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House Of Reps Okays Islamic (non-interest) Banking - Politics (6) - Nairaland

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Senate, Reps Okays Pay Cut / Non-interest Banking Is Originally A Christian System Of Banking / "Non-interest Banking", Why Use That Frieghtful Aglorithme"Islamic Banking" (2) (3) (4)

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Re: House Of Reps Okays Islamic (non-interest) Banking by texazzpete(m): 8:25am On Jul 24, 2011
If you people truly want to keep religion out of State matters, then please go and demand that our tax money is not used to send people to Mecca or Jerusalem.
Also, if not for religious sentiments, why are Churches exempt from tax in Nigeria?

Perhaps we should even legalize homosexuality sef. afterall, it's only our religious values that makes us abhor this act, is it not?


jmaine:

You imported your prejudice here . . .the rule of the game is to debunk claims with available references/sources for authenticity . . . I put up the link to avoid forum members labelling it a lie, due to no link to buttress my point . . . Sanusi lied  that he invited them for a hearing and they declined . . . The people he accused said such never happened . .they were already scheduled to have a meeting with their unique agenda to be discussed . . .Sanusi felt he could gate crash in there to truncate their meeting just to say what he had to say .  . . .and they said no . .sorry, we have an agenda already for the meeting, and provisions for you can't be accommodated now . . .But what did Lord Sanusi do . . .he twisted the story so that people can  caress him and say well done . . .

[size=11pt]So are you trying to tell me in clear terms that while in the middle of a presumed important meeting . . Sanusi impromptu demands should have sailed through . . . and for what reasons  must that occur . . . . Why did he have to twist the episode to curry false sympathy  to himself . . .and the vocal Sanusi i know would have punctured Oritsejafor claims if they were lies . . .You simply need to accept it when someone fails himself like he did when he lied   . . .   There is simply no excuse for you to cover this lie by terming it hear say   . . .

As i said before, all we have to go by now is Oritsejafor's word. I do not trust him implicitly so I cannot swallow his story hook, line and sinker.

One important fact from his largely uninspiring ramble is that the CBN HQ and the CAN secretariat are next door to each other. If Islamic banking was such a critical issue to him and his 'constituency', why has he not troubled himself to set up an appointment and walk across for a visit to discuss all the issues?

He certainly has no issue with going over to Aso Rock to hobnob with the President. grin

Read his interview. Not only does he display a thorough lack of understanding on the basic facts concerning Islamic banking as a concept and execution around the world, it's clear he does not understand how he himself is injecting ordinary Nigerians with paranoia.
Re: House Of Reps Okays Islamic (non-interest) Banking by jmaine: 9:43am On Jul 24, 2011
texazzpete:

If you people truly want to keep religion out of State matters, then please go and demand that our tax money is not used to send people to Mecca or Jerusalem.
Also, if not for religious sentiments, why are Churches exempt from tax in Nigeria?


We all have agreed that state sponsorship of pilgrimage activities shouldn't have been institutionalized in the first place and is a waste of resources . . . If we had been practicing democracy without the rude intervention of the khaki men  . . . . our constitution would have been much better than the Military inspired decree we term as constitution . . .
The tax issue concerns all religious and non profit organization . . . and not just churches . . .was the tax exemption coined from a biblical phrase . . more like Christian tax exemption . . .instead of just tax exemption . . .  The churches not paying tax does not mean their registered businesses like the covenant university and Madonna would be tax free . . . or are they not paying taxes despite their affiliation with the said churches  . . . .


texazzpete:


Perhaps we should even legalize homosexuality sef. afterall, it's only our religious values that makes us abhor this act, is it not?


Good logic  grin  . . .Even at the[b] cultural level [/b]we all frown at this .  . . But with the UN resolution . . .if they feel they are ready and bold to fight for their right . . . then  . . .the secularism would be further questioned and it will largely depend on how sophisticated and liberal the society becomes . . . But this scenario na complete gbege oo!  grin grin


texazzpete:


As i said before, all we have to go by now is Oritsejafor's word. I do not trust him implicitly so I cannot swallow his story hook, line and sinker.

Since Sanusi has not said anything to the contrary despite his recent jibes at the CAN clerics . . .then Pastor Ayo explanations remains valid by default . . .


texazzpete:

One important fact from his largely uninspiring ramble is that the CBN HQ and the CAN secretariat are next door to each other. If Islamic banking was such a critical issue to him and his 'constituency', why has he not troubled himself to set up an appointment and walk across for a visit to discuss all the issues?


Sanusi would have taken the initiative to have rescheduled this meeting again if really, he sincerely  wanted to reach out to CAN instead of peddling falsehood . . . . .with the actors clearly alive to proof otherwise . . how wise could he get . . . .

texazzpete:


He certainly has no issue with going over to Aso Rock to hobnob with the President.  grin

If the President demands his attention through a proper channel of invitation  . . .why won't he respond . . . after all, the president demands it  wink . . .  The president would never like to gate crash an on going meeting of excos just to have an audience with the CAN members ala Sanusi style . . .the difference between both scenario is proper [/b]and [b]sincere process of invitation . . .


texazzpete:


Read his interview. Not only does he display a thorough lack of understanding on the basic facts concerning Islamic banking as a concept and execution around the world, it's clear he does not understand how he himself is injecting ordinary Nigerians with paranoia.

Reading that article is subjective , Me sef read am and there were salients questions he asked that requires answers for the proponents of this banking principle . . with Sanusi the chief proponent . . .The reps would have dished out some of those questions other than being bamboozled to submission  embarassed embarassed  . . his hypnosis was so strong . . .he earned a resounding applause from people who were supposed to scrutinize whatever he said  cheesy cheesy  . .  Did they get so fed up with his lecture or terminologies that they were itching to go home to their affluence banked on fraud and waste . . so his ending was a relief to them akin to a boring speaker (Subjective to intellectually low minds) who receives a resounding applause from his indifferent listeners as a form of saying thank you for not wasting our time any longer   cheesy cheesy . . .
Re: House Of Reps Okays Islamic (non-interest) Banking by Akainzo(m): 9:51am On Jul 24, 2011
all4naija:

They demand for change from the formal oppressing regime(the type you admire -without questioning) to a more democratic, self governing system that encompasses secular state ideas. Keep fooling yourself.  Islam has failed Arabs. It is going to fail in Nigeria too.
Now i know what your problem is, you are delusional and and inherent lack of knowledge, living only in the world of your own creation and imagination.

You are more than pathetic. What made you think you are learned here is only in your silly head that you can't reason with - simple reason you are brainwashed by religion.It is sad a so called learned can't use his brain to understand that Islam is just another people tradition. Islam sucks that is it! Boohoo!

It's very interesting watching you exercise your ignorance here. I think most people will laugh at you after reading your argument.

Its now obvious to me you cannot comprehend anything once your brain tries to grasp something higher than it. Unfortunately, this concept of Islamic banking seems as rocket science to your lilliputian brain. Do get someone with a higher IQ to re-read my reply to your brainwashing allegation and then come back with better things.
Re: House Of Reps Okays Islamic (non-interest) Banking by edicolove: 10:37am On Jul 24, 2011
I always say that ignorance is the biggest problem in Naija. The point of this whole thing is that the Nigerian state is a secular state and should never be seen supporting any religion. The involvement of the CBN as as a state owned institution in Islamic banking simply negates that principle and sets a precedence for many problems that could lead the country into serious problems in the future. That is why some people have come out to say the issue could cause Naija to disintegrate and they are very correct. Several years ago, churches wanted to register and own radio and TV stations. They were told clearly that they could not since Nigeria is a secular state. These churches had to go to south Africa to setup these stations. Their programs on TV are even monitored and they are told that they cannot show certain things on TV. Inspirational FM in Lagos was almost closed down because they were accused of playing too much Christian music and that the society was a secular one. So tell me how this same secular society with all these restrictions on Christian content is suddenly now sponsoring an Islamic bank. Please forget the non-interest name tag. It is Islamic banking. The only reason for giving someone a non-interest loan is because you want something else from him. These are fundamental strategies for pushing Islam around the world. I do not mean it is wrong. I just dont agree that the government should be the one championing it. If Moslem leaders have resources and want to use it to push Islam, that is fine, but the government is a secular one and should not be pushing these things. This is a dangerous trend which if not checked will bring this country to a halt.

And just to add. I have read a lot about the Islamic banking principles and how it will change Nigeria and it makes me laugh. Tell me, if Islamic banking is so great, why are over half the Islamic countries with full sharia laws still very poor and impoverished. Sometimes we make deluded arguments and forget that humans will do anything to further their agendas and this has nothing to do with helping Nigeria. If you really think Sanusi cares about you, you must be delusional and extremely naive. There is absolutely no sense in giving people money to do business without profiting as an organization. You can talk of small interest rates aor long term payments but to give people money without profiting is only done in religious circles as a means to attract people to such a religion. It is done in some churches and Christian organizations but like I said before, I wouldn't categorize this as wrong but it should not be championed by a secular state institution.
Re: House Of Reps Okays Islamic (non-interest) Banking by namfav(m): 10:54am On Jul 24, 2011
it is definitely good news. christians you are free to bank with us  wink
Re: House Of Reps Okays Islamic (non-interest) Banking by edicolove: 10:57am On Jul 24, 2011
^^^The stupidity of your post is that we might soon be in different countries just like was predicted. 2015 is not far away you know. You will then have all the sharia you want and help setup Alqaeda bases. You or your children might even end up as suicide bombers you know. sounds great, doesn't it?
Re: House Of Reps Okays Islamic (non-interest) Banking by Akainzo(m): 10:59am On Jul 24, 2011
edicolove:

I always say that ignorance is the biggest problem in Naija. The point of this whole thing is that the Nigerian state is a secular state and should never be seen supporting any religion. The involvement of the CBN as as a state owned institution in Islamic banking simply negates that principle and sets a precedence for many problems that could lead the country into serious problems in the future. That is why some people have come out to say the issue could cause Naija to disintegrate and they are very correct. Several years ago, churches wanted to register and own radio and TV stations. They were told clearly that they could not since Nigeria is a circular state. These churches had to go to south Africa to setup these stations. Their programs on TV are even monitored and they are told that they cannot show certain things on TV. Inspirational FM in Lagos was almost closed down because they were accused of playing too much Christian music and that the society was a circular one. So tell me how this same circular society with all these restrictions on Christian content is suddenly now sponsoring an Islamic bank. Please forget the non-interest name tag. It is Islamic banking. The only reason for giving someone a non-interest loan is because you want something else from him. These are fundamental strategies for pushing Islam around the world. I do not mean it is wrong. I just dont agree that the government should be the one championing it. If Moslem leaders have resources and want to use it to push Islam, that is fine, but the government is a circular one and should not be pushing these things. This is a dangerous trend which if not checked will bring this country to a halt.

Hmmmm, the Nigerian secular state organisation is NOT sponsoring an Islamic bank. CBN as a regulator is setting out policies and guidelines for the operations of Islamic banking in Nigeria.
Re: House Of Reps Okays Islamic (non-interest) Banking by edicolove: 11:06am On Jul 24, 2011
Hmmmm, the Nigerian secular state organisation is NOT sponsoring an Islamic bank. CBN as a regulator is setting out policies and guidelines for the operations of Islamic banking in Nigeria.

and your argument is? so why did they stop the running of Christian TV and radio stations? They should not set agenda for anything religious. IT IS A SECULAR STATE. And just to correct you, if there is a problem with the bank tomorrow, will the CBN not bail them out? Will they not be part of the Nigerian deposit insurance scheme? We need to be truthful in our dealings or we should just split.
Re: House Of Reps Okays Islamic (non-interest) Banking by Akainzo(m): 12:09pm On Jul 24, 2011
edicolove:

and your argument is? so why did they stop the running of Christian TV and radio stations? They should not set agenda for anything religious. IT IS A SECULAR STATE. And just to correct you, if there is a problem with the bank tomorrow, will the CBN not bail them out? Will they not be part of the Nigerian deposit insurance scheme? We need to be truthful in our dealings or we should just split.

While i hold no brief for the NBC over tv stations, i however know that the current policies does not support a full fledged religious broadcast organisation. And until the policies are changed to support it, all religious broadcast license request would be denied.

In the same vein, the current banking policies and regulations does not support islamic banking, but to ensure it does, the guidelines and policies are being modified. This explains the entire public debate about it. And once the policy is endorsed, it would be supported by all organs of government, CBN, NDIC, NA and judiciary.
Re: House Of Reps Okays Islamic (non-interest) Banking by texazzpete(m): 12:12pm On Jul 24, 2011
jmaine:

Since Sanusi has not said anything to the contrary despite his recent jibes at the CAN clerics . . .then Pastor Ayo explanations remains valid by default . . .


Sanusi told the legislators that he had tried to reach out to the CAN leadership. So his words still stand.

jmaine:


Reading that article is subjective , Me sef read am and there were salients questions he asked that requires answers for the proponents of this banking principle . . with Sanusi the chief proponent . . .The reps would have dished out some of those questions other than being bamboozled to submission  embarassed embarassed  . . his hypnosis was so strong . . .he earned a resounding applause from people who were supposed to scrutinize whatever he said  cheesy cheesy  . .  Did they get so fed up with his lecture or terminologies that they were itching to go home to their affluence banked on fraud and waste . . so his ending was a relief to them akin to a boring speaker (Subjective to intellectually low minds) who receives a resounding applause from his indifferent listeners as a form of saying thank you for not wasting our time any longer   cheesy cheesy . . .

This is double speak o! The legislators had already agreed to close early for that day to mourn their colleague. On one hand you side with Oritsejafor that not even an important chance to assail Sanusi with questions was more important than sticking to schedule, then you turn around and excoriate the Reps for sticking to their schedules too.
Bros be consistent  grin

I must say I am enjoying this discussion with you. It's such a shame one of your intelligence is falling prey to this unneccessary paranioa, but we will see if you cannot yet be saved  wink
Re: House Of Reps Okays Islamic (non-interest) Banking by jmaine: 12:46pm On Jul 24, 2011
texazzpete:

Sanusi told the legislators that he had tried to reach out to the CAN leadership but what . So his words still stand.


He just met the house last week . . . what did he say precisely early this month . . .if he had towed this line . . no one would complain . . .but he said they declined his invitation . . .now that is the bone of contention . . . . . When you say someone declined your invitation . .it goes deeper than the simple quote he told the Reps . .


texazzpete:

This is double speak o! The legislators had already agreed to close early for that day to mourn their colleague. On one hand you side with Oritsejafor that not even an important chance to assail Sanusi with questions was more important than sticking to schedule, then you turn around and excoriate the Reps for sticking to their schedules too.
Bros be consistent Grin


This are two different scenarios . . . CAN never had Sanusi in their schedule and decided to achieve their agenda set for their meeting without distractions from his impromptu visit . . .

The Reps on the other hand invited Sanusi but ended up giving us a flimsy excuse of a fallen colleague despite the fact that he was pencilled down to address the house on a very pertinent issue that is of national concern . . . When you invite or should i use summon someone to clarify issues . . You make adequate provision for issues to be addressed holistically . . . Their excuse does not hold water bruv . . . people had questions to ask, why were they not allowed at least to some extent . . . . Your one of those who speak strongly against glaring ineptitude . . .and this is one of such you should not dismiss . . .


texazzpete:

It's such a shame one of your intelligence is falling prey to this unneccessary paranioa, but we will see if you cannot yet be saved

You call it unnecessary . . but i call it necessary until proper explanations are given to clarify certain issues . . .and by the way, am still open to change

wink
Re: House Of Reps Okays Islamic (non-interest) Banking by namfav(m): 12:50pm On Jul 24, 2011
edicolove:

^^^The stupidity of your post is that we might soon be in different countries just like was predicted. 2015 is not far away you know. You will then have all the sharia you want and help setup Alqaeda bases. You or your children might even end up as suicide bombers you know. sounds great, doesn't it?

why are you angry f00l, i told you you can also bank with us
Re: House Of Reps Okays Islamic (non-interest) Banking by BIGERBOY1: 1:48pm On Jul 24, 2011
you would think people will understand this simple logic:

we need rules to regulate mortgage banks

we need separate rules to regulate commercial banks ( even the capital requirement and capital adequacy ratio require ment are different)

In the same vein we need rules to regulate islamic banks (note the so called JAIZ bank was given licence to operete b4 sanusi, but no operational guidelines existed now the guidelines are been set)

sanusi made a briliant point he said its not up to the CBN to publicise islamic banking but up to the industry players like JAIZ, stanbic etc, the cbn just set rules. but pple stll ask the cbn to educate pple more (although sanusi did educated people through his house address)

and if i may ask why cant CAN just invite the CBN governor am sure he will gladly accept the iv
Re: House Of Reps Okays Islamic (non-interest) Banking by texazzpete(m): 1:59pm On Jul 24, 2011
BIGER BOY:

and if i may ask why cant CAN just invite the CBN governor am sure he will gladly accept the iv

God bless you jo!

@Jmaine
Oya, what is stopping CAN from inviting Sanusi to discuss the merits, demerits and issues surrounding Islamic banking? Why has Oritsejafor not moved to set a date for dialogue instead of running to the press all the time?
Someone is more interested in appearing publicly to be a dogged and relentless fighter for Christian issues instead of doing the actual job?
Re: House Of Reps Okays Islamic (non-interest) Banking by jmaine: 2:47pm On Jul 24, 2011
texazzpete:

God bless you jo!

@Jmaine
Oya, what is stopping CAN from inviting Sanusi to discuss the merits, demerits and issues surrounding Islamic banking? Why has Oritsejafor not moved to set a date for dialogue instead of running to the press all the time?
Someone is more interested in appearing publicly to be a dogged and relentless fighter for Christian issues instead of doing the actual job?


That would be a laudable move by CAN . . .but the proponent of a project or regulation is most likely the initiator of a dialogue session or submit to educate and clear all doubts partaining to it's commision . . . not that am hinging on the fact that it must be Sanusi initiative . . . CAN can as well do the noble task of inviting Sanusi for crucial clear the air discussions . . . The main issue we are having here is a function personality friction . . . Pastor Oritsejafor is not your docile and diplomatic CAN president . . He tells you the way it is . . .and Sanusi is equally an head strong,very confident man carrying about his affairs in a macho style . . . Someone has to reach out to the other which is a fact . . .it could either be Oritsejafor or Sanusi . . But someone must def initiate it . . . And since Sanusi is the accused for now . . He has a lot to do to quell such negative vibes against him . . .so the onus is on him to reach out to others . . wink . . .

And by the way,are regulations not meant to be in place before licences are issued . . . Cos as an operator you need to know what is required of you before you apply for a licence . . . Or could it be the same paranoia symptoms undecided
Re: House Of Reps Okays Islamic (non-interest) Banking by BIGERBOY1: 3:19pm On Jul 24, 2011
good question regulations should be in place b4 license, but in instances where they r not, there is need for formulation one. Hence the case for what sanusi is doing. u get the logic. (besides these frameworks been developed were started by soludo b4 sanusi, sanusi is just completing and adopting them).

am sure if u know finance u will appreciate the following:

am very sure our financial rules vaguely approves derivative trading, now but there are no detailed frameworks of operation, thus the non existence of derivative mkt in the 9ja capital market. (derivative are securities derived from other securities like 'collateralize debt obligations', 'mortgage backed securities') now if all of a sudden SEC approves derivative trade like credit default swaps (which in lay mans understanding is i borrow from A but hold B responsible in case of default) without formulating guidelines the market will eventually collapse because every chua chua investment house will start using their financial engineering skills to churn out derivatives without taking into account the structural stability of the product or the market as a whole. I hope u get my point.

BTW I can argue that it is the above scenarios that led to the US and global financial crisis. Even the robust US rules failed to appreciate the risk of these products and market players kept transferring risks from new york to Tokyo to Frankfurt, London and back. and at the end of the day a mere panic almost collapsed the entire global economy.

Thus rules had to rewritten and on areas where there were no rules (like hedge fund regulations) new ones had to be agreed on.

So u see why the need for the regulations by CBN?
Re: House Of Reps Okays Islamic (non-interest) Banking by texazzpete(m): 3:31pm On Jul 24, 2011
jmaine:

That would be a laudable move by CAN . . .but the proponent of a project or regulation is most likely the initiator of a dialogue session or submit to educate and clear all doubts partaining to it's commision . . . not that am hinging on the fact that it must be Sanusi initiative . . . CAN can as well do the noble task of inviting Sanusi for crucial clear the air discussions . . . The main issue we are having here is a function personality friction . . . Pastor Oritsejafor is not your docile and diplomatic CAN president . . He tells you the way it is . . .and Sanusi is equally an head strong,very confident man carrying about his affairs in a macho style . . . Someone has to reach out to the other which is a fact . . .it could either be Oritsejafor or Sanusi . . But someone must def initiate it . . . And since Sanusi is the accused for now . . He has a lot to do to quell such negative vibes against him . . .so the onus is on him to reach out to others . . wink . . .

And by the way,are regulations not meant to be in place before licences are issued . . . Cos as an operator you need to know what is required of you before you apply for a licence . . . Or could it be the same paranoia symptoms undecided

Islamic banking is in operation in many countries around the world. Why should Sanusi start looking for CAN to dialogue with them on an issue that really should generate no heat?
All the man is doing is to issue concrete guidelines, finishing the work Soludo started.
I don't understand why you call Sanusi the 'accused'. Let the person who tells the whole world that Sanusi has an 'ethnic or religious agenda' be the one on the hot seat.

Sanusi's job is to oversee CBN and Nigeria's banking system. He is not there to placate everyone. Oritsejafor's job is to ensure he represents the interests of Christians in Nigeria. Sanusi says Islamic banking is not a big deal, Oritsejafor says it is. Sorry, but in this instance, it's clear that the person who considers this to be a huge deal is the one who should be making more efforts to secure an exhaustive dialogue session.
Re: House Of Reps Okays Islamic (non-interest) Banking by igboboy1(m): 10:53pm On Jul 25, 2011
the biggest threat to nigeria is not even the bloody hausa/fulani but their @$$ licking Yoruba muslim servants, always wanting to be fully accepted as full muslims these ingrates will be secretely pushing for the islamization of nigeria, biko you can limit your sharia to the north and sw , (Adegbite u in particular)
Re: House Of Reps Okays Islamic (non-interest) Banking by PAGAN9JA(m): 12:12am On Jul 26, 2011
^^^^

you must specify as bloody muslim Hausa/Fulani because there are people lyk us who are non-muslim Hausa & Fulani who exist and we find this insulting. angry angry angry sad
Re: House Of Reps Okays Islamic (non-interest) Banking by igboboy1(m): 12:15am On Jul 26, 2011
^^ una be collateral damage, ndo, in this war of us vs them we cant afford to stard fine tuning the enemy, If you are from there we are going to lump sum you into the aboki collection grin
unless u are from the middle belt or southern kaduna
Re: House Of Reps Okays Islamic (non-interest) Banking by Nobody: 2:11pm On Jul 26, 2011
Akainzo:

Hmmmm, the Nigerian secular state organisation is NOT sponsoring an Islamic bank. CBN as a regulator is setting out policies and guidelines for the operations of Islamic banking in Nigeria.
Look at this abominable thwart or rather unreasonable adult!

Can't you get it into your head that the legislative supersedes CBN,apart from that there is no any injunction from the judicial that Islamic Banking can be operated in the country.

Mofo!

Your ideology sucks just like your religion!
Re: House Of Reps Okays Islamic (non-interest) Banking by agitator: 2:57pm On Jul 26, 2011
all4naija:

Look at this abominable thwart or rather unreasonable adult!

Can't you get it into your head that the legislative supersedes CBN,apart from that there is no any injunction from the judicial that Islamic Banking can be operated in the country.

Mofo!

Your ideology sucks just like your religion!

The CBN has delegated power to set policies.
Re: House Of Reps Okays Islamic (non-interest) Banking by buy1get2(m): 6:20pm On Jul 26, 2011
wat the heck, tongue

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