@Nasoeb

nasoeb:

Whats so special about T.K or mainframe.

This looks Yorubaish and very very local. And ofcourse will be fill with so much noise like, GBATI GBATI,,  AAHH EMI KURKUR, EMI FUNMI, AHHH MA EFUA

Obviously you typify the adage 'ignorance is no excuse under the law'. Did you ever see the movie 'Thunderbolt (Maagun)' or the HIV-themed 'Yellow Card'? Both were done in English, infact TK was chosen the South African cast/themed 'Yellow Card'.

The settings do not the movie make. Westerns from US use more rustic settings and why pretend that people do not live in such settings. From Abeokuta to Ibadan to Bida to Ogoja to Ikom to Obudu to Aba to PH to Warri (all places I have been to) - those rustic settings are common. Infact just besides SPDC Edjeba estate is a similar setting (they share the same fence.

So get a life and get educated.

I wonder why any of ma people no do nanny or driver job with one of these people? Infact one of my friends has said the question to be asked in days to come of our parents and relations is "Where were you when people were taking billion naira loans?"

smooooooth:

i for one will never put my money in that market again as long as she remains the director and Dangote remains the president of SEC. bunch of theives.

Dangote is president of NSE and not SEC. SEC has Udo Udoma a (former?) senator as its chairman.

While the drama progresses our shamed billionaires have started paying up. In two days Afribank has collected NGN3.1 billion.

One side effect is that EFCC can now extend their failed corruption cases to that of debtors which is easier to prove. Waziri is talking tough but we go still dey look. [url]http://www.ngrguardiannews.com/news/article01//indexn2_html?pdate=210809&ptitle=Uncertainty%20persists,%20EFCC%20insists%20on%20deadline[/url]

jungle700:

This is what should have happened in a civilised country but my friend this is Nigeria. Anything goes in this country, Need I say more. To get things done, you need jungle justice.

PAPAMODE:

Funny ain't it but nothing works in naija anymore like loss of face/name. If Access bank had not publicised the debt AP Plc was owing it in the papers or going to the extreme of asking that AP Plc be wound down do you think they would have recovered the money? This was money running into billions ($35 million = NGN2.945 billion)http://www.vanguardngr.com/2009/08/05/ap-settles-35m-access-bank-debt/. This was settled just two weeks ago for a loan that was due in December 2008

If the senate committe had not listed the names of debtors to some failed banks http://www.ngex.com/news/public/newsinfo.php?nid=8314,then  the committment of some of them to repay the loans with one of them promissing to pay NGN10 (or is it 100?) million monthly until the debt was liquidated would probably not have been achieved. Sometimes you might not need to have a foolproof case, in law there is something I think that relates to presence/likelihood of crime. Jimoh Ibrahim said he was owing NGN8 billion not NGN11 billion but he was quoting a date of May 18th or thereabouts while CBN said the report was as at May 31st. Anyway anyhow he was owing, QED. AP said they had a credit balance with Oceanic Bank but given their antecedent of not paying on time with Access Bank until they were sued to court and publicly embarrassed I am in doubt of their claims .

If I was a pentecostal pastor I will ask someone to shout halleluyah. Some of our big men who were unconcerned have started paying back. In two days Afribank has collected NGN3.1 billion. [url]http://www.ngrguardiannews.com/news/article01//indexn2_html?pdate=210809&ptitle=Uncertainty%20persists,%20EFCC%20insists%20on%20deadline[/url]. Femi Otedola and Zenon like I earlier said could not have cleared all their debts. He confessed to paying NGN3 billion recently probably because of the suspected actions from Sanusi and said he is negotiating the balance with Union Bank.

FACE:

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.

Funny ain't it but nothing works in naija anymore like loss of face/name. If Access bank had not publicised the debt AP Plc was owing it in the papers or going to the extreme of asking that AP Plc be wound down do you think they would have recovered the money? This was money running into billions ($35 million = NGN2.945 billion)http://www.vanguardngr.com/2009/08/05/ap-settles-35m-access-bank-debt/. This was settled just two weeks ago for a loan that was due in December 2008

If the senate committe had not listed the names of debtors to some failed banks http://www.ngex.com/news/public/newsinfo.php?nid=8314,then  the committment of some of them to repay the loans with one of them promissing to pay NGN10 (or is it 100?) million monthly until the debt was liquidated would probably not have been achieved.

SapeleGuy:

“if the figures are wrong, then there is no credibility.”

This quote say it all. If you are going to accuse people you have to make sure your case is 100% rock solid.

Sometimes you might not need to have a foolproof case, in law there is something I think that relates to presence/likelihood of crime. Jimoh Ibrahim said he was owing NGN8 billion not NGN11 billion but he was quoting a date of May 18th or thereabouts while CBN said the report was as at May 31st. Anyway anyhow he was owing, QED. AP said they had a credit balance with Oceanic Bank but given their antecedent of not paying on time with Access Bank until they were sued to court and publicly embarrassed I am in doubt of their claims .

Besides these were figures sent to CBN by the respective banks, it is not as if CBN hacked into each bank's server and got the report . So who dey fool who now?

I am wondering oh, na wonder oh make nobody crucify me oh! How come Aliko Dangote and Femi Otedola suddenly got reconciled on Sunday (three days after the banks MDs were sacked and Sanusi vowed to go after the debtors)?

There are certain issues that arise in this crises:
1. what level of trust do we place in the external auditors who would normally audit the books of these banks and give them a clean bill of health year in year out?
2. whatever happened to the oversight function of CBN? I know CBN gets monthly returns on transaction from banks and also sends an inspection team that spends close to a month in each bank to audit their systems and practices.
3. to what extent was Soludo compromised by hobnobbing with the banks? Do not forget that he was always being catered for by the banks whenever they open a foreign branch in Europe. A regulator was supposed to be quite distict from those he regulates. Will anyone accept the fairness of such a person? Those saying Soludo was totally ignorant should recall that he gave the banks up till 2010 to declare all their non-performing loans whereas the standard accounting practice is to indicate profits/losses in the years when they are incurred.
4. why were these banks not following the proper channel to retrieve these loans? Most of us will recall the case by Access Bank against AP Plc in recent times over a loan. Apart from Intercontinental that attempted an open advertorial of its three largest debtors none of these others complained before now.
5. post consolidation - were the management team of these banks trained on how to spend the larger funds available to them? Lets be sincere a guy/babe who has been earning NGN40,000 as amonthly salary will be surely confused and at a loss when he starts to earn NGN300,000 monthly and will first of all spend a huge chunk of his/her earning on acquiring toys or satisfying long repressed wants/desires.The guy who used to dream of TFC, Tantalisers will now begin to frequent clubs on the island every weekend and take to eating the fastfood everyday. Moet will now be a weekly drink. Rarely are such windfalls properly utilised. Which is what I assumed happened.

We all remember from economics that banks create their weatlh from lending but when these bank management team saw that they could not manage their loan portfolios well they started chasing deposits. We should have noted a paradigm anomaly when chasing deposits became the order of the day.

There are certain issues that arise in this crises:
1. what level of trust do we place in the external auditors who would normally audit the books of these banks and give them a clean bill of health year in year out?
2. whatever happened to the oversight function of CBN? I know CBN gets monthly returns on transaction from banks and also sends an inspection team that spends close to a month in each bank to audit their systems and practices.
3. to what extent was Soludo compromised by hobnobbing with the banks? Do not forget that he was always being catered for by the banks whenever they open a foreign branch in Europe. A regulator was supposed to be quite distict from those he regulates. Will anyone accept the fairness of such a person? Those saying Soludo was totally ignorant should recall that he gave the banks up till 2010 to declare all their non-performing loans whereas the standard accounting practice is to indicate profits/losses in the years when they are incurred.
4. why were these banks not following the proper channel to retrieve these loans? Most of us will recall the case by Access Bank against AP Plc in recent times over a loan. Apart from Intercontinental that attempted an open advertorial of its three largest debtors none of these others complained before now.
5. post consolidation - were the management team of these banks trained on how to spend the larger funds available to them? Lets be sincere a guy/babe who has been earning NGN40,000 as monthly salary will be surely confused and at a loss when he/she starts to earn NGN300,000 monthly and will first of all spend a huge chunk of his/her earning on acquiring toys or satisfying long repressed wants/desires.The guy who used to dream of TFC, Tantalisers will now begin to frequent clubs on the island every weekend and take to eating the fastfood everyday. Moet will now be a weekly drink. Rarely are such windfalls properly utilised. Which is what I assumed happened.

We all remember from economics that banks create their wealth from lending but when these bank management team saw that they could not manage their loan portfolios well they started chasing deposits. We should have noted a paradigm anomaly when chasing deposits became the order of the day.

hollandis:

Are you sure your sanity is intact?what has GO or COME got to do with this?Has she committed any crime?.Nigeria is a failing state,no thanks to the FG,INEC,ASUU,LEGISLATORS,JUDICIARY and your likes.

The funny thing I see is when people with little idea of how institutions work make loud comments. If she has not committed a crime why the sudden move to travel.? The normal response will be to wait a while and try to clear your name before jetting out. Truely this may not have much to do with her relationship with Daddy GO but she has a certain standing as one of the most religious bank MDs which places more trust in her than maybe a dazzler or around the town man like Tony Elumelu of UBA.

The crime the MDs committed is mismanagement of resources while painting a rosy picture of good health. Visit the link http://cenbank.org/Out/publications/pressRelease/GOV/2009/ADVERTORIAL2.pdf . which has a summary of the highest debtors to the five banks and you will see a list of who's who in Naija, including our "richest man in Naija". You forget that the MDs are fiddling with shareholders funds and public trust in the financial climate. Would you like us to return to the days of keeping cash underneath our beds or using GMG to move cash from Aba to Lagos when it can be done electronically?

If those guys did not or could not repay their loans, there are documented legal ways to retrieve your funds, did they practise them? Did Access bank not sue AP to cut and did they not get their funds back? If these bigz boys/girlz refuse to pay how would the banks be able to lend funds to others? Yet we complain of the inability of the common man to get loans but how would they when they richest man's company owes over NGN 8 billion to a single bank? the collective debts listed on that paper sums up to over NGN605 billion. If they are shamed into paying up they the economy will start to move in the right direction once, likely to do so I think though in Naija nothing seems to follow normal theory

The names of the individuals and companies owing the 5 banks which had their MD's sacked has finally been released.

Check http://cenbank.org/Out/publications/pressRelease/GOV/2009/ADVERTORIAL2.pdf.  for the compiled list from CBN report.

And they will be going about living as bigz boys/girlz while they refuse to pay up and make the banks lend other funds to create jobs.

For names of the debtors to the 5 banks - real federal character representation.

http://cenbank.org/Out/publications/pressRelease/GOV/2009/ADVERTORIAL2.pdf

Forex is a big money spinner for any institution. Western Union charges £5 to send up to £100 and that is among the cheapest rates. Most banks even here in the UK will charge much more. However if there is no legal need for Fx deals there will be no opportunity for round-tripping. If we Nigerians imported less of basic needs then there will less loopholes for it. The CBN recently said you do not apply for BTA and PTA at the same time. I know of businessmen who would be hurt by these. These self employed people arrange vacations abroad and also write their (spurious ) partners to send them a (spurious ) letter of invitation by which they can take out up to $9,000.00 at a time.

banks make their money in lots of ways: charges and commissions, differential between lending rates and deposit rates, investing in various businesses etc.

The problem with most Nigerian is that we hardly read the little print. We are eager to collect loans and do not take care/time to read about the other charges often called loan management fees/servicing charges etc but are just interested in the ineterest rate on the principal. Its the same everywhere. In UK, banks also charge for some text messages (not the free weekly ones that tell you of your account balance but do not tell you of debits/overdrafts to your account). Try and get an unplanned overdraft in UK and you'll pay £20 quid per month. And if you've been in the UK for less than one year forget getting a credit card or a planned OD.

Nigerian banks have however found ingenious ways of generating charges. The CBN allows that ATM withdrawals are not free. It now leaves each bank with the modus operandi for charging customers. which is why First Bank charges NGN100 or so per month while banks like Oceanic/UBA/Zenith charge more than NGN5 even for using their own ATMs per transaction. UBA goes further by charging what is called a withdrawal from another branch or system charge if you use an ATM not resident in the branch where you opened your account.

Talking of investments, your best choice would be banks. They earn steady income though the issue of bad debts is a worrying one. The minimum amount to withdraw over the counter is often above NGN40,000.00 and yet the maximum amount you can often withdraw from each machine is often NGN20,000.00. Which means each person wishing to withdraw more than NGN40,000 will need to use the same ATM machine more than once and thus generate more income for the bank.

Those who say banks do not give out loans should be wary of such comments. What of those buy generator/laptop/car/fridge-freezer promos? Or is their tendency to loan to people with steady income a crime? Will anyone loan out funds to a butcher in Bodija market or a bus conductor in Iyana Ipaja? Is the present boom in the Nigerian property market not being fuelled by mortgages from banks? The only issue is that a teacher in a secondary might not be able to access the loans.

Afterall even in the West, the fact that you have a good credit record in US is of no matter if you move to UK or Germany. You need to start afresh.

But going back to the real issue, investing in bank stocks is a wise choice. Take your time to analyse the stocks. The charges turn to more profits for the banks and thus more dividends for the investor

In banking stocks i would recommend:
First Bank,
GTB Plc
and to a lesser extent
Zenith bank.

Talking of charges, how come a manufacturing company's stock price rises when it lays off?

The first two have a track record of good corporate benefits performance, steady even if small growth.

Its funny when people make comments without looking at experiences of people. We need to differentiate between stutterers and stammerers. Stammering/stuttering is often excerbated when the person is tensed up but I have come to know stammerers who have used their so-called disabilities well. They are often the best communicators or people to meet when u need a balanced view cos they take their time before speaking. I also know that their relationship with a person determines the level of the stuttering. My friend is quite articulate when talking with most people but is quite uncomfortable when talking to his dad.

Come to think of it, I think MKO Abiola was a stutterer and yet no one can dispute his cerebral prowess or his conversational skills or his ability to defeat Tofa hands down at the presidential debate in 1993.

How come Nigerians like making fun of people with so-called diabilities? If Stevie Wonder or Ray Parker Charles were Nigerians I am quite confident that they would never achieve a similar level of success. How come our comedians have no jokes apart from those relating to stammerers/cross-eyed/orobo women?

for my pipo, dis na d original thread to follow waka. How una dey? Any person dey here wey fit knack me beta tori?

jawosin:

you people are just haters, i have seen the video and it is nice. i am sure some of u taking have not seen the video else you wont say wot you are saying. 9ice is still on top and will remain there, ur mouth and hating can never bring him down

A video should not just be a simple party scene - videos are meant to tell stories. MJ's videos are a standard that are hard to beat. Coming back home to Naija, can you compare the videos done by Lagbaja to his songs to these ones or the ones by StylPlus on 'Olufunmi, Call My Name or Iya Bash' or even Onyeka Onwenu/Sunny Ade on 'Wait for Me' with the trend to always show a party scene. In the video you would see that the lip movements does not tally with the sounds being played.

Why involve Dbanj, Don Jazzy and the Mo'Hits crew if it was not a business venture to drum up popularity? That way die-hards fans of the stars will rush to the market once more.

Lack of creativity is killing our music. They should learn a lesson from the current Naija all-round artiste 'Lagbaja'. Do not rush to the market, produce good videos and try your hands at culturally and time-lasting songs.

How many proverbs did he have to give them? I know he is fond of using proverbs relating to iroko tree and the elephant when talking of personal status and wealth in society.

I have read many comments but getting the story right from the basics. Once the church's constitution is read and understood by anybody then there is no point going against it until such portion is changed. We do not lke obeying rules here. If he knew the church's rules then there was no point waiting for him to be removed. However one should be wary of making comments on such issues, there are countless workers in God's kingdom that have been acknowledged by their fathers in the Lord after years/months of disapproval. Brother Shafe who was once one of the core group around Kumuyi left the church (or was he suspended?) for a long period and I was not too surprised when I saw him at Biodun Kumuyi's burial.

On the marriage issue, one needs to be careful. RCCG, if they want to be strict on courtship, has this law that if a guy tells the marriage committee that he has seen his bride and later breaks the engagement before they marry, then he has to wait until the woman marries before going ahead to contract a new marriage proposal.

Whilst I do not support remarriage, I still think we need to view each circumstance carefully. And to those baselessly supporting Pastor Ighodalo, what would happen if he was a catholic priest? Would he yield to the 'slaying of the spirit in the bedroom'?