CBN releases shocking list of bad debtors that led to CEOs sackings

419, Currency, Economy, Personality, banking, injustice, scam, situation report No Comments »
Sanusi versus bank mismanagement

Sanusi versus bank mismanagement

Disgraceful List of Oceanic Bank, Afribank, Finbank, Intercontinental Bank and Union Bank Debtors including Femi Otedola, Ibori, Arisekola, Ramanniya and all the “richest” men in Nigeria. This list released by the CBN also contains the amount owed. Please click on each picture to see a wider view.

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NLC rally over minimum wage and fuel reforms

419, Automobiles, Credit crunch, Currency, Economy, Education, Food, Lagos, Politics, Transportation, driving, flood and drainage, housing, jobs, recession, situation report, traffic No Comments »
We no go gree - fuel scarcity, bembele salary, Ekiti fraud...

We no go gree - fuel scarcity, bembele salary, Ekiti fraud...

Lagos: Nigeria Labour Congress on Wednesday, 13th of May, 2009 organised a peaceful rally and walked 20 kilometres from Ikorodu Road through Mobolaji Bank Anthony to the State Secretariat, Alausa, Ikeja. About 3,000 protesters showed up with policemen forming a ring around them. There was no riot or violence of any kind and placards conveyed the yearnings of the masses. The Labour and Civil Society Coalition (LASCO) as well as the Trade Union Congress (TUC) were actively involved in the rally. According to this Yahoo! report, Abdulwaheed Omar, head of the NLC openly condemned the government of President Umaru Yar’Adua claiming it has no future for Nigerians. Two issues were raised.

1. Encourage the government to implement the electoral reforms (without permitting any amendment to it) and also raise the current minimum wage (which has been the same 7,500 naira for 10 years) to N52,200 (fifty-two thousand two hundred naira only).

Esele said: Our problem in Nigeria is that we are not allowed to choose who should lead us. Today, because of electoral flaws in the reforms Act, whoever is “picked” to rule is loyal to his godfather and not the masses

2. Discourage deregulation of petroleum products; contrary to the government’s belief that it is the only solution to the fuel crisis.

I remember the government has always supported deregulation to the anger of the NLC for as long as I can remember. They are saying deregulation will free us from the “Cartel” but the NLC think this is not true. It’s a tough war and a battle of interests. Deregulation will give the marketers the freedom to alter fuel pump prices as the government withdraws subsidies (to which the FG is owing over $1 billion to these “importers”). You and I know that majority of the oil marketers are greedy people, and given a blank cheque with which they can milk the masses dry, you will expect to buy fuel for N200 per litre before the end of the year, and don’t ask me if there will be competition, they also have a body and are out to make as much profit as politicians. I go with the NLC on that.

3,000 people combine voices, will it just end there?

3,000 people combine voices, will it just end there?

Instead of giving them a blank cheque to deal with the masses, they should rather focus on building or reviving our refineries. We do not need to import fuel for any reason, being one of the giants in OPEC. Why should a major oil producing country ship crude oil out and then buy the same again at a much much higher rate? It’s a plain old business reality. It is much better to own your infrastructure than to rent from a competitor. You can’t keep renting chairs for your school on a daily basis when you can actually buy chairs for life. If buying a chair costs 2,000 naira and renting one costs 100 naira, in just 20 days you would have paid the competitor 2,000 naira! It is plain to see that the competitor would never pray for you to think out of the box, unless of course there is a “Cartel” – and in our case, there is. Someone out there is benefiting in a big way from every litre of fuel that leaves or gets into the country.

Whatever the case, they need to rebrand our refineries before rebranding Nigeria because you cannot fool us with rebrand Nigeria when you have failed to provide our basic needs including power and fuel. You can’t keep cutting the branches when you can uproot the damn tree. Don’t ever send me such text messages until there’s a lil bit of sanity up there. I don’t need to be rebranded until you make efforts to rebrand the foundation. Its good they claim that Kaduna refinery is on the verge of complete turnaround, Warri Petrochemical company is back and better with 200 trucks of PMS loaded daily (remember only 18 were loading in Lagos as at last week) and that Port Harcourt refinery is doing well again. We need to see the impact at filling stations, the interface between the lengthy hierarchy and the masses.

Fuel Scarcity & Dollar exchange rate Update:

‘Nuff said. Fuel scarcity depends on areas. Some filling stations have a constant supply of fuel and are honest, some are not. It is no news that it is an offence to buy fuel in jerry cans (it is an offence to sell fuel to people in kegs), its equally an offence to buy fuel from black marketers, but in the last 4 weeks this has been the case. As the dollar now sells for 181 naira (official black market rate), 20 naira short of the highest all-time high, it is the black market guys who are having fun. Please read:

What happens in our filling stations nowadays.

http://lagosmet.com/blog/2009/05/nnpc-to-neutralize-fuel-scarcity-tomorrow-wed-6th-may-lagos/

Now inflation has every justifiable reason to exist. Markets are being scrapped in order to make Lagos beautiful, dollar don cost, fuel no dey. Tiny oranges now sell for 20 naira each, the bigger ones, 40 naira straight; imported apples, between 70 and 100 naira; Plantain, ah, please don’t go there; Yam, are you kidding me, Hello, are you in Lagos or Kwara? If you are a farmer living outside Lagos, my best advice for you is to load a truck and find your way here, the market is hungry, believe me, call me and i’ll buy. he he he (419’s beware).

Rain rain rain & Comedy

It’s raining again, BRT buses from Ojota to CMS, 150 Naira, LagBus with A/C, 200 naira only. Park your car at home and hit the BRT with your umbrella, I don’t know if you need A/C when it’s pouring heavily but the queues are shorter. Whether you drive or not, please read My tips for surviving the rainy season. The best selling non-white collar job in Lagos right now is comedy. Stand-up comedians and OAP’s (on air personalities) are swimming in millions – making more money than artistes, ‘high-class’ society sluts, gigolos and nollywood actors. It is commonplace for comedians to charge 500,000 naira per show (not so common though) and the good thing is that they get so many shows, an average of 5 per week. Do the math. As Nigerian football reaches an all-time pitiable condition, parents are now sending their wards to school of comedy, buying all the comedy series and begging other people to laugh when their wards crack jokes. Man gast to chop, dollar don cost.

And to think that Mohit Records (Dbanj’s) Suddenly and Close to you videos have been banned along with Tuface’s Enter the place and Kelly Handsome’s Maga don pay on radio. The last time Kerewa of Zule Zoo and Bang bang bang by Femi Kuti were banned, they sold like fire and won awards. Let’s see how they catapult these tracks already in high-demand into further glory. Rebranding Hypocrisy.

Bank Robberies on the rise.

Ah terrible news, I’ll post the pictures in my next topic, but brothers and sisters, bank robbers are now as plentiful as pick-pockets. It’s recession time and robbers are no longer wasting time having to force people to part with mobile phones and cars which they still have to resell, leaving that for the newing generation. They now go straight to the source. They can’t go to Nigerian Printing and Minting or the CBN, their best bet, the Retail banks.

LagosMet verdict: as the fuel scarcity situation fluctuates, some good days and more bad ones, we are still surviving. As the INEC plays into the hands of the government (who pays the piper, who dictates the tunes?) we are still surviving oh, my bros. As minimum wage remains N7,500 and an average House of Rep member goes home with an ‘official’ N172m (in case you thought it was a slip of keyboard, Over One hundred and seventy MILLION naira – not kobo) annually, my sister we still dey manage. Dollar cost, fuel cost, no job, market dry, food cost, dem thief my phone, dem rob me for bank, we still dey.

16 million people and counting, Lasgidi babe, we celebrate life – suffering and smiling.

Good day. The week ends tomorrow, remember Wednesday, May 27th – Children’s day, and Friday May 29th is Democracy day (public holiday). June 12 is another public holiday close by.

For the parents, I leave you with this video, a 2-year old girl with a big IQ (don’t blame those kids cos you gave them excess of Garri, Fufu and Pap).

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GTB ATM MasterCard Scam Alert!

Currency, banking, scam 1 Comment »

I wrote about this not too long ago, and just today, I got this mail from GTB. A warning to all customers. For full-blooded Lagosians, it’s just one of those “WANTED” bills, but for JJC’s, better read on…

Dear Valued Customer,

SCAM ALERT!!!

Please always remember that your Internet Banking user ID and password , ATM card number and PIN are confidential and should never be disclosed to anyone.

If in doubt of any mail or text message received, please contact your account officer immediately. You may also contact us through our contact centre on 01-4480000; 08029002900;08039003900

Thank you for choosing Guaranty Trust Bank plc.

Customers are advised to guard their internet banking passwords and ATM Card and MasterCard PINS with utmost confidentiality as the Bank will not be liable for any loss that may arise as a result of a third party having access to such passwords and PINS as to defraud the customer.

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Don’t fall for Interswitch ATM/Debit card expiry scams

Credit crunch, Currency, Internet, Lagos, Life, Nerdic Stuffs, Places, Technology, Transportation, banking, jobs, recession, situation report 21 Comments »
Interswitch website warning

Interswitch website warning!

Don’t fall for the Interswitch ATM/Debit Card Scam!

This scam (perpetrated by our Yahoo Yahoo! boys who are fast running out of options – www.419eater.com) has been around for a while now especially since the inception of webpay which made e-commerce possible in Nigeria. The ATM/Debit Card is the only equivalent of the Western Credit Card only that it is prepaid. Naturally, you’d expect the ATM card to be very secure since you need a PIN and a physical provider (Interswitch, E-tranzact) card with preference for Interswitch (being more popular), but websites such as Buyright.biz, rechargenigeria.com, reloadng.com and deoluakinyemi all allow you to pay for goods and services from the comfort of your internet-connected device, just by punching your card number and PIN. In some cases, you get an SMS confirming the transaction, and in some other cases (especially if you are yet to subscribe to SMS alerts) you don’t get any alert. On interswitch’s official website (http://interswitchng.com), you could even transfer from one interswitch card account to another (not sure if this is still possible). Our fraudsters promptly rose to the occasion to explore the holes in the loops, GTB was one of the worst hit, and they reacted instantly by blocking the use of their ATM cards on websites.

It’s quite unfortunate that till today, many still fall for this trap. Look at the mail below: a scammer sends a mail asking you to click on a link to interswitch’s website. Do not click on links (especially masked links) but instead copy and paste into the browser, if it’s not Interswitch’s official website, then it’s pure scam, delete the mail. (http://allafrica.com/stories/200704190048.html)

Interswitch Logo

Interswitch Logo

Also, do not be deceived by the sender’s address, anyone can mask the sender address. If you wish to reply at all, always click on the reply button. Most scam mails usually ask you to reply to a different email address other than the one that was used to send the mail (e.g. sender: expiry@interswitchng.com please reply to: scammer@gmail.com). When they do provide websites, their fake websites mirror the original one (as seen in fake MTN and Zenith Bank job scam sites), sometimes, some cheap-ass scammers use free sites and folders within folders of sub-domains such as http://money.myfreewebsites.com/bank/scammers/fraud/?@www.interswitchng.com/register – you should easily “nab” these ones (I repeat, do not click on links in emails directly, always do copy and paste into google search with the word scam before it and see for yourself, trust your instinct).

LagosMet: My take on this is this, always suspect anything that comes to you by mail or SMS (better to be a pessimist on the internet). Take a line of the content or title of the message, google it with the word scam and see if you get similar results. Remember, if it’s too good to be true then it’s scam.

The mail:

Dear Interswitch Card Holder,

We are carrying out a fraud prevention on our system,
and you’ve been required to register all your ATM card(s) Online Immediately
for security reasons, and to prevent your ATM card(s)
from fraudulent activities.

Be notified, that all ATM card(s) must be registered, such as your
(DEBIT CARDS, X-CHANGE CARDS, and CASH CARDS)

Please Register your ATM cards now by CLICKING HERE and then do as required.

(Failure to verify your ATM Card(s) details correctly will lead to account suspension)

This Update is compulsory
If you do not register your ATM card(s) immediately,
you will no longer be able to use your card(s) on our ATM machines
or for ATM transactions and your card(s) will be cancelled or terminated.

Thank you.

=======================================================

Breakdown:

1. Prevent your card from fraudulent activities (and he’s planning to defraud you already)

2. All cards must be registered (are cards not already registered? A wise man will give the bank a call, not even interswitch)

3. Failure to verify will lead to account suspension (all ATM cards have their expiry dates, you can’t even do any online transaction without entering your debit card’s expiry date, why the rush?)

4. Glorious threats (this is the first scam mail without the magic word called “guarantee”, are you scared to lose your card? As long as your money is safe). Never ever reveal your PIN to anyone.

Finally, Interswitch should please release a list of approved websites so that users can verify which websites are registered and which ones are phishing/scam websites. If there was a list like http://interswitchng.com/list_of_approved_websites/ then the world would be a much better place for scammers and potential, unsuspecting victims like you and I. This modus operandi applies to other sites such as ebay, paypal and many bank websites worldwide. You don’t want to lose your hard earned money in this period of recession, its credit crunch period for scammers as well. Be watchful, be careful, be prepared, be informed.

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Lagos Report: EFCC arrests Diamond Bank Managers over dollar fraud

Credit crunch, Currency, Economy, Lagos, Nigeria, banking, jobs, situation report No Comments »
Would you rather have the Cedes

Would you rather have the Cedes

LAGOS, Corporate Corruption: Wonder why the naira has struggled to make an impact against the dollar? In the news today, the EFCC has moved to arrest all the Diamond Bank Managers involved in the International Passport – visa dollar fraud. Since banks are supplied hard dollars from CBN to be sold to people with Valid Visas and tickets, some Bank Managers used this opportunity to their advantage. These managers make photocopies of these documents to back up such transactions (they were reportedly apprehended with a couple of fake and original passports in their possession) and then sell the dollars at killer rate to the Black Marketers. The dollar which sold at 202 naira sometime in March had risen against the naira due to high demand resulting from artificial scarcity of the dollar in banks.

EFCC arrests Diamond Bank Managers over dollar fraud

It is worth noting that this could mark the end of the careers of these managers, at least in the Banking Industry. Hopefully, this development should strike fear into the minds of defaulters and we can start to dream of 120 naira to a dollar again. Maybe I can comfortably return to school, and prices of inflated items can fall (na dream?)

What determines the naira-dollar exchange rate?

Why’s the naira so weak against the dollar?

Ps: The second part of the Lagos Traffic Laws will be out unfailingly today.

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