Busayo Akanro – Light does not shine in light

I’ve been on vacation from my website for too long this year. I should be flogged for it. While I berate myself for that, I can’t certainly say I’m totally unhappy with myself for the other vacations I’ve been on this year and how Holidays and Cash has made it possible.

Zimbabwe

Towards the end of last year, I felt I needed a vacation for myself and decided to take one. (more…)

I once read about a story that talked about freedom. Once upon a time, some circus workers captured a baby elephant from its family in the amazon jungle of South America. This elephant was very aggressive and violent towards its captors. It resented deeply its forced seperation from its mother and the rest of its family. It fought its captors bravely but unsuccessfully and they were able to subdue it a little, bind its legs and carry it on a horse drawn cart to the circus camp. (more…)

“if God judge count the iniquity of the wicked, who shall stand?”

I seat here watching and listening to intermittently the CEOs of banks in the U.S giving comprehensive account of their transactions with regards to the bailout they got from the government a while ago. I see seated all the CEOs of the big and mightly banks. The JP Morgan Chases, Goldman Sachhs of this world are ably represented as they say what and what they have done with the moneys given to them an what amount of profit or loss they have made. (more…)

I had some internet training with one of my friends yesterday evening. In fact, the training was supposed to have commenced yesterday morning but it commenced in the evening because my friend came in late. When he came, he narrated his ordeal to us. He had gone that morning to a bank in Ikorodu (GTB) to withdraw money and having completed that transaction successfully had moved to another bank immediately (UBA) in Ikorodu as well to pay in the money. (more…)

This is quite a lengthy article but a must read for every Nigerian who loves his country. Just when we were beginning to rejoice that our economy was moving vertically upwards and that our currency was getting stronger, something seems to have pulled out the floor from under us and everything seems to be plummeting towards ground zero. I just read this article in the newspapers and feel I need to post it as it is. If those managing the economy of this country are so intent on destroying it, then we who are bound by oaths to save this country need to rise up and deliver the future. The president yesterday or today inaugurated a team that will look into and combat the financial meltdown that is upon us in the country. As usual, he has chosen a reactive means rather than a proactive one to address serious national issues.  I find this article very insightful and interesting. It doesn’t mean that the article portrays my views about the situation or that I totally support the facts but it’s really an eye-opener. It’s titled “Naira’s strategic crash”. (more…)

Africa has been dubbed the untouched and virgin continent. This was due to the seeming unscathing of African countries in the global meltdown that characterised the latter part of 2008. African seems to have escaped almost wholly from the economic recession that hit the world and crushed many countries and multinationals in other continents of the world. Iceland is bankrupt, auto makers in the US are bankrupt; Mega Banks in UK, Japan, Switzerland, US, Belgium, Germany and many other countries of the world would have gone under but for aid from their governments. Albeit, many banks have still being crushed in the wake of the recession.

However, Nigeria for one has been touched by the recession. Even though the Governor, Central Bank of Nigeria has kept assuring Nigerians that we are beyond the reach of the economic whiplash swinging across the globe, happenings in our own economy are pointers to the fact that his assurances hold no water. Examples are: (more…)

First City

In our opinion, The CBN postponement by one year for banks to converge their year end may offer a respite both for the banking sector directly and also the capital market as the sector constitutes above 60% of the market capitalization of the Nigerian Stock Exchange.
While the banks may heave a sigh of relief, stakeholders, especially Nigeria’s foreign partners and investors may worry about the credibility of CBN or question the decision-making process of the industry regulator, as policy somersaults have been the bane of the country both in the past and in the present times.
It can be hoped that Nigerian banks will put on their thinking caps to utilize this window of time extension to ensure an orderly convergence without doing damage to the banking sector and the economy as a whole.  We also hope that regulatory authorities and managers of the Nigerian project will be more consultative and engaging with industry operators and stakeholders in making major policy decisions that impact on the economy. (more…)