^ Why don't you people go to the NTA website to get "substantiated" material ? Rubbish, Naira land is bigger and more trust worthy than any of you will ever hope to become.

Edoyad, go through my posts and you will notice that I do not go personal on issues, therefore I will not indulge you and decend to your level. Regarding the highlighted, I can't help you if you have low self esteem and have continually underachieved.

@ Topic,

Nairaland is a public forum which is littered with intelligent and manic views and cannot be called a news media upon which news reports are based without specifying that it is a public opinion forum and mentioning the person, whose opinion was quoted.

My grouse was with the reporter and not Nairaland, which I consider to be dynamic and quite informative.

Just as a scientist is not allowed to make an inference without consideration of facts, a journalist is not allowed to sit on his butt  and twist facts in order to produce news articles.

I stand with ElRazur on this occasion even though the content of the report was not far from the truth. That was exactly how Nigeria got a very bad name in the first place. Lazy people sit on their butt and dish out junk journalism and the reading-public get fed with misinformation most of the times. He might easily have quoted an expert known an Mr Bec Omrich.  

I have had to write to the SUN in Uk on two occasions because of some useless articles concerning Nigeria, which were written by some useless journalists who did not have a clue about what they were writing about; one of which was about " deadly malaria virus from  Nigerian immigrants". Malaria virus indeed !

I am sure Seun would not be impressed as well because he is aware that most of what people say here are hearsay and unsubstantiated .

Don't kid your self Dede 1, China, Russia and USA are all capable mutual destruction and they all know it.

China demonstrated its precision military technology when it took out a satelite from space.

During Russia and Gerogia war, USA did a lot of gra gra but knew not to cross the line. Not even when Russia seized the Humvees they used for military exercise in Georgia the month before the war.

They sent a US warship to take aid to Georgia, bragged that they were going to dock in the Black Sea port in Georgia which was under Russian control at the time, but did not do so as they were keen to avoid a direct confrontation with Russia.

They all know themselves and would never embark on direct warfare with each other, they can only fight proxi wars.

, and OAM4J wins the "Most Patient Person" award of the century. Some people just argue for the heck of it, getting their points twisted and conflicting. Hmmm ROFLMAO.

@ Kobojunkie, I'm shocked I agreed with your points. Very logical indeed. I still can't stand your ROFLAMAOing though .

Yes Pres-elect, that picture was indeed taken from Modotel in Owerri.

Owerri is a beautiful city and is one of the few cities in Nigeria with very straight roads and well defined layouts.

Most parts of Owerri were built from the 80's onwards with very good town planning. Kudos to De Sam Mbakwe for laying a very good foundation including an underground drainage system that was ahead of its time in Nigeria.

Your treatise is highly inaccurate and hypothetically flawed. I do not like it when people try to assemble the world using their personal moral standard and prejudices. I am a strict monogamist but i understand my polygamous friends. Some guys testosterone levels is at variance with their disciplinary levels, and such people have to be catered for with minimum damage to the society.

Before some people demonize polygamist, why do you not try to understand the reason some men are naturally not satisfied with one woman. Some men cannot wait the long period of sexual starvation that accompanies the later part of pregnancy and the healing period of child birth which can sometimes span 6 months. Some guys keep mistresses for those "rainy" days, while some patronize red light districts under the cover of the night. Other still take to marrying 2 or 3 wives. We all have different make up and it is dishonest holding other to our personal expectations.

In the example you gave above, it was wrong for you to assume that a man with 4 wives is like likely to have the same number of mistresses as a man with one wife. A polygamist is most likely to have less mistresses than a monogamous one, because, the polygamous man would have his high libido satisfied better than a monogamous man with the same level of libido. Also the polygamous man would be boggle down with much more responsibility as he has to cater to his four wives and children and hence be much less likely to add more responsibility by keeping mistresses.

Some people with phobia for sex (sexiphobia ) better get use to the fact, that you cannot decree everybody to live by your sexual standard. It had never worked in the past and it will never work in the future.

The irony is that the societies with the least sexual restrictions are the ones with the least sexually related vices. Scandinavian countries where prostitution is legal has the lowest AID figures and lowest teenage pregnancy figures in the world.

I decided not to use likelihood of promiscuity as a foundation for my analysis, because I knew that people would have different views on that and none of the views would be acceptable unless there was a reliable data to go by. However, in my opinion again, the polygamous man is the one with a track record of multiple sex partners and is most likely to sleep with multiple sex partners.

Having buttressed my position on the promiscuity tendency, I would again stress that I am not using that as a base for my argument.

I used multiplier effect in the simplest of examples I could think of and HIV spread via means other than sexual promiscuity and you chose not to address that, but latched onto unproven assumption i.e. your personal opinion, which I don’t agree with.

Let me compound the multiplier effect even more for you.

8 HIV offspring from Mr Poly attend YX School and the 2 HIV offspring from Mr Mono attend XFC School. There is an outbreak of CSM and the kids are to be vaccinated. The problem is that the vaccination nurse is a quack and decides to use the same needle for each class to be vaccinated (Please don’t argue about this because I witnessed and stopped this practice while serving in Okura in Kogi)

Mr Poly’s kids are in 8 different classes of 30 children, while Mr Mono’s Kids are in 2 different classes of 30 children.

Mr Poly’s kids now have the potential of infecting 232 other kids, while Mr Mono’s kids have the potential of infecting 58 other kids.

This chain goes on an on and from the point of initial infection at the dentist's, Mr Poly’s household would spread HIV a lot faster than Mr Mono’s household. This is simply known as domino effect.

Of course, I know that I have not considered several factors like susceptibility and enlightenment but I am basing my argument on an equal premise since the other factors are so many and could go either way.

I cannot condemn or commend polygamy anymore than I could monogamy as both practices are individual choices, but I could use reasonable permutations to support my position and I would like to see opposing permutation from you based on an equal premise.

Every scientific research is based on "all things being equal" until proven otherwise. You could use simple stuff like direct proportions to buttress your points. No sentiments or long stories, a simple E=MCC would do.

The problem here is that some people are refusing to consider multiplier effects and think that sex is the only means of infection.

Eziachi has pointed out several times that there are several ways of being infected with HIV including, sex, use of contaminated equipment, maternal link, etc.

Now in my opinion, a polygamous man is the person with a proven track record of lack of self control when it comes to women and sex but I may be wrong, so I wont use likelihood of promiscuity in my brief analysis.

Back to the multiplier effect I referred to;

If a monogamous man had 10 extramarital sex partners, there is a high chance that at least 11 adults plus any offspring that came post-infection would be infected within his area of operation. i.e 11 people + x children.

Likewise if a polygamous man with 4 wives had 10 extramarital sex partners, at least 14 adults + 4x children (post-infection) would be infected within his area of sexual operation.

Now the above strictly deals with infection through sexual promiscuity.

On the other hand, let us presume that Mr Mono and Mr Poly were very faithful to their partners. Mr Mono and Mr Poly's 4th wife (yeah the brand new one) visited Mr Anyhow the dentist for tooth extraction and both got infected with HIV.

Mr Mono went home and infected Mrs Mono and Little Jack and Jill then came along armed with HIV from birth. Direct infection = 1, Multiplier effect = 2, Total infection = 4

Mrs Poly went home and infected Mr Poly, who cheerfully gave some to Mrs A, Mrs B and Mrs C Poly. The Poly wives jointly brought 8 little ones to the world thereafter. Direct infection = 1, Multiplier effect = 11,
Total infection = 13

Clearly, AIDs would most likely spread fastest within a polygamous setting than a monogamous one.

2) Level of education and access to it
Lagos State with a population of 16 million has just  4 Universities.= UNILAG, LASU, Caleb University & Pan African University.
Delta State with a population of 4 million has 4 universities = DELSU, Western Delta Univ, Novena Univ & Fed. Univ. of Petro. Tech.

Delta & Edo state students have for the past two decades, colonized the top spot in any of the various national exams including JAMB, NCE, et al.
Delta state produces far more graduates than Lagos state depite the huge population difference.
The decrepit nature of government schools in Lagos state cannot in anyway, by any standard  be  compared with those in Delta state.

Electricity and water
Please don't even start with this one. Delta state has zero problems with water. Zero. The water levels are so high and clean in Delta state by nature's providence that there is hardly a need for the Government to ever do anything about Water supply. Clean water is abundant beyond measure.
On electricity, everybody knows Lagos state has the biggest problem in the country.

@ PapaBrown

Anambra state with less than 600 recorded cases is indeed one of the states with the lowest crime rates according to police report of 2008. Check page 138 of http://www.nigeriapolice.org/NPF-2008_Annual-Report-Final1.pdf. Lagos tops the list with more than 12,000 cases and Delta criminals with nearly 5000 cases no carry last either.

Sorry, but Jamb statistics show that the top three state have been Imo, Anambra and Delta for a while.

However, there are very good reasons why lagos may never make the top spot. Lagos is more or less an immigrant society and Jamb statistics are based on states of origin of applicants not states of residence. Of course I know that some people claim states other than their own in order to get around the quota nonsense but the number is not significant.

Another factor could be that lagos population might be mostly post university education and  "I too old to go school" age groups. A statistics of the age spread would be helpful here.

Remember, this is not about achievements of indigenes but the development of areas by their governors regardless of the origin of the inhabitants.

How do you mean  clean water is abundant by natures providence ? Did nature provide the water all the way to their homes via pipes or do they have to go and fetch the water  from the supposedly oil polluted waters?

I know what the problem is; the range of world view !

Fashola is doing great according to those in Lagos but they have not been to the other 35 states to measure their satisfaction of how their respective governors are meeting their needs.

What the Lagosians are doing in effect is to compare Fashola with the previous governors of Lagos state, just like the "world series" where only Americans compete and become world champions.

There are so many indices used for measuring development and until all those are compared nationwide, you can not stay in your state and award your governor the best governor of th nation regardless of how excellent you think he is.

Nobody is knocking Fashola down. after all i posted over 80% of all his achievements on nairaland and not BP. What am saying is that what he is doing is not extraordinary and when measured with some other states on a balanced financial scale, he may not be outperforming them. I don't do hero worship; my own is to praise you if you good and point out your flaws. That is the only way we can move ahead.

OK

But BP has shown Fashola's achievements. Furthermore, he has not tried to knock Chime's achievements; so why are you guys trying your best to knock Fashola down ?

Areas with large population like Lagos are a lot more difficult to manage than other places in Nigeria. Restoring a semblance of sanity in Lagos deserves an award on its own.

Guys chill, BP is convinced that his man is the best and you feel that your man is better, so why don't you leave at that since both parties no go ever gree.

Eze Wogu mounted the throne of his fathers in 1976. Since then, he has ruled as the paramount traditional ruler of Umuahia, including Ibeku, Umuokpara, Olokoro, Ubakala and other communities in the Abia State capital.

Absolute nonsense. He is probably the Eze of Olokoro and Old Umuahia since they are all children of Uvoma.

Ubakala is the adjacent town and they have always had their own traditional ruler. (Uba)

Now the one that pains me the most is the claim that he is a paramount ruler of areas including Umuokpara and Ibeku. Total nonsense. Ibeku and Umuokpara are related and Umuokpara have their own traditional ruler.  

Ibeku had seven boys, patriarchs of the 7 clans (Egwu Asaa). Although there are several autonomous communities in Ibeku, the paramount traditional ruler of Ibeku is 'Ogurube Ibeku' and has always been. All other Ezes in Ibeku answer to him. A bia na Umuahia, Ibeku na ebu uzo achi oke before any other community including Uvoma.

I am a fiercely proud onye Afara-Ibeku and I wont take kindly to any misinformation, especially from people that should know better.

Phew ! That off my chest, you can now continue with your topic. Good luck.

President Umaru Musa Yar'Adua's suffered a seizure midway into the ECOWAS Heads of State meeting at the Transcorp Hilton Hotel Abuja over the weekend and was rushed to the Hotels toilet for treatment.

What a place to rush someone to for treatment.

"nna" = otu a (like this, such that) "nna" can also mean "take" in some dialects but I don't think it fits in this instance.

a karala nne (e hie la nne, e ri go nne) is very big. or (e hiri nne, e riri nne = Jointly, collectively, en masse)

If I heard you speak it, I would be able to tell you what you said tho as the key is in the tone.

Yeah Chinenye, "nnu" is commonly used in place of "unu" around Owerri axis. I agree with your translation tho, unless Abagworo bursts our bubble.

Literal : If a huge effort is required to do a job, you should stand behind me.

Meaning: 1. Unity is strength 2.Together we shall achieve great feats.

Wild guess tho. I have a feeling you should have written it thus : Ihe ha nna a karala nne mee,nnu a kwuru m odu.

Ibime:

Truth be told, the banking system poses little risk to the economy as a whole.

In quantitative terms, since the banks are suffering a credit freeze and inflation is still healthy, that means supply of money in Naija is still fairly liquid irrespective of the health of the banks. Thats because lenders (banks) do not permeate the real economy; and because nuccas still keep cash money under their pillow. Hence there is no reason to bail any bank out.

I think the question of bailout is more one of preventing an unquantifiable loss of trust in the Nigerian banking system from foreign and local investors, especially considering that the banking system is still in its infancy.


@ Jarus/4Play,

Do you support bailout of any of these banks?

Why do you like in getting into what you know next to nothing about or am I misunderstanding your comments ?

My friend, take away the banking system and the whole economy will grind to a halt, I mean sudden halt with fully applied brakes. Actually it will go into full reverse.

The other time you also thought that printing money to inject into banks would lead to a trade deficit. (Ok maybe with Germany since we print the money in Germany)

You also confused affordability with availability and refused to accept that many factors like continuous employment affect continuous affordability (leading to loan defaults) and implied that demand tracked house prices rather than house prices tracking demand and available supply.

Dude, go and really read that your "demand - Supply curve" page again. O.K maybe you should read the whole chapter in order to get better information. While you are at it, try Trade deficits and surpluses.

Oh, lest I forget, also check how money supply expansion is mainly used as a tool of counter recession/depression.

By the way, the bulk US bailout money came from govt borrowings, bonds and IOUs.

Ibime:

To be honest, after revealing your sciolism and proving yourself to know nothing of what you speak of, I can only indulge your argument further out of sheer magnanimity. As a result of me pointing out your ineptitude in basic principles of economics, you have chosen to use an abrasive method of communication to get your point across.

Your post just sounds like a covert retreat on your part.

The bolded is what I've been saying all along.

No need to argue with me, cos you came back full circle to agree with me.

In your own words:

"Availability of easy loans led to high demand of housing properties which led to astronomical rise in property prices."

If you agree that the demand was high, then the only question left to ask to end this debate is whether the high demand was artificial or not.

You evidently believe it wasnt artificial.  I say it is. The high level of default proves it is.

Your only recourse is to argue that it isnt artificial because credit ratings allow it. Again, a systemic flaw which would be nuanced by Islamic banking.

With reference to our debate, the only question to ask would be: Would these "easy loans" be available under Islamic banking?

Second argument is the securitisation of mortgages argument which you fall flat on and have refused to address. Again, another practice discouraged by Islamic banking.

Your ignorance and ineptitude on the subject in which you seek to debate on will not let you realise that easy loans were not only given by subprime lenders but by main stream lenders as well. Easy means lowered criteria on this occasion like LTV and income to loan ration.

Demand was always there and approval rate was high. In effect properties were in shorter supply than demand from buyers until the downturn.

You speak as a novice and I talk as someone on the ground and with first hand experience. I can pick a novice from a mile when I see one.

Do you know what ? We can only go round in cycles and I won't be responding to further posts from you on this regard. I have been in the thick of this since 2002 and have witnessed and have been involved with the rises and falls and I am happy with my opinion,just as I am sure that you are happy with yours.

Regards.

Ibime:

No need to read through your long post.

The content quoted already disqualifies your argument.

Inability to pay IS lack of demand.

Demand and Need are not interchangeable terms as you argue.

Hence the simple supply-demand curve which you learn in Principles of Economics. Price-elasticity of demand states that when prices drop, demand increases for a normal good. Since Housing is a normal good, your argument disqualifies itself.

If demand increases when prices drop, that means more people can now afford it. If the price is too high (as house prices are/were), then demand drops. Since unscrupulous lenders allowed subprime clients to buy something they could not truly afford, artificial demand was created.

We would all like to own private jets. That doesnt mean demand for private jets is 100% of the Worlds population. Only those that can afford it are qualified as contributing to "demand".

Hence, my statement stands that "Under Islamic banking, the artificial demand which led to the credit crunch would have been averted".

No point arguing with you. Go and learn what subprime lending is before we continue this arguement. If you said that over exposure would be averted/limited under Islamic banking, maybe you would have a point.

Text book economist, prices just dont rise and fall in order to fit into your lala land curve.

Availability of easy loans led to high demand of housing properties which led to astronomical rise in property prices.

The fall in property prices was as a result of the scarcity of loans to potential buyers , especially first time buyers who are the main engine of the property market. This led to few people chasing after available properties.

Even those who could afford loans were unable to obtain loans due to to no funds for loans.

Even though now is the cheapest time to obtain loans, lenders are still not lending money to people. Now the trend is changing as there are now fewer houses in the markets with slightly revived interest from buyers and approval of more morgages. Trust me I should know about this.

Jarus:

A reasonable and well articulated input, even though it departs slightly from my views in one or two areas.

And on the way forward you proffered, do you think Nigerians are ready to be educated? For example, Ibime is trying to educate some folk here about Islamic banking but they are already with the mindset that it can never bring any advantage to the economy. I wonder how such sealed mind can be educated.

Jarus, I know that many Nigerians and indeed many humans have fixed mindset and view almost anything on earth with a lot of skepticism. However, we cannot force them to change their views.

If such people people go to a bus station and refuse to enter the bus named "I dey leave now" because of their mindset. When "I dey leave now" leaves before their doubtful eyes, no one will tell them to enter the bus "any time I leave make you take am"

Let the banks hit the ground running and people will decide whether to hop on board. The CBN can grant licenses to willing investors and create the enabling environment for the institution to florish, while putting down rules to protect the public and the rest will sort out itself.

Ibime:

Rubbish. . . . demand for houses was artificial. . . . created by unscrupulous lenders who gave mortgages to sub-prime clients knowing that they did not have the capacity to pay them back. . . . these companies then bunched all these mortgages into packages and sold them on to banks as structured products. . . . banks then took CDS positions on these "mortgage packages" and when the underlying failed to pay their mortgages, the system came crumbling. Banks started suspecting each other of hiding faulty loan and CDS defaults in their books and refused to lend to each other, hence the credit crunch.

In summation, under Islamic banking, a lender who offers a subprime mortgage to a client can never sell it on to a bank as it is haraam for a bank to trade anything other than the actual asset ie the lender would never offer the subprime mortgage in the first place cos there would be no one to buy the mortgage from them. Hence artificial demand was created by unscrupulous lenders.

Secondly, the CDS's which caused the financial crisis are forbidden under Islamic banking hence there would have been no bubble to burst.

In other words, you are chatting a bunch of bull.

You are mistaken the inability to pay with demand. Now money lending is based on credit rating of an individual. People need houses all the time and will try to get on the property ladder by all means.

The fact that they may not be able to meet their obligation to pay does not take away the fact that they need a house of their own and that is where common sense should prevail in order to avoid over exposure to high risk customers.

Do you even know what subprime means ? There is always an acceptable (gambleable)risk level based on credit profile and when you lend to people with low credit rating you are going the subprime way. Don't mistake subprime lenders with mortgage brokers as there is a clear difference.

Now financial institutions borrow from each other and subprime lenders like Gmax usually have very high interest rates to "cover" their risk. The irony of subprime lending is the charging of high interest rates to those predetermined as not likely to meet their loan obligations. These debtors defaulted on their loans as there were likely to and in turn the subprime lenders defaulted on their obligation to their lenders. Then the tumble.

When you take a loan from a subprime lender, you own them directly and not that bull shit  of supposedly owing another bank whom the loan was "packaged" for. Banks have their own underwriters !

The main banks have their  rules and underwriters that take a final decision on loan applications while SP lenders have their rules which are not as stringent.

For instance, Financial institutions like Gmax would accept a self assessment from you (prepared by an accountant) as enough evidence of income and ability to pay, while the major banks would require your tax returns and banking details in addition to that.

Now you have really turned economics on its head. Unscrupulous lenders did not create artificial demand but they were over exposed to risk caused by their inability to say no to borrowers with poor credit rating. In other words their exposure to high risk led to high default which crashed the system.

You can juxtapose this statement " Hence artificial demand was created by unscrupulous lenders" with this " Artificial demand for banana was caused because FACE came with a trailer load of good and bad bananas to the banana market"

Now if you say that the ease at which loans were given had a direct effect on the mortgage market, I will gladly accept, but that ease cannot be attributed solely to the SP lenders as many core lenders also exposed themselves in their ratio of income:mortgage loans and LTV loans.

Ibime:

A lot of people misunderstand the merits of Islamic banking.

Islamic banking completely forbids structured products i.e derivatives, futures, options, credit default swaps,  etc. . . . anything that is structured around an underlying asset is haraam. . . . the only thing which is tradeable is the actual asset.

This evidently curtails artificial demand - eg the artificial demand for houses that led to the current economic crisis. Islamic banks always share the risk with their customers. ie they part-own the product until the customer pays it off. This shared risk nuances the bubble effect of speculation.
If Islamic banking was the world standard, it is not hard to argue that all the downturns, recessions and depressions that we have experienced in the world in the last 80 years would have been limited.

Go and study any economic crisis - from 1929 till date - they are always caused by speculative bubbles bursting - mortgages, savings and loans crisis, CDS crisis, tech bubble etc etc etc. . . . . they are always caused by the bottom dropping out of structured product markets.

False Ibime, the demands for houses were real. What led to the credit situation was over-exposure of banks to "non-performing" loans. Many people defaulted on their loan repayments, banks stopped lending to other banks and withheld credit facilities, people stopped getting loans to buy properties, housing values plunged because there were more sellers than buyers because there were no loans, negative equities set into loan securities (properties), people just dey run helter skelter, downward spin , defaults on unsecured loans spiralled out of control and bang ------ recession.

If properties are part owned by Islamic banking following financed purchase, I can assure you that western banks have the first charge on your property where you have secured a loan (mortgage or other) with your property. The problem with the recession was that they could not even sell their securities, because potential buyers could not get finances to purchase (vicious cycle right ?). This made several government to come up with the toxic asset scheme and also to guarantee inter bank loans.

Fact of life: Those that take the most risks are exposed to the most rapid gains or downfall.

While admitting that introducing Islamic Finance at this time will further fuel the ethnic/religious campaign against Sanusi, I believe the enlightened will not object to it.
Islamic finance has been taken to the frontburner in global economic discourse in the last few years. Even in countries like UK, US and other western countries, Islamic banking opportunities are being seriously looked into. The Economist ran a cover story on Islamic finance in a recent edition: http://www.economist.com/sponsor/qfc/index.cfm?pageid=article104

Financial giants across the world like HSBC, BNP Paribas, Deutsche Bank, Barclays Capital, Citibank, Standard Chartered have all thrown their weights behind Islamic banking and have Islamic banking units and products.
It does not in any way amount to Islamizing the country. It's expanding the frontier of the country's finance and another way of integrating our financial system into the global trend. This article may as well be enlightening: http://www.radioaustralia.net.au/news/features/s2425127.htm

The part in bold is very misleading Jarus. Of course, Islamic banking system must be profitable and must have its benefits for it to have the success attributed to it. However, you can bring those benefits to the fore without latching onto publicity stunt (business strategy/deceit) by the bank you mentioned designed to maximise their income.

Islamic banking forbids quite a lot of stuff practiced by western banking, so do you not see the irony in Islamic units of western banks? If for instance HSBC group declare a profit and dividend for the year, will they exclude the profit made through their Islamic banking unit ? Will the profit made therefrom be forbidden from further investments by the group as they deem fit ? Will they refuse to pay dividends to shareholders on the  profit made by a business they funded through their shares?

The answer to those questions will expose the business deceit/hypocrisy or sincerity of those institutions. It is like buying petrol from Texaco and Shell into the same tank; at what point in your journey do you determine which petrol is responsible for keeping your car in motion ?

Just like you, I believe that the introduction of Islamic bank will not be a prelude to Islamising the country, however, public funds should not be used to establish such bank regardless of the (academic) benefits.

Jarus:

See wanton display of ignorance about global trend in finance. At a time when countries the world over, even the core capitalist ones, and global financial heavyweights are looking the way of Islamic banking aftermath of the latest financial crisis, Nigerians are attaching sentiments to Nigeria trying not to be left out.

Nigerians will not cease to amaze.

Misleading again. The banks are merely seeking to extend their business reach, which is what capitalists do. They capitalise on things and do not discriminate the source of money, as far as is permissible in existing laws. Approve the use of cocaine today and see how many of them will rush to finance cocaine factories. If they were planning to leave one in favour of the other, then you would have a solid point, but they are just expanding their territories.

If western banking was that bad, you will not see hard core Arab (Muslim) billionaires investing billions into western banks.

I believe that both systems can exist side by side or as a fussion, as chosen by the owners (not CBN).

The way forward is to educate skeptical Nigerians (and rightly skeptical too) on the benefits of Islamic banking, let private investors put their stake down in the market and let Mr A, B and C decide what's good for their finances.

This fight is gradually looking like motor park breaking of bottle fight. Sanusi probably intends to fight the good fight but is going about it in a way that will back fire.

First of all, it was Yaradua asking the police to help retrieve the money from defaulters and then Sanusi decided to go to town with names.

As an educated banker, Sanusi should realise that there is an established process in debt collection.

1. Remind the defaulting party to catch up with payments and apply any penalty for default.
2. Further reminder/demand
3. Advise that legal process will begin if payment is not made
4. Go to court
5. Obtain judgement
6. Obtain an execution warrant if there is no appeal
7. Get bailiffs or agboro and start seizing stuff.
8. Start auctioning stuff

Now the above is for good ole simple civil case, but there is certainly going to be a criminal aspect to a case of this scale and that is where he should start going for individual jugular. This also must be done through the right channel (EFCC or Police) and he/CBN can only be a prosecution witness.

There is no gain in fighting on newspaper pages as it amounts to grandstanding as far as I am concerned and all you gain for your effort is a counter attack for slander. Be wise as the serpent !

There is no point in "talking" a good fight. Good fights must be fought not "talked"

I may have missed one or two steps but you just cant start throwing punches for your money.

Jarus, It's funny how you took David out of the other thread and the manner you did it. Now that came straight out of my secondary school days when:

If we wanted to settle a score (fight) we took the argument straight to a place we called "Land of Settlement" or "Land" for short. At Land, you were guaranteed of uninterupted fight with spectators and supporters watching.

Sorry for interupting this fight, but una must fight to finish today. No one has keeled over yet and you are all throwing good punches. A beg make nobody put hand.

@ Larez,

I bet you feel that you can demand for sources from others but not required to provide your own sources.

Make up your mind whether oyibo assessments are to be taken as flawless or not. Being a hypocrite may be forgiven at times but dumb hypocrisy is plain stupid.

In your mind the British are still trying to unravel the sophistication of the Yoruba language and even consider it to be the most developed in Africa with "idioms" and all the rubbish you claimed. I bet the Egyptians and Ethiopians are not Africans in your warped view.

Let me burst your bubble mate, the Hausa/Fulani (Kano to be precise) have written-documentation of their history dating back to The 10th century and they also had scholars and poets including Usman Dan Fodio. That is the only culture in Nigeria with preserved written account of their history before the arrival of the Europeans. Other ethnic groups may have written stuff as well if we are to go by their art works , but they were not preserved. So stop making silly claims that you cannot substantiate.

Another silly claim of yours was that the Yorubas were considered a threat to the western world due to their advanced thinking and strategies. Dude how delusional can you be ? OK lets agree for one moment that you truly believe that rubbish, tell me what the Yorubas did to become a threat to their world and how they were stopped.

Dude, you are the one truly suffering from "my own better pass your own syndrome", but hey its your world view and your prerogative.

larez:

Sources please, quote your sources. The British recently unsealed a whole lot of documents regarding their involvement in colonial Nigeria. There are new facts coming out that there was in-fact a conspiracy to shut down Awolowo by the British, and Yorubas generally because they  were regarded as a threat even to the British Kingdom. Yorubas were considered very advanced in their thinking and strategies and if allowed to develop unchecked would become a threat to the dominance of the Western world.

It is unfortunate that even today, certain Nigerians feel like whatever Oyinbo said back then was flawless. They fail to think of who's interest Oyinbo was working for. It is clear that the British decided to sabotage Nigeria which they have successfully done, and we can clearly now see the weapons that they used. Propaganda is a major tool of warfare, and why will Nigerians let the British to continue judging who was in-fact qualified for professorship at a time that they were carefully orchestrating a ploy to sabotage Nigeria.

Language has been linked directly to sophistication in logical clarity. Oyinbos have recently confessed that the Yoruba language is the most advanced that they encountered in sub-saharan Africa and Africa as a whole. The extensive sophistication in both vocabulary and idioms shocked Oyimbo, and is still a subject of ongoing research in different parts of the world. This is the closest Oyinbo will ever get to admitting that an African language is more sophisticated than English. You guys need to stop being pawns and start finding joy in sharing the hidden wealth of africa. It is not everything that you try use your aggressive competitive energies to kill.

In the United States, a world of cultures are celebrated in different parts. My own better pass your own, na him dey kill Africa and na de reason wey we no grow be that. Yoruba towns continue to exist in many parts of the world. This is clearly because of the fact that it is a very strong culture that mere slavery could not stifle. Nobody had to travel to these countries to start trying to force them to accept new facts and doctrines to propagate this culture. It still lacks any central body that holds it together, and yet it survives. Just accept these facts and let's move on. We will have to create a Mecca of sorts in Ile Ife to accommodate this unquenchable culture that just won't die. I don't blame Biafrans for trying to go out and steal parts of it to boost their image.

Afam , Dede 1 and co. You have done well holding your own with good skills based on sound knowledge and without bias. You have been very patient indeed and I must commend you for that.

People come on here and make accusations they cannot substantiate and when challenged they beat a hurried retreat.

Negro Nation, please make up your mind about who you are quarrelling with. Stop shifting grounds like a landslide. You made your accusations against the Igbos and when challenged with superior argument by knowledgeable people you beat a hasty retreat and have now started switching your attack to the British and Housas without being man enough to hold your hands up and accept the errors of your original position.

That is exactly how you lose wars, by opening so many fronts at the same time, beating endless retreats and hoping that the trouble you started would just go away. I could take the issues you raised apart and tear them into shreds, but capable people have already responded to the absolute rubbish you talked about.

Now I did not hawk any thing but my older brother put up a 5 man masquerade squad consisting of my bros, three friends and myself. I was like 7 or 8 yrs old

We weren't even proper masquerades. we knocked up one face cover (mask) from a coconut tree branch, hijacked a gong from our friends mum's music instruments for their meeting + empty cans from around the corner to make up our musical instruments. Getting a cane wasn't a problem; we simply got one from the nearby mango tree.

We did masquerade from 27th Dec to 5th January until one man gave my bros a knock on the head, seized our "mask" and asked "christmas never finish for your end" ?

Thank God for that man cos my brother was ready to carry on masquerading until the next xmas. We made some bucks sha and thank God my dad ( now that was a cane loving man) didn't catch us.

We bought Jersey and football with the cash and formed our own football team "5 Golden Club" playing 5 a side matches with other kids in the neighbourhood. I still yab my bros till this day.

Ola ne, ola gwu gwu (??) E don tay sha. Did my NYSC in Igala land in a town/village called Okura and I stayed in Admiral Ogohi's house. Okura is about 30KM away from Ankpa and their market is known as Nkwo market.

Kobojunkie:


Again, the IBO states ARE NOT the only states fighting for resource control so I DO NOT see why this should be granted IBOS just cause they are IBOS. Simple!!

Resource control means resource control by every state.

No one is asking for special consideration here. With full control of their resources, Plateau state people will be able to develop their Tin industry and pay taxes to FG while Akwa Ibom people will also be able do the same with their oil.

Ok, put another way ; do you think that all states should be allowed to control and develop their own resources while paying taxes to the Federal government ?