₦airaland Forum

The power of Compound interest.
About 4 years ago afriend of my who got into real estate business use to have about 8 flats
(2 bedroom each) each of the flats rent for about 80k per year then ,So he makes about 640k per year from his
investment. Two years ago as a result of influx of people and businesses in this part of the country he wanted
to diversify is interest in real estate, instead of collecting rent from his apartments, he wants to just build blocks
of flats and sell them off,he sold his 8 flats apartment for (15million) which serves as capital for the new idea as no bank was willing to
give him loan.He sold his 8 flats for 15million naira, (those a flats is currently being rented out for 180k by the new buyer)
He fix his 15million with Gt bank plc and got btw 14.5% to 15% .
In the last one year he has made about 2.25million from his investment in GT Bank.Meanwhile he has a land somewhere in town and has commenced building of 4 apartments of 2bedroom each
He started the building from proceed from his fixed deposit (the flats are being roof now).
He intends to sell off immediately after completion for btw 9 to 10 million.
My friend confides in me that his goal is to use compound interest to his advantage and build a capital base of about N100 million in 10 to 12 years time.
His new building project is being priced for 6million already, According to him if finish and sell off at 9million
he will add it to his 15million at GT bank.That will give him about N24million fixed ,which generate about 3.6million in another year for him.

I realy love his idea so much, he created the passion in me for real estate business ,
i was able to get a plot of land through him ,Now By the grace of God i have build 4 flats of twobedroom each,
whichs goes for 200k per year and i still have a enough space that can accomodate additional 6 flats.
Now i want to thread his path by tapping into the world of compound interest.

@eimo,
thanks for the advice

@kayjegs,
Thanks for the advice,
Just got more info from my guy , current price for 100 truck of cement is N62million, price has come down here at obajana cement factory in kogi state.
Thanks for the advice again , the guy who gave the hint regarding the cement dealership did not explain certain grey areas of the businesss.

Just seeking opion from experienced and genuine Nairalander business men and women.I have properites currently valued at about N35million , i needed to be a distributor for dangote cement i was told i needed N80 to N90million to be able to buy upto 100 trucks at a go, am seeking opinion if a bank can provide the balance of this sum and have my properties document as colleteral .
base on the analysis given to me 100 trucks multiply by 600 bags per truck multiply by about 5naira profit margin=300k per day for 25 days =7.5million multiply by 12 months=90million.
Anybody has an idea about this.

@poster
The thing whole stuff still looks like a mirage to me, don't like talking about it. I leanrt the five banks undertake over are heading to 50kobo by december to pave way for foreigners to buy them at penny stock price.

Beneficiaries of Ibrus LArgesse

Glo-1 Lands In Lagos Today - As Nigeria Breaks Telecoms Record

Bode Adewumi, Lagos - 05.09.2009

History will be made in the Nigerian telecommunication industry today as Glo-1, the world’s first submarine optic fibre cable to be built by a single individual company, lands in Lagos.

The 9,800 km long cable which stretched from the United Kingdom across all the West African countries, will be anchored to its landing station at Alpha Beach, Lagos, this morning.

The trend in the global telecommunication industry is for a consortium of companies or even nations to combine resources to build submarine cables as was the case with the SAT Submarine three Cable which was built by a consortium of 36 countries.

The Group Chief Operating Officer, Globacom Limited, Muhammed Jameel, said Glo-1 would deliver transmission capacity that would change Nigeria and West Africa’s economic landscape by linking 17 countries to the rest of the world.

Jameel said the landing of Glo-1 was another milestone in the history of Nigeria’s communications industry, adding that the cable would provide high speed internet services and make telecom services much faster, more reliable and cheaper for consumers.

Explaining the seeming delay in Glo-1’s arrival, the Globacom boss said that implementing submarine cable projects, particularly one spanning about 10,000 km from London to Lagos is an initiative that usually takes between two and a half years to complete.

He said further that because the cable passed through various territorial waters and jurisdictions of several African countries, Globacom had to contend with lengthy approval processes.

“We needed permissions at many levels from all those countries to pass the cable through their territorial waters. We needed approval from security agencies, approvals from oil companies and from various bodies,” he said.


http://www.tribune.com.ng/05092009/news/news15.html

AP – This picture provided by owners Karl and Denise Shaughnessy shows their wire-haired dachshund Chanel …

By VIRGINIA BYRNE, Associated Press Writer – Mon Aug 31, 10:54 pm ET

NEW YORK – A wire-haired dachshund that held the record as the world's oldest dog and celebrated its last birthday with a party at a dog hotel and spa has died at age 21 — or 147 in dog years.

The dog, named Chanel, died Friday of natural causes at her owners' home in suburban Port Jefferson Station, on Long Island.

Chanel, as stylish as her legendary namesake, wore tinted goggles for her cataracts in her later years and favored sweaters because she was sensitive to the cold, owners Denice and Karl Shaughnessy said Monday.

The playful dachshund was only 6 weeks old when Denice Shaughnessy, then serving with the U.S. Army, adopted her from a shelter in Newport News, Va.

Along with her owner, Chanel spent nine years on assignment in Germany, where she became adept at stealing sticks of butter from kitchen countertops and hiding them in sofa cushions in the living room, Shaughnessy said. She also liked chocolate, usually considered toxic to dogs, Shaughnessy said.

"She once ate an entire bag of Reese's peanut butter cups, and, you see, she lived to be 21, so go figure," Shaughnessy added.

Karl Shaughnessy nominated Chanel for the title of world's oldest dog after noticing the Guinness World Records book had no record.

Guinness World Records officials presented Chanel with a certificate as the world's oldest dog at a Manhattan birthday bash hosted by a private pet food company in May.

Chanel loved the party, especially the cake, which had a peanut butter flavor and had been made for dogs, Denice Shaughnessy said.

Chanel exercised daily and ate home-cooked chicken with her dog food, but good care wasn't entirely responsible for her long life, said her owners, who attributed God.

"Dogs are God's angels sent here to look out for us," Denice Shaughnessy said.

A dog from New Iberia, La., named Max, is vying for the record of world's oldest dog. Owner Janelle Derouen said Max marked his 26th birthday on Aug. 9. She said Guinness World Records officials were reviewing documents to authenticate his age; a Guinness World Records official in London didn't immediately answer an e-mail from The Associated Press requesting confirmation of that.

When asked the secret to her dog's long life, Derouen said she was shocked he's still with her.

"I have five kids, and all my kids are grown and gone," she said. "Now my grandkids are playing with this dog."

[b][/b]

http://news.yahoo.com/s/ap/us_obit_world_s_oldest_dog

Land fees hike turns Abuja into billionaire’s abode - We’ll move to satellite towns - Residents

Abuja, the federal capital of Nigeria, is set to become a millionaire’s, nay, billionaires’ haven, as the land value has gone through the roof with the recent review of rates by the Abuja Geographic Information System (AGIS).

The AGIS, last week astronomically increased the rates charged on land in the FCT by over 900 per cent.

Premium for land in the Central Business District (CBD), Area of Abuja, was jerked up to N20, 000 per square metre from N2, 000, the rate formerly paid in respect of all landed property in the city.

By implication, the value of an average plot of land in the central area of Abuja, say for a 1,000 m2, which hitherto would have cost N2,000, 000, now has a price tag of N20,000,000, and this is just the cost of land.

First time visitors to Abuja are usually impressed by the number of construction projects, which should mean cheap property prices and the almost unimaginable prices of existing pieces of property. It seems the prices of property always go up when a new building is constructed. Observers of this trend say this is a reverse development to what obtains in other countries. In other countries, prices will usually crash when more buildings go up.

Agents of different hues and even scammers have also featured while the speculative prices of land encouraged forgeries of documents.

For example, Abuja Homes which cost N16m in 2007 are now being sold for N50m in 2009.People who live in other cities are bewildered when they learn of what property costs here. Right now at Gwarinpa, a choice two bedroom flat will cost between N 750,000 and N1 million per annum as rent.

At Jabi district where there are many on-going office and residential constructions, it is almost illogical that the prices keep going up. An average plot of land in Jabi district before the increase, was sold for between N40 and N50 million and in high brow areas, plots were sold for N200 million and above.

Even in the satellite towns like Kubwa and Lugbe which are traditionally regarded as refuge places for many who cannot afford expensive rents, are not being left out from the scourge of abnormal increase of rent. There was a case of a family who had to relocate to Bwari because their mini-flat of N140,000 at Dutse suddenly skyrocketed to N250,000 by the next rent payment.

Land fees in highbrow areas with full infrastructure, which include Asokoro, Maitama and Wuse II, have now gone up from N2, 000 to N18, 000 per square metre.

Similarly, premium for land in Garki I & II, Wuse I and Jabi, which also has full infrastructure, is now N15,000 per square meter, while land in Katampe extension, Gudu, Mabushi, Durumi and Gwarinpa will attract N12, 000 per square metre.

Application fees for both residential and commercial land in the FCT has also been reviewed upwards from N50, 000 to N100, 000.

Ground rents have also been increased from N25 to N40 per square metre in Asokoro, Maitama and Wuse II Districts, from N15 to N30 per square metre in Katampe extension, Gudu, Mabushi, Durumi, Jabi and Gwarinpa districts while Dape, Daki Biyu, Kado and Mpape districts attract N15 per square meter, up from N10.

Part II, Section 5, subsection d of the Land Use Act of 1978, empowers the Governor, in the case of FCT, the Minister,” in respect of land, whether or not in an urban area, to revise the rental fees at such intervals as may be specified in the certificate of occupancy.”

Across the metropolis, especially in places like Wuse 2, Maitama and Asokoro, the rent for houses has almost doubled over the past one year.

Wuse II, which is regarded as the heart of the town, is said to be the most sought-after residential area in Abuja. Because of its centrality, it is where you have most banks, markets, big supermarkets and places of entertainment. It is also close to the Central Area, where many people work.

Maitama and Asokoro are very expensive and quiet. Most big shots in Abuja live in these areas, so the prices are very high. In Maitama, rent for a two-bedroom flat goes for between N850,000 and N900,000 per annum.

With the new increase in land charges, many residents wonder what they will have to cough out by the time shylock landlords begin to demand even higher rents in order to recoup what they have paid to the FCT Administration.

Land in all FCT Area Councils are however not affected by the review. Therefore, to beat the exorbitant price, many civil servants have resolve to live in neighbouring towns such as Mararaba, Masaka, Suleja and other satellite towns like Lugbe, Kubwa, Dei-Dei and Dutse; from where they commute work everyday.

Umar Shuaibu who lives in Suleja, said he lives there because his salary cannot sustain him in the city proper. “The houses in town are too expensive and I cannot afford it,” he said. “But in Suleja, I pay N80,000 per annum for a self-contained room. A two-bedroom flat in the area goes for about N150,000 and N200,000 per annum.”

It also poses a challenge for those who live in these towns and work in the Central District Area. Mr. Shuaibu also said, “I leave my house at 5.30 am and resume at 7.30 or 8am. Well, sometimes I get late to work because of the traffic.”

Aliyu Garba who is also a civil servant, said he moved to Mararaba because houses in town are very expensive. “My salary is not enough for me to rent even one room in town,” he said. “In Mararaba, I pay N60, 000 for a room. The same room in town goes for N200,000 to N300,000 per annum.”

Austin Emelue, another resident of the suburb, said it is also worth mentioning that most people who migrated from some northern states because of religious or social crisis usually move into the towns and other towns bordering the FCT. They too have contributed to congesting the satellite towns.

It was only a matter of time before the rent in these areas would rise to market levels.

Mararaba is already betraying signs of this. “It now takes N150,000 to N200,000 to rent a room and parlour in Mararaba, as against the former N100,000 to N120,000,” Mr. Emelue said. The place is now becoming very congested because of the influx of people from the town and those whose property were also demolished in parts of Abuja.”

Two years ago, a two-bedroom flat cost N200, 000 a year in Lugbe. But now, it goes for N400, 000. In Gwarinpa, a two-bedroom flat that was formerly let for N250, 000 now goes for about N400,000 to N500,000.

The same trend is noticed in Dutse and Kubwa. These are cheap pickings, though. Residents of Abuja pay a lot more.

In the Garki part of town, “a one-storey duplex in Area 11 will go for N2million a year,” says David, an estate agent. At Prince and Princess estate, a one-bedroom flat goes for N450, 000; while a duplex with boys’ quarters goes for N1,200,000. Within the Games Village, a one-bedroom flat goes for N500, 000.

An Estate Valuer, Shehu Liman of S.D. Ventures, said that the cost of houses in these areas have continued to rise by the year and presently, the percentage of increase has gone up to 150%.

“Before the demolition, you could get a 2-bedroom flat at Wuse for N450, 000. But now, the same goes for N1million and you will have to pay for two years.”

In Maitama, the same used to go for N500,000 to N600,000. You now have to cough out N900-N1 million. Uduak Obong who works with a real estate firm and doubles as a house agent said landlords usually increase the price of their rent “because of the high demand.”

He attributed the hike in cost of accommodation to the increase in price of land in the metropolis. He said a plot of land in Wuse 2 sells for about N100-700 million and it takes a lot to build. “With the recent hike in land charges, surely the values will rise commensurate with the one done by the FCT Administration. How then will lanlords give it out cheaply?” he asked.

Mr. Badmus, however, blamed the government for the hike. “The rate of road construction is more than that of houses,” he said. “No lands have been acquired by estates since el-Rufai’s tenure and the ones people are building on now were the ones they were given then. When there is a surplus of land, the prices of houses will reduce.”

Aaron Muttang, an estate surveyor and valuer and a business development manager in a space management company, said it was logical that prices of property be tied to the force of demand and supply. He reasoned that as the population of Abuja increased every day, it would be difficult to match the growing population with existing property. He said, “the only way to tame growing property prices is for the government to build large residential schemes like Gwarimpa. If there are two or three of such schemes, prices will crash.”

However, when it comes to price appreciation, real estate in Nigeria is pretty crazy but logically demand outweighs supply heavily and most people are very keen to have their own property. Those wishing to buy or rent property in Abuja should therefore brace up to spend more money or else, leave the capital city.

[/quote]woooooooow
i feel flattered lol
i was in lokoja and before i left Nigeria land use to cost like N5000 around fehintolu estate
pls where do they rent apartment for N300 000 in lokoja?
i got a big 4bedroom house beside kogi poly area how much would i get from renting it?
how much can i get get a nice piece of land by nataco area near the new market on abuja road right by the main road?[quote]

land around fehintolu should cost about 800,000 to 1million now if at all you get,
your 4 bedroom flat should be able to give you about 170k per though it is off the town.is it on the road? I would have advice you convert it to a eatry place.
land around nataco willl cost you a fortune now becuase that road is currently being dualised by the federal Govt. if you are conversant with lokoja take a look at this website am putting here for your view, it is a website bby one of the property agent in town.
the 3bedroom apartment i stay in g.r.a is costing 220k per year from 50k it use to cost before 5years ago.
cheers.


http://www.ajileyeandco.com/Property%20for%20sale%20No1.htm

yes Honey guy,
I am from kogi and i reside in Lokoja town.
Am actually surprise at the turn of events in Lokoja in the last 2-3 years in the area of property appreciation.
i have seen people sold property that where bought for N2000 naira in the 80's being sold for btw N18million to N35miilion in lokoja.So many things are fueling this astronomical price increase, like the Obajana Cement factory( the biggest in africa when phases 3&4 are finally completed), the River niger dredging which has commenced, the Lokoja seaport under construction and host of other things.I was born in this town so am really surprise at the turn of events.My coursin rented a three bedroom apartment that use to cost N80 per month in 90's, Now he pays N300,000 for the same apartment, the house in question is own by a family friend.
You can't go wrong in real estate biz now in lokoja and Eatry,Eatry sells like wild fire, The area in currently being invaded by investors from Edo state, they are making a kill in it .But i will cost you good money to get land along the lokoja Abuja express way to setup same.
Cheers.

Hello Yicobs,
It looks like goat from the north does not survive down south and mid west Nigeria?
I am interested in the goat rearing biz.

[/quote]@ Mr Bayo,
you can invest in cybercafe, if religion permits sales of alcohol, it sales like wild fire in the city, you can invest in quarry and a very good and standard laundry will do very well. but the success of all this business is based on the kind of management. especially for cybercafe, most of them have failed in the town because of poor management and bad ISP, presently in lokoja there are no standard and effectively functioning internet cafes. [quote]

Dear poster,
i will advice you go solo and concentrate on real estate in Lokoja,As regard the Cyber cafe, i know one that was open by a londoner with about 25 pc Flat screen and Cband vsat equipments(Net2G) that is the name of the cafe it died under a year.
So Just do real estate you cant go wrong there Mr bayo
Cheers

well done oooooooooooooooooooooooooooooooooooooooo

I learnt some microfinance bank are doing 4% per month on min of N10,000,000. Can some confirm this pls.

osamaobama
You are the man, thanks for speaking the truth despite all these criticism against you,you have been vindicated.
God bless nigeria, imagine some of the five banks are holding about 35% depositors funds it would have been a great problem for depositors.(Whooping #400 billion is been injected by CBN).

BN has responsibility to protect depositors’ interest – Sanusi
Being an address by the governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, on developments in the banking system in Nigeria yesterday
From JACOB EDI, Abuja
Saturday, August 15, 2009
CBN Governor, Sanusi
Photo: The Sun Publishing
More Stories on This Section


As we are all aware, the world economy has been hit by the repercussion of the financial meltdown that started with the subprime mortgage crisis in the United States of America and spread to Europe and other parts of the world. This crisis has led to the collapse of many banks and other financial institutions, and even rendered an entire nation bankrupt.

In Nigeria, the banking system appears to have weathered the storm due to a number of factors. Among these are the facts that our financial system is not strongly integrated into the International Financial System, as well as the relatively simple nature of financial products and strong capitalization and liquidity of Nigerian banks.
However, there are many who have been aware for a while now that whereas the system in general is likely to absorb and survive the effects of crisis, the effects vary from bank to bank.

A few Nigerian banks, mainly due to huge concentrations in their exposure to certain sectors (Capital Market and Oil and Gas being the prominent ones), but due to a general weakness in risk management and corporate governance, have continued to display signs of failure.

As far as October last year, some of the banks showed serious liquidity strain and had to be given financial support by the Central Bank in the form of an “Expanded Discount Window”, (EDW) where the CBN extended credit facilities to these banks on the basis of collateral in the form of Commercial Paper and Bankers’ acceptances, sometimes of doubtful value.

As at June 4, 2009 when I assumed office as governor of the CBN, the total amount outstanding at the Expanded Discount window was N256.571 billion most of which was owed by the five banks.
A review of the activity in the EDW showed that four banks had been almost permanently locked in as borrowers and were clearly unable to repay their obligations.

A fifth bank had been a very frequent borrower when its profile ordinarily should have placed it among the net placers of funds in the market. Whereas the five banks were by no means the only ones to have benefited from the EDW, the persistence and frequency of their demand pointed to a deeper problem and the CBN identified them as probable source of financial instability, most likely suffering from deeper problems due to non-performing loans.

The impact of the situation of these banks was being felt by the market in different negative ways. Because of this strain in their balance sheets, the banks pushed up the interest rate paid to private sector deposits and their competitors had to follow suit. They also contributed to the destabilization of the inter-bank market, as many of their competitors were unwilling to take an unsecured risk on them. It was primarily because of these banks, or at least some of them, that the CBN took the step of guaranteeing the inter-bank market when it stopped granting new lines under the EDW. Without that guarantee, almost four banks would not have been able to borrow in the inter-bank and would probably have collapsed.

As you are aware, we guaranteed the inter-bank market to give us the time to conduct a thorough diagnostic of the banks and ensure that appropriate remedial action is taken. At least four of the banks in question have since the guarantee came into force either remained heavy users of funds at the EDW or drawn heavily from other banks under cover of the CBN guarantee to wind-down at this window. In all events, it is clear that they do not have the ability to meet their obligations to depositors and creditors as they are in a grave situation.

In view of the aforementioned circumstances, I instructed the Director of Banking Supervision of the CBN to carry out a Special Examination of the following five banks: Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic Bank Plc and Union Bank Plc.

The examination was conducted by a joint team of CBN and NDIC officials. The major findings on the five banks included:
Excessively high level of non-performing loans in the five banks which was attributable to poor corporate governance practices, tax credit administration processes and the absence of non-adherence to the bank’s credit risk management practices. Thus the percentage of non-performing loans to total loans ranged from one per cent to 48 per cent. The five banks will, therefore, need to make additional provision of N539.09 billion.

The total loan portfolio of these five banks was N2, 801.92 billion. Margin loans amounted to N456.28 billion and exposure to Oil and Gas was N487.02 billion. Aggregate non-performing loans stood at N1, 143 billion representing 40.81 per cent.

From 1 and 2 above, it is evident that the five banks accounted for a disproportionate component of the total exposure to Capital Market and Oil and Gas, thus reflecting heavy concentration to high risk areas relative to other banks in the industry.

The huge provisioning requirements have led to significant capital impairment. Consequently, all the banks are undercapitalized for their current levels of operations and are required to increase their provisions for loan losses, which impacted negatively on their capital. Indeed, one is technically insolvent with a Capital Adequacy Ratio of (1.01 per cent). Thus, a minimum capital injection of N204.94 billion will be required in the five banks to meet the minimum capital adequacy ratio of 10 per cent.

The five banks were either perennial net-takers of funds in the inter-bank market or enjoyed liquidity support from the CBN for long periods of time, a clear evidence of illiquidity. In other words, these banks were unable to meet their motoring obligations as they fall due without resorting to the CBN of the inter-bank market. As a matter of fact, the outstanding balance on the EDW of the five banks amounted to N127.85 billion by end July 2009, representing 89.81 per cent of the total industry exposure to the CBN on its discount window while their net guaranteed inter-bank takings stood at N253.30 billion as at August 02, 2009. Their Liquidity Ratios ranged from 17.65 per cent to 24 per cent as at May 31, 2009. (Regulatory minimum is 25 per cent).

It is important to note that at least three of the banks are systematically important (accounting for more than five per cent of Assets and Deposits in the Banking System) and together the five banks account for 39.93 per cent of loans, 29.99 per cent of deposits, and 31.47 per cent of total assets as at May 31, 2009.
Given the extent of the asset quality problem leading to liquidity stresses, and the variety of stress points on the banks’ balance sheets, failure to act to secure the financial health of these banks will clearly place the system at risk. The Central Bank has a responsibility to act to protect all depositors and creditors and ensure that no one loses money due to bank failure. The bank also needs to move decisively to remove this principal cause of financial instability and restore confidence in the Banking System.

Consequently, having reviewed all the reports of the examiners and the comments of the Directors and Deputy Governors, I am satisfied that these five institutions are in a grave situation and that their management has acted in a manner detrimental to the interest of their depositors and creditors. Therefore, in exercise of my powers as contained in Sections 33 and 35 of the Banks and Other Financial Institutions Act 1991, as amended, and after securing the consent of the Board of Directors of the CBN, I hereby remove the Managing Directors and the Executive Directors of the following banks from office with effect from Friday, August 14, 2009.

Afribank Plc
Intercontinental Bank Plc
Union Bank of Nigeria Plc
Oceanic International Bank Plc
Finbank Plc
These persons forthwith cease to be directors and officers of their respective banks. The Board of the Central Bank of Nigeria has also appointed the following as the MD/CEOs of the affected banks:
Mr. John Aboh – MD/CEO, Oceanic International Bank Plc
Mr. Mahmud L. Alabi – MD/CEO, Intercontinental Bank Plc
Mr. Nebolisa Arah – MD/CEO, Afribank Plc
Mrs. Suzanne Iroche – MD/CEO, Finbank Plc
Mrs. Funke Osibodu – MD/CEO, Union Bank Plc
Each of the above will head a management team that will include Executive Directors and Chief Financial Officers to be appointed by the CBN. This team is tasked with continuing the businesses of the banks as a going concern. I, therefore, appeal to the boards of the affected banks, in their own interest, to cooperate with the newly appointed Executive Management.

We are conscious of the fact that changing management alone will not resolve this problem. Consequently, the CBN is injecting a total of about N400 billion into these five banks with immediate effect in form of Tier 2 Capital to be repaid from proceeds of capitalization in the near future. This injection is sufficient to resolve and stabilize all the institutions and enable them to continue normal business. The injection of fresh capital by the CBN is a temporary measure, as government does not intend to hold the shares for long and shall divest its holdings as soon as new investors recapitalize these banks.

Let me also advise all debtors of Nigerian banks, that the CBN and all government agencies are united in our commitment to support the recovery efforts of the banks. Debtors who do not pay shall have their names published in national newspapers in due course and we will solicit the support of law enforcement agencies in recovery.

Let me reassure especially the customers of the affected banks and all the banks in general that there is no cause for alarm. They should continue to transact their normal business in the banks where their accounts are domiciled, as this exercise is meant to further strengthen the banking industry and recapitalize the affected banks.

I should also state at this point that the scope of the Special Examination was widened to cover all 24 banks. So far, we have concluded the audit of 10 banks, including these five, the others being Diamond Bank, First Bank, United Bank for Africa, Guaranty Trust Bank and Sterling Bank. We have also commenced the next batch of 11 banks and hope to conclude them by end of August. All in all, we expect to conclude them by end of August. All in all, we expect to conclude the audit in mid-September. The Central Bank is requiring all banks to make appropriate provisioning for non-performing loans and disclose them. We hope that by the end of this quarter, all banks would have cleaned up their Balance Sheets. On the basis of the information available to us so far, we are confident that the banking system is safe and sound and we have dealt with the major sources of systemic risk.

I will conclude by restating that, going forward, the CBN will not waiver in its desire to ensure that public confidence in the Nigerian banking system is maintained through appropriate disclosures and the reinvigoration of its policy of zero tolerance on all professional and unethical conducts.
We will not allow any bank to fail. However, we will also ensure that officers of banks and debtors who contribute to bank failures are brought to book to the full extent of the law and that all proceeds of infraction are confiscated where legally feasible.

http://www.sunnewsonline.com/webpages/news/national/2009/aug/15/national-15-08-2009-01.htm

i am interested.
send me info : catfishnigeria@yahoo.com

@ ajileko
pls can you show me picture of slate roofing for a completed house.

(macIB ) thank you so much.