₦airaland Forum

OP, as I saw your post, somehow, my heart was drawn to this warning:

Warning Of Impending Disaster To Befall America - TruNews With Anne Graham-Lotz

Anne Graham-Lotz, daughter of world-renowned Pastor Billy Graham, joins Rick Wiles on TruNews on May 22, 2015, to explain the purpose behind her issuance of the "Mayday" alert, explaining how she believes America is approaching the "tipping point," a point of no return as she warns of impending disaster that will befall America.

This TruNews appearance by Graham-Lotz follows a warning she gave last week on her website that God will soon unleash his judgment upon America where she indicates her belief that biblical signs are all around us, happening now, and should we pass that tipping point God's judgement upon America is "going to be ugly."
http://allnewspipeline.com/Warning_Of_Impending_Disaster.php

It would be tragic to go to hell with these murderers -"except ye repent, ye shall all likewise perish". People, lets all repent and make peace with God while we have opportunity today.

To be honest, whatever this man's shortcomings may be, he has completely re-defined governance! How is he doing it? I know you'll say he got a lot of money? You may even say he stole much more but I am compelled to commend him. I think at the end of the day, it’s not entirely about whether you are APC or PDP. Lots of what Amaechi did (and most were in his first term) were done while he was a PDP Governor. Of course, there are good APC Governors so it’s really down to individuals. Again I hate to disappoint you but even the Governor of Jigawa State, Sule Lamido who has handed over to his SSG and gone abroad, did a lot -ask natives of that State. All you read in the Press is the debt he left and how his son was caught in suspected money laundering -not that I am defending the said allegation which have not be established in a court of competent jurisdiction.
Governor Jang of Plateau State is more known nationally for the NGF 19/16 fiasco, issues with salary payment, the crisis in the State and "Berom agenda" yet again, I lived in that State and visit frequently, I am not sure any ex-Governor of that State other than late Joseph Gomwalk did what he has done in terms of physical roads etc even if according to you (and it might be correct) all are in Berom land -the roads are permanent property of Plateau State!
I can go on but of course there were disastrous and woeful performance by some PDP State Government starting with my own!
I just pray this new crop of Governors and Mr. President will even try to make small changes -I do not have messianic expectation and won’t be disappointed if I don’t see very radical changes.
If you disagree with me and I didn’t get my facts correct, forgive me but I am sure you know this doesn’t call for insult or accusation. I am your fellow citizen who wants the best for our children in the future!

It has emerged that the nationwide fuel shortage engineered by oil marketers was done to pressurise the outgoing administration led by President Goodluck Jonathan to pay them an additional N200 billion comprising outstanding claims and foreign exchange rate differential, even though the claims had not been verified and may have been spurious.

Investigations by THISDAY have shown that contrary to the position by the oil marketers that they have been unable obtain new facilities from the banks to import petroleum products, the marketers were bent on getting the current administration to pay their claims before the end of its tenure because they were uncertain that the new administration led by Major-General Muhammadu Buhari would pay them on time.

Sources in the presidency disclosed that the marketers decided to hold the nation to ransom in order to get their claims paid promptly by the outgoing administration without consideration for other sectors of the economy that need funding by government.

One source explained that the urgency in their demands was triggered by the fear that Buhari would insist on verifying their claims before paying them a farthing and subsequently stumble on the fact that some of their claims are spurious.

“As you know, despite the best efforts of government, some of the claims by marketers are spurious. But in order to keep the fraud under check, several audits are undertaken to confirm that the products the marketers claim they have imported is what has been discharged at the depots and sold to Nigerians,” the presidency source explained.

He revealed that what some marketers do to beat the system is to discharge fuel at the depot, wait for PPPRA to verify the quantity they have discharged and then backload it into their vessels, and go and resell the fuel on the high seas.

“Then they make subsidy claims for petroleum products that were not actually discharged or sold in the country and make money from both ends.

“Now to eliminate such sharp practices, further verification is carried out by independent auditors after the one by PPPRA before their claims can be paid.

“However, this takes time and is the real reason the government takes its time before paying marketers,” he added.

The presidency sources also explained that the foreign exchange rate differential and interest rate charges was another issue which the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, had insisted must be verified by the Central Bank of Nigeria (CBN) before further payments could be made to the oil marketers.

“A committee headed by the CBN was set up to verify the so-called foreign exchange rate differential, but the marketers kicked by reneging on their promise to end the fuel shortage.

“So these are the real issues; the entire fuel crisis was a ploy to put pressure on the Jonathan administration to pay them before the end of its tenure. But Okonjo-Iweala refused, insisting that all subsidy claims and the foreign exchange rate differential must be verified before further payments could be made.

“She also argued that if this administration is unable to verify their claims before May 29, the next administration will continue with the process because government is a continuum. But the oil marketers tried to sabotage this by making fuel unavailable, hoping that this would force the finance ministry to pay,” the source said.

To allay the concerns of marketers over payment by the incoming administration, the presidency source further revealed that minister has written a letter to the Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketing Association (DAPPMA) acknowledging that the government owes them some N291 billion as at May 2015, of which N160.5 billion is the foreign exchange differential.

But the same letter states that a committee comprising the CBN, PPPRA and the finance ministry is verifying the claim on the foreign exchange differential and payment can only be made by the federal government if the amount is verified, the source explained.
“If it is not verified, it will not be paid by the new government,” he said.
http://www.thisdaylive.com/articles/why-marketers-want-payment-before-may-29/210290/

I wish we could dispassionatey hold all our leaders accountable irrespective of their political party or public profession -the National Assembly and all tiers of government. We keep focusing on one arm and level of government. When it comes to self-enrichment, our politicians forget their party differences. Even States and Local Governments ought to give account.

It’s really sad that a rather "harmless" thread like this has been hijacked for ethnic nationalism and unacceptable personal/tribal insults. I hope we will not instil hatred in our children and leave a legacy of eternal hatred like what is playing out in the Middle East?

gbengus17:
I SHARE THE SAME HABIT WITH THIS WRITER, IN FACT, TO ME PROSTITUES ARE BETTER. YOU ARE VERY FREE WITH THEM AND RELAXED THAN ONES WIFE WHO IS ALWAYS CALCULATING. PROSTITUTES ARE VERY EASY, JUST HOW MUCH AND THE DEAL IS OVER, UNLIKE YOUR WIFE THAT GIVES IN MOST CASES CONDICTIONS, AND AT TIMES IMPOSSIBLE MINIMUMS BEFORE GIVING HER CONSENT. FINALY MAN SHALL NOT LEAVE BY BREAD ALONE, HOW CAN I BE EATING ONLY BREAD FOR YEARS, IT IS GOOD TO TASTE OTHER FOODS, MOST EXPECIALY (HOW MUCH WOMEN/LADIES). BUT I TREAD CAREFULY AND AM HEALTH CONCIOUS TO AVOID HIV. SOME ARE EVEN MARRIED, BUT STILL PREFER HOW MUCHBUSINESS, MOST ESPECIALY WHEN THEY ARE BROKE AND SINGLE PARENTS WHO WANT TO PAY SCHOOL FEES/BUY NEW UNIFORM AND BOOKS IN THE MONTH OF SEPTEMBER. AM ALWAYS VERY BUSY IN SEPTEMBERS/OCTOBER EVERY YEAR.

Please repent urgently and stop taking advantage of the less priviledged or less fortunate. Get born again as a matter of emergency and urgency. Life is to short to be wasted on gratifying the flesh in an ungodly way.

People, no need for all the insults and tribal exchanges! I can assure you this bill won’t be passed! It has a long way to go. Even if passed by the House of Reps, the Senate needs to pass or concur with it before it is passed to the President for his assent or they (the lawmakers can override him). I don’t see all these happening before 29th May.
That said, no single region or 2 regions can really team up to lord it over others as supposed. In the last election, APC won 4 geo-political zones including North-Central where there are sizeable Christians. It was a mass revolt against PDP even if as we know, so many persons in APC are PDP at heart. Several Yorubas (I am not Yoruba) voted Jonathan so no need to insult the entire Yorubas. No need to insult Igbo, Ijaw or any tribe. The outgoing government had all the powers, opportunity and resources to so develop this country including the Niger Delta where the President comes from such that even the blind, deaf and dumb would have defied whatever supposed sentiment and voted them back in.
By the way I am not APC and do not have what I see as misplaced messianic expectations from the APC. Something just had to give and PDP had gotten 16 years but it’s not only about the Federal Government. I wonder why we don’t hold our National Assembly members, States and LGAs accountable. It’s not just political party matter. Some PDP Governors performed well and so did some APC Governors. The elections have come and gone. Let’s move forward and hold the incoming Government at all levels accountable irrespective of their party, religion or tribe.

Nairalandinfo:
Good Morning, Isaac Boro & Ken Saro-wiwa & South South

It is not surprising to know the people that supported that bill.......Ishaka Mohammed Bawa is from JIGAWA state in the NORTH

Please cross check. I think he is from Taraba State not Jigawa.

Guys, would have been nice to indicate your location as in where you are quoting the price for.

Lagos based lawyer, Festus Keyamo, has said the Attorney-General of the Federation, Mohammed Adoke, was right in directing the Chief Judge of Bayelsa State, Justice Kate Abiri, to administer the oath of office ​to​ the governor-elect of Rivers State, Nyesom Wike.

Mr. Adoke, in a statement on Tuesday, directed Justice Abiri, to administer the oath of office to Mr. Wike because of the vacuum in the office of the Chief Judge and the President of the Customary Court of Appeal in Rivers State due to the protracted controversy between the outgoing governor of the state, Rotimi Amaechi and the National Judicial Council over who should be appointed the state’s chief judge.

Making reference to Section 185(2) of the 1999 Constitution, Mr.​ Keyamo said Mr​.​ Adoke was right on the side of law in ​giving​ the directive.

Section 185 (2) empowers the following persons to administer the oath of office and allegiance on a Governor-elect:

​


1. The Chief Judge of the State; 2. Grand Kadi of the Sharia Court of Appeal of the State; 3. President of the Customary Court of the State; 4. Anyone appointed to do so who also performs the functions of those officers in any state.

Mr. Keyamo said “A close look at Section 185(2) as analysed above will clearly show that whilst the drafters of the Constitution were very particular in using the phrase “the State” in reference to those officers who should administer the oaths, the last part of the section which allows other persons to perform the function (apart from those stated officers) uses the phrase “in any State”.

“In other words, in the absence of those stated officers to administer the oaths in “the State” in question, the corresponding officers “in any State” of the federation performing the same functions can also administer the oaths”.

Mr. Keyamo,​ who is a member of the All Progressives Congress, the party ​defeated ​in the gubernatorial election in Rivers State, said he supports the stand of the AGF without political prejudice. He added that the absence of a Chief Judge at a merely ceremonial event should not stop the declared winner of an election from assum​ing​ office.

“In any event, putting politics and sentiments aside, it is inconceivable to think that the assumption of office of a public officer who has been declared winner of an election can be scuttled merely because of the absence of someone who should perform a purely ceremonial duty​, when the absence of such a person is no fault of the public officer,” he said.

He added that ​a​ dangerous precedence might be created that might lead to the kidnap of Chief Judges, Grand Kadis and other people designated to administer the oath of office if Mr. Wike is not sworn in as a result of the vacuum in River State.
http://www.premiumtimesng.com/news/top-news/183349-%e2%80%8ba%e2%80%8bdoke-right-%e2%80%8bto%e2%80%8b-assig%e2%80%8bn%e2%80%8b-bayelsa-chief-judge-to-swear-in-rivers-governor-elect-keyamo.html

Adoke right ​to​ assign Bayelsa Chief Judge to swear in Rivers Governor-elect — Keyamo
Lagos based lawyer, Festus Keyamo, has said the Attorney-General of the Federation, Mohammed Adoke, was right in directing the Chief Judge of Bayelsa State, Justice Kate Abiri, to administer the oath of office ​to​ the governor-elect of Rivers State, Nyesom Wike.

Mr. Adoke, in a statement on Tuesday, directed Justice Abiri, to administer the oath of office to Mr. Wike because of the vacuum in the office of the Chief Judge and the President of the Customary Court of Appeal in Rivers State due to the protracted controversy between the outgoing governor of the state, Rotimi Amaechi and the National Judicial Council over who should be appointed the state’s chief judge.

Making reference to Section 185(2) of the 1999 Constitution, Mr.​ Keyamo said Mr​.​ Adoke was right on the side of law in ​giving​ the directive.
http://www.premiumtimesng.com/news/top-news/183349-%e2%80%8ba%e2%80%8bdoke-right-%e2%80%8bto%e2%80%8b-assig%e2%80%8bn%e2%80%8b-bayelsa-chief-judge-to-swear-in-rivers-governor-elect-keyamo.html

When you hear chilling stories like this, you are left in no doubt about the total depravity, sinfulness and guilt of mankind. There is earthly and eternal judgment but all should note that even those commenting and insulting each other, "except ye repent, ye shall likewise perish".

Mr Vice-President elect, that's exactly why you were elected -go and fix it please!

Sir, thats exactly why you were elected -go and fix it please!

I really sympathize with "innocent" Nigerians who insult each other daily on Internet because of politicians. I once worked in the National Assembly and can assure you that in many cases, the issues that you hear them flexing about or threatening the Executive, is about money or something personal. And more often than not, when it comes to money, they are united irrespective of so-called party differences. By the way, I hear so much "noise" about their salaries and allowances. Wait until you find out how much goes (by way of extortion) before budgets for MDAs/parastatals are passed or when some of them embark on "oversight" or probe/investigation. If Buhari can do something about the National Assembly alone, he has achieved a lot! But you won’t find this commonly in the press. The National Assembly and Governor's Forum are 2 out of a few such groups within the same ruling class that typically hold any government hostage.

OP, I stand to be corrected but to the best of my knowledge, no commercial airline runs scheduled flights to Makurdi airport. Your closest bet could be Abuja or Jos Airport. Abuja is more regular but its about 4 hours away from Makurdi, commuting from the Airport and not to factor in possible hold up at Nyanya-Mararaba axis on Abuja-Keffi road.

Nice points but whatever you do, make peace with God through Jesus Christ by repenting of your sins and turning over your life to Him. Eternity is truly near.

Can you give idea of actual costs as this your hospital is known to be very expensive but you say it is affordable.

Op, this hospital is very expensive please.

Thanks OP, much of your stuff agrees with snippets I have and my own thinking too. Please keep sharing if any updates on this.

I see a lot of hate comments between Igbos and Yorubas on the Internet which I think is uncalled for. The dynamics of the last election cannot be attributed to so-called conspiracy by any groups or regions alone. In Benue State, the people who ironically are mostly Christians voted the APC because they were literally 'mad' about the colossal failure of the PDP especially at the State level -my Uncle got his January salary recently. In Plateau, it was a revolt against perceived attempt by the Berom ethnic group to perpetuate itself in office. In Kaduna, even the Southern zone which traditionally votes for a Christian, had issues with the PDP including the State Governor and Vice President. Several Christians voted for Buhari and several Muslims voted for Jonathan. The elections were not perfect as in 100% but they largely reflected the wishes of the majority of Nigerians and should be so accepted and respected. Anyone who feels otherwise has a legitimate right to challenge the elections at the tribunal. The PDP simply mismanaged itself and its 2011 success. Irrespective of our individual preferences, we should wish the new Government well. Nigeria is in a big mess right now and we should move on!

I think we need to be very clear that Speakership of the House is not about being articulate or intellectually savvy only. It is also not about being known on the Internet or influencing the media to market one's own personality. Leadership and inter-personal skill is key. The members know themselves better than any of us so we should be restrained in whipping up ethnic/regional sentiments about this.

makzeze:
i HAVE NOT. I am looking at going to Lagos to get it done. Orthodontist seem to be scarce in Abuja.

Did you try the Dental section of Maitama General Hospital along Aguiyi Ironsi in Abuja?.

As the unlikelihood of the All Progressives Congress (APC) being able to enforce a zoning formula that would ensure the equitable distribution of key posts in the incoming administration becomes more apparent, there is a major likelihood that the Northern section of the country would account for the four topmost positions in the country.

These are the presidency, which will be occupied by Major-General Muhammadu Buhari (rtd), the post of Senate President, that of the Speaker of the House of Representatives, and the Chief Justice of the Federation (CJN).

Should this scenario play out, the entire Southern section of the country would end up with the posts of deputies starting from the vice-presidency to the deputy speakership, which could create a problem, as it contravenes the federal character clause enshrined in the constitution.

Sources in the APC informed THISDAY that with the “Tambuwal syndrome” gathering pace in the National Assembly, the chances are very high that the legislators would jettison whatever zoning formula that may be determined by the party and decide on key leaders of their choice.

The Tambuwal syndrome arose in 2011 when members of the House of Representatives ignored the zoning formula of the Peoples Democratic Party (PDP), which had zoned the post of speakership and the deputy to the South-west and North-east geopolitical zones, respectively.

Instead, its members – Hon. Aminu Tambuwal and Hon. Emeka Ihedioha – respectively from the North-west and South-east, contested for the posts and emerged speaker and deputy speaker of the House with the help of their colleagues from the Action Congress of Nigeria (ACN) at the time.

An APC source said that as it stands, with the party unable to determine a generally acceptable zoning formula, this has provided the leeway for legislators to close ranks and back candidates of their choice.

He said that while the North-east and North-cental zones are angling for the Senate presidency, the South-west and North-east have entered the trenches in the battle for the speakership in the House.

The two main contenders for the Senate presidency are Senators Bukola Saraki from the North-central zone and Ahmed Lawan from the North-east, so should any of them emerge, the North would have clinched the post, the APC source explained.

For the speakership, the main contenders are Femi Gbajabiamila from the South-west and Yakubu Dogara from the North-east, with the latter having the clear edge over his South-west rival for the post.

The APC source said whichever way one looks at it, the North could end up holding all the four key positions in the incoming administration if care is not taken and the South, particularly the South-west which played a vital role in Buhari’s victory, playing second fiddle.
http://www.thisdaylive.com/articles/north-may-end-up-with-four-top-posts-in-govt/208527/

As the Buhari APC Administration concludes its preparation to take over the reins of power, one of the traps it needs to avoid is the Tambuwal Effect. We recall that in 2011, the victorious PDP Administration of Goodluck Jonathan decided to zone the Speakership of the House of Representatives to the South West and chose Honourable Mulikat Akande of Oyo State as the person to emerge Speaker of the 7th House of Representatives. It was a good choice because she had the qualities to be an excellent Speaker. It was however an illegal choice because in its wisdom, the Constitution gave the powers to elect the leadership of legislatures to legislators themselves and not to their parties. Accordingly, the members of the House of Representatives simply ignored their party directive and went ahead to elect Aminu Tambuwal as their Speaker. President Obasanjo also had his hands burnt in his numerous attempts to impose leaderships on the National Assembly. The APC Administration should not try to repeat such mistakes, they should simply allow the legislators to choose their leadership if not, they are likely to suffer the Tambuwal Effect.
It is important that the President-Elect should not start his tenure with a needless quarrel with the National Assembly; he has to conserve his take-off strength. I can assure him that he will have a lot to fight the National Assembly about if he is to keep his word and fight all facets of corruption. The mood in the country today is that the cost of governance is too high and must be reduced if resources for development are to be liberated. Today, our legislators are the highest paid in the world and our ministers are also among the top in the league table of jumbo salaries for executives. In November 2012, the then Governor of the Central Bank, Sanusi Lamido Sanusi, had revealed that Nigeria was using 70% of its budget on salaries and emoluments of public servants in the executive and the legislature and made a passionate call for the reduction of these emoluments so that we as a nation can free resources for development. His call was drowned out by anger of our legislators who were furious at his statement that the legislature consumed a significant percentage of overhead costs. It is important that our country returns to the core argument that by paying excessively high salaries and emoluments to top public officials; in particular, permanent secretaries, ministers and legislators, we are mortgaging the rights of our people to development. We need to spend the bulk of available public resources to provide improved infrastructure, health and education to our citizens.
In July 2011, the then professional ruffler of feathers, and in-coming Governor of Kaduna State, Nasir El-Rufai had warned the nation that the total revenue from oil that year could not pay “the salaries and allowances of politicians and public sector workers and their “overheads” – their tea, coffee, travel and estacode.” He pointed out that it costs on the average about 2.5 million to maintain each of our one million public servants. The cost of maintaining one legislator is 320 million Naira, he pointed out. Since then, the situation has become worse. The monthly take home pay of a member of the House of Representatives is about 750,000 Naira. In addition, however, they have decided to pay themselves an additional 10 million Naira monthly in the form of various allowances not known to the Revenue Mobilisation and Fiscal Commission, which has statutory responsibility for fixing their emoluments. As Buhari will discover, both APC and PDP legislators will fight tooth and nail to conserve, indeed to increase their allowances.
Professor Joel Barkan has already elaborated a theory that justifies why African legislators need a lot of money. He argues that legislators acting individually, rather than as members of a corporate organisation that engages in collective decision-making, perform the additional function of constituency service. In most African countries, legislators have imposed upon them two forms of constituency service – Regular visits by MPs to their districts to meet constituents and assist some with their individual needs. Involvement in small to medium scale development projects that provide various forms of public goods – roads, water supply systems, schools and scholarship schemes, health clinics, meeting halls, etc. to their constituents. This constituency service function has always provided the subtext for raising emoluments of legislators but even more importantly, getting them to meddle in budget-making and budget-implementation.
In Nigeria, the legislature has responded to its constituency service function at three levels. First is the introduction of constituency projects in which legislators propose specific projects for their constituents, which are implemented, not by them, but by various ministries, departments and agencies under the Millennium Development Goals Programme. So while the executive branch carries out the projects, the legislators get the credit or so the theory goes. The reality is that the legislators have worked out modalities for their direct implementation. The second is the inclusion of zonal projects for legislators in the budgets of ministries, departments and agencies and the legislators themselves decide and implement such projects. Often, the projects are not implemented at all and the monies are simply collected up front. Thirdly, there has been a huge increase of constituency allowances to allow legislators respond to regular appeals from constituents for financial help for weddings, burials, ill health and so on, in addition to other demands for jobs, contracts and every conceivable demand.
The argument for constituency services is untenable. Virtually all working Nigerians can make the justified claim that they are all participants in a demand system in which relations, friends, associates and everyone else come to people considered to be relatively well off who then become targets of solicitation. General Buhari will discover to his shock that legislators are deeply implicated in crunching budgets with civil servants for projects that are not implemented. He would need to conserve his energy to engage in a struggle against this insidious corruption that has developed in our political system. There must be a stop to the abuse of the powers of appropriation given to the National Assembly, and the division of powers between those who make the laws, the legislators; and those who implement them, the Presidency and its ministries, departments and agencies must be restored.
The 8th National Assembly should embark on a path of transparency and accountability in engaging Nigerians in a frank conversation about their emoluments. It might well be the case that the waste of public resources is higher in the executive branch compared to the legislature. If, therefore, the legislature takes the initiative to curb its own excesses, they will be strengthened in using their oversight and budget-making powers to curb the excesses of the executive. One of the challenges facing the Presidency and the National Assembly is to respond effectively on the ethics, irrationality and high costs of spending the earnings of 170 million Nigerians on the one million people in the public sector. We must bring in the people as beneficiaries of public revenue through the expansion of public services. As petroleum revenues continue to decline, the reality on the ground is that we can no longer sustain the current expenditure profile we are running.
One of our weaknesses in both civil society and the media is that we have not put sufficient efforts in studying legislators and score carding them. We need to develop an index to regularly review the performance of the National Assembly as an institution, as well as the performance of individual legislators. It is my view that the moment has come for Nigerian legislators to clearly define their duties and responsibilities in favour of citizens and constituents as is assumed in democratic theory, rather than in terms of commitments to their personal accumulation or their showing gratification to their godfathers and party barons as is sometimes the case.
http://blogs.premiumtimesng.com/?p=167493

Please people, let’s hope for the best. Actually several factors were at play in the 2015 elections. I can tell you that in Benue State for instance, the votes weren’t so much about Buhari vs Jonathan but more like a revolt/mass uprising against the Governor and the PDP. My uncle got alert for his January salary last week and Benue is virtually a civil service State.
In Plateau State, the Governor really "tried" in terms of physical infrastructure like roads, but his choice of a fellow Berom tribesman as PDP Governorship candidate after ruling for 8 years amidst perception of ethnic marginalisation, was something that virtually all the other tribes teamed up against and PDP fell there like a pack of cards.
In Kaduna, it was clear that PDP would be swept aside.
I am not Yoruba but please let’s spare them. This is a tribe that still voted massively for President Jonathan even when their own son was running mate to Buhari.
For the core North to vote massively for Buhari and APC was expected. I really commend PDP for recording even 10% in some of those States. For the North Central to vote Buhari/APC should tell you volumes about their disappointment with the PDP Government.
The defeat of PDP was well earned, well deserved and too predictable. Our only prayer is that those who won should see that it was not just about them vs. Jonathan/PDP. Nigerians made a statement with this election even if as some say, those who have emerged have other agenda. We had limited choice in the circumstances. I think Buhari at his age; can decide to write his name in gold by laying a foundation for the future. I concede that there are some areas the present administration had positives which they didn’t present/package well but on the balance of scales, let’s give the new order the benefit of doubt.
Overall, one thing has been proven, no single ethnic or religious group or geo-political zone can win election all by itself. We must engage each other constructively.

new report by Allan Gray Group has stated that a few Nigeria banks may go bust or raise capital next year.

The report, which examined the lenders’ performance as of the end of March, added that investors’ sentiment towards Nigerian banks had gone from positive to ‘outright fear.’


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The research by Allan Gray, Africa’s largest privately-owned investment management company, linked the development to the falling oil price, likely spike in bad debts, political uncertainty and the Boko Haram insurgency.

The report read in part, “Sentiment towards Nigerian banks has gone from positive to outright fear. The fear is not without reason given the falling oil price, likely spike in bad debts, political uncertainty and Boko Haram insurgency.

“It is indeed likely that there will be a lot of distress in the next year, but it is important to remember that what a company earns in a particular year generally has little bearing on the intrinsic value of the business; what counts is the level of normal earning through the cycle and the ability to grow those earnings.

“Financial companies are a little different in this regard as they may go bankrupt before achieving normal earnings. A few Nigerian banks may go bust or raise capital, but luckily the share prices are discounting this probability.”

The Allan Gray report, entitled ‘Gray Issue: The sentiment pendulum’, also compared Nigerian banks with Kenyan banks relative to their assets and the Gross Domestic Product of their respective countries.

According to the research and investment firm, there is no reason why the Kenya banking sector should be any more or less profitable than the Nigerian in the long term, arguing that over the past 10 years the Return on Equity for the two sectors have been similar.

The ROE measures a company’s profitability by revealing how much profit a company generates with the money shareholders have invested.

The study read, “With a similar ROE, the Price-to-Book value for these two countries’ banks should be fairly close. However, the largest five listed banks in Kenya are trading at 2.6 times book value, discounting a long-term ROE of about 26 per cent, while the Nigerian banks trade below book value, indicating a long-term ROE of around 10 per cent.

“The market capitalisation of the companies relative to the assets on the balance sheet tells a similar story, with Kenya banks pricing in a return on assets 3.5 times that of Nigerian banks.

“In the Allan Gray Africa ex-SA Equity Fund we have a significant investment in Nigerian banks and very little in Kenya banks. We think the terrible sentiment and clear risks are giving us the opportunity to buy decent businesses, with favourable long-term prospects, at very attractive prices.”

The Price-to-book value is a financial ratio used to compare a company’s current market share price to its book value i.e the value of the of a company’s net assets expressed on the balance sheet.

Industry players and analysts had said a number of regulatory measures aimed at stabilising the economy would make it difficult for banks to make higher profit this year.

The Managing Director, Afrinvest West Africa Limited, an investment advisory firm, Mr. Ike Chioke, had said the reduction in banks’ fee income would make the year turbulent for the financial institutions.

He said, “It is going to be very challenging for the banking sector this year. You remember a gradual progression of the CBN trying to reduce the fee element that the banks do enjoy. The Commission on Turnover for example has been reduced from N5 to N3 and N1 per mille. By 2016, it will be reduced to zero.

“The CBN has also come up with a lot of measures to control the foreign exchange. All of these are taking away the fee incomes that the banks would ordinarily have enjoyed. So, I see that some banks will be in a place where their cost structure may be too difficult for the income generated to carry. So, they will have to find new ways to generate additional income.

“But trying to find new ways to generate additional income in an environment where there is declining revenue overall for the federal, state and local governments is going to be very difficult. It is going to be a depressed year for the banks.”

The Managing Director, Asset Management Corporation of Nigeria, Mr. Mustafa Chike-Obi, recently said falling oil prices would cause “serious economic headwind” this year and banks would be forced to record very significant increase in non-performing loans.

Chike-Obi said, “We can see that there is an economic headwind coming to Nigeria this year; and when the economic headwind comes, it will certainly impact on the Non-Performing Loans levels. So, we expect an increase in the NPL levels this year.”

Fitch Ratings had in a report released on October 8, 2014 said that although the banks’ NPLs were below five per cent as of last year, it would not be sustainable in the long run.
http://www.punchng.com/business/money/few-nigerian-banks-may-collapse-in-2016-report/

Sanmexy:
Just boarding since 1;30.

Safe flight bro.

myjoy08:
Sir, UBA has a mission to a target price. If the current price doesn't work for you (kidding), it will definitely work for those who see something we don't see . Current price is still premature!

People, make una no vex. Whats up with UBA? Is UBA planning to really become "Africa's global Bank"? Are wise men and women now returning to Bank with them?

hbrednic:
AIICO

What about AIICO?