₦airaland Forum

lexylaw09:
* Foreign Investors’ Return

“All the different measures we have taken to boost reserves and create more liquidity in the markets have started to pay off,” Governor Cardoso said.

https://leadership.ng/cbn-reports-upsurge-in-dollar-inflow/

Meanwhile, dollar is still N1600 in the black market and N1590 in the official market.

sunsplash99:
Fruits juice, favoured drinks and yogurt production. Same setup for the three products and u can as well produce pure water if u want.

NAFDAC will frustrate you.

nigeriansamurai:
This is really nice bro , you can start a paint factory(your space seem more than enough), or you can start your own bakery and make cassava flour based products instead of wheat, you can add plantain chips, and other snacks to your brand, or lease it out while you are still deciding, cauze... Time no dey...

Comot snacks and bakery for the suggestion. Cassava products can work, if he get good machinery, and good quality,reliable source of cassava in close proximity.

Lonestar124:
Start producing condom, most the condoms will used in Nigeria and Africa are foreign made..

Will he be able to produce the condom at a competitive price when compared to imported ones? Do you know the amount of regulations, permits and approvals before he will be allowed to start production? Then we can start talking about sourcing raw materials- rubber and packaging. I have not even gone into power yet.

Redman44:
One of the best ideas so far is the one above. However, you need to find a way to source the raw materials cheaply. You need intelligence to succeed in the snacks business. Cheers.

Snack (and even food business) no be am right now. Prices of basic ingredients like flour, sugar, groundnut oil, etc., are skyrocketing on a daily basis. Even prices of ordinary food items like garri, yam, meat, fish, etc are highly unstable. If you buy today for selling, before you restock in 2 weeks, the prices might have jumped 20 - 50%, so most food vendors are afraid to stock their shops.

I will advise you not to rush into any manufacturing business right now wait for the economy to settle viz-a-viz a stable exchange rate, a stable fuel price and a stable government policy and direction.

alizma:
It was Wigwe( a southerner) that came to his rescue not southerners. Also, you need to know that Wigwe was not doing that if they had no existing relationship to justify that. Who was the CBN governor when Intercontinental bank was taken from Akingbola and handed over to access bank in the form of merger/acquisition?

As much as I don't want to down play the magnanimity and kindheartedness of Herbert Wigwe during his lifetime, particularly among the elite and church, I am very uncomfortable with this story. A CBN governor should not be so tied and interwoven with a Bank C.EO. CBN is a regulatory agency of government to regulate the banks. How can CBN punish the excesses of a bank when the governor is best friend of the C.EO. Their relationship becomes like the one between LASTMA and danfo drivers. Have you seen danfo stop at traffic lights in lagos, even in front of LASTMA officials? So now you cannot blame those who questioned how Access Bank under Herbert Wigwe acquired Intercontinental Bank, under the supervision of Governor Lamido Sanusi.

ProudNigerian01:
What's with that girl sitting to give a handshake to the VP when men like Osinbajo and Dangote dey stand Greet VP? Na new generation things or just ignorance?

Wigwe was a man of impact sha. God rest his soul.

It is a noteworthy thing to impact our society positively so that in the event that we leave this world our names will continue to echo.

Do good to men and Honour God in your actions.

You guys know how to raise irrelevant and unimportant issues. For the V.P to walk up to the girl to greet her, she is obviously a very close family member of Herbert Wigwe, most likely his daughter. Since she is in mourning, courtesy demands she sits while others come to pay their condolences. So you expect her to stand up smile and hug shettima because he is the vice president?

GreaterFuture:
So what happens to these Junior officers?? As they obviously part of the setup and will be dismissed too?
Since they are in on it too, and will be put in front of the military Tribunal...


(I think I can guess how the whole scenario or thing plays, but, I wanna hear you...)

Till today they were never found. They disappeared into thin air with the money.

fidelmarshal199:
So you believe his junior brother will implicate his brother? What bout the properties traced to him in Abuja? He was setup with that too? Your thinking faculty is vague bro

I am not exonorating him from misappropriation and official corruption. That's a feature of all other Nigerian office holders, as I have said earlier. What I am questioning is the main allegations that he stole physical cash being transported in the course of his duties as G.OC. 8 div.

I have a distance cousin who retired as a commodore. He made bastard money in his last duty post. His colleagues attempted to set him up by asking his boys to break into the armory and steal expensive weaponry. Luckily he was very generous and humane with boys under him. It was these boys under him thar alerted him and told him to put double security at the armory. At the end of the day, the plot failed. Immediately they promoted one of his main rivals to a position to oversee his own command, he put in his resignation letter, as he did not want to take chances. Today he is living big.

The politics within the military is deadly.

GoodSpirit:
You need the story from their own perspective and you heard from the tribunal which then will you believe? You will be naive not to know that all military commanders are corrupt in Nigeria, if you have Access to what they all do you won't type this.

Please watch the video again, this time without any bias. You will realised that what he was charged with by the court marshall makes no sense. He was accused and found guilty on 5 counts. Now, the major accusation was that he ordered the movement of N400,000 in cash, which was stolen by the Corporals transporting the cash. Of course within military rules, all arms,munitions and cash within an officers command is his responsibility, and is required to account for them, no excuse. But on the criminal side, he has not been convicted of any crime. If he his to the convicted of a crime, the military would submit all their evidence to the police/EFCC/ICPC, that is after dismissal from the army, the chase would be charged to court, and a judge would pronounce the ex-officer guilty as charged.

On the misappropriation charge, no officer can be innocent of that in the Nigerian military, police, civil service, churces or even street association. 99.99% of Nigerians in charge of misappropriating funds under their control. Its a national culture. But note misappropriation is a civil offence and not a criminal one.

Objectivist04:
@ your last sentence, you mean Yoruba vs to Yoruba exposing themselves but I was made to believe that you guys love yourselves.

Forget love when ambition, woman, money or power is involved. This goes beyond tribe, clan or family. Even in igboland, the acrimony between brothers over inheritance is most times bitter and sometimes bloody.

Forkthiefnubu:
You know am saying the truth , the tribal thing is so so ingrained in you guys DNA that it is a way of life and a norm , a political philosophy, all the sympathies for the guy is based on his tribal affiliations

It's sad, that people accusing others of tribalism are the actual tribal bigots, who look at every issue from tribal tinted lenses.
I am asking you guys to look at the whole report using your God given senses but you guys are shout tribalism, just because of your hatred of the tribe of the accused. Meanwhile if the General was from their own tribe, they would play the victim card.
For your information, I am not Yoruba. I have criticised Yorubas, igbos and Fulanis here when they do wrong. I am talking about this case because I was very close to the junior brother of the General, and so had some privileged information when the matter was trending. I have never supported corruption, even from my fellow tribesmen.

aariwa:
What I heard about the story was that they had been moving money meant for arms against boko haram , illegally in raw cash to avoid trace or any records . They were using young soldiers because they thought the young soldiers were mugu and didn’t know what was transported not knowing the young soldiers had already perfected plans to escape with the money until the day they escaped . Till today nobody knows the country those young soldiers went to . That money was actually in billions and dollar was three hundred and something then to naira . The military authorities downplayed it from several billions to just 400 million due to the outrage it would have created in the media and questions Nigerians would have asked about buhari anti corruption stance

Please read what you wrote up there, does it make an iota of sense?
Why would a general be moving money in cash in order to steal it? So he ordered corporals to help him illegally steal N400,000? So a G.O.C would withdraw money from a bank, load it into an army truck to be transported to the theatre of operation and then arrange to get it stolen and transferred into his personal account.

The physical cash was in billions? In just one single army truck? Do you know how much space N1 billion would occupy?

The four corporal that actually stole the cash disappeared in to thin air? How? Were they declared wanted by the army and interpol? What of their families and guarantors that signed for them while joining the military, were they every asked to produce them?

Pickmycall:
It is forbidden.He would sue the army.

You cannot sue the army.

Pickmycall:
He wasn't fully dismissed.The court marshal ruling stated that there would be a recommendation from a board to approve it.
But why most elite dey use wheelchair or walking stick to disguise?

He was tortured. You could see he could hardly stand up. A military General would not feign injury for such a stupid allegation.

shortgun:
How much is the salary of a major General in the Nigerian army?
For you to say the man has been balling since the time of General Diya means he's not a clean officer
Stop supporting evil people in this country

You are looking for a clean officer within the Nigerian army or Nigerian millitary. You stand a better chance of finding a virgin in a maternity ward.
I have many people within the senior cadre of the military in my extended family, so I know the kinds of dirty games they play. They set up senior officers by simply having junior officers steal guns, ammunition or cash under your command and you get court marshalled, demoted and dismissed.

shortgun:
Set up by who?
Why did he return over 150 million naira if he didn't steal it?

Believe me, he did not need to steal the N400 million as A G.O.C. Can't you see that he was brought in a wheel chair? Do do know the amount of torture he had endured before being brought to the court marshall? How many soldiers had admitted to planning coups they knew nothing of after being set up and brought before military court marshall.
Otiki was already balling in Abuja when he was ADC to General Diya.

In addition:
Listen to the report well, he was never accused of physically stealing the money. Money that was to be used for projects under his supervision was stolen in transit by 4 Corporal officers under his command. Added to that he was accused of misappropriation of funds. Now ask yourself, where are the 4 corporals, and why are they not at the court marshall?
Also note that at the end of the report, it says that there was already a frosty relationship between Lt General Adeosun , the head of the court marshall and Major General Otiki.

Goodvibes007:
That's bad luck.

It's fairly common within the military. If your rivals want to get rid of you, the set up junior officers under you to set you up. If the target had been nice to junior officers, the junior officers would either alert the oga or fail to carry out the sabotage, but if the oga treated his boys with disdain, they would set him up big time. General Otiki was very arrogant not only to his juniors but also to his mates.

He was set up. He did not need to physically steal money. As a G.O.C, he had lots of money at his disposal to run the division. Ordinary Commanding officers of barracks have millions to play around with, not to talk of a whole G.OC.

His junior brother was my class mate at the University, so I knew the story when it happened on a personal level.

CCIA:
Your lack of comprehension is appalling.

You that is filled with comprehension can you explain why a big country with lots of arable land and touts itself as the giant of africa be importing basic foodstuff like rice, beans, chicken, fish,etc and to add salt to injury receiving food aid from a country that had been at war for two years

Creamypie:
How can a country at war supply agric product to one supposedly not at war? In wartime, u aren't supposed yo ga cos death isn't far

Their brains cannot process the question talk less of addressing it. Why is a country in a devastating war sending food aid to a country at peace that touts itself as the biggest economy in Africa.

Please note Biafra lost the Nigerian civil war principally because of starvation.

Jeboy:
Are you for real, I need 300 usd

Why will he sell to you at N1300 when he can stroll to the nearest mallam and sell for N1600?

t2luv1:
email if you are genuine.

Someone about to be scammed.

Bluntemperor:
How do you reason and think of evil for your Country,at all times!

And you think you love Nigeria more that people that point out ill advised, not well thought out policies of both the previous administration and this one?

For your information,Binance Operations is gone for good, having admitted their guilt!

How is Binance gone for good. Binance website is still up and running, you only need a VPN to access it from Nigeria.
Link me to where Binance admitted their guilt.

Besides, their Operations are gone in USA and heavy penalties on part of Europe where they are highly restricted!

Yes, the original is banned in the US due to regulatory reasons, but a subsidiary/partner of Binance called Binance.us is up and running in the US. It carries out all the functions of binance but with compliance to US regulations.

Let me ask you, what has been the Economic Contributions to Nigeria in some of these manipulative Schemes?

It allows ordinary citizens the opportunity to trade currencies ; both fiat and crypos without any restrictions. The problem is governments needs a way to monitor these transactions so it is not used for money laundering and criminal purposes.

To some of these funny organisations,- how can you be fixing Rates above the CBN Rates in any Country?.
That is Criminals

They are not the ones fixing the rates, the rates are fixed by the sellers and buyers just like in the stock market or forex market. It is the equilibrium between demand and supply. Is that not what the administration want to achieve? Float the naira so that its price is determined by the forces of demand and supply.

DEXTROVERT:
How
Do
I
Withdraw
My
$50
On
Binance

Naira
Don
Gain

Register with OKX, transfer your binance balance there and cash it out through their P2P. OKX P2P still have NGN.

spiSeyi:
A serious country that is intentional about its economic stability, the CBN here in Nigeria is busy chasing rats (crypto exchanges and BDC) while the house is burning.
If CBN is serious and mean to stabilize the Naira most bank MDs will be in jail as we speak. What's the esense of pumping FX to banks that common Nigerians can buy USD in the Nigerian banking hall . CBN should stop selling USD to banks and regulate the BDC so that they can take full charge of selling & buying the USD

Don't mind the CBN. Binance is still very active in Ghana that is now sanctioning banks for round tripping, unlike Nigeria thar left the banks but started chasing Binance and BDCs.
CBN would sell millions of dollars to Nigerian banks at official rates so they could sell to ordinary Nigerians, but the banks refused to sell to ordinary Nigerians, instead they sell to BDCs and mallams at black market rates. Then ordinary Nigerians go to BDCs and mallam to obtain dollars at exorbitant rates. If CBN was proactive, they should have bypassed the banks by creating their own exchange where they allow ordinary Nigerians to bid for dollars or even USDT, or collaborate with binance to sell dollars or USDT to ordinary Nigerians. Binance had been a life saver for Nigerians that needed dollars fast without the hassle and pains of Nigerian banks.

zebszebs:
If this were true then all "actual celibate" reverend fathers and seminarians would all be dropping dead like flies from postrate cancer.

Knsley:
Na God dey save person. How does Reverend Father's survive without prostate cancer.

And who yell una say reverend fathers dey celibate? Una no dey hear news of old reverend fathers wey dey abuse small boys all over the world? In Nigeria its no secret say reverend father dey sama the kpekus of young female parishioners.

Jimoh Ibrahim, NIMASA boss is alleged to have stolen 1.5 trillion naira and another 9.55 million dollars.

https://www.youtube.com/watch?v=Q3Oqj9eKB6Q?si=5kIpOVVd4_25HOfK
This is just money allegedly stolen by one person, a DG of one of the close to 1000 government parastatal. The money stolen by all the DGs, chairmen and MDs of all the other parastatals is better imagined.
Meanwhile president Tinubu, CBN governor Cardoso and APC supporters are blaming Binance and bureau de change that is destroying the economy

Jimoh Ibrahim, NIMASA boss is alleged to have stolen 1.5 trillion naira and another 9.55 million dollars.

https://www.youtube.com/watch?v=Q3Oqj9eKB6Q?si=5kIpOVVd4_25HOfK
This is just money allegedly stolen by one person, a DG of one of the close to 1000 government parastatal. The money stolen by all the DGs, chairmen and MDs of all the other parastatals is better imagined.
Meanwhile president Tinubu, CBN governor Cardoso and APC supporters are blaming Binance and bureau de change that is destroying the economy.

itsene:
Absolutely and CBN is doing little to protect customers and citizens at large.

Customers ke? Watin concern CBN with customers? CBN is more interested in protecting the interest of politicians, then the interest of banks. Banks can steal, defraud and abuse ordinary Nigerians as far as CBN is concerned.

Dzzzz:
Richard Teng is coming to nigeria to face the law😂😂All I can say is this news can give my ass French kiss..I just need to hibernate and wake up when Jesus comes to take my soul to heaven..My only crime and sin is being a Nigerian TWE(chineke ekwela ihe ojoo)-translation(god forbid bad thing).

Abeg quote the Nigerian law that Richard Teng broke, I mean relevant sections, and what is the penalty for these crimes.

Is it only Richard Teng /Binance that commited these crimes or all other crypto exchanges, currency exchange sites, online stores, online banks, online shopping sites and in fact all other sites accessible in Nigeria that money is used to transact business online?

Also answer, is the crime specifically target at Nigeria or the crime is commited by binance in all countries of the world?

CyberWolf:
I thought they say it’s crypto? Pursuing any while the elephant sits gallantly in the room.

Crypto transactions have to pass through the banks.