Tag: easy

  • No easy answers (2)

    Just when I was about submitting the first part of this article for publication last week, breaking news came in that Turkey just shot down a Russian jet it claimed violated its airspace. This action further complicated the fight against ISIS. Equally too, the US issued a travel advisory to its citizens which is expected to last till February 2016. In Belgium, some major cities were on lockdown because of imminent terrorist strike. Back home, Boko Haram (BH) continued it suicide bombing campaign, the latest being in the ancient city of Kano.

    All these point to the fact that we are not merely dealing with local issues, but issues that are intertwined and have a global connection with no easy answers. Beyond the merciless killing of innocent souls like it did with the Russian plane where over 200 people died, the group also wages economic war. By its action, Egypt’s tourism industry, on which so much of the country’s financial future depends, has been negatively affected.

    And once again, the global aviation industry has also plunged into crisis. The big question remains who controls what and what is/are the goal(s) of these terrorists? If they can evade security at the airport and plant bombs on planes, then we are not safe. The implication is that they have sympatisers everywhere.

    Two weeks after watching the Aljazeera documentary I referred to last week, I read a lengthy article published in “The Atlantic” by Graeme Wood titled “What ISIS Really Wants.” Wood’s detailed twenty two page treatise on the group is the best I’ve read so far – I still research and read articles to gain theoretical understanding of the group and what drives them.

    “The Islamic State,” he wrote “is no mere collection of psychopaths. It is a religious group with carefully considered beliefs, among them that it is a key agent of the coming apocalypse.”

    With this opening statement Wood posed the question: Where did it come from, and what are its intentions? “The simplicity of these questions,” he stated “can be deceiving, and few Western leaders seem to know the answers.”

    He referred to a December edition of The New York Times which published confidential comments by Major General Michael K. Nagata, the Special Operations commander for the United States in the Middle East, admitting that he had hardly begun figuring out the Islamic State’s appeal. “We have not defeated the idea. We do not even understand the idea.”  That in itself is the biggest dilemma.

    According to Wood, President Obama has referred to the Islamic State, variously, as “not Islamic” and as al-Qaeda’s “jayvee team,” statements that reflected confusion about the group, which some analysts believe may have contributed to significant strategic errors in dealing with it.

    Does this sound familiar when the issue of BH is raised? It appears so. First we were told it was a mere political tool foisted on us by some politicians for political reasons. Next, we were told we are where we are today because the leader of BH was extra judicially murdered by agents of the state. We were also told that BH is thriving because of the unemployment crisis in the land. These are among several theories propounded with no concrete easy practical answers that would really make us understand what we are really dealing with, except that it takes pleasure in killing innocent people hiding behind religion.

    During the last administration we read how some BH “negotiators” fleeced the government of millions of naira claiming they were acting on behalf of the group. The government is finding it increasingly difficult identifying who to negotiate with because it is difficult knowing who they really are.  Abubakar Shekau, the presumed “leader” has been reportedly killed more than twice. So, it’s challenging to finger what really the grievances of the group are.

    In trying to find answers to the rapid rise of ISIS, Wood wrote: “Our ignorance of the Islamic State is in some ways understandable: It is a hermit kingdom; few have gone there and returned. Baghdadi has spoken on camera only once. But his address and the Islamic State’s countless other propaganda videos and encyclicals are online, and the caliphate’s supporters have toiled mightily to make their project knowable. We can gather that their state rejects peace as a matter of principle; that it hungers for genocide; that its religious views make it constitutionally incapable of certain types of change, even if that change might ensure its survival; and that it considers itself a harbinger of—and headline player in—the imminent end of the world.”

    I learnt from him that with this ideology, it follows a distinctive variety of Islam whose beliefs about the path to the Day of Judgment matter to its strategy. Things will however get complicated if there emerges a Russian-Iranian coalition against ISIS. This will encourage resentment in the Sunni community because a Shiite enemy will always be seen as a threat. Similarly, a Western-led coalition will further ISIS rhetoric that the West is waging a war against Muslims. No easy answers.

    However, one aspect which a non-Muslim like me found enlightening is the aspect that deals with the nature of the Islamic State from two standpoints. First, he says we tend to see jihadism as monolithic, and to apply the logic of al Qaeda to an organisation that has decisively eclipsed it. “The Islamic State supporters I spoke with still refer to Osama bin Laden as “Sheikh Osama,” a title of honor. But jihadism has evolved since al-Qaeda’s heyday, from about 1998 to 2003, and many jihadists disdain the group’s priorities and current leadership.”

    His point is that Bin Laden viewed his terrorism as a prologue to a caliphate he did not expect to see in his lifetime. His organisation was flexible, operating as a geographically diffuse network of autonomous cells. The Islamic State – by contrast, requires territory to remain legitimate, and a top-down structure to rule it. Since they now control a territory, Bagdadi confidently declared himself a Caliph.

    Finally, Wood dwelled on other issues like devotion, territory, the Apocalypse, the Fight – ideological purity of Islam and Dissuasion. All these are very deep issues – some followed by interviews with scholars and academics – that went to the core of Islam that cannot be fully explained in a thousand plus words article.

    Former President Olusegun Obasanjo – who has met with some leaders of the group in the past – said recently that BH is a matter of socio-economic development, but for it to have hold of the people they must tie it up to something, and they tie it up to some form of religious agitation. “So what do I see? I see a situation where first of all the government must have the upper hand militarily, then after you have had the upper hand militarily you have to deal with the genuine issues of socio-economic development. And I believe that if that is well-handled such issues will disappear.” We earnestly hope so.

    While OBJ has a strong point, it is now our common responsibility to ensure that our vibrant youth populations truly understand what their religion preaches. Religious issues are highly emotional which is why a religious war is the most dangerous of all wars. Understanding our religions is critical.

    On combating ISIS, I’d like to end with this quote from The Economist: “Military force is not enough on its own, though. It will make the rest of the world safer in the short run, but the critics are right that Islamic terror will end only when the Middle East lives in peace. The parallel aim, therefore, must be for regional powers to stop fighting through their proxies, and for the creation of federal states in Syria and Iraq that give Sunnis, Shias, Alawites and Kurds confidence that they can live together with decent representation in government. That requires strengthening the administration in Baghdad. And it means bringing an end to Syria’s civil war.”

     

  • Electronic collection made easy

    Selling is incomplete until you have received cash for goods sold or services rendered. However, collecting payment can sometimes be cumbersome. Buyers do not always want to pay on time. Sellers do not always find it easy collecting payment for goods delivered.

    Particularly, as revenue continues to decline, sellers – and this include SMEs, government, corporations and e-commerce sites – that regularly interface with customers, are having hard times collecting payment.

    Nevertheless, to get your dues, you need to reinvent yourself. Otherwise, you would be holding the short-end of the stick. You would make sales without making money. You would be all motion and no movement. That is bad news.

    That is why the company I work for is interested in new ways to collect payment. I am keenly interested because I am involved in all the debts and it is in my best interest to recover the debts.

    Some clients owe our company. I wonder if this electronic collection option would be of great assistance. These debtors would have paid, mind you, but they are simply not motivated. Why they are not motivated? They are experiencing declining revenue. Reasons for that could be several factors.

    One of these is unfriendly economic environment, which has made it compelling to explore alternative approaches to shoring up revenue. This is why I think the electronic collection option is a good choice. The Systemspecs electronic payment platform, Remita, which offer six payment options, would suit most companies, either small or big, in terms of electronic collection.

    What more could you ask for, with the platform your clients could pay directly into your bank account at the branch level, through internet banking, through point of sales terminal, through debit or credit card, through mobile wallet and micro finance banks.

    Outside of this, I do not know what else you need to do in order to motivate your debtors to pay you. For me, our company has signed up for the Remita options. I am happy about the results.

    In the same vein, I am aware that several ministries, agencies and departments have joined the platform. As a result, the federal government through the MDAs has increased its collection channels at almost zero cost, got access to reliable and verifiable data planning, improved service delivery and ultimately improved revenue.

    Treasury Single Account received a boost because Remita, as several billion of Naira (I do not have the exact figure) have been collected on the platform. Besides, revenue collection through this platform occurs 168 hours and not 35 hours a week. That is value add if you ask me.

    With the above electronic collection avenues, there are enough payment options to choose. If your debtor still refuses to pay you after you have deployed these alternatives, you will definitely need to visit “kilometre 46” on Ibadan Expressway for divine intervention. May be that would make electronic collection easy for you. Just may be.

  • Easy money

    •Our banks have too many charges that do not allow them to work hard for profit

    Perhaps without meaning to, the Central Bank of Nigeria (CBN) may have offered an important perspective to the paradox of banks raking bumper profits at a time when minimal lending activities are going on. We refer here to the CBN’s Revised Guide to Bank Charges issued to banks and discount houses on March 27, last year.

    Although the guide seeks primarily to provide “a standard for the application of charges on various types of products and services Deposit Money Banks in Nigeria offer to their customers” and to minimise the potentials of conflict between the banks and their customers, most striking in the revised guide is the sheer number of charges available to the banks (one count puts the charges at more than 100) to make profit, even without as much as breaking a sweat. Aside the more familiar charges like Commission on Turnover (COT), cheque books and counter cheques, bank transfers, ATM usage, and of course the industry-wide charge called current and savings accounts maintenance charge–  the latter ostensibly for merely holding money in a savings account, there are other countless imaginable charges under the sun.

    Despite its immense merits, the revised guide obviously suffers from its tacit endorsement of the extant culture of arm-chair banking which has left the Nigerian financial services sector with little or no incentive for innovation.  And, if we may also add; the omnibus guide has done nothing more than legitimise the practices under which the bankers would sit in the comfort of their offices to make a fortune rather than get their hands dirty with the business of lending to customers.

    As business entities, this newspaper understands the need for the banks to make profit. No doubt, a good number of bank charges could pass for value-added services and hence legitimate; the truth of course is that nearly an equal number of the charges are not only spurious but are actually freebies designed to pad up the banks’ bottom-lines. Our grouse is when banks settle in the safe comfort zone of paper profits with nary benefits to the larger economy. It stems from our basic understanding that banks are primarily in the business of mobilisation and transfer of savings and other resources from depositors to borrowers and sundry investors. Flowing from this is their expectation of revenue or profit from the interest rate spread, that is, the difference between the deposit interest rate paid to the depositors and the lending interest rate charged borrowers.

    We consider other activities as either ancillary or at best, tangential. Unfortunately, what we have in the country today is a situation where the banks are content to settle on fringe activities that have little to do with their core business. Our worry, if it could be so put – derives essentially from the continuing derogation from that important tradition of financial intermediation.

    The CBN has a lot to do to get the banks on that traditional path. Today, many of our banks are known to sit atop huge deposits – which if only they could find the will – can be deployed to grow the real sector. The obverse side is that many businesses are known to be in dire need of venture capital – many of them shut out of credit for reasons that are inexplicable.

    Perhaps a good way to start is for the CBN to consider removing some of the charges which are no more than avenues for making easy money. But even more importantly, the Bankers Committee must commit to finding a pathway that works for the overall benefits of the economy. It is as much in the interest of the economy as theirs too.

  • Easy mortgage for Nigerians in diaspora

    Easy mortgage for Nigerians in diaspora

    •As FMBN rolls out guidelines

    Barring any last minute change in plans, the Federal Mortgage Bank of Nigeria (FMBN) will soon commence the Diaspora mortgage model to serve the needs of Nigerians abroad who want to own homes in the country.

    Managing Director of the Bank, Gimba Ya’u Kumo, who disclosed that the Nigeria Diaspora Loan Scheme was developed in order to broaden the delivery channels for mass housing through the National Housing Fund Scheme (NHF) as provided by its core mandate.

    Kumo disclosed that the FMBN is currently concluding arrangements on securing an international payment gateway through which the funds will be channelled.

    He said, “We want to carry everybody along once it becomes operational and that is why we are seeking to secure an international gateway payment means through Visa and MasterCard.

    “Already, we have had two meetings with them and also liaising with the Central Bank of Nigeria for necessary assistance and approvals.”

    The FMBN boss said that the money from the product will be domiciled in the CBN because it is foreign currency and also to give the bank the opportunity to use it as security to borrow internationally to fund the project.

    Part of the guidelines for accessing the product, Kumo disclosed, is that prospective homeowners would be required to make monthly contributions of the equivalent sum of US $100 over a minimum period of three years. The cumulative monthly contributions, he said, is meant to contribute savings to the contributor which is refundable with interest upon exit from the NHF scheme in accordance with the NHF Act.

    The product is offered to Nigerians in the Diaspora who satisfy conditions of being above the age of 18 years, who earn regular income and have evidence of the right to reside in their country of residence.

  • Women of easy virtue seek new life

    Some women of easy virtue in Lagos have said they are ready to quit the trade, if the government resettles and empowers them.

    The women, who are operating at the sprawling slum in Ijora Badia by Bale Bus Stop before Ijora Seven-Up Bridge, said they took to the trade for want of something better to do.

    The densely populated slum is said to be home to close to a million people. Residents in most parts of the area live in filth. Most of the women are into prostitution. A girl, her mother and grandmother are there in the same trade.

    The coordinator of a Non-governmental Organisation (NGO), Empowering Women to Begin New Life Initiative, Ms Anietie Mbosowo, held a preaching/ counselling session in the area.

    Men and women were seen smoking. Children who are out of school walked bare-foot in the filthy.

    Over 90 percent of the houses are built with planks and each of the rooms has just enough space for a six or eight-spring bed. The plank houses are so closely built that it is difficult passing through the corridors.

    While most of the men were smoking heavily; the women, some of them expectant, were waiting for their “customers”, even in the afternoon.

    Some of the prostitutes who responded to inquiries said they go to church or mosque to worship God but they still have to return to the trade because they have no alternative for now.

    A woman who is in her 60s, who confirmed that she is a grandmother, said some organisations had been trying to give them another focus to life, but without empowerment.

    Some of them said that even when they planned to stop, they are pulled back to the environment as there is no other place for them. The grandmother said recently, a man who pretended to be a pastor, duped them of millions of naira after an Alhaji did same since they are not used to saving their money in banks.

    She said some of them pay as much as N18,000 per month to their landlords as rent and for security.

    Mbosowo urged Governor Babatunde Fashola; his wife, Dame Abimbola, women political appointees, the Christian community and every Nigerian to come to the rescue of the women and their children.

    Her organisation, she said had tried over the years to cater for some of them but she has limitations as she has no sponsors or support from any quarters, apart from her salary.

    She expressed the fear that insecurity in the society might continue as long as those people are left as they are.

    She gave her e-mail contact as: newlifefoundations @yahoo.com, and animbos 2005@yahoo.com.

  • ‘Aregbesola ‘ll have easy re-election’

    ‘Aregbesola ‘ll have easy re-election’

    The Director-General of the Governor Rauf Aregbesola Campaign Organisation, Senator Sola Adeyeye, is sure the governor will be re-elected.

    In an interview with The Nation, the lawmaker said Aregbesola would be re-elected on August 9.

    He said: “Aregbesola’s superb performance will make his re-election easy.”

    Adeyeye noted that Aregbesola would defeat his opponents in a free and fair poll. He hinged his optimism on his sterling performance, his pro-people policies and programmes as well as his style of governance.

    Said he: “I believe it will be an easy victory for him. I am of this opinion because Aregbesola is a fantastic product; he is a product that does not need any advertisement. He has done what any objective observer will admit to be a superlative performance.

    “If it is to assess him on his record, if it is to look at him based on his performance, if it is to look at him based on his character versus the character of his opponent, I have no doubt that Osun people will re-elect him for another four years.”

    Adeyeye added that the campaign team would, however, not underrate the opposition, especially Senator Iyiola Omisore, the Peoples Democratic Party’s (PDP’s) candidate.

    He alleged that the “Federal might” may be used to subvert the desire of the Southwest people, who prefer a progressive government.

    Adeyeye, formerly a Professor of Biology at the Duquesne University, United States, warned of the consequences of subverting the people’s electoral will.