₦airaland Forum

^^^ U've got me curious, dont they?

[quote author=ndu_chucks link=topic=591992.msg7607615#msg7607615 date=1296056593]You expect your people to honour an unwritten rule of rotation in the governorship of Delta state, ko? Let me remind you that your very own GEJ who became a President because of rotation, shunned that rotation scheme. Don’t expect governorship to move to Delta North anytime soon.[/quote]Technically, Gej didnt shun it - he only got it sooner than it was due. In Delta state, its scratch my back I scratch yours. With the support Uduaghan currently enjoys from d north, it is hoped that same support would be reciprocated come 2015 to a candidate from the north afterall he wouldnt have won without their support. But that remains to be seen as treachery is not restricted to any particular tribe.

The senate has ordered the Minister of Education, Rufai Rukiyat to reopen all schools closed for the voter registration exercise as soon as possible, but not later than Friday 28 January.

The senate gave the order on Tuesday when it reconvened after four weeks vacation for the Christmas and the various party primaries that were held up till last week.

The order followed a motion brought before the senate by Victor Ndoma Egba (PDP Cross River State) seeking a redress of the problems caused by the ongoing voter registration.

Mr Ndoma said it was wrong for the executive to close both private and public schools for voter registrations even though not all the schools’ premises are being used for the registration.

All secondary and primary schools across the nation were closed following a directive by the federal government to enable the Independent National Electoral Commission (INEC) use the schools’ premises for the voter registration project which was scheduled to last two weeks.

The order has been widely criticised by the public and the senate said they were acting on the concerns of the public which they represent.

Ill advised

Mr Ndoma said that closing the schools means “sacrificing the future of our children for political gains.” According to Ayogu Eze, the senate spokesman, even though the directive to close the schools was that of the executive, it was ill advised, and therefore it is their duty and responsibility as representatives of the people to redress it.

“Nigerians frown even when it happened that this was the proper thing to do,” he said. “We cannot withdraw our future and expend it on the expediency of the present, because pulling the children out of schools is like spending your future savings for today and I think it was something Nigerians spoke out about and that is why as their representatives we are now speaking to the executive branch that this their decision was wrong in the first instance.” He added that the decision to close schools should not have happened because most of the private schools and public school are not registration centres.

“It was an instruction that was wrong and I hope they (federal government) are going to pay compensation to the schools, because when you shut down schools for that period, a lot of degeneration will happen, a lot of things will happen. The government is not contributing one naira to the private schools; if I were a school owner I will never obey it. People don’t just wake up and pass instruction without thinking of the consequences of such instructions,” Mr Eze added.
234next.com/csp/cms/sites/Next/Home/5665701-146/senate_orders_immediate_reopening_of_schools.csp


For the record, Closing the schools was INEC's idea and not the FG's.

monkeyleg:
@Chyz,

What you say is true, especially if people are clamouring for a rotational system rather than one that works on merit.

Why should I wait till 2015 before a Delta North person can contest under the PDP banner or am I wrong? Oga Wesley80 please clarify

What is true? That development would come when each state in Nigeria is comprised of only one ethnic group is true? or didnt u read what was posted? How many of the states in Nigeria comprised of one ethnic group are models in terms of Development or even stability? What exactly are your points?

^^^ Sorry but u're so dumb if thats what u think is the solution to any problem in your country - staying with themselves? like brothers dont fight and cheat themselves? U should be laughing at yourself - really!

@Obiagu,
The continuous Barstadization of states goes against the laws of economics, we risk continuously producing unviable states like u have in Abia and Ebonyi where u have close to 70% of revenue and allocations going into payment of salaries alone not to talk of some states in the North.Where then would d dev come from?These states wld collapse without federal allocations. And then u speak of an Iwuanyanwu and Nzeribe group? planning for states without resources nor industries? They know their best bet is an oil producing state like Anioma so dont kid yourself.
Nigerians have got to learn to live with themselves, creation of states along ethnic lines only highlights our differences we've got to look beyond such frivolities and start tackling d real issues.

@Monkeyleg,
The point i'm trying to make is that u and your alter ego Sochan do not have to make every single thread an avenue to vent your anger at the govt. or your leaders. Sometimes people just want to have a refreshing discussion of issues devoid of finger pointing. Is that too much to ask for?
@asha,
Like i said i meant no offense, but please accept my apology if u were offended by my comment.
@Obiagu,
U can deny all u want but the truth is an Anioma is even more attractive to the East cos it would balance the eqn i.e 6 Eastern states like their contemporaries and of course the extra attraction of having another oil producing state in its fold (ya i said it). But what would be in it 4 ordinary citizens? Same incompetent leaders.

@asha,
No offense but You do know the meaning of 'IMO' right? And you know so much about how Easterners and Igbo Deltans feel cos u're from . . . . ?
There is no real desire for an Anioma state, in the heat of the agitation, leaders of the Ndokwa nation - a considerable and oil producing part of a potential Anioma state - came out with a communique standing against any division but asking that if d state were to be divided it should retain the name Delta and not Anioma, the region should have 2 of the 3 senatorial districts and so forth. What does that tell u? And about the interest of our brothers in the East, I'lld rather not go into that for safety reasons.

@Monkey leg
Could u for once quit whining,calling names and pointing fingers? Have u ever heard that saying that small minds discuss people?
@sapeleguy,
Make no mistake about it, the true test of our unity will come in 2015 When it ought to be the 'turn' of Delta north (not my arrangement) to produce the governor. If the rest of the state can accept a candidate from that region it would be a turning point that'lld unify and strengthen d state for good a la Gej and Nigeria, else our not too hidden differences would be brought to d fore like when ibori openly said he wasnt goin 2 dev a non oil producing capital with money from d states oil producing areas!
IMO, An Anioma State serves no purpose except to appease the Eastern region which is an absurd reason to create a state. We r all better of as a united Delta state.
The challenge we face today is similar to that our country faces - Unity. If we can find it, prosperity beckons but if we cant, we'll keep wallowing in despair.

Pornodude:
IN YOUR EMPTY STATE OF MIND, YOU FEEL YOU JUST SAID SOMETHING WISE, NO BE SO? SMH. 

YOU SURE ARE A SORRY PERSON. TYPICAL NIGERIAN BEHAVIOR.

Oya go call police 4 me na!!!   

^^^ Dr Ifeanyi Okowa

Pornodude:
IN THE COMMAND OF WORDS, JAKUMO IS EXTREMELY GIFTED. IN THE AREA OF COMMUNICATION (WITH THE NORMAL NIGERIAN), I SCORE HIM 60%. I SCORE HIM THUS BECAUSE COMMUNICATION, BEING A TWO WAY THING, SHOULD BE UNDERSTOOD BY BOTH PARTIES AND WITH THE "COMMON MAN", I DONT THINK HIS EXPANSIBLE VOCABULARIES WOULD BE DECODED ON-THE-SPOT. HE SHOULD TRY TO MAKE HIMSELF A LITTLE BIT COMPREHENSIBLE SOMETIMES BECAUSE EVEN MYSELF HAVE TO REVISIT MY E-DICTIONARY MOST TIMES DURING THE COURSE OF MY READING HIS POSTS.

We wont be discussing him if he used everyday English just like u and I would we? BTW, Why not stick to your beloved porn?

[quote author=Chyz* link=topic=591992.msg7597732#msg7597732 date=1295936901]Anioma will not vote for an Ijaw.The only way that an Ijaw is going to win is through rigging.The Anioma people already proved that through their high vote for Uduaghan so that rotation will go to Delta North(Anioma) in 2015.The urhobos will likely not vote on for an Ijaw too much though either.[/quote]12 posts huh? See who got born again! lol

@topic: This whole talk of Anioma people not voting for an Ijaw man are all mere assumptions, the truth is that anyone that clinches the PDP nomination stands a good chance of becoming the governor be he Hausa or Urhobo. Dont expect people not to vote PDP simply becos they nominated an Ijaw man - which by the way is most unlikely for now but come 2015, I forsee one helluva battle between Delta igbos and the rest of the state who kinda look at Igbos as strangers. How much they'll respect this existing gentlemans agreement remains to be seen, afterall Goodluck has shown us the way!

As long as its people they r registering legitimately, no problem. maybe its just more convenient to carry out d exercise in a palace than on d streets. I'lld expect Clark to know better than to indulge in double registration.

^^^ Believe it or not, witches exist and such feats are possible.

This doesnt sound close to d truth to me. How could a group of soldiers that saw themselves as revolutionaires have plotted to seize power only to hand it over to someone that was mostly seen as one of the best examples of a regional/tribal leader (no offence intended)? One of the best and inside account of what transpired that period was written by Capt Ben Gbulie - Nigeria's Five Major - and nothing remotely close to what this person is claiming was mentioned. Whoever this is had better provide more proof or go back 2 where he's been in the past 45yrs

The guy is witty, funny and displays a very humorous blend of sarcasm that could be most annoying when u're at the receiving end but seems to be a touch ignorant concerning core Nigerian issues. I usually click on a thread just to read his opinion. If i had to hazard a guess concerning his age, i'lld place him as being in his early fifties or late forties - the kind of knowledge and wit he displays doesnt come easy. but who knows, i could be very wrong and we could have a genius in our midst.

@violent,
Dont know who u're refering to as our peers but let me site 2 examples, Ghana(stable country & not too good economy) sold $500m bond at 6.5%, South Africa(stable country & good economy) sold a $2b bond at about 5%. Then consider Nigeria (Unstable country & not too good economy with elections looming) at what rate do u think our bond should go? 4%? Seriously now. IMO we got a bargain at 7%.

^^^ Either u're still getting this wrong or I need to dust up some of my old notes, I'm thinking the former.
Would interests be paid in Euros and the principal in Naira terms? That wld be some cheap scam if thats what u're saying Aganga has done. U really think investors r that daft?

@Violent,
U seem 2 have gotten it wrong cos from my understanding, the bond is denominated in Euros and so are its interests therefor its value wld be relatively unaffected by local infation or faltering naira value(which by d way I believe can both be checked by d CBN). A printing or spending spree while hurting d local economy wld leave d value of d interests unaffected.
The only worry that existed 4 investors was d ability to pay considering d depletion of our ECA, but that fear in itself is unfounded considering d prevailing high oil prices and positive forecast by reputable intnl bodies concerning future prices.

@katsumoto,
Permit me 2 try answering yr questions since u seem 2 be well recognised around here as an economist, permit to spare some details.
The 3 obj from my understanding as a concerned observer were to
1) Boost investor confidence in Ngr, an oversubscription like we have here by major institutional investors is no doubt a vote of confidence esp 4 wld be investors
2) Act as a catalyst to stimulate borrowing by local industries in foreign capital mkts considering local high interest rate and scarcity of funds coupled with the unwillingness of banks to give out loans to some classes of investors -sure u're familiar with d bandwagon effect in economics.
3) To fund some developmental projects.
But this whole issue was abt the first 2 and d 3rd is just a bonus.
About the rates they went for, early estimates put it at 7% which isnt too high for a country with a B+ rating that is potentially volatile esp coming b4 a major election. Ghana 4 example rates abt 2 steps below Ngr accordhng to Fitch even with its relative stability. She issued its recent bond with the same tenure at 6.5%. So IMO, the rate is Ok vis a vis d current trend.
I'm sure d objectives stated earlier answers yr question abt y we r issuing a new bond and I cant state whether or not some smart politicians r up to no good but unlike u, I'm an optimist.
I'm not going 2 enter into a debate about the ECA and our reserves cos as a country we've done a whole lot of things wrongly, but I believe it is imperative that a country that has made mistakes moves forward.

^^^ That remains 2 be seen isnt that so? Or perhaps u know something I dont?

@4play,
Sori but I cant visit your post on that thread so I dont quite get what u mean, but if u understand much about the goals of issuing this bond and economics in general(u sure sound like u do) U'll also understand that the first and major goal has been achieved by this oversubscription, thats one down and two to go.

I know a topic like this will attract low patronage judging by the fact that NL has been massively infiltrated by anti- Gej elements, but just for the records, The Bonds were OVER SUBSCRIBED!

sochan:
@wesley80,

Sorry that the truth is uncomfortable, but it must be told. I have asked you time without number what Uduaghan has done since being in government for 12yrs, and you cannot name a single thing.

These so commisioner were appointed by the same uduaghna abi? So you are confirming that Uduaghan truly appointed a bunch of thieves into his government.

Like I said, stop feeding off crumbles from uduaghans table, stop subjecting yourself to a slave role, you are bigger than that or maybe I am wrong. When you come here are start defending the blindingly obvious nonsense, then you place yourself in an extremely suspecious position.

Why dont you start by eloquently listing Uduaghans achievments, and please dont List Swimming Pool in givernment house as one

Oh! Now i see, So Sochan = Monkeyleg, Same pathetic sense of reasoning nonetheless. Y the duplicity of your foolishne$s? U r so dumb and clueless with not even an iota of idea that can move your immediate surrounding forward, all u do is blab and complain about everyone u're not down with. Where are your accompanying suggestions? Vote out Uduaghan then what? Is Uduaghan the problem or a lack of credible institutions that re-enforce the check and balance system and give ordinary citizens a voice? If u think voting out the PDP is going to be a solution to anything then u're the worse kind of mo+ron I've ever come across.

The Federal Government has said that the $500m Eurobond, which it issued to investors on Friday, is oversubscribed.

The Minister of Finance, Dr. Olusegun Agaga, said in a text message to our correspondent on Friday, “I have just gone through the order book with our advisers and can confirm that it is oversubscribed.

“The quality of the investors in the book is very high and we have a very good mix in terms of type and geography. Unfortunately, because it is private placement, I was not allowed to talk to them.”

Reuters also reported that the bond issued on Friday had a 7.0 per cent yield in a deal that was heavily oversubscribed, as appetite for high-yielding assets outweighed concern about Nigeria’s depleted oil savings.

According to the report, the successful issue by Nigeria, months ahead of elections, could reassure others on the continent of the strength of demand for African debt, convincing them to press ahead with similar but delayed plans.

“The offer has been oversubscribed 2.5 times to about $1.25bn,” a source close to the deal told Reuters.

The 10-year bond was priced in line with Nigeria’s 7.0 per cent guidance and would pay a 6.75 per cent coupon, with settlement on January 28, Thomson Reuters news service; IFR said.

The pricing means investors demanded a premium to West African peer Ghana, whose 8.5 per cent Eurobond due 2017 is currently yielding around 6.2 per cent.

While demand for high-yielding assets, the paucity of West African credit and the relatively low volume of the issue had been expected to fuel appetite, some potential investors were put off by the rapid depletion in Nigeria’s oil savings.

Fitch assigned the issue a ‘BB-’ rating on Friday, saying low debt ratios and robust growth played in Nigeria’s favour, but also noting concern about a decline in reserves last year despite a rise in oil prices and production.

“Reserves have risen around $1bn since the end of 2010, but in the absence of fundamental institutional reforms on the usage of oil revenues and savings, this gradual build-up is unlikely to be sustained,” Fitch said.

Standard & Poors has assigned a ‘B+’ long-term senior unsecured debt rating to the issue.

One leading fund manager who participated in Eurobond issues by Ghana and fellow African oil producer Gabon, at the end of 2006, said he was steering clear of Nigeria’s offering given concerns over the huge outflows from oil savings.

Nigeria’s excess crude account, into which it saves oil revenues above a benchmark price, has dwindled to less than $1bn from $20bn at the start of the current presidential term four years ago.

Foreign reserves, of which the ECA is a part, inched up month-by-month to $33.5bn by mid-January but are still down more than a quarter on year-ago levels.

punchng.com/Articl.aspx?theartic=Art20110122635453

sochan:
@Sapeleguy,

I agree with you. I am from Delta north, and cannot understand for the life of me what happened there. I also know for sure that a lot of good people did not vote or Support Uduaghan.
Except the likes of Wesley80, who has constantly battled me on the reason why village women should accept 1000 naira to vote Uduaghan.
there in lies the problem.

@Wesley80, I once declared that people like you are the problem we have in Nigeria, and again I say so. Uduaghan is not a good person and doesnt mean well for Delta North or any other part of that state.
By the way, you don chop your 1000 naira finish, no forget say awoof dey run belle

I kinda understand your frustration but I think u better grow up and get past this level of name calling and looking for who to blame for your dusty shoes. Why not try channeling your frustrations to the right quarters? U expect Uduaghan to tar your streets, chase mosquitoes and fix your transformers when u have local authorities that do nothing more than cash cheques at the end of the month? Do u even know the name of your LG Chairman and his numerous supervisors? do u even know they exist?
Its a fact that the resources of the state have not been put to optimal use but that is no excuse to place every single blame on the Central govt. What u're doing is akin to blaming Gej for the state of Warri.
The problem with folks like u is that u're too daft to recognise where the real problems lie so u go about pointing fingers and calling names, Uduaghan has a cabinet doesnt he? dont u have a representative on it? what is he doing as a commissioner or SA? The speaker of the state house is by default from Delta North, what was he doing while Uduaghan was ripping his people off? Why cant u hold him to account? Uduaghan was off that sit for 3 friggin months and what did Obi do in that time? Yet u come here pointing fingers and calling names when u share your bed each night with the same crop of criminals that u're too daft to recognise becos they r not called "Governors". anugboko !!!

I'm not trying 2 hold brief here for anybody but pls let me ask u all this;which of u live in a Nigerian city without mosquitoes? Which of u live in a city where some parts dont have transformer problem? And finally, which of u live in a city in Ngr that has no dust clinging to his shoe in dis very dry season? Pls if there's any among u that can name a city in naija without ANY of the above, I'll NEVER log on 2 NL again.
And 2 our friend that just came back from Libya( judging by yr passable English)may I ask when was d last time u were home? And apart from d mosquitoes, dust and missing transformers, what else have gone missing since d last time u visited?

Hmmm, quite interesting to hear what twelve year olds make of international politics. Very eye opening conversation, i think our minister of education ought to be reading this so she knows where to make the necessary adjustments in your curricular. Thank God u're on break, who would av known it was this bad.

^^^ Sorry pal, thats what happens when u read with your backside. Now will u be a good boy and try reading with your head? Dont 4get to make sure your mumu button isnt pressed.

The bonds go on sale tomorrow so what's the Hurry in calling it a failure? If major investors are shunning the bond isnt that good news for minor investors like it happened during the telecommunication bids when OBJ Literally begged the likes of vodafone to come in? Today who's losing?
U ought to be asking what happened 2 the greater part of our excess crude funds, which even in itself is a lame question coming from a Nigerian that ought to know that we've been spending heavily on importation of petroleum products so people like u can give some other excuse 4 yr frustrations, power; so the likes of Oyb can stop bragging about how much he spends on his generator daily and shoring up d value of d naira (abt $900m daily) all these were extra budgetary expenses. Unfortunately, d so called major investors do not care about all these, all they look at are d fundamentals(just like vodafone wont invest cos Ngr is unstable) and their ignorance is echoed by d naive amongst us. but necessity is laid upon us as citizens and wannabe critics to look beyond the surface in our criticisms, but what do we have? senseless threads opened in every forum by folks acting like someone permanently pressed their MUMU Button.