₦airaland Forum

The surprise thirty-two per cent jump in Federal Account Allocation Committee (FAAC) disbursements to the three tiers of government in June was a result of a more transparent reporting of the federation’s gross revenues BusinessDay can report.

The unexplained rise at a time of a continued fall in international crude oil prices left many analysts wondering but investigation by BusinessDay has showed that the transparent reporting method imposed by the two-month old Buhari administration meant that revenues that were hitherto unaccounted for, had to be brought into the collective pool for sharing. The total disbursable fund for June amounted to N539bn or $2.71bn, up by 32 per cent from the level for May.

The statutory allocation, the largest element of the payment, brought an increase of N162b or the equivalent of $810m on May revenues.
A state like Edo, for instance saw its June allocation rise significantly, by more than N500m and governor Adams Oshiomhole who confirmed the development was unequivocal that the additional funds would not have come in if government agencies were left to account for their revenues in their old ways.

“I can tell you that my state got much more than it would normally get and this additional funds came because they (federal agencies) could no longer hide or cook their books”, the governor told BusinessDay in Ndola, Zambia, on the sideline of the commissioning of the 1.5MT cement plant build by Dangote Cement.
The governor, who is one of those selected by the National Economic council to beam a searchlight on the irregularities in flows into FAAC, added, “we are already seeing the benefit of the attitude of the Buhari administration to our collective resources and this is welcome, especially because we have just started and their scope for getting better. We all can now see that the days of impunity are gone.”

Governor Oshiomhole’s explanation has helped to shed light on the jump in the federal allocation disbursement.
In its August 5 daily note, FBN Capital had said, “we struggle to explain the marked increase in the allocation which is predominantly derived from the oil industry.”
On Friday, FBN Capital welcomed the recovery in foreign reserves, which rose $2.5bn in July to $31.5bn on a 30-day moving average basis.
FBN Capital said the increase in reserve couldn’t be explained by just the savings from the ban on 41 items, which hitherto accounted for about $900m in FX utilisation per month, on the basis of figures for Q1.
Analysts at FBN Capital said, “we have to look elsewhere for additional explanations for the pick up in reserves in July.”

http://businessdayonline.com/2015/08/cash-going-to-states-from-faac-rising-on-fear-of-buhari/#.Vck2F4Eo7qA

I hope the man from Otuoke is watching to see how a country should be run. It does not matter anyway, his time don pass, na jail remain

Tanoids be like that looks like NNPC office. She is already embezzling our money. All of you saying presidential connection shebi una know wetin charity mean?

The thunder that will fire Akpabio and his goons still dey do pre-season

Waiting for the National Association of Witches and Wizards Wailing Wailers (NAWW) to come and shout "what about Tinubu and Amaechi?" While conveniently forgetting to mention GEJ, Deziani, T.A Orji, Babangida Aliyu, etc. The same Tinubu that PDP could not probe for eight years after he left power

This is the same model that my gateman flies

Forbes‘ annual list of The World’s Billionaires is an accurate indicator of who the richest people in the world are today, but how do they stack up against the titans of the past? To answer this question, we thought it only fair that we take inflation, GDP growth, currency exchange rates, fluctuations in share price and percentage of economic power into account. We then ran the numbers through a complex algorithm that took weeks to properly adjust.
OK, not really. Truth be told, this is not an exact science. It’s impossible to list the wealthiest men of all time with 100% accuracy. If we somehow managed to do it, we’re sure historians and economists alike would be extremely pleased. Aside from the factors mentioned above, there are also the issues of credible information and historical evidence – and then it needs to be decided if legends have a place on the list. What about rulers and monarchs? Many of us probably perceive personal wealth and control of wealth to be separate from one another.
In other words, this is not an exhaustive list by any means and there are quite a few figures who were left off, such as Genghis Khan, Alexander the Great, Croesus, King Solomon, Cosimo de’ Medici and Musa I, among many others. Better luck next time fellas. Oh, and before you bother to question the absence of Bill Gates – he didn’t make the cut. His peak worth in 1999 would work out to $154 billion today.
Without further ado, the top 10 richest men of all time:

10. Alan Rufus (1040 – 1089)

https://www.instash.com/wp-content/uploads/2010/08/alan-rufus.jpg

Net Worth: $155 Billion

How He Made His Fortune: Land grants, investments in steel.

About: Alan Rufus was a companion of his uncle, William the Conqueror, during the Norman conquest of England. He led a brutal suppression against rebels that killed 150,000 people. As a reward for his allegiance, Rufus received over 250,000 acres in land grants. He also made quite a fortune from his investments in steel.

Known For: Rufus’ fortune represented more than 7% of Britain’s net national income at the time.

Fun Fact: Rufus was accused of abducting Gunhilda, daughter of King Harold, and seducing her.

9. Henry Ford (1863 – 1947)

https://www.instash.com/wp-content/uploads/2010/08/henry-ford.jpg

Net Worth: $188 billion

How He Made His Fortune: Ford Motor Company – mass production of cars.

About: After turning down the opportunity to take over the family farm, Henry Ford left home to become an apprentice machinist, and later became Chief Engineer at the Edison Illuminating Company. Shortly after, he began to experiment with gasoline engines. After starting and failing with multiple automobile companies, Ford eventually created the Ford Motor Company. With the introduction of the Model T and moving assembly belts, Henry Ford became an instant success.

Known For: Father of modern assembly lines used in mass production.

Fun Fact: Adolf Hitler kept a life-size portrait of Ford next to his desk. “I regard Henry Ford as my inspiration,” Hitler told a Detroit News reporter two years before becoming the Chancellor of Germany.

Quote: “A market is never saturated with a good product, but it is very quickly saturated with a bad one.”

8. Osman Ali Khan, Asaf Jah VII (1886 – 1967)

https://www.instash.com/wp-content/uploads/2010/08/osman-ali-khan-asaf-jah-vii.jpg

Net Worth: $225 billion

How He Made His Fortune: Inheritance, monarch.

About: Osman Ali Khan was the ruler of Hyderabad until it was merged into India in 1948. During his rule, he pushed education, science and development, which allowed for the introduction of electricity, railways, roads and airways. Nearly all of the major public buildings in Hyderabad city were built during his reign. With Osman’s death, his funeral procession was one of the largest in Indian history.

Known For: Featured on the cover of TIME magazine in the 1940s as the richest person in the world.

Fun Fact: Osman Ali had seven wives and 42 concubines.

7. William Henry Vanderbilt (1821 – 1885)

https://www.instash.com/wp-content/uploads/2010/08/william-henry-vanderbilt.jpg

Net Worth: $239 billion

How He Made His Money: Inheritance, railroads.

About: William Henry Vanderbilt started his business training at the early age of 19 as a bank clerk. He inherited $100 million from his father and continued to grow the family railroad empire. William was an active philanthropist, giving money to the YMCA, Metropolitan Opera, Colombia University and Vanderbilt University.

Known For: By the time of his death, only nine years after taking over the family business, Vanderbilt nearly doubled his inheritance.

Fun Fact: Vanderbilt’s father, Cornelius, constantly criticized him, calling him a “blockhead.”

Quote: “The care of $200 million is too great a load for any back or brain to bear. It is enough to kill anyone.

6. Andrew Carnegie (1835 – 1919)

https://www.instash.com/wp-content/uploads/2010/08/andrew-carnegie.jpg

Net Worth: $243 Billion

How He Made His Fortune: Carnegie Steel Company – steel producer, investments.

About: Andrew Carnegie was born in Scotland in a one room cottage. At the age of 13, he and his family moved to Pennsylvania in the United States, seeking a better life. Andrew’s first job as a bobbin boy earned him $1.20 per week, but by the age of 18, Carnegie was working his way up through the Pennsylvania Railroad Company. He developed a close relationship with the company’s president, J. Edgar Thompson, which allowed him to participate in inside trading. Carnegie began to slowly accumulate capital through his investments.

He then used this capital to start his own company, Carnegie Steel. Making use of his connections, Carnegie established businesses that supplied rails and bridges to railroads. Carnegie would go on to control the most extensive integrated iron and steel operation ever owned by any one person in the US.

In 1901, being 66 years old, Carnegie was ready for retirement. J.P. Morgan organized a trust and bought out Carnegie Steel Company along with several other major producers to form the United States Steel Corporation. Carnegie was paid $225,639,000 in the form of 5%, 50-year gold bonds.

Known For: A true “rags-to-riches” story. Philanthropy: At the time of Carnegie’s death in 1919, he had already given away over $350 million.

Fun Fact: The U.S. Steel buyout was (and still is) the largest industrial takeover in the history of the United States.

Quote: “He that cannot reason is a fool. He that will not is a bigot. He that dare not is a slave.”

5. Tsar Nicholas II of Russia (1868 – 1918)

https://www.instash.com/wp-content/uploads/2010/08/tsar-nicholas-ii-of-russia.jpg

Net Worth: $253 billion

How He Made His Fortune: Inheritance, monarch.

About: Upon Nicholas II becoming Tsar, Imperial Russia was one of the greatest powers in the world. However, Nicholas was not ready to become Emperor. In fact, it was a position that he never wanted and one that he feared. This came at a time of many changes in Russia; calls for court reforms, such as the adoption of a constitutional monarchy, were shot down by Nicholas. After annihilation in the Russo-Japanese War, revolutionary outbreaks followed and the Imperial government was near collapse.

World War I eventually sealed the fate of the royal family. Nicholas II was forced to abdicate and his family was evacuated. In a tragic ending, Bolsheviks seized power from the government and had Nicholas II and his family (wife, son, and four daughters) murdered by a firing squad.

Known For: Being the last Emperor of Russia.

Fun Fact: As a granddaughter of Queen Victoria, Alexandra (Nicholas’ wife) carried the same gene mutation that afflicted several of the major European royal families – hemophilia. Nicholas’ only son was afflicted with the disease. At this time, hemophilia was untreatable and usually led to an untimely death. Hemophilia therefore became known as “the royal disease.”

Quote: “There is no justice among men.

4. Jacob Fugger (1459 – 1525)

https://www.instash.com/wp-content/uploads/2010/08/jacob-fugger.jpg

Net Worth: $277 Billion

How He Made His Fortune: Inheritance, trade, banking.

About: Jacob Fugger was a German banker who inherited a trade and banking business from his father. Jacob led a consortium of German and Italian businessmen that loaned Charles V gold in order to secure his election as Holy Roman Emperor. Charles would then go on to give the Fugger family noble rank and grant them sovereign rights over their lands – also allowing them to mint their own money.

The Fugger house would eventually own extensive real estate, merchant fleets and palatial establishments throughout Europe.

Known For: Using his fortune to lend money to many of Europe’s rulers.

Fun Fact: Jacob became well known, even after his death, as Jacob Fugger the Rich.

3. John D. Rockefeller (1839 – 1937)

https://www.instash.com/wp-content/uploads/2010/08/john-d-rockefeller.jpg

Net Worth: $374 Billion

How He Made His Fortune: Standard Oil – an American oil producing, transporting, refining and marketing company.

About: John D. Rockefeller built an oil refinery in Cleveland, Ohio, which would later become the Standard Oil Trust. He would go on to borrow heavily, reinvest profits, control costs and utilize waste. For years, he also bought out rivals, improved the efficiency of his operations, pressed for discounts on oil shipments, undercut his competition, made secret deals and raised investment pools.

All of this led to an American empire that consisted of 20,000 domestic wells; 4,000 miles of pipeline; 5,000 tank cars and over 100,000 employees. At its peak, Standard Oil Trust was refining over 90% of the world’s oil.

Known For: Revolutionizing the petroleum industry. Philanthropy: Giving away over $550 million to medicine, education and scientific research.

Fun Fact: Eventually, in 1911, the Supreme Court of the United States enforced the Sherman Antitrust Act and ordered that Standard Oil Company be broken into 34 new companies. Among many others, some of these companies are known today as ConocoPhillips, BP, Chevron, ExxonMobil and Pennzoil. Ironically, the breakup of Standard Oil caused the companies’ combined net worth to rise fivefold, giving Rockefeller over $900 million.

Quote: “I would rather earn 1% off 100 people’s efforts than 100% of my own efforts.”

2. Nathan Mayer Rothschild (1777 – 1836)

https://www.instash.com/wp-content/uploads/2010/08/nathan-mayer-rothschild.jpg

Net Worth: $450 Billion

How He Made His Fortune: N M Rothschild & Sons – investment bank.

About: Nathan Mayer Rothschild was a London financier and one of the founders of the international Rothschild family banking dynasty. His father, Mayer Amschel Rothschild, is referred to as the founding father of international finance. Nathan, along with his four brothers, controlled finance and information across the entire continent of Europe.

According to Niall Ferguson, a British historian and professor at Harvard University:

“For most of the nineteenth century, N M Rothschild was part of the biggest bank in the world which dominated the international bond market. For a contemporary equivalent, one has to imagine a merger between Merrill Lynch, Morgan Stanley, J P Morgan and probably Goldman Sachs too – as well, perhaps, as the International Monetary Fund, given the nineteen-century Rothschild’s role in stabilising the finances of numerous governments.”
Known For: Financing the war against Napoleon. Issuing loans to many governments around the world. Creating a mercury monopoly.

Fun Fact: The Rothschilds are behind a number of controversies, including the Illuminati, who conspiracy theorists believe are the masterminds behind events that will lead to the establishment of a New World Order.

Quote: “I care not what puppet is placed upon the throne of England to rule the Empire on which the sun never sets. The man who controls Britain’s money supply controls the British Empire, and I control the British money supply.”

1. Marcus Licinius Crassus (115 BC – 53 BC)

https://www.instash.com/wp-content/uploads/2010/08/marcus-licinius-crassus.jpg

Net Worth: $2 Trillion

How He Made His Fortune: Proscriptions, slave trafficking, judicious purchases of land and houses, purchases of burning property.

About: Marcus Licinius Crassus was a Roman general and politician. Although he initially began with a rather large inheritance, he lost all of it during the Marian-Cinnan proscriptions, in which he was forced to flee to Hispania. However, Crassus would get his revenge while commanding the left wing of Sulla’s army, making a fortune from proscriptions himself.

Proscriptions were only part of his overall wealth. It is said that after receiving word of houses being on fire, Crassus would arrive with an army of 500 “firefighters” and attempt to offer a modest sum for the property. If the offer was refused, Crassus would let the property burn to the ground.

Crassus went on to seek political power and struggled throughout most of his career. His fortune, however, played a large part in gaining support from senators. He was eventually elected censor and helped finance Julius Caesar’s successful campaign to become Pontifex Maximus.

Known For: Suppressing the slave revolt led by Spartacus.

Fun Fact: After Crassus’ death, a story later surfaced that the Parthians poured molten gold into Crassus’ mouth as punishment for his greed.

Source: http://www.instash.com/top-10-richest-men-of-all-time

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OP PMB is President so things will get better here.

But follow your heart and I pray you make the best decision IJN. Cheers

Ah ah after just 2 months in opposition? Them never even start

ocelot2006:
Bu.....but GMB, the Daura President, said the NAF was non existent AT ALL...

midolian:
Mumu henry, so u don't know the difference between "IS" and "WAS" again abi?

That was how baba said the treasury was virtually empty and u and ya ilks termed it to be completely empty. Bunch of dick caps!

Midolian finish him

He should only open his mouth when he is ready to tell us where his wife's, Deziani's and his loot are stashed

What a complete waste of a nation's six years

PMB can do no wrong at the moment #babacarrygo

chukwudi44:
Story !!! Story!!! Story!!! The standing rules for 2007 died with the 6th senate.ditto the standing rules for 2011.The standing rules for 1999,2003,2007,2011 and 2015 were all done by the NASS bureacrats led by the clerk.

The NATION newspaper is only doing what it knows best (propaganda).Anyone who really wants to challenge the power of the clerk and other NASS bureacrats to make the standing rules for each NASS should go to court.

Mentioning the senate standing rules for 2007 which ended in 2011 is laughable to say the least.

Senate standing rules 1999,2003,2007,2011 and 2015 are unique and differant and each died(or will die) with the particular senate for which it was made.

Whether the senate rules 2007 and 2011 contains similar rules is immaterial.The fact remains that each set of standing rules died with the respective senate for which it was made

Look at this illiterate. When does the clerk of the senate unilaterally decide what the standing rules of each senate should be? What does the clerk base each new set of standing rules on? Does it make sense to your coconut head that a civil servant can just sit in his office and makes up rules for Nigeria's highest lawmaking chamber? Standing rules remain in place until the new senate decides what to do with them. Did you hear when Saraki and his goons compiled the new set of standing rules with two-thirds majority of their colleagues present?

That is why I love America. Everybody that is involved in this blatant impunity and assault on the democratic process would have been cooling off in jail already. What a lawless country.

Ara di n'udi n'udi (there are different types of madnesses)

Tompolo how far?

Mogidi:
Hope he's as clever as his dad.

Why are you wishing him indomie brain? You wicked oo

What is there for them to say? If they have any issues to mention, they should begin by telling us why they did not solve those issues in the 16 long years they were in power for. Let them go to sleep and wake up in 2023 when Osinbajo will take over and they will go and sleep again until 2031

Boko haram from Shekau their leader to the very last member are all cowards. If they think that they are men they should come out in the open and challenge national armies like their mates in Syria. They would rather send 10 year old children to fight their wars for them while they scamper from one location to another in sambisa forest.

Bastardly cowards

Saraki is on a long thing. He should continue watching his back while he remains senate president. Meanwhile, Saraki will encourage the senate to approve all PMB's nominations and bills to appease him

Jenny1010:
Buhari is too Old to rule Nigeria , we need a young blood

You will always know when you see people that hate good news. That is why all good things keep running from them

OP what did you enter for the password?

Can you imagine? You dig up a dead buried dog to cook and eat because you cannot survive without meat abi na wetin? Nothing wey person no go hear. I hope they pull through

I only need 0.01% of that money = $3.2 million. Daz all

Make nobody tell me say I greedy

Nigerian of the Year 2015! Abeg my fellow well-meaning Nigerians, press like for Jega as EFCC chairman. We know that govt officials visit Nairaland so it is possible that PMB might hear about this.

All this inter-agency rivalry is not necessary. It all comes down to one question. Where is SSS director Ita Ekpeyong and spokesperson Marilyn Ogar and when will they be shipped off to www.kirikiri? That's all

LeOstrich:
www.nairaland.com/attachments/2572632_107272147144103886439691086886218n_jpeg02945d62d1b7ebb54b529a5569375715

Another retardo

You don't use Bullpups assault rifles in field combat

The IWI Tavor SAR being carried by the Nigerian Naval team is best used in small confined spaces and not in open field.

The German Soldier is operating with the right field range weapon.

No wonder Boko is kicking their azzes

See this monkey. You dey behind your laptop dey type rubbish. From your living room, you have figured out why boko haram is "kicking NA azzes" abi? Why you no leave your comfortable house and go to the battlefield to show them how to defeat BH?

Your type cannot cocck a common pistol yet you come NL dey form sabi sabi. Stop foaming from the mouth and get yourself treated for epilepsy. And then shut up if you cannot say a prayer for the gallant men and women who put their lives on the line so that you can sleep at night

See as him resemble NURTW chairman. Anyway, the Rivers state election petition tribunal should immediately grant Dakuku Peterside access to the electoral materials so that this tout can start counting down his days as a "governor"

See Fayose dey try look like good boy

kendrick9:
When are we going to see the effect of the called Change.... buhari so far looks incompetent to handle the affairs of this country..

EFCC has started arresting people again. Security forces have rightfully taken over protection of pipeline installations from criminals. A MNJTF has been assembled to quell BH. ND militants who stole weapons from the military received the shocker of their lives. NA will be downwardly reviewing its budget for the first time in Nigeria's history (150b to 120b), etc

You will also begin to realize the change whenever you tell us what GEJ achieved in his six years in office. I don't blame you...now even people that cannot reason more than a fowl can buy data plans and start posting nonsense online.

Atlantian:
Every APC nematode is trying to whitewash a dullard's image. Remember you can bath a pig but the pig must always go back to the mud. Daura Duallard is a failed experiment, no attempt at whitewashing can make him earn O'level knowledge base.

Is the article talking about His Excellency's O'Level knowledge base or about an applaudable austerity measure that was taken by the President?

Hmm na wah o. Truly, many are mad but few are roaming