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One of the first casualty of Obasanjo's myopic actions, was former Managing director and CEO of Union bank and Governor of central Bank during Abacha regime Mr Paul Ogwuma. Many career people ruined their careers in Nigeria for serving Abacha, Mr Paul ogwuma is one of them. Mr Ogwuma had over 40 years of experience in the banking Industry. He came through the rank from serving as principal area manager Eastern region for union bank, to rising to become the managing director CEO. And finally becoming the Governor of central bank.
Now with all the Economic tomoil since Obasanjo came to power. I think is only fair we give Abacha and past regime a second analysis. Our Igbos said "Nwanyi luo di abuo ya ghoro nke di ya nma". Sometimes is only fair to give credit where credit is due. I recognize that Abacha caused so many attrocities and took power with force. But lets put his economic policies against that of Obasanjo who was selected by Nigeria elites.
When Obasanjo took office the first thing he did was to fire Paul Ogwuma and replace him with Sansusi the same sanusi who ran some of Nigeria banks to the ground. When Obasanjo took Office dollar was exchanging between N88 to N90. What did Obasanjo do he brought his brother sanusi togather they opened the flood gate of money supply. They stuffed as much as their agbada can contain, in the process Naira becomes more worthless. Despite the fact that oil price have jumped 30% since Obasanjo came in, yet there is nothing to show for it.
Whether you like or dislike Abacha you have to agree that Abacha's monetary policies were supperior to that of Obasanjo. Because Obasanjo brought in his brother together they have turned central bank into their piggy bank. Since Obasanjo came in Naira have depreciated more than 40% inflation have hit the roof. what did Obasanjo said he blame the poor Nigerians who have suffered more than any other people on earth. His words Nigerians have formed an insatiable apetites for importing foreign fivrolittes. Mr question to Obasanjo is this during Abacha/Abubaker a bag of cement that is made in Nigeria was selling at N500 a bag, today is selling at N1000.00 bag. Who is fooling whom Mr Obusonjo?, Before you came to power a cup of garri was selling at N5 today it is selling at N20. Are those foreign fivrolittes as you call it, how many Nigerians care about foreign goods other than something to feed their families with Mr president?.
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Paul Ogwuma served under the inamous Abacha regime. That does not make him an evil person per se, but I for one do not rue his dismissal. There have been Central Bank governors before Ogwuma as there will be after Sanusi. The common denominator in all their regimes hhas been varying amounts of executive meddling in the affairs of the central bank. So this is really more a question of the policies of the Obasanjo government vis-a-vis that of Abacha, iterspersed with both the local and international economic variables pertaining at the time. It is less a reflection of Sanusi's incompetence or an affirmation of Ogwuma's capabilities. Having said that I do agree that it appears that both fiscal and monetary policy were better managed during the Abacha years. Surprise, Surprise. One up for the North?
___________________ with a bang, not a whimper Posts: 58 | From: Here,There and Everywhere | Registered: Apr 2001
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Mustapha this may surprise you I think you are right about Government meddling in Central bank affairs. I realized that central bank have never been independent in its history. However I question whether sanusi can give Obasanjo a clear unbiased advise considering that they are very close relatives.
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Does anyone know how much the Biafran Pound is exchanging for these days? We should completely do away with that genocidal Naira and start using Biafran currency for doing business. We should change the name though from "pound" to something more Biafran.
[ May 07, 2001: Message edited by: Odester Nchege ]
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If the exchange rate is N75.00 to B$1.00 (Biafra dollar), while Biafra is still on her way to Actualization, then an oracle is not need to see that Independent Biafra's dollas will be B$1.00 to N200.00.
Guys, don't lose any sleep on worthless naira currency presided over by lazy and leechy criminals. These signs are but the beginning of the harvest of their evil sowings. Rather advice, and encourage (financially) your folks at home (with fallow lands) to embark on more staple food production. That is the next step to self sustenance in Biafra Actualization. Granted that all the agricultural subsidies and enhancers wee all siphoned off by the North and Yoruba, but still, we are blessed with fertile rain forest vegetation.
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Bro Odester, Thanks for displaying those Biafra Greens. I especially love our Rising Sun in the background and the palm tree...which is the god-tree.... in front of it.
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Now we are talking, talk about green to that yellow colored paper. Has any body thought about changing the Niara to Biafra would reduce the exchange rate?
Odester, Thanks for the memories.
Hail Biafra
Posts: 1673 | From: Minnesota USA | Registered: Mar 2001
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I quite agree totally with you that the inept economy policy of this administration is nothing to write home about. The economic improvement of a country is related to many things, which unfortunately are still lacking in Nigeria. It is pathetic that 24 months after coming to office, both the executive and the legislatures are yet to do anything practical to uplift the suffering of the masses, rather everyone of them have been busy lining up their pockets, and worst of all they are even talking of re-election when they have nothing to show for their first term.
I believe the CBN is still subsiding the naira or else it would have jumped up to 300 to 1 by now. The currency of a country is only as powerful as her manufacturing base. But in Nigeria of today there is no manufacturing base per se.
These are part of the necessities that makes it imperative for all progressives to disabuse their minds of any tribal sentiments, and work together in order to get rid of all the old timers who have been looting our treasury since the British left our shores. It would have even help a little if they invest their loot in the same economy base where they stole it from, at least it will help a little to alleviate the suffering of our people.
The unsatisfactory condition of Nigeria will continue as long as we allow ourselves to be used by the politicians to play tribal politics in order to cover their incompetence.
___________________ Bababoyz, EzeGburuGburu of BiafraNigeriaWorld
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Nchege: That was very great idea to post those beautiful Biafran Notes for those who have never seen them before, including some Nigerians to grace their eyes. That a single Biafran Pound exchanges at seventy Nigerian Naira shows that the Biafran currency is even stronger than the German Marks which as at this afternoon (07.05.01), exchanges for 68 Naira.
All, The greatest loser in this nose-diving of the Nigerian currency is the Igbo Businessmen and women. Infact, I just visited a Shipper friend of mine and he was lamenting how most of his mainly Igbo customers who used to come from Nigeria to buy second-hand verhicles and containized goods from Germany have ceased to come because of the high exchange rate. Both the Shipper and his customers from Nigeria confessed that Abacha's era was better than what they are all passing through now - This is a clear indication that Abacha's monetary policy was infact better than what is obtainable today. That, this is so despite the fact that there was international sanction against Abacha's regime and the price of Nigeria's main foreign exchange earner, Crude oil, is today almost the double price of what it was between 1995 to 1997 when Abacha ruled Nigeria also goes to show that Abacha despite all his failings had the best economic policy crafted by the then Central Bank Governor and his then Finance Minister; they both were surely better than Sanusi and Ciroma, the present Central Bank Governor and Obasanjo's Finance Minister respectively. Credit must be given to Abacha for also having the best football administrator in the person of Emeka Omeruah, in all, compared to Obasanjo, I think Abacha gave merit more prefrence in his appointments. One do not need to be a rocket scientist to figure-out that Obasanjo's government has failed in all areas because of his rub-my-back, I-rub-your-back, creamed in nepotist, favouritist and tribalistic (mis)appointments and misplacements of priorities...His is truely according to Mandara "the worst civilian regime Nigeria has ever had", I pray that it ends soon.
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Brother Nwa Aro Thank you for an eloquent analysis of what we are going through with Obasanjo. Do we now understand why the people of Nigeria are romancing with the notion of IBB coming back. Obasanjo have caused more damaged than IBB and Abacha put togather. If Obasanjo have done his job there is no way in hell that people would have nursed the thought of IBB coming back to Government. Now people have weighed the two government. The more you look on Obasanjo Government the more you like IBB and Abacha even with their human rights abuse.
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Thou hast well said bro Nwa Aro. To think that the ngbati press never gave shagari a chance and they've deliberately turned a blind eye to the havoc Aremu is visiting on that accursed country! Hypocrites!!
Any time the mad man meets with trouble which is very often, they will shift the blame to some one else. Look at his Burkina beans and his unilateral hiking of fuell prices. The Oduduwa press will always come round and say his enemies are responsible. the guy is pathetic!
___________________ Awo's political idea was based on the assumption that any town beyond Owo was Igbo or Hausa. Awo was not socialised; he was not a good mixer because he did not have the opportunity, which the secondary school offered. ~TOS Benson, Baba Oba of Lagos
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Odester Thank you for that beautiful baby notes as we used to call it during the war. The only currency in the world you can wash when it is dirty. Unlike that worthless Naira.
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Odester: Thanks for that wonderful display of the Biafran currency. By the way, does the naira still exist?
Posts: 481 | From: Buffalo, New York USA | Registered: Mar 2001
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God bless you for that note. We will buy things with it soonest.
Imela
___________________ Awo's political idea was based on the assumption that any town beyond Owo was Igbo or Hausa. Awo was not socialised; he was not a good mixer because he did not have the opportunity, which the secondary school offered. ~TOS Benson, Baba Oba of Lagos
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brother Ebubedike welcome to Biafranigeria world. Make your self comfortable.
Like some people have said it is sad that Obasanjo was selected over falae. At list Falae had a sound Education, Falae was a Yale University graduate. He would have been far better than obasanjo. The yorubas past is probably what caused Olu Falae the selection. It will probably continue to dog the yorubas, Because I doubt seriously whether most ethnic group in Nigeria will trust a yoruba. Look at how they have made a 360 degrees on resource control. How can any body then trust them, it is impossible to do. Plus Bola Ige said that Obasanjo was implementing yoruba agenda.
I agree with you on the need to come up with a unique name for our currency instead of all this oyibo and Arabic rubbish. Aremu and co can stuff it!
By the way, you never asked how my mystery weekend went??
Biafra is a big reality!
___________________ Awo's political idea was based on the assumption that any town beyond Owo was Igbo or Hausa. Awo was not socialised; he was not a good mixer because he did not have the opportunity, which the secondary school offered. ~TOS Benson, Baba Oba of Lagos
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Bro Ohafia, Hmm... I barely restrained myself as I was fixing to ask you...that is...after you must have unwound from the ecstasy of your lip-smacking weekend escapades.
Now that you've whetted my imagination, don't keep me in the drowning ocean of curiosity. Let out the fun tale....
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How lovely it is to see the Biafran money. Odester, thanks a million. At least, the Biafrans of old had the wisdom not to put the picture of a future efulefu on the money. The Nigerian notes are littered with the pictures of war criminals (Murtala), tribal warlords (Awo, Belewa), and sharia fundamentalist propaganda written in Arabic. I cannot wait for that day when we shall have nothing further to do with that ugly Naira currency. The Naira needs to be carried in bags just to buy food stuff for a single family.
[ May 08, 2001: Message edited by: Adaeze ]
___________________ Tụfue nu nwa melụ alụ, olue echi amụta ọzọ
I have just come back to this thread to take a another good look on our Biafran currency. I like it so much, the palm tree et al. it's so refreshing.
Amanda sis & all my fellow Biafrans,
Just a little jot on my wknd trip. the first part was between Yorkshire(my base) and cambridgeshire, a drive which exposed the British country side in its raw beauty with yellow carpets of rape seed in bloom. Once in Cambridge, we went to pick 'uvune ndi ocha'(strawberries) in the bush, tried a bit of punting(canoing)and cycling for which Cambridge is famous. I still found time to sneak into the cambridge university bookshop where I bought a collection of the better known works of Tennyson the poet. As you must've gathered I'm a scientist(engineeer) but since the wknd was all about doing a different thing, I decided to indulge in my childhood passion: literature! As I opened the book my eyes settled to the verse I'll read to my late brother when the actualisation is completed and not before:
I keep no more a lone distress, The crowd have come to see thy grave, Small thanks or credit shall I have, But these shall see it none the less.
etc etc.
we spent the first night at the very impressive Daventry conference resort which boasts a golf course and other health facilities. Since the walk ways on the golf course had been sealed off owing to "foot & mouth", I contented myself with a good swim , bit of Jacuzzi and sauna etc etc!
The next day, we shifted base to Warwickshire and visited the famous Warwick castle from where the ancient mornach's hatched and launched their martial expeditions. This place is better seen than imagined and I promised myself, I'll be back.
I had a terrific time, but couldn't wait to get back to my PC and to Biafra(n)world. Lest I forget, I don't know if you've heard the story of an awusa man from Sokoto who was travelling with 2 oyibo bobos from York to cambridge. The awusa man introduced himself as hailing from Sokotoshire because the oyibos had told him they were from Yorkshire and Cambridgeshire respectively. And on that note,...Beunues nochas mi amigos, Dios te bendiga Y adios.
De tondo corazon, Ohafia Udumeze, Nwa Biafra
___________________ Awo's political idea was based on the assumption that any town beyond Owo was Igbo or Hausa. Awo was not socialised; he was not a good mixer because he did not have the opportunity, which the secondary school offered. ~TOS Benson, Baba Oba of Lagos
I was expecting to read about your visit to Biafrashire. But, since it does not exist, am not surprised it was not in your itenary. Welcome back to the real world.
___________________ Bababoyz, EzeGburuGburu of BiafraNigeriaWorld
___________________ Awo's political idea was based on the assumption that any town beyond Owo was Igbo or Hausa. Awo was not socialised; he was not a good mixer because he did not have the opportunity, which the secondary school offered. ~TOS Benson, Baba Oba of Lagos
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