Nigeria’s perenial headache – government’s failure to be proactive and rational in policies


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Nigeria's Financial system - needs local but not relative modifications. We should learn to study our society before implementing our actions, and not buying ideas from the west where the society is stable and government provides infrastructure as needed.

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Nigeria’s perenial headache – government’s failure to be proactive and rational in policies

  1. 1. NIGERIA’S PERENIAL HEADACHE – GOVERNMENT’S FAILURE TO BE PROACTIVE ANDRATIONAL IN POLICIESWhat we should understand is that, certain principles about economics and accounting will only work ina standard society where the masses are provided the basic necessities of life, where security is at leastguaranteed to an extent, where the government is accountable. Even if the trap is an economicconspiracy to forcefully introduce cashless banking where almost everything is done with digital walletsat Point of Sales, can our level of IT guarantee the safety of our credit/debit or whatever card u call it?"No," because we dont even have standard geo-tracking system to track where a rerouted IP addressmight originate nor a changed MAC address [for now, only US n some part of UK can boast of revertingan original reversed MAC address]. The funny aspect is, even if our securities could fish out the IP orMAC address in question, they are not equipped with the gadgets or the right forensic skills to locate thephysical locations where these cyber crimes are executed from. They fail to understand Yahoo-Yahoo isa crime committed by those with fewer skills. Any good guy can shatter most databases in Nigeria fromanywhere.Imagine that some of our top institutions that boast and parade professors in IT related fields have themost porous web portals and weakest servers with vulnerable security systems. For the fact that you area principle professional that works according to the ethics required of you, you just take a look at thedatabase and all the stuff, laugh over their stupidity without altering anything and exit. I pray the leagueof the angry youths experimenting their exploits with Nigeria as live test zone would not get pissed andstart crashing, sealing and altering databases to cause chaos or financial tsunami just to send a messagethat our financial system cannot guarantee data integrity or trust as it claims.The only thing I can say is a bit secured are securities in the form of jewelries or precious stones storedin secured vaults in banks and u r given access through biometrics which Nigeria cannot boast of fornow. We are just backward. Imagine an experience that lead to a decision never to use my card foranything online because I got it from Nigeria. I would rather pay someone some commission to use hisacross oceans. These little IT boys have proved that even America is scared of them, not to talk ofNigeria which is light years back. ...we are in trouble, complicated further with the fact that ourgovernment keeps getting confused.**for Gods sake, cant these foolish eggheads at the financial apex (experienced as they claim - maybein financial stupidity, which is just simply reading and experimental-execution of baseless ideas in a LIVEeconomy...) carry our surveys or sample opinions with the masses given top priority...haba!Ok, check these 3 scenarios:1. An established firewood or meat seller in northern Nigeria makes hundreds of thousands aday...would u advice him to dig a hole and keep his excesses above the stipulated sum even when alltransactions are cash based?
  2. 2. 2. If 2000 labourers are hired in a central bank construction site and are due to be paid 3000naira at theend of a week, it amounts 6,000,000 naira, and how would CBN withdraw the cash to pay theseaccount-less fellows?3. A church like Christ Embassy or some Catholic churches that raise offerings in the range of millions ona Sunday might decide to lodge an amount that exceeds the daily limit on a the next Monday morning.Their banker(s) might refuse to accept such huge sum because of the new rules propelled by Nigeria’sapex bank with respect to financial transactions. What would CBN tell God, if a bank refuses to keepGods money and armed robbers attack the custodians of such huge cash? ...These thoughts justdestabilized me on my bed, I just pray for our leaders and Nigeria to wake up from these dreams.…Even Pharaoh, David, Solomon in the Bible would consult someone like Joseph [not Sanusi oooo!] orthose closer to the masses to hear their ideas.... LEADERS Vs RULERS... For now, Nigeria is dominatedwith the later. I only know that we would only add value if everyone would work hard, be transparentand proactive, right from our rooms to where ever we find ourselves.