Saturday April 18th, 2015
Saturday April 18th, 2015
Latest

Nasarawa State Budget as metaphor for unrealistic state budgets

  /   in Sobowale On Business 12:40 am   /   Comments

naira

The report by Umar Muhammed disclosed that “The budget which was christened the budget of “sustainability” would be funded with resources from the Federation Account, internally generated revenue [IGR] Value Added Tax, and SURE-P.” Commissioner Danazumi, for Local Government and Chieftaincy Affairs, who delivered the budget on behalf of ailing Governor Al-Makura, could be forgiven for not realizing that he had delivered the most unrealistic and unsustainable budget in the state’s history.

Read More →
Latest

Battle of two truth benders: Soludo versus Okonjo-Iweala — 3

  /   in Sobowale On Business 12:59 am   /   Comments

iweala-and-soludo1

It was beautiful and simple as all truly great swindles are”, O’Henry, 1862-1910. (VANGUARD BOOK OF QUOTATIONS p239). Banking consolidation introduced by Professor Soludo, shortly after becoming Governor of the Central Bank of Nigeria, CBN, should actually be called Con-SOLUDO-tion.

Read More →
Latest

ECOBANK: Victim of injustice — 2

  /   in Sobowale On Business 12:50 am   /   Comments

*File Photo

The ordinary meaning of that clause would appear to have excluded the jurisdiction of any courts in any other country other than England. Why an African bank, with global stakeholders should select England for the resolution of disputes, controversies and claims between it and others need not delay us here. But, one can speculate that the integrity of British Courts must be one of the reasons. Indeed, the fact that an African Court, in any country on the continent, would entertain a case in which its jurisdiction had been specifically ousted should be an indication of the low regard disputants and litigants have for our Courts in Africa.

Read More →
Latest

Ecobank, victim of injustice… 1

  /   in Sobowale On Business 12:20 am   /   Comments

*File Photo

Organisations, especially a global bank, in its legal battle with an individual, are generally assumed to be the aggressors. When Justice Oliver Wendell Holmes, Snr, 1809-1894, in exasperation, exclaimed that, “An organisation has no pants to kick and no soul to damn.

Read More →
Latest

Can this man ever be serious? – 2

  /   in Sobowale On Business 12:50 am   /   Comments

Minister-of-Power-Prof.-Chinedu-Nebo-

That statement by the Minister was tucked into a report which screamed, POWER GENERATION DROPPED BY 2,042MW. The story went on to state that “Peak generation for the country as of Tuesday was out at 3,865MW, while 3,331MW was the figure for the off-peak generation.” Meanwhile, the first month of the year has come to an end and the nation is still receiving less than 4,000MW steadily, despite the lies by the PDP and the Minister’s widening credibility gap.

Read More →
Latest

Can this man be serious? (2)

  /   in Sobowale On Business 12:23 am   /   Comments

powerpix-new

That statement by the Minister was tucked into a report which screamed, POWER GENERATION DROPPED BY 2,042MW. The story went on to state that “Peak generation for the country as of Tuesday was out at 3,865MW, while 3,331MW was the figure for the off-peak generation.” Meanwhile, the first month of the year has come to an end and the nation is still receiving less than 4,000MW steadily, despite the lies by the PDP and the Minister’s widening credibility gap.

Read More →
Latest

Nasarawa State Budget as metaphor for unrealistic state budgets

  /   in Sobowale On Business 12:30 am   /   Comments

naira sign

The report by Umar Muhammed disclosed that “The budget which was christened the budget of “sustainability” would be funded with resources from the Federation Account, internally generated revenue [IGR] Value Added Tax, and SURE-P.”

Read More →
Latest

Polls: INEC extends deadline for PVCs collection

  /   in Sobowale On Business 12:25 am   /   Comments

INECAttahiruJega

THE Independent National Electoral Commission ‘INEC, has extended the deadline for collection of Permanent Voter Cards, PVCs. This comes as the federal government, state commissioners of education and stakeholders in the education sector are meeting today to deliberate on whether or not to close public and private schools during the election.

Read More →
Latest

Return of abandoned projects

  /   in Sobowale On Business 1:48 am   /   Comments

Road-construction

Nigerian leaders in government, military or civilian, simply never seem to learn some lessons permanently. They make the same mistakes over and over again – leaving observers wondering if there is not some truth to the assertion that black people are mentally inferior. After all, some of those we elected, or were imposed, as governors are among the “brightest and best” we have ever produced.

Read More →
Latest

So you want to be governor in 2015?

  /   in Sobowale On Business 12:09 am   /   Comments

Jonathan-governors-cartoon

“Looking from the fact that the funds from the Federation Account are not judiciously utilized by the states and they are not accountable to the people and the state legislature, our concern is that even if they get money from bonds and it is not invested, the state will be left with a huge debt burden , which will hurt in the long term.” Dr Usman Muttaka, Head of Department of Economics, Ahmadu Bello University, Zaria.

Read More →
Latest

The age of oil is over for Nigeria – 2

  /   in Sobowale On Business 12:15 am   /   Comments

Okonjo-Iweala, Diezani and Jonathan

“We promise our people that even with the drop in oil prices, the economy will be stable.” President Jonathan. December 4, 2014.

Read More →
Latest

Why Coca Cola must be held to account (1)

  /   in Sobowale On Business 12:23 am   /   Comments

COURTnew

What is good for General Motors, is good for America.

Read More →
Latest

Consequencies of devaluation for your sector – Print media (1)

  /   in Sobowale On Business 12:21 am   /   Comments

naira-Dollar

Devaluation of the currency, brought about mostly by the lack of foresight of the Minister of Finance, and Coordinating Minister for the Economy, CME, will savage all business sectors in Nigeria. As the price of crude oil slides further away, downwards, from the $78 per barrel, on which the original budget, now discarded, and the second one based on $73, now in the dust bin, were based, the outlook becomes bleaker for everybody in Nigeria. The CME can no longer be relied on to provide a reasonable guide to what has become a murky future for Nigerian businesses – mega, large, medium, small or micro. Everybody is suddenly at risk.

Read More →
Latest

What Dr Okonjo-Iweala failed to tell us

  /   in Sobowale On Business 12:25 am   /   Comments

Okonjo-Iweala

Hiding behind a finger is a great deal more sensible than what that statement portrays. Read it again, and what comes through is a government which is reluctant, indeed, almost begging, to introduce more stringent progressive tax — even when every economist in the world knows that it is inevitable.

Read More →
Latest

How the inevitable economic downturn will affect you (1)

  /   in Sobowale On Business 12:12 am   /   Comments

CRUDE-OIL

“We have not seen the impact of the falling oil prices in Nigeria; it will start this month [November 2014]. Dr Ngozi Okonjo-Iweala, Finance Minister, November 13, 2014.

Read More →
Latest

Getting slaughtered again on the Nigerian Stock Exchange?

  /   in Finance, Sobowale On Business 12:09 am   /   Comments

Nigerian-Stock-Exchange-(NS

The current travails of investors in the Nigeria Stock Exchange, NSE, has once again convinced me that Nigerians, including those we regard as the “brightest and the best”, never learn from history. Back in November last year, writing under the title, ANOTHER CAPITAL MARKET CRISIS COMING UP, I warned my Fellow Countrymen about the crisis they now face in the NSE. Once again, I was ignored.

Read More →
Latest

When genius fails, Okonjo-iweala – 3

  /   in Finance, Sobowale On Business 12:01 am   /   Comments

File: Okonjo-Iweala

This is the third in the series titled WHEN GENIUS FAILS. The first two were written in 2008 about two individuals, Professor Chukwuma Soludo and Dr Ndidi Onyuike, Governor of Central Bank and Director General of the Nigerian Stock Exchange respectively, at a time when most people in Nigeria were not aware that banking “Con-SOLUDO-tion” was failing and leading to banking disaster and that the NSE was heading for a crash. Mine was a lone voice shouting in the wilderness – until banking crisis became a reality and the Stock Market collapsed.

Read More →
Latest

States, local governments in a fix

  /   in Sobowale On Business 12:12 am   /   Comments

File: Okonjo-Iweala

For close to a year now, warnings have been given on this page regarding the impending economic reversal which will affect Nigeria – starting now. The reaction from my Fellow Nigerians had ranged from absolute indifference to a collective snooze. The man speaking in the wilderness, apparently to weeds, had a better audience than this columnist writing in the VANGUARD. I might as well be talking to trees myself. But, suddenly, everybody, except President Jonathan, the Federal Minister of Finance and other card-carrying members of the PDP have come to the realization that we are headed for deep economic trouble –starting now.

Read More →
Latest

Unrealistic crude benchmark, exchange rate

  /   in Sobowale On Business 12:12 am   /   Comments

CRUDE-OIL

The report written by Sunday Aborisade exhibits the triumph of hope and self-delusion over reality and the verdicts of economic history and experience. Neither one of the two key foundations of our budget can, by any stretch of imagination, be considered reasonable – given global current situation and trends into 2015.

Read More →
Latest

Is AMCON/Bi-Courtney case tainted with malice and ethnicity? – 2

  /   in Sobowale On Business 12:18 am   /   Comments

*Babalakin

Mr Olisa Agbakoba, SAN, is not a run-of-the mill lawyer. Even among Senior Advocates of Nigeria, SAN, he occupies the front rank. As a former President of the Nigerian Bar Association, NBA, he would be expected to stand, at all times, as a shinning example to others. So, when this story broke, my first reaction was shock.

Read More →
Latest

From boom to gloom or doom–The story of oil -1

  /   in Sobowale On Business 12:03 am   /   Comments

File Photo: Crude Oil

Crude oil has always been a slippery stuff – good when under control; destructive when out of control. Crude oil is about to destroy the Nigerian economy faster then Boko Haram or even Ebola.

Read More →
Latest

Missing $49.8b and missing organs in the Nigerian economy –3

  /   in Sobowale On Business 12:48 am   /   Comments

economy

Lawyers, as a whole, constitute a pain in the wrong end of the body. As necessary evils, they are more evil than necessary. Priding themselves as “learned” people, all they do is to make laws so complicated as to turn the law into an ass. No other profession, known to man calls its products “an ass.”

Read More →
Latest

Missing $49.8bn and missing organs in the Nigerian economy – 2

  /   in Sobowale On Business 12:13 am   /   Comments

Sanusi Lamido Sanusi and Okonjo-Iweala

Sanusi Lamido Sanusi, former Governor Of Central Bank, CBN, was not only a professional banker, but a professional manager as well. As the Managing Director of the First Bank Plc, it would have been unthinkable of him to announce that a large amount of money was missing from the bank, given the dire consequences for the bank of that revelation, without being totally certain that it was true.

Read More →
Latest

PIB and declining oil revenue

  /   in Sobowale On Business 12:38 am   /   Comments

President Jonathan and Petroleum Minister, Diezani

Can you remember when the idea of privatizing NEPA, NITEL, NNPC, NPA was first eagerly promoted? Well, don’t worry. People like me are here to remind you. It was in the 1980s when the Technical Committee on Privatisation and Commercialisation, TCPC, headed by late Dr Zyyadd was established. For four years, after the proclamation, nothing happened to our biggest public enterprises – despite all the valid reasons advanced for getting governments to relinquish their strangle-holds on businesses which are best left to the private sector.

Read More →
Latest

The $1 billion rice MoU between Dangote and the Federal Government

  /   in Sobowale On Business 12:23 am   /   Comments

Aliko Dangote

Last week the richest black man in the world, our own Alhaji Aliko Dangote, signed a Memorandum of Understanding, MoU, with the Federal Government of Nigeria for the establishment of a $1 billion integrated rice-producing company in Nigeria

Read More →
Latest

Requiem for PIB 2, hold leaders of Niger Delta responsible (1)

  /   in Sobowale On Business 12:08 am   /   Comments

senate-Jonathan

The Executive Director of the group, calling itself, The Environmental Rights Action/friends of the Earth Nigeria, Dr Godwin Uyi Ojo, was reported to have said that, “We, as civil society groups and as community members, are disappointed in the National Assembly for playing politics with peoples lives. The PIB has been on the desk of our lawmakers since 2009 and another lawmaking session is coming to an end. Yet, the passage of this bill appears not in sight.

Read More →
Latest

$1b loan to procure weapons: Matters Arising

  /   in Sobowale On Business 12:06 am   /   Comments

President Goodluck Jonathan

“For this reason, I seek the concurrence of the National Assembly for external borrowing of not more than $1 billion..” President Jonathan in the letter to the Senate President, David Mark on July 15, 2014.

Read More →
Latest

Cashless Nigeria or confused CBN? – 2

  /   in Sobowale On Business 12:29 am   /   Comments

The Central Bank of Nigeria head office  in Abuja.

I cannot recollect which one of my classmates wrote that report, when after a Scouts’ Adventure we returned to school at Igbobi College, Yaba and were asked to recount our experience. Mostly, we got totally lost in the forest and it was the benevolent appearance of a hunter which got us out.

Read More →
Latest

Cashless Nigeria or confused CBN?

  /   in Sobowale On Business 12:19 am   /   Comments

The Central Bank of Nigeria head office  in Abuja.

Nigeria lags behind all the countries – South Korea, Malaysia, Thailand, Indonesia, to mention a few – which were either at the same level of development or were even behind us in 1960 mostly because we never learn from our mistakes. Every twenty or so years, we are faced with a major shift in economic policies based on new global realities or technology and we end up messing up the transition – at our own peril

Read More →
Latest

Aviation ministry and the mess Oduah left behind

  /   in Sobowale On Business 12:21 am   /   Comments

Stella Oduah, Aviation Minister

Last year, on my SUNDAY VANGUARD page, I had published an article titled AVIATION MINISTER: TIME TO GO. Prior to that, I had also carpeted the former minister for incompetence – among other failures. The first article received a rejoinder from her Senior Personal Assistant, Mr Joel Obi. As usual, Joel Obi, disregarded the point of the article and went on to do what spokespersons for government officials do best – present half truths and outright falsehood as facts. I allowed Obi to expose himself and the Minister on my page because there was no doubt in my mind that truth will prevail. I knew that Ms Oduah would never last the distance as minister and that she would be out of office soon.

Read More →
Latest

Thank you Nissan; but will history repeat itself? (3)

  /   in Sobowale On Business 12:11 am   /   Comments

NissanJona

Part two of this series touched on the critical role of the price of crude oil in the success, or otherwise, of the NISSAN Assembly plant – as well as others about to start up again. It is vital to point out that the price of crude might not be the only variable which can have a significant impact on the survival of the assembly plants.

Read More →
Latest

Thank you Nissan; but will history repeat itself? (2)

  /   in Sobowale On Business 12:13 am   /   Comments

NissanJona3

Last week this article ended with the plunge in the price of crude oil from $28 in 1982 to N9.95 during Babangida’s regime 1895-1993. At Kuru, IBB explained how we got into the mess which would later bring an end to our attempt at car manufacturing. Nissan had re-started the journey. Will history repeat itself?

Read More →