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An Inept Leadership by paddylo1(m): 4:54pm On Aug 10, 2011 |
ications, bcc: dailynews, bcc: info show details 11:04 PM (17 hours ago) An Inept Leadership[/b]By Paddy_lo As i sit in my living room,going over the events of the past couple of weeks as regards the global economy and Nigeria's place in it. I cant but help to shudder at the inept and Incompetent leadership coming out of the Political and economic managers in Aso Rock, the CBN,and the Senate/House of Reps [b]ASO ROCK The global economy is currently in turmoil, all risk assets(commodities,equities, oil) are in free-fall.However in Nigeria we live in a bizarro alternate universe where Govt continues to spend like drunken sailors,with little or no insight on the impending doom. President Jonathan has not seen it fit to address the nation or reassure the markets like his counterpart in the USA,even though we are more vulnerable than they are. The President does not seem to realize that his 2011 budget is anchored on an unrealistic benchmark($75/barrell oil), with the free fall in oil and the Gigantic increase in recurrent expenditure exacerbated by the new increase in minimum wage. It seems to me and most Analysts that sooner rather than later, the ish is going to hit the fan literally. The President is today looking to me ( a hitherto avid supporter), as not only clueless but way over his league. When was the last time he met with his Economic advisers,or the CBN Governor? Who took the decision to Nationalize Nigerian banks?,why the sudden assailing of Privatization by the also rather clueless and colorless vp? How the heck do u assail Privatization in one breadth and in another expect to conduct your power sector reforms, which is expected to attract a minimum of $3.5Billion from Private sector investors? Does the President Understand that Nationalization is a terrible signal to send to investors? How is the hapless Aganga (Minister of Trade and Investment) expected to attract FDI, with the Mind boggling head scratching policies of this GOVT? Why has the President allowed the CBN Governor to run riot, without at least informing him of his displeasure on some of his Growth killing policies? When Obama took over from bush in 2008, he regularly met with the Federal Reserve Chairman(Ben Bernanke)even though he was a bush appointee who was right leaning.After a time Bernanke signaled support for some of Obamas policies like the stimulus and a stricter regulation of wall street. why is this President unconcerned about the tremendous damage being done to this country by a CBN Governor who is more suited to politics than Economics? GEJ is running an Inept and Intellectually Incompetent Leadership(at least when it comes to the Nigerian Economy), because we have depleted the excess crude account under his watch while oil was high, and now that the real crises has just begun we have no cushion to fall back on. The President is sending poor signals on his commitment to free markets with his ill conceived Nationalization agenda and Mischievous attack on Privatization. The President has refused to use his bully pulpit to meet with the leading Private sector operatives in our Economy such as MTN,GLO,etc and offer them incentives (say 15% rate on corporate taxes,and sponsor a bill to that effect,instead of the ill conceived tenure elongation nonsense) to list their shares on the Nigerian Bourse This President has lost Focus and needs to wake up fast. He has so far earned the dubious distinction of being the first democratic President since 1999 to oversee the Nationalization of Stock Market listed Private sector assets leading to wealth destruction and massive job losses. THE CBN The CBN Governor Sanusi Lamido Sanusi is a hard man to read, sometimes he strikes one as a Politician trapped in a central bankers body.Sometimes the reverse is the case.whatever it may be, he has proven over and again that courting controversy rather than conservatism is his Mod-us Operandi The Latest is the totally ignorant and Insensitive Nationalization of 3 Major Nigerian Banks right at the onset of another global recession. In the last recession of 2009 the USA Fed Governor,Treasury and Obama,made sure to signal the markets that there would be no nationalization.and there was none The Treasury instead took a stake in Citigroup,which continued to trade on the stock exchange and today that stake is gradually being sold on the exchange by the US Government Sanusi However has never missed an opportunity to threaten Nationalization or Liquidation of our local banks.Why the imprudent rejection of the Vine Capital/ Afribank deal? Why Does this CBN GOvernor revel in idiotic controversies instead of focusing on his core mandate of low Inflation and Macroeconomic stability? Why is there a controversy over Islamic Banking?Why not simply remove the Religious connotations in the recently released NIFI guidelines? Why does the CBN Governor in a Supposed Free Market Economy like Nigeria revel in attacking the IMF, and Sounding exactly like a clueless Politician? I hold no briefs for the IMF, but i dont need my CBN Governor making speeches attacking the IMF like a CBN Governor from zimbabwe or Venezuela would do. The IMF Proposition for countries like Nigeria is to simply cut wasteful Govt Spending, Privatize Inefficient Govt enterprises, remove wasteful subsidies on things like Petrol, which has little benefits but causes major distortions and impedes Investments in the sector, and don't use Scarce reserves to defend consumption by supporting an artificially high exchange rate for the Naira.Most Analysts will agree that Nigeria needs more of the above not less The CBN Governor should know that the Naira will strengthen when Nigerian companies become more productive,and we spun more Dangotes that will go out there and earn Forex for the country,anything outside that is postponing the evil day, which is coming sooner than we think. Let us see what this Central bank will do when oil falls below the budget benchmark,the Global economy enters recession and reserves fall below $30Billion. will he still lampoon the IMF for cheap publicity? I await the end of this comical Farce Sanusi is running an Inept and Intellectually Incompetent Leadership(in the Nigerian Central Bank),because he is failing in his core Central Banking Mandates The External reserves are falling, While other Emerging markets like Brazil and South Africa are dealing with excess Inflows pushing up the value of the Real and Rand, we are busy defending the Naira with scarce Dollars,There is currently a very wide differential btw the Laughable CBN official rate and the Black Market rates. There is little or no imagination in tackling Inflation except in Jacking up the MPR rate in a period of expected Global Slowdown,talk of the ultimate Pro cyclical move Sanusi is Failing because he has shown no imagination in resolving the Nigerian Banking crises. The CBN Governor normally does no critical analysis of topical Issues before commenting on them.The last headline emanating from Sanusi was about the use of Pension Funds to Invest in Infrastructure. Well we all know that ok,its a no brainer.the real issue to tackle is bank-ability of projects,water tight PPP Legal Framework and so on The CBN is under Inept Leadership because we have a Governor that prefers to play to the Gallery,than sit down and engage in critical thinking.to solve critical problems. A Governor that has deliberately chosen to spread Uncertainty instead of Prosperity. SENATE / HOUSE OF REPS Lately the Senate and Reps have begun another fishing Expedition called the probe of sales of Public sector companies under the Privatization Process of the past decade This is indeed a needless distraction at this critical period of global uncertainty.How do u attract FDI to Nigeria when u are sounding so anti-Privatization? How about the senate probe how the budget benchmark was jacked up to $75 a barrel without an idea about how to fund it if oil prices fall below that benchmark? How about a probe on the non accretion to Nigeria external reserves in a period of high oil prices, with a summon of the CBN,NNPC,FINANCE MINISTRY,DMO etc to provide answers to this seemingly baffling question of GOVT revenue Leakages? How about the Senate just do its job and pass the PIB Bill?Why is there no movement on this all important bill that will regulate the sector that currently brings in 80% of Nigeria's Dollar Earnings? The Senate and House of Reps members come across to me as a bunch of unserious charlatans who prefer to fiddle while the world burns The Senate/House of Reps are Incompetent and Incapable of Providing Leadership to Nigeria in a time of global Crises like we are now approaching. They are the weakest link in the chain(Irrelevant to most Nigerians) and they don't even seem to know it CONCLUSION SO what a motley crew we have. An Ineffective and colorless President, an even more inept Vice President who as chair of the National Council of Privatization(NCP), all the same lampoons Privatization as failed(u cant make this up). A CBN Governor that is either bi-polar(thinks he is a Politician) or Not qualified for the Post he holds and a Senate/Reps who have utterly no clue as to how global economics work,refuse to learn but rather prefer to bask in Ignorance. Does the VP(chair of NCP) understand the implication of his words,and the negative effects therein? Does the CBN Governor understand that Nationalization failed in 1970 Nigeria and is bound to fail today?Does he understand more than a rudimentary Knowledge of Economics? Do the Reps and Senators understand how wealth is created by the Private Sector(and i don't mean Jumbo Payments made to self).Do they Understand that Government has Failed Nigerians and do they know that they(the Senators/Reps) are unproductive and are basically a tax on Nigeria? Finally does the President(Jonathan) understand that time is short? As of today his legacy is one of Falling Stock Markets,Poor Job creation,inept leadership depleted For-ex/Excess Crude Account,Non Take off of the Sovereign Wealth Fund,Bloated Federal Workforce,A lack of communication on the Economy, Inconsistent Policy Thrust,and Distractions instead of a laser-like Focus on what is Important to most Nigerians from the Investor class to the Average Joe. Looking at all the above i am exasperated as i ask,Is there a brain box in the GEJ Administration/presidency,is there a critical thinker that can see the big picture and how to get there? I can only keep my fingers crossed. Paddy has a BSC in Economics and an MBA in Finance. A Former Resident of Philadelphia USA,moved back to Nigeria in Dec 2010,and currently Lives and works in Lagos |
Re: An Inept Leadership by nuclearboy(m): 9:23pm On Aug 10, 2011 |
"Paddy" is SHARP |
Re: An Inept Leadership by obowunmi(m): 10:01pm On Aug 10, 2011 |
What schools did paddy attend ? |
Re: An Inept Leadership by obowunmi(m): 10:06pm On Aug 10, 2011 |
Hopefully, no one plagiarizes your work. |
Re: An Inept Leadership by okadaman2: 10:15pm On Aug 10, 2011 |
I thought this OP will not admit that he was one of the numerous GEJ praise singers on Nairaland during the April elections. I was about to call paddy_lo out as a not so sharp commentator until I saw this; The President is today looking to me ( a hitherto avid supporter), as not only clueless but way over his league. When was the last time he met with his Economic Well, a lot of smart Nigerians told you guys so, but you decided to trumpet an obviously inept man, supported by a band of soulless Looters with unhindered access to public money. You were warned, so enjoy your Fresh Air! |
Re: An Inept Leadership by obowunmi(m): 10:55pm On Aug 10, 2011 |
okada_man: |
Re: An Inept Leadership by Gbawe: 11:01pm On Aug 10, 2011 |
Paddy Lo don turn to Paddy Mi !!!! I always suspected you were not in the category of die-hard GEJ fanatic. I suspect folks like you just want a Nigeria that is making progress. Naturally , if one takes GEJ's promises at face value, while excluding his numbingly mediocre history in politics coupled with the centrist desire of the PDP to run everything like a family business , then one can be forgiven for thinking this is the President to move Nigeria forward. Sadly, history has shown us that those who could not walk the walk yesterday are probably not going to be able to walk the walk today or tomorrow !!!! My brother , welcome back to the land of sanity. I am sure living in Nigeria has brought home to you the urgency of the actions that must be carried out ASAP we can all see Mr. President deliberately running away from or ignoring. |
Re: An Inept Leadership by okadaman2: 11:12pm On Aug 10, 2011 |
^^ You are far too nice. Dem blind, deaf and dumb before? Mtcheeeewww! |
Re: An Inept Leadership by okadaman2: 11:17pm On Aug 10, 2011 |
Four years (possibly eight) is too much time to waste in the life of a country and People in dire need of deep, radical and fundamental changes. Okada_man nor get time for go slow. We warned them till our fingers got sore! Nonsense!! |
Re: An Inept Leadership by Kobojunkie: 11:18pm On Aug 10, 2011 |
Na about turn be this? after over a year of solid evidence for this case??
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Re: An Inept Leadership by Ibime(m): 11:29pm On Aug 10, 2011 |
Paddy lo is not sharp. lol. What giants can see from afar, Paddylo must stand on shoulders to see. First of all, anyone with half a brain could see that GEJ has always spent money like its going out of fashion. Second of all, Paddylo and I debated the $67 benchmark one year ago and Paddy who was arguing that the benchmark was low makes a volte-face to criticise the benchmark as too high. Thirdly, Aganga was hailed as a Messiah by Paddylo. Fourthly, the Nationalisation of the banks is a moot point. If net liabilities - shareholders capital is negative, the Govt owns the bank. 5thly, GEJ was right that privatisation has failed, although one can see Paddy's points about "mixed signals" since GEJ is running on Privatisation agenda. Perhaps GEJ wants to get the message across that privatisation during his era would be different from OBJ's era - although its difficult to see that happening when the same recycled ministers run the show. Well its never to late for Paddy-Lo to change. A fool at 40 they say is a fool forever. lolz. |
Re: An Inept Leadership by Ibime(m): 11:31pm On Aug 10, 2011 |
BTW, I resent the statement "Govt continues to spend like drunken sailors". It seems these days that ethnic slurs about "drunken sailors" and "drunken fishermen" are all the rage. |
Re: An Inept Leadership by OAM4J: 12:00am On Aug 11, 2011 |
Interesting! especially coming from paddy lo. |
Re: An Inept Leadership by koruji(m): 1:13am On Aug 11, 2011 |
@paddy_lo How is Nigeria treating you? Since you moved back the one post from you was that complaining about kissing some girls. I see you finally resolved that problem. He he he Seems you are not too happy about the direction of things down there. Well, don't give up - Nigeria needs you. |
Re: An Inept Leadership by Johndoe100(m): 1:38am On Aug 11, 2011 |
What paddy_lo abi na paddy _hi thinks is really not that important. In any movement or group there will be divergent views on how to proceed, at the end the LEADERS will decide and then that becomes the position of the group. In the Nigerian context, the OP failed to inform us which group that is being highlighted now he belongs to, it is usually when thy are stopped from stealing or their stealing is highlighted that you start to hear nonsense like this. However this is NL where GEJ lost the election so I suppose the fool is the new darling of you losers. |
Re: An Inept Leadership by DisGuy: 1:58am On Aug 11, 2011 |
E be like say mosquito don dey bite you harrrrrrd!! You point on Nationalisation is totally F9!!! empty banks being carried by FG money for over 2years in a depressed NSE, court hungry shareholder fronting for failed CEOs - Northerner rock, RBS etc are there look for examples outside the USA bernanke, greenspan,Geithner couldnt prevent the recession, still cant cut deficit |
Re: An Inept Leadership by ektbear: 2:30am On Aug 11, 2011 |
Interesting post. Lots of good points. BTW, "drunken sailor" is a common saying in the English language, not an ethnic slur. |
Re: An Inept Leadership by blacksta(m): 3:01am On Aug 11, 2011 |
Lol We don talk am tire. Absolutely no confidence in a GEJ government. |
Re: An Inept Leadership by Nobody: 4:08am On Aug 11, 2011 |
well, Nigerians are learning in a hard way that certificates are no measure of competence and capacity to lead. Goodluck Jonathan clearly lacks the bandwidth and gravitas to lead Nigeria in spite of all his certificates. He and his vice are clueless and seem to only bask and enjoy the trappings of political power instead of wielding that power to transform Nigeria. As for Sanusi, I wonder how a non-economist can be appointed to chair a central bank. It violates global best practices. I knew he was more of a politician when he started grandstanding on "how IBB destroyed the Naira" He of all people should know better that there was no foreign reserve to defend the naira when IBB assumed power and so the naira's value had no where to go but down. The way Sanusi talks and acts anyhow without considering the impact on financial markets and economic stability strikes fear in my heart as an investor. His global peers don't talk anyhow and act unrestrained. To check the excesses of this man, the CBN Act should be amended to provide for a board of governors to vote on its decisions as done globally so as to democratize the institution. As for the NASS, they are an overpaid and underworked lot. They are inept and corrupt. They seem to bask more in their titles as honorables and senators with all the attendant perks than the serious work they are elected to do. That is why they have refused to pass critical bills either because they have been bribed by vested interests to not pass some bills or they have not been bribed for them to pass other bills. Transformatory bills like the railway bill, postal bill, petroleum industry bill, water reform bill, land reform bill, mortgage bill, foreclosure bill, inland waterways bill and other critical sector reform bills have been gathering dust in their offices while they do nothing. What a sad state for Nigeria to be ruled by incompetence and corruption personified in people that we voted for. We truly deserve our leaders |
Re: An Inept Leadership by Gbawe: 11:28am On Aug 11, 2011 |
koruji: My brother, I have always insisted that there is nothing better to provide a reality check for the Nigerian diasporan, always yarning airy fairy theories in cyberspace, than a move to Nigeria. It will be a shock for these guys to note , like Paddy Lo now, that even the basic things are deliberately not being done because the PDP , at the most influential level of Governance (President, VP, Senate President, Speaker et al)only gives us "Gatekeepers" for the "owners of Nigeria" and never reformers or progressives completely and bravely dedicated to the progress of Nigeria. Let some diasporan spend even 6 months in Nigeria . They will quickly distance themselves from their erstwhile Naive outlook that puts the horse before the Cart. |
Re: An Inept Leadership by KnowAll(m): 11:36am On Aug 11, 2011 |
Mr Jonathan is only marking time. Mr Jonathan Goodluck, “ present sir”, nothing good would come out of this lot, any sensible person should just go to sleep and wake up at June 2015. |
Re: An Inept Leadership by Gbawe: 11:50am On Aug 11, 2011 |
@paddy Lo. Even as you are now 'Paddy mi' you will still have to eat some "I told you so" humble pies . Especially from moi. Is the highlighted below not exactly what I said the PDP is totally about ? Did I not also not state that there is nothing in GEJ's history to show he can buck the trend? Anyway, hopefully we will still have a Country in 4 years to salvage from the http://234next.com/csp/cms/sites/Next/Home/5738511-146/story.csp Privatisation exercise is a sham, says opposition group |
Re: An Inept Leadership by foreman: 11:57am On Aug 11, 2011 |
Don't spoil our fresh air, please let us enjoy it together. |
Re: An Inept Leadership by Gbawe: 12:11pm On Aug 11, 2011 |
KnowAll: Exactly my opinion too . My only disagreement concerns 2015. I don't think anything is predictable right now. I was talking to my folks about the UK riots . they both concluded they never saw anything that bad in their time in the UK. I was loathe to tell them that times have moved on negatively , regarding some issues, for the UK . Same for Nigeria. Not many , even only last year, could predict we would be facing bombings that would make us an Iraq in a region of relatively neglible terrorism. With the PDP , under GEJ, leading with so much insensitivity and misplaced priority (Tenure elongation, insensitive clamour from GEJ for the increase in pay of our NSA amidst so much chaos, etc, etc) anything can happen . We all best take nothing for granted. |
Re: An Inept Leadership by obowunmi(m): 1:35pm On Aug 11, 2011 |
foreman: |
Re: An Inept Leadership by okadaman2: 1:59pm On Aug 11, 2011 |
KnowAll: I remember you as a proud GEJ supporter too, singing fresh air! fresh air! during the April election. When did you change your mind and why? April was just 4 months ago Una never serious at all. |
Re: An Inept Leadership by Kobojunkie: 5:57pm On Aug 11, 2011 |
^^^ You mean Nairaland's resident flip-flopper extraordinaire? ROFL |
Re: An Inept Leadership by KnowAll(m): 6:11pm On Aug 11, 2011 |
I remember you as a proud GEJ supporter too, singing fresh air! fresh air! during the April election. I never ever supported JEG, I only withdrew my support from Buhari because of the agony Lagosians are going through today, cancelling that Lagos Metroline project BY bUHARI 'S REGIME IS not on. Obviously by withdrawing my support from Buhari who was giving JEG a run for his money during the election would tip the balance in favour of GEJ. I must emphasis that I made my displeasure loud and public and that in itself can alone sway a lot of SWesterner to vote JEG together with Tinubu's insistence that folks in the SW should vote GEJ or ABSTAIN. |
Re: An Inept Leadership by nuclearboy(m): 6:21pm On Aug 11, 2011 |
^^ Initially thought you made a typo above but subsequently you confirmed. How did your withdrawal of support "tip" the scales in GEJ's Favor? Are you not taking yourself too seriously, friend? Mehn, that's some badass self-OVER-estimation! |
Re: An Inept Leadership by okadaman2: 7:11pm On Aug 11, 2011 |
^^ You dey mind that bros His excuse was very painful to read, talk about flip flopping and self aggrandizement. KnowAll: https://www.nairaland.com/nigeria/topic-645692.32.html <- that was you in April, support very clear. @knowall, So GEJ was now going to be the new age lover and saviour of Lagos metroline? If I recall correctly Punch, All-Africa, Tribune and other newspapers published Buhari's explanation. He basically said he did not believe the financing was sound and he wanted to prevent another white elephant project that will lead to more debt and corruption. Debt which the FG will have to pay anyway. The same set of reasons why they overthrew Shagari. I too wish they did the metro. But it is dishonest to base everything on that one act, given other favorable actions of that man. It does not matter if you agreed with him or not, if you were a supporter with a positive opinion of his other actions, you can cut him some slack and say maybe he was keeping with his mission to stamp out corruption and waste especially given what we now know about Nigeria's economic situation at that time. Now, if you were a GEJ supporter, you would whip up propaganda and paint him as an evil man with tribalistic intentions. That will be understandable propaganda. But You joined those who did just that. Now you dey yarn excuses You based your support on that one instance even though he offered a pretty believable explanation for his action. I read the debate on here that time and both sides made good points. I don't believe that was a good excuse to give your support to GEJ. Of course you regret it now. You flip flopped bro. Admit it. |
Re: An Inept Leadership by Ufeolorun(m): 7:54pm On Aug 11, 2011 |
For the sake of the market a more lenient approach (administration) should have been used, administrators brought in on contract basis, not some CBN appointed 'friends' and their main job should be to restore the or navigate these banks back to profitability,retain the names of the banks cos they have in-built value (maybe impaired) rather than a fresh name people don't even know about. AM NOT GOING TO PUT ME MONEY INTO A MARKET WHERE MY HOLDINGS COULD BE TAKEN AWAY FROM ME JUST LIKE THAT, THATS ANOTHER RISK APART FROM THE NORMAL MARKET RISK INVESTORS FACE A DRAGGY PRESIDENT AND AN HIGHLY OPINIONATED,EMOTIONAL AND VERY POLITICAL CBN GOVERNOR PLUS OUT OF TOUCH GOVERNORS = CONTINUATION OF THE NIGERIAN MOVIE AND THE SUSPENSION OF OUR DREAM. O SU MI YEYE! |
Re: An Inept Leadership by igboitalo: 9:23pm On Aug 11, 2011 |
make una no spoil our fresh air and our Goodluck and before i forget nigeria i wish una wetin una wish for una self |
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