views on issues!”
PoliticsRe: Fed Govt, General Electric (GE) In $10b Power Deal by Wallie(m): 3:27pm On Mar 26, 2012
Kobojunkie: GE will finance a problem of that amount in Nigeria, knowing it is likely it will have no hand in the running of the plants at the end of the day? undecided undecided undecided

From what I have seen to date, anytime Government mentions it will not be funding a project or another, at the end of the day we discover it is, so I would wait to see if this MOU amounts to much at the end of the day, where exactly the funding will come from. I remember the many PPP projects that ended up near 100% funded by, yes, Government.
I merely highlight the fact that running a company and having an equity stake are two different things. The money (financing) will be provided to highly capable/solvent companies with the experience to take on the monumental challenges presented. If I were a betting man, I would bet that you will not see GE Power Generating company in Nigeria. You will probably see the likes of Halliburton & co with GE turbines. But I guess only time will tell!
PoliticsRe: Fed Govt, General Electric (GE) In $10b Power Deal by Wallie(m): 1:42pm On Mar 26, 2012
I think the $15 billion will be financing offered by GE towards purchasing their power generating turbines. I highly doubt they would be running the power generating plant(s) themselves. American companies are somewhat handicapped in operating in an environment like Nigeria.
PoliticsRe: Fed Govt, General Electric (GE) In $10b Power Deal by Wallie(m): 1:36pm On Mar 26, 2012
[quote author=pretty_boi].
.
I agree with you all the way from the beginning of your post to the very end of it. We are too gullible & never learn in this country. I love the idea of the whole deal,I'm only against the fact that we never learn in this country. Americans & britons don't give a Damn,they know how corrupt the Nigerian system is & they always get soo happy to join in the fun of corruption & as always,we never prosecute them. When are we going to start looking away from America & Britain everytime & connecting with other trustworthy & also efficient people? Your list for instance is also a cool suggestion of countries we could check for partners in terms of power generation & electricity.[/quote]@shymmex and pretty_boi

What you guys fail to realize is that businesses are out to make money and ANY business will seek an advantage if the environment allows for it. However, unlike almost every other country, the US actively seeks to punish companies that violate American law. There’s a law (Foreign Corrupt Practices Act (FCPA) of 1977) that makes bribery by businesses illegal even when operating in a foreign land.

The following American companies have been charged for foreign corrupt practices in the last few years:
-IBM
-Halliburton
-Tyson foods
-General Electric
-Alcatel-Lucent
-Daimler (Mercedes-Benz)

Germany allows bribery either directly or indirectly because foreign bribes paid by German companies are tax deductible. This means that if a German company and an American company are competing for a contract, the German company will likely win because they are free to pay-off the government officials.

Show me any other country in the world, including China that prosecutes businesses for what they do abroad. I doubt you would be able to name more than one!
BusinessRe: Where Are The Farmers? by Wallie(m): 3:43pm On Mar 22, 2012
Educative thread and good luck in executing your endeavor!

Someone spoke of food processing and no one responded to it. I actually think that most of Nigeria’s food problems has to do with food preservation. There are two main issues that I see, namely:

1. Transportation – getting the food to where it’s needed in the main cities or states where people will pay top Naira; and
2. Preservation – preserving the food long enough to reach its destination and even remain available past its naturally occurring season.

I think that we need more people like you, the educated and exposed, to go into food preservation because it requires technical knowledge unobtainable by most farmers. Also, real money is never made in raw materials in any industry but in the finished product. I would think that our advantage over our father’s generation is the availability of technology that makes us more efficient.

In the US, you can pretty much get any fruit or food you want at anytime during the year by simply walking into a store. Can you imagine being able to get agbalumo, cherry mango or any of the other seasonal fruit any time of the year? Or even being able to prolong the lifespan of a fresh produce?

The only problem is that it takes research to be able to preserve food while keep bacterias at bay and still maintaining the original taste. This is where someone like you can employ your background to engage the right type of people to develop a solution, even if for only one fruit like mango.

Regardless of your decision, good luck! I’m still trying to develop a big enough kohuna to walk away just like you did!
BusinessRe: Why Can't I Find A Genuine Secret Cult That Can Make Me Rich And Connect by Wallie(m): 9:15pm On Mar 21, 2012
Very easy to find!

How "special" are you? Why should you be chosen to be successful over others like you? Until you're "special" or extremely lucky, I'm afraid that you have no hope of being chosen.

Now, if you are not "special" but want to be, find something that you're good at and spend about 30,000 hours on it to become "special" and I promise you that you will be "rich."

Even armed robbers that have a long enough life span to enjoy their wealth are extremely good at what they do; otherwise, they would have been roasted like a pig!

The choice of what you want to specialize in is up to you but bear in mind that some choices will forever make you look over your shoulders! What’s the point of having money if you cannot spend it happily and/or freely?
BusinessRe: Porsche Targets Rich Nigerians' Love For Luxury by Wallie(m): 8:27pm On Mar 21, 2012
Idrive: I actually see porsche coming to Nigeria as actually a good thing. It"s been a long time coming and there should be more official car companies opening up their showrooms in Nigeria. That said we simply do not have the roads for high performance vehicles like the porsche in Lagos or majority of the country unless you live in certain parts or you really plan your route before taking the car out for a spin. I know thats what i'd do sha

Please check out the TopDriver facebook page and like us. its about creating an exciting motoring culture by Nigerians for Nigerians.

http://www.facebook.com/TopDriverNG


you can also follow us on twitter @TopDriverNG

our website www.thetopdriver.com is currently under construction and will be launched shortly

cheers

huh
What's the goal of TopDriver? Are you guys in Nigeria? I'm very interested!
PoliticsRe: House Okays N38.8bn Jumbo Allowance For Members by Wallie(m): 2:14pm On Mar 19, 2012
OzReal: Another poster also said God will judge these people.
---------------------------------------------------------------
In all honesty, when I hear the above quotes,I really get angry angry. For God-sake, God will not judge these people until the afterlife; in fact, the continuous gang-raping of the treasury by these gangsters and bandits is sending more of the common men on the street to early judgement angry The scale of looting currently going on and the resultant effects would continue to send more of our people to God for judgement long before these guys. In a sane country a la China, the only judgement these guys would be facing would be death by hanging or a bullet to the back of the head. But then again, Nigeria has never been sane anytime in here history. Make I go drink beer jare angry
+1000

People are so daft with all their "God will judge" comments! If given the opportunity today to steal NGN2 billion and face God's judgment, I bet 99% of the people would rather still the NGN2 billion today! Worst case scenario, they would steal the NGN2 billion and later ask God for forgiveness or even build a Church/Mosque!

They should keep waiting for judgment day, like God wouldn't judge those that did not steal but committed other sins! Mumus! Suffering never catch una well well!
PoliticsRe: Could Our Comparative Advantage Be Health Care? by Wallie(m): 8:41pm On Mar 13, 2012
The only comparative advantage we have in healthcare is the money doctors who live and work abroad send back home to their families every year. That's it. Doctors based abroad have no reason to invest their brains in Nigeria. Nigerian doctors abroad are trained to work wonders with the best tools that money can buy, but those tools are not available in Nigeria because patients can't afford to pay for them. They are used to earning a lot of money for their work, but they can't earn such money here because patients can't pay for it. If they are lured back to Nigeria en-masse, most of them simply will not prosper here.

So if healthcare is to become big business in Nigeria, we would need to have excellent local doctors. If our local doctors were very good, like doctors in India, Americans and Europeans would visit Nigeria on 'medical pilgrimage' to get more affordable healthcare. But our local doctors are not that good. Unlike Indians, our medical industry does not provide a comparable quality of healthcare at a much lower cost. So I disagree with the notion that Nigeria is going to make a lot of money from healthcare. It would require the concentrated efforts of lots of business-minded doctors to change this situation. I'm not holding my breath.
I would think he's suggesting a "medical pilgrimage" as you put it but the patients will be cared for by diasporan (if that's a word) trained healthcare specialists. Keep in mind that the real comparative advantage that we hold is having skilled practitioners that can be pooled to give service in a relatively cheap environment.

In order words, if we bring foreign trained practitioners en masse, we can provide quality care at an affordable rate.

However, I doubt it would work except for elective procedures not covered by an insurance company like cosmetic surgery. People with health insurance don’t really care how much is being charged since they’re not paying for it directly.
Christianity EtcRe: Dear Lord, Answer This Prayer. by Wallie(m): 8:32pm On Mar 06, 2012
I think the prayer is somewhat misdirected! You should be praying for crude oil to run dry. Nigeria's problem became seriously exacerbated with the advent of crude oil (free money).
Jobs/VacanciesRe: Pawa 774: Are They Real? by Wallie(m): 7:37pm On Mar 06, 2012
@Pawa774

1. How many people have you employed and at what location?
2. Where do you plan to house the potential employees that paid the 3k fee?
3. Is the company funded to deploy any solution, and if so, where? Or is the funding going to be provided by the 3k fee?  grin
4. Why is your HR head a contractor and not a permanent employee? I understand that there's nothing inherently wrong in using contractors but the HR position seemed more like a permanent post to me.
5. Do you have any permanent employee? If so, where and how many?
Jobs/VacanciesRe: Pawa 774: Are They Real? by Wallie(m): 6:49pm On Mar 06, 2012
Interesting!  grin

1. Why train people before you hire them? Isn't it the other way around?
2. Does your company exist solely to train people?
3. If the value of the NGN3k fee is in the "free" training, why not just say that upfront? Why make it appear that they are applying for a position in your company?
4. What makes you think that the training you're giving is adequate for any company willing to hire your graduates?
5. Did I just read that you will hire 1 million people in 5 years? To do what? How are they going to be paid?

There's no denying that people will need to be trained to get a job in the power sector whenever it comes online but the training will be provided by the company doing the hiring for FREE after offer/job acceptance!
Car TalkRe: List the Cars you Have Owned and Post a Photo of your Current Car by Wallie(op): 3:21pm On Mar 06, 2012
jjgirljay:
Audi 80
Mazda miata (still in love with it)
Chrysler maroon convertible(rubbish)
Murano (junk)
Chrysler Cross fire(lovely)
E 350 (best of d best)

Will post pics
What year is your Miata?

Miatas make a great affordable track car because of their low weight, high rev engine, reliability and balanced chassis but seeing a straight guy drive a Miata get as e be! The old ones are such in demand that their prices skyrocketed! Great little rear wheel drive car.
PoliticsRe: Dialogue With A Critic - By Sls, 2001 by Wallie(m): 4:37pm On Mar 01, 2012
Jarus:
,
Me: "Do you read philosophy?"

Mr. Critic: "Philosophers are pagans, I have no time for them."

Me: "Good for you.  Let me tell you a story from one of Plato's Socratic Dialogues.  Do you mind?"

Mr. Critic: "Go ahead if you must.  Do you really care if I mind?"

Me: "Calm down.  This story is from one of the early Platonic dialogues.  Socrates quizzes a man called Euthryphro on the nature of holiness.  The occasion was Euthryphro's prosecution of his own father for unintentionally killing a slave who had himself murdered another slave."

Mr. Critic: "The man prosecuted his own father?"

Me: "Yes.  His family thought it impious but Euthryphro said his family were ignorant of what is holy.  He saw holiness as doing what the gods love, and was willing to do it even if it offended his own family."

Mr. Critic: "Interesting.  Go on."

Me: "Does this not remind you of a verse in the Qur'an, asking believers to bear true witness even against themselves or their parents and close relations?"

Mr. Critic: "Are you suggesting that the Qur'an was copied from Greeks?"

Me: "Stop being silly.  This is why in the north we will never progress. When we fail to confute an argument we libel the advocate."

Mr. Critic: "Like accusing you of supporting genocide?"

Me: "You really are smart. You read between the lines. My point is this.  You ask me to bear false witness, or defend fellow-Northerners on trial for killing Southerners based on one of two reasons: Our adversaries are doing the same or our compatriots have joined them and abandoned their values. Not because you believe they have no case to answer.  Is that so?"

Mr. Critic: "In a manner of speaking, yes."

Me: "If I did that I would be taking my values from the Yoruba or from Northern politicians
rather than Islam and would then be worse than Euthryphro, who in your books is a pagan, wouldn't I?"

Mr. Critic: "You know you are not as horrible as I thought you were.  But before you go, do you know what people say about you?"

Me: "Does any one ever know such things?"

Mr. Critic: "Sorry to say this.  Some people think you are mad.  Why are you laughing?"

"Because they may well be correct."

Me: "I can not believe this! You are horrible!"
BusinessRe: FBN Capital MD, Osaze Osifo Is Dead by Wallie(m): 4:17pm On Mar 01, 2012
It's crazy how the young drops dead in Nigeria and rich people do not seem immune! What makes it worse is that autopsy is rarely performed and the cause of death forever remains a mystery. The healthcare system needs to be revived!

RIP!
Jokes EtcRe: Why The Nigerian Education System Better Than The Uk - Read For Evidence by Wallie(m): 4:10pm On Mar 01, 2012
Some of you are taking the responses too seriously! Some students simply give comedic answers to questions they don't know the answers to because there's no repercussion for doing so. Kids are the only ones that give answers like that unknowingly.
CareerRe: I Don't Want To Be A Doctor The Words Nigerian Parent Does Not Want To Hear by Wallie(m): 8:30pm On Feb 29, 2012
@daguru either watches too much TV or he's a script writer for the sitcoms and soap operas! Why leave off the story when you're getting to the good part? He wants you all to tune in tomorrow at the same time! smiley
CareerRe: I Don't Want To Be A Doctor The Words Nigerian Parent Does Not Want To Hear by Wallie(m): 4:16pm On Feb 29, 2012
No parent should ever force his/her child into a career path that the child doesn’t want but there’s absolutely nothing wrong for a parent to guide the child while making sure that the child lives up to his/her potential.

There’s nothing worse than seeing people piss away their potential! There are so many brilliant people in this world that would never be successful either through their own doing or circumstances beyond their control. Have you ever ran into a very brilliant old friend from high school and wondered what happened to him/her?

Some kids need help determining what they want to do with their lives. If a parent thinks that his child has what it takes to study medicine, then there’s nothing wrong in encouraging the child to do so unless the child has no desire to study medicine. Not everybody is cut out to be a doctor, lawyer, or engineer.

But whatever you decide to do with your life, be the best there is!
Car TalkRe: Effect Of Raising The Base Of A Car by Wallie(m): 10:12pm On Feb 16, 2012
bebrief:
@OP, I think one can justifiably raise the base of his/her car, especially if it was bought fairly-used. For example a 2001 Ki Optima that has been used by the original buyer must have suffered suspension slack over years of use. This wuld have naturally reduced the CofG of the car, making it consume more fuel nd unfit to be driven on bad roads.

One thing you can do if you operate on a slim budget is to pad the shock with a rubber padding. Or better still you can rise the shock by adjusting the welding of the spring to a higher level. This can be done at a good mechanic workshop. However, the best option is to change the entire spring, if you can afford it.
Only the first sentence of what you said is correct. Everything else is either wrong or playing with death.
Car TalkRe: Effect Of Raising The Base Of A Car by Wallie(m): 10:06pm On Feb 16, 2012
icemann:
Yet to hear someone say stuff  about
1.Traction
2.Base with
3.Tire width
4. Axle Angle

In relation to a lift.
See the post below.

Wallie:
Well Siena is right but the answer is not as straight forward as he pointed out!

It all depends on what your goal is. Are you going to change the handling characteristics of the car when you raise it? Sure. But does that mean it will become unsafe? It depends. You can always counter whatever effect your changes made to the car.

For an off-road vehicle, you have no choice but to raise the ride height. If done properly, the car will only become more dangerous in extreme situations. To do it properly, you might need to widen its track, change out the suspension, and/or change the tire size/width.

Also, just because something is OEM does not mean that it is the best. Car manufacturers have to make a lot of compromises based on price, intended usage, warranty, parts availability, weight, ease of replacement, etc. But you can be rest assured that when an OEM part has been tested to work with other parts in your car.

There are certain things that I’m 100% certain are not the best for an economic car. For example, brakes, tires, wheels, and suspension can certainly be improved upon.

The bottom line is that when you change out parts of your car to non-OEM spec parts, you are changing the characteristics of the car for better or worse. More is not always better when it comes to cars because it is a system.
With regards to traction, I don't think that would change except as it relates to your tire and suspension choice, and to the extent you need an alignment. If you have too much negative or positive camber, you might not have enough tire ground contact.

The braking will also change as your car will pitch, roll and dip more when you step on the brakes but going with a suspension kit instead of just springs can solve that. I guess I also left out changes to the suspension geometry. With a lift, you will probably need to re-align the wheels to get the right camber, caster and toe.
CareerRe: Knowledge Workers: What Did You Search For On Wikipedia/Google Today? by Wallie(op): 8:51pm On Feb 16, 2012
MIMO Systems - Multiple-Input and Multiple-Output antennas at both the transmitter and receiver to improve communication performance over a channel.

Trying to understand exactly how it works and how the spectral efficiency during channel coding can be improved upon.
Car TalkRe: Effect Of Raising The Base Of A Car by Wallie(m): 8:21pm On Feb 16, 2012
[quote author=baby-boy link=topic=772013.msg10211370#msg10211370 date=1329417470]I dont know what your talking about but nothing was wrong with my suspension and where I bought wheels (Ripspeed) they told me that to have a better feel of the car most especially on the motorway I would have to lower the car and they ordered me a set of sport springs! when I said drifting I dont really mean drift as in sliding through corners but because the height of the car the faster I go the more it seems like its swerving because of the air flowing under the car,  a week later I took my car back and they put on the new springs which lowered the height of the car.

Now a friend of mine bought a brand new Mercedes C200 from Mercedes back in 2003 which came with a 15inc rims and  one of the upgrades he wanted was the wheels to C 32 AMG which were 18inc rims which he paid an extra 400 pounds (plus VAT) and they told him that he would have to drop the height of the car a little just for his safety but they told him that they don't do modification so he took it to a specialist.[/quote]They recommended that you and your friend drop the car because the new wheel increased the overall tire size. Whenever you change your wheel size, you also have to change your tire sidewall size to keep the overall wheel + tire size almost the same; otherwise, the car will be higher and your speedometer will be off.


Here an example:

Assuming your BMW 320i came with tire size 195/65-14

To get the overall size, you have to perform the following calculation:
((Width/25.4) x Sidewall Percentage)x2
((195/25.4) X 65%) X 2) = 9.9 inches

Overall size = 9.9 + 14 rim = 23.9 inches


If you upgrade the wheel size to 17 inches without changing the tire diameter

For example 195/65-17 Then your overall size will change drastically
((195/25.4)X 65%) X 2) = 9.9

Overall size  = 9.9+17 = 26.9 inches

Dropping the car in this scenario will try to counter the extra 3 inches in height that you gained by upgrading the wheel.

By the way, a proper tire size would have been something like 225/45-17 if it would fit and your ride height would have even dropped a couple of inches.
Car TalkRe: Effect Of Raising The Base Of A Car by Wallie(m): 6:22pm On Feb 16, 2012
[quote author=Somorin#1 link=topic=772013.msg10210728#msg10210728 date=1329412526]Loads of opinions on this thread, which is a very good one by the way.

To OP, the answer depends on what vehicle we are talking about and to what level you are going to go with your modifications. One caveat, with suspension, one thing affects the other as they are infinitely related. So say you add tires with a bigger circumference as is common in Nigeria, then you've affected the designed sprung weight of the car, many nasty things can occur at speed when the wheels start oscillating up and down since the shocks might not be able to deal with the extra weight of the now bigger tires.

CAR:
Most cars, except for a relative few like the Audi All Road, are not conducive to being raised.

Pick Up Trucks:
Most pick up trucks, especially those with solid axles can easily be raised with a combination of body and suspension lifts. I had a Toyota Pick Up Truck , that I installed a 6 inch body lift, 6 inch suspension lift and the new tires also gave it an additional 4 inches of lift.

Did I affect the center of gravity? Loads! Did I once felt unsafe while driving it? Absolutely not!

So what car are you thinking of raising?

PS: I smile when I see a lot of people with their new fancy cars in Nigeria and wonder how they manage to get around unless they plan their trips carefully.[/quote]+1

I think you meant unsprung weight i.e, weight not supported by the suspension (brakes, tires, wheels, suspension).
Car TalkRe: Effect Of Raising The Base Of A Car by Wallie(m): 4:53pm On Feb 16, 2012
campella:
Sienna,
Everything you said is right.

What I want you to understand is that no one is ever willing to adjust his car from the original form.
The bad roads are just the cause of the adjustment.

In this regard, what then do you think can be done to avoid you running to the mech each time you travel?
Please say something as currently, my Toyota Camry is raised to avoid constant exhaust welding.


You input is highly needed.
Get an adjustable coilover kit and it will allow you to change the following:

- Compression/Rebound adjustable
- Adjustable spring perch for height adjustment
- Adjustable body allowing maximum suspension travel

This will negate the effects of raising your car but it costs between $500- $2k.
Car TalkRe: Effect Of Raising The Base Of A Car by Wallie(m): 4:43pm On Feb 16, 2012
[quote author=baby-boy link=topic=772013.msg10209619#msg10209619 date=1329405753]Sienna is right,  


When I had my 320i and I changed the rims to 17inch Momo rims, I felt like I was driving an SUV and on the motorway, at times you could feel the rear drifting and the car was bouncing about, I had to changed the suspension system to a sport one which lowered the car, and the handling was much more better,[/quote]Your situation is somewhat different and probably happened due to a combination of any of the factors listed below:

1. you increased the overall diameter of the wheel + tire when compared to OEM
2. your tire thread design is prone to drifting
3. you need new suspension especially dampers
4. you increased the weight of the tire/wheel combination which made your OEM suspension show its age
5. you needed an alignment which you probably got when you replaced the suspension
Car TalkRe: Effect Of Raising The Base Of A Car by Wallie(m): 4:10pm On Feb 16, 2012
In addition, if you have a little bit of money to play with, you can get an air lift suspension for about $2k. It allows you to lift of drop your car at will.

Some sports cars like the Porsche 997 GT3 now comes with the option of a lift kit so that you can raise the nose of the car when going over a steep incline like a speed bump or garage entrance.
Car TalkRe: Effect Of Raising The Base Of A Car by Wallie(m): 4:00pm On Feb 16, 2012
Well Siena is right but the answer is not as straight forward as he pointed out!

It all depends on what your goal is. Are you going to change the handling characteristics of the car when you raise it? Sure. But does that mean it will become unsafe? It depends. You can always counter whatever effect your changes made to the car.

For an off-road vehicle, you have no choice but to raise the ride height. If done properly, the car will only become more dangerous in extreme situations. To do it properly, you might need to widen its track, change out the suspension, and/or change the tire size/width.

Also, just because something is OEM does not mean that it is the best. Car manufacturers have to make a lot of compromises based on price, intended usage, warranty, parts availability, weight, ease of replacement, etc. But you can be rest assured that when an OEM part has been tested to work with other parts in your car.

There are certain things that I’m 100% certain are not the best for an economic car. For example, brakes, tires, wheels, and suspension can certainly be improved upon.

The bottom line is that when you change out parts of your car to non-OEM spec parts, you are changing the characteristics of the car for better or worse. More is not always better when it comes to cars because it is a system.
CareerRe: Ecobank Commences Mass Sack Of Oceanic Bank Staff by Wallie(m): 2:46pm On Feb 16, 2012
faithin9ja:
are most of the posters too young to remember?  does anybody here remember during Abacha, during the era of failed banks, when millions of Nigerians lost their money in failed banks (not the just wonder banks like monitree or umanumna) but banks governed by CBN.

Not one of these banks has witnessed a 'run' on them, not even Bank PHB, or Springbank. The general population still has confidence in banks and we are still putting our money in all these banks, why?

because the CBN invested billions of naira to shore up their reserves.

If Oceanic bank was solvent this option of a forced takeover would not arise. During Soludu's time were we not borrowing billions of naira to buy shares in these banks with their wonderful announced profits. they were opening new branches everyday, sometimes 3 branches on the same street, where are these profits now?

I don't have time to write a full synopsis on the Nigerian banking sector, but suffice to say the corruption that endemic in all aspects of our society, is also the cause of the malaise in the banking sector, the sooner we recognize this better.
faithin9ja:
when you go to your bank and present your cheque to withdraw your own N20,000 and they tell you they don't have money that the bank is 'distressed' I wonder how much pity you will have for the bank staff
+1

I had a very rich uncle that retired as an MD of one of Nigeria's great institutions during the Abacha era and he deposited his money in one of the new generation banks back then. He lost everything! Every single kobo!

Can you imagine working hard all your life saving every little kobo for retirement only for the bank to go out of business after retirement? Where do you start from? If that was me, I would have spent my last breath going after every single management of that bank!
HealthRe: 3million Nigerians currently infected with HIV/AIDS - NACA by Wallie(m): 10:01pm On Feb 15, 2012
perryy:
HIV/AIDS is still a subject of scientific debate. Read "Have we been mislead" by dueseberg and get clarification
Have you taken the test? Is this what you say to comfort yourself?

Which debate are you referring to? Is it the one in which one prominent person made an unfounded claim based on his hunch only to have his hunch consistently debunked by the scientific community? Or are you referring to those who refused to take HIV medication and end up dying of AIDS related illnesses?

Regardless of your believe, if you have it, you will end up dying very soon unless you’re one of the 1% long term nonprogressors and even then, you have about 10 years before you die! However, if you start taking your Highly Active Antiretroviral Therapy (HAART) drug, you might live past another 20 years! The choice is yours.

If you don’t have it, good for you and strap up!
BusinessRe: N10m Loan To Pay N11m In 12 Months by Wallie(m): 6:39pm On Feb 15, 2012
The money is only useful to those with orders to fulfill. Giving the money to someone who intends to buy and sell is very risky unless they have a reliable buyer(s). One year is too short a duration to pay back the principal and interest if the entrepreneur does not have an established reliable buyer.

All the boasting in this page will soon turn to into story when it comes time to pay up!

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