Return of abandoned projects

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?

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

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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Exchange

Getting slaughtered again on the Nigerian Stock Exchange?

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

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

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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