₦airaland Forum

HeroicMeastro:
The banks, not the politicians are Nigeria's greatest problem. If we can have a good and sincere banking system, the country's economy will be amongst the best. Nigerians are generally industrious, but don't have capital base. Elsewhere banks gives loans to citizens to start up businesses at a very low and reasonable interest rate and flexible repayment plan. In Nigeria, when you take any loan from banks you will be made to pay almost 100% of interest over time.
I laughed when some people will campaign of turning Nigeria from a consuming to a manufacturing country. With the current set of these banks?
It is the banking sector in Nigeria that needs a complete overhauling before any economic progress can be achieved.

People underestimate the contributions of the banking sector in the destruction of the Nigerian economy. Also most all crimes (with the exception of petty crimes like armed robbery) can't happen without the involvement of banks. Even ransome from kidnappings pass through the banks. If you Sanitise the banks, half of Nigeria's problem is solved.

If EFCC is aware of that, why are they not going after bank officials? How many bank, Chairmen, MDs, managers and officials have been investigated, arrested and prosecuted?
We all know the problems with Nigeria, what we want to see are actions.

Putinofrussia:
So the Pandora thief does not know that Ukraine, even in war, has been exporting grains to even advanced nations too.
Go to school,dem no go go.

You guys are just playing dumb. Why are you deaf to the question being asked over and over again; Why is a country that has been in a devastating full war sending food aid to a country at peace? should the reverse not been the case? Should we not be the one sending cassava, beans, corn, and other food items we grow here to them?

The problem with President Tinubu's administration is that it is taking too many destructive and disruptive actions at the same time, and then closed the land ports - both in the south west and north. He removed subsidy, and the same time floated the Naira. Not long after banned/Restricted BDC, banned Binance and now started blocking people's accounts
Added to that he is planning to disable millions of phone lines. And he is travelling all over the world begging investors to come, when the one already here are running away because of all these obstacles.

DeepSight:
That's cool. I have never touched crypto though.

You are really missing out on cutting edge technology. I mean blockchain technology as a whole of which crypto is just a part of. I only deal with USDT for saving purposes, bit now I am venturing into meme coins particularly on Solana blockchain. If you are lucky, it can make you a millionaire overnight. Also you could lose all your money in a manner of minutes, you just have to know what you are doing.

TIN is easy from Ikeja or Lagos Island. How can you have corporate clients without it.

The company was dormant for almost 10 years, I only revived it 2 years ago and no one demanded for it.

DeepSight:
I dont think a corporate account requires NIN. Its BVN I think.

It does, that is the signatories to the account. I was told to bring NIN, TIN and electric bills
I has submitted NIN and electric bill before, it's only TIN in don't have.

HEBEI:
3) The market cap of USDT is 98 Billion and they told you a single country transacted 26 billion and you believed?

Imagine! Nigeria transaction one forth of USDT transactions?
This is what you get when people employ 19th century knowledge to run a 21st century economy.
Binance is just one exchange out of plenty others, it's just that it is the most successful. If you ban binance from doing business other would come in and fill in the void.
Creating a crypto exchange is not difficult, the difficulty is getting people to trust it enough to bring their cryptos there.
Competent Blockchain technologists make far more money than oil workers.

DeepSight:
When many have to use a VPN, the transactions will become few.

You don't need VPN for OKX. OKX just saved my life today.
My corporate account was restricted yesterday, that where I leave the money for my operations. I had to borrow money from the wife just to be able to work today. My bank asked me to bring documents like NIN, Nepa bill and TIN before my account can be freed. I honestly don't have TIN, so I am working on that, bit it's likely to take a few days. I don't have shishi in my other accounts
I remember I have about $100 USDT on Binance. I logged into binance with a VPN, transferred the crypto to OKX and sold it at N160,000. All within a span of 30 mins.
You see crypto (that is USDT)is very useful as savings and as a store of value. Far better than the Naira.

My corporate account has been restricted. I think it has to do with this NIN /BVN issue. Though I had linked it to NIN before now. Its going to ground my operations this week.

Shadomaan7:
Helping those in need is just as important as building a church, lets not forget our brothers and sisters struggling to survive in our communities.

What is a church? Is it the building, the pastor or the brethren?

Emu4life:
This OPEC caps doesn't make sense to me. How can Saudi Arabia, Iraq, Iran, UAE, Russia, Kuwait and others with small population have times 5 (or even more) of the Nigerian qouta despite our large population?

If we have sensible leaders, we should have exited OPEC and targeting 10m barrels production per day.
Honestly, this OPEC qouta shit doesn't make much sense.

Exactly! A quota of 1.5 million b/day is highly unfair. Nigeria with a population of over 200 million is given a production quota of 1.5 million b/day, while kuwait with a population of just over 4 million is allocated a production quota of 2.6 million b/day. That's cheating. Nigeria's quota should be at least 2.5 million b/day, that's if we can meet up.

PARADIZEPRIEST:
binance is banned in UNITED KINGDOM,IT IS BANNED IN CHINA, USA FINED THEM 4.5BILLION LAST YEAR FOR INFRACTION. angryBAN THEM IN NIGERIA,WE DONT HAVE THE HITECH REGULATION TO REGULATE THEM. CBN SHOULD BAN AND BURN THEM.THEY ARE ECONOMIC SABOTUERS WITH POLITICIANS AND SCAMNERRS.

As I have been saying banning Binance is almost impossible, because it operates in cyber space. As long as you have Internet connection, you can access binance, unless of course the government instruct the country's ISPs to blacklist their IP, but then there are bypasses by using VPNs, proxy servers and tunnels. Banned Binance in China still carry out $90 billion of transactions monthly.

Binance is not completely banned in the UK and USA, but highly restricted.

DeepSight:
If something is difficult to regulate should it not be banned?

You can't ban binance or any other centralized or decentralized exchange, because they operate in cyber space. They have no physical address, no office, no physical staff you can identify. You can only restrict their operations through clever IT tools and skills, and I doubt if out archaic public servants have those skills. That's why they are running after binance officials and citizens instead of employing IT to restrict them.

Blockchain technology is a cutting edge technology and we are way behind.

Haaland21:
Nice decision

Binance is a fraud....more than 15 countries have already banned them.

No one has accused Binance of fraud. In fact binance transactions is more transparent than our so called banks. The reason they are banned in many countries is because they are very difficult to regulate.

RepoMan007:
Kidnapped their representatives and slammed a technical ransom of $10Bn on their assés.
This is Intl corporate banditry, though it favours me. At least he won't tax the he'll out of me.

Typical kidnap for ransome. Tinubu is learning from bandits. If the Binance representatives broke Nigerian law, they should charged to court. If the company Binance broke Nigerian laws, they can be banned and blocked from operating in Nigeria, but extra judical holding of their executives until a fine is paid is banditry.

favor914:
Did General Sani Abacha win any election, even local government election?

He did not because he died, but if elections held in 1999 as scheduled, Abacha would have won with a landslide, or should I say moonshine. 5 million youths had already lined up in Abuja earnestly begging Abacha to run for president. All the 5 political parties had already adopted Abacha as their presidential candidate.

That's is an indication of the legitimacy of Nigerian elections as INEC choose to be opaque and not transparent with election results.

seunmsg:
The problem is not even the organized Labour but Joe Ajaero who is a member of the opposition Labour Party. He’s the one using Labour to play opposition politics.

TUC made it clear they are not part of the recently flopped nationwide strike and protest because it was absolutely unnecessary since all the demands have been met.

The good thing about President Bola Tinubu is that he won’t shy away from a fight. Ajaero and his gang of Obidient supporters have been giving a long rope to pull and it’s time to call their bluff. They have now been warned. Respect yourself and allow the government to face governance in peace or face the consequences. If you want power, wait and contest in 2027. Enough of the disruption.

Who is tinubu compared to Abacha. The likes of Frank Kokori and Pascal Bafyau fought Abacha to a stand still. We don't have such men of conviction and courage anymore.

ufuosman:
NLC be no even serious

NLC is dead and buried. Gone are the days of Pascal Bafyau and Adams Oshiomole. That was when NLC had fangs and even military dictatorship governments were afraid to step on the toes of labour unions.
In those days, no way government would raise price of fuel 300%, devalue naira 100%, increase food prices to astronomical levels, and still keep minimum wage at N30,000 (one quarter the price of a bag of rice or just 50 litres of petrol). Labour would have shut down the country indefinitely.

Nowadays, NLC are errand boys for the government, they huff and puff and then whimper back to their hole after collecting a few dole.

This is the key sentence in the whole speech;

Democracy is nothing more than the political framework and the path to addressing the basic needs and aspirations of the people.


Now Has democracy in ECOWAS addressing basic needs and aspirations of the people, or the basic greed of a few power hungry political elites? If ECOWAS can address these needs, coups would be unattractive in the sub region.

It was ECOWAS that first suspended Niger Republic, before the country along with its sympathisers decided to pull out. That means for Niger and others to consider coming back to ECOWAS, President Tinubu and his own supporters must first of all rescind the suspension. That's just common sense. President Tinubu must as inauguration a committee to negotiate with Niger and others on the way forward. ECOWAS cannot afford to be divided at this critical period.

gidgiddy:
Stop defending Gowon, there is no defence. The entire Supreme Military Council (Col Gowon,Col Ojukwu -East, Col Adebayo-West, Col Katsina- North, Col Ejoor-Midwest) were not only at Aburi, but also signed the agreement along with Gowon and Ojukwu. The picture they all took with Ghana's then President, General Ankrah, after the signing, is on the internet and below. They were all in front row with General Ankrah

When they got back to Nigeria, Gowon broke the agreement and caused the war

You are stuck in your alternate universe and no force of fact can bring you to reality. T.Y.Danjuma and Mohammed Murtala opposed the Aburi accord, they even refused to attend the aburi meeting. The Midwest region opposed the Aburi accord and the head of service in the person on Prince Akenzua wrote Gowon detailing his opposition. In a meeting of the representatives of the regions, which Ojukwu boycotted, the remaining 3 regions rejected the Aburi accord.
So I don't know how you think Gowon could gave imposed the Aburi accord on the whole nation.

Verysmart101:
Does military government operate with constitution? When he created states did he consult the supreme military council? Military dictatorship is absolute and gives supreme power to the head of state. Don't confuse it with civilian regime

A military man takes an oath to maintain the territorial integrity of a country with his life. You don't expect a general to fold his hands and watch a section of the country secede.

Even if a military government suspends constitution, that doesn't mean they can give portions of the country away.

gidgiddy:
A President signs an agreement but it is not binding? Really? Is that how you people reason? You sign an agreement then decide later if you want to go through with the agreement or not?

So how did you expect their won't be trouble?

I sign an agreement, and later I say that I conducted, and decided not to honor the agreement I signed? So I couldn't consult before signing? Then its Gowons's fault 100%

Really! A president cannot unilaterally sign an agreement affecting the fundamental structure of a country. Even a dictator cannot fo that without the agreement of the military and other sections of the country.
The Aburi Accord was never ratified by the supreme military council or politicians of other regions of the country, therefore the Aburi Accord was null and void ab initio.

EponObi:
Me too bro! Even though 2022 was very tough.

Tell them, but don't let out the secret. Many Nigerian youths are making clean money with crypto.

Deogratiasfx:
A country that knows what is doing can even rely on Crypto to beautify their economy. Huge hard currency that is would even give u more than oil wells and gold reserves.
Was so shocked that the world is going crypto, Buhari was banning Crypto.

Imagine. So many ignorant people here. Binance has daily trading volume in excess of $10 billion, and I am not even started talking of other exchanges.

There are numerous crypto instruments and assets, ie NFTs, MemeCoins, altcoins, etc that ordinary people (some teenagers)are using to cash out millions, others are making millions mining cryptos and other blockchain technologies, and someone is asking what crypto contributes to the economy, in this era of web 3.0.

IbeOkehie:

The truth is that the 10 years of of fuel subsidy from 2012 to 2022 finally destroyed the financial stability of this country.

Completely false narrative.
Fuel subsidy did not destroy the economy, corruption did.

Here are the avenues of corruption, each of which is more than fuel subsidy.
1. Crude oil theft. The amount of crude oil theft in the high seas per month is more than fuel subsidy per year.

2. The amount of fraud in the fuel subsidy itself is more than the actual amount spent subsidizing the fuel in the first place. The house investigation on the fuel subsidy regime revealed that.

3. The amount stolen in other government ministries and parastatals (apart from NNPC), ie Ministries of humanitarian affairs, Works, Aviation, Transport, power, etc, is more that the money paid for subsidy.

4. The amount stolen by the likes of Elumelu, Ovia, Wigwe, along with their banks through round tripping the naira is more than the amount spent on subsidy.

4. The amount stolen by the CBN governor and his cronies and associates is more than the amount spent on subsidy.

5. Finally, there is the question of if there should be subsidy. Why? Because since the 1980s, we are made aware thar Nigeria entered a crude swap agreement with various refineries overseas, whereby we give them crude and they give us petrol, diesel, kerosene and Aviation fuel, while they keep the remaining products as payment. What happened to the crude swap agreement, was is still operational the last 20 years or it was cancelled?

So the number 1 problem of Nigeria was/is corruption. Kill corruption and everything will start working again.

Trump and his MAGA cult members are confused and suffers cognitive dissonance. Now, if Trump is comparable to Navalny, then Biden should be comparable to Putin? (that's is in their warped minds). So how come Biden is condemned for going after Trump, but Putin is praised or at least tolerated for killing Navalny? Trump and his supporters can never condemn Putin.

Nbote:
At this point, it is very very very very clear that these people are very very very very clueless. This is what you get when you bring in relics as leaders. Is Nigeria the only country using Binance? How can anyone who isn't a slowpoke claim Binance is a sophisticated heist against the economy

Imagine, Kenya is using Binance, Zimbabwe is using binance, even next door Benin Republic is using binance. Its only in Nigeria that Binance is causing problem.
That's what you get when you elect geriatric old men in government, instead of taking advance of the digital economy, all they know is ban this and ban that. They will ban social media soon.

uche393:
what Tinubu should have done was to remove only fuel subsidy and maintain Buhari's exchange rates.
then make measures to tackle the the scams CBN do with the official forex rates and have limits to sell to people like Dangote because he took advantage of the CBN rates

Removal of petroleum subsidy at the time and manner he did was wrong. Why? Because Nigeria generates a measly 6,000 Mw of electricity and have no mass transit transportation system. What this meant was that the over 200 million Nigerians depended on petrol to run their offices and homes, and on transportation to work and business. Petrol was and is still critical to the survival of the average Nigerian - directly or indirectly.
What Tinubu should have done immediately after inauguration was to probe the petrol subsidy regime and probe NNPC in general. Even if he cannot prosecute subsidy and oil thieves due to political expediency, he should at least stop the massive theft. EFCC should be working overtime instead of pursuing Yahoo small boys up and down. We are yet to understand what happened to the crude swap agreement we had been operating since the time of IBB.
Tinubu decided to punish Nigerians to save his friends and political allies.

HellVictorinho6:
can we meet face 2 face?

I am Sorry I try to separate my real life from my online persona. Nigeria is a dangerous place at the moment. My WhatsApp was hacked last Friday, it took me 24 hours to recover my account, before then the hacker had wrecked havoc to my reputation, by contacting everyone on my contact list and pretending to be me begging for loan. Luckily, only one person fell. I am still trying to resolve that one till now.

Drop your email and I will contact you with my alternative email. I will see if I can be of assistance anonymously.

JayTripz:
Ahhhh Omoooo :'

Makes me wanna Cry

God help us in this country

Many people warned us about a Tinubu presidency, but we refused to listen. Emilokan was the only thing that mattered. After Tinubu, whose turn is it? Since Nigeria now operates on a turn by turn basis.

https://www.youtube.com/watch?v=cUN5LUVDHdw?si=QK_fWzyOgHEL-Lig

nairalanda1:
I doubt we are in a position to get a loan sans conditions.

At the end, this government and it's predecessor never ever did diversify. Here we are.

We are. The problem is trust. No one trust any Nigerian government after Obasanjo. Would you give loans to someone, an organization or country to someone you know is profligate.
Nigeria's debt to GDP ratio is not too bad. If the government invest heavily in gas and oil, and increase production of crude to N2million barrels per day, reduce government expenditure, invest more in infrastructure and the productive sector, the loans can be easily offset.

nairalanda1:
Yeah, and replaced by another government that will pay subsides to the max on borrowed money, and then we would be in real trobule and tribulation pretty soon.

90% of income on debt servicing , 4bn forex. Partly due to decades of subsides.

Borrowing does not put people or countries in trouble, in fact most successful people and countries borrow heavily. Its the use to which the loan is put that can cause trouble. If fuel subsidy can cause an increase in productive capacity and thus increase in economic capacity, then the government would reap the rewards in increased taxes and socio economic stability.