Showing posts with label Ndi Okereke-Oyiuke. Show all posts
Showing posts with label Ndi Okereke-Oyiuke. Show all posts

Saturday, March 14, 2009

Lying In The Name of God: When Ndi Okereke-Oyiuke Lied

Mrs. Ndi Okereke-Oyiuke

Lying In The Name of God: When Ndi Okereke-Oyiuke Lied

“We thank God that our market did not meltdown as much as many of the advanced stock markets. We thank God that the whirlwind did not blow too hard on our side at a time when several global giants closed shop.”
~ Mrs. Ndi Okereke-Oyiuke, Director-General of the Nigerian Stock Exchange, (NSE) on Monday January 12, 2009.

How can Ndi Okereke-Oyiuke say the Nigerian Capital Market did not do badly in 2008, when the Nigerian capital market crashed woefully?

The erroneous and ambiguous rating of the Nigerian Stock Exchange (NSE) by the International Finance Corporation (IFC), World Bank and Standard & Poor as the 11th out of the 106 exchanges in the world is not an endorsement of the Nigerian capital market and does not mean that the Director-General of the NSE did not lie.

According to the report of Mr. A.G. Olisaemeka, the meltdown of the Nigerian capital market led to the crash of the market capitalization from a record high of N13.5 trillion in early 2008 to less than N4.5 trillion in early 2009.

Both Mr. Chukwuma C. Soludo, the Governor of the Central Bank of Nigeria (CBN) and Mrs. Ndi Okereke-Oyiuke have erred and lied about the state of Nigerian banks and the Nigerian capital market, because their statements have been proved to be false by the facts of the prevailing realities of the Nigerian economy.

Corruption is the bane of Nigerian banks and the anathema of anyone who is a true patriotic citizen of Nigeria. It is within the ambit of the Governor of the apex bank and the DG of the NSE to direct the course of the Nigerian economy by being honest and transparent, but they have become either shareholders or apologists of the corrupt leaders and investors who are the cankerworms of corruption in Nigeria. Their erroneous analysis of the financial crisis is the wrong diagnosis of the Nigerian economy. Their comparative analysis of the global financial crisis is wrong.

The meltdown of the Nigerian capital market is as bad as the ones Mrs. Okereke-Onyiuke called “global giants”, because the meltdown caused the massive withdrawal of foreign investors from the Nigerian capital market. But while the governments of the so called “global giants” have already implemented practical bailout plans, the Nigerian government is lagging behind in the implementation of an effective economic stimulus plan. In fact, presently, the Nigerian government is confused.

I have already passed a Vote of No Confidence on the corruption-ridden banks in Nigeria, except for the bank I can vouch for, Guaranty Trust bank (GTB). I do not need any pink account where the colour is tainted with the bad blood of blood money from illegal oil bunkering, misappropriation of public funds meant for Nigerian General Hospitals, Teaching Hospitals and Health Centres, and the embezzlement of the public funds meant for the construction of safe roads and regular power supply. The same criminals and enemies of the state who embezzled these public funds are the major shareholders and investors in Nigerian banks and other listed companies. These same criminals love using the name of God at their Annual General Meetings (AGMs) while smiling and still lying through their teeth in their annual reports.

There is time for everything, and the clock is ticking for D-Day, when we shall know for whom the bell tolls, for their judgment shall be according to their violation of the commandment: "You shall not make wrongful use of the name of the Lord your God, for the Lord will not acquit anyone who misuses his name”. Except they are fools. But as fools lie, so fools die.

Anarchy In The Economy:No Dollar To Buy

Which way Nigeria in 2009:Economy in shambles
Vanguard Online Edition - Saturday, 14 March 2009