₦airaland Forum

i have stopped using the atm card since over a year now.I was travelling out of lagos after business transaction just to pick about 4k for my transport fare back to my base, the machine swallow my card and refuse to dispense cash,for over 2hours i could not leave the bank premises around computer village(uba bank)
I have not lost a penny but just stop using it ever since.

the money is reasonable when the sum is large. a friend got 16.5% with fidelity for 14million naira.

@Hnd-holder (m),
I am an HND graduate with bias in engineering, i must tell you that it is a pure waste of time to be waiting for the government to implement those useless policy.I work for myself so i determine my own destiny and where i want to go in life interms of success.I would have join the civil service in my state of origin but turn down the offer becuase 4 years before i graduated i had a nasty experience while on industrial attachment with a subsidiary of nnpc.I was being paid some money then which about (8K) WHICH is what my dad earns as a director in the state civil service with just few years to retire from the system(the period was around 1998).
Ever since i begin to read books on self development and how to be an enterpreneur.My dad finally retired in 2006 with a monthly salary of 55k,his pension is around 37k per month.
For the 35 years he spent in the civil service what did he achieve?, was able to send us to school, built a twin 3 bedroom apartment ,he leaves in one and rent out the other one for 100k per year.
What point am i driving at, is not what the whole trouble working for some asshole especially the state government, and all this rubbish about hnd/bsc holder.
My mates who took up job with the state govt. earns about 22k per month now(that would have included me if i have taken up the job then). This 22k per month is for both the BSc and HND guys in my state,so what is whole noise about hnd holders rising above level 14 in the civil service.
Thank God my dad belive me when i told him i would not take up the job then, that i would be on my own, today to the Grace of God i have to no regrets about it. I earn btw 180k -200k per month within the same environment where some my friends earns just 22k,i only behave as if i earn same 22k with my friends so i dont show it. Even some of my friends have cars on 22k job per month but i dont have one.
PLS not bragging let all undergradutes go and read books like rich dad poor dad, Guide to investing by Robert kiyosaki, Failing forward by John Maxwell ,so many other books too.It will challenge your real being not to settle for something less in life.
Cheers

Mass sacking looms at Oceanic Bank

By Sola Adebayo, Warri, Published: Tuesday, 15 Dec 2009







Indications emerged on Monday that the management of Oceanic International Bank Plc was set to lay-off about 1,400 workers in a cost cutting exercise desfined to return the bank to the path of profitability.

It was learnt that the figure represents 40 per cent of the bank’s 3,500 employees.

Findings by our correspondent further showed that the management of the bank, which declared a loss of N286bn on Friday had also approved 30 per cent salary reduction.

Already, 250 of the affected workers had received their sack letters in an exercise aimed at pruning down the bank’s workforce and cutting down operational costs.

A reliable source in the company told our correspondent on Monday that the list of the remaining 1,150 workers slated for early disengagement from the bank was ready. The source said their sack letters would soon be released.

It was gathered that the first casualties in the phased exercise were shown the way out of the bank for sundry offences, especially that their personal accounts were in the red.

Consequently fear has gripped the employees of the bank in the wake of the latest development.

Oceanic Bank is one of the troubled banks rescued by the Central Bank of Nigeria, which examined the books of the 24 banks in the country. The erstwhile management of the bank, headed by Mrs. Cecelia Ibru, was sacked on August 14 along with four other bank chiefs for granting huge non-performing loans, which affected the wellbeing of the financial institutions.

The Managing Director of the bank, Mr. John Aboh, had at a news conference in Lagos recently, said the pruning exercise was inevitable in view of the state of the bank. Aboh, was, however, silent on the details and magnitude of the exercise.

Aboh also said that some unviable branches of the bank had been shut down as part of measures to salvage the ailing financial institutions.

However, investigation by our correspondent showed that the management had compiled and approved a list of 1,400 workers to be eased out of the bank. A top official of the bank told our correspondent on Monday that the Aboh-led management had authorised the list for implementation.

The source further stated that the sack of about 250 officials of the bank last week was a prelude to the full implementation of the decision of the management.

The source stated, “I can tell you authoritatively that 250 workers have already been sacked for all manners of offences, including that their personal accounts were in debt. The management just started with that figure because the target is 40 per cent of the bank’s workforce of 3,500. To be specific, no fewer than 1,400 employees of the bank, which represents 40 per cent of the workforce, would be sacked at the end of the exercise.

“The management has also agreed to 30 per cent salary reduction.

“The management is very serious and committed to the exercise. Already, the workers in the administration department of the bank have been scattered and transferred to different parts of the country, especially the northern axis.

“Confusion and apprehension reign in Oceanic Bank because of the decision of the management. We just pray that the managing director will rescind the decision because of the acrimony that is likely to result from the implementation,” added the source who craved anonymity.

When contacted on the telephone, Aboh, who reiterated that sacking of workers was inevitable, however, said that it was premature to speculate on its details.

He added that it was not true that 40 per cent of the workforce would be affected.

Aboh, who confirmed that some workers were sacked last week, said the figure was less than 250. But he declined to specify the exact figure.

He said, “We are not done with the process yet because we are observing all procedures. We are looking at all files to enable us draw reasonable conclusion on the way forward. I told journalists at a press conference recently about the exercise (sacking of workers), but we are not ready for it yet. Wait until we do it,” Aboh added.

http://www.punchontheweb.com/Articl.aspx?theartic=Art200912152394570

Mass sacking looms at Oceanic Bank

By Sola Adebayo, Warri, Published: Tuesday, 15 Dec 2009







Indications emerged on Monday that the management of Oceanic International Bank Plc was set to lay-off about 1,400 workers in a cost cutting exercise desfined to return the bank to the path of profitability.

It was learnt that the figure represents 40 per cent of the bank’s 3,500 employees.

Findings by our correspondent further showed that the management of the bank, which declared a loss of N286bn on Friday had also approved 30 per cent salary reduction.

Already, 250 of the affected workers had received their sack letters in an exercise aimed at pruning down the bank’s workforce and cutting down operational costs.

A reliable source in the company told our correspondent on Monday that the list of the remaining 1,150 workers slated for early disengagement from the bank was ready. The source said their sack letters would soon be released.

It was gathered that the first casualties in the phased exercise were shown the way out of the bank for sundry offences, especially that their personal accounts were in the red.

Consequently fear has gripped the employees of the bank in the wake of the latest development.

Oceanic Bank is one of the troubled banks rescued by the Central Bank of Nigeria, which examined the books of the 24 banks in the country. The erstwhile management of the bank, headed by Mrs. Cecelia Ibru, was sacked on August 14 along with four other bank chiefs for granting huge non-performing loans, which affected the wellbeing of the financial institutions.

The Managing Director of the bank, Mr. John Aboh, had at a news conference in Lagos recently, said the pruning exercise was inevitable in view of the state of the bank. Aboh, was, however, silent on the details and magnitude of the exercise.

Aboh also said that some unviable branches of the bank had been shut down as part of measures to salvage the ailing financial institutions.

However, investigation by our correspondent showed that the management had compiled and approved a list of 1,400 workers to be eased out of the bank. A top official of the bank told our correspondent on Monday that the Aboh-led management had authorised the list for implementation.

The source further stated that the sack of about 250 officials of the bank last week was a prelude to the full implementation of the decision of the management.

The source stated, “I can tell you authoritatively that 250 workers have already been sacked for all manners of offences, including that their personal accounts were in debt. The management just started with that figure because the target is 40 per cent of the bank’s workforce of 3,500. To be specific, no fewer than 1,400 employees of the bank, which represents 40 per cent of the workforce, would be sacked at the end of the exercise.

“The management has also agreed to 30 per cent salary reduction.

“The management is very serious and committed to the exercise. Already, the workers in the administration department of the bank have been scattered and transferred to different parts of the country, especially the northern axis.

“Confusion and apprehension reign in Oceanic Bank because of the decision of the management. We just pray that the managing director will rescind the decision because of the acrimony that is likely to result from the implementation,” added the source who craved anonymity.

When contacted on the telephone, Aboh, who reiterated that sacking of workers was inevitable, however, said that it was premature to speculate on its details.

He added that it was not true that 40 per cent of the workforce would be affected.

Aboh, who confirmed that some workers were sacked last week, said the figure was less than 250. But he declined to specify the exact figure.

He said, “We are not done with the process yet because we are observing all procedures. We are looking at all files to enable us draw reasonable conclusion on the way forward. I told journalists at a press conference recently about the exercise (sacking of workers), but we are not ready for it yet. Wait until we do it,” Aboh added.

http://www.punchontheweb.com/Articl.aspx?theartic=Art200912152394570

ATM fraud victims sue CBN, 24 banks in class action
By Eric Ikhilae Published Today News Unrated

Some victims of Automated Teller Machine (ATM) fraud, have sued the Central Bank of Nigeria, (CBN), the 24 commercial banks and Interswitch Nigeria limited at the Federal High Court, Lagos.

The suit now pending before Justice Ibrahim Auta was filed by Miss Daba West, a civil servant with the Nigerian Ports Authority (NPA), Miss Nwajiagah Omeruo, a consultant, Mr Tochukwu Onyuike, a lawyer and Mr Sydney Aguwamba, a fashion designer.

Union Bank of Nigeria Plc, United Bank of Africa Plc, Bank PHB and Intercontinental Bank Plc were named as defendants and representative of the 24 banks.

The plaintiffs, who claimed to have lost huge sums of money in unauthorised withdrawals from their accounts, said they are representing other Nigerians who have suffered similar fate on several occasions.

The plaintiffs contended that the banks had been negligent in their duties as commercial banks and service provider in safeguarding the plaintiff’s funds through installation of security software in total protection of the plaintiff’s fund and this is the duty ought to be observed at all time.

The plaintiffs argued that the defendants owed them a duty of care as regard the protection of their fund by providing security mechanisms towards the safe use of the debit cards.

The plaintiffs accused the defendants of failing to take all reasonable and effective measures by installing software and other devices to protect their funds from "unusual, unauthorised and fraudulent withdrawals."

They stated that the defendants failed to enhance their ATM systems to detect and retain clone cards when used as it is the standard practice in other parts of world, and that they also failed to realise the hazardous nature of offering debit card by not taking all reasonable steps to ensure that the ATM do not release funds more than N60, 000.00 daily.

The plaintiffs also accused the defendants of failing to provide debit cards with chip and pin technology which operates against unauthorised withdrawal, as it is done in other countries.

They contended that the defendants’ alleged negligence has caused Nigerians to suffer financial losses, physical trauma, emotional distress, loss of reputation and severe personal unrest.

They urged the court to among others, declare that the defendants are liable to Nigerians for the losses and damages caused by their alleged negligence in relation to the provision of debit card services.

They asked the court to declare that the four banks are representative defendants of the class of defendants being those designing, manufacturing, supplying and offering of debit card services.

The plaintiffs further prayed for a declaration that CBN failed in its regulatory duty to promote monetary stability and sound financial system in relation to the electronic money withdrawals. They are claiming against the defendants N50.2 billion as damages.

The CBN, in its statement of defence argued that none of the plaintiffs’ evidence showed any wrongdoing against it.

The bank added that the closest the plaintiffs came to linking it with their claim was that it allegedly failed in its regulatory duty to promote monetary stability and sound finance system in relation to electronic money withdrawals.

It argued that the plaintiffs could not under the country’s law, sue it unless they show evidence of bad faith as a pre-condition for their action.

The CBN urged the court to strike the suit out for want of jurisdiction or strike out its name from the list of defendants.

When the case came up last week, Justice Auta directed the other defendants who were yet to respond, but have filed notices of appearance, to file their defence before the next date. He also directed the plaintiffs to comply with the requirement to file a list of their proposed witnesses and adjourned to February 10 next year.

http://thenationonlineng.net/web2/articles/28826/1/ATM-fraud-victims-sue-CBN-24-banks-in-class-action/Page1.html

CBN: No more N10m cheques, from Jan 1
Written by Idris Ahmed
Monday, 14 December 2009 00:36

CBN Governor Sanusi Lamido Sanusi
With effect from January 1, next year, no bank in Nigeria will allow more than ten million naira to be drawn on a cheque, the Central Bank of Nigeria [CBN] directed at the weekend. It said the aim was to strengthen the e-payment system in the country.

T
his directive will be circulated to all banks today, CBN’s deputy director, Banking Operations Department Mr. C.R. Okafor said at the annual dinner/awards night of the Abuja Clearing House/Bankers’ Committee in Abuja at the weekend.

CBN had in a circular with reference BOD/DIR/GEN/01/106 said, “As a further step in its efforts at enhancing the efficiency of the payment system in the country, the CBN hereby sets a maximum limit on cheque payment at N10 million with effect from 1st January, 2010.

“To this end, any payment value exceeding N10 million should be made through the e-payment mode such as the Central Bank Inter-Bank Funds Transfer System (CIFTS i.e. RTGS) and Nigeria Inter-Bank Settlement System Electronic Fund Transfer (NEFT) from that date.

“The maximum limit serves as a risk reduction measure in the clearing and settlement arrangement in line with international best practice. To support this initiative, deposit money banks are implored to properly educate their customers on the implementation procedure.”

Okafor said CBN will through this directive ask the banks to consolidate their accounts. He said a circular will be sent to the banks directing them to maintain a maximum of three accounts at the clearing house. He said that all other accounts outside these three will be closed by the CBN.

CBN’s Abuja Branch Controller John Chukwudifu said at the dinner that the 24 banks operating in the Abuja clearing zone had a total of 1, 247, 596 financial instruments valued at N117.04 billion.

He said they also have 481,223 funds transfers (NEFT) valued at N2.622 trillion at the clearing house as at November 30.

Chukwudifu said there was a reduction of about 410,446 in volume which translates into N4.336 trillion in value of cheques cleared in Abuja clearing zone.

He said this is a “reflection of the impact of the e-payment policy of the Federal Government which requires payments by all MDAs to be done electronically, without recourse to the use of cheque.”

He said the CBN, through the Agricultural Credit Guarantee Scheme (ACGS), guaranteed 127 loans valued at N77 million which were disbursed to farmers in the Federal Capital Territory by three banks.

First Bank of Nigeria disbursed 60 loans valued at N40.9 million; Union Bank gave 66 loans valued at N35.8 million while Unity Bank gave one loan valued at N1 million.

Also at the weekend, the Federal Ministry of Finance commended CBN for the progress made in addressing the challenges facing the banking sector. Minister of Finance Dr Mansur Muhtar said the efforts are on the right track. He said, “The Ministry is particularly supportive of the improvements being made to the accounting and financial reporting system of the sector, which will enhance transparency and accountability, strengthen corporate governance practices as well as provide a better platform for more effective risk management.”

He said the Ministry has reviewed the recent financial reports presented by the commercial banks and the associated measures to adjust their balance sheets, in line with the new rules and procedures.

He said, “While these may present short term challenges to the banks, they do provide an opportunity to draw the line and begin afresh. We remain optimistic that the steps being taken will put the financial sector on a sounder footing, which is pivotal to strengthening our economy.

http://www.news.dailytrust.com/index.php?option=com_content&view=article&id=11039:cbn-no-more-n10m-cheques-from-jan-1-&catid=46:lead-stories&Itemid=140

Like someone said we cannot all be self employed,the road that way(self employed) can be very very rough and the lessons learnt on that root is not tauught in the conventional universities and poly technics.So it requires lots of courage, patience, God on your side and ability to make mistakes and learn from it and go ahead in life,the end can be very rewarding.

@willichi ,
I made the 10million from running 3 cafes and running wireless internet service to clients around me.Competion is keen now and business is slowing down.
I invested every penny (10million naira)into real estate business.

@willichi ,
I made the 10million from running 3 cafes and running wireless internet service to clients around me.Competion is keen now and business is slowing down.

@mrquestion,
Depending on your capital and appetite for risk,My business made 10million naira in the last two years, Despite the fact that i started real estate business ,a friend talk to me to invest about 4million naira in the stock market,(he said the 4million could be 12-16million) in 6 months, the temptation was so great that i visited cashcraft in lagos(somewhere in yaba).I change my mind at the wee hour. Spend every penny on my pet project.The rest is history now in the nigeria stock market.

@ebunma,
thanks for the information, i actually reside outside lagos so we are waiting for the stuff.

same thing here brother ,REal truth

Sanusi incompetent to manage CBN
•‘If I were his employer I won’t retain him’
By Vivian Onyebukwa
Timtiniko Enodien
Photo:The SUN Publishing
More Stories on This Section

Saturday, December 5, 2009
Timtiniko Enodien
Photo:The SUN Publishing
More Stories on This Section


His Royal Majesty Timtiniko Enodien is the monarch of Eket, Akwa Ibom State. The monarch feels so bad about what goes on in the banking sector, especially the way the Central Bank of Nigeria (CBN) battles commercial banks and still threatens to do more.

Enodien is not just the ordinary observer of the development. He is a knowledgeable citizen in banking with a PhD in Public Finance, two previous degrees in Economics from universities of reputation in Europe and USA. He worked and retired as Permanent Secretary in the presidency and Federal Ministry of Finance. During his working years, he represented government interests as director in several banks. Therefore, he is at home with banking and its policies.

He feels livid with the way the CBN Governor, Sanusi Lamido Sanusi manages the nation’s economy and is sure if the man is allowed to continue his way, the nation is economically doomed.

The old economist does not think Sanusi should be watched helplessly. It is either the president and finance ministry call him to order or he ruins the banking sector and ultimately the economy as he told Saturday Sun in his palace at Eket.

The question of how best the CBN can manage or correct itself on its present policies on commercial banks is a large one. But it could be broken down with time as our discussion progresses. The bottomline is that the CBN through its activities has been killing the banks and that is not proper. I begin to wonder whether the management of the apex bank actually knows what they are doing. Because the first thing to learn about banking is that bank is the most sensitive establishment or business outfit in the sense that you only need a rumour – real or imaginary to kill the bank totally. It is as easy as that and a good management of the apex bank will go by the rules. And the rule is that a bank is considered insolvent or inadequate if it doesn’t meet the depositors’ liability. Customers come to the bank and drop their money on trust that whenever they need it no stories would be told about it.

Therefore, if there is any problem in the banking sector, the CBN should rather manage it wisely instead of making a public show of it, otherwise you are invariably killing what you should protect. Listing a number of banks and declaring them insolvent before the public is in fact killing them before their real death. Assuming something was wrong, there are ways to handle it. There is what is called liquidity ratio in banking – the ration of cash and other easily realizable assets are mostly held by the CBN. Whenever there is imbalance in this or when it is not favourable, it is the duty of the CBN to find ways of correcting the anomaly and putting the bank back on track.

That intervention is intended to prevent the affected bank from going under. For instance, we heard of rescue measures by government in several economies during the meltdown. But meltdown is just somebody’s invention or coinage. It simply means a recession – a situation where there is less and reduced economic activity. Consequently, there is not enough money to buy goods and services and a backlash of further dull and slower economic activity as people lose their jobs. It leads to job loss, which swells the unemployment ratio that possesses the spending power that keeps the economy going.

That is why I wonder whenever I read that the CBN governor boasts that there are still more banks to go under his hammer whether he understands the implications of his actions. No good central bank does that or speaks that way as if to scare people, even foreign investors, or cause stampede in the economy. If things get so bad, the CBN investigates, looks at the liquidity ratio and looks at the books and calls the involved banks to order.

Banks survive on confidence. For instance, there is the N100 note. The value is nothing as a piece of paper. The real value is that confidence by the owner of a commodity who you give it in exchange for his goods who collects it because he knows the plantain seller, for instance, will not reject it in exchange for plantain. Any time he understands that the confidence of the seller of what he wants over the N100 he has is destroyed by any economic force or reason or policy of state, the N100 possesses no value at all. It actually turns to a piece of worthless paper. That is exactly the same with banks. When the confidence is destroyed, then nothing is left for the economy to survive on and that is exactly what the present CBN Governor, Sanusi Lamido Sanusi is doing.

So, I keep wondering where we are going in a nation that talks about Vision 20: 20-20. I can assure you that with the CBN style of killing the banks it will not be real. In fact we have to heal the banks CBN governor killed before we talk of recovery, which will take so long. I say it many times over that the sector has been killed because the confidence has been thoroughly shaken. I still wonder and ask other Nigerians whether this CBN governor is solving the problem of the banks or helping in killing them.
I didn’t know of any such haste or policy change in the CBN management before Sanusi came in.

For instance, we heard of investigation of the banks before or after the announcement of sack of bank managing directors, yet certain things as we hear make us question that investigation and its outcome. But I know that the rule is after a team is sent out for investigation, you sit down with it and see the findings before taking action. Now the developments in the CBN try to show us there must have been procedures not properly followed or hastily executed.

Even when you find out from a proper investigation that something went wrong or that your investigations are accurate, you have no need blowing the outcome open to the public. You first of all sit down with the directors of the bank/s and reason with them on the best way to tackle the problem. If for instance the liquidity is poor and needs to be shored up or there are other problems, the CBN agrees with the directors on how to correct the anomaly. It will be the duty of the apex bank to give the affected bank limited time to comply and since they know the consequences of non-compliance, there are under obligation to do just that and find way of healing the bank. But if at last there is no common ground on finding solution to this problem, nothing in the books say the CBN should take over the banks or sit down somewhere and announce the sack or removal of the director or head of the banks. All these measures are set in place not to encourage unethical practices in the sector, but to guard against steps that could cause chaos and engender more damage to the economy by blowing it open that Bank A, K, or P is down and out.

Okay, there is the bank board of directors, and I ask in these drama we have witnessed, were they properly and adequately involvement before the action was taken. The board is answerable to the shareholders and that order should be respected and allowed. But for one man to go ahead and adopt all the powers as if the management of the CBN is one man’s business is unheard of. It can never happen in any enlightened and orderly society. So, the whole thing smacks of, I am sorry to say, ignorance. And the way banking system is run elsewhere I don’t think these managers of our CBN would have been allowed to continue with actions that would send us and our economy so many years backwards.

I have to tell you honestly that with this CBN style of banking sector management, nobody should continue to think of the actualization of the Vision 20: 20-20 dream.

Yes, there could be mismanagement of the bank by the management, but in what sense? Is it in unsecured loan? If that is the problem, then the board of the bank is still to be involved in finding ways of tackling the problem. An MD has limits in grant of loans, and every loan has accepted collateral to secure it. If a manager flouts the rule, the board has the power to discipline him, find a way of securing or recovering the loan or other reasonable steps that may be necessary. But blowing it out of proportion does not in any way solve the problem.

If the management went wrong by staffing the bank with unqualified manpower, that is another problem still left for the board to handle and there is a way out it. But there is never a time the solution will be someone sitting somewhere in Abuja and talking as if he has the ultimate and monopoly power of knowing everything about banking.

I was once a director representing the Federal Government in quite some banks, and sometimes, we jokingly discuss that most times when banking examiners come it is for the sake of formality. And if it is the same class of people I used to know who are after personal interest in their examination, I can’t imagine them being so patriotic to deliver a report of the real situation or state of the banks. I knew them as people who wrote a lot of irrelevances maybe because the people involved refused to play ball.
I feel so bad about this attitude of the CBN governor and to some extent about the Federal Ministry of Finance, because if the office knew what should be done the governor should be called to order before he does worse damage as he is boasting about taking on more banks. He has actually done so much damage that will take us generations to heal, what is the need watching him do more to bring total ruin to the economy beyond remedy.

What super humans are they in the Central Bank to take over and take charge of these banks and they are still bragging to do more. The boards of the banks are not there for nothing.
Even at my level then in the Ministry of Finance I used to advise the CBN governor on policies one felt was not too good. Sometimes he might visit me in my office or ask that I see him in his own office for a discussion on that. Nothing says the CBN governor knows all and should act as if he is the only one with knowledge of what should be done and at last expose the economy to serious problems instead of solving existing ones.

As a matter of fact, if the banks would tell you the truth, since the CBN started this destruction, deposits must have plunged drastically, and I am sure the culture of saving money under the pillow at home must have taken a rise because the depositor doesn’t trust the bank any more. Our meltdown, which others are already recovering from, is just commencing. I tell you that the CBN governor has caused our own local recession, which nobody knows when we will get out of it because he is still unrelenting in his ways and nobody wants to call him to order. We are certainly heading towards such crisis unless someone stops them. What is certain is that since the CBN governor has been allowed to continue the way he carries on, we are surely heading for worst times.

It looks to me like the CBN governor is probably knowledgeable in micro banking, bookkeeping, bank management and a good relationship in dealing with the customer. But the knowledge of the real banking, economic and monetary policies, which I will call macro banking is actually what you need to manage the CBN. It is a different case altogether because it is more of banking, monetary and economic policymaking and the effective combination of all.

However, I would not suggest to his employer to remove him, but if I had the power to do that myself or were his employer, I would not keep him.

And after doing this much damage, he still boasts and announces that many more banks will still go. If what we read about him is true, that means the CBN Governor does not mean well for the economy or does not know what to do or how to manage the economy of a nation with his position.
As I said earlier, there is recession – a time for downturn when activities slow down and production develops a negative trend. The major thing governments in other places do is to embark on projects that help to pump money back into the system and create jobs like real estate development.

Real estate or building projects is always the best option because it creates a lot of jobs, involves so many others sectors of the economy in procurement of items needed and creates assets that don’t depreciate in value easily. The materials they require from those sectors get them back on their feet. They don’t just dump money in banks as a way of fighting recession like we saw the CBN governor do after going against banks. I am even surprised that the Federal Government is not asking the governor questions on the reckless release of money to the involved banks.

I even ask if the banks the CBN is accusing were as reckless in issuing loans like the CBN has been in releasing money to them. What collateral has the CBN from the banks they are dumping money in to secure the liquidity? Because to retain these large sums of money in these same banks accused of non-prudent management is a question the CBN has not answered. At last we will find out that the problem will be worse than the one the accused banks created. The banks may have taken collateral for loans which are inadequate, but the CBN has ignored a basic rule of ensuring the banks have adequate facility to secure the money them pump into them to sustain the cash ratio balance.

To sustain my argument that the CBN investigation of the banks were grossly inadequate, I want to recall to you that few days after the CBN announced a bailout of N420b to the first five banks it moved against, these same banks said they didn’t need them because there were liquid enough. That goes to say that it is only in Nigeria what CBN is doing would be allowed to continue without a check. The FG in my view would have asked independent examiners to look at the books of the banks instead of allowing the CBN to run this type of show thereby making them the accuser, the jury and the judge.

The Federal Government for purposes of balance should not just accept everything they say as gospel truth.

My final word on this is that if the CBN is allowed to continue the way it does, I don’t see any light at the end of the tunnel for the commercial banks to retain their boldness, enjoy the confidence of the customer and play its vital role in the economy. That is why I keep saying that the federal government should put its feet down and save the situation from the hands of the CBN. The FG cannot save this economy without correcting this present inadequacy in the central bank. CBN is definitely not helping the economy or moving in the direction to do so. But if someone thinks otherwise and we decide to fold our arms and watch, we will see the doom very soon.




http://www.sunnewsonline.com/webpages/features/enterprise/2009/dec/05/enterprise-05-12-2009-001.htm

some of the managers facilitate movement of funds to the tune of 12billion naira to Erastus Akingbola in London, so undermining cbn intervention in the banking system(intercontinental inclusive) which is neckdeep in debt.

There is too much uncertainty in this part of the world regarding retirement plan.
If you have the means please(is not easy but try) and have plan C.
I started out as a self employed person back in 2005 after my NYSC, i make an average of about 800k/year in the first and second year, I change plan(same business) and see how i can generate more funds as business has become more competitive. My planB was to be able to generate about 1million naira a year without stress,
this i needed very badly so as to survive. I strengthen my business so as to be able to support my new idea.
Year 2008 and 2009 i made about 8million naira which i invested in real estate business(though very challenging and rewarding ),As result of economic meltdown ,business have slow down, but atleast i am almost achieving my aim.
Mind you it was all through determination and God on one side,Am 34 and i will be settling down next year by God's grace.

26 managers gone in Intercontinental’s transformation

26 managers gone in Intercontinental’s transformation
By Simeon Ebulu Published Today News Unrated

Intercontinental Bank Plc’s ongoing restructuring has claimed the jobs of 26 senior management officers, a release by the bank revealed yesterday.

"Project Transformation," which the Group Managing Director of the bank, Mahmoud Lai Alabi, said would be introduced in phases at its launch last Monday, is designed to reestablish the bank as a leading financial services provider in the country and beyond.

Although Alabi admitted that the full implementation of the transformation would affect staff positions, he said the outcome would be based on consensus and nothing would be done arbitrarily.

The statement announcing the disengagement reads in part: " As part of the on-going restructuring exercise in Intercontinental Bank Plc, the management of the bank today accepted the voluntary exit of 26 senior management officers of the bank. The collective exit, which is viewed as a sacrifice, is the contribution of these senior management officers to the recently-launched "Project Transformation" which is being implemented in three phases. This is expected to pave the way for the new management to reposition the bank on a new foundation."

Insinuations that the sudden exit of that large number of senior staff is a fallout of the alleged transfer of about N12 billion from the bank in favour of its ex- chief executive, which the Economic and Financial Crimes Commission (EFCC) is investigating, were discountenanced by Lawrence Ndukwe, Manager, Corporate Communications, of the bank. He said the development was a fallout of the implementation of the new project.

Although Ndukwe declined to name those involved and their designations, The Nation’s investigation revealed that amongst those affected, are four General Managers, about eight Deputy General Managers and 15 Assistant General Managers.

At the press conference, Alabi had taken a swipe at those he alleged were moles in the bank, whom he alleged were bent on pulling down the financial institution. He was reacting to the waivers the bank granted to some individuals, which figures he said were blown out of proportion.

He said: " What is happening here now is that we are dealing with various cases of moles in our system; people, who no matter what good we do, would want to frustrate and paint us black. What this people want to do is to malign the bank and frustrate the progress we have made, for the benefit of certain serving interest, certainly not the interest of the bank," he added.

The bank assured that it is committed to pursuing bold and necessary changes that will fully restore value and confidence to all our stakeholders.

http://thenationonlineng.net/web2/articles/27662/1/26-managers-gone-in-Intercontinentals-transformation/Page1.html

Has anybody tried recently launch Glo Broad Access? How is the service, will it be available in other parts of the country.Or is this all the glo fibre thing all about.
What is the speed for the Glo Broad Access for internet access.

Debate: Is Nigeria a failed state?
As Nigeria enters its second decade of civilian rule facing myriad problems, the BBC's Focus on Africa magazine asks if the country is on its way to being a failed state.

YES, says lawyer and poet, Ogaga Ifowodo


NO, says agribusiness consultant, Waziri Haruna Ahmadu

Read the two conflicting opinions and then let us know what you think using the postform below.

YES - Ogaga Ifowodo

Ogaga Ifowodo is a lawyer and a poet whose book, The Oil Lamp, is about the Niger Delta crisis. He is currently completing a PhD at Cornell University in New York.

Most, if not all of the indices of failed states, declare Nigeria well on its way to joining that disreputable club.

Nigeria boasts a government unable to deliver basic social services.

It is plagued by corruption so endemic and monumental it is hard to separate it from state policy.

It lacks the capability or discipline to prevent threats to public safety and national integrity and is assailed by active challenges to its legitimacy.

The latest disaster of a re-run election in Ekiti state, meant to correct the errors of the first, proved an even greater show of shame.

While Nigerians, notoriously prickly in their nationalism, may loudly denounce any suggestions from abroad of the imminent disintegration of their country, they nonetheless admit the unflattering truth of this possibility to themselves and each other.

'Critically weak'

The inflammable Niger Delta, for long the booty of successive bands of political pirates and now also a seething swamp of untameable angst, points clearly to the dangerously frayed social fabric.
Is Sierra Leone now a stronger state than its one-time saviour Nigeria?


The Brookings Institution's index of state weakness ranks Nigeria 28 out of 141 developing countries and was co-authored by Susan Rice, President Barack Obama's top diplomat at the United Nations.

It places the self-styled "giant of Africa" in the honoured company of Somalia, Afghanistan and the Democratic Republic of Congo.

Looking on the bright side, Nigeria happily sits on the cusp for countries termed "critically weak" as opposed to the merely "weak" states.

But if the Brookings Institution takes a kind view of Nigeria, the American Fund for Peace, a research body, thinks otherwise.

In its 2008 index of failed states, Nigeria is only two short rungs away from being in the same category as Somalia and Zimbabwe.

Ironically, Nigeria has to look up the ladder at Sierra Leone and Liberia, two countries she spared no expense of life, limb and hard currency to bring out of civil wars to restore to democracy.

Yet none of this goes to the heart of the problem. For to speak of Nigeria as a failed state is, in a sense, to put the cart before the horse.

'Geographical expression'

Never having been a nation to start with, the question of a legitimate state to handle her affairs proves redundant.

We must therefore, open the dusty pages of history for the radical cause of Nigeria's state of distress and there we will find that what we have grown accustomed to calling a nation deserving of a state is, to quote one of her "founding fathers", "a mere geographical expression."

Nigeria is not a nation, the late Chief Obafemi Awolowo declared with characteristic forthrightness more than a decade before nominal independence from Britain.
Life remains tough for most Nigerians

For saying the unsaid and for championing constitutional federalism along the lines of Nigeria's multitude of ethnic groups, Mr Awolowo was labelled a tribalist and unjustly maligned until his death in 1987.

The unwillingness to grapple with the trauma of Nigeria's stillbirth as a nation is the great political unconscious - the implacable repressed - that returns at will to haunt and mock the state of denial.

This repressed truth, being political, hides as it were in the open. It can be seen in the headlines and by-lines of our newspapers.

It is volubly declaimed in bars and every public forum where two or more Nigerians are gathered.

It defines the so-called "national question", so cacophonous that the prodigious expense of political and psychological energy needed by Nigeria's self-appointed rulers to repress it produces such frightful spectacles as compel the verdict of a failed or rapidly failing state.

A mere geographical expression indeed, or, as another "founding father" preferred to put it, "the mistake of 1914."

That was the fateful year the British colonial administrator, Lord Frederick Lugard, merged by colonial fiat northern and southern protectorates and the colony of Lagos to form Nigeria.

Meaning, "people of the [lower] Niger area", it was as if the hallowed river possessed the magic to transform disparate denizens within its acceptable radius into nationhood by mere eponymous naming.

This would be deemed superstitious in any other context but the colonial.

Unfortunately, this mistake has yet to be acknowledged, for if nations are "imagined communities" as Professor Benedict Anderson said in his book of the same name, Nigeria was clearly unimagined by its would-be citizens and perhaps unimaginable for very long in its current state of existence.


NO - Waziri Haruna Ahmadu

Waziri Haruna Ahmadu, a former Health and Agriculture Secretary, is an agribusiness consultant working with the chief economic adviser to Nigerian President Umaru Musa Yar'Adua

It is obvious, all the signs of a state heading for failure - where a constitutional authority increasingly shows an inability to provide basic services like guaranteeing security to life and property, maintenance of economic and social services, infrastructure and food security - are not evident.

On the contrary, for the first time in the country's history, Nigeria is attempting to address its economic and social infrastructure inadequacies.

The economy has never been more open to new investors and the government recognises the imperative for private-sector investments in critical infrastructure such as power, transportation and energy.

Public anxiety is understandable when, after two years of taking over from the previous administration, little appears to have been achieved in fulfilling campaign promises.

But it has also to be understood that this administration had to start from scratch when it took office.

Rising income

Parliamentary investigations and discoveries by the Economic and Financial Crimes Commission have recently revealed that the previous administration had wasted a substantial part of its eight years in power doing little while the country's critical infrastructure continued to decay.

Owing to the current administration's new economic management style, a gross domestic product growth of 6.41% in 2008 compares well with other economies around the world.

The current drivers of growth in the Nigerian economy are from the non-oil and gas sector.
Nigeria's foreign reserves have grown by around $10 billion


Even before, expected benefits from ongoing efforts at transforming the power and transportation sectors come to fruition, per-capita income of Nigerians has begun to increase, rising by 25% this past year.

Meanwhile, the country's foreign reserves have grown from $42.3 billion in 2006 to $53 billion by the end of 2008.

This in spite of the crisis in the international price of crude oil, the country's major foreign-exchange earner.

To increase power generation and enhance industry and domestic consumption, $1.6 billion has been set aside by the government in its 2009 budget.

This will complement private-sector investments in constructing a nationwide gas grid for provision to new power plants across the country, as well as to industries that consume gas as raw material.

Food supply in Nigeria has remained resilient, and the government has strengthened the sector through the provision of $1.6 billion for the establishment of infrastructure that would attract new investments.

It has also given considerable funding to provide concessionary credit to increase output and the create new jobs.

Nigeria's health and social services sector may be suffering from infrastructure inadequacies, but it remains functional, providing services to the country's huge population.

Nigeria's medical schools train some of the best personnel on the continent and in numbers that guarantee sustainable development of the system for decades to come.

There are more functional tertiary institutions in Nigeria than in any other African country, and the country participates in the highest levels of international research.

There are inadequacies, of course, but not at the levels found in most developing countries.

Democratic governance

Lately, there has been a lot in the Nigerian media about operations by the Federal Military Joint Task Force to check the increasingly serious criminal activity in the creeks of the Niger Delta, akin to a low-level insurgency.

The federal government earlier frowned at the prospect of dealing with the mercenary "militants" through purely military means because of the inevitable collateral impact on the civilian population.
Nigeria health service works, Mr Ahmadu says



However, current damage to oil production infrastructure and the threat to people's security living and working in the area necessitated resorting to military action.

In just a few days government resolved to remove the threat.

The consequent capture and destruction of several militant camps with minimal effort laid to rest the question hanging over the government's ability to deal with criminality and the threat to security anywhere in the country.

Contrary to expectations of local critics, an electoral reform bill is with the National Assembly for its debate and passage into law.

The fact that political opponents from both within and outside the ruling People's Democratic Party continue to criticise government-sponsored electoral reforms as either not enough or gone too far is an indication of how alive and well the system of democratic governance is in the country.

The spate of reversals of electoral mandates by courts all over the country also shows that the country's justice system remains strong and functional.

Nigeria is an active member of the international community and participates in all matters that concern her.

The country continues to play an active part in international peacekeeping, and Nigeria's leadership role in several multilateral organisations makes us an important partner for many countries.

The significance of constructive criticism of its efforts and performance has not been lost on the current federal government, as evidenced by the recent presidential directive for ministers and heads of government agencies to open up to the press on their work.

Nigeria is, therefore, far from being a failed state.


Do you believe Nigeria is on its way to becoming a failed state? BBC News readers have been sending us their reaction to the story.

No Nigeria is not yet a failed state. The only problem with Nigeria, is unprepared, poor and bad leaders. All those who have ruled Nigeria are dealers not leaders. Most of Nigerian politicians, had no day jobs before they entered politics. Politics in Nigeria, has been turned to big business and big business attracts the mafia and other types of criminals. The only political players in Nigeria are those who engage in do or die politics. They are prepared to go to any length to take power, even assassinations, murder, cultism, etc. For this reason no decent person, with good reputation, wants to engage in Nigerian politics. It was confirmed by one of the Senators, Senator Aliu a former AIG and he was in charge of criminal investigation, before venturing into politics. He said it in public that, he had personally investigated a lot of his colleagues, for serious criminal offences when he was a police chief. This mater was swept under the carpet by the Senate and the House of Representatives. We have not heard about it again.
Patrick Agbobu, London, UK

This is a very sensitive subject among Nigerians. Majority of Nigerians would through anger and frustration conclude Nigeria is a failed state. However there is a fine line between a failed Country and failed leadership. Can i use this opportunity to request that BBC rephrase that question by asking have our leaders failed in their obligation to lead this great Country or have the Country failed as a Nation?. I am sure BBC would get unbiased and realistic answers from Nigerians inside and outside. In my humble opinion Nigeria as a Nation is not a failed State for numerous reasons, rather our Leaders as far back as i can remember have failed in their obligation to move this GREAT Country forward economically, socially in order to take its rightful place in Africa and the World.
Umar Abanifi, UK

To Edobaye, Toronto, Canada: I strongly disagree with your opinion that we should be hopeful. Those that live on hope, die fasting. You need to tell us when you are going back to Nigeria to be part of that hope. We have enough preachers and are tired of excuses. People who left Nigeria when the "initial touch" was there do not realize what people back home suffer. Some of us ran away because of Kidnapping. You may need to try that your hopeful approach by visiting home at Christmas with a luxury car and some money and let's here your sermon on hope afterwards. Its shameful we slaughter basic truth on the alter of pride, sentiments and excuses.
Azunna Chuks, Manchester, UK

I don't think we could be called a failed state just YET but we are definitely on a downward spiral hurtling towards that. I have faith though that our generation will prop us up and at least begin the process of getting us back in the right direction. I am continually pleasantly surprised at how passionate people are about doing just that. The one thing we need to do now is unite and get rid off all the bad eggs.
Ndidi Ifeacho, London England

Put aside the political mumbo-jumbo. A man that deceives himself is bound for doom! Nigeria has and is still a failed state, and I call for all Nigerians to steer her from self-destruction. Amalgamation is not the problem, most countries were amalgamated, United States for example. Obafemi Awolowo was right, Constitutional Federalism needs to be practised, Unitary System of government is a one man show which empowers the elected against the state! There's a clear difference between having the most tertiary institutions and having function tertiary institution, as the saying goes: 'A living dog is better than a dead lion.'
Rawly, Toronto

To say that Nigeria is a failed state is an overstatement, but to say that we have not failed so far is an understatement. If you have a child who cannot walk at the age of three (with due respect to all the disabled in these category) the parents will start to take some remedial action. We cannot blame anyone for our inaction after 49 years of independence. We know our problems inside out. Both the Civilian and the Military that ruled in the past and the present politicians in power know our problems. They all failed to take action. Until the politicians - except the Lagos State Governor - His Excellency Fashola - are able to take unselfish bold steps to address our problems we will continue to reel in our miseries. If a state governor like Fashola could turn things around within a short time in office, the Federal Government with all the resources at its disposal could miraculously do better in a term of office. I will agree that Nigeria is a failed state if we cannot have a fair election at the end of this government in office.
O Legbe, London

Waziri Ahmadu speaks like the typical politician who has no clue about what the common man is going through. His comments are quite frankly very upsetting and supports the conclusion that Nigeria's leaders must be living on a different planet. Nigeria is on a slippery slope caused by politicians hiding their heads in the sand and focussing on taking away the livelihoods of the people they are supposed to be helping. Unless we have leaders who walk the walk and not just talk, we will indeed achieve the 'failed-state' status. Mr Ahmadu, wake up and smell the coffee!!
Chibuzo Okoro, Basingstoke, UK

We are quick to resort to name-calling and like the proverbial ostrich bury our head in the sand! This is a debate. Stop the name-calling. Nobody is an enemy of Nigeria. We all want the best for our motherland. However, the truth most be told. If Nigeria has such 'excellent medical centres', why do the Nigeria elites - by the way I use the word elite loosely, (they became elite by looting our coffers) - travel overseas for medical check-up? The same elites build fortresses they call homes and live in 'prison' afraid of the armed robbers and kidnappers. The same elite pollutes the air with their generators, because the power sector is nonexistent. They dig their own boreholes for water; send their children to overseas schools, and on and on. Please, telling the truth about our beloved country is more patriotic. I expect a civil debate.
Kelechi, Texas

BBC Please stop interviewing Nigerian Government agents because they will always give you the view of the government or do you expect otherwise. Talk to the grassroots, the masses and you will unearth the true state of the Nation. Having said that, I would like to say that to compare Nigeria with countries like Zimbabwe, Sierra Leone etc is insulting and shows how this analysis is skewed towards disgracing our country. Nigeria still has a platform better than some of the East European countries. I discussed with a Latvian friend last night and he also complained about the light problem they are having. that does not mean the country is a failed state. Nigerians need to work hard especially to curb corruption. But our big European nations and US should also work hard to stop stolen money from crossing their border. It takes two to tango.
Uzozie Chidume, Leicester, UK

When I was in primary school, My father (a farmer) was able to pay my school fees and had a good bicycle. Today, a university graduate in Nigeria cannot afford to buy toilet soap. If that is not a sign of failed state, I don't know what is.
Chukwuyere Anyandu, Imo state NIGERIA

While I do not like mischievous Luggard's Amalgamation of 1914, that event alone is not responsible for our problems in Nigeria. The country is in trouble owing to massive corruption and misgovernance, which cut across ethnic lines. Give Nigerians free and fair elections and the country will take off like a rocket to Heaven! A system that consistently props up mediocrity with impunity will achieve excellence!
Victor Aimiuwu, Xenia, USA

Nigeria is a sham a mockery, 2009 still cannot provide electricity to their citizens. Infrastructure is lacking. 60 million Nigerians own generators. No functional civil service. Failed they are doomed if care is not taken it is a joke. Facts are facts. A total joke.
Gee, Atlanta USA

Well, Nigerians would never admit to recognise their country as a failed state. The only unfortunate thing to ever happen over the last 25 years is that the people have grown up independent of govt. By that, the govt lacked moral authority to govern. However, I see this as a great opportunity for an individual who wants to make a name for himself. The country has never had a real hero. Those who we praise are in my opinion, mere regional heroes. Nigeria, lets rise to this challenge and rewrite history. Lets force a new headline in the BBC saying "the Nigerian miracle". But this will come through hard work, good thinking and a strong strategic direction for the country. We are not all corrupt. Let's make that change the country really need today.
Julius, UK

The fundamental problem with Nigeria is equity, Justice and corruption. We should should not also forget poor infrastructures. We need to punish evil and reward good, as long as there is inequality in equity and justice in the system, there will always be a problem in Nigeria.
Tony Ehimare, New York, USA

I completely agree with Mr Waziri Haruna Ahmadu on his view that Nigeria is not a failed state. I do not want to repeat all the reasons Mr Waziri gave because he said it all eloquently. It is insulting and rude to classify Nigeria with other countries like Somalia, Zimbabwe etc. Nigeria has institutions and over 32 University teaching hospitals and abundance of skilled people. Its financial institutions ranked among the top 500 in the world. Fellow countrymen, let be hopeful. Let be supportive of the government. Let be mindful of evil forces like the militants and its allies who want to destroy the country. I hope our government will continue its paths to reform and strengthen our institutions. Thanks
Edobaye, Toronto, Canada

Not really, Nigeria appears to be a failed state at the moment but change is coming to Nigeria. If the government can address basic conditions of infrastructures i.e. power and roads. Every other things will fall in place. For us to be blaming the amalgamation of Northern and Southern Nigeria as the reason for our failure is no "EXCUSE" for how long should we continue to dwell on 1914 issue? On the issue of Niger Delta the militants had legitimate course but has turned the issue into criminality. For instance, the so called militant leaders stealing Oil why can't they use the money from the Oil theft to develop there community instead of using it to kill each other? Don't get me wrong the present administration/PDP has failed Nigerians.
Sola Taiwo, Seattle, WA

I don't see any reason for this debate, we always blame someone else for our calamities in Nigeria, the truth is Nigeria is more than failure, our rulers don't believe they are Nigerians, if they do, let them live as a commom man, and see how suffer dey for Nigeria undeground. Never blame the west. My father says only a bastard will point is fathers house with a left hand, and that's how you can best díscibe our Nigerian leaders. From head to toe, come rain fall sun shine, they are all thiefs. Thats the truth.
JONATHAN JAMES, Sundsvall, Sweden

I can see Ogaga remains as pessimistic as he was during my undergraduate days at Cornell. Is he drawing his conclusions from news reports filtered by the 'international' media or does he visit home that often? I'd like Haruna to take me to the working health centres and see him receive treatment at the same location. I'd be better convinced that he is not a propaganda tool when he is no longer working for the government in power. The BBC needs to do get people living in the country who are farther away from positions of privilege and the corridors of power to give their own views on Nigeria. In my opinion, Nigeria is not quite yet a failed state. The use of force still remains with state institutions and investors continue to see a stable enough outlook to invest in the economy. But with the current rate of infrastructure decline, increase in geographical spread of organised crime (militants) and growing disregard for the rule of law by the citizens and government alike, that day is closer than we think.
Seun, Lagos, Nigeria

I think the BBC in trying to be balanced has committed a great disservice to its subscribers. Why put an objective, intellectual and straightforward analysis side by side with somebody who is part and parcel of the problem. I wonder which Nigeria Mr Waziri is talking about, the confines of Aso Rock or the Nigeria with persistent power failure, a lack of basic security, a Nigeria of the disenfranchised, a collapsed education sector etc. How can investors be encouraged to pump millions of money into a system that just does not make sense? Von Robert Edomi, London

It is already a failed state. What we are enjoying today in Nigeria was built by the army. No security, no power, no roads, no hospitals for the poor, armed robbery, kidnapping, bribery and no good drinking water for the poor.
Rob Obiekwe, Atlanta, USA

How else do you expect Mr Waziri Haruna Ahmadu to rate Nigeria, when he is currently employed by the present administration of "baba go slow", if he dare say anything negative, 24hrs interval is just too much for his job to be terminated, you BBC people should direct your interviews to average men on the street or public sector personals not government official, period!!
Okoro Johnson, Jonkoping, Sweden

If you've ever lived in a failed state, you will tread carefully before using that word. Try living in Iraq; Somalia; Afghanistan or even Mexico. In my opinion it is the enemies of Nigeria that are so keen on using that word simply because that is what they wish for the Country. So Nigerians Watch Out!
Dele Olubodun, London

Truly, Nigeria for me, is a failed state. We will continue to suffer until we collectively rise up for change as we have seen in Ghana, USA and Iran. Until then, we can only buckle our shoes for the road to failure is far and endless.
Chinedu Onyewuenyi, Abuja, Nigeria

Am not surprised Mr Ahmadu says it's not failed, what do you expect, check his profile - 'former Health and Agriculture Secretary, is an agribusiness consultant working with the chief economic adviser to Nigerian President Umaru Musa Yar'Adua'. A Niger Delta man will not say that, because the owner of the resources are not benefiting from it, rather its other people,
Susan

Nigeria is not a fail state and it will never be a fail state. The current streams of problems facing the nation are usual for any nation undergoing development. Those people saying Nigeria is a fail nation are people with no hope and evil perpetrators.
Abdulmuhsin Muhammad Adeniyi, Ijofin, Nigeria

The joining of the northern and southern protectorates with Lagos in 1914 by the British colonialists might be the foundation of our problems, but that does not mean we could not have risen as a nation if we worked hard at it. The main problem is corruption, corruption and corruption. Corruption has so much taken over every fabric of our lives that every average Nigerian is corrupt. Everyday, we hear of billions of naira sometimes even billions of dollars being misappropriated, embezzled, missing or not accounted for. There needs to be a re-alignment of people's mindset. There's needs to be accountability and transparency. Controls must be put in place to for stall future occurrence. The only unfortunate situation I foresee is that the problem cannot be solved in a short period of time. It will take years of more suffering by Nigerians before any meaningful change can take place, That is even if the government can have the clout and courage to carry out the necessary reforms. God bless Nigeria
Abiola Oni, Lagos, Nigeria

YES! As long as the western world continue to support and encourage the corrupt rulers. After all, the majority of the embezzled money are siphoned to banks abroad largely in the western countries. And such money are being taxed and used up by the western countries. They in turn loan out the money to us and tell us what to do with the money on the so called International Policy. However, the positive thinking youths are doing all they can to redeem the country from becoming a failed state.
Solomon, Singapore

http://news.bbc.co.uk/1/hi/world/africa/8112800.stm

Troubled Banks: CBN Orders 30% Salary Cut

WORKERS of the eight banks that were bailed out by the Central Bank of Nigeria (CBN) may soon be in for more trouble as the apex bank has directed that their salaries be cut by at least 30 per cent. BusinessWorld Intelligence can reveal that the banking supervision department of the apex bank has also ordered that the banks should submit action plans for the reduction of their workforce to a sustainable level.
In a memo to the banks, the CBN ordered they should “immediately reduce executive and other staff emoluments by at least 30 per cent and submit an action plan for branch and staff rationalization in order to utilize some hidden economies of scale in the bank’s operations”. It also asked the banks to submit their plan of action for enhanced revenue generation and cost reduction for the next six months.
The salary cut may take effect with the November salaries of the workers since the banks were asked to take the necessary action and revert to the apex bank by November 6, 2009. Bank officials are not volunteering statements on this development. They may indeed not be hidding indication that such actions may constitute some of the panic measures being embarked upon in an attempt to strengthen their banks. Officials of some of the banks involved have explained that they are aware of the directive, stating that they have to brace up for the challenge as such actions have become inevitable based on the developments in their banks. Staff of one of the banks also indicated that some of the banks have rather suggested salary realignment based on the very low salary scale the bank had been operating before the burst.
Our sources revealed that banks like Intercontinental, Oceanic and Finbank which reportedly pay competitive salaries in the industry may bear the brunt of the order and may be forced to cut far more than the 30 per cent. Union Bank is believed to have been working on realignment of salaries as it has not been able to address the payment disparity that has been existing in the organisation since the first phase of the consolidation exercise. There are indications that Afribank which increased workers salaries by 100 per cent few months ago may shed the addition the workers gained from the last dispensation.
This development may further aggravate the liquidity situation in the economy as bank workers are considered second in earnings after oil and gas employees, followed by telecoms.

http://businessworldng.com/web/articles/1029/1/Troubled-Banks-CBN-Orders-30-Salary-Cut/Page1.html

Nigeria at a crossroad, the world is watching ,true test of our 10 years democracy.
lawmakers over to you guys.

Who Is In Charge Of Nigeria?
By Reuben Abati

"There are some rumours about some stories, but let me assure Nigerians that the president is okay. We spoke before he left this country and we have been speaking. So, discountenance any form of false rumours being spread by mischievous characters in this country. I assure you that Mr. President is healthy," he stated. Jonathan, who said he even spoke with Yar'Adua yesterday morning, conveyed the president's greetings to the Muslim community and all Nigerians on the Eid-el-Kabir celebration, thanking them for their prayers. "This morning I personally convey Mr. President's personal greetings. We spoke yesterday and even up to this morning. After this time, I will even speak with him. He asked me to convey his personal greetings to all Nigerians. I want to thank you specially for your prayers for the president, your prayers for the government and your prayers for the country," he further stated.

This passage is taken from a news report in The Sun newspaper. While the intent is clear - to allay the fears of Nigerians over the well-being of their President and Commander-in-Chief, the unintended consequence has been the open declaration that Nigeria is at a crossroads. Our country is at such a moment that requires all patriots to focus on the country's best interests as laid down by its founding fathers not today's class of office holders.

Has Nigeria now been reduced to a country managed by proxy - run by telephone conversations from a hospital in Saudi Arabia? The ill-health of a president is something that should naturally appeal to our best human instincts and Nigerians are capable of that but they have been unable to separate their own realities from that of the Commander-in-Chief who speaks to his men on phone, and they in turn tell Nigerians what he has said. Nobody knows for how long he will remain in Saudi Arabia. Or when he will be strong enough to return to work. We now wake up everyday expecting to hear from either the Vice President or the Special Advisers on this and that or the Attorney General and Minister of Justice or any other government official including Presidential Assistants. In the President's absence, it looks as if a committee is running Nigeria with nobody actually exercising authority. How do we safeguard and inspire belief in our national security, investment drive and international repute under this circumstance - where no one is sure who exactly is in charge? It is an unfair way to treat a country of over 140 million people.

The President is human, and we wish him well, but his illness must not become an excuse for the shoddy conduct that we are witnessing. Before the President left for Saudi Arabia, he should have handed over properly to his Vice President. Rather than run the country from his sick bed, what he actually needs is time off to attend to his health. Even when he is discharged from hospital, he should proceed on a short leave to give him time to recuperate properly. It is a matter of accountability that he does not insist on running the country when he is distracted by ill-health. A weak President gives the impression that the entire country is weak. We are faced with a situation whereby most Nigerians today consider themselves stronger than their President. Strong persons don't feel inspired to follow a weak leader. The country is adrift. Imagine an enemy attack on Calabar through the Bakassi Peninsula, where is the Commander-in-Chief who will receive briefing from security chiefs and order a counter-attack? Who is keeping Nigeria 's secret security codes at this moment, if any?

Lyndon Johnson, former American President chose not to seek re-election because, amongst other reasons such as a poor poll rating and disunity within his own democratic party and the bungling of the Vietnam war- he had a heart ailment. He told his compatriots on March 31, 1968 that - "With America's sons in the fields far away, with America's future under challenge right here at home, with our hopes and the world's hopes for peace in the balance every day, I do not believe that I should devote an hour or a day of my time to any personal partisan causes or to any duties other than the awesome duties of this office--the Presidency of your country. Accordingly, I shall not seek, and I will not accept, the nomination of my party for another term as your President." He thought Americans deserved a President with a strong focus on ONLY the presidency and not the distractions that his personal circumstance was creating. Those were the words of a patriot. Lyndon Johnson was soon proven right. His health had been affected by years of drinking, heavy smoking and stress; the former president had severe heart disease. He had his first, nearly-fatal, heart attack in July 1955 and suffered a second one in April 1972, but had been unable to quit smoking after he left the oval office. He was found dead by Secret Service agents, in his bed, with a telephone in his hand. (The Age, 23 January, 1973, pg 1) (http://en.wikipedia.org/wiki/Lyndon_B. Johnson Under Death & Funeral.)

President Yar'çdua's condition was known before he left the country for Saudi Arabia. His doctors must also have made it clear that the treatment for acute pericarditis may require surgery or a prolonged period of rest after the treatment. Even in a family, when a member is going under the knife even for the most routine of surgeries, there are processes involved, some sort of handing over and possible last words. It is a prudent thing to do, more so, when this relates to matters of a sovereign. The position of a country's President is significant and serious. By refusing to hand over each time he travels abroad for medical reasons, President Yar'çdua leaves Nigeria in a lurch. This time around, he has succeeded, through the management of this unfortunate but constitutionally envisaged development encouraged further speculations about a vacuum at the top and opened up the politics of succession where none exists. Under such a situation, it is a nightmare to manage public communication and understanding.

The Federal Republic of Nigeria has a substantive Vice President, but there are speculations that the Vice president cannot act as President. The Punch newspaper reports that the Vice President is even under pressure to resign because certain Northern groups insist that they cannot share their term of office with a Southerner, should the president become incapacitated. A Constitutional crisis stares us in the face with implications for ethnic tension. Those power-mongers who insist that President Yar'Adua is better off running the country despite his ill-health and that Vice President Jonathan must not be allowed to exercise any powers are the ultimate mischief-makers who should be called to order.

On Sallah Day, Vice President Goodluck Jonathan received Muslim visitors on behalf of the President. He was quick in reporting what his boss had told him on telephone from Saudi Arabia . Apparently, this is the kind of job that he is considered good enough for. When he is not receiving visitors on behalf of the President, or taking phone calls, he is sent to go and watch football at the National Stadium. Other persons are asked to perform Presidential functions. The other month, when the President went to Saudi Arabia and could not go to the UN Summit of world leaders in New York, he chose to send his Minister of Foreign Affairs. His Vice President should have been the man to go there. Again, when it became obvious that the President could not make it to the National Assembly to present the nation's budget before each arm of the National Assembly, he sent his Presidential Adviser on National Assembly matters, Mohammed Abba Aji to represent him. It is like sending a manager to a function requiring the presence of a member of the board of directors (someone with the burden of constitutional responsibility). Would it not have been better, and added more seriousness to the process if the Vice President performed the function? The presentation of the 2010 budget by the Special Adviser was a poor joke on the significance, even if ceremonial, of the budget presentation provision in the constitution.

I thought I saw something that looked like loosely-bound sheets on television (unlike the bound copies of old). Couldn't they have tried to bind the copies properly? Then the Presidential Adviser 'inadvertently omitted' the details and revenue estimates for the 2010 budget which he had to take back the next day. By the time he provided the forgotten part of the budget, commentaries had already been passed on the incomplete document that was originally presented. Obviously, Vice President Goodluck Jonathan had not seen a copy of the budget. While the contrived face-off between the House of Representatives and the Senate lasted, the Vice President made a statement in Kaduna that by next year; Nigerians will no longer have any need for generators for the purpose of power supply. If he had seen the budget, he would have not made that statement. For when the budget was then presented it turned out that it makes provision for the purchase of generating sets and fuel, perhaps lending credence to the arguments of those who do not think Jonathan is capable of taking the job. What kind of Vice President is he if he does not know what is going on in government?

As things stand, Nigeria is at the mercy of the President. He has no plans to resign. He is not planning to go on leave (annual or compassionate) either. And he does not intend to allow his Vice President take charge. Under Section 144 of the Nigerian Constitution, if the President is incapacitated and can no longer continue in office, it requires a two-third majority of the Federal Executive Council to so declare to activate the process of his removal from office which will involve the report of a panel of five physicians, including his own physician. A report having been prepared, the National Assembly can then act accordingly. But there is nobody in the FEC, all President Yar'Adua's appointees, who will dare make such a suggestion. The National Assembly has also ruled out the possibility of making any issue out of the President's state of health. In addition, Vice President Jonathan is scared so stiff, he wouldn't dare show any ambition; that is why his speech has been reduced to "we spoke" and "I am planning to speak".

Pericarditis on its own does not incapacitate a man. But if it is of a secondary source, and it is acute, it could result in a situation whereby the patient may not be able to climb the stairs or engage in minimally strenuous activity. The President's physician needs to provide exact and more detailed information about the President's condition. This is not something that can be hidden under the oath of secrecy that all Presidential staff reportedly swore to. Nigeria 's future and security are at stake. In Nigeria, the law is respected only when it suits the purpose of those in power. In President Yar'Adua's case, it is not even the law that is at issue; it is the need for best practice, and realising that the country cannot be run by remote control. The rest of the world cannot understand why we are so confused as a nation and it shows in the reporting of the President's ill-health by the international media.

Running the country by telephone from a hospital bed is a disservice to Nigerians. President Yar'Adua has a medical condition. We all know that and many Nigerians feel for him. Allowing him to bother about issues of governance in Nigeria under his present condition would in a manner of speaking amount to putting more weight on his heart. I am not a medical doctor, but for the sake of Nigeria, his doctors should take away his phones and allow him to recover fully. In the meantime, the President should formally request for a leave of absence: I recommend a month, and during the period, Goodluck Jonathan should be allowed to perform his constitutional role of taking charge until the President is strong enough to return to work. This is what decency requires. That is what the Constitution suggests. No proper organisation can afford to be at the mercy of one man; more especially when we all know that his medical problems are of a serious variety, requiring great care and intervention. Why contrive to play God and drive the man to death with worry and problems? For God's sake, can we get this basic appeal to humanity and civility right?

http://www.ngrguardiannews.com/editorial_opinion/article02//indexn2_html?pdate=291109&ptitle=Who%20Is%20In%20Charge%20Of%20Nigeria?

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PLs read from source below :


http://thenationonlineng.net/web2/articles/26545/1/Soludos-dads-friend-who-saw-abduction-dies/Page1.html

Soludo’s dad’s friend who saw abduction dies
By Nwanosike Onu Published Today News Unrated

Twenty days after Pa Simeon Nwankwo Soludo was released by his abductors, the 78-year old man is still at the National Hospital in Abuja.

One of his contemporaries, 80-year old Pa Joseph Nwabuzor, who collapsed when the news of Pa Soludo’s kidnap got to him, died last Sunday.

Pa Nwabuzor was shocked when he got the news that the father of former Central Bank of Nigeria (CBN) Governor, Prof. Chukwuma Soludo was kidnapped on October 27, 2009.

The Nation

gathered yesterday that the old man retired as a civil servant several years ago from NIPOST and had been a close ally of Pa Soludo since their childhood days in Isuanioma in Aguata Local Government Area of Anambra State.

The duo, it was said, belonged to the same age grade group in the community.

Pa Soludo, who regained his freedom on November 4, according to one of his sons, Pastor Ogochukwu who spoke from in Abuja on telephone, was yet to come out from the shock of his kidnap.

http://thenationonlineng.net/web2/articles/26545/1/Soludos-dads-friend-who-saw-abduction-dies/Page1.html

Nigerian Corpses: China Gives Dec 15 for Cremation
From Chinwe Ochu in Abuja, 11.24.2009
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The Federal Government has said that the Government of the Republic of China has extended the deadline for the cremation of unclaimed corpses of Nigerians who died in China. According to the Government, the new date is now 15th December, 2009.
A press statement released by the Ministry of Foreign Affairs in Abuja said: “The Government of China, after another diplomatic representation by the Nigerian Embassy in Beijing, has graciously extended the deadline when the remains of all foreigners still lying in the various mortuaries in that country must be claimed or will be cremated according to Chinese laws. The new date is now 15th December, 2009.”
According to the release, about 21 Nigerian corpses have been identified as unclaimed by their relatives, and so subject to cremation. These were said to have died from varied causes from diseases, accidents, drowning and so on.
“Information received from our Mission in China indicates that the Nigerians died in that country from various causes ranging from sickness/illness, motor vehicle accidents, drowning, drugs and unknown causes, whose remains are yet to be claimed by their relations or families”, it said.

Unfortunately, efforts by the Ministry and our Mission in Beijing, China to contact the families and next – of – kin of the deceased have not been successful due to paucity of information on the deceased at the time of death. In cases where such information were found (such as telephone numbers on some of the deceased,), when they were contacted, there were no responses; and in other cases, the family members who responded were not cooperative, regarding decision on what to do with the corpses of their relations.”

The deceased includes Said Akinola Akinsanya, who died in Guangzhou of unknown causes; Chris Nwanekezie who die in Dongguan of motor accident; Tunde Bombata who slumped and died in Beijing; Susanah Imbasi died of AIDS in Beijing and Tunmise Razak who died in Nanjing of drowning.

The statement continued: “The general public and in particular members and family of the deceased are kindly requested to urgently contact the Ministry (Consular and Immigration Services Division) to indicate how they wish to arrange to repatriate the remains of their loved ones for burial in Nigeria or in the alternative, grant appropriate approval for cremation by the Chinese Authorities.”

The Ministry noted that the “Chinese authorities have stressed that failure to comply with the new deadline of 15th December 2009, they would, inline with its domestic laws, cremate these bodies, some of which been in the mortuaries since 2006. It also should be noted that it is truly a gesture of goodwill, respect for Nigeria’s culture and the dead, coupled with the excellent bilateral relations between the two countries that the Government of the Peoples Republic of China has not over the years taken the unilateral decision to cremate the bodies.”

Federal Government further stressed its sympathy for those who may have lost their loved ones in death and urged such ones to act fast as regards the retrieval of the bodies.

http://www.thisdayonline.com/nview.php?id=160641

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Man drives 'world's most desirable car' into a lake


If you were still unsure about the risks involved in driving while using a mobile phone, consider the plight of the Texan man who drove his £800,000 Bugatti Veyron into a lake.

According to police, the man, who has not been named (probably because he's too embarrassed to say), was 'distracted by a bird' while driving by salt marshes near Galveston, Texas. When a low-flying pelican flew near his car, he dropped his phone, reached down to pick it up and drove into the salt marsh. Fortunately the driver emerged from the three-foot deep pool with only his dignity and bank balance hurt. He has stated that he was not actually talking on his phone at the time.

There are only 15 Bugatti Veyrons in the United States and the man had reportedly only bought it last month (October 2009) from a dealer for $1.25m . It's not a total loss for the hapless owner though, because according to reports he's already become popular among celebrities as a result of the crash - claiming that Arnold Schwarzenegger called him when he heard the news.

See the sunken supercar being towed:


http://uk.cars.yahoo.com/13112009/36/man-drives-world-s-most-expensive-car-lak-0.html

From John Ofikhenua,

Abuja

and Joseph Jibueze



Banks lost N53billion to fraudulent workers last year, the Nigerian Deposit Insurance Corporation (NDIC) said yesterday.

The fraud was more prevalent in 10 banks, involving 313 workers. The banks lost N34.14billion, which is 64.11 per cent of the total money involved.

In 2007, N2.59billion or 25.93 was lost.

In its 2008 yearly report released in Abuja, NDIC lamented the high fraud rate.

It said of the cash stolen, those not fully covered by the Fidelity Insurance Bond (FIB) and those with low probability of recovery were in excess of N17billion.

According to NDIC, the 313 workers represent 14.65 per cent increase over 273 workers involved in fraud and forgeries in 2007.

The report said the fraud was perpetrated by core operations staff, such as supervisors, officers, accountants, managers, executive assistants, clerks and cashiers was 223 representing 71.25 per cent of the total crime.

The 223 represent a decrease of 4.57 per cent when compared with the 2007 records.

The corporation put the number of reported cases of attempted fraud and forgeries in the year under review at 2,007, representing an increase of 29.2 per cent over the 1,553 reported in 2007.

It said two major factors were responsible for the criminal act – institutional factors or internal factors and the environmental or societal factors.

The report said: "Institutional cases of frauds and forgeries in insured banks include poor accounting and weak internal control systems, ineffective supervision of subordinates, uncompetitive remuneration, and perceived sense of inequity in reward.

"Undue societal demands, low moral values, slow and tortuous legal process, lack of effective deterrent as well as reluctance on the part of the individual banks to report fraud cases due to negative publicity it could attract to their image."

The corporation advised banks to plug leakages in their systems by strengthening their internal control and security systems to curtail the trend.

It said: "Insured banks should thoroughly screen prospective employees by obtaining status report from previous employers and relevant agencies and to desist from deploying casual members of staff to sensitive positions."

The frauds were mainly committed through forged cheques, unauthorised credits, posting of fictitious credits, illegal transfers/withdrawals, cheque suppression, cash defalcation and outright theft of bank money by the staff.

Also yesterday, Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi listed the gains of his efforts at sanitising the banking sector; saying the recent reforms have rekindled investors’ interest in the country.

He said the removal of nine banks’ managing directors, injection of N620billion to beef up eight banks’ capital base and prevent systemic banking crisis, and the initiation of investigation into infractions were all consistent with international regulatory standards in dealing with liquidity problems.

Sanusi said the deposit base of the affected banks remains robust, correspondent banks have not stopped credit lines to Nigeria, there has been a significant drop in inter-bank rates, and there has been no effects on oil importation.

Sanusi spoke in Lagos at the Fourth African Alternative Dispute Resolution (ADR) Summit, jointly organised by the Negotiation and Conflict Management Group (NCMG) and the National Judicial Institute (NJI).

Speaking on the topic: "The Nigerian Banking Sector Reforms: Effects on Investment Promotion," Sanusi, who was represented by CBN Deputy Governor Tunde Lemo, said the recent reforms demonstrated Nigeria’s zero tolerance for poor corporate governance culture.

"Foreign investors are encouraged when they are assured of the ability of our system to adequately deal with corporate malfeasance.

"We have adequately demonstrated this through the ongoing reforms, which makes Nigeria a preferred destination for Foreign Direct Investment (FDI)," he said.

Sanusi called for the establishment of an Asset Management Company (AMC) to address systemic liquidity squeeze and inhibition of credit growth.

The AMC, he added, will enable banks to resume real sector lending, and remove the pressure on them to sell down shares to recover loans, among others.

He added: "Infrastructural development remains of utmost importance to investment promotion".

The recent interest of banks in promoting investment in infrastructure through the raising of long term capital via private bonds market will further deepen our financial system and promote investment."

The CBN’s current strategic regulatory agenda, Sanusi said, include ensuring exchange rate and price stability, managing interest rate for stability and development, macroeconomic development.

Others are vigorous pursuit of CBN’s developmental roles, improvement of payment systems, diversifying the financial sector, and integrating Nigeria’s financial system into the African and global financial systems.

http://thenationonlineng.net/web2/articles/25188/1/313-bankers-stole-N53b-in-one-year-says-NDIC/Page1.html

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