phemmyutd: All these thing happened from 2010 when Gej became Nigeria President.
No wonder he said he made so many Nigerians Billionaire.
How will economy not collapse with all these debts?
And somehow the president of a nation is the financial institution that gave the loan or overdraft out abi....Nigerians thinking with their anus since tym immemorial....
Apportion blame like someone with a thinking faculty.... GEJ or PMB might not a saint; but that do not mean I should be insulting them for things that are clearly not their fault....
I on the other hand can school you.Nigeria's economy is certainly not among the fastest growing in the world - certainly not. Any growth experienced by our economy was due to what is known as a 'commodity boom' - in other words, oil (our primary export) was highly priced globally, hence we had a lot of cash coming in? You dig?
Secondly, the only reason why our economy became the biggest in Africa is due to what is known as 'rebasing'.Economies are dynamic in the sense that they grow, shrink, add new sectors, products,technologies e.t.c. To account for these changes, policy makers generally go through a periodic exercise called “rebasing” or re-benchmarking of the national account series GDP (gross domestic product). This process helps the data reflect a more current snapshot of the economy, and it is recommended that every nation undertakes it every 5 years to ensure that national accounts statistics present the most accurate reflection of the economy.
I thought your claim that Obama gave 0% interest loans to american businesses was a little strange, so I looked everywhere online, and could find nothing of that such.The only thing close was the $30-billion Small Business Lending Fund, which I understand didn't work out so well.
Before you give undeserved praises to Jonathan (mind you, I'm neither Pro-APC or Pro-PDP), consider the fact that Nigeria's financial infrastructure is largely unstructured. Think about this: only 3% of Nigeria’s landowners have proper titles, yet 70% of all loans are secured with property owned by this 3%. Pray tell, how do the remaining 97% present collateral to banks? I can tell you for a fact that a majority of Nigerian banks lack anything close to corporate governance, so at the end of the day, a lot of your bank's big boys would continue to look the other way while signing off dodgy facilities for their friends ( they do of course take a little something off the top). Need I also mention multiple taxation? From company tax of 30%, to ITF of 1% (biggest existing fraud in Nigeria), to LASAA, countless strange taxes from local governments e.t.c. Should I also mention the byzantine laws and regulations at every corner?
Baba, please calm your tits cos no government (asides Obasanjo's) has done shit for the Nigerian economy. The economy is growing sheerly by the will-power of its citizenry (and massive population) - and nothing else.
I was about to reply to that comment but it is exhausting responding to these guys. good job.
logica: Of course! In fact what is AMCON sef? Can you explain it to me?
Look guy, there is no need for the aloofness. Any f00l who follows enough news knows about AMCON. All you need to do is tell us how much AMCON recovered in the days of GEJ.
[size=13pt]Now let me help end this here and now. Please watch this interview that took place in May of this year and get an educated view because may folks here are speaking confidently (out of the abundance of their ignorance) Now if you make any comment here without watching this to the end, guess what? We will all know. Please note the about 350 staff AMCON had to individually handle 12,744 different bad debts
I on the other hand can school you.Nigeria's economy is certainly not among the fastest growing in the world - certainly not. Any growth experienced by our economy was due to what is known as a 'commodity boom' - in other words, oil (our primary export) was highly priced globally, hence we had a lot of cash coming in? You dig?
[size=13pt]I think you are wrong about this one because being the largest economy in Africa (above $500bn in GDP) I understand that less than 10% was accounted for by oil.
This is what began informing a lot of people that the oil sector is not the biggest in Nigeria.
Now about 80% of the government's income has been from oil but for the economy as a whole it only accounted for less than 10% of the over $500 billion value of transactions that took place in the year in question (I believe 2014).[/size] Pavarottii
MisterMetro: The Asset Management Corporation of Nigeria (AMCON) has released a list of 100 out of a total of 217 “Chronic Debtors” in their books, including firms and individuals, as authorized by the Central Bank of Nigeria (CBN).
Surprisingly, Senator Ben Murray-Bruce, whose assets were seized a few days ago over N11 billion debt, is not on the list.
AMCON on Thursday took over three assets belonging to Silverbird Group in Lagos, Abuja, and Port Harcourt.
They are Silverbird Galleria Limited located at 133 Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria); Silverbird Promotions Limited located at Central Area Cadastral Zone AOO, Abuja; and Silverbird Showtime Limited located at Abonnema Wharf Road and Abali Park in Port Harcourt City of Rivers State.
In a statement, AMCON said: “Further to our various publications advising debtors to come and settle their obligations with us, and in line with the directive of the Central Bank of Nigeria (CBN) instructing us to publish the list of 217 chronic debtors.
“We hereby present a list of 100 out of a total of 12,744 obligors on our books, being the first batch of many to be published. The listed debtors are hereby advised to engage us for resolution of their unpaid obligations”
Find the full list below as published on its website:
I on the other hand can school you.Nigeria's economy is certainly not among the fastest growing in the world - certainly not. Any growth experienced by our economy was due to what is known as a 'commodity boom' - in other words, oil (our primary export) was highly priced globally, hence we had a lot of cash coming in? You dig?
Secondly, the only reason why our economy became the biggest in Africa is due to what is known as 'rebasing'.Economies are dynamic in the sense that they grow, shrink, add new sectors, products,technologies e.t.c. To account for these changes, policy makers generally go through a periodic exercise called “rebasing” or re-benchmarking of the national account series GDP (gross domestic product). This process helps the data reflect a more current snapshot of the economy, and it is recommended that every nation undertakes it every 5 years to ensure that national accounts statistics present the most accurate reflection of the economy.
I thought your claim that Obama gave 0% interest loans to american businesses was a little strange, so I looked everywhere online, and could find nothing of that such.The only thing close was the $30-billion Small Business Lending Fund, which I understand didn't work out so well.
Before you give undeserved praises to Jonathan (mind you, I'm neither Pro-APC or Pro-PDP), consider the fact that Nigeria's financial infrastructure is largely unstructured. Think about this: only 3% of Nigeria’s landowners have proper titles, yet 70% of all loans are secured with property owned by this 3%. Pray tell, how do the remaining 97% present collateral to banks? I can tell you for a fact that a majority of Nigerian banks lack anything close to corporate governance, so at the end of the day, a lot of your bank's big boys would continue to look the other way while signing off dodgy facilities for their friends ( they do of course take a little something off the top). Need I also mention multiple taxation? From company tax of 30%, to ITF of 1% (biggest existing fraud in Nigeria), to LASAA, countless strange taxes from local governments e.t.c. Should I also mention the byzantine laws and regulations at every corner?
Baba, please calm your tits cos no government (asides Obasanjo's) has done shit for the Nigerian economy. The economy is growing sheerly by the will-power of its citizenry (and massive population) - and nothing else.
So why did our economy grow by 2.35% in 2015 and 0.37% in d first quarter of 2016. Comparing to the about 7% we had from 2011-2014? Has our will power reduced or our population reduced?
[size=13pt]Now let me help end this here and now. Please watch this interview that took place in May of this year and get an educated view because may folks here are speaking confidently (out of the abundance of their ignorance) Now if you make any comment here without watching this to the end, guess what? We will all know. Please note the about 350 staff AMCON had to individually handle 12,744 different bad debts
Items 10,47,51 do the correlation between 10 and 51, the same enterprise bank , probably the Osigwe's run a franchise , the name definitely is far from Edo, no Edo man answers "Anyiam" . So get your fact right
So why did our economy grow by 2.35% in 2015 and 0.37% in d first quarter of 2016. Comparing to the about 7% we had from 2011-2014? Has our will power reduced or our population reduced?
For starters, a great deal of uncertainty. Only a fool would have invested money in Nigeria in late 2014/early 2015 given the uncertainty in the political clime. Buhari also messed up by not rolling out early enough (i.e. naming ministers and what not) - again uncertainty cos of no clear policy direction, although he could be forgiven cos the power change in the country was unprecedented, as it implied APC would have had to change a lot of the structure of the erstwhile ruling PDP. Buhari's biggest f**k-up however, was trying to wish away reality - he refused to devalue the naira.
The truth is the naira was already devalued on the streets long before the government announced it - at least 8 months of lag time passed. In refusing to do what was right, Buhari gave room for profiteers and currency speculators to cash in big-time on the huge margins between the official rates and the street rates. Again, imagine you were an investor, and you had $1m to put into Nigeria, why would you do that when the government would give you N198m, meanwhile the real value of your money in Nigeria is around N340m? Also consider that in trying to repatriate profit, you would be doing so at a massive loss, cos well CBN rate + FX controls. We all assume utopia would be N1=$1; we are wrong. If that was the case suddenly, I would with my (let's assume) N6m salary suddenly be able to afford a Rolls-Royce, priceless jewelries e.t.c. as compared to my mate that earns $100k working as a software engineer at Google (insert your favourite tech giant here). Please how does this make sense?
Again I should reiterate that the financial institutions in Nigeria are still largely primitive due to the greed of Nigerian bankers. Prior to TSA, there was CRR which squeezed a lot of Nigerian banks out of public sector deposits. How about if I tell you that only GTB had over 70% of its deposits from the private sector? In other words, every bank was keeping government's money, and loaning the same money back to government at ridiculous interest rates. So there really wasn't much incentive to do 'real banking'. Now that the cockerel has come home to roost, they have all been caught napping.
As regards someone's question about how oil is not a substantial part of our economy, I beg to differ. Oil truly is a small fraction of our economy, but it is still a major contributor to government revenue, as well as our number 1 source of FX. Government being the biggest spender in the economy, by refusing to spend money (due to issues with passing the budget and whatnot) contributed to slowing growth. Asides that, of all the things we produce in Nigeria, how many bring home billions in FX?
The truth is Buhari has had a few missteps - yes. But what is happening now is just the cockerel coming home to roost; the bubble would have burst sooner or later.
logica: Dude, what people are driving at was AMCON bought those huge debts but did NOT actively go after those debtors. If Jonathan did not lose to Buhari, it is possible these guys would've gotten away with it. And of course, guess where the money AMCON used to buy these debts came from? Aha.
Let me clarify some things. No one said they all borrowed under GEJ, we saying, under GEJ, AMCON underperforming. And who told u OGA AT THE TOP doesn't play a role in d bank. Are u living in Nigeria. How many crimes are commited through these banks, how many blackmail? Defect? How come these big men's borrow without collateral? Or which collateral does some of them have? To borrow huge amount of many from different bank? How come banks hasn't taken possession of the collaterals? Oga, we are in nigeria. Pls, don't misjudged bcoz i mentioned Jonathan, i have no qualms with any of them. As long as am concerned, apc, pdp, they are same. When we see truth, lets admit it. During baba iyabo tenure, money missing, why GEJ not investigate and prosecute. I now see wailers, wailing wen some are being investigated and prosecuted. The question SANE NIGERIANS should be asking is, is those investigated really guilty? I don't care what ever reason else. If apc are realy witch hunting, they can only hide, they can run forever. I rest my case
I on the other hand can school you.Nigeria's economy is certainly not among the fastest growing in the world - certainly not. Any growth experienced by our economy was due to what is known as a 'commodity boom' - in other words, oil (our primary export) was highly priced globally, hence we had a lot of cash coming in? You dig?
Secondly, the only reason why our economy became the biggest in Africa is due to what is known as 'rebasing'.Economies are dynamic in the sense that they grow, shrink, add new sectors, products,technologies e.t.c. To account for these changes, policy makers generally go through a periodic exercise called “rebasing” or re-benchmarking of the national account series GDP (gross domestic product). This process helps the data reflect a more current snapshot of the economy, and it is recommended that every nation undertakes it every 5 years to ensure that national accounts statistics present the most accurate reflection of the economy.
I thought your claim that Obama gave 0% interest loans to american businesses was a little strange, so I looked everywhere online, and could find nothing of that such.The only thing close was the $30-billion Small Business Lending Fund, which I understand didn't work out so well.
Before you give undeserved praises to Jonathan (mind you, I'm neither Pro-APC or Pro-PDP), consider the fact that Nigeria's financial infrastructure is largely unstructured. Think about this: only 3% of Nigeria’s landowners have proper titles, yet 70% of all loans are secured with property owned by this 3%. Pray tell, how do the remaining 97% present collateral to banks? I can tell you for a fact that a majority of Nigerian banks lack anything close to corporate governance, so at the end of the day, a lot of your bank's big boys would continue to look the other way while signing off dodgy facilities for their friends ( they do of course take a little something off the top). Need I also mention multiple taxation? From company tax of 30%, to ITF of 1% (biggest existing fraud in Nigeria), to LASAA, countless strange taxes from local governments e.t.c. Should I also mention the byzantine laws and regulations at every corner?
Baba, please calm your tits cos no government (asides Obasanjo's) has done shit for the Nigerian economy. The economy is growing sheerly by the will-power of its citizenry (and massive population) - and nothing else.
For starters, a great deal of uncertainty. Only a fool would have invested money in Nigeria in late 2014/early 2015 given the uncertainty in the political clime. Buhari also messed up by not rolling out early enough (i.e. naming ministers and what not) - again uncertainty cos of no clear policy direction, although he could be forgiven cos the power change in the country was unprecedented, as it implied APC would have had to change a lot of the structure of the erstwhile ruling PDP. Buhari's biggest f**k-up however, was trying to wish away reality - he refused to devalue the naira.
The truth is the naira was already devalued on the streets long before the government announced it - at least 8 months of lag time passed. In refusing to do what was right, Buhari gave room for profiteers and currency speculators to cash in big-time on the huge margins between the official rates and the street rates. Again, imagine you were an investor, and you had $1m to put into Nigeria, why would you do that when the government would give you N198m, meanwhile the real value of your money in Nigeria is around N340m? Also consider that in trying to repatriate profit, you would be doing so at a massive loss, cos well CBN rate + FX controls. We all assume utopia would be N1=$1; we are wrong. If that was the case suddenly, I would with my (let's assume) N6m salary suddenly be able to afford a Rolls-Royce, priceless jewelries e.t.c. as compared to my mate that earns $100k working as a software engineer at Google (insert your favourite tech giant here). Please how does this make sense?
Again I should reiterate that the financial institutions in Nigeria are still largely primitive due to the greed of Nigerian bankers. Prior to TSA, there was CRR which squeezed a lot of Nigerian banks out of public sector deposits. How about if I tell you that only GTB had over 70% of its deposits from the private sector? In other words, every bank was keeping government's money, and loaning the same money back to government at ridiculous interest rates. So there really wasn't much incentive to do 'real banking'. Now that the cockerel has come home to roost, they have all been caught napping.
As regards someone's question about how oil is not a substantial part of our economy, I beg to differ. Oil truly is a small fraction of our economy, but it is still a major contributor to government revenue, as well as our number 1 source of FX. Government being the biggest spender in the economy, by refusing to spend money (due to issues with passing the budget and whatnot) contributed to slowing growth. Asides that, of all the things we produce in Nigeria, how many bring home billions in FX?
The truth is Buhari has had a few missteps - yes. But what is happening now is just the cockerel coming home to roost; the bubble would have burst sooner or later.
Please note the about 350 staff AMCON had to individually handle 12,744 different bad debts
I guess average of 36 cases per agent was too much. If each case took 1 month to handle, that is exactly 3 years. If half of the cases were handled, and it took 2 months for each case, that is also 3 years to COMPLETELY prepare the files on each case. Now, let us say the top 20 cases (in order of priority/size of the debt) were being handled, how long do you think it will take for 350 staff? Let's even say 100 top cases were being handled, how long will it take for 350 staff? AMCON was created in 2010, GEJ was booted out in 2015 (a period of 5 years). I am not sure what the argument is.
logica: I guess average of 36 cases per agent was too much. If each case took 1 month to handle, that is exactly 3 years. If half of the cases were handled, and it took 2 months for each case, that is also 3 years to COMPLETELY prepare the files on each case. Now, let us say the top 20 cases (in order of priority/size of the debt) were being handled, how long do you think it will take for 350 staff? Let's even say 100 top cases were being handled, how long will it take for 350 staff? AMCON was created in 2010, GEJ was booted out in 2015 (a period of 5 years). I am not sure what the argument is.
[size=13pt]I think you are just completely unaware of how embarrassing your deposition here is. From where did you imagine that it should take "1 month to handle" 1 case? Just from where? Because I now see you don't even know what you are saying, I am tempted to ignore you but that will cause you to wear your ignorance on your head like a crown.
So I will just tell you something little.
The debt AMCON is managing is over =N=5 trillion.
It takes joining the 3 biggest banks in Nigeria together to have their assets get up to =N=6 trillion (They have about =N=2 trillion each on average)
These banks have between 5,000 - 7,000 staff each to manage their =N=2 trillion risk assets. So together these 3 banks have at least, 15,000 staff in charge of =N=6 trillion in assets as compared to AMCON's 350 staff required to do a recovery job on =N=5 trillion.
Now the funny thing is that the consultant, who doesn't work with AMCON mentioned this in that video. But you preferred the imaginations of your mind to getting informed, hence your post.
The part of your write up that is truly embarrassing is where you say "If each case took 1 month to handle, that is exactly 3 years."
In fact, since everything you put up here is built upon that, I will say everything about your post is completely embarrassing. [/size]
I think you are just completely unaware of how embarrassing your deposition here is. From where did you imagine that it should take "1 month to handle" 1 case? Just from where? Because I now see you don't even know what you are saying, I am tempted to ignore you but that will cause you to wear your ignorance on your head like a crown.
So I will just tell you something little.
The debt AMCON is managing is over =N=5 trillion.
It takes joining the 3 biggest banks in Nigeria together to have their assets get up to =N=6 trillion (They have about =N=2 trillion each on average)
These banks have between 5,000 - 7,000 staff each to manage their =N=2 trillion risk assets. So together these 3 banks have at least, 15,000 staff in charge of =N=6 trillion in assets as compared to AMCON's 350 staff required to do a recovery job on =N=5 trillion.
Now the funny thing is that the consultant, who doesn't work with AMCON mentioned this in that video. But you preferred the imaginations of your mind to getting informed, hence your post.
The part of your write up that is truly embarrassing is where you say "If each case took 1 month to handle, that is exactly 3 years."
In fact, since everything you put up here is built upon that, I will say everything about your post is completely embarrassing.
Dude, you can feel superior all you want, but I view your position to be just as silly. In these days where computers are involved, we are not talking about looking through file cabinets etc. What do the total figures have to do with efficiency? Maybe you are dyslexic, so I will not bother to wonder where I stated that cases SHOULD take 1 month to handle. I created several scenarios, even assumed the case of the first 20 and 100. There is a manner in which estimates are made. If you know so much, tell us how long, on the average, it will take to handle one case.
For starters, a great deal of uncertainty. Only a fool would have invested money in Nigeria in late 2014/early 2015 given the uncertainty in the political clime. Buhari also messed up by not rolling out early enough (i.e. naming ministers and what not) - again uncertainty cos of no clear policy direction, although he could be forgiven cos the power change in the country was unprecedented, as it implied APC would have had to change a lot of the structure of the erstwhile ruling PDP. Buhari's biggest f**k-up however, was trying to wish away reality - he refused to devalue the naira.
The truth is the naira was already devalued on the streets long before the government announced it - at least 8 months of lag time passed. In refusing to do what was right, Buhari gave room for profiteers and currency speculators to cash in big-time on the huge margins between the official rates and the street rates. Again, imagine you were an investor, and you had $1m to put into Nigeria, why would you do that when the government would give you N198m, meanwhile the real value of your money in Nigeria is around N340m? Also consider that in trying to repatriate profit, you would be doing so at a massive loss, cos well CBN rate + FX controls. We all assume utopia would be N1=$1; we are wrong. If that was the case suddenly, I would with my (let's assume) N6m salary suddenly be able to afford a Rolls-Royce, priceless jewelries e.t.c. as compared to my mate that earns $100k working as a software engineer at Google (insert your favourite tech giant here). Please how does this make sense?
Again I should reiterate that the financial institutions in Nigeria are still largely primitive due to the greed of Nigerian bankers. Prior to TSA, there was CRR which squeezed a lot of Nigerian banks out of public sector deposits. How about if I tell you that only GTB had over 70% of its deposits from the private sector? In other words, every bank was keeping government's money, and loaning the same money back to government at ridiculous interest rates. So there really wasn't much incentive to do 'real banking'. Now that the cockerel has come home to roost, they have all been caught napping.
As regards someone's question about how oil is not a substantial part of our economy, I beg to differ. Oil truly is a small fraction of our economy, but it is still a major contributor to government revenue, as well as our number 1 source of FX. Government being the biggest spender in the economy, by refusing to spend money (due to issues with passing the budget and whatnot) contributed to slowing growth. Asides that, of all the things we produce in Nigeria, how many bring home billions in FX?
The truth is Buhari has had a few missteps - yes. But what is happening now is just the cockerel coming home to roost; the bubble would have burst sooner or later.
Lies...What is Ferdinand Oil that packed up since 13-15 years ago doing with billions of naira in 2011 with the name of the chairman that died in the late 90s still referred to as the Board chairman...So a dead man is the board Chairman of his company that folded few years after his death..I do not trust any thing about this APC Criminals govt.
, the name definitely is far from Edo, no Edo man answers "Anyiam" . So get your fact right
