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Politics / Re: Lagos To Generate 60-75MW Of Electricity Using 96% Of All Waste From Landfills by Maawitemi: 12:20pm On May 28
It is your waste quite alright. Is it your equipment too? grin grin

winterfell007:
That's the way to go. Use our goddamn waste to provide energy for us. Are we gonna pay for that? After all, it's our waste 🗑 you're taking for free
Politics / Re: 2nd Niger Bridge, Lagos-Ibadan, Abuja-Kaduna Can't Be Completed By Buhari - Reps by Maawitemi: 4:28pm On Jul 17, 2020
Apparently, the House of Reps are not aware of these facts abi?
engineerboat:


They can only work according to instruction.

Remember they were starved of fund the moment baba enter 2015.

The work was momentarily stopped not until 2017 for skeletal work
Science/Technology / Re: Leopard Spotted At Game Reserve In Bauchi After Not Being Seen For Decades.PICS by Maawitemi: 12:09pm On Sep 20, 2017
It is an immigrant.
Angelanest:
It is a joyous moment for the authorities at Yankari Game Reserve in Bauchi state after an exciting discovery was made on Monday (yesterday). A leopard was recorded wandering by a WCS camera-trap at the game reserve. According to officials, leopard had not been recorded at the game reserve for decades as they were presumed to be extinct.

Source; https://www.nationalhelm.co/2017/09/leopard-seen-at-yankari-game-reserve-in-bauchi.html
Education / Re: Prophet T.B Joshua To Build A University In Ondo State by Maawitemi: 12:45pm On Sep 07, 2017
giles14:
my igbo people that flock to SCOAN for miracles see ur lives,
wen will we igbos have sense
Are they going there for school?
Celebrities / Re: Anyanga Nyongo, Lupita Nyongo's Father Elected As Governor In Kenya by Maawitemi: 1:57pm On Aug 09, 2017
snazzy5050:
Am i the only one seeing the beauty in this man cheesy

Yes.
Culture / Re: Traditional Regalia Of The Oba Of Lagos Destroyed In Fire - NEMA by Maawitemi: 9:12pm On May 03, 2017
Myself2:
Specifically Akiolu's oba's regalia ?
Then I guess now we know where the fire came from.Its safe to respect your seniors.Lobatan
There is this proverb in Yoruba "T'omode ba s'oko l'alagemo, ko ni ku, ko ni run, a pon laso bi aparo ni". Rough interpretation: "When a young child stones the [venerable] chameleon, he would not die nor fall sick, but will go about in dirty rags like the aparo (bush fowl/quail?)"...the Oba's regalia got burnt.

1 Like

Politics / Re: Olujunwo Obasanjo & Tope Adebutu's Wedding An Occultic Ceremony - Taiwo Obasanjo by Maawitemi: 9:44am On May 03, 2017
SalamRushdie:


My guys those engines have more guarantee than any metaphysical hogwash on earth .. the odds they will both fail in flight is 1 to 1 billion

Except we are assuming that the only reason planes crash is because of Engine Failure.
Politics / Re: Fayose Visits Igbara Odo-Ekiti Over FISU Crisis (Photos) by Maawitemi: 7:58pm On Apr 14, 2017
sojiboy:
#Ekiti kete this is Governor Ayodele Fayose, our collective shame, He has really done damage to our name, image and state. God heal our land, deliver us from Fayose's hand

How has he done damage to your name, image and state? by being himself?
Politics / Re: The Seven-fold Yoke And The Cabal That Own Nigeria-FFK by Maawitemi: 1:01pm On Apr 12, 2017
"Dear Yorubas and Igbos, what exactly are you dragging?"??

sankky:
Here's the solution below:


THE IGBOS AND THE YORUBA 'COLD WAR'; A CASE FOR SOUTHERN UNITY:

By Charles Ogbu

"Power is like a shadow. It resides exactly where men who are under its control think it resides"

The above is true with regards to the situation of Southerners in the Nigerian experiment.

We think the Fulanis are the ones that have been holding power and because we think and believe so, it actually look so. Because of this assumed knowledge, we hand over our destinies, our future and those of our children to a people who are not above 11 million, have little or no education and contribute little or nothing to the national pulse.

What if I told you that the real power rests in the South and with southerners but that the mutual distrust and foolish superiority contest between Igbos and Yorubas is the biggest obstacle to wielding this power? This senseless feud between these two Southern giants is also the biggest enabler and promoter of the fulani Oligarchy.

The southern part of Nigeria owns the oil which feeds the entire country. Without the oil today, there is no economy and there is no Nigeria. The same south controls the commercial sector of the economy. The media is still owned and controlled by the South.

When a people owns the only thing that is feeding a whole country and still control commerce plus the media through which people's thoughts and opinions about anything can be shaped and can equally boast of the best human resources, what else does it take for such a people to wield power in such a country?

Unity!

The few fulanis who have been running this country directly and indirectly since independence, what do they have?

Unity!

When the fulani Oligarchs want to achieve an aim, they effortlessly find a way to get every northern minorities such as Christians and middle Belts on their side even when they almost always end up discarding these same minorities and even killing them once the aim is achieved.

Now, ask yourself: how have the fulani Oligarchs managed to turn the entire Nigeria into an 'Animal Farm' with them as the only "Napoleon' despite their low education and the fact that all the prerequisites/bargaining chips for acquiring and wielding power are domiciled in the South??

Igbo-Yoruba 'cold war'! This, right here, is the answer.

The day the two biggest southern ethnic groups --The Igbos and The Yorubas --decide to put a stop to their needless bickering and channel all their energy towards confronting their common enemy --the children of Danfodio--, that is the day the Fulani Oligarchs will understand that even though the king is the one with the crown, he is nothing without the kingmakers and the people.

The Fulanis are not runing Nigeria because they are smarter than others. Far from it. They are messing with the destinies of over 180million people because the two Southern big brothers with the wherewithal to end their murderous reign of impunity are busy chasing rats while their houses are afire.

I am no historian neither do I pride myself as a man of letters but I know for a fact that the biggest weapon of the fulanis is neither guns nor bombs. Their biggest weapon is their ability to identify their opponents' weak points or even create one where none exists, magnify it and use same to create division amongst them just so they would effortlessly implement their Divide And Rule tactics.

Sadly, they have succeded in using this weapon against Southern Nigeria's two biggest ethnic groups.

Throughout history, all the wars and woes visited on both the Igbos and the Yorubas all came from the fulanis. There is no record of ethnic clash between these two humane southern Nations.

No time has these two people ever disagreed violently.

Strangely, the mutual suspicion that exist between these two great peoples seem far greater than the one they harbour against their common oppressor, the Scions of Danfodio.

It was not the Igbos who imprisoned Awolowo and killed thousands of Yoruba youths who protested the unjust imprisonment for days in different Yoruba cities in 1963. It was the fulanis and the killing was done by another fulani man, Muhammadu Buhari, who was the then platoon commander, 2nd infantry brigade, Abeokuta. That same year, Buhari was gifted with double promotion on the same day by the govt of Tafawa Balewa.

It was not the Igbos who imprisoned many Yoruba leaders, forced others into exile and killed others like Abiola after annuling his presidential victory.

It was not the Igbos who attacked Yoruba citizens in Lagos neither was it the Igbos who desecrated Yoruba cradle of civilisation, Ile-Ife by cutting off the head of a Yoruba citizen and parading it along the street, thereby sparking off a bloody ethnic clash that ended in the arrest of only the Yorubas including an Oba by the fulani president and his fulani security agents.

It is not Igbo herdsmen that kidnapped a yoruba son, Chief Olu Falae and have been going about terrorizing and killing Yorubas in Osun, Ogun, Kwara etc with govt-sponsored impunity.

On the other hand,

It wasn't the Yorubas that killed thousands of Igbos in the 1945 Jos pogrom and 1953 kano pogrom.

It was not the Yorubas who slaughtered millions of Igbos in the North after the first 1966 coup.

It was not the Yorubas who jailed an Igbo son, Alex Ekwueme who was only the vice president while the president, Shehu Shagari, a fulani, was left in a cosy apartment in the govt house. It was a Fulani man, Muhammadu Buhari who did this in 1984 after overthrowing the then govt in a coup.

Was it the Yorubas that is holding Nnamdi Kanu? Or was it the Yorubas who rained bullets and acid on hundreds of Igbo sons and daughters praying inside a school field in Abia state on Feb.9th, 2016 and those remembering their Biafran heros inside a church in Onitsha on May 29-30, that same year?

Is it Yoruba herdsmen that have been killing, maiming and raping villagers in Nimbo, Nsukka, Awgu Bende Council etc, all in Igbo land?

Today, even Jack, my two day old puppy knows that Nigeria CANNOT work as presently constituted. It was the rejection of the Aburi Accord by the Fulani Oligarchs which would have restructured Nigeria as a Confederation that led to the Biafran war. Today, the Yorubas want a restructured country. The Niger Delta want the same thing. The Igbos want Biafra BECAUSE Nigeria has refused to restructure.

Who are the only people resisting the call for restructuring, thereby holding everyone to ransom? Your guess is as good as mine.

Dear Yorubas and Igbos, what exactly are you dragging?

Why have you refused to realise that you have a common enemy, a very ruthless common enemy who have kept you busy fighting among yourselves while he's busy ruining your future and that of your unborn generation?

Can you not see that your siblings; Ijaws, Urhobo, Edo, etc are all looking up to you for that 'big brother' leadership and direction?

Can't you see that the fulanis are not really the problem? You are! Your disunity is!

You have no reason to be fighting.

Was it not a Yoruba man, Lt. Col Fajuyi, who chose to die with his visitor and commander-in-Chief, Thomas Umunnakwe Aguyi-Ironsi, an Igbo man, rather than give him up to the Hausa/fulani soldiers on 28th July, 1966?

Was it not an Igbo man, Odumegwu Ojukwu, who released Obafemi Awolowo from calabar prison and sent a squad of Eastern Nigerian policemen who escorted him to Ikenne, Ijebu, his home town?

You pride yourselves as the two most educated people in the country, yet your best brains have been reduced to playing 2nd fiddle to the Scions of Danfodio who are mostly without even a secondary school certificate.

In 1979, it was one of the best Igbo brains, Alex Ekwueme, playing 2nd fiddle to Shehu Shagari.
In 1983/84, it was Idiagbo playing 2nd fiddle to a Buhari who had no certificate.
In 2015, it is a Yoruba professor of law still in political purgatory under the same fulani-born Muhammadu Buhari who has now acquired a certificate........NEPA bill certificate.

Ojukwu is dead. So is Awolowo. And since I was born, Igbos and Yorubas have never killed each other. How about we put the gory stories of the war behind us and save ourselves and unborn children from this danger that is staring us in the face?

It is always the descendants of Danfodio doing all the killing, all the subjugation and slavery and we, the entire south have always been the victim.

In a nutshell, Charles Ogbu is simply saying that the Igbos and the Yorubas should channel their energy towards confronting their common enemy. You can join forces to fight a formidable enemy and still remain ethnically patriotic to your respective ethnic groups!

7 Likes

Politics / Re: Osinbajo Vs Fashola In 2014 And I'm 2017 (Photos) by Maawitemi: 6:56pm On Mar 03, 2017
You don't understand: You are compelled to laugh at even the dumbest jokes of a powerful person.
DLondonboiy:
See the way fashola dey laugh osibanjo....

Nobody takes this guy seriously...
Politics / Re: PHOTOS: Ambode, Tinubu And Governors At APC Leaders Forum by Maawitemi: 6:39pm On Jan 12, 2017
Walelavender:
Realignment and restrategizing for 2019. Where is Fashola and Fayemi? undecided

I think they are not 'elders'...
Politics / Re: Buhari-Osinbajo's Promise Of 24Hour Electricity Supply: We Are Still Waiting by Maawitemi: 6:09pm On May 26, 2016
feldido:


Are you saying there wasn't pipeline vandals in the last administration that were undermining the efforts by the FG to improve power supply to Nigerians?

'They' actually told us then that it was because GEJ was not a competent Commander in Chief. Now we have a Retired General at the helm of affairs, I don't expect to hear this excuses again.

1 Like

Politics / Re: Shiroro And Sapele Power Plants Shut, as blackout worsens - PUNCH by Maawitemi: 6:54pm On Apr 06, 2016
Ohammadike:
And Fashola wants to increase tariff while the power generation is on a decline.

Minster of darkness

Not wants to, he has increased it.
Crime / Re: Dangote Denies Being Among Hostages At Radisson Blu Hotel, Mali by Maawitemi: 11:48am On Nov 20, 2015
Not true!
"Aliko Dangote ‏@AlikoDangote 11m11 minutes ago

Rumour about me being held hostage is false. I was in Mali yesterday.Thank you for your concern. My prayers with those involved."

Travel / Re: Lagos-ibadan Expressway Gridlock In Pictures by Maawitemi: 3:07pm On Oct 30, 2015
segend:


same here ooo, i still drove to ibadan last month, and didn't see any part like this.

I think this is the un-tarred road parallel to the long bridge between OPIC and Wawa. This is not the Expressway itself

1 Like

Politics / Re: Diezani Alison-madueke Appears In UK Court - BBC Correspondent by Maawitemi: 2:19pm On Oct 05, 2015
Has any goat ever owned any yam?
Rilwayne001:
The clueless drunkard called Jonathan should be the next to go to jail for allowing this woman to eat our Dioscorea rotundata AND for saying openly that it is a normal thing for the Capra aegagrus Hircus to eat the dioscorea rotundata that doesn't belong to it.

Wassapp lalasticlala wink cheesy
Crime / Re: Ijaw Youths, OPC Clash In Arepo Over Pipeline, Pregnant Woman, Others Killed by Maawitemi: 9:28pm On May 01, 2015
timunstopable:
A lot of people dont know what is going in arepo

Ijaw bois ve been staying in arepo for years

They are the ones being used to go to the water side where the pipeline of NNPC is... a lot of kilometres into the bush

U know ijaw and anything water na friend

They go by boat from residential area in Arepo.

They work with co-operation with Police, Nscdc, Soldiers

Police get their cut, Nscdc their cut few soldiers
are also involved

Bt it is mainly the Police and Civil defence that these bunkerers settle

The bunkerers are notified by NNPC sources when fuel is pumped thru the pipeline.They then strike put them in different 50litres kegs .The ijaw bois them bring them from the waterside to the middlemen who then distribute to sellers who are mostly yorubas, ijaws, resident, even landlords .Different cars come to pick up

Opc from ibafo came down to exercise their authority on the recent contract awarded to them

Opc caught the ijaw bois unaware both at the water side and sone streets in arepo

one of the women shot is also a bunkerer bt the news wont tell u that. (Ijaw &yoruba women also involved nothing innocent abt those killed)except the damilola that was killed in this story I cant verify she is also a bunker

BT I am 100% sure every other casualties are all bunkerers


Ijaw bois regrouped with spears, cutlass, jazz and even automatic weapons and faced Opc

residents close to the scene of the event had to flee the scene

I feel Opc wants to exercise their authority so as to become a force also .So that if they create fear theu can also be collecting tax from the bunkerers


believe u me the whole system is involved in the bunkering .From Oba of arepo down to some members of Resident association down to Dpo down to Nnpc down to civil defence

it wi take a lot to stop this menace more than Opc

u need a separate task force straight from the presidency that will come with soldiers and must be men of intergrity

police cant even face these people face to face cos they ve compromised

The lady is innocent. She is a lawyer.
Crime / Re: Ijaw Youths, OPC Clash In Arepo Over Pipeline, Pregnant Woman, Others Killed by Maawitemi: 9:21pm On May 01, 2015
Jlow2:
we hav police, civil defence, army, navy, and airforce yet gej gave contracts worth billions of dollars to criminals, touts n hoodlums to guard pipelines, if ppl say gej is clueless its an understatement, he is unfit to be lga chairman and naive, thats why he was scamed of 2trillion naira in the name of supportin his relection, he is a DISASTER!!!!

I know this area very well. There is a permanent police team on ground to check vandalism, the army has been in and out, and the NSDC makes a show of coming to control the menace every once in a while, unfortunately, none of them has been effective. They don't even try to attempt to stop the 'business' anymore. Anytime any of this "trained" forces attempt to stop it, people die. The vandals would come en-mass out of the creeks, shoot indiscriminately and vandalise the police outpost to protest the interference. The case of the 13 ? policemen and NNPC engineer killed in the same place about two years ago is still in court. So, that the unfortunate incident happened not because it was the OPC. Even the police people fled when this was happening.

Yes, it is not good to use ethnic militia to handle the statutory functions of the security forces. There is a high tendency of this degenerating to inter-tribal war, as OPC is Yoruba, and most of the vandals are described as "ijaw". But the unfortunate fact is that the organs of government with the statutory duty to protect this pipeline has not shown enough evidence that they should be trusted...it should not have degenerated to this level
Religion / Re: Are Long Prayers Usually The Most Effective? by Maawitemi: 1:20pm On Apr 20, 2015
dallyemmy:
James 5:16b from amplified version bible:The earnest (heartfelt, continued) prayer of a righteous man makes tremendous power available [dynamic in its working]. . I think you can pray long prayer once it is not for show, it must be heartfelt not hypocritical! For fervency means having or showing great warmth or intensity of spirit, feeling, enthusiasm, etc.; ardent:
...

Yes. fervency and effectiveness of prayer has very little to do with the length or loudness of the prayer. Check "High Decibel Prayers" on CommunuionAffairs at http://communionaffairs.com/high-decibel-prayers/
Politics / Re: Why Jonathan Should Hold His Head High by Maawitemi: 9:44pm On Apr 05, 2015
I have listened to people say he does not deserve commendation, that a tenant deserves no commendation for packing out when his rent expires. But I think any landlord who has had to put up with a recalcitrant tenant before knows what it means
Politics / Re: Militant Group Claims Responsibility For Delta Pipeline Explosion- PUNCH by Maawitemi: 8:46pm On Apr 03, 2015
UrennaNkoli:
Urhobo Gbagbako wants to start nonsense in the Niger Delta. They are flies compared to boko haram. We'll wipe them out in seconds using bullets made from tissue paper.

Just make sure you turn a new leaf on or before may 29 because the administration that awaits you won't be smiling at all. You can ask the animals you are copying and imitating from the north, they'll explain better.

A tsetse fly that perches on your scrotum cannot be removed by force...

4 Likes

Politics / Re: Aisha Buhari Frying Akara In Abuja (Photo) by Maawitemi: 12:03pm On Mar 16, 2015
VIPERVENOM:
but if its fayose you'll say he's a "grassroots governor" or if its omisore eating two cubs of corn at d same time you'd say he's d man of the ppl. All these tanoid robots sef.

The truth is that Fayose owns the copyright here. Unlike the others, he has always done it and even now that he has won the election, he still stops by in a buka to eat.

2 Likes

Politics / Re: Jonathan Meets Igbo Leaders & Elders In Lagos (photos) by Maawitemi: 10:34pm On Feb 21, 2015
Why do people assume that every thing is about money? Anyway, he also met with Yoruba Council of Elders and other interest groups, so there is no point casting any particular tribe as mercantile simply because they met with Jonathan.

1 Like

Business / Re: Muslim Body Alleges Jewish Symbol On New N100 Note by Maawitemi: 12:22pm On Nov 24, 2014
The star of David has six points. It is a double triangle. The symbol I see on that Naira note has eight points -

1 Like

Politics / Re: Labaran Maku And The "Akudaaya"s (ghosts) by Maawitemi: 7:51pm On Oct 27, 2013
"for Government to
gleefully announce that
they have discovered
47,000 unseen ghost
workers, but not one
single, visible flesh-
and-blood human
collaborator, in the
long chain between
appropriation to
crediting individual
ghost’s bank accounts,
in an enterprise that
could never have
succeeded without a
close collaboration
between men and
spirits, is the first
reason why nobody will
clap for the Minister of
Finance on this matter.
"
Except they think we are Lagbaja's 180 m mumus...

2 Likes

Politics / Re: Lagos-ibadan Express Road Work In Progress by Maawitemi: 7:02pm On Sep 17, 2013
It has always been so sir, with nothiing to show for it. SO if this president is showing something, let's give him the credit!
Sagamite:

What moronic junk!

You forgot:

- Criminals being rewarded with $1bn they stole from national asset with the help of the president.
- Convicted looters being regular visitors at Aso Rock and getting pardon.
- Known bribe-takers walking free despite their bribers being jailed in places like the US and have named them.
- EFCC and ICPC are dead.
- Police have become weapons to frustrate opposition.
- Using N670m to buy gold iphones.
- Projects are being completed at extortionate prices.
- Sheppopotamus lying to the public while using their money to go abroad for public treatment not available to common Nigerians.
- Sheppopotamus trying to use $26m to build a talking shop for her and her other useless fellow first ladies without any results.
- A president that sent Sheppopotamus to go and welcome and rejoice with a man just released from prison for corruption.
- Vice President wanting to build a residence for $100m.
- No infrastructural development, just looting with friends.
- A president that refused to declare his assets.
Science/Technology / Re: Scientist Sends Brain Signal Via The Internet To Control Colleague's Hand by Maawitemi: 4:11pm On Aug 28, 2013
190-the-clown:
meaning i can send brain messages via the internet to GEJ to push $200,000,000 into my GTB domiciliary account

nice one

Ibeg who get him email address

I think you need is ip and mac address
Webmasters / X-cart And Interswitch Integration by Maawitemi: 8:08pm On Oct 20, 2011
Hello Php developers/Webmasters. I'm looking for somebody who understands x-cart and can integrate it with interswitch.

Pls respond.
Investment / Re: The Access Intercontinental Bank Fraud In Picture by Maawitemi: 6:17am On Oct 14, 2011
I wish Deenee would stop confusing issues. The aquisition of bad loans is a separate and concluded transaction. AMCON has spent about 220 billion on that already in intercontinental, to acquire about 340 billion bad loans. In fact, if we add that to the 550 billion they now want to inject before selling for N50 billion, we will be talking about total investment close to N800 billion! Dancewithme has said it all- if Access is buying a bad bank, let them pay N1 for the assets and liabilities and fill the purported N550 hole themselves, otherwise I maintain they are buying a completely restored 330 branch bank for N50 b at taxpayers expense.
Investment / Re: The Access Intercontinental Bank Fraud In Picture by Maawitemi: 1:19pm On Oct 13, 2011
deenee:

Please let’s get it right. AMCON has not inject equity into these banks. Though, it has the power to do this under the jurisdiction of the CBN, what it has simply done is to acquire eligible bank assets(loans and advance) as stipulated in the AMCON act. I have attached a link to the AMCON 2010 act below for further guidance.

Thank you!

http://amcon.com.ng/AboutAMCON/CorporateOverview/MissionVision.aspx

Exactly. It has the power to do so, and that's what it is about doing as outlined in the various schemes, and that's the basis for all these turenchi - if AMCON must invest, as a public institution, we ought to demand that it gets commensurate value for the publics interest, not put in 85% and come back with 15%!!!
Investment / Re: The Access Intercontinental Bank Fraud In Picture by Maawitemi: 1:10pm On Oct 13, 2011
deenee:



Thank you for the response. However, I think that is expedient to understand what has transpired during the whole deal whilst opining that the analogy you have used re the nationalised banks does not add up. These banks were nationalised because even with the fresh injection of funds, there were still ‘ regular borrowers via the CBN ‘extended discount window’ and no ‘rational investor’ would touch them with a ten foot pole. More so, allowing them to become bankrupt (which is what would have happened if they were not nationalised) will just send another round of  ‘shock waves’ through the entire financial system and jeopardise the possible acquisition or merger talks underway.

At the’ point of sale’ or during the transaction implementation process, Intercontinental had more non-performing assets than liabilities hence the hole you have described herein and a very BIG one for that matter!

You also say that they should sell their buildings- who will buy them? Who has purchased the building of hitherto distressed banks like Liberty, the defunct National bank, All States Trust and others?  AMCON is not ‘Father Xmas’, so saying that AMCON has paid off the ‘liabilities’ (which should be called ‘assets’ in this regard) is a statement that should be given some afterthought! AMCON has only filled the ‘hole’ created by bad management/corporate governance at Intercontinental et al. and this has just been done temporarily. Have you bothered to ask yourself why the nationalised banks didn’t attract any investors?

Finally, Intercontinental is not ‘great’ again as put forward by you simply because the 550b non performing loans have be transferred to AMCON. What will make then great again is if they are able to make ‘real profit’, sustain it ,reward investors/ shareholders accordingly and trade at a reasonable market price. More so, the injection has only made the bank a ‘tenable investment worthy of consideration’ and 50b, paid by Access is perhaps the best offer it could get based on the current valuation (market price of stock on the exchange and assets-bear in mind that these ‘assets’-building et al. depreciate and lose their value as they ‘wear and tear’ whilst some are not even marketable) and a lot of other extenuating factors. But then again, this is a topic of discussion for another day!



I find your insistent assertion that no investors would touch the Nationalised Banks very curious.Check this headline "15 investors storm AMCON to buy nationalised banks"

Read more:http://www.gbooza.com/page.html#ixzz456 http://www.gbooza.com/group/bankingjoblisting/forum/topics/15-investors-storm-amcon-to-buy-nationalised-banks#ixzz1af8ujUY9

And I know this is no hype! We also have friends working in the Corporation.

The issue of "hole", weather big or small is not relevant to this transaction. To quote Access bank, "AMCON has completely de-risked the balance sheet of Intercontinental Bank". You may not know, but they do!

The bank, without the "hole", is great, and with a good management, (not undertaker committee as emplaced by CBN), that bank will make profit and pay dividends.
Investment / Re: The Access Intercontinental Bank Fraud In Picture by Maawitemi: 12:38pm On Oct 13, 2011
deenee:

The whole merger process is very valid. There is one point that we are all missing here; what is the current market price of Intercontinental shares now vis-a vis three years ago?

The price that Access will pay for the stake acquired in Intercontinental will be by and large determined by the current market price obtainable, hence if we are to go by this, Intercontinental would be sold for 'peanuts' compared with what what Access has put on the table! I am sure you will all agree that Intercontinental, like most other banks are trading at an all-time low. Also, the stake provided herein by AMCON cannot be converted ‘equity’ as some as suggested herein as it is meant to be a 'provisional investment' meant to create liquidity which has dried up due to the large number of NPLs most of these banks presently have in their books!



The process is valid indeed (lol), except that all the outputs are wrong.Thank God you also mentioned "the large number of NPLs most of these banks presently have in their books" - and that includes Aig and Herbert's perpetually restructured non-performing N16 billion loan in Intercontinental's books. Isn't it so nice they are profiting from this default?

What AMCON injected does not need to be converted to equity - it is equity. They promised to recover this by selling their holdings later. No core investor is scheduled to pay back any dime - go check the documents.

This thing has many "corner-corner". Please have a look at process defects as outlined by capital market operators here http://proshareng.com/news/15122 (Union Bank) and COMMENT - Issues in Banks' Recapitalisation EGMs - http://proshareng.com/news/15066

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