₦airaland Forum

Avalani:
Personally, I consider this to be ridiculous. Economists in the house might quote inflated financial jargons to support this move, but the simple truth is, in business any idea that restricts the customer and offers him less choice is a poor one.

Thanks - we need more freedom and encouragement to small businessess - this policy in action does the opposite.

mrjingles:
Its obvious many of us do not understand this policy, we are using "dugbe market" analysis. No need commenting further on this, it would be a dialogue of he deaf.

Anyways you guys can vent away while the train moves on. Instead  of you "young intelligent Nigerians" on NLand to think of how to key into this you are busy making meaningless comments. "those saying something is impossible are interrupting those busy DOING the 'impossible'.  When chinese and south africans take over the market you will start grumbling about "foreigners taking all our money" I dey go jare.

There is no sophisticated economics here - this is plain and simple " Policies are created either to encourage or discourgae open market operations" it is quite easy to spot what this policy is designed to do. If we have the basic physical and organizational structures to turn to electronic transaction, fine, it should be a passive and unreactive chance rather than an active revolutionary process.

FREEDOM is one thing any good policy maker would keep and promote -

Very sad

Kobojunkie:
Corporate accounts are not for all businesses. Most businesses in Nigeria operate as sole proprietorships and not as corperate entities. Also, in a country where much of the economy remains underground, some stores does not equal most stores, unless you are trying to say that the traders in Tejuosho, Mile12, etc now use electronic payment.
What do you mean "the case of the US is different, record keeping is higher, most transaction details can be traced, violent bank robbery probably not as high anymore"?? Are you suggesting this came about as a result of the move to increase electronic banking? Cause if that is what you are saying, I will say right now it didn't!! Good record keeping practices etc came centuries before electronic banking/transactions came in --- electronic only helped build upon what was already available. Also move to using automated systems comes with so many of it's own problems that we have not been doing such a good job with for a while now.

That aside, I still do not think the penalty on transactions makes sense.

The bold sums up the feeble in this policy. While it is laudable to encourage electronic transactions, cash transactions are also needed because a lot of small businesses depends on it. The Onitsha trader who has to withdraw every market day to pay his suppliers, the northern tomatoes trader who transacts directly from her Waist Purse. They are part of the economy and we have to stop enacting policies to penalise them.

This only state again as fact that Sanusi is a radical - he may have good intentions but his measures are too strict. How can you penalise one for withdrawing his or her own money? his terrible choice of word "penalty" indeed

tlops:
Even in sweden you have to notify in advance (email or phone) the bank ahead for any cash withdrawal over $2000.

Sweden is a full fledged social economy -Is that what you want here?

iv4real:
This man is forgeting that Nigeria is a cash economy. Most transactions are carried out in cash. Hence the need to withdraw or deposit huge sums of money.

Thanks my dear.

pluto04:
Please read the original post - slowly. There is nothing in the policy that prevents free movement of cash. It does not impose penalty on cash 'huge cash transaction'. It is only trying to discourage huge transaction using physical cash and encourage huge transactions using electronic cash. Did you notice the difference mate? This will increase the volume of cash flowing through the system and reduce the volume flowing outside it. There is nothing socialist about this.

Your self-contradiction is dazzling.  Do you realise some enterprise need physical cash to function on daily bases? if you do then we can infer that this is a bad policy - as might be expected; Shell or Chevron do not need notes or coins to operate.  it is small businesses that will sufer this blow of a policy.

If the goal is to encourage electronic transactions - which i think is a laudable one - then it should[b] not be done[/b] by imposing penalties to those who do not opt for electronic transaction.

pluto04:
How does my opinion make me a Socialist? Do you even understand the term 'Socialist'? How is this policy 'punish people for having to build a business and make daily cash transactions'?

Are you serious?  A policy that prevents free movement of capital by individuals and corporations - that impose a penalty on HUGE cash transaction is anti-capitalist in its very nature. What do you understand by socialism as an economic theory? Funny dude

sbeezy8:
This is what I dont get what does buhari concern him? Stick to the things youve been calling for federalism, resource control, regional govt etc.

GEJ being president has blinded these guys.

Trust before you know it GEJ will no longer be president and Niger delta still wont have federalism.

He should be asking Southerners to leave the north and develop their own region, obviously Nigeria is not one. That has nothing to do with Buhari, it has been going on before buhari!

I couldn't have agreed more - he is distracted just like every one would expect from a materialist. Instead of holding to his creed he is busy on pedantries

pluto04:
There is nothing wrong with this policy. I think all the required infrastructure are already in place. The missing piece is forcing people to change their attitude to cash which I believe is what Sanusi is trying to achieve.

For those shouting electricity, check out the following:The cost of these devices is similar to what people spend on mobile phones. I know one Nigerian card company that deployed services based around similar devices as far back as 2006.

Some people will be shouting impossible while others will be making a lot money by positioning themselves for the takeoff of the policy. I don't think the opinions expressed on nairaland matters in anyway. If CBN and the banks have agreed, it only needs the support of the FG and I don't see FG support being witheld.

You are a socialist. It is not worth arguing with you because this is ideological- well i believe people should be allowed freedom to do what they like so they can venture into business without fear or punishment of any sort. Why punish people for having to build a business and make daily cash transactions? why my friend.

Sanusi is driving the Monetary policy towards the exact opposite direction of success  - instead of instillation more freedom of capital he is doing the exact opposite. Is he trying to create a communist order ? i suspect so.

My take on this "its a shame that Buhari and his boys still do not understand Nigeria politics up to this moment".  How can Bola Tinubu wave a Magic wand and swing almost 90% of Lagos vote to Jonathan's side over night ?. In Africa we vote personality not party  - Buhari should know that Jonathan got a "sympathy vote" even in some parts of the north.

Source : http://www.thisdaylive.com/articles/buhari-how-tinubu-gave-s-west-votes-to-jonathan/89907/

I am very disappointed in Buhari. He selected all the states where he was axed and cried rigging - the truth is any observer of Nigeria politics would hand the victory over to Jonathan - he clearly won. Does the General really think he won the election? this is the question we should be asking - does he really believe in his heart that he won the election and his mandate  was given to Jonathan? If he doesn't then what is this all about -

The fact is that  - the election was relatively free and fair. Buhari is a noise maker, we understand the election cannot be 100% smooth because it takes time to get to Lagos from Kano, to move from the 2007 election of anything goes to a perfect one will take at least some time.

Kobojunkie:
I believe Ribadu not taking charge of the negotiations since he would have been the one stepping down, ruined it all.

You are very correct - why is Ribadu not a factor in the whole negotiating process? why  negotiate with Tinubu when he is not the chairman of ACN or the presidential candidate ? The answer is clear only look for it.  This means Tinubu could have taken a decision for Ribadu to step-down without consulting Ribadu.

Ribadu is nothing but an automaton - controlled by Tinubu- i am sure this will teach him a lesson that politics is only about interest and nothing else.

What an irresponsible woman

muami:
Heya, He has seen that this would be his worst performance since 2003 and is already crying.Anyway, he would makes people cry must surely cry. When he staged a coup, jailed people, abolish things like metroline, flogged people, kidnapped people and put them in crates, detained people without trial and executed people unjustly, he didnt know that the rich also cried. He is paying for his sins and would continue to do so. I expect to see him in 2015 to contest again so he can cry some more.

LOL

Bawss1:
Are you guys serious? This is what we keep hearing from team BB. I will abolish this I will cancel that, then jail jail jail  

Is it after all that can be abolished have been abolished and everyone is in jail that we will hear sound plans to drive the economy of Nigeria?

My point is that apart from the anti corruption campaign, team BB doesn't have much to sell itself.

You are very correct. I remember the debate instead of bringing up how to correct our power problem he was talking about investigating past governments in relation to embezzlement of power funds. I think the anti corruption campaign is necessary but that's not a pressing issue - the problem with Nigeria i have said, is not corruption.  Buhari and his crew have nothing to offer Nigerians but a society where FEAR becomes the order of the day.

State Of Origin was made an issue in the very foundation of Nigeria - the constitution coated this in term like federal character and Buhari must think he can do that with an executive order.

Mkpotu:
WE WILL NOT EAT FIGHTING CORRUPTION FOR THE NEXT FOUR (4) YEARS.

CORRUPTION IN NIGERIA DID NOT START TODAY, BUT AN AGE-LONG SYNDROME.

GOVERNMENT NEEDS MORE TO PROVIDE THAN FIGHTING CORRUPTION.

Government is not to provide for you what to eat.

richidinho:
imagine a democratic Nigeria since 1979 till date

buhari, buhari buhari hw many times av i call u


more fresh air please

I can imagine

Lagosboy:
This is a man who truly believes in his principles, loves Nigeria and wants to change Nigeria. He has never had personal interest i[b]n wealth acquisition , he is not running to become rich or chop national cake.
[/b]
My love for this man is enourmous. My salute to you , the peoples general!!

A man that masterminded a coup against a voted administration has no personal interest -  His interest may not be wealth acquisition but don't tell me he has no interest. No one goes into the race for wealth acquisition - we could say power but not just wealth acquisition in the presidential stage.

Buhari can never rule this country - this is too clear for all to see. Self delusion

Lagosboy:
This is a man who truly believes in his principles, loves Nigeria and wants to change Nigeria. He has never had personal interest i[b]n wealth acquisition , he is not running to become rich or chop national cake.
[/b]
My love for this man is enourmous. My salute to you , the peoples general!!

A man that masterminded a coup against a voted administration has no personal interest -  His interest may not be wealth acquisition but don't tell me he has no interest. No one goes into the race for wealth acquisition - we could say power but not just wealth acquisition in the presidential stage.

Buhari can never rule this country - this is too clear for all to see. Self delusion

Buhari can never rule this country - this is so clear. I do not know what his desperation is all about , OK i take someone's point that Nigeria is in a serious leadership crisis but Buhari cannot be the redeemer. This guy's attitude is one of displaced monarch who seeks to return to his GOD given throne. He is still in the shock following his abrupt displacement by his two best friends (IBB and Abacha) back in the mid 80s.

His motives are vindictive and he swing all conversation to punishment for the corrupt  - like that sums up the problem we have in Nigeria. Now - i do not think the General is completely useless in the face of Nigeria system - he appears to me like a lawyer trying to treat a sick patient. He should look for where he fits into.

I am afraid Goodluck Ebele Jonathan seems to be the best candidate on the menu - as much as i dislike his platform or disagree with him in virtually everything, i think if we see good and bad in comparative terms then Goodluck is the only option in this election. The other guy - Ribadu- is in for personal ambition as opposed to assignment, backed by a single man who someone lately refereed to as " Undisputed Heavyweight Champion". I do not want my president to take orders from a godparent who single handedly selected his candidacy and provided him with moral, economic and political support, a man who imposed his wife on a senate seat and claims part derivation from state title.

PDP will get the presidency even if CPC and ACN decide to produce a single candidiate.

This is getting interesting - but again lets wait to confirm .

The answer to the question is YES

^^^

I get your point - but you cannot trace any corrupt act to Dora. You can only paint her as part of the government which is not any different from a typical stereotype. Ngige's case is quite different .

Kobojunkie:
Interesting . . . I thought you for a second you were describing there what a Dora victory would mean? I mean we are speaking of a woman who more recently than Ngige, helped steal away an opportunity for advancement from the people of Ekiti, helped in the running of the country in chaos(especially from May 2009 through March 2010), prevented serious development in our ministry of communication, and helped PDP rig elections with no remorse , made a lot of noise and now wants to win senatorial elections.  

Please can you explain to me how this lady prevented serious development in our communication? You are saying she saw an opportunity for development and she purposely decided not to take that - and what do you mean by " helped in the running of the country in chaos". This lady performed in NAFDAC and tried her best as minister to re-brand the image of Nigeria - the truth been that she is not intellectually equipped for the latter job was glaring from her CV - but bottom line she is one of the few credible once.

I think is it not fair to paint Dora the way you just did.

Which Buhari?  Is is the same guy that masterminded a coup against a democratically elected government in the 80s? the episode that lunched a military change-hand among friends that ended with the death of Abacha ? It is bad enough to conduct a coup but obscene to the highest order to conduct a coup against a civil mandated government, one can only imagine the level of this country if the late 1970 democracy was allowed to survive. I think the poster was talking about a different guy - at least i like to think so.  

Tinubu a hero - funny boy - one funny thing about Tibnubu is that he practices what we despise most in PDP which is Godfather-ism, he does this in a one man show that lately manifested in imposition of spouse and tacit control of a full state without mandate.

I am happy ACN got more vote in this election because they will be tested. Since more people subscribed to ACN, the party will be tested and made to face scrutiny because with more popularity comes more understanding and more scrutiny.

Gbawe:
Man mi, why not try to be fair even if you dislike Tinubu? No one is glorifying any godfather. Tinubu is a founding member of the ACN who is still active in Party affairs. He is not acting in anyway different to men like Ken Nnamani  who are also not running for any position yet they are campaigning for candidates in their Party and supporting them with cash and anything else required. If Tinubu has motivated everyone to turn out to vote  and protect their vote then we can praise him , wether you like it or not, for using proactive, legal and justifiable methods to rid the SW of PDP influence.

The godfather to be hated is one who annoints a candidate and bullies everyone out of the way , including the electorate, as OBJ did for Yar Adua, Andy Ubah et al. If you want us to now put Tinubu in that category then you are simply trying to make the crime fit the man because Tinubu, so far as these elections are concerned, has done nothing wrong. He has merely ensured that , this time, our votes counted . Many would praise him for that as I do now rather than tag him a godfather to condemn.

@Gbawe

Tinubu is a counter-godfather and i didn't make that up your post did. If he talks like a one and act like one, then he might as well be a godfather.    A godfather in PDP is no different from a Godfather in ACN neither is it any different in APGA or CPC if there is any in such case. Your analogy is laughable as no one would praise Nnamani  for PDP wins. If this guy actually possess unwarranted influence in his party that has so far manifested in imposition of any kind, displayed in influence on a government he isn't part of - then he is not any less than a PDP godfather.  I think even worst.

We should be careful not to create a mobster in  opposition to PDP -  My take has always been sum in simple terms "ACN would do better without Tinubu"  the sight or sense of a political party been one man's playground is in its very nature appalling. At least PDP had factions and OBJ was constantly challenged.

@Gbawe

The very idea of having an "Undisputed Heavyweight Champion" who by the way did not vie for any National/state seat neither is he a party chairman is quite disturbing to me. Your post gives the right to use the forbidden word "God father ism" and to think that your rationale is to glorify this term in practice is more disturbing.

You could have expressed your thought in a way that makes more sense - this glorification of godfather in Nigeria politics makes is rubbish. You are supporting the right thing for the wrong reason - the real glory goes to the people who made the choice not Tinubu

It would be irresponsible for me not to commend this

muami:
No need to celebrate cos we have been here before. 90% of the ACN and APGA candidates in the South East are PDP members and affiliates of GEJ who went there to get the tickets. When GEJ wins, they would all decamp back to PDP as usual.Even in Bayelsa where Labour Party is projected to win the Governorship, Alaibe is an associate of GEJ who would again definitely go back to PDP if he wins. The point is, people are voting for individuals more than party, thats why PDP could win in Gombe.

That is because our parties are similar in terms of view - they are all unclothed socialist - we do not practice ideological politics in Nigeria, get that. So in such political climate i think it is better to vote for individuals  and why parties when they are all literally the same.

Defection is not a dire problem.