No anti trust laws in Nigeria?

Seun:

The monies were borrowed, not stolen. Worst case scenario, Dangote will have to sell lots of stock to pay back the loans. It's not such a big deal for him as long as he has enough to pay back the loans, and he definitely seems to. Rich people have a habit of getting addicted to credit, that's all.

Borrowing under false pretense amounts to criminality - and you don't see any issue with his monopoly on almost all sectors of business in Nigeria. The last time I checked there are anti trust laws in Nigeria.

IBRU GROUP -

IBRU SEAFOODS LIMITED,
ADEN RIVER ESTATES LIMITED,
AEROCONTRACTORS NIGERIA LIMITED,
COMPLANT ENGINEERING SALES AND SERVICES LIMITED,
EMSEE SHIPPING LINE LIMITED,
IBACHEM (IBAFON CHEMICALS) LIMITED,
IBAFON OIL LIMITED,
IBRON NIGERIA LIMITED,
IBRU MERCHANDISE 33 LIMITED,
IKEJA HOTELS PLC (LAGOS SHERATON AND FEDERAL PALACE HOTELS),
SOCIETE BENINOISE DE PRODUITS DE MER (SOBEPROM),
ZABADNE AND COMPANY LIMITED,
OSADJERE FISHING COMPANY LIMITED,
MARINE HARVEST LIMITED,
SPIBAT NIGERIA LIMITED,
RUTAM MOTORS LIMITED,
NITREC LIMITED,
OCEANIC BANK INTERNATIONAL PLC,
AQUAMARINE FINANCE AND SECURITIES LIMITED,
QUEENS PETROLEUM COMPANY OF (NIG) LIMITED,
GUARDIAN NEWSPAPER LIMITED,
EXPRESS PROCESSING AND PACKAGING LIMITED,
WASKAR LIMITED, MITCHELL FARMS,
NIGERIAN HARDWOOD COMPANY (NIG) LIMITED,
F. STEINER & COMPANY LIMITED,
BLUE WATER MARINE,
DELTA FREEZE LIMITED,
LILLESHALL (NIG) LIMITED,
SUPERBRU LIMITED,
W.F. CLARKE (NIG) LIMITED,
BOARDROOM SERVICES LIMITED,
BOARDROOM SERVICES LIMITED,
MINET NIGERIA LIMITED (Insurance Brokers),
ATLANTIC ESTATES LIMITED,
SOCIETE CAMEROUNAISE DE PRODUITS DE MER-SCPM DOUALA.

If you a small business operating in any of the business domain above, you don't stand a chance.

Seun:

So basically:
- It's not a secret.
- It's not a private company.
- There was no robbery, just a big loan.

Au contra - not robbery at all, more like the fox guarding the chicken house

Afam:

In what capacity did Soludo occupy the position? As CBN governor or as a high "net worth" individual?

I don't think it matters in what capacity he was appointed Chairman - was he getting paid? If he was then he can influence loan disbursement - and  if that does not amount to criminal conflict of interest at least, I don't know what does.

hydee0k:

One would be tempt to ask, are these not the ibrus, the akingbolas soludos and co this same national confined national honours not to talk of the different awards mostly given by media houses, these people and their banks brag about.

How hypocritical we are to our selves. WHAT A SHAME

They manage the banks and steal money from it, they own the news media they use in convincing the public that they are ligitimate business people. These people are the Nigerian Bernie Madoffs, and should be treated as such.

Seun:

I don't believe any company can have a secret chairman.

here's your proof,  http://www.africafc.org/WhoWeAre.html

The AFC has a 21-member board with a majority from the private sector. In line with global best practices and corporate governance, twenty percent are independent directors and the additional
six available board seats are reserved for share holders from other African countries.

Board of Directors

Chairman of the Board:
Professor Chukwuma C. Soludo, CFR
Governor
Central Bank of Nigeria   

Director:
Mr. Andrew Alli
Chief Executive Officer
Africa Finance Corporation
     
Director:
Mr. Solomon Asamoah
Deputy Chief Executive Officer and Chief Investment Officer
Africa Finance Corporation

   Director:
Dr. Adesegun Akin-Olugbade
ED Corporate Services, General Counsel and Corporate Secretary
Africa Finance Corporation

     
Director:
Mr. Aigboje Aig-Imoukhuede
Group Managing Director /CEO
Access Bank PLC
   
Director:
Mr. Erastus Akingbola
Managing Director
Intercontinental Bank Plc
     
Director:
Mr. Ebong Bassey
Managing Director
Union Bank of Nigeria
   
Director:
Mr.Tony Elumelu, MFR
Managing Director
United Bank For Africa Plc
 
     
Director:
Mr. Oye Hassan-Odukale, MFR
Managing Director
Leadway Assurance Co. Ltd
   
Director:
Mrs. Cecilia Ibru, MFR
Managing Director/ CEO
Oceanic international Bank PLC
 
     
Director:
Mr. Tunde Lemo
Deputy Governor FSS
Central Bank of Nigeria
   
Director:
Mr. Jim Ovia
Managing Director
Zenith Bank PLC
 
     
Director:
Dr. Shamsuddeen Usman
Honourable Minister of Planning
Federal Republic of Nigeria


   Director:
Mr. Lewis Tung
Managing Director
Wempco Group
 
     
Director:
Mr. Robert Tung
Director
Gloria Investments Limited

The Dangote Group includes the following subsidiaries, among others:[3]

1. ALCO International Limited
2. Dangote Nigeria Limited
3. Dangote Transport Limited
4. Dangote Cement Plc.
5. Dangote Salt Plc.
6. Dangote Flour Mills Plc.
7. Dangote Sugar Plc.
8. Dangote Oil & Gas Industries International
9. Dangote Textiles Limited
10. Dangote Holdings Limited
11. Blue Star Limited
12. Dansa Foods Limited

But not Dansa Oil & Gas Limited - according to Aliko.  

Candidate with the highest score gets to spend 150 Years at Kiri Kiri Penitentiary - free room and board!

Enter Name of other Contestant with a score of 1 - 10, 10 being the best score. We'll tally and post the winner in this forum.

Nigeria, Wealthy, Yet Poor 
19 August 2009   


US Secretary of State Hillary Clinton speaks in Abuja, Nigeria.

Africa is a continent rich in natural resources, and yet most of its people live in poverty. Nigeria is no exception. Nigeria produces 2 million barrels of oil a day, has the seventh-largest natural gas reserves of any country in the world, but according the United Nations, the poverty rate in Nigeria has gone up from 46 percent to 76 percent over the last 13 years.

On her recent trip through Africa, U.S. Secretary of State Hillary Clinton observed that the most immediate source of the disconnect between Nigeria's wealth and its poverty is a failure of governance at the local, state, and federal level.

According to the World Bank, Nigeria has lost well over 300 billion dollars during the last 3 decades as a result of corruption and mismanagement. That means roads, schools, and hospitals could not be built. The lack of transparency and accountability has eroded the legitimacy of the Nigerian government and contributed to the rise of groups that embrace violence and reject the authority of the state. Part of the answer, said Secretary Clinton, is to fix Nigeria's flawed electoral system, establishing a truly independent electoral council,  http://www.voanews.com/uspolicy/2009-08-19-voa2.cfm

new arriva:

Why shouldnt he be qualified? its not Aliko dangote that is owing, its Ali and sani dangote, 

What list are you looking at,  his name and his croocked relatives are included,  here you go-

ALHAJI SANI DANGOTE, ALHAJI ALIKO DANGOTE, ALHAJI MOHAMMED SANI DANGOTE, of DANSA OIL AND GAS LIMITED, N 8,836,682,542.69

At least that's what seems like they are doing - but I wouldn't hold my breath.

If this does not constitute conflict of interest, I don't know what does. And what about the billions of Naira in Bad loans from the failed banks - shouldn't this be a reason to resend rescind his appointment?

If this does not constitute conflict of interest, I don't what else does. And what about the billions of Naira in Bad loans from the failed banks - shouldn't this be a reason to resend his appointment?

If she has nothing to hide why is she running from the EFCC - maybe the EFCC will do right by the the people of Nigeria for once. My gut feeling, however, is that she will be let go with no charges.

Oceanic bank was the Ibru family personal piggy bank - the kids and their spouses, their friends all took huge loans out of this bank, and launder through the same. I have a personal knowledge of this - unfortunately she'll never see the inside of a court room, let alone a cell.

afam4eva:

You have to understand that the problem with nigeria will always be replicated on nairaland. Nigeria is a stench that is smelt wherever there's the word nigeria. Whether it's the disorganised embassy in britain, The super chickens and even nairaland. The posts on nairaland is a true reflection of the happenings in nigeria.

If you don't want to face the truth then go to some foreign forum.

I beg to differ, I don't think the "truth" is being condescending to other tribes? I feel we should discourage demagoguery and encourage practical/intelligent/progressive discourse for what it is worth.

He's totally clueless on how to run a country - so he results to that which he's comfortable with.

Kobojunkie:

ol boy!! you don dey find trouble na!!! True Ibos? You mean say all these BIAFRA-spouting ragamuffins wey we get here no be TRUE ibos? I hu kwam trouble!! you mean say all these " YOU CANNOT BE AGAINST BIAFRA AND BE IBO" crowd we have there are not TRUE ibos? kpa sa kwa on we gi oo!!!

roflmao!!!

I am just not down for denigrating other tribes - it is just not progressive in my opinion.

nex:

@JamesG

you see what I'm talking about? Why would I go to where every family in my village is gathered and tell them that my family is better than theirs? Will it not be my family's death that I'd be seeking?

If I gather members of my family together in the parlour of our family house and tell them we are the best and most progressive family in the village.

So you see what I'm saying. Who really is this guy?

@nex
I agree with you - you speak wisely.

sjeezy8:

Actually i'm a double major Economics and Political Science Internationals Relations student bout to do my LLM-international law and "lol" is in every sentence because alot of posts are so stupid it makes me laugh.

Now how does "lol" have anything to do with level of education or maturity. I think you need to put some serious thought into what your saying before you type it because only a person who lacks the ability to apprehend a simple statement would point out the small things such as "LOL".

Next time if you want to sound like smart ass actually say something smart because if you dont you just look like an ass LOL

LOL= YOU ARE A JOKE SIR
GO TO SLEEP
thank you im sure you have work to do or something ,

I might be way off here, but you just don’t sound that intelligent to me – most people that can’t adequately express themselves result to insults. But I am willing to give you the benefit of the doubt, and wish you success in your quest for a degree. My one advice to you would be, to be a bit more constructive in your rebuttals – you’ll need that skill, if you do decide to pursue a career in politics.

Onlytruth:

The term "Igbo question" is only used here to mean "the progressive question". Igbo represents progress and achievement; the true Igbo spirit. Put differently, is Nigeria willing to employ an aggressively progressive people such as the Igbo for greatness? Those trying to twist my words here are deliberately trying to misrepresent facts and somehow change the subject. Nigeria is not progressing (some have been saying Igbo are partly to blame but that is a lie because Igbo have never been in control of power in Nigeria).[b] Any little progress we make (like the debt relief negotiated by Ngozi Okonjo Iweala), Naira policy (initiated by Chukwuma Soludo) and war against fake drugs (initiated by Dora Akunyili), are quickly reserved and dismantled once the North returns to the helms. [/b]The cell phone revolution initiated by Engineer Ernest Ndukwe would have suffered the same fate if he was removed. [b]My point is that I cannot even count how many chairmen of the US federal reserve that were Jews. The last one (Greenspan) was a Jew and the current one Bernanke is a Jew. In the US the job simply falls to the brightest and most qualified. I[/b]n Nigeria it falls to the least qualified due to regional hegemonic thinking. I can almost guarantee that if the power sector reform is handed over to some qualified Nigeria (who may be Igbo) we will come to see that steady power supply is possible in Nigeria. But will the North let that happen? The Igbos have done what was considered hard or impossible by other Nigerians (Enyimba for instance with Felix Anyansi Agwu). Mind you that some Enyimba players are not Igbo, but the point is that Anyansi Agwu is a typical Igbo go-getter and knows how to inspire a team to achieve the impossible. 
Igbo wants to progress and are in a hurry (any rational person should be after 40 years of stagnation!) to progress. Will Nigeria tap into Igbo zeal for progress and build a great nation or will they continue the policy of Igbo containment, 40 years after the war?
If the policy of containment must continue as some seem to suggest, then the Igbo must be allowed to leave Nigeria in peace!

You really need to stop this idiotic rhetoric - it is down right tasteless and nonsensical. If you are really an Ibo man as you've claimed, and would like the Ibos out of Nigeria, start an Ibo blog. This forum is really for Nigerians that seek a better Nigeria, not for those that want to tear it apart. In your Ibo forum you can blog your vile and sickening rhetoric all you want. -This way those true Igbos who love this country will continue to have meaningful discourse with their fellow Nigerians on how to better the country for all Nigerians.

sjeezy8:

lol wouldn't Nigeria have more power supply if the Government was less corrupt and spent the money being stolen on power supply?

I feel sorry for you bruv honest to God- Most Nigerians are backwards

Just out of curiosity why do you have “lol” on all your sentences – are you still in high school in the US? If you are, this forum is really not for you.

Witi:

Break Up!!!!!!!!!!!!!!!!!!!!!!!!!

Please explain!

I hope you are not also proposing a break up of this Nation - are you?

"The Igbo Question: Why Nigeria Cannot Work"

This question seem to suggest 2 things:

1. It is only meant for Igbos to answer - in other words they only, have the answer.

2. The success of Nigeria depends on the Igbos - That is Nigeria revolves around the Igbos.

Why is it that the word Igbo(s) shows up in this forum more than any other tribe(s)? Is it that some Igbos feel they are better than other Nigerians or tribes therin?

govo:

first their must be a democracy to save, what we have in nigeria is not democracy, re-phrase your question to be 'what can nigerian do to attain democracy ? the answer is simple change our system of government from 'mallamocracy' to democracy.

The 1999 Constitution contains all that makes a system of government democratic - but the elected and appointed officials have completely ignored the constitution in the execution of their duties. The constitution defines Nigeria as a Democratic State, and that's what we need to save. To do this we must throw those we elected to uphold the constitution but have not done so, out!

Nigerians should take the time to read the constitution - this way they'll know what they are fighting for. People buy news papers everyday to read cheap talking points, and get swayed by the same - they should instead acclimate themselves with the 1999 constitution to be able to discern more accurately where our elected officials have failed us - Knowledge is power! If you know what the problem is, you can solve it. Nigerians are intelligent people, but we continue to allow clowns rule us with force and tyranny. You don't always have to fight with arms - Ghandi, MLK, and Mandela, proved that to us under the most difficult conditions. Our constitution tells the rest of the world that we have democracy - so lets uphold it. If you can't understand it find somebody who can to explain it to you - or better yet, post sections not clear to you in this forum. I am certain it will be explained to you. Don't forget the constitution affords you the right to free speach and assembly - chapter IV.

Kobojunkie:

Wanting change has absolutely nothing to do with posting opinions on forums. Most of those on here who scream they want change are themselves not implementing it in their own lives. So, not until the day we as individuals decide enough is enough, things are likely not to go anywhere no matter how many times we post we are ready for change.

There are ~ 400k members on Nairaland, with majority posting in the politics section – most postings indicate total dissatisfaction with Nigerian polity. Is there any other forum you can get these number of people wanting the same thing as it relates to Nigerian issues? I really doubt it – this is why this makes for a place to seek solution to that which most Nigerians can relate to as a problem with our country.

But I do respect your opinion – we all have our reasons for wanting to do something, no matter how small it might be – or do absolutely nothing. Furthermore, are you making some changes in your life that has or will positively affect the state of Nigeria - would you like to share some of these little steps with this forum? Maybe we too can do the same.

Kobojunkie:

I agree with you, and I am of the mind that more hardship might be what is needed to wake folks up to the reality of things.

Bro, have some empathy for your fellow Nigerian and for the Nation – most Nigerians can not even get on this forum to voice their concern about the deterioration of this country. We Nairalanders must make some difference that effect positive change for all Nigerians – lets start this grass root movement now.

If you can’t print flyers, buy a cheap SIM (anonymously – prepaid), text the info of the rally to people in your contact, or as many people as you can. Do this on the 30th of September to remind people of the peacefully march. After all, we are the “Folks” – we must hold our elected officials accountable for their actions. If this and other rallies don’t take place they will have nothing to fear.

For those who have not seen the Nigerian 1999 Constitution, please download it and study Chapter IV - Fundamental Rights Of Nigerians.

http://www.nigeria-law.org/ConstitutionOfTheFederalRepublicOfNigeria.htm#Powers_of_Federal_Republic_of_Nigeria

I have attached Chapter IV herein,

blacksta:

Nigerians are weak, docile and are not interested in change. If were are really fed up with the situation then change would have occurred. Let us hope that more hardship should be visited on the masses and maybe then one will see a candle light measurement of change.

I completely agree with you – few months back I’ll say the same, I can survive under this same gloomy state of Nigeria as seen by the average guy. The more I see Nigeria as hopeless, the more I want to, in some small way contribute to doing something about it – because it is my country. As long as you were born in Nigeria & grew up in Nigeria, no matter where you go, you will still want to come home some day. And when you do after a few years in the Diaspora, you’ll weep for the country. We must all do something positive – no matter how small that might be.

Make some flyers with your printer leave them at strategic places at night without being caught – this way those without internet access will know when the rally will take place in Lagos. We probably need to some how find out the demography of the ~400k Nairalanders. With the hope that there will be people from all 36 state capitals to put the word out, that there’ll be a peaceful march on Independence day. We should all carry placards displaying our contentions.

Let's say you can in fact sponsor a bill - who will vote on the bill? ~90% of the house members (senate and Assem) are corrupt. So unless your bill is meant to line their pockets and swell their bank accounts, it will surely fail!

In an ideal democracy this poll https://www.nairaland.com/nigeria/topic-303262.0.html would be valid - but not in Nigeria. The Yar'Adua government is not even aware (or they conveniently choose not to be aware) of the problems in Nigeria as evident in their rebuttal statement on Clinton’s criticism of the Nigerian leadership and polity. http://allafrica.com/stories/200908140747.html

With all due respect to @poster, I think the poll (or suggestion box) should be how do we ensure that these croocked clowns are not returned to office come next election – how do we ensure that those we elect truly understand what democracy is – Government of the People By the People. Furthermore, for the constitutional literates in this Forum, how do we throw out the Judiciary members – they have made it possible for these unscrupulous politicians to dupe the Nigerian people with impunity.

For Starters I suggest we not only have a peaceful rally in Lagos on Independence day, but in all major state capitals - it is just not feasible for all concerned to get to Lagos on Oct 1st. This march will go a long way to tell the politicians that this' our country, and they work for us, and we are more than ready to kick them out.