LES LEBA's Blog (20)

DÉJÀ VU AWARD FOR CBN GOVERNOR? - BY: LES LEBA



The International media has in the last two decades or so sustained a tradition, which may best be described as ‘Nigeria bashing’.  In this vein, they have always been eager to amplify any aberration and indeed, grievously distort any misdeed by Nigerian citizens anywhere in the world.  Nigerians have consequently been associated in international consciousness with negative attributes that continue to haunt the Nigerian tourist as well as those in the…

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Added by LES LEBA on January 24, 2011 at 9:47am — No Comments

N120/LITRE PETROL IMMINENT - AGANGA

This week on "RATIONAL PERSPECTIVES" by LES LEBA "N120/Litre Petrol Imminent - Aganga (2)" www.lesleba.com

Added by LES LEBA on September 20, 2010 at 11:04am — 2 Comments

WHERE ARE THE COINS? - LES LEBA

WHERE ARE THE COINS?



BY: LES LEBA



Nigerians will recall the extensive and certainly expensive media

blitz for the promotion of public acceptance of the new generation of

coins introduced into our currency profile in the first quarter of

2007! The new coins were in replacement of the long moribund

denominations of N1, 50K, 25K, 10K and 1Kobo issued by our Central

Bank in 1991, at a time when the naira had begun its freefall soon

after the… Continue

Added by LES LEBA on August 9, 2010 at 10:32am — No Comments

IS THE NNPC BROKE? QUERIES FOR NNPC AND CBN

BY: LES LEBA





It came as no surprise to close observers of the economy when the Minister for State for Finance, Remi Babalola reported that the NNPC was insolvent. Although the substantive finance Minister, Olusegun Aganga and the Information Minister refuted this allegation the very next day at a Press Conference after the weekly meeting of the Federal Executive, nonetheless, new Group Managing Director of NNPC, Mr. Austin Oniwon, whose letter prompted Babalola’s initial… Continue

Added by LES LEBA on July 26, 2010 at 2:11pm — No Comments

CBN AND PETROLEUM SUBSIDY! - BY: LES LEBA

The issue of the removal of petrol subsidy is one area that has exposed our government’s characteristic indecision and prevarication. On the one hand, government’s claim to subsidy values of over N600bn per annum is considered outrageous and unsustainable as this expenses subhead alone usually exceeds the consolidated capital votes for health, education and transportation each year. Meanwhile, Nigerians continue to bemoan the huge infrastructural deficits in these critical areas of social… Continue

Added by LES LEBA on June 28, 2010 at 10:43am — No Comments

2-POINT AGENDA FOR MR. PRESIDENT! - BY: LES LEBA

In an attempt to encourage Nigerians to see the Jonathan Presidency as a continuation of Yar’Adua’s ‘legacy’, the Federal Executive Council recently announced their adherence to the late President’s controversial 7 Point Agenda.

There appears to be some consensus amongst critics that adequate power provision and electoral reform are probably the most critical areas to which resources and efforts should be skewed. It is expected that adequate power provision would stimulate industrial and… Continue

Added by LES LEBA on June 16, 2010 at 12:43pm — No Comments

ECONOMY: NIGERIANS TO THE SLAUGHTER SLAB?

BY: LES LEBA

“The Ministry of Finance may seek parliamentary approval to alter key 2010 budget assumptions to better reflect global energy prices and the country’s crude oil output.The Minister of State for Finance, Mr. Remi Babalola disclosed this in Abuja on Thursday. “The Minister had raised the alarm earlier this month that government revenues, mostly from oil sales were not enough to fund this year’s expansionary spending plans and could force the Federal Government to use its entire… Continue

Added by LES LEBA on June 1, 2010 at 1:00pm — No Comments

WHY ADEQUATE POWER WILL REMAIN ELUSIVE! - BY: LES LEBA

Inadequate power supply has chocked the development and growth of Nigeria’s economy, particularly in the last two decades. The Punch Newspapers editorial of 22/3/2010 explicitly paints this reality. That editorial specifically notes that “Poor power supply has been at the heart of the nation’s wobbly manufacturing sector whose capacity utilization has today plunged to 29 per cent. The Manufacturers Association of Nigeria has been crying out over continued closure of factories occasioned by a… Continue

Added by LES LEBA on May 24, 2010 at 10:12am — 1 Comment

COLLEGIATE PRESIDENCY AND NATIONAL HARMONY

BY: LES LEBA

www.lesleba.com, lesleba@lesleba.com, lesleba@gmail.com, lesleba@swiftng.com, lesleba@yahoo.com, 234(0)8052201997

The tenacity of the pro Yar'Adua cabal to hold onto Aso Rock through whatever means must be a testimony to the sweetness of power! Under normal circumstances where political and public offices are geared towards the service of the people, there will be little or no personal gain in capturing power or its retention. If… Continue

Added by LES LEBA on April 20, 2010 at 4:11pm — No Comments

COLLEGIATE PRESIDENCY AND NATIONAL HARMONY

BY: LES LEBA

www.lesleba.com, lesleba@lesleba.com, lesleba@gmail.com, lesleba@swiftng.com, lesleba@yahoo.com, 234(0)8052201997

The tenacity of the pro Yar'Adua cabal to hold onto Aso Rock through whatever means must be a testimony to the sweetness of power! Under normal circumstances where political and public offices are geared towards the service of the people, there will be little or no personal gain in capturing power or its retention. If… Continue

Added by LES LEBA on April 20, 2010 at 11:43am — No Comments

ECONOMY: AGANGA TO THE RESCUE?

BY: LES LEBA

Dr. Goodluck Jonathan, the Ag President, has eventually established a working cabinet in spite of the political uncertainty surrounding the Presidency.

Nigerians who expected a radical departure from the crop of generally sit tight, do nothing, tell lies, and get rich quick Ministers must have felt disappointed when the cabinet list was first published! For the political jobbers on the other hand, it seemed like a comfortable continuation of ‘nothing change, nothing… Continue

Added by LES LEBA on April 13, 2010 at 1:57pm — No Comments

SEN. MARK: CBN IS STILL MISLEADING YOU!! BY: LES LEBA

www.lesleba.com, lesleba@lesleba.com, lesleba@gmail.com, lesleba@swiftng.com, lesleba@yahoo.com, 234(0)8052201997

“Banking Reforms: Soludo Deceived Us – Mark”. The foregoing was the caption of a report on pg 15 in the Business & Economy section of the Punch Newspaper edition of Friday, 15/3/2010. The story was in relation to statements credited to the Senate President, David Mark, while declaring open a joint public hearing on a bill for an Act to… Continue

Added by LES LEBA on March 22, 2010 at 2:09pm — No Comments

WHAT HAPPENED TO DEREGULATION?

WHAT HAPPENED TO DEREGULATION?



BY: LES LEBA



www.lesleba.com, lesleba@lesleba.com, lesleba@gmail.com, lesleba@swiftng.com, lesleba@yahoo.com, 234(0)8052201997

Deregulation was touted as a process that would encourage oil marketers to import fuel on their own account for sale rather than their almost total dependence on NNPC funded imports. The resultant freer market would encourage competition and petrol prices would presumably come… Continue

Added by LES LEBA on March 1, 2010 at 12:39pm — No Comments

THE BORN AGAIN FAROUK MUTTALAB AND WORLD SECURITY!

THE BORN AGAIN FAROUK MUTTALAB AND WORLD SECURITY!BY: LES LEBA

www.lesleba.com, lesleba@lesleba.com, lesleba@gmail.com, lesleba@swiftng.com, lesleba@yahoo.com, 234(0)8052201997



This week, this column will take a break from its characteristic advocacy on the national economy and instead review the case of the young Nigerian, Farouk Muttalab who is currently facing trial in the United States for his failed attempt to blow up a US bound Trans… Continue

Added by LES LEBA on February 22, 2010 at 2:00pm — No Comments

THE PUTRID MESS ALSO IN CBN! (4)

THE PUTRID MESS ALSO IN CBN! (4)

BY: LES LEBA



This week, we will conclude the series of articles on “The Putrid Mess Also in CBN!” with an examination of the misguided application of the Central Bank’s instruments of control, and wonder why these wrongheaded policy measures were not subjected to the simple test of whether or not they were in conformity with commonsense!



It is alright for the CBN to engage in self righteous posturing in its current condemnation of the… Continue

Added by LES LEBA on February 15, 2010 at 3:11pm — No Comments

THE PUTRID MESS ALSO IN CBN! (3) - BY: LES LEBA

THE PUTRID MESS ALSO IN CBN! (3)

BY: LES LEBA

www.lesleba.com, lesleba@lesleba.com, lesleba@gmail.com, lesleba@swiftng.com, lesleba@yahoo.com, 234(0)8052201997



“The Putrid Mess Also in CBN (1 – 4)” were first published in this column in September last year. In our effort to redirect the incumbent CBN Governor to the core mandate of price stability in the economy, the second leg reappeared in this column last week.



The… Continue

Added by LES LEBA on February 8, 2010 at 10:30am — No Comments

THE PUTRID MESS ALSO IN CBN! (2) by Les Leba

THE PUTRID MESS ALSO IN CBN! (2)

BY: LES LEBA

www.lesleba.com, lesleba@lesleba.com, lesleba@gmail.com, lesleba@swiftng.com, lesleba@yahoo.com, 234(0)8052201997



The Governor of the Central Bank of Nigeria, Lamido Sanusi continues to leave no one in doubt that CBN reforms and sanitization of the banking sector is ongoing. Late in January 2010, the CBN once again unsheathed its sword to truncate the erstwhile unlimited tenure of Chief… Continue

Added by LES LEBA on February 1, 2010 at 10:54am — No Comments

BOGUS LIBERALISATION = CAPITAL FLIGHT -- Les Leba

BY: LES LEBA

www.lesleba.com, lesleba@lesleba.com, lesleba@gmail.com, lesleba@swiftng.com, lesleba@yahoo.com, 234(0)8052201997



In response to the anomaly of increasing income coexisting with increasing poverty in Nigeria, I embarked on a close observation of the operation of the national economy sometime in 2001, and discovered that the root cause of our problem was the subsisting monopoly of the CBN in the supply of both the dollar and naira… Continue

Added by LES LEBA on January 25, 2010 at 11:29am — 1 Comment

CBN, STOP THIS NONSENSE!

CBN, STOP THIS NONSENSE!

BY: LES LEBA

www.lesleba.com, lesleba@lesleba.com, lesleba@gmail.com, lesleba@swiftng.com, lesleba@yahoo.com, 234(0)8052201997

The incumbent Central Bank Governor, Lamido Sanusi, has stubbornly decided to continue the destructive and suicidal monetary and foreign exchange market policies of his predecessor. In this event, this article, which was first published in 2006, with progressive supplementary comments in this… Continue

Added by LES LEBA on January 20, 2010 at 4:07pm — No Comments

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