Wednesday July 1st, 2015
Wednesday July 1st, 2015
Latest

Recovery of delinquent credit facilities and the economic calamity ahead

  /   in News, Sobowale On Business 12:31 am   /   Comments

CBN Governor, Mr Godwin Emefiele

The CBN directive will however result in very painful re-adjustments – at least in the short term. Most of these companies have operated on the principle of not allowing the left hand to know what is happening on the right hand. Each bank had guarded jealously its transactions with the biggest customers. That is precisely what the dubious business people want. Until a loan goes terribly bad, and it is large enough, most banks will not disclose to other banks their experience with the customer. That way, the same customer can dupe several banks at the same time.

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CBN and the n8bn scam (2)

  /   in News, Sobowale On Business 1:37 am   /   Comments

CBN Governor, Mr Godwin Emefiele

The story went on to reveal that what started as an N8 billion scam had escalated to N12 billion scandal. Most probably, that might not even be the end of the story. Most likely other discoveries or revelations will increase the amount and how long the economic sabotage had been going on within the banking system – with the Central Bank of Nigeria, CBN, as the epicenter of this financial war against Nigeria by a few ndividuals in the banking sector.

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CBN and the N8bn scam (1)

  /   in News, Sobowale On Business 12:36 am   /   Comments

EFCC operatives leading fresh suspects in the N8 billion CBN staff fraud to the court premises in Ibadan, Oyo State, yesterday

If indeed money is the root of all evil; then the devil would have been an idiot, not the crafty fellow he is reputed to be, if he did not set up shop in every bank on earth. Where else is so much money on display every day?…

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Attack on DISCOs – Blaming victims of FG scam

  /   in Sobowale On Business 12:53 am   /   Comments

Electricity-new

America is sometimes called “Uncle Sam” or “God’s own country”. Perhaps Nigeria’s nickname should be “Fraud’s Own Country”. Literally hundreds of thousands of scams are perpetrated in this nation 24/7 as to make a reasonable man wonder if we have any other job – fake drugs, fake spare parts, fake drivers’ and vehicles’ licence, fake currency notes, illegal universities 9even medical schools), pirated Nollywood films, free bail for which the police demand money at all Police Stations, free medical while patients pay for blood, etc. Unbelievable as it is, governments are involved in an astonishing percentage of the scams.

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Time for class action suit against NUC, CLE, NLC and JAMB (2)

  /   in News, Sobowale On Business 1:05 am   /   Comments

JAMB-CBT-Centre

JAMB lists it in its brochure without warning prospective lawyers of the status of the university. Then, totally avoidable disaster occurs. In the middle of the fourth year, the NUC asked the university to close down its law programme. Several hundred students suddenly find, to their horror, that they were never law students all along. Where does a Level-400 student start all over again? Would the university refund ALL the tuition, and other fees collected from the victims of what, in effect, was a grand scam?

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How Federal Government robbed the states

  /   in News, Sobowale On Business 12:14 am   /   Comments

FG-ok

Somebody should hang for this if it occurred in China or Yew’ Singapore. But, since this is Nigeria, somebody should at least change their boutique designer outfits for “prison designer collections”. The report revealed as follows: “The Federal Government withdrew the sum of N395bn in 2013 to fund subsidy on petroleum products, the Fiscal Responsibility Commission has said.

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Another ‘Genius’ Fails Nigeria: Okonjo-Iweala (1)

  /   in Finance, News, Sobowale On Business 3:46 am   /   Comments

Okonjo-Iweala: Begs for time

In one of her last face-saving measures, Dr Ngozi Okonjo-Iweala, the Coordinationg Minister for the Economy, CME, “directed the immediate termination of the partnership between the Subsidy Reinvestment and Empowerment Programme and Forcecom Networks Limited on the Graduate Internship Scheme.”

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National Assembly’s biggest joke in four years

  /   in Finance, Sobowale On Business 12:35 am   /   Comments

naira money

It is just as well that over seventy per cent of the current representatives in the National Assembly will not be returning. This is probably the least productive legislative branch in the world today. Unproductive, that is, in anything which could be beneficial to the people of Nigeria. It might however be the front runner for mischief and idleness.

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Nigeria without oil is now a reality

  /   in Sobowale On Business 8:01 am   /   Comments

crude-oil-pipe-702x336-436x336

“Unsold Nigeria crude grows as buyer interest falls”. PUNCH, Thursday, April 9, 2015, p 41. The story by Femi Asu, went on to state that “Weak buying from Asia and other regular buyers of Nigerian crude oil has left a large overhang of March, April and May cargoes, it was learnt”.

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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.

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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.

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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.

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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.

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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.

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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.

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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.”

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.”

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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.

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