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.
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?)
I decided to check some Alexa rankings today, having done the same on statsbrain.com last week. Sometime last month, Google topped Yahoo on the charts and I took it for granted only to return the following day to see Yahoo! Back on top. With Google acquiring and buying startups of all sorts, I knew it was only a matter of time before they overthrew Yahoo. Is Yahoo bowing to the Credit Crunch (they must be all over Obama’s face right now)?. Another thing I’ve noticed so many bots now use gmail or better still mail.google.com. In the past, yahoo was more bot friendly. Also feedburner moved to the google domain… The long and short of it is that Google has done all within it’s power to attain the status of the world’s MOST VISITED SITE and is likely to keep that for a while, or maybe permanently. Will Facebook be the next threat? Or Youtube? Or Twitter?
Okay let’s wait and see.
By the way, the dollar closed at an exchange rate of 202 naira as Mey Dollars enjoy the “festive” period while it lasts. They buy from you for 185 but sell for 200 naira as dollar becomes increasingly scarce. Mixed fortunes innit?
It is with a heavy heart that I write this piece. My hands are shaking and numb but write I must. As Kwara celebrated the strike suspension (http://allafrica.com/stories/200903060223.html) on Thursday, 5th of March 2009, National Union of Teachers NUT, Ilupeju, Lagos were engaged in showdown talks with Lagos only to finalise on Friday that teachers would have to resume work and the impromptu holiday had to come to an end (http://www.234next.com/csp/cms/sites/Next/Home/5390974-146/Lagos_teachers_call_off_strike_.csp). Kwara got what they asked for and negotiation with the Government was fruitful, but in Lagos, Africa’s “most populous” city, the teachers were threatened.
Not a death threat though, not blackmail for treason, nope. Now listen to the diplomatic, political threat:
“In order to give you what you have demanded from us, we MUST downsize and sack many of you!”
Osenobua! The statement, just a sentence can be translated into different versions, King James Version inclusive. Elizabethan would look somehow like:
“Thou shalt surely lose thy source of livelihood if it pleaseth thee in thine heart that thy neighbour shalt add more to his herd!”
and Hebrew, and NIV, and CEV, and Arabic… No matter which version, the point is clearer in the hip hop version:
“We just have to rob Peter to pay Paul so we can give Paul’s money to Caesar!”.
The teachers only asked for a 27.5% increase in the face of inflation, credit crunch and devaluation of our currency, the naira, and have now been forced not to call off but to “suspend” the strike and return to work. The students are bound to suffer some setback anyway.
Now my take on this. I think the NUT should allow the Government sack as many teachers as they can. I’ve been to public schools, teachers are just not enough. The government will be forced to employ more teachers with time as it becomes very obvious that the current number of teachers are not enough to help the ever growing influx of pupils into public schools. Also, people are bound to retire yearly, thereby freeing up more employment slots.
If teachers continue to teach without their hearts in their craft, we are bound to produce the worst generation of students ever, and that won’t be nice for the streets. The ones who will eventually suffer for this historic, cruel act will be you and me who ply the streets of Lagos everyday.
Ps: Dollar – Naira, Black market/ Street price at $1 to 190 naira.
This week, I was shocked to hear that school teachers had gone on strike. Actually, traffic was kind of lighter than usual, this I mistakenly attributed to the on-going UEFA Champions league matches knowing fully well that Arsenal, Man-U and Chelsea (and some Liverpool) fans would like to watch the games live even if it meant staying back in the office or at home (call-in-sick). This Day made it clear (http://www.thisdayonline.com/nview.php?id=136699) how pupils will be affected negatively by this development, final year pupils especially. I really don’t know why teachers so poorly paid have to fight tooth and nail to get an increase in the face of searing inflation, devaluation of the Naira (The naira was 117 naira to a dollar as at 28th of November) at 165 naira to a dollar. The lowly paid ones feel the ripple effect the most ranging from food stuff, house rent, health, transportation and clothing.
Credit Crunch
February was fast! If you are still paying up debts you “amassed” during the month of December, you can pay up this March as 30 days should make one more pay. But if you fell a victim during vals, with Easter likely to be on the way, don’t dip your hands into your pocket just yet. Okay if the teachers are complaining bitterly and even going on strike, they have every right to. People in the private sector dare not try that. The global credit disaster has left a lot of people unemployed as companies keep downsizing. At present, most companies instead of recruiting are relieving employees of their jobs and overworking the surviving ones. It’s a matter of holding on to your job. It was predicted that Nigeria would not be affected by the Credit Crunch but whoever published that probably forgot that at least 4 billion dollars is pumped into the Nigerian Economy by Nigerians in Diaspora. Already, many are returning from the UK to seek a better life in Lagos. Companies are reviewing budgets and are very reluctant to sign P.O.’s as the traffic indicators stand still on “RED”. Oceanic Bank for example did not retain a single Corper among the resently unleashed Batch A NYSC members. A very rare occurence in banks nowadays. GTB also sacked some members of staff for not showing up at the last annual retreat. The fact is most companies are seriously looking for ways to downsize, free up the wage bill and reduce operating expenses as much as possible. Will things get better soon? Do you expect a yes? Then keep tab on what’s happening to America and Obama’s mission of “Hope”. The obvious fact is that the credit crunch is affecting Nigeria regardless of what we initially thought. The earlier we address the issue the better. Address in the sense that we, as individuals, need to find alternatives and to battle hard to survive these times. It is purely coincidental that our Governor is trying to keep Lagos clean at the moment, thereby relieving people of their “jobs”. Coupled with the c.c., well, I just hope it won’t be long before everyone walks on the street carrying three things:
1. Audacity of Hope by Barrack Obama
2. The Holy Bible/Qu’ran
3. Revolver or Knife
Fuel Pump Price Hike
Okay, the FG has been subsdising the cost of fuel before I was born but really, I do not understand how after almost 50 years of independence we cannot refine enough crude oil for use or export and now we will be left at the mercy of “independent” marketers (IMs). Hmmm. Interesting. They’ve promised that prices are likely to be low (even without subsidy) since our IMs are not greedy milk-them-quick people. To have this coming in at this time of the GCC (Global Credit Crunch), I think it’s a welcome decision and hopefully that should boost the value of the Naira (Mr CBN won’t it?). It’s for our own good anyway, that’s what “they” said and I can only hope…
Click here to compare the price of petrol/gasoline in other parts of the world: http://en.wikipedia.org/wiki/Gasoline_usage_and_pricing
Flood
Okay the rains are here again. And with on-going road reconstruction, it remains to be seen if this is one department where the Governor will score the least. Drainage has been a huge problem in the past, contributing to gridlocks (heaviest traffic), robbery, loss of homes and breakdown of vehicle not to mention, lateness to work. If Lagos can keep the floods away for once then we should have a pleasant March to August. Unfortunately, I don’t see us living this “good life” until sometime next year!
Buy Garri
Before I say bye – bye, I should remind you that the global credit crunch will not affect 4 things: Food, clothing, housing and Internet. If you are in any of these businesses, you should continue to live large. Obviously, music, movies, advertising, religion and education will continue to thrive. If you are thinking of investing heavily in electronics or automobiles, I think this is not a good time. Invest wisely and remember that the GCC is also affecting 419ers (visit www.419eater.com), don’t fall mugu to Land/Property/Mowe-Ibafo scams.
Happy New month!
I leave you with a video from Hon. Lekan Kamson… A must see.
