Speaker 1: To another space with me, calu Aja, and on the
Speaker 1: space we're talking money, the economy and of course finance.
Speaker 1: And this week we have a lot to talk about,
Speaker 1: but we're going to talk really about the Federal Government
Speaker 1: of Nigeria's new Executive Order Number fifteen and the title
Speaker 1: of that order is the Disclosure Depositive, Repatriation and Investment
Speaker 1: of Eligible Foreign Exchange Assets and Order related Matters. So
Speaker 1: let me try to break it down for you. And
Speaker 1: I don't know if you guys have that older if
Speaker 1: you go to pull it up, because essentially what we
Speaker 1: want to do today we want to understand what's going on.
Speaker 1: You know, we don't want to accuse who don't to
Speaker 1: ask if you don't know what's going on why the
Speaker 1: Federal God of Nigeria is asking Nigerias to disclose and
Speaker 1: send back foreign Jurisay currency back to Nigeria. And I'm
Speaker 1: quoting from the gazette, so.
Speaker 2: Be a good idea if you pull it off.
Speaker 1: You can pull the gazette or you can pull up
Speaker 1: to go to the Central Bank of Nigeria. On that
Speaker 1: circulars right, you able to see the actual circular that Nigeria,
Speaker 1: the Central back of Nigeria has now advised banks in
Speaker 1: Nigeria to then adopt to implement this executive order. But
Speaker 1: it's a rather strange one. And again I'll try to.
Speaker 2: Go to my tweets and repost what I did so
Speaker 2: you guys can us follow.
Speaker 1: It's a very simple executive order and they are about
Speaker 1: let me see one. Let me just see the chapters
Speaker 1: there just about one to eight or so you have
Speaker 1: one to nine one to nine actual should we say chapters,
Speaker 1: and it's very strange. The first thing is stand up
Speaker 1: by saying, listen, we acknowledge that Nigerians have.
Speaker 2: Illegal right like let me quote them, so I'm no errors.
Speaker 1: There are significant amount of internationally traded foreign currency including
Speaker 1: cash lawfully held by Nigerian's within Nigeria and the DASPRA
Speaker 1: and themsileth off shore and on shore.
Speaker 3: So this that's the.
Speaker 1: First day that listen, Nigerians are lawfully holding foreign currency
Speaker 1: in Nigeria and offshore.
Speaker 2: Again, Nigerians are the DIASPRA.
Speaker 1: So once you're Nigerian with Nigerian passport holding foreign currency
Speaker 1: in Nigeria and the DASBRA, this is who they are
Speaker 1: talking to.
Speaker 2: This specified it right there. Then next thing.
Speaker 1: I just go into and to say the minister, which minister,
Speaker 1: the Minister of Finance shot.
Speaker 2: Within ninety days from the effective date of this executive order.
Speaker 1: This order is dated nineteenth of October, so we say
Speaker 1: ninety days, that's October November December, so by nineteenth of
Speaker 1: January more or less, so by nineteenth or January, right,
Speaker 1: we're going to approve or establish this foreign currency quality
Speaker 1: disclosion of scheme. And what they're asking us to do,
Speaker 1: which is you and I ninegerianus that were number one,
Speaker 1: we should disclose our international tradeable foreign dollar. So they
Speaker 1: want you and I to disclose our foreign currency. Why
Speaker 1: I don't know. Why should TE disclose What I have
Speaker 1: in foreign currency? Is it owned by myself or by
Speaker 1: the government. I mean, it's a it's an asset, it's
Speaker 1: not income.
Speaker 2: Why am I disclosing?
Speaker 1: And again why am I disclosing If I'm going to
Speaker 1: pay tax on it, if I'm in a dancepor what
Speaker 1: does the nineteen government have to do with my dollar?
Speaker 3: Let's go on?
Speaker 2: Then number two is one actually gets men.
Speaker 1: They said we should deposit these dollars hell in cash
Speaker 1: or retain within Nigeria.
Speaker 2: We have to take it to the bank.
Speaker 1: So, if you're a Nigerian in Nigeria with dollars in
Speaker 1: your possession outside the banking system, this executive order is
Speaker 1: asking to take the dollars.
Speaker 2: To a bank in Nigeria.
Speaker 1: That's gonna go to you. Why should he go to a
Speaker 1: bank in Nigeria. Why can't I keep it? Why can't
Speaker 1: I keep it in my own dollar account?
Speaker 3: Why?
Speaker 1: Why why could I keep to my seat? Why must
Speaker 1: he go to a bank? It's not legal tender. The
Speaker 1: niger government does not own dollar. But I've been told
Speaker 1: repeatedly that the dollars are not legal tendant. And just
Speaker 1: why is a gentleman asking for my dollars? Did they
Speaker 1: give it to me? Let's what you can tell.
Speaker 2: The tailor is one that actually is very very interesting.
Speaker 1: Then now asking Nigeria is that we should repatriate and
Speaker 1: I'm quoting repatriation of disclosed internationally treated foreign currency held
Speaker 1: offshore in cash or retain and then I try to
Speaker 1: form through approved channels.
Speaker 2: Why why is the government asking me?
Speaker 1: Maybe I work in the UK, but I'm in Nigeria
Speaker 1: and I work in Canada. Why is Nigerian woman asking
Speaker 1: me to send my dollars that I've earned to Nigeria.
Speaker 1: I'm putting the bank in Nigeria. Does this make sense
Speaker 1: to anyone? Again, I'm trying to understand what where the
Speaker 1: government is coming from. Perhaps we're missing something, So let
Speaker 1: me summarize.
Speaker 2: Number one. He says that if you are in Nigerian,
Speaker 2: living in Nigeria.
Speaker 1: Or in the diaspora, that's specified school this bill is
Speaker 1: for this sective order fifteen, it's for Nigeria's living in
Speaker 1: Nigeria and that's number one.
Speaker 2: Number two.
Speaker 1: He then says that if you are living in Nigeria,
Speaker 1: you should take your dollars, your physical dollars in cash
Speaker 1: or electorality form and take it to the Nigerian bank.
Speaker 2: That's number one, number two.
Speaker 1: He then says that if you are in Nigeria living abroad,
Speaker 1: so you're in the diaspora, and you have the say
Speaker 1: back for America or TID Bank in Canada to take
Speaker 1: that money from TIDI Bank of Nigeria of Canada and
Speaker 1: Bank of America and take it back to Nigeria back.
Speaker 1: Why you know, so I put this up. Folks are asking, oh,
Speaker 1: maybe they want.
Speaker 4: To do.
Speaker 2: Why you know, why is it so broad?
Speaker 1: And I try so that what I said is that
Speaker 1: victim simony that works for Napoli to take his euros
Speaker 1: from the bank where his euros are and bring to
Speaker 1: Nigeria center it because you conjure of iuela center born
Speaker 1: it should take that dollars weapase is it? I'm bringing
Speaker 1: it back to Nigeria. It makes no sense, no sense whatsoever,
Speaker 1: and look at why it makes no sense. Last I
Speaker 1: believe it was dollars or so, Nigeria issued a dollar bond,
Speaker 1: which meant that Nigeria borrowed dollars not from the eurobond
Speaker 1: but from Nigeria's in Nigeria. So we issued a five
Speaker 1: hundred million dollar dollar bond, the first ever.
Speaker 2: In history of Nigeria.
Speaker 1: Each if europe bond wherever europones are, dollars were borrowing
Speaker 1: outside Nigeria.
Speaker 2: So we now putrow dollars in Nigeria.
Speaker 1: Does that eurobond is paying about nine percent to the
Speaker 1: food that bought that eurobond.
Speaker 2: So if I was in Nigeria and I bought that eurobond,
Speaker 2: the federal government pay me about nine percent.
Speaker 1: But now the same federal government is asking me to
Speaker 1: go to my bank in Canada or the US take
Speaker 1: out my dollars, are paying me four percent in America
Speaker 1: and bring it to Nigeria and putting their dorma account.
Speaker 1: O pay me nothing for what reason? What legal right
Speaker 1: do they have to do this? Why are they doing it?
Speaker 1: Do they not understand that this.
Speaker 2: Is going to scare people that are going.
Speaker 1: To go after the dorm account? Why are not continuing
Speaker 1: with a dollar bond? Why ask Nigerians in the diaspora
Speaker 1: to go to their bank and repatriate this closed phone
Speaker 1: that they did not get from the nights? Your government
Speaker 1: photos don't export us? What is the reason? I don't
Speaker 1: talk too much. I've got some folks here, Paul, Paul hopping,
Speaker 1: Can you explain what's going on?
Speaker 2: What's your take on what you are reading?
Speaker 3: Paul being a go.
Speaker 2: Ahead, say you got the floor? Help me out here, Paul, Paul.
Speaker 1: Going on, Paul going to because ys neck vast New
Speaker 1: York hand said that name verse next.
Speaker 2: The vast or Thanks for correct How are you doing fast?
Speaker 3: Now?
Speaker 2: Please go ahead? He help me out here? What's going on?
Speaker 2: What's your take?
Speaker 3: Well?
Speaker 2: I just joined you really so I'll see trying to
Speaker 2: grab Yeah, that's what what I'm saying. Is very simple.
Speaker 2: That's an executive Order fifteen.
Speaker 1: The order says that Nigeria's in Nigeria and it does
Speaker 1: I should take their dollars in their homes in Nigeria
Speaker 1: and the banks abroad whenever they have dollars or any
Speaker 1: foreign currency and take the Nigerian bank. That's a storm
Speaker 1: of what's going on And I'm asking why and I'm
Speaker 1: asking what's the reason why. So I see my my
Speaker 1: friends they heard that isn't from the UK. I see
Speaker 1: my friends from are on the space. That's what they're
Speaker 1: saying that you should go to your bank, take the
Speaker 1: money and bring Nigerian bank. And I'm just asking why,
Speaker 1: what's what legal right today have and why they do this?
Speaker 1: Do you have any take on that?
Speaker 3: Okay? Is it bringing it back? I say, sary colar account.
Speaker 2: Or nara, It doesn't doesn't matter.
Speaker 1: Bring you this for this is if this is the disclosure,
Speaker 1: deposit repatriation of eligible foreign exchange. That's the name of
Speaker 1: the detective order. So we are talking about quote unquote dollars.
Speaker 1: We are saying, if you're in Nigela abroad, get back Ben.
Speaker 1: What's your take on what's Ben? What's happening? Ben ben
Speaker 1: our works what's happening.
Speaker 5: And everybody calum, Yeah, I just go think right now.
Speaker 5: I just I'm trying to So what are your requests.
Speaker 6: To speaks with the executive I've said it more than
Speaker 6: four times, Ben, let me say it again.
Speaker 3: Right.
Speaker 2: The executive order is the Executive Order fifteen.
Speaker 1: It says that if you're Nigeria, in Nigeria or living
Speaker 1: outside Nigeria, got to things. Number one, you should disclose
Speaker 1: your foreign currency holdings.
Speaker 2: So if you have dollars outside the bank disclosed number one.
Speaker 1: Number two, if you take those dollars if you live
Speaker 1: in Nigeria to Nagrian bank. Number three, if you leave
Speaker 1: abroad and you in Nigeria, you take those dollars from
Speaker 1: your nights from your broad bank abroad and repatraate it
Speaker 1: to Nigeria to be put into a Nigerian bank. That's
Speaker 1: what they're asking to do. Those are three things instormy.
Speaker 1: So if you don't know, don't, don't request to speak.
Speaker 1: If you don't, don't don't request to speak to ask.
Speaker 3: Right.
Speaker 2: The order is on the foot of fifteen. You can
Speaker 2: google it.
Speaker 1: Then you ask me a question point to request the
Speaker 1: speak to ask me to say it again then, so
Speaker 1: let's get oxen tech.
Speaker 2: What's in your mind? Yes, oh yeah, you doing I'm
Speaker 2: doing very well.
Speaker 7: How are you doing?
Speaker 2: What's happens in your mind?
Speaker 7: So I'll tell you to.
Speaker 2: Look at that.
Speaker 7: What I see is, you know, it's an over basically, and.
Speaker 3: It's an over decens that they believe or may believers.
Speaker 8: Nigeria's all over the place, the Manday Liberians, particularly nas
Speaker 8: that are carrying their passport.
Speaker 7: If you're playing and your passport, that's.
Speaker 9: I believe that's the target.
Speaker 8: So if you're not, if you're not having an idea passport,
Speaker 8: maybe you may not be your.
Speaker 1: Life saying that as b're saying, that means if you're
Speaker 1: in Nigeria with American passport, you are still niger as bro.
Speaker 3: Yes, I understand that.
Speaker 7: So where where I think they borrow that?
Speaker 8: Let me say, let me anything where they borrow that,
Speaker 8: that's what made them wanted to be able.
Speaker 10: To do this.
Speaker 9: From the United States, where the US is As.
Speaker 11: Long as you are American city is in you are
Speaker 11: you are allowing to pay that to the U S conference?
Speaker 10: What are you.
Speaker 2: Reside in the US or you you live.
Speaker 9: For so so US is eighty in the world allow
Speaker 9: to play task for the US con except you're not.
Speaker 3: You announce your issue.
Speaker 7: That's that's it. So that is where I think this
Speaker 7: thing came from.
Speaker 3: So if the government.
Speaker 8: Beneath that, you know, they absolutely because that's where what
Speaker 8: I just said, they will get to that. This is
Speaker 8: just to test the they will get to the side
Speaker 8: whereas all over the place and I will now not.
Speaker 3: Becompliable to play fast.
Speaker 8: The governments it doesn't much have that you need wherever
Speaker 8: you any your income, it.
Speaker 3: Doesn't really matter. So that's where listen is coming from.
Speaker 7: So, like I said, it's an overage.
Speaker 3: The government is becoming one more desperate.
Speaker 8: Now the governments has answered the last I say, maybe
Speaker 8: the eighty billion dollar. Of course governments has government is
Speaker 8: stalling income from themselfws they also if you issue the
Speaker 8: dollar bond, which of course really that's that go on
Speaker 8: the issue. I believe what's part of their their their
Speaker 8: effects is to what it is today. So it's just
Speaker 8: it's just an act of the situation. Right, Okay, that's
Speaker 8: there's nothing else I can think that it's Suppo said that.
Speaker 7: I kind of see. Another points is it's a reported.
Speaker 8: Sometimes they go that's the total display accounts for that
Speaker 8: the deposits all the bound to report they have deposit
Speaker 8: positions today.
Speaker 12: I think they mentioned that the taposes in the Sere.
Speaker 3: Account at the time. They think that it was before
Speaker 3: in your MHM.
Speaker 12: So what it tells all, What it tells is governments
Speaker 12: in the government that said.
Speaker 3: They have an on that money.
Speaker 8: Now they are trying to see how that money can
Speaker 8: be kind of county. I don't know how how they
Speaker 8: want to get that money to work for them. No,
Speaker 8: I mean over to just like you said, you an
Speaker 8: access he said, the phones are in.
Speaker 3: About in US the books like or euro or g VP,
Speaker 3: the account that past all. So yeah, yeah they have that.
Speaker 3: I'm wondering how they will.
Speaker 8: Be able to approach you know, they got past say
Speaker 8: you know that you have this money your your.
Speaker 3: Cod you know. I don't know what they want to do.
Speaker 2: Yeah, I think it made a good point. Let me
Speaker 2: us say this life.
Speaker 1: So when you pay taxes, you pay taxes on income.
Speaker 1: So even the US system will not ask you to
Speaker 1: take your money. If you're a US citizen and you
Speaker 1: are in Nigeria, the US coming, I'm gonna ask you
Speaker 1: take all your money from Nige from the US, I'm
Speaker 1: moving back to Nigeria.
Speaker 2: U S would say, pay US taxes. So you and
Speaker 2: you pay taxes. This this all that is saying.
Speaker 1: And I'm courting and I'm quoting. No, I'm not, I'm
Speaker 1: not miss I'm quoting. I'm not anybody. Repatriation of disclosed
Speaker 1: internationally in table, foreign currency, held offshore, in cash or
Speaker 1: written electing from true approved channel. So essentially, if you're
Speaker 1: in Nigeria, if you are victim or siban and you
Speaker 1: are any sixty eight million or whatever they paid you
Speaker 1: as your sign of the fee the government sent, should
Speaker 1: take that money from the bank and bring it to
Speaker 1: Nigeria and putting their down account.
Speaker 2: That's what they're saying. And so yeah, so I I
Speaker 2: agree with you, but just saying it just makes makes those.
Speaker 3: Sense to me and I hear what you're saying about.
Speaker 8: It doesn't seem make sense that the government would ask
Speaker 8: you to bring your assets wherever your holding the.
Speaker 3: Nigeria and deposit like it doesn't make any sense.
Speaker 8: Yeah, if you read that cyclear they didn't disclude some
Speaker 8: of the policies see our center. There's no way objective
Speaker 8: you're trying to why they are They're telling why.
Speaker 3: They are trying to do this.
Speaker 11: Some of the regulations, you know why they're doing this
Speaker 11: is one of these that intentional.
Speaker 9: Is not just that they just came out and said, yeah,
Speaker 9: the center.
Speaker 1: Bug is trying to implement fifteen exactly exactly. Good call
Speaker 1: out because this is disappointing. And that's what I read.
Speaker 1: I said, it's only nineteen mine mine points, and they
Speaker 1: go and they just go straight to the point that
Speaker 1: the first of all, I acknowledge that you are lawfully
Speaker 1: allowed as in Nigerian to hold foreign currency in Nigeria.
Speaker 2: And then that's but they acknowledged that.
Speaker 1: The next center simply said win in ninety days, bring
Speaker 1: them went back Nigeria.
Speaker 2: There's no explanation, there is no media. It's just you
Speaker 2: have the love for.
Speaker 1: Right to hold dollars number two, bring dollars back to
Speaker 1: Nigeria makes no sense.
Speaker 2: Let me get dammy in here.
Speaker 3: Demmi. Are you?
Speaker 1: Are you who we're talking about? Found that the government
Speaker 1: is asking you. I know you you're having Nigerian name,
Speaker 1: I know you're living Nineteia. The comment is saying that
Speaker 1: you should clear out your bank account and bring the
Speaker 1: money to Ninegerian bank. What are you doing there, demi
Speaker 1: demis not to speak.
Speaker 2: Let's go to abdu Abdu.
Speaker 3: I think this politicians.
Speaker 2: Yeah, I'll get you real quick. I do it just
Speaker 2: speaking them and I'll come back to you.
Speaker 3: Ahead. Yeah, I said, I think there's politicians. It's simple.
Speaker 3: They just enjoy making unnecessary laws. So if I live
Speaker 3: in the US, work, get my pay in best for
Speaker 3: one K, pay my bills and then whatever I have left,
Speaker 3: I get to take you to nice year and well
Speaker 3: I'm living overseas.
Speaker 1: No saying that any morning you have in the bank
Speaker 1: should I'm not saying. They're saying the money you have
Speaker 1: in the bank should come that is specified. The Since
Speaker 1: you are saying no, they said, bring it to Nigeria,
Speaker 1: then you usual Nigerian cannot pay for groceries and costco
Speaker 1: because that's what they're saying.
Speaker 2: I'm really the deal of life for life.
Speaker 1: They said, if you are in foreigner, sorry, if you're
Speaker 1: in the diaspora, you should really portray your disclosed internationals
Speaker 1: dollar held offshore in cash or retained in electronic form
Speaker 1: maybe crypto and moving to Nigeria.
Speaker 2: So they're saying.
Speaker 3: It's I don't know how we implemented. I mean it
Speaker 3: really really does not make sense. And it's it's like.
Speaker 12: They kind of push a lot of us that actually
Speaker 12: want to.
Speaker 2: Do something in nice years.
Speaker 3: It's just twice. It's just I don't even know what
Speaker 3: to make of it. It's true money, yeahsh not true.
Speaker 3: I don't know. Job.
Speaker 13: You see.
Speaker 1: Why they're doing is that when you have a law
Speaker 1: in place, they you can hold people that they did
Speaker 1: not follow that law. Today, abdull I can't come to
Speaker 1: you and say you've come to the crime. You're in America.
Speaker 1: But tomorrow I have you in Nigeria. I can say, well,
Speaker 1: do you have a bank account abroad?
Speaker 3: Yes?
Speaker 2: Have you bron out going to Nigeria? And no, you've
Speaker 2: come down offense.
Speaker 3: Wow?
Speaker 2: You see.
Speaker 3: You see what I'm going to do with this.
Speaker 1: So once you set up a law, you don't have
Speaker 1: to you don't have to follow through with the law,
Speaker 1: but non compliance puts you in variance with the law,
Speaker 1: which is where what.
Speaker 2: I'm we're holding this space. Have you guys had anybody
Speaker 2: else holding space on this? Have they even heard of this?
Speaker 1: Out of these people, the first three guys that chopped
Speaker 1: on the space said they have not heard about it.
Speaker 1: But this is they're saying Nigeria. They don't know specification.
Speaker 1: If you live abroad, you live in Nigeria, bring your
Speaker 1: dollars putting back in Nigeria.
Speaker 2: It's it's funny.
Speaker 3: It's so man. This is is actually getting scary because yes,
Speaker 3: again some of us are in that middle. You can
Speaker 3: think about summery time Nigeria. Sorry, if I decided to
Speaker 3: move based in Nigeria, they could come after me any time.
Speaker 3: You know, it's a law.
Speaker 1: There's a CBS Secular and again guys google it don't
Speaker 1: follow my good executive order fifteen. If you can't get
Speaker 1: I go to the CBN, the CUE, the Secular based
Speaker 1: on this executive order fifteen, say phago order, it will
Speaker 1: pop up, Dammy with dammies dropped off.
Speaker 3: Where'd you go to? Denmie?
Speaker 2: Please hop back.
Speaker 10: I can get you in here.
Speaker 2: Joseph, I don't thank someone Joseph deep some time.
Speaker 3: Joseph, Yeah, yeah, thank you guys for you know holding
Speaker 3: this best.
Speaker 14: Actually you know what you gave a message you but
Speaker 14: you know that executive order.
Speaker 3: But the then I say it bout that, I mean
Speaker 3: impet everybody is giving it's very vallenge.
Speaker 14: But first I think we have to look at it
Speaker 14: in a point that it is an executive order is
Speaker 14: naturally a law, which means some part of it is
Speaker 14: probably not going to be impossible. You know, that's a
Speaker 14: that's a problem that they would have to finish because
Speaker 14: you know, the president writing an executive order doesn't necessarily
Speaker 14: mean that's the law of the land.
Speaker 3: Right, So.
Speaker 1: There's already a Central Bank circular asking the banks on
Speaker 1: what to do and all that.
Speaker 2: Does that count? Just what I'm saying this, there's already
Speaker 2: a Central Bank what's it called order on this?
Speaker 1: And again just a Robert I'm saying what the point
Speaker 1: I'm making they don't have to implement it as long
Speaker 1: as that order is out there. If you don't comply,
Speaker 1: then you are in various on your contralation of an
Speaker 1: executive order.
Speaker 2: So if it's not law, why is the president doing this?
Speaker 1: So I'm not sure if you're still back here them
Speaker 1: take doctor Obi, doctor Obi? How about you, sir, doctor
Speaker 1: b Doctor Obi? A came please hop in a real quick.
Speaker 2: Hope you just gonna hear me? Hey, if you give
Speaker 2: me a tom can you hear Can you still hear me?
Speaker 15: Yes?
Speaker 7: Yes?
Speaker 1: Look after the after if you want to help and
Speaker 1: real quick. I'm gonna give you a together. Josef, you
Speaker 1: dropped off.
Speaker 2: Let's get our hams or hams urhams killed up front here?
Speaker 2: What are your mind? Yeah, go ahead, sir him. Nice
Speaker 2: to be here.
Speaker 16: Thanks for all you on this other I'm just saying
Speaker 16: I saw one line that says laundry disclosed to my question.
Speaker 3: Is it for laundry? Eventually? I think once or twice, Yeah,
Speaker 3: I just it's for laundry or yeah, telling everybody because
Speaker 3: I'd stand.
Speaker 2: There trying to really phones right to show your reserves.
Speaker 16: And low you are patristic, Nageria should give you can
Speaker 16: play your phones, help reserves whatever, economics and basic country.
Speaker 7: It's sense right.
Speaker 3: But if it is not voluntary, then that's what I
Speaker 3: have a problem.
Speaker 2: So everybody, the question is the question to you is
Speaker 2: that if it's why put a law. If it's voluntary today,
Speaker 2: can't you.
Speaker 3: That's what?
Speaker 1: So that question is it is beaton switched today, victor.
Speaker 1: You and I can't take our dollars to Nigeria.
Speaker 2: We don't got a government law for that.
Speaker 3: So why when you.
Speaker 1: Say it is you put the secular from the president,
Speaker 1: then you put this sector from the Central Bank.
Speaker 2: And then you say it's voluntary. I don't know. I
Speaker 2: don't know. I mean, we know Nigeria. Sorry, we know Aduria.
Speaker 1: So I would be careful to say, is soone told
Speaker 1: me the same thing on Twitter is voluntary?
Speaker 2: Then what isn't an order? Where's that other? If you
Speaker 2: said as a tax?
Speaker 1: If you say because I know in South Korea a
Speaker 1: long time ago, they passed a law that says, if
Speaker 1: you had to.
Speaker 2: Quote unquote, then you put stolen.
Speaker 1: When they say that taking money out of the country,
Speaker 1: if get stolen money and brought the money back to
Speaker 1: South Korea, they did not ask any questions.
Speaker 2: That's where you have this chapel of the kire behind that.
Speaker 1: If I was good, we were targeting when they had
Speaker 1: the military who in the nineteen seventies, the president then
Speaker 1: I think the General Park said if you bring the
Speaker 1: money back to South Korea, no questions asked.
Speaker 2: But they're not saying that in this bill. This plain
Speaker 2: is not talking.
Speaker 1: About corrupt cruising, not talking about it's saying all my durians.
Speaker 1: So it is the ambiguity that is making me hop
Speaker 1: on the space to answer questions, why is it so wild?
Speaker 1: Why is it so ambiguous? To say all my Genians.
Speaker 1: They even went as fas as they saying diaspora with men.
Speaker 1: If you live abroad, you also.
Speaker 2: Have to comply. Doesn't make any sense?
Speaker 3: Yeah, it doesn't actually and I didn't want so.
Speaker 8: Also autocratic like if you really like are you talking
Speaker 8: to idio?
Speaker 2: So like who are you are?
Speaker 7: You are working for me?
Speaker 3: The way? The way they want is a very strong wordings, so.
Speaker 16: Tell me I be president mandating all this.
Speaker 2: Stuff of man.
Speaker 3: So my worry, Like like you said, I can excuse
Speaker 3: a lot of things if at the end up d
Speaker 3: what you're saying is for London. But if it doesn't
Speaker 3: make sense because I have to tap, we can do that.
Speaker 3: The potion would not be okay?
Speaker 17: As you going to work like I've had a lot
Speaker 17: of access, would I tell my people now I work,
Speaker 17: like tell my office or.
Speaker 3: Tell my company to begin to pay pay my salary
Speaker 3: in my Nigeria.
Speaker 4: But do that.
Speaker 11: Mo that I have to transpire it down to Nigeria
Speaker 11: then begin to use my car.
Speaker 3: That's that.
Speaker 7: Feels are almost a basic point that I try to
Speaker 7: use it.
Speaker 3: I have the town card sales.
Speaker 8: Like like I don't even I don't put any like
Speaker 8: I don't account because until I have.
Speaker 3: The like working this for this pot was a walk.
Speaker 12: So what's the point.
Speaker 17: So so why do I don't need to go through
Speaker 17: all that difficult I get pay dollars, I move it
Speaker 17: through some.
Speaker 18: They alive blow to start with the blow starting the
Speaker 18: blots those.
Speaker 17: I have to go through the then I have the
Speaker 17: normal transfer that this is like if they ought to
Speaker 17: write I keep my stity movie throughly.
Speaker 9: Glow black as far as that we have here, and
Speaker 9: those directions domb back, I don't miscaut.
Speaker 17: Then take my dollar cars, then that start making my
Speaker 17: purchases and pain for my groceries.
Speaker 3: And all that stuff. Then when I can't aspires how
Speaker 3: going to get it? How do I bring the totally
Speaker 3: different conversation to have so it kind of work has
Speaker 3: had to do. Whatever they're saying is nonsense. It cannot walk.
Speaker 3: Starting if it's the launchry, like who wants to go
Speaker 3: through the stress because I'm plotted to the country.
Speaker 1: And let's let's let us talk on the other side.
Speaker 1: Let's talk for what the government will say. They'll say, no,
Speaker 1: we're being alarmist. That is a for launchry scheme, and
Speaker 1: that they're saying you.
Speaker 3: Can bring the back.
Speaker 1: But the point we're making on the space that you
Speaker 1: don't need a law like this city is voluntary, even
Speaker 1: if it is volunchary the way you are mandating it
Speaker 1: to say I should re portrate my currency back to
Speaker 1: a Nigerian banking. You know, there's no other details. If
Speaker 1: you look at it, I'm supposedly gonna pull it off.
Speaker 1: It's just item want. It's the maintaing there. The rest
Speaker 1: are just minister shall minister ministerial issue, blah blah, all
Speaker 1: that kind of stuff. But the maintenance items one, one, two, three, abc, abc,
Speaker 1: and it's done.
Speaker 2: There is no It doesn't get if there's real rigor
Speaker 2: done on this. And my fear is this, people.
Speaker 1: Will interpret this in a way that is negative. They
Speaker 1: will say you are going after them accounts. You don't
Speaker 1: want to have people having on certainty about Nigeria. The
Speaker 1: largest form of foreignite change, and it's Vanagi is crude
Speaker 1: oil sales. The second is remittances. If you start to
Speaker 1: go after admittances, people going to ignore the banks in
Speaker 1: total and go towards p t b A that private management,
Speaker 1: and it will hurt you more. You should be allowing
Speaker 1: you to bring back currencies by doing what even the
Speaker 1: other guys who are doing they were at the time
Speaker 1: that you who were paying five narra pardolla, you bringing
Speaker 1: who are paying that, who are encouraging to put the
Speaker 1: bring dollars into the country.
Speaker 2: Now you are mandating. You are like you're a beggar,
Speaker 2: but you're mandating. Doesn't read well. If you ask me,
Speaker 2: let me get in.
Speaker 1: No information, got no information provided by the developer humanly
Speaker 1: or called type.
Speaker 2: You've got the floor. Oh I'm that no information? Go ahead, sir.
Speaker 3: How are you doing everyone? Yeah? Very well? Thanks? How
Speaker 3: about you?
Speaker 2: I'm doing very well. Thanks for asking, sir.
Speaker 3: Okay, thank you very much, coming for holding this space.
Speaker 11: When I saw the executive order, but I did want.
Speaker 3: To see the executive order.
Speaker 12: What I saw was the persons from the the South
Speaker 12: Finance and when I compare with your.
Speaker 3: Saying when relative executive order and what the Finance minister said,
Speaker 3: I saw some discreparances that.
Speaker 2: They stand out to me.
Speaker 3: So what the government is doing is not surprising to
Speaker 3: me at all.
Speaker 12: We've had these clear around dorm accounts for a while
Speaker 12: and it's normal history gets out a countries that are
Speaker 12: going through such economic displass.
Speaker 3: We will often link towards this option.
Speaker 19: When my journey did its Netherlands, the UK, Australia, in
Speaker 19: the US, many countries in it stuf done is when
Speaker 19: they're going through economic displace, various approachments on private property.
Speaker 3: Would I be season gold, which all of.
Speaker 12: Them did, or in season more assets it releally is
Speaker 12: to World War Why my journey is which.
Speaker 19: Is the more instructive example for me, because my joint
Speaker 19: says in similar agent so hyper inflation.
Speaker 3: But what I noticed in the executive in.
Speaker 12: The press least from the Finance minister is that while
Speaker 12: the executive executive or acknowledges that you can legally who usc.
Speaker 3: The Finance minister presence is as if we're doing something wrong.
Speaker 12: I posted in the thread attached to this space the.
Speaker 3: Comments with the link to the article on delibus and
Speaker 3: if you don't mind, I'm going to read this sneaker
Speaker 3: service I'm causing from the article now.
Speaker 12: On delipus, he said, and they are putting him one
Speaker 12: elements of the cost increase is the foreign exchange rate,
Speaker 12: and as is demand and supply. There's going to be
Speaker 12: a release today in details and the federal governments, through
Speaker 12: the Ministry and Finance in conjunction with the Central Bank
Speaker 12: a program starting today the first of October and lasting
Speaker 12: nine months that will allow people bring in cash that
Speaker 12: is outside the banking system.
Speaker 3: That's defense, but ash.
Speaker 12: Outside the banking system. I don't think USD is a
Speaker 12: property of recip and so whether there's us cash outside
Speaker 12: the banking system or not should not matter to them.
Speaker 3: It's not their business. But the Finance Minister said that
Speaker 3: he went on and they are quoting therefore it is unsafe,
Speaker 3: it is.
Speaker 12: Unsecured, and it is outside of the legal limits.
Speaker 3: Is a quote from the Finance Minister in the daily posts.
Speaker 3: They will allow for pamens to bring dollar cash. Let
Speaker 3: me emphasize once.
Speaker 12: Again that it is to bring dollars that they are
Speaker 12: holding outside the system to be able to bring.
Speaker 3: Them in and credit them to their bank accounts.
Speaker 12: As long as there's not poseds of crime or less money,
Speaker 12: there will be no openaltea, there will be no taxes,
Speaker 12: there'll be no questions.
Speaker 3: So what I see the presentation is I cannot make it.
Speaker 3: As see, holding dollars is a crime.
Speaker 12: That is holding dollars that that is not documented by
Speaker 12: a Nigerian bank is a crime it's absolutely it's not.
Speaker 12: It's private property and Nigerian's well, first, the majority of
Speaker 12: US holdings in Nigeria and by small poor people like me,
Speaker 12: they are by politicians and agerance hold dollars not as illegals,
Speaker 12: and that we don't buy and trade with allards Nigeria.
Speaker 12: That's illegal durance holding, just as holding other assets.
Speaker 3: Where I DeLand gold.
Speaker 12: Silver, when I deise, it's just a commodity, a property.
Speaker 12: So what they're saying can be born into created in
Speaker 12: the future to apply to any other class of property.
Speaker 3: And I find out very distanct it.
Speaker 1: Could be applied because it could be applied to cryptocurrency.
Speaker 1: It's more that could see we have created the federal
Speaker 1: government called ward It and all Nigerians are mandated to
Speaker 1: transfer your crypto to the central mark of Nigeria's crypto wallet.
Speaker 1: Why can't they say that tomorrow? And again you've hit
Speaker 1: the point of why I'm interesting this in this in
Speaker 1: that you are saying in one in one part of
Speaker 1: the gland that this is legal and lawful to hold dollars.
Speaker 1: Then the next chapter you univerally city transfer those dollars
Speaker 1: to me on what basis? What's the legal business to
Speaker 1: ask me to transfer my asset, not my income, my
Speaker 1: asset to you, because the dollar is an asset not income.
Speaker 2: If I am any income abroad, I want to tax
Speaker 2: that income. Of course, you can go.
Speaker 1: Through and doing a joint tax or a double attach
Speaker 1: not agree with the said country. That is fine, And
Speaker 1: I earn in America, I can then pay tax in
Speaker 1: America that it comes to you.
Speaker 2: That is completely okay.
Speaker 1: But to say I if I work as a as
Speaker 1: a digital nomad, for instance, and I'm in Thailand, as
Speaker 1: you disclose.
Speaker 2: My dollars to you, why number two?
Speaker 1: As you then try answer the dollars from Thailand to you,
Speaker 1: for what reason? How would I then pay? You say
Speaker 1: it's voluntarily, it don't mind us. It's bolounchey if it's belunchie.
Speaker 1: Why are you asking me to do it?
Speaker 3: Why not just say okay?
Speaker 2: What is stopping me to do from doing it? Why
Speaker 2: do I need a secular to do it with me?
Speaker 1: Is that if you don't do this tomorrow, someone will say,
Speaker 1: well you ad the contribution of a quote unquote for
Speaker 1: launtry Disclosure Act. That's where they are going to because otherwise,
Speaker 1: why was the Central Bank and in present issue.
Speaker 2: Something that is quote unquote for laundry makes no sense
Speaker 2: to me.
Speaker 3: And that's starting with the end of it. So now
Speaker 3: they're also encroaching.
Speaker 12: On what you're doing, Sames, what countries like Cuba and
Speaker 12: our school exactly. They're now owning the young person right,
Speaker 12: which is to say that whatever enemy, whatever, what do
Speaker 12: you hold in any place in the world that's in.
Speaker 3: Nigerian The federal government has the.
Speaker 12: King about it and they can demand that you perpetrated
Speaker 12: to Nigeria answer the oldership to a Nigerian institution.
Speaker 2: And you've hit the nail on the head.
Speaker 1: You've hit the nail on the head exactly, and I'm
Speaker 1: surprised nijas Am not connecting the dots.
Speaker 2: You've hit the nail on the head. This is illegal.
Speaker 2: This is all constitutional with it is noting a financial topic,
Speaker 2: which to you even suppose this shows the.
Speaker 1: Level of maybe I don't know the overconfigures that they have.
Speaker 1: Then we can put this out there. They're asking diaspora.
Speaker 1: Let's let's ignore Nigia's for now. Let's say their own
Speaker 1: Nigeria and they control Nigeria. They're asking the diaspora, and
Speaker 1: that's partially disclose and then repatraite is what they're asking
Speaker 1: the law that if you're in Nigerian diaspora you should
Speaker 1: disclose and okay with Nigerian. If my parents is a
Speaker 1: Niger's and say Dutch, am I Nigerian? Do I hold
Speaker 1: the Nigeria has port? Does that make a Nigerian who
Speaker 1: is in Nigeria and this art? Who is in the aspera?
Speaker 1: If I work up broad by the aspera, if I
Speaker 1: live abroad, if my parents were Nigeran's but I live
Speaker 1: all my life bro is the boxer? Is it nine
Speaker 1: one is in Nigerian? Lots of things they haven't clarified.
Speaker 1: They're just going after this money. It looks desperate.
Speaker 2: It looks like you are broke and you are good
Speaker 2: after the dollar results of Nigeria's That's how it comes across.
Speaker 2: And it looks does not imbarte.
Speaker 1: Confidence in the final results of the country for to
Speaker 1: do this. This is the point where I'm going to you.
Speaker 1: Are it on a dollar bond? The dollar bond was
Speaker 1: over subscribed. You are paying those people nine percent? Then
Speaker 1: you are asking Nigeria to reportraate the lots to you
Speaker 1: at zero percent or which hows taking from bitter paper
Speaker 1: or take it from better, take it from bitter and Paul.
Speaker 1: I'm not being anybody. That's how it sounds like, let's
Speaker 1: let's probably let's go to.
Speaker 2: Them around and let me add about him and.
Speaker 3: Just cause it there. So there's there's something the Minister
Speaker 3: of friend has said when he referenced that he.
Speaker 20: Because the rising courses as they used to exchange rates,
Speaker 20: now individuals holding us the how and negligible effects, the
Speaker 20: demand that supply from us on the act injuries if
Speaker 20: the governments which ends the pocal effects Commune to nagin
Speaker 20: point was doing its job. But the reason why we
Speaker 20: cannot hold en off usd in our reserves is because
Speaker 20: of the bluted governments.
Speaker 3: The very we've been talking.
Speaker 12: About bluesed goverments since and for decent blooted governments to
Speaker 12: turn around and demand more from the citizens is like
Speaker 12: the beach state is going bigger, right when we should
Speaker 12: be shrinking the states more and they are now making
Speaker 12: they're not looking the man on the citizens to own
Speaker 12: the citizens.
Speaker 2: Yeah, I'm a small goverment guy, you know.
Speaker 3: The big I don't like they create the expansion of
Speaker 3: government and rather than stremely cost of governance, they are
Speaker 3: expanding their rich. So this is the part I find
Speaker 3: it most insulting. As a Nigeria Well.
Speaker 1: I mean again, we're citizens of the country. The government
Speaker 1: brings a policy, we can always talk. Like I said,
Speaker 1: we don't like it the government. I listen to us,
Speaker 1: call the goverment listen to us.
Speaker 3: I have a.
Speaker 2: Responsibility and the financial space.
Speaker 1: I educate people, and I'm saying that my own issue
Speaker 1: with this guideline that it damages confidence. I love Nigeria.
Speaker 1: I want to calling to succeed. This law you are
Speaker 1: doing is gonna damage confidence. A lot of sec me
Speaker 1: dms on this loft and this is even a nice.
Speaker 2: Version that we're doing.
Speaker 1: This is gonna damage confidence in Nirah don't account and
Speaker 1: they weren't hold in the currency.
Speaker 2: Are you liberate a son? Are you hyden i a
Speaker 2: so kunby? You've got the floor. I I was getting ready.
Speaker 1: Let's let's hop into online banker, Online banker.
Speaker 2: How are you doing?
Speaker 3: So?
Speaker 1: Hey, guys, quest to speaky available online batter?
Speaker 2: You got the floor? Go ahead?
Speaker 3: Yeah, I believe in everyone. It's nice to be honest
Speaker 3: without anything.
Speaker 2: I can hear you go for it, Yeah, believing.
Speaker 11: I'm sorry, I'm driving so just in case you get
Speaker 11: because noises. So the I I got to know about
Speaker 11: after reading.
Speaker 17: After the secular about the Central bat was was released.
Speaker 3: So I just followed the trail and you know, to
Speaker 3: know where this was coming from. And it's just like
Speaker 3: you mentioned, I was a bit worried.
Speaker 11: I got confused the government asking because at first it
Speaker 11: seemed like they were trying to say, okay, anybody that
Speaker 11: had illegal funds.
Speaker 3: In Nigeria or BRAC. Maybe it's the money before, all right,
Speaker 3: I just bring it here.
Speaker 11: Now, just come come, come, come bringing the money when
Speaker 11: I'm going to ask you some new questions.
Speaker 3: Just the scheme for you, you know, that's.
Speaker 11: Why he seemed that first, then I go further and
Speaker 11: then so that it required repertoration or verign exchange by
Speaker 11: Nigerian's living outside Nigeria. And just like you have mentioned
Speaker 11: and other speakers had mentioned, there is no legal back
Speaker 11: into that. But another thing you should notice is that
Speaker 11: it's a bit coopon ended. And when he coopon edited
Speaker 11: in that way, he gives room for ambiguity and then
Speaker 11: he gives room for a man of interpretations.
Speaker 1: On purpose, it looks like it's some purpose A little
Speaker 1: bit very bland exactly.
Speaker 11: So if you're going to make a law, especially as
Speaker 11: it pertains to finance, you need to tie up every notice.
Speaker 3: You don't leave laws. You don't leave laws that have
Speaker 3: to do with money. It's not It has to be specific.
Speaker 11: It has to be specified to the letter because it
Speaker 11: can be missinterpreted and then if you could lead to
Speaker 11: financial losses or it could lead to you know, informatigation from.
Speaker 3: One party or the other.
Speaker 11: So what we have seen, what we are I think
Speaker 11: from my own perspective is I think it's just been thrown.
Speaker 7: Around for.
Speaker 11: Forty days at the moment, and you know, I don't
Speaker 11: know if it's if it's open to be fine tuned,
Speaker 11: but it love.
Speaker 3: That you have to don't know about this.
Speaker 11: It's still it's still within the sets of people who
Speaker 11: heard about it and.
Speaker 3: Just moved on.
Speaker 11: I go do the video on it on my platform,
Speaker 11: and then people were asking questions and they were saying, oh,
Speaker 11: what's this.
Speaker 3: It's just a government. I'm not serious about it, but
Speaker 3: it's a decreased right.
Speaker 11: It's in law by the government, and then you as
Speaker 11: an engineer and you're boundary to this.
Speaker 3: So I expect that in the coming months in the
Speaker 3: coming weeks that they should be clarity on this. If
Speaker 3: there is no clarity, then the.
Speaker 11: Lawyers of the House as supposed to come out to
Speaker 11: ask specific questions as if it takes today.
Speaker 3: Like for example, what the C is saying you're going
Speaker 3: to open the.
Speaker 11: Special accounts that is going to that has like in
Speaker 11: number of requirements, but they're not going to ask you questions.
Speaker 3: And it's a big contradictory.
Speaker 11: So I'm going to bring in so you have bringing
Speaker 11: a million dollars and then I tell you, oh, you
Speaker 11: know what, just for the Monday, and then you're and
Speaker 11: it's for that specific purpose.
Speaker 3: It's not going to be any for the questions as.
Speaker 11: Long as it meets EML and it contract some of
Speaker 11: it a bit of contract.
Speaker 3: Is EML and CFC.
Speaker 11: Requirements when because if you do need to ask proper
Speaker 11: questions as regards to thresholds of funds being deposited, but
Speaker 11: because you're given that with that, I think you are
Speaker 11: indirectly out with the CFC and EML as in money
Speaker 11: not dream.
Speaker 3: As your money no dream and.
Speaker 2: Yeah, yeah, well said online requirements.
Speaker 11: But even at that, the people that are suppor but
Speaker 11: people the people that have said people that have that
Speaker 11: are supposed to be the greatest targets of this. Which
Speaker 11: are which are the in the class and the upper
Speaker 11: and upper middle classes by the highness?
Speaker 3: What individuals? Now? What where are yeah?
Speaker 10: Because where the trade?
Speaker 3: Where? Where are their treasures? Are their treasures in in
Speaker 3: in their homes.
Speaker 11: In Nigeria as perceived by this, and their treasures in
Speaker 11: foreign assets?
Speaker 3: And are they going to wedate those assets.
Speaker 10: To come back home?
Speaker 3: Do they feel like you have the stronger.
Speaker 11: Backing and for people that who those citizenships across across
Speaker 11: the world and with as it's even growing. Once they
Speaker 11: go back into this, and I feel like in the
Speaker 11: coming months there is going to be a bit of
Speaker 11: clarity and direction to this. I'm still very because I'm
Speaker 11: a following Nigerian affeluent Nigerian laws.
Speaker 7: A follow Nigerian.
Speaker 11: Policies for for for a while, and you know, I've
Speaker 11: reviewed them.
Speaker 3: I reviewed them often, so I I I don't cast
Speaker 3: tone on them.
Speaker 7: I let it let it seem for a.
Speaker 11: Bit because most times there's always either every few all clarification.
Speaker 11: So for now I feel like a lot of things
Speaker 11: are not figures.
Speaker 4: Yeah, yeah, but online, why why bring it out and
Speaker 4: cost a lack of confidence and then and then clarify,
Speaker 4: you know, I don't know if you remember, there was
Speaker 4: a time the Minister of Finance that's form store fans.
Speaker 1: I mean she went to the World Bank missing now
Speaker 1: she said something about the interest rates would be I
Speaker 1: forget the term she used. She used the term and
Speaker 1: the whole thing blew up. All the questions were asking
Speaker 1: that you mean, I have to google the exact term
Speaker 1: she used. She was trying to say that the government
Speaker 1: is going to pay interest and she uses you know
Speaker 1: that term and everyone if you guys know that basically
Speaker 1: the dw to me. They were asking her to clarify
Speaker 1: what did you mean by this? And that was the
Speaker 1: meeting with the World Bank, and Fla was there. She
Speaker 1: was then missed of everyone was there and don't Then
Speaker 1: on the press conference was asking political ify what you
Speaker 1: meant by saying this.
Speaker 2: Love will be when you when.
Speaker 1: You induce the law or when confidence goes out, the
Speaker 1: windows have to bring it back into the window.
Speaker 2: Already this this was out a long time ago.
Speaker 3: I saw it.
Speaker 1: I didn't talk because I taught in the next week
Speaker 1: they would clarify it. I didn't bring up a space.
Speaker 1: I literally even tweeted about it. No, I didn't bring
Speaker 1: it up. But they haven't done anything. If anything, they
Speaker 1: have gone they before gone more. If you look at
Speaker 1: what the Minister of Finance is saying, he's saying that
Speaker 1: holding dollar is illegal.
Speaker 2: That's what he's saying.
Speaker 1: If you do, and I'm thank you for no information,
Speaker 1: share that will retweet that he's saying holding dollar is illegal.
Speaker 2: How is holding dollar illegal? Just holding it? To having
Speaker 2: a personal dollar? How is it illegal if you export?
Speaker 1: If the government gives you dollars to do business and
Speaker 1: you are supposed to do relatiz and you don't remit, okay,
Speaker 1: that's men's dollar. Or if I open up a five
Speaker 1: HO account, I do work for you in America, you
Speaker 1: pay me ten dollars? How is the government money? Yes,
Speaker 1: I'll pay in context, but how is it? How is
Speaker 1: it the government's business? And how is it illegal room
Speaker 1: to hold dollar? Even if you say it is a
Speaker 1: legal room to hold dollar, I agree with you. I'm
Speaker 1: holding my dollars in a bank in America or Dubai
Speaker 1: or UK. How is it illegal that I ask in
Speaker 1: Nigerian have a foreign bank account? But I'm not a
Speaker 1: government guy. Have a foreign bank account.
Speaker 2: In city UK.
Speaker 1: How is that account illegal? Okay, let's say it is legal.
Speaker 1: How is it that I am in Nigeria with dual citizenship.
Speaker 1: Say I'm a Nigerian UK guy, so I'm having a
Speaker 1: UK seationship in a relationship.
Speaker 2: I have a bank account in the UK with pounds
Speaker 2: in that account.
Speaker 1: You are telling me that it is illegal or somehow
Speaker 1: I should voluntarily disclose my bank account to you. Then
Speaker 1: I can remit voluntially those pounds to a Nigerian back.
Speaker 1: It doesn't make any sense. The Minister of Finance, mister
Speaker 1: Waller do his child is a well known actor.
Speaker 2: It's a well known actor, well known actor.
Speaker 3: Will his son?
Speaker 1: Will his will his kids disclose their bank accounts and
Speaker 1: move their funds to Nigeria bank? Will he the Mister
Speaker 1: of Finance also disclose his own personal foreign accounts and
Speaker 1: move those funds? His wife, his family? Will they all
Speaker 1: move their phones with a Nigerian.
Speaker 2: Bank as well?
Speaker 1: Can they do that so that we see it and
Speaker 1: then we are confident that, oh, the mister has moved.
Speaker 2: Will the President's ballardmed To will also disclose his own
Speaker 2: if he has any foreign assets?
Speaker 1: Will his children also disclose their foreign assets because it's
Speaker 1: not assets, not about just holding currency. So the the
Speaker 1: currency help by the president's children, will he be disclosed?
Speaker 1: Will they not be moved to Nigerian bank? So let's
Speaker 1: see your own action first. Now then you can come
Speaker 1: and say, well, Calluly Prins has done it, you haven't done.
Speaker 2: It, that you are in contrombational.
Speaker 12: So kind of just so that I can add to this,
Speaker 12: you know.
Speaker 11: Foreigen of we live in a very latile environment and
Speaker 11: that's you know, that's part of the reason why we're
Speaker 11: investors shy away from economics, especially in Nigeria. So if
Speaker 11: you ask, if you go further pro and you ask
Speaker 11: certain people, they might tenn is targeted at certain things.
Speaker 3: So for example, we have the likes of the golflos
Speaker 3: that you know that we get the most focused, the assuring,
Speaker 3: the most focused, most fact is paid.
Speaker 11: There is a decline in the value of the error
Speaker 11: because there is almost that rush for us D. So
Speaker 11: is this a form of saying, okay, we're trying to
Speaker 11: put an end to this or is this a form
Speaker 11: of check meeting it? So if there are so many
Speaker 11: angles that you could look at it from, especially when
Speaker 11: you look at what is happening in Nigeria in relation
Speaker 11: to the USD.
Speaker 3: In trying to in trying to catch in mouse, you
Speaker 3: don't burn down the house. So I am still expecting.
Speaker 11: Just like you mentioned, I don't know who are the
Speaker 11: people that craft from all these Potsay. I think they
Speaker 11: are really smart people and that you think give are
Speaker 11: really good to them, educated people that have the conversations.
Speaker 3: But I don't know why while they come up with
Speaker 3: this and why they live who and.
Speaker 11: Then I just expect that they will be clarifications or
Speaker 11: modificators to this.
Speaker 1: Okay, and again the thanks to that, I mean, you
Speaker 1: make a good, great point on that. Again, people are
Speaker 1: saying it's an executive order, it's not law.
Speaker 2: Who said so? Then if it's if executive orders, are
Speaker 2: you saying you only obey laws?
Speaker 1: Are you saying Nigeria unless it's a law, you will
Speaker 1: not obey it. That if the president says that executive
Speaker 1: orders say that you should drive on the left had brood,
Speaker 1: you will not drive because not a law, it's an
Speaker 1: executive order from the president of the country.
Speaker 3: Number one. Number two.
Speaker 2: The Central Bank of Nadia has issued a secular to
Speaker 2: banks in Nigeria to.
Speaker 1: Imply men that exective that you said it's not law
Speaker 1: not but what you say is not this voluntary? If
Speaker 1: it's voluntary, why is there excive perfunct?
Speaker 3: Asked?
Speaker 2: Is there that what I said it was? Go to bed, Joseph,
Speaker 2: real quick, you're in here before. Yes, yes, let me
Speaker 2: let me hold onsel just you share the share.
Speaker 3: Circle on the just people.
Speaker 7: Again speak can also see I've.
Speaker 2: Also shared the secular on my tweet feed. Go you
Speaker 2: see tweet feed and thank you for that. Go ahead,
Speaker 2: so go ahead Joseph.
Speaker 10: Yeah.
Speaker 7: So the reason why I.
Speaker 14: Said it's not law because for my understanding and executive
Speaker 14: order is that they're putting it doesn't open and stuff
Speaker 14: so they can use it as a prosecutory weapon.
Speaker 3: That's all against upsetting individuous.
Speaker 14: So pretty much what the government is doing right now.
Speaker 14: Some people that implemented or trying to enforce those laws,
Speaker 14: it's going to affect them at the end because they're
Speaker 14: going to get off office. The government is going to
Speaker 14: come in and use that same law to prosecute them.
Speaker 3: But they don't know that yet because they're greedy.
Speaker 12: The main idea about that is there's a.
Speaker 14: Big problem in Nijura there's a lot of people that
Speaker 14: have emvestled money in the jury and they're dormicide in
Speaker 14: another country, so.
Speaker 12: Technically you cannot tell them to bring the money.
Speaker 3: Back into the jury. So he's keeping that open, if
Speaker 3: you see itself, for ninety days.
Speaker 14: So during election, there's an influence of dollar into Najera
Speaker 14: to manipulate the election or do whatever they want.
Speaker 3: To do to get the outcome that they desired.
Speaker 14: So right now it's the president is literally asking some
Speaker 14: individuals in Nigeria that he knows I have a lot
Speaker 14: of dollars inside.
Speaker 3: Abroad, to bring that money back into Nigeria.
Speaker 14: You can't put that in writing point blank because a
Speaker 14: lot of people are going to find other ways.
Speaker 3: Like PanAm my paper that came out.
Speaker 14: A couple of years ago, we have to go back
Speaker 14: a little bit. There's a lot of Ninegurias that have
Speaker 14: shot companies abroad. There's a lot of government.
Speaker 3: Officials that have a lot of shared companies abroad, and
Speaker 3: you don't have access to those countries.
Speaker 14: And to answer the question about some people that are
Speaker 14: in the US working making.
Speaker 3: The first of all, the general laws are not enforceable
Speaker 3: in the United States.
Speaker 1: It does there's no way they can you it doesn't
Speaker 1: need to bring your money back into what they have literally,
Speaker 1: but they have literally.
Speaker 3: That's why it is an executive order. Right. If you
Speaker 3: see what the government is.
Speaker 2: Doing, are you saying that because order, it can be ignored.
Speaker 3: Executive order?
Speaker 14: Right, This is the direction of how the government is
Speaker 14: trying to interpret and enforce a particular laws.
Speaker 3: So that law that is what they need to challenge. Right,
Speaker 3: there have to be some part in the durial constitutions on.
Speaker 1: Ruling in the past, bankers, secular, the central bank, Yes,
Speaker 1: the central Bank.
Speaker 14: That executive order is challenged in the court, the central
Speaker 14: Bank circulizing.
Speaker 3: But that's not the point I'm making.
Speaker 2: We're saying that it's there now.
Speaker 1: There's a secular today as we speak today that say
Speaker 1: that you or I as a foreign as a dispra
Speaker 1: have to do bringing our money to the Nigeria.
Speaker 2: It's there today.
Speaker 1: I get the point of our intubation tomorrow, but today,
Speaker 1: it's an executive order.
Speaker 2: Today, it's sitting there today in Nigeria.
Speaker 1: Now we can't say it's not mandated because it's an
Speaker 1: executive order, it's from the president. Then the same central
Speaker 1: bar has gone further to then say we're an issue
Speaker 1: is secular on this.
Speaker 2: We can't suppert them under the table.
Speaker 3: That's what the central Bank is supposed to do. You're
Speaker 3: working at the head of the president.
Speaker 2: When theresident the report to the to the president. The
Speaker 2: certain does not report to the president.
Speaker 14: I think the person that contras the central Bank is
Speaker 14: actually appointed by the president, but.
Speaker 2: They don't report to the President's Supreme Courts are appointed
Speaker 2: by the president, but they don't report to the president.
Speaker 2: Don't just report to the president.
Speaker 3: I mean as an executive, I mean good.
Speaker 2: I'm trying to.
Speaker 1: Yeah, I'm not saying to speak, don't I don't Joseph.
Speaker 3: Yeah. Detail I'm trying to say is that it's not possible.
Speaker 14: One thing I want to point out is there's some
Speaker 14: underground policies that is going on in Injuria that people
Speaker 14: are taking note of.
Speaker 3: The outdate that is going on in Nigeria banks.
Speaker 14: Is for the government to get more access to see
Speaker 14: what monetary.
Speaker 3: Transaction is going on in Nanjura. Then the next step is.
Speaker 14: To start telling people to bring their money back into Nigeria.
Speaker 3: And you don't have visibility. The government don't have visibility
Speaker 3: of most of the monetary transaction going on in the injury.
Speaker 14: So this right here is going to be something that
Speaker 14: if they're put it right and the refinement right, they
Speaker 14: can meet a lot of individuals in Nigeria and say hey,
Speaker 14: we know you sole money from this country, but where
Speaker 14: did you keep it?
Speaker 3: And you don't have that visibility.
Speaker 10: That's why a lot of.
Speaker 11: Politician to go out of office and they just returned
Speaker 11: back whever you can find the niger The rest of
Speaker 11: the money is abroad.
Speaker 3: And only if you send them to prosecute them.
Speaker 1: Joseph, Joseph, we know these things you're saying. We're Nigerians,
Speaker 1: were not try what you are saying. The point we
Speaker 1: are making, whether they're on the space today is that
Speaker 1: the law is there. And if you believe this law
Speaker 1: will not touch you, remember once that law is out there,
Speaker 1: if you come into Nigeria and you have a foreign account,
Speaker 1: someone can argue and detain you on the fact that
Speaker 1: you are in contravention of a Cybian circular and the
Speaker 1: president is expor and you go to court and argue,
Speaker 1: but you'll be detained because that is a charge. This
Speaker 1: law should not even come out. You are the things
Speaker 1: you're saying, You are our side. You are saying it
Speaker 1: shouldn't even come out, and we're saying, how many even
Speaker 1: out there? It's going to damage the country. You I'm
Speaker 1: going to lose more than we gain because many for
Speaker 1: us are like, oh, if they're asking me to do this,
Speaker 1: and I doesn't live that you have for now, I
Speaker 1: cannot even do anything that you have for now because
Speaker 1: I don't know when people are going to asking me
Speaker 1: to close down my bank for America and transform into
Speaker 1: my bank in Nigeria.
Speaker 2: Makes no sense. It's the same. Just so just let's
Speaker 2: take the room, let me, let me get go ahead.
Speaker 2: Yes I can, please go ahead?
Speaker 21: Yes, yeah, So I agree one of the person what
Speaker 21: you're saying as well.
Speaker 13: I think it's an executive order and you will be implemented.
Speaker 10: So I think I'm going to say confuse names.
Speaker 2: One is I think.
Speaker 3: The intention will.
Speaker 7: Not necessarily be too.
Speaker 13: To target people's money, but I feel like it's from
Speaker 13: a political point of view.
Speaker 3: I could be wrong, but it's just a view I have.
Speaker 3: They couple of problems wrong right now.
Speaker 10: One is.
Speaker 22: The governors are he gains this new tax reform right,
Speaker 22: so I don't know. I'm just as Jimmy. Maybe it's
Speaker 22: the way of uh from the city exchange with green bunkers.
Speaker 3: But it's also a way of reducing.
Speaker 13: The use of park on dollars and exchanging it because
Speaker 13: that has historically been the primary driver of Nigeria's black
Speaker 13: market in Nigeria.
Speaker 3: So second of all, I think this.
Speaker 21: Executive order right will cripple all form of foreign investment
Speaker 21: in Nigeria or they literally even have left because I think.
Speaker 3: It would drive investor confidence as well.
Speaker 1: So and see what you said, Yeah, I mean again,
Speaker 1: manual people are people are to ask telling me that
Speaker 1: the order will be challenge is a certain order.
Speaker 2: That's not the point the point of what you just
Speaker 2: said in Manuel. When you make this kind of order, you.
Speaker 1: Reveal or you show your hand, the market sees what
Speaker 1: your real intention is. That your intention is to go
Speaker 1: after private capital of citizens. That's your intention. That the
Speaker 1: cod simply slaps you back. So people that people then
Speaker 1: take dressing. People will then be like okay, because it's
Speaker 1: like this, now I will open an account in the
Speaker 1: name of my grandmother that is from land to Bigo.
Speaker 1: So you lose that willingness. Nie, you say want to,
Speaker 1: but you can't tell people red mix morney to Nigeria.
Speaker 2: When I when I it's an advice, when I it's.
Speaker 1: A suggestion, When I you you can't put voluntary in
Speaker 1: in in the act, Then it make me come back
Speaker 1: and say open another account. Then you have your central
Speaker 1: bank governor and your CV, sorry, your Minister of Finance
Speaker 1: saying holding the lights legal. I've shared the guy's article
Speaker 1: on my twotir feed. He read what he's saying. He's
Speaker 1: saying holding the dollar outside the banks legal? Why is
Speaker 1: the dollar should be? We said we should not dollarize
Speaker 1: the economy, So why are you concern with the dollar?
Speaker 1: Concern yourself with an ira. Make the Ira stronger, then
Speaker 1: the dollar will flow in. Why are you concern yourself
Speaker 1: with your currency you don't issue on or can remit.
Speaker 2: Why are you concent with that?
Speaker 1: If you want dollars, create the environment for dollars to
Speaker 1: come in, which you have already done and succeeded.
Speaker 2: You ish the dollar bond.
Speaker 1: And you got over subscription on that dollar bond, So
Speaker 1: why have you know a bundle dollar bond to go
Speaker 1: after dollar deposits in America, China and rest doesn't make
Speaker 1: it a man.
Speaker 3: Or? What are the uh is from? People? Are working up.
Speaker 13: Two families of Agias abroad. I feel like maybe that
Speaker 13: has reduced compared to what it was before.
Speaker 2: It hasn't reduced. What has happened that has gone to
Speaker 2: other means.
Speaker 1: You know in the past, right when we have remittances,
Speaker 1: if I want to repeat my to Nigeria, I remitted
Speaker 1: to my bank or or then my bank, I can
Speaker 1: go to the bank, take dollar and sell and give nayra.
Speaker 1: And there was a either you sent dollar and you
Speaker 1: get dollar, you send dollar, you get it doesn't matter
Speaker 1: about it. But what happened is that when they went
Speaker 1: after they went or not when they went after a
Speaker 1: bookie EFTs. They went after the gugs or remitting money
Speaker 1: and made it very bad difficult because they wanted to
Speaker 1: put to the remit only through Nigerian banks so they
Speaker 1: will see those dollars and give you at the official
Speaker 1: rate of die. Then from the narr that was what
Speaker 1: they were trying to send you money to Nigerian banks
Speaker 1: and nidrant banks will remit the funds to your destination.
Speaker 2: But at the official rate.
Speaker 1: Folks then went to P T P because on that
Speaker 1: P two P you can remit at the quote unquote
Speaker 1: market rate. So the Sylian try to stop P to
Speaker 1: P they could not. Then they went and said, okay,
Speaker 1: we're gonna pay you five narer. So every time you
Speaker 1: Semony three Nindrian bank, the Cilia was subsidizing that transfer.
Speaker 1: I pay you five now to get folks to leave
Speaker 1: P to P two banks.
Speaker 2: That's what we were before before we had the flute.
Speaker 2: So right now we have a flute.
Speaker 1: And so if you send your money's Nigeria, you are
Speaker 1: supposed to get the real markets.
Speaker 2: There's no more cibing rates. So what they trying to
Speaker 2: do now is to.
Speaker 1: Say listen, even that's market are saying that we want
Speaker 1: you to send the dollars itself.
Speaker 2: They want the dollars. That's what they are leaving focused on.
Speaker 3: And what the banks themselves they don't have the they're
Speaker 3: not promoting any infrastructure for people to use P to P.
Speaker 1: Banks can do P T P banks not doing P
Speaker 1: two P. They're not allowed to. That's what I'm trying
Speaker 1: to say. The P two B is the non banking.
Speaker 1: Maybe I'm doing the word P TWOP doesn't mean like
Speaker 1: how you say no no. In the Niger nigelity technology,
Speaker 1: the P two P are the non banking receivers and
Speaker 1: remitters of forests.
Speaker 2: So if you want to they can do.
Speaker 3: They can create a created company wants to have majority.
Speaker 2: No, no, no, they don't don't. Don't they know what
Speaker 2: to do.
Speaker 1: Listen the reason Nigerian banks before we're giving you an
Speaker 1: official rate, we have the flute. So Nigeron banks are
Speaker 1: now competing to get your remittances and give you not
Speaker 1: they can give you dollar, they can give you They.
Speaker 2: Are competing with what we call P two P. P
Speaker 2: two P is the online. When you go online, you
Speaker 2: can transfer crypto, you can transfer dollar.
Speaker 1: It goes from myself to battle to the present directly
Speaker 1: non banking, not going to the banks.
Speaker 2: That has been a big part of.
Speaker 21: Found How does EO country Your banks can do transductions.
Speaker 1: Like that are missing the point. They can do it,
Speaker 1: but they are official. The Nigerian government is official. If
Speaker 1: you go through the Nigerian bank, you are going through
Speaker 1: official channels. In the past, they made it very difficult
Speaker 1: to send money is through official channels. So many Nigeria's
Speaker 1: left official channels to what we call P two P.
Speaker 7: Now they have.
Speaker 1: Floated the currency. They have made it easier for us
Speaker 1: to go out to the bank. But I just have
Speaker 1: to not gone back to the banks. The banks have
Speaker 1: better technology, for the laws made it harder for them
Speaker 1: to compete with the P to P. Listen, if you
Speaker 1: go to binance or whatever they call it, you can semony.
Speaker 1: It goes to the present instantly, no questions asked for
Speaker 1: the Nigerian bank.
Speaker 2: You open this, you feel this, you do that.
Speaker 1: So it's not that the banks can do with the
Speaker 1: Nigerian banks are the best to do, but they are.
Speaker 1: They are a couple or they are handcuffed by regulation.
Speaker 1: So that's where we did. Let me get thank you
Speaker 1: so much for that. Demie dens in your mind, Demie,
Speaker 1: how you doing?
Speaker 2: Welcome back?
Speaker 1: I say you dropped off? All right, DENNI there you
Speaker 1: go again. Let's get I your so could be?
Speaker 7: How are you doing?
Speaker 3: Are you're showing me?
Speaker 2: Okay, let's get hey, why hey? Why are you gonna
Speaker 2: take you off?
Speaker 3: Hey?
Speaker 2: Why let's get you to come in here? Mind and up?
Speaker 3: Okay, I just wanted to perspective. Yeah, like what keeps saying.
Speaker 2: This is that's not law.
Speaker 3: I'm sure you understand.
Speaker 7: It's really what I know, say reople that it has.
Speaker 9: Been possible law.
Speaker 7: He kicked it out.
Speaker 3: It is, it is.
Speaker 17: Impossible, and as regards it's ready on the back of
Speaker 17: that executive call.
Speaker 3: That so when they keep saying it's not, I really
Speaker 3: don't know what they're there.
Speaker 11: You know, we we don't have a national assenting actually
Speaker 11: out as this we been sending or the digital move
Speaker 11: things out.
Speaker 3: Then it's really because infemily it out. So if we
Speaker 3: are parental on getting to toll the.
Speaker 23: National affamily to which is when people we can pie
Speaker 23: this out, then I don't know we are.
Speaker 3: I wouldn't be so confident in getting that words because amily.
Speaker 2: So we can actially begin to tell this as they
Speaker 2: are now and begin to.
Speaker 14: Know for how to get it off or look for
Speaker 14: or understand what they're trying.
Speaker 3: To write about that this is not endpossible. I think
Speaker 3: if you want so, if you want to stand on that.
Speaker 1: Particular exactly, I mean, I think there are many executives
Speaker 1: measures that have let that have been inclemented today as law.
Speaker 1: The President pass President Harry past executive order that says,
Speaker 1: if you take your tax money and you build a road,
Speaker 1: the government will give you that money as tax credits.
Speaker 2: It's an exective order. Has been implemented today it is happening.
Speaker 2: So you can't hide behind an executive order.
Speaker 3: An executive order in the same game as the law.
Speaker 2: I never want to go, I never want.
Speaker 3: An exective order.
Speaker 10: Is the same thing as a law specifies for your penalities.
Speaker 10: But now you when the order says you should do.
Speaker 2: Okay.
Speaker 3: However, however, what I do see in.
Speaker 10: Our executive order is that it is an keay complete order.
Speaker 10: It doesn't specified, it does justify what the penalties.
Speaker 3: Are if you do not do what the order says
Speaker 3: you should do.
Speaker 10: I remember when Trump where issud spy different types of
Speaker 10: incentive orders in the US and and people were challenging
Speaker 10: some of them in courts and it were defeated because
Speaker 10: when the other comes, it comes with a penalty for
Speaker 10: not doing what you said. Having said that, though, I
Speaker 10: think the government have a problem understanding how the global
Speaker 10: economy works. A bunch of flaws they are bringing in
Speaker 10: now is actually as incentive for people to invest in
Speaker 10: Nigeria right now, well.
Speaker 3: Sea, right now, this is a little bit order.
Speaker 7: If you've been making it, it is incentive for.
Speaker 2: Even people to be the citizens of Nigeria because.
Speaker 10: Your government is telling you that if you have money
Speaker 10: outside the country and you don't bring it into your country,
Speaker 10: then you have committed a crime and definitional crime. And
Speaker 10: the government being the type it was set up and
Speaker 10: now without epinality, they can go for the whole money.
Speaker 3: Whatever you have, they can seize it. There are peoples are.
Speaker 10: Sets being seized on filmsy excuses before because in Nigeria
Speaker 10: is a worldwide weste of laws.
Speaker 3: And there is impunity of law.
Speaker 10: Please don't quite work the way it should work unless
Speaker 10: you are powerful or you know powerful people.
Speaker 3: There was a speaker that was.
Speaker 10: Saying that someone can actually be arrested at the airport
Speaker 10: and then for not for having money outside.
Speaker 3: And that's true.
Speaker 10: I haven't said that this executive is actually targeted at
Speaker 10: some people, specifically politicians that the government said that the
Speaker 10: money they have outside will be a threat to him
Speaker 10: manipulating the next election. So this is started at the
Speaker 10: next selection.
Speaker 3: But it's too broad.
Speaker 10: It puts every citizen of this country to be a
Speaker 10: potential law breaker.
Speaker 24: Yeah, that's the point of the country. That's the point
Speaker 24: into your country. Yeah, you're coming to your country and
Speaker 24: being in Nigeria, you've already broken the law.
Speaker 10: Because you have a dollar in your house that you
Speaker 10: have not declared to the government, you've already broken the law.
Speaker 3: You have an offshore.
Speaker 10: Company that we're running for a thousand years and maybe
Speaker 10: your great grandfather have this company and you're happen vidim
Speaker 10: from it. They want you to liquidate that trust trust company.
Speaker 10: They want you to recredate the trust and bring back
Speaker 10: the money to Nigeria.
Speaker 6: And I kind of need that.
Speaker 3: It's only life.
Speaker 2: Yeah, there's the point that we can all broke at
Speaker 2: the same time, so then we can.
Speaker 1: All question is you know, like I said, in South Korea,
Speaker 1: they passed the same law and they were very small.
Speaker 2: They were very specific, but it's not exactly advice hold on,
Speaker 2: let me hold them needs a few guys.
Speaker 1: If you're not speaking, mutes, if you're not speaking place mute, Yeah,
Speaker 1: please go. The point of thinking was that in South
Speaker 1: Korea they passed the same law, but we were very
Speaker 1: very specific. This is targeted at those that have these
Speaker 1: corporations or corrupt folks that are bring the money back
Speaker 1: in very very targeted. This law is sweeping, It says
Speaker 1: Nigerian's It even goes about to say.
Speaker 2: Diaspora at least diaspora.
Speaker 1: So if you are Shaddy, I do Shaddy, I do
Speaker 1: you are Nigerian Because you are Nigerian, Shade is expected
Speaker 1: under this law to.
Speaker 2: Disclose what she has in her bank account to Nigerian governments.
Speaker 2: Then she's expected expected.
Speaker 1: She's expected to that remait her money from her UK
Speaker 1: Shall I do to remait her money from.
Speaker 2: That you K bank to Nigerian bank.
Speaker 1: I mean, it's crazy, but you can't write your laws
Speaker 1: to make sure that it doesn't.
Speaker 2: Exactly law and it's not being I'm quoting the law
Speaker 2: and I quoted it again for those just joining Number one.
Speaker 3: Number one it.
Speaker 1: Says the start off by saying that that Nigeria's they
Speaker 1: are amounts of internationalitud foreign currency lawfully held by Nigerians
Speaker 1: within Nigeria and the DASPRA. He says it there so
Speaker 1: that diaspora and Nigerian's lawfully hold foreign currency. Then number
Speaker 1: two there says within ninety days minister should pass a law.
Speaker 1: Minister of financially then passes second which has done. Number
Speaker 1: two he says that all Nigerians foreign and diaspora should
Speaker 1: disclose their internationally foreign currency.
Speaker 2: Held on shore and offshore.
Speaker 1: Number two he said that the Nigerians should there remit
Speaker 1: their dollars they are holding in Nigeria to Nigerian back.
Speaker 1: Number three, He then says, listening repatriation of this closed
Speaker 1: international treatable foreign currency held off showing cash or retain
Speaker 1: or training form.
Speaker 2: Through approved time. So do who is Nigerian has.
Speaker 1: Never been to Nigeria, does not just Nigeria's expected to
Speaker 1: go and disclose voluntarily her dollar had pounds by bank account,
Speaker 1: then transfer her pounds bank account from the UK banned
Speaker 1: to Nigerian back voluntarily. Guys, don't forget she has to
Speaker 1: do this voluntily. Why is such a law coming out
Speaker 1: on the box. The point my ban on is making
Speaker 1: that it causes a loss of confidence. Why okay, why
Speaker 1: should I be in Nigerian if my dollar holdings the
Speaker 1: guy that the guy sold his business to Google for
Speaker 1: a billion dollars? This is the guy who's that guy's name.
Speaker 1: He sold his dollar holdings to Google for a billion dollars.
Speaker 1: The guy that owns Kalndary Kalendary is Nigerian. How how
Speaker 1: much is calendary work to do so? The government said
Speaker 1: that guy, that coalentary guy should volongially quote dis closest
Speaker 1: bank account and then voluntely transfer his bank accounts from
Speaker 1: whatever it is to nature.
Speaker 2: It makes no sense.
Speaker 3: You are consting.
Speaker 1: A lot of others are saying, come come to by
Speaker 1: contract a citizenship like in Ghana, in in whatever Rightwanda,
Speaker 1: come to the contract Asiship.
Speaker 2: You areking me.
Speaker 1: If you're a citizen, well I'm gonna take away your
Speaker 1: bank account. Makes no sense, guys, makes no sense. Man,
Speaker 1: let me get demi in here. Demi yeah, I'm God.
Speaker 3: Wanted to approach this from what was assuming that the
Speaker 3: government is competent and has a clear strategy behind why
Speaker 3: they're doing this.
Speaker 2: So if we assume that their.
Speaker 11: Strategy is economic, then you know, everyone is already established.
Speaker 3: It doesn't make any sense. As someone that lives in
Speaker 3: the United Kingdom.
Speaker 25: There is no carrot and there is no stick, right,
Speaker 25: there's no incentive being provided by disorder, and there's no
Speaker 25: clear punishment.
Speaker 11: So if I'm assuming that this government is is competent,
Speaker 11: then my assumption is that there's a political angle.
Speaker 3: To this and that they're using this law as a.
Speaker 25: Precursor to political persecution because it gives you a fairly
Speaker 25: wide open readmit to persecute anyone that would be suspected
Speaker 25: of not.
Speaker 3: Remitting their their funds to Nigeria. So yeah, that's that's
Speaker 3: that was my main contribution.
Speaker 25: Like I've been thinking through the contributions on the space,
Speaker 25: trying to make sense of the economic arguments, and it
Speaker 25: is clear that there isn't one and.
Speaker 3: This actually is actually going to discourage investments.
Speaker 1: So des for relation, DeBie Dennis an economic argument. The
Speaker 1: law itself, it's not mut Nigeria yet. It's been done
Speaker 1: by many other countries in the past. They used to
Speaker 1: get in, should we say, illicit.
Speaker 2: Funds back home.
Speaker 1: So if I was corrupted and I've come to Jesus,
Speaker 1: I can bring my funds.
Speaker 2: Back to Nigeria. It's not new.
Speaker 1: The point is the way it is written. It's written
Speaker 1: so broadly and it makes that holding illegal. It doesn't
Speaker 1: make any sense. You've got to write very very specific
Speaker 1: law and say this is who we are targeting. This
Speaker 1: boy is for this kind of Nigeria and if you
Speaker 1: do this, this is what you get. The way it
Speaker 1: is written today to say you DEMI are in contribution
Speaker 1: after ninety days you that's how the story is fitting.
Speaker 1: That's once you sit in Nigeria by January nineteenth. DEMI,
Speaker 1: whenever you're in the world, you are in controversion of
Speaker 1: this executive order.
Speaker 2: That's the point. And we can have a bit more
Speaker 2: that it is just broad sweeping, like we can't give
Speaker 2: anesty and rope everybody else into this, you know, class action.
Speaker 2: It doesn't make any sense. Yeah, all right, yeah, real quick,
Speaker 2: real quick, aiet.
Speaker 3: But I want to ask. It's just something I'm liking
Speaker 3: sp sense. He's says that.
Speaker 12: This don't just right because I did doctor bat If
Speaker 12: issued his skill.
Speaker 3: Guideline whatever tent twenty four on if before.
Speaker 11: So I'm trying to make sense for if the the
Speaker 11: the tap of the last how come the skin guideline?
Speaker 1: And this is just like the question that I can't
Speaker 1: that's exactly is the guide like back dat, I'm not
Speaker 1: saying it back to the guy that I have posted
Speaker 1: almost let me see the date I have on mine
Speaker 1: is let me get it.
Speaker 2: It's November.
Speaker 1: The step that's what I happy the space it's really
Speaker 1: see look at the first paragraph.
Speaker 3: He's saying that the.
Speaker 12: Minister Finance, committing miss of Economy had issued the foreign
Speaker 12: currency exclusure.
Speaker 7: For incurs exclusures in the profusion and the masking.
Speaker 3: Guideless now for on April eighth, swore and so I
Speaker 3: said to operationalize.
Speaker 23: About fifteen, the Wonderable of Finance and Positions of Economy.
Speaker 3: Had issued the foreign Currency Exclusion.
Speaker 12: Deposit perfusion and Business regardless three twenty four on every
Speaker 12: twenty four.
Speaker 26: So it is saying that your ready issue is being
Speaker 26: guidelines in anticipation that there's a good.
Speaker 3: Become October feeling feeling and twenty five.
Speaker 1: Honestly, honestly, so that could be a typo or something.
Speaker 1: I'm saying, yes, skin on April eight, that could be
Speaker 1: a typeo because.
Speaker 2: When everything was in it is November.
Speaker 1: Even the letter you're regally saying, if you look at it,
Speaker 1: they're saying October twenty fifth. Let's your reading. I was
Speaker 1: watching the field too, and I'm not sure where April
Speaker 1: it came from. That's for them to I'm not sure
Speaker 1: where I was coming from. But it looks like don't
Speaker 1: want me, that's the title. Let me get doctor, doctor obi,
Speaker 1: I can I can help. What's your ticket?
Speaker 3: What's going on?
Speaker 19: Yeah?
Speaker 2: But when are you moving your money over? Let's start
Speaker 2: from it.
Speaker 3: Well, you asked me, where am I announcement.
Speaker 1: Oh my god, oh this small secular they can't play
Speaker 1: with you again, Okay, because.
Speaker 3: It is actually right.
Speaker 27: That was something that I was going to do earlier
Speaker 27: this year, just like a jump a government the government
Speaker 27: job that I was going to participate in, and it's
Speaker 27: like a high security job and it requires me to
Speaker 27: actually announce my Jazz citizenship.
Speaker 3: You know, I can't be and be part of it.
Speaker 27: So me, it was difficult for me, and I hope
Speaker 27: get out of the job because I don't know how
Speaker 27: renounced my.
Speaker 3: Gurance citizenship, you know.
Speaker 12: So now we have this.
Speaker 27: You know, the people who are running Nigeria, they don't
Speaker 27: They don't seem to.
Speaker 3: Have good intention.
Speaker 27: You know, there is there's something that you have good intention,
Speaker 27: but maybe you ready you are making mistakes, you know,
Speaker 27: it would be clear. But I don't think that they
Speaker 27: have good intention. It seems that everything they're doing it's
Speaker 27: either you know, to correptutly enrich themselves or to target
Speaker 27: their enemies.
Speaker 3: If this was supposed to be.
Speaker 27: For public officeholders who must have stolen money, you could
Speaker 27: have just made it clear that our current and former
Speaker 27: public office holders should blah blah blah blah, blah, you know.
Speaker 3: That would understand it.
Speaker 27: But use this with him thing about all Nigerias, like
Speaker 27: somebody says, you know, now in Nigeria, they put all
Speaker 27: these laws and everybody.
Speaker 3: Will be fine just going around.
Speaker 27: But the day they want to target you, they will
Speaker 27: pull it from their house and use it to Pacaty
Speaker 27: just like Cubanaci police and Bob Risky was tried for
Speaker 27: splaying and while everybody's playing that even today, that is Sunday.
Speaker 27: If you go around in Nigeria, everybody you supposed playing
Speaker 27: and you see police people guiding them provided security, but
Speaker 27: alof has already decided to just go to two people
Speaker 27: and they hold him continue. So it's all a joke
Speaker 27: like all that have said. If they become serious about this,
Speaker 27: a lot of people who all renown like their Nigeria citizenship,
Speaker 27: you know, maybe you will go somewhere and believe republic,
Speaker 27: you know, talk to blame public governments in both Novo
Speaker 27: and they will give.
Speaker 3: Us some accounts of land and we will build a.
Speaker 27: Little city there when we want to the count to
Speaker 27: Africa and we'll just be there and be looking at
Speaker 27: the U people in Nigeria because me I know I
Speaker 27: understand all already investments that we have to be making
Speaker 27: nine jelia. So this was twenty fourteen. I was in Nigeria,
Speaker 27: in Conjinia.
Speaker 3: Twenty fourteen and I had I had so because I
Speaker 3: came for.
Speaker 27: Some funeral and funeral I decided to leave some money
Speaker 27: in Nigera twenty fourteen major it was going the upwards
Speaker 27: where I wantimistic, so I decided to leave some four
Speaker 27: thousand that left to to in dollars.
Speaker 3: I left two in naira. So I opened that I
Speaker 3: left to in dollar and then I opened another and
Speaker 3: another accounts I left to.
Speaker 27: I changed two thousand dollars in done as at that
Speaker 27: time I think it was two for if I can remember,
Speaker 27: so the thing would have been like for gon at
Speaker 27: eighty thousand, and I put it the git back apparently
Speaker 27: gy banquet whatever whatever you're supposed to do to give
Speaker 27: me online access, you know, assigned this documents alute discipline
Speaker 27: that I just kept tired and I forget and I
Speaker 27: just left them alone.
Speaker 3: That morning found than eighty thousand. It is still there.
Speaker 7: You will know.
Speaker 27: It is not even what is not even on the
Speaker 27: five hundred dollars now, but it was a cash off
Speaker 27: two thousand dollars that I I put.
Speaker 3: In, you know, the one in dollars.
Speaker 2: What do I taking the money like fees? What happened?
Speaker 3: No? No, no, the one and now I is still
Speaker 3: there found that eighty time.
Speaker 27: I'm talking about what it wants. Now the value is
Speaker 27: now then the one in the inion dollars they'd be taking.
Speaker 27: They were taking fees from me. They've been taking fees
Speaker 27: that morning. The last time I checked, it's like one
Speaker 27: thousand for hundred and something. Because the last time I
Speaker 27: was in the JR. I would try to to join
Speaker 27: the money and close the account.
Speaker 12: But you know I couldn't.
Speaker 3: I couldn't be able to do that.
Speaker 27: I went to the bank to they were you know,
Speaker 27: running around, you know, and it was a day before
Speaker 27: before I leave.
Speaker 3: I just left.
Speaker 27: So this is just to say that we personally have
Speaker 27: decided that you know, guys, you know, like putting an.
Speaker 3: Investment in Nageia and doing stuff like that, it's it's.
Speaker 27: In waste, okay, you know, Okay. For for for instance,
Speaker 27: I bought a house in Vegas, this house. I reduced
Speaker 27: one hundred and thirty thousand dollars to buy this house.
Speaker 27: As at that time the whole thirty thousand amounted to
Speaker 27: about sixty eight million.
Speaker 3: This should be.
Speaker 27: Appreciate maybe about three years ago he amounted to sixty
Speaker 27: eight million.
Speaker 3: There's a friend of mine here.
Speaker 12: I was convincing him to be the umpire and let's,
Speaker 12: you know, let's get the house because I know the
Speaker 12: person that they can look in the state.
Speaker 3: You know. So he wasn't he wasn't ready with money.
Speaker 3: So I went, I heard, and I bought.
Speaker 27: Now, fast forward to today, fast forward to earlier this year,
Speaker 27: that house has appreciated to nineteen million, according to what
Speaker 27: they what they're telling me.
Speaker 14: And then this kind of.
Speaker 3: Mine now was ready to buy.
Speaker 2: And you know what happened.
Speaker 27: He used about sixty thousand dollars to buy the same
Speaker 27: property that I bought four hundred and thirty thousand.
Speaker 3: I don't know if you understand what I mean.
Speaker 27: So by the time he changed sixty thousand dollars and
Speaker 27: it was enough for him to pay for.
Speaker 3: The same property. Yeah. That that's that's so remember that.
Speaker 27: Someone who say, my property appreciated from sixty eight million
Speaker 27: to nineteen million, or if I have pat that hundred
Speaker 27: and that my pillow today, I'll use it to buy two.
Speaker 28: So this hole, this whole, I think you know, like me,
Speaker 28: if I'm going to I didn't.
Speaker 3: Now I'm away with it. Design. You know, we're with
Speaker 3: the US passport and you know I am.
Speaker 27: You know I am not in Nigeria now, I'm in Agilia,
Speaker 27: but officially as I want, especially with this idea of
Speaker 27: declay your money whatever, whatever, I want to.
Speaker 3: Come as an autist and and go.
Speaker 2: Hopefully at some point we.
Speaker 3: Start getting to work together.
Speaker 14: But for now I'm just.
Speaker 27: Looking at them. They then't do what they are doing.
Speaker 27: When Nia decides to work, we will all play fast back.
Speaker 2: All I would say, sir. I mean I can argue
Speaker 2: with you all.
Speaker 1: I I don't forget to do your socials even though
Speaker 1: if you're if you just don't don't abandon those guys
Speaker 1: as well.
Speaker 2: I'm just saying that one.
Speaker 3: As I'm talking to you, I'm using the house in
Speaker 3: my village. So I'm doing I'm doing my thing. I do.
Speaker 3: I do Christmas for I do Christmas plieative every year.
Speaker 3: We're getting ready. So we used to give everybody one
Speaker 3: bag of flaes. Can you imagine now you're calling for that?
Speaker 27: You know we used to my whole Kindred, all the
Speaker 27: women and my Kingdred I used to do one bag
Speaker 27: of prize sometimes that aunt fifty Now you know, how
Speaker 27: can you buy a fifty back of rice.
Speaker 3: This time around? You know?
Speaker 9: But it is what it is you and you are.
Speaker 1: You are saying this because you love Nigeria. You wouldn't
Speaker 1: come up and I'm talking if you don't care. So
Speaker 1: you are saying because many people are like you. Many
Speaker 1: people want to invest in the country and they are
Speaker 1: they don't like what they're seeing.
Speaker 2: You can't.
Speaker 1: This law is too sweeping and not a long The
Speaker 1: law pers Like I said, it's not the first time
Speaker 1: this law has been passed.
Speaker 2: South Korea pasted it.
Speaker 1: If you're concert giving amnesty, even the US to give
Speaker 1: tax amnesty.
Speaker 2: But this law is seeing Trump anybody, Yeah, yeah, yeah, yeah,
Speaker 2: it wasn't.
Speaker 3: It wasn't done as if it Trump made it. Deal
Speaker 3: with Apple and all these corporation that I say, bring it.
Speaker 2: We're going to give you the.
Speaker 1: Past break Apple, Apple return billions back to the tax.
Speaker 2: So I mean just putting voluntears. It means voluntary, but talk.
Speaker 2: We appreciate you.
Speaker 3: Hang on.
Speaker 1: Nigeria is going to be better place. Don't hang in
Speaker 1: thest Let me get a little bit.
Speaker 2: And me you joined it.
Speaker 1: But we're talking about this is if you about fifteen
Speaker 1: saying as a voluntary remediance disclosure.
Speaker 2: And remittance of funds by Nigeria's it's not exception.
Speaker 1: Nigeria's means Nigeans in America and diaspora, people like Sha
Speaker 1: do and yourself, you should disclose and remit funds from
Speaker 1: your foreign accounts to the Nigerman banks.
Speaker 2: What's your take? A little bit.
Speaker 3: Came for my accounts to like young.
Speaker 2: You see that it's right there right there's the order
Speaker 2: section one.
Speaker 1: The first one one C one C and I quote
Speaker 1: repatriation repatriation of disclosed internationally treatable foreign currency held in
Speaker 1: cash or retained indentally from true approved channels.
Speaker 2: That's not.
Speaker 3: I think that is excessive. I think it's unapplicable. I think.
Speaker 12: I think it's does highlight the problem about this present administration.
Speaker 12: I got most of the points, but to honest with you,
Speaker 12: I did not see that closed as I.
Speaker 3: Was really shocked when you spoke about it.
Speaker 12: You know, can The major problem is the nagerial effects
Speaker 12: market is mike revenue, but it's in capacity. Is at
Speaker 12: the lowest level ever recorded in modern history. And if
Speaker 12: you look at the whole remaions, it's not getting better,
Speaker 12: if not.
Speaker 3: The fact that.
Speaker 12: For an exchange all this this is about what's it
Speaker 12: test too much? I but if you look at the
Speaker 12: net based on deep Mogan, it's going to be simple
Speaker 12: tickey because like you, has a lot of commitments.
Speaker 3: I do forget that we also have ever the same
Speaker 3: publication which takes the course of defense, education, agriculture and
Speaker 3: all together. So probably I think the government is the
Speaker 3: separate but haunting your citizens are broad. It's not applicable.
Speaker 3: Now I'll tell you what the Swiss and the Americans
Speaker 3: were able to do, because I noticed that European banks
Speaker 3: as planning.
Speaker 12: Brands to the land you can, they don't like to
Speaker 12: open banks for American citizens. And the reason is because
Speaker 12: Americans they are tax compliunds and the way they get information.
Speaker 12: You know, Americans are the big tax wherever they are,
Speaker 12: regardless of where where you're working, so if you're.
Speaker 3: In France and America, you're going to pay attacks. So
Speaker 3: these banks are careful.
Speaker 12: So what this is going to mean is that.
Speaker 3: The fact that it won't be the Niger you have
Speaker 3: to go through and I supposed is to open about
Speaker 3: now with that diective by banks might be beat skeptical,
Speaker 3: so net positive. Then also you.
Speaker 12: Are pushing your You're pushing nagers that don't even have
Speaker 12: double nationality or don't want to discound their nationality to
Speaker 12: the extreme, because what it means is that those that
Speaker 12: defaults get penalty or no incentive for not obeying.
Speaker 3: I think they are better ways they can do distance.
Speaker 3: I don't see it's okay because there's no.
Speaker 12: There is no how them national system can capture exchange exposure.
Speaker 3: Jay Nagier.
Speaker 2: Yeah, yeah, they're correct, and not just their saying is voluntary.
Speaker 2: But if it's voluntarily, why are you're putting it in.
Speaker 7: Voluntary? If it's voluntarial, then it should not.
Speaker 12: It should be an incentive.
Speaker 2: So let me give it exactly.
Speaker 3: Let me get example, so Diffrench for example, they know
Speaker 3: that a.
Speaker 12: Lot of people don't want to pay facts.
Speaker 3: People going to pay facts. But when you find your bassing, you.
Speaker 12: Get incentives, you get certain things, you get outed, you.
Speaker 3: Get half for welfare.
Speaker 10: Put that contract.
Speaker 3: There's a social contract between the citizens and the government.
Speaker 3: What the problem is is that there's no social contract
Speaker 3: between the citizens and the government.
Speaker 12: The trust is an old and I think the president
Speaker 12: and the economity have forgot that.
Speaker 3: You see one of the university of cozy Well is
Speaker 3: not because a person or incompetent or a professional where
Speaker 3: it is know she had the ability to understand that
Speaker 3: you have to build a contrast trust contract between the
Speaker 3: ProPolice and the people you are governing because the law
Speaker 3: itself is not owpful. What the government is trying to
Speaker 3: do is encourage that you have to bring involves but
Speaker 3: you don't put in.
Speaker 12: What people out like every right sense business committee who
Speaker 12: do in each country, is that you speak to your businesses.
Speaker 12: Look at money Point for example. Money Point has data
Speaker 12: on high network businesses.
Speaker 3: And yours Piggy Best Banks having from how do you
Speaker 3: see how do you think we.
Speaker 12: Can really encourage that you have to bring in for thedaspora,
Speaker 12: bringing these laws that will just create drama troding encourage
Speaker 12: because can you see you don't species hundreds a couple
Speaker 12: of times and you're spoken that until oil production gets
Speaker 12: to at least to the non virals, city and physical
Speaker 12: spending because which the new minimum wage and the fact
Speaker 12: that the governments can not even bunce is twenty four
Speaker 12: and there was you that the series.
Speaker 3: That's why I'm looking at it as I'm the.
Speaker 12: Surprised didcause that's biscoing because calub the way genera is
Speaker 12: under pressure right now.
Speaker 7: I'm not looking at the president. I'm looking at the.
Speaker 12: Future because to the from strategy, if you look at
Speaker 12: next year, if you look at the way they're company
Speaker 12: is moving.
Speaker 3: The lookers are becoming very conductive. And you know that
Speaker 3: to the Trump is not open.
Speaker 28: For all that you are as not.
Speaker 3: Seed that you is exposed to to put oncessity. The
Speaker 3: population is largely hungry aggressive. How do you think this
Speaker 3: polic So I think it's just like you said. I
Speaker 3: think it's going to be King's dead or river because
Speaker 3: man agurance and you'll see.
Speaker 5: How you can.
Speaker 3: Yeah, I hear you catulated.
Speaker 2: You know where Nigerians.
Speaker 1: So if this order was passed in America, I wouldn't
Speaker 1: have wake up because I know I need to be
Speaker 1: killed tomorrow a c LU or one of the Republicans
Speaker 1: or somebody will just kill it tomorrow.
Speaker 2: ISS dead.
Speaker 1: But this is Nigeria. This whole idea of voluntary is
Speaker 1: just the small screen. We know where this is good.
Speaker 2: That's why they are still on this space. We know
Speaker 2: where this is going to.
Speaker 1: Because where it's going to that there's going to be
Speaker 1: if you you cannot hold dollar cash now you're in
Speaker 1: the past, you could not hold dollar fell I was
Speaker 1: arrested for having foreign currency and beating going back.
Speaker 12: To Yeah, because it's not even that's not even probably because.
Speaker 3: Okay, let me give you in from your countries. The
Speaker 3: discourage you in cash.
Speaker 1: So for example, that's friend, but that's different cash cash
Speaker 1: that's college in America? Is there they disco They discourage you,
Speaker 1: but if you hold it is not illegal. They are
Speaker 1: incentivizing you.
Speaker 2: Not cash I'm going to do.
Speaker 3: I didn't what did you do?
Speaker 12: Like what I'm saying is that Ranam saying is cleaninough
Speaker 12: for you to do that cash because I know what
Speaker 12: they're going to They're trying to block the.
Speaker 3: Market, that black market. Yes, we can't reside.
Speaker 12: For example, so if I frans far one on your room,
Speaker 12: my bound to your bank, the good chat.
Speaker 3: If I collect cash from your cal to the busy penalty,
Speaker 3: So these are things that they can't do. So I
Speaker 3: don't know why we.
Speaker 12: Should always go to canalizing the lections that way.
Speaker 3: I haven't have a question for yes, okay, so I chinked.
Speaker 3: I'm not asking you because you are the president of Nangaia.
Speaker 3: I say that from two.
Speaker 27: Thousands to plants and your administration, Jim average oy I
Speaker 27: sport was two point two million per viarrel.
Speaker 3: Now this was inspite men and the neither theater hostil is.
Speaker 27: So I'm sure we'll all remember how how difficult it
Speaker 27: work work.
Speaker 3: I'm nested right, So this this is like two thousand
Speaker 3: to that. Now almost twenty.
Speaker 29: Years later, I cannot even do one point five. What
Speaker 29: what do you think is the frost?
Speaker 3: I think I know, I don't Stories really loves the
Speaker 3: cur stories that can not and O interms is not
Speaker 3: micro organism. They're not that spogi this desire. Don't buy
Speaker 3: lad kill.
Speaker 12: It's just like, for example, saying that they're just going
Speaker 12: of his and the US Navy can't capture.
Speaker 3: Notice that, and it's just advancement to country in tety However,
Speaker 3: you see, however the country has to be we have
Speaker 3: to be honest with That's why the place, because they
Speaker 3: don't know how dri is a mono economy.
Speaker 12: Let's place the fact even our banks, our banks are
Speaker 12: just making money from account imperfect and they are treasure
Speaker 12: for they're not really getting money from the reset.
Speaker 3: That's why I say people spoke with that back they
Speaker 3: are themselves. So the problem is that our institutions are
Speaker 3: more supported the all industry and investments in the industry
Speaker 3: as being depleted for a couple of years. So until
Speaker 3: we get back to that. If you look at the
Speaker 3: later data, I think it's about one point. I don't
Speaker 3: see it was getting to you.
Speaker 12: Because I had the former empty set that say that
Speaker 12: if you want to get into your bus the day,
Speaker 12: you must investative beyond that where it's like you're looking
Speaker 12: to that money very all the money with since president
Speaker 12: has been dragged out, I don't think it has got
Speaker 12: into so you want to do threty concept.
Speaker 7: So I think the master will get on.
Speaker 3: The first step is one point better, so that's still fortune.
Speaker 2: Look to go for that. Let understand dog to go
Speaker 2: for that.
Speaker 3: Sorry responded, let me understand. We me putting billion and
Speaker 3: our apples.
Speaker 27: You know what is when we're doing to come to
Speaker 27: a million degrees, do that investment too.
Speaker 3: I pass that these IOSes come and you know, test
Speaker 3: this area for all l and then spend their own
Speaker 3: money to exploit it. What you know. So I'm not
Speaker 3: I'm not too.
Speaker 28: I'm not more but on the A and yeah I thought,
Speaker 28: but I know that there is more countries that just
Speaker 28: like just pumping with.
Speaker 12: Lets all males are investing from the contes industry because
Speaker 12: of pollution, the politics, your style in concert.
Speaker 3: Look at when old into the pip at that time.
Speaker 3: You see at that time than were more pooken down
Speaker 3: to let me Episode two put putting break style.
Speaker 12: He suicide. So if you go to your self, if
Speaker 12: you don't take the right medication, it gets to the
Speaker 12: point the body collapse and the cost is why he's heavy.
Speaker 12: So you see why those guys tell you that this
Speaker 12: is what we need now, it's not that. It's a
Speaker 12: compilation of the declared in that set. And finally, if
Speaker 12: you look at the stock market for example, if you
Speaker 12: look at the stock market for example, it oriagely tells
Speaker 12: you how bad they always set is.
Speaker 3: So my brother, I tell you, we don't need to
Speaker 3: go back and forth. But now you have to get
Speaker 3: this right.
Speaker 12: He had to start.
Speaker 3: His expenses.
Speaker 12: We can all support the present policical system and the
Speaker 12: type of fiscal.
Speaker 3: Spending recovered is a dec to semple.
Speaker 12: When we start that, then the painful form because.
Speaker 3: We have to accept that in a.
Speaker 12: Toll look at what America is talking about cutting explaensis
Speaker 12: and America is a country that there are tax revenues
Speaker 12: that makes at.
Speaker 28: This five because I say, yeah, I said the continent
Speaker 28: say that brook.
Speaker 3: Nigeria cannot make five bigger. However, as and if you
Speaker 3: look at that is the high clerating machine in Nigeria,
Speaker 3: in Nigeria because every country that is the highest revenue,
Speaker 3: so you know, then there are other columns of people.
Speaker 3: He writes that the Nigeria.
Speaker 12: And colon is facing and all realistic fiscal team that
Speaker 12: thinks that we can only get through out of the
Speaker 12: stroke by depth. The dept we look at the almost
Speaker 12: come to whether to be for what's level sic for
Speaker 12: what I look at work back complaining.
Speaker 3: That there was a shortfall of TST in what that project.
Speaker 3: We all know all this corruption, all do you say?
Speaker 12: But the problem that I've said is that Nigeria don't
Speaker 12: close the system. Because we've seen this, we've seen an
Speaker 12: accountable problem.
Speaker 3: We've also still the fact that the people, the people
Speaker 3: that can do the are often not that. So that's
Speaker 3: one of the problems you keep facing.
Speaker 12: So I think the dollar things like this dollar that
Speaker 12: I don't think.
Speaker 3: It's that people that'snest. It's not it's not it's not fast.
Speaker 7: Don't know.
Speaker 3: Maybe color as a plan, but I don't think.
Speaker 12: I don't see how government who calgo for example, is
Speaker 12: a down miles number of banks, number of banks he uses,
Speaker 12: and we have three managers like that in France, U key,
Speaker 12: different countries. Are you going to them if we say
Speaker 12: it's beeple lunch and you said if voluntary the way,
Speaker 12: there's no incentive for them to want to build their
Speaker 12: money because just like somebody.
Speaker 3: Comparable charges, anytime I lied to all change on my card,
Speaker 3: I am charged about that? Is that is so I
Speaker 3: was trying to infect that sometimes I do, like I
Speaker 3: use my dollar car for just eating in the restaurant
Speaker 3: for six seven times. That's about fifteen dollars.
Speaker 12: It's much bipper than my French the last child that
Speaker 12: was it want so you can see it's even more
Speaker 12: explosive for me to put my daughter in the Nigerian
Speaker 12: back than when I'm using the car. So government house,
Speaker 12: can you give the goverment twoky if you keep a
Speaker 12: social amount of.
Speaker 3: The money, like the three thousand dollars your bank account,
Speaker 3: you get three press Okay, that's a lot of them. Okay,
Speaker 3: I cannot consider okay yet.
Speaker 12: Okay even when the charges I can get it, or
Speaker 12: there's no primal I'm getting so that I.
Speaker 3: Don't see it. I don't come to the rest to
Speaker 3: maybe about yeah.
Speaker 1: I mean dog, you know when in nineteens, now we
Speaker 1: move back to democracy, Passengjoy came with a lot of
Speaker 1: policy changes, a lot and one of the.
Speaker 2: Possig is then that was passed by one. Lookman was
Speaker 2: this patron industry.
Speaker 1: Back then, there was a lot of money coming to
Speaker 1: Nigeria to invest in the oil gas.
Speaker 2: We are able to move we paid for our debt.
Speaker 1: We're able to move oil output to two point two
Speaker 1: about two point twenty five or sub umbrels per day.
Speaker 1: People who are investing because the laws then was really
Speaker 1: that we're going to pass PIB or we're going to
Speaker 1: try to investment. You don't wonder what's going to Nigeria.
Speaker 1: Things tard to happen. PIB entered voicemail. Then we had
Speaker 1: we went back into the morasses of the United People,
Speaker 1: came Avenger as men. All those guys came, blew up
Speaker 1: stuff and they.
Speaker 2: Haven't been replaced.
Speaker 1: From If you plot the oil GDB nig year, it's
Speaker 1: been negative for a long while. As a matter of fact,
Speaker 1: one of the things that Tinabo has done that you
Speaker 1: can say has done well for niger year on that table,
Speaker 1: the contribution of oil GDP to Nigeria has actually gone positive.
Speaker 3: I think all true.
Speaker 1: Hart was negative. So Nigeria was the contrult of crude
Speaker 1: oil to economy was negative. I think either not throughout
Speaker 1: or a large part of barriers administration. But no Madia
Speaker 1: now positive. So we've had no investments in the oil
Speaker 1: and gas sector. You know, remember this guy was saying
Speaker 1: the former Minister of the Chilium from Exone and man
Speaker 1: what the guy the guy that came from exot He
Speaker 1: was saying that we lost some billions, some crazy amounts
Speaker 1: of billions because the past PID. So all those rigs,
Speaker 1: if you haven't rigged in Nigeria, you just can't move
Speaker 1: it from Nigeria to that country. If that rig has
Speaker 1: come to Nigera for a job and Noja we moves
Speaker 1: the way to bring that rig back, there has to
Speaker 1: be an investmentation made at the highest quoters in Exon
Speaker 1: or Chevron to say we're going to invest in Nigeria,
Speaker 1: so we're going to then deploy these rigs and people.
Speaker 1: But what has been in this situation The oil Mejias
Speaker 1: are living on shore Nigeria. That's investments living. So if
Speaker 1: you're living on shore Nigeria and there's this huge field
Speaker 1: in Guyana, huge, there's a huge built in Mozambique, why
Speaker 1: are you risking yourself in that we're gonna go together
Speaker 1: and get oil. It is just near the US. Saudi
Speaker 1: is pumping out oil. They've got tankers waiting at the
Speaker 1: show for you to buy from. Sali's are buying the
Speaker 1: fields in the US as well retail fields. So NAJA
Speaker 1: has not invested in our reserves because when invested, outputs
Speaker 1: can all rise.
Speaker 2: So this the right were went from one point five
Speaker 2: to one point.
Speaker 1: It is just to unlock what we shut down ourselves
Speaker 1: because of the oil TAFN.
Speaker 2: You just shut down pipes.
Speaker 1: So we went from say one point nine to nearly
Speaker 1: seven hundred because we shut it down ourselves and they
Speaker 1: mister said seven hundred thousand bucks. But they was shut down,
Speaker 1: not like it was doing the worldst pipe was shot.
Speaker 1: What they are doing now is there allowing oil to
Speaker 1: then flu again. So when I want to recoup what
Speaker 1: we had before they were stealing, there's thisting able. Listening
Speaker 1: a bit where we hit the brick wall is where
Speaker 1: we have now reopened all those pipes that we shot
Speaker 1: that because of oil tifts all. When we open all
Speaker 1: those pipes, we cannot get new supply. That was the
Speaker 1: last time we heard about a huge oil fight in Nigeria,
Speaker 1: apart from not the oil fight but the investment after
Speaker 1: again the massive one was it? Which are the oil
Speaker 1: we heard Nigeria has found in Nigeria again, which I
Speaker 1: want to have you heard? And if you don't find,
Speaker 1: if you have reserves, you don't develop them. It's oil
Speaker 1: in the ground. You can't take bucket and a fetch them.
Speaker 1: So in fact, we have reserves for no investment to
Speaker 1: bring them out their shill. Trump is back, so they're
Speaker 1: gonna go to the Pederson business in Texas and do shill.
Speaker 1: They're gonna go to Guyana, They're gonna go to all
Speaker 1: this corners allowing them to do thus drilling. And I'm
Speaker 1: not Nigeria where we're taxing them. They cannot work on
Speaker 1: shore because it's not safe. So it's that whole thing
Speaker 1: of Nigeria is not really settled for business. That's just
Speaker 1: the sad called irony. If you don't get your oil
Speaker 1: output to tulas, but you're wasting your time with dollar
Speaker 1: nira being strugs, I don't go anywhere. We've got to
Speaker 1: get oil at least two million barrels. Then non oil
Speaker 1: can then support remediance. This can of course be supporting.
Speaker 1: But with this policy you are trying to say its voluntary.
Speaker 1: You are scaring people away. Everyone saying this is complaining.
Speaker 1: Before I did this, this nor has been out since
Speaker 1: I didn't bring this up.
Speaker 2: I asked questions. They will tell you, oh, it's voluntari.
Speaker 3: No Nigeria.
Speaker 1: You can't bring out something like this and say we
Speaker 1: just ignore this an ego who were titeing a politician.
Speaker 2: It doesn't work that way.
Speaker 1: This is interpreted as if you are putting your eyes
Speaker 1: on them account. You're already saying holding dollar is illegal.
Speaker 1: It's not the right way to Maybe the idea is sound,
Speaker 1: but they haven't complicated it properly and that's what they
Speaker 1: are getting in terms of feedback. And I hope they're
Speaker 1: taking feedback. If you say we're attacking the government, okay,
Speaker 1: the next thing, and someone's always saying we're going to
Speaker 1: bring money back to night about this policy, that's what
Speaker 1: you're gonna get. And many people are gonna say the
Speaker 1: same thing but will note it on Twitter. They're just
Speaker 1: quite a good pool back. So you've got to communicate
Speaker 1: properly to Nigerias. You can't say Nigeria take your money
Speaker 1: in America bringing nijeram back.
Speaker 2: Oh it's volunchly, don't worry. Who are you talking to?
Speaker 2: But voluntarily?
Speaker 3: Really?
Speaker 2: Come on, man, let's get hey, hey, why.
Speaker 3: Yeah, thank you for believing everybody, how are you doing?
Speaker 3: Thank you?
Speaker 23: Thanks for the same beautiful topic and beliveful and looking
Speaker 23: at this direction, you know, like you like when I said,
Speaker 23: I think you make.
Speaker 3: It very wrong, like the odes to so on.
Speaker 23: Some in the office design the policy. The only look
Speaker 23: into the full details and those straight out of a
Speaker 23: lot of times they will love for the polic before
Speaker 23: they not begin to be.
Speaker 3: Justice policy and see how they can't fit into the society.
Speaker 23: But I think there's just this documentary there's not so
Speaker 23: hialt enough to also give it full detail of the policy.
Speaker 3: Trying to drive out.
Speaker 23: I think there should be more robust so that we
Speaker 23: can actually study in details to know what's really the
Speaker 23: world to achieve.
Speaker 3: However, I also know that like my some of my
Speaker 3: business and people.
Speaker 23: That I do, because I realized that in like in India,
Speaker 23: once you pee them, I paid them, maybe I give
Speaker 23: them cash shouting and I give them cash. People US,
Speaker 23: they don't like to pull it cash and collect it dollers.
Speaker 23: They have to register it, so you have to sign something.
Speaker 3: There in the office. So they told me that it's
Speaker 3: illegal for them.
Speaker 23: Anybody can do put it DOMA accounting in the business,
Speaker 23: like you just have DOMA accounts India.
Speaker 3: The CP that opens them accounts for them. You know.
Speaker 3: So if you're not doing business, I don't need anything
Speaker 3: to do with for X.
Speaker 23: You know, it's not you don't have the right to
Speaker 23: keep holding dollars or foreign currency.
Speaker 3: And I also think that that should be the way
Speaker 3: to go because.
Speaker 12: In Nigeria, here our our our FOREIGX, it's our foreign
Speaker 12: policy is very loose.
Speaker 23: That's why even governors will get action and converted to
Speaker 23: a foreign courses.
Speaker 3: I think that's very very raw and that's very criminal.
Speaker 3: So so the goo is. I think it's not really
Speaker 3: a bad thing for good because if you're doing business
Speaker 3: and I also get it's the other nine nagers of
Speaker 3: the business.
Speaker 23: People in Nigeria and WA think if you look at
Speaker 23: this in Nigeria that are non Nigerians maybe foreigners a Nigeria.
Speaker 3: The remitia money is to outside countries. And that's why
Speaker 3: a little of.
Speaker 23: You realize that it's this the further governments discipient is
Speaker 23: final difficult to remit.
Speaker 3: All the money is back to where they come from.
Speaker 7: And look that comes from the Ninjuria here.
Speaker 3: They don't keep all their money in Nigeria. Here booth
Speaker 3: of their money goes back to the country to come from.
Speaker 3: So if you look at it from from you know,
Speaker 3: it's not really bad in the sense of badness in
Speaker 3: that sense for people to you know, for government to
Speaker 3: have some level of I also control, but some male
Speaker 3: of activity around what to go and outside Annginuria. But
Speaker 3: I was thinking, you know, it's not like if when
Speaker 3: will come.
Speaker 23: To thea to do business, so the country supports them,
Speaker 23: it gets probably gets some fast from the bank in
Speaker 23: India or China or the government is funding some of
Speaker 23: some businesses so they have to try.
Speaker 3: To be if it checks through all the process of
Speaker 3: how to do so. From me, I think we still
Speaker 3: need to we need some more clarity of this policy.
Speaker 3: I think.
Speaker 1: What was said, I mean I told this is the
Speaker 1: point again making this policy is to pages they eat
Speaker 1: or is three pages they secondize about four pages for soon,
Speaker 1: so monumental.
Speaker 3: Again.
Speaker 1: You talk about India, the way we're set up in
Speaker 1: Nigeria and the way the Indians are set up, it's very,
Speaker 1: very different. India has always pursued this local manufacturing. They
Speaker 1: don't do import. Their cars are made in India. Everything
Speaker 1: about them is they want to do everything local, local, local,
Speaker 1: India in their local. Nigeria is an import quote unquote
Speaker 1: import dependent nation. If we don't import PMS or food
Speaker 1: will staff and we can't go anywhere. The problem the
Speaker 1: government has is that when they try to control for X,
Speaker 1: it runs away. Anything you try to control as the
Speaker 1: government will run away. So the government has wise they said,
Speaker 1: let us allow for X to come in, then we'll
Speaker 1: get access to it. That's what they've done in the
Speaker 1: past was cutting down trees to fight dollar.
Speaker 2: I'm not giving you.
Speaker 1: I'm not giving you a real example of Mephile was
Speaker 1: going to a butcher to cut down tree so that
Speaker 1: they you guys, againd dollar will not have shed to
Speaker 1: exchange dollar so you can may go up in valley
Speaker 1: who was wasting his time. They tried everything, they band
Speaker 1: and booky effects the vacuus binance. The issue is that
Speaker 1: because we need so much dollars, you can't Mandy. You
Speaker 1: have very careful that if you try to hold dollars
Speaker 1: hostage into go away. So what they've done and has
Speaker 1: been working for them is they've allowed people to bring
Speaker 1: the donors in because if you bring the light in,
Speaker 1: you can't spend all a Nigeria. If you take five dollars,
Speaker 1: you can't do the much. Putter and say, hey mar
Speaker 1: put take five dollars, give me rise and give me
Speaker 1: that a change. Many fires people will take a dollar
Speaker 1: from you, very very few dollar is people who use
Speaker 1: dona to hold their.
Speaker 2: Money from inflation.
Speaker 1: But nobody I'm not goody rich people are going to
Speaker 1: write a house in Lety for a dollar at the
Speaker 1: very bottom of the ladder. Do you pay for avocada
Speaker 1: in dollar? Do you buy your your bookers food?
Speaker 3: And dollar?
Speaker 2: You want school fees?
Speaker 1: You go to school and say hey, take I'm not
Speaker 1: your reach like your school. You're school in Abia. In
Speaker 1: your in you can't spend dollar there. You still need naira.
Speaker 1: What people want is a real value.
Speaker 2: Of their nira. They don't need a dollar. The black
Speaker 2: calls in and they can achuse you at the naira price.
Speaker 2: They are fine.
Speaker 1: But they now start to hold dollars today because in
Speaker 1: fish is about two point three percent every month. So
Speaker 1: they hold dollar, it holds their value more than if
Speaker 1: they hold naira.
Speaker 2: That's really why India one Nigeria one.
Speaker 1: That's what's a bit similar different. But also this policy
Speaker 1: now it's not a bad policy. I don't think it's
Speaker 1: a bad policy.
Speaker 2: Will say, if you've stolen money or you want to
Speaker 2: remit money's Nigeria.
Speaker 1: Normally you do it terrorism. Where do they get money from?
Speaker 1: They're saying bring the money in. We're not asking a question.
Speaker 1: That is fantastic, but don't write something that saves that
Speaker 1: all Nigerians holding dollar are liable of being an accused
Speaker 1: of continue crime.
Speaker 2: And then it's ver very clumsy.
Speaker 1: To say just take your money and remit to Nigeria.
Speaker 1: It's very clumsy and Luna was shot and I've already
Speaker 1: recorded that. For you guys, reputation of this bos what
Speaker 1: are you repatrating? What are you repatrating? You just had
Speaker 1: a dollar bond that was subscribed massively.
Speaker 3: Why not do that?
Speaker 1: Why not say we're not gonna pay nine percent, We're
Speaker 1: gonna pay one percent. So if you want to send
Speaker 1: money voluntarily, send money voluntially and end one percent. So
Speaker 1: as a patriotic Nigerian, I will do it the same way.
Speaker 1: You are doing the same policy. Do the bond impact
Speaker 1: bond one percent. It's the exact same thing. Why they
Speaker 1: write this.
Speaker 2: Policy which is not become suspicious does it?
Speaker 3: Mas are not dumb.
Speaker 2: We know how governments does this deal. We're not stupid.
Speaker 1: We know that when you write an EO that says
Speaker 1: this and you tag voluntarily tomorrow somebody who say, and
Speaker 1: you are back America.
Speaker 2: Okay, iving disposed it, Okay, you are liable. We know
Speaker 2: this state that.
Speaker 10: That's why we're all, I.
Speaker 1: Would say a bit worried about it. I want the
Speaker 1: government to rewrite this. I don't think it's a bad policy.
Speaker 2: Rewrite it.
Speaker 1: Be very specific who you are targeting, be very specifical
Speaker 1: what you want out of this if it's voluntially, make
Speaker 1: it clear.
Speaker 2: If you do this, you get this say it is
Speaker 2: not applying to any Nigerian how to do this voluntially
Speaker 2: if you have in that what will be doing on
Speaker 2: the space today we want to do anything.
Speaker 3: I would't look at the fact that people or how
Speaker 3: to show.
Speaker 19: Your statesment for living, security, social and things like that.
Speaker 3: It's not I think because like like you said, even
Speaker 3: if they are suspective of people, I think those guys
Speaker 3: are very stificated. You don't want to know. I think
Speaker 3: what the comments to do.
Speaker 12: And that's why I said that really needs to be
Speaker 12: and the CBS got the this policy where you're taking for.
Speaker 3: The societies, you need to be very specific for you
Speaker 3: that I get it, and I do think that I
Speaker 3: get in professionals they age do you know?
Speaker 26: But how do you know?
Speaker 2: How do you know?
Speaker 19: How do you know?
Speaker 2: Because really it's no smoke with that fire.
Speaker 1: People are because they've got that, they've they've got that
Speaker 1: P two P, they've got black market, so there's.
Speaker 10: No smoke with that fire.
Speaker 12: Worst thing is that they do not force the major
Speaker 12: problem allocation because see I said it, if we can.
Speaker 3: The liquidity in our system account.
Speaker 12: All this casey the best that it's not in ours
Speaker 12: will not be would be quite unnecessary because see look
Speaker 12: at the local into black markets.
Speaker 3: They not influence in the black market.
Speaker 12: Again, of every anytime for conuncations be here.
Speaker 3: It tells you that the physical system is compable.
Speaker 12: So even if Nigeria decides to click in all the doors,
Speaker 12: let us similar that you have people decide to loo keep.
Speaker 3: There will be.
Speaker 12: Yes, there will be liquidity, but it will be temporary
Speaker 12: because those positioners will suck it out. And that's why
Speaker 12: I said that I'm so happy that recipient if are
Speaker 12: they to measure it?
Speaker 3: But the problem is that it can only measure it.
Speaker 3: We expect the president and this econmomity to.
Speaker 12: Measures where are all the cartaier wach is coming from
Speaker 12: car Where are all these expensive moolits coming from we
Speaker 12: have paid responding there to the fact that they have
Speaker 12: a danger when he keeps dollar is a crime when the.
Speaker 3: Petitioners whos dollar? You know?
Speaker 12: And that is why I was so upset when petitioners
Speaker 12: are using the dollar.
Speaker 3: As a form of compatible through the parties.
Speaker 12: It was opposie party, but I was used to So
Speaker 12: how do you win the trust.
Speaker 3: But it's not about it's not about that as graphs yet.
Speaker 12: The program is that you're going to come back itself
Speaker 12: as a lot.
Speaker 3: Of what we do with this stem.
Speaker 1: People don't trust that people. I mean, it's right here,
Speaker 1: it says voluntary.
Speaker 2: I see it right here. Let me even read this.
Speaker 2: Let me there's no voluntary on the title.
Speaker 1: The title says disclosure depositing, repatriation and investment of eligible
Speaker 1: foreign exchange assets and manners. So why does lager coming
Speaker 1: Let me see where voluntary comes in? Voluntary comes in
Speaker 1: on the evil itself alive. There's no voluntary on the title.
Speaker 1: I'm just looking for where voluntary comes in.
Speaker 2: First of all.
Speaker 1: Ah, so you see currencyto disclosure, so you see the
Speaker 1: more one it comes in at the number one point.
Speaker 1: But the title itself does not have voluntary. But when
Speaker 1: it're now going now say be established foreign courentry volunchary disclosure.
Speaker 2: So they put volunchary in the text headline.
Speaker 12: Look at do you think many of the accounts think, yes, there's.
Speaker 1: So much problems as the question before them actually going,
Speaker 1: But when they would saying in the thing that has
Speaker 1: raised billions as Series A, Series B, I asked that question,
Speaker 1: is the money on Nigeria, It's in okay, in the US.
Speaker 2: So it's now that thing. It's not gonna Will they voluntary?
Speaker 2: So again let's go forward.
Speaker 1: If by October nineteenth nobody voluntarily declares, will they will
Speaker 1: they now say, okay, we tried, there was no voluntary disclosure,
Speaker 1: will close the secular and the the evil down is
Speaker 1: that what will happen is that what people believe that
Speaker 1: by generally generated nineteen they were now sail Okay, we've
Speaker 1: tried it.
Speaker 2: It didn't work. Well, let's move on. You know it's
Speaker 2: not going to happen like that.
Speaker 3: Now.
Speaker 12: You guys know that y're trying to be maybe they're
Speaker 12: trying to be how they have and they're trying to
Speaker 12: see you. They're trying to do I think that we
Speaker 12: want to do any capacity of ucause.
Speaker 1: They know that they can well I hear you are limited,
Speaker 1: but they get them from CBN.
Speaker 2: They also get the p to pms from CB They
Speaker 2: know they have an idea, so they know that.
Speaker 1: Because would you would you use this to would you
Speaker 1: use a voluntree disclosure to the timing word not what?
Speaker 2: And is that how you would go about to just
Speaker 2: say I mean all these words and say it remits
Speaker 2: like the example I'm giving.
Speaker 1: Shady, I do according to the law, shut, I do
Speaker 1: my be that might be in con traditional the law
Speaker 1: should they do? Because what this is written this crazy
Speaker 1: doesn't make any sense. She's like Jimian, She's that's.
Speaker 3: It wanted the information. They will tax you.
Speaker 2: It's a slip, they will tax you.
Speaker 12: So come back to the point the way they're trying
Speaker 12: to get so then it does get on with and
Speaker 12: these you know what they're.
Speaker 10: Trying to do.
Speaker 3: About for example and langs and abroad.
Speaker 2: It's not taxed, right, true?
Speaker 3: So is that America?
Speaker 1: That's so you're said that they want to know. If
Speaker 1: they know, then they can go back and then write
Speaker 1: out a tax. They kind write the tax because they
Speaker 1: don't know. So if they use this information to get okay,
Speaker 1: Norway has sent one dollar and China has sent two dollars,
Speaker 1: they're okay.
Speaker 2: We're gonna tax Norway like this, it's a bad way
Speaker 2: to get that. That's my bad to get data. You
Speaker 2: don't want to get data.
Speaker 24: I think there.
Speaker 3: I think I think it's worry about Wow. I don't
Speaker 3: think so.
Speaker 2: I know Nigeria very well, I don't think so.
Speaker 1: I mean they when they went after after a mooky effects,
Speaker 1: he eventually went out of binance. There is always a trend.
Speaker 1: We all know they want the money, but they are
Speaker 1: going about it the wrong way. When if you the
Speaker 1: dollar bond, remember two years ago I said you're gonna
Speaker 1: have ATMs in Nigeria issuing dollar. I said, we're going
Speaker 1: to issue the bond. I said it on Twitter. It
Speaker 1: happened because they need the dollar and this is the
Speaker 1: way you get the dollar.
Speaker 2: They've done it. We're not trying to be Southsayers. We
Speaker 2: know what they want to do, but this is not
Speaker 2: a good way to do it.
Speaker 1: If you want to get money, then get money through
Speaker 1: the dollar bond, which they have done.
Speaker 2: If you want to get.
Speaker 1: Disclosure of voluntary admittances, do that. Like I said, South
Speaker 1: Korea did this and it worked for them.
Speaker 3: You don't mix it.
Speaker 1: So you don't say if you're Nigerian there sprow. They say,
Speaker 1: if you're in Nigerian diaspra, you can voluntarily take your
Speaker 1: money and then portrate it.
Speaker 12: What is that?
Speaker 2: It's clumsy language, you know, it allows itself to be misrepresented.
Speaker 1: Again, I saw this secular a long time ago. I
Speaker 1: thought they would revise it. I'm doing this space because
Speaker 1: they haven't revised it. The way it stands, the way
Speaker 1: it's written, it's a negative. Language can be misconsed, trued.
Speaker 1: Look at the helen that I just put on Twitter. Now,
Speaker 1: the newsper says Nigerians have seven months to bank their dollar.
Speaker 2: The headline is wrong. He says for X crisis gives
Speaker 2: Nigeria to nine months to deposit dollar in banks. The
Speaker 2: headline is wrong. But you can't blame these guys. This
Speaker 2: is daily put.
Speaker 1: You can't blame them because what they are reading allow
Speaker 1: them to put that sort of hairlines. So if you
Speaker 1: are in Australia and you see the paper saying you
Speaker 1: have nine months in.
Speaker 2: Your back, what do you then? Do you know?
Speaker 1: Perception is very very real. That's why companies have brand managers.
Speaker 1: You don't just say just take it as you see it.
Speaker 1: Grapevine is inveritable of communication. You've got to manage the
Speaker 1: Cory have times we said they have to employ someone
Speaker 1: that knows about money, about economists and the media team.
Speaker 1: Look at the banner has one he has almost fourteen
Speaker 1: almost fourteen media guys, not one media guy there is
Speaker 1: for money, not one.
Speaker 2: Media. Guys, they are almost fourteen day. You're aware of that.
Speaker 1: Yeah, there's one on policy, there's a let me give
Speaker 1: you the day. There's one on on on public communication,
Speaker 1: one on information, one on public meditation, one on media,
Speaker 1: one on prince media, one on digital new media, one
Speaker 1: on publish, one on social media. There's visual comps, there's
Speaker 1: national values, there's public engagement, there's strategic comps.
Speaker 2: There's none an economy.
Speaker 1: And that's why the other day the Bio posted something
Speaker 1: that says we're getting tested billion when they pressed the commitments.
Speaker 1: How can you say you're getting commut on tested billion?
Speaker 1: Are you the presidential spokesman? The President went on air
Speaker 1: and said that he has received tested billion or October
Speaker 1: one statement on air.
Speaker 2: Yeah, that's then he bought. Then he wants to borrow
Speaker 2: Testician again. But he has got a TEXTI billion and
Speaker 2: Blueberg will pick that. That is data. That's is that's
Speaker 2: his data.
Speaker 1: The president has said it, but the PRENDT is seing
Speaker 1: it because his adviser has told him when we pressed them, oh,
Speaker 1: it's commitments.
Speaker 2: It is a commitment. Why is the president saying it?
Speaker 2: The National Day addressed let's get people.
Speaker 1: Yeah, yeah, let's get el grandson, L grandson happening here live.
Speaker 2: Then let's hear some other folks. L grandson.
Speaker 30: You you and go ahead, El grandson going once. Let's
Speaker 30: get tall narrow, tall narrow. How are you doing, sir,
Speaker 30: tall narrow? You're on the fly your hand and stop
Speaker 30: quad and speaking. Quest to speak Yeah to her, yeah,
Speaker 30: go ahead, go for it.
Speaker 2: Tell her I can't hear you. I can hear the
Speaker 2: voice like you can hear you.
Speaker 1: Tixto all your too, please, I do speak. Audio is bad, Yes,
Speaker 1: I can go.
Speaker 2: Ahead, thank you.
Speaker 3: So Actually I wanted to I want to ask education
Speaker 3: on this thing. I don't know what's Sunday n well
Speaker 3: from what you're saying so far, and I'm thinking love big.
Speaker 27: And I just want to understand if this thing means
Speaker 27: that Nagias wherever you are have to say in Nigeria, Broad,
Speaker 27: you don't.
Speaker 3: Need the money foreign courage. You have to put the
Speaker 3: money in the jim bank account.
Speaker 12: Why is this being abroad or onto you come to Nigeria,
Speaker 12: that's where you have to transfer your money.
Speaker 3: De clar transorrgy and the Jama.
Speaker 2: Let me insert in two ways.
Speaker 1: It is saying that once you're Nigerian in Nigeria or
Speaker 1: the diaspora, you should disclose and transpire your money to
Speaker 1: a Nigerian bank. But they're saying it for laundry. It's
Speaker 1: in the text. The title don't say volunteer, but in
Speaker 1: the text they're saying it's a blount. So that means
Speaker 1: if you live in Togo and you end, they are
Speaker 1: saying you should transfer that to a Nigerian bank.
Speaker 2: That's what's in the text, but it's for laundry. So
Speaker 2: have I answid you correctly?
Speaker 10: Yeah?
Speaker 3: Yeah, volunteer person makes sense because you're.
Speaker 1: Well, that's what's the Let read it again. Word for
Speaker 1: what work forward repatriation of disclosed international issuerable foreign currency
Speaker 1: held offshore in cash or retained in electronic form THRUE
Speaker 1: approved channels. So that's repatriation. That means if you live abroad,
Speaker 1: you repatriate. If you live in Nigeria, it says you deposit,
Speaker 1: disclose international label foreign currency held in cash or retain
Speaker 1: in the train form within Nigeria. So both within Nigeria
Speaker 1: and diaspora. It's no is saying that you should remit both.
Speaker 1: It's voluntary.
Speaker 3: Thank you for that. It's a topic. Can you buy
Speaker 3: buying treasure from?
Speaker 12: Can I find that treasure?
Speaker 10: Yeah?
Speaker 2: You can, you can, I mean now you can.
Speaker 1: Most of those apps they have all those. I think
Speaker 1: there are three recent Nigeria. I think there's Carrie Wise,
Speaker 1: there's what's the name Rise has now bought Shaker, so
Speaker 1: there's Carrier Wis, there's Bamboo. If you go into those apps,
Speaker 1: if you look for fixed income, you can see fixed
Speaker 1: income treasury bills or bonds issued buy the central bands
Speaker 1: of that country and you can buy them. You can
Speaker 1: also buy e t F. The's an ITT called b
Speaker 1: n D. B n D would give you exposure to
Speaker 1: d to bonds issued in America only if you buy
Speaker 1: a believe it's x bn D, you can get a
Speaker 1: bond issued outside America. So it's possible to buy those bonds.
Speaker 1: But you're buying secondary market. It means somebody has bought
Speaker 1: them and you're simply buying from that person, and you're
Speaker 1: buying too.
Speaker 2: To be said that as to any foreign currency, yes
Speaker 2: you can buy them.
Speaker 3: Yeah, yeah.
Speaker 1: Big for the offer such exposure, that's that's a big boy.
Speaker 1: If you're a big boy, you can buy direct. I
Speaker 1: think in if you have two hundred thousand dollars. You
Speaker 1: can buy your bones directly on it or even though
Speaker 1: I once, but if you are.
Speaker 2: Just a local, it doesn't buy.
Speaker 1: You can actually buy the money market phone that gives
Speaker 1: you exposure to do. I think Optimus it's a it's
Speaker 1: an itto that not invest allows you. I think I
Speaker 1: be TC if you allow you to invest, so you
Speaker 1: can get that. Yet, remember don't look at the coupon.
Speaker 1: Remember you look at the yields to maturity when you
Speaker 1: buy a bond, right, you are comparing the yields to maturity,
Speaker 1: not the coupon.
Speaker 2: People make that mistake. You see ten percent coupon, You're
Speaker 2: not gonna get ten percent. They will pay you ten percent, but.
Speaker 1: Your actual yield is to yield to maturity. When you
Speaker 1: want to buy, look at my choice.
Speaker 2: Don't look at the coop one and to sleep. Yeah,
Speaker 2: text soft, what's your mind? Tax soft? You've got the phone?
Speaker 3: Yeah?
Speaker 4: Yeah.
Speaker 3: The influence is the dollar. The thing that is Yeah,
Speaker 3: it's something that it's quite very funny.
Speaker 31: Like for me now, as an example, I opened a
Speaker 31: couple of them companies there foreign currency. Well, I used
Speaker 31: to use my gity dollar campvote. Then the charges are
Speaker 31: so insane most times. Probably I'm doing maybe two thousand
Speaker 31: dollar transfer.
Speaker 12: Probably this is one thousand or two thousand.
Speaker 31: Bank is taking a fifteen dollars from my accounts or
Speaker 31: let's say twenty dollar from my account just for within
Speaker 31: to gitt you're charging them aboard.
Speaker 3: If I transfer money from.
Speaker 2: My accounts here are in pounds.
Speaker 3: It's I'm not being charged for any year whatever. I mean,
Speaker 3: it's kind of very funny.
Speaker 12: I've got that.
Speaker 3: I also pissed off with their charges. I had to
Speaker 3: change because I was just thought that I can use
Speaker 3: any account from a side I can so does quickly
Speaker 3: change the account like you. I'm using a foreign account
Speaker 3: because it's me better.
Speaker 7: And yeah.
Speaker 31: Secondly, I've been just some African countries for some good
Speaker 31: life projects were paid.
Speaker 3: At the end in foreign courrencies. Discovered that, let's.
Speaker 31: Say, for the last time I went to Gambia, you
Speaker 31: could Gambi allowed to a concis, you could use their
Speaker 31: Dalla scene and we don't you use doland last. It's
Speaker 31: quite common then a lot of forming as and I
Speaker 31: think it's quite stable.
Speaker 12: The difference is not that modually comes to the inflation
Speaker 12: in Gambler is a amos.
Speaker 31: Given the fact that they have dollar in circulation, it's
Speaker 31: quite common.
Speaker 3: Dollar is not something you finally go to see in Gambia.
Speaker 31: But the economy is quite stable, quite stable, quite peaceful,
Speaker 31: and things go quite small way.
Speaker 3: We're telling me then that I call it open. A
Speaker 3: dollar counts over a dollar, say camp.
Speaker 2: They're happy to go for me.
Speaker 31: But in Nigeria, the inflation is those it's quite very
Speaker 31: strange that it keeps on going.
Speaker 3: And as you explain, you're absolutely convict.
Speaker 15: I try as much as possible not to keep my
Speaker 15: money in narrow at the moment I have any small
Speaker 15: sidles really paving like now, I really find a way
Speaker 15: to convert back to dollars.
Speaker 3: So keep just so be able to beat accentriate. So
Speaker 3: the nat Nigeian why didn't you police see? And how
Speaker 3: kinds are doing? It's quite very fun me because nobody
Speaker 3: wants to re.
Speaker 15: Lose money and people a lot of people have lost
Speaker 15: FI in keeping the money there.
Speaker 3: When I was in Gambier, even when I traveled to
Speaker 3: to to Ghana.
Speaker 15: It's quite keep up gan I all this changing money
Speaker 15: back in the stand. So some of my colleagues I
Speaker 15: travel to India, they are very okay keeping their money.
Speaker 2: In the Indian currency where they were living.
Speaker 31: The bank quickly converted the money for them to do
Speaker 31: for the live out, but nothing depreciated.
Speaker 3: They still had their money back. If you don't live
Speaker 3: your money because a few weeks.
Speaker 12: Before you know the farmer has gone up as depreciated.
Speaker 2: And it's normally encouraging at all.
Speaker 3: As someone who ends in from Crency.
Speaker 1: Yeah, I mean, I hear you, so I mean Gambia.
Speaker 1: If you don't know, Gamba has one of the strongest
Speaker 1: currencies in Africa. I think I think that currency was
Speaker 1: almost as strong as the dollar, so they don't even
Speaker 1: need dollar in Gambia, they actually need their own. Lookalt
Speaker 1: currency's actually strong or very very strong because they have
Speaker 1: a lot of remittances. In terms of proportion, Gambian sent
Speaker 1: more dollars home than Nigeria's. We send more volumes, so
Speaker 1: we sat about twenty five billion. They might send one billion,
Speaker 1: but that one billion is a higher percentage of their
Speaker 1: economy than Nigeria, So they do more than us if
Speaker 1: you link, if you take it by a proportion, that's Gambier.
Speaker 1: So the great country that they've discovered how to make
Speaker 1: money from tourism. No other sector creates jobs like tourism
Speaker 1: because tourism doesn't need any set up, you don't need
Speaker 1: any startlem capital. So they've created a huge tourist economy.
Speaker 1: They have constant flights every two weeks, constant daily flight
Speaker 1: from the UK to Gambia, K to the They could
Speaker 1: just go to the beach stay one week, so all
Speaker 1: the dollars are flowing in. They don't need dollars. There
Speaker 1: is actually their own cover incident.
Speaker 2: It's hard to get.
Speaker 1: So that's one on your issue with your working abroad
Speaker 1: and doing transfers.
Speaker 2: Lots of people have that.
Speaker 1: If let me give you an idea you can try.
Speaker 1: Let me me plug these guys in do you know
Speaker 1: do you know transfer go, transfer go they do they
Speaker 1: dot me turns this. They do return to nag for free.
Speaker 1: So if you don't have an account they you might
Speaker 1: want to come to that doing just Google transfer go,
Speaker 1: dot com set up and the same things, the same
Speaker 1: set up that other guys used.
Speaker 2: But they do try transfers for free.
Speaker 1: I don't know how long they will do it for,
Speaker 1: but if it's for free, you might you have some
Speaker 1: send over. It's something you can take advantage of and
Speaker 1: just send them money now and paying nothing for now
Speaker 1: at least, so check them out.
Speaker 15: Yeah yeah, yeah, as I said recently, foreign account for
Speaker 15: slide then probably for law.
Speaker 3: I can't patronize for this transfer. Initially I was using
Speaker 3: my layer. Can't boat they charge me like for transactions?
Speaker 2: Yes, yeah, this guy, this guys, I'm gonna try. I'm
Speaker 2: not sure how long.
Speaker 1: Like I said, if I won't do any transfers, not
Speaker 1: for Christmas, I'm hoping here do it.
Speaker 2: I'm pretty sure this is like a marketing for them.
Speaker 1: Don't do marketing to get that to transfer to know them,
Speaker 1: So take advantage transfer, go hopping and do it. You
Speaker 1: can use them after that's your call. They look okay,
Speaker 1: it's free transfer from I would I would take advantage here.
Speaker 1: Thanks for watch you guys, And you guys won't bring
Speaker 1: them tonight, so weldne.
Speaker 3: Thanks.
Speaker 2: All right, let's get our grandson all Brandon, you're still there? Okay?
Speaker 3: Grand?
Speaker 2: All right?
Speaker 1: Ollik quick one for you. Someone is asking to ask
Speaker 1: asking is asking them what's your take? Don't try is
Speaker 1: going to all his full cryptocurrency? Will that be have
Speaker 1: a positive impact? Okay?
Speaker 3: L Grand?
Speaker 2: Real quick?
Speaker 1: Grand Okay, when I speaking or that you do grand
Speaker 1: grand Olikay, somebody's asking what the Trump crypto accept as
Speaker 1: the mean for the incruding Nigeria. He is saying, do
Speaker 1: you think Nigerian banks or the cypien will change their
Speaker 1: stands and allow Nigerian banks to to use krypto since
Speaker 1: the US going to be crypto a legal investment option.
Speaker 2: He's asking for your opinion.
Speaker 3: Also, this is a big almost that yeah, defense is that.
Speaker 12: Money is going to the market, and you said the
Speaker 12: releasing coincidant thought.
Speaker 7: Exists, so that's is.
Speaker 3: But INLA is that I don't.
Speaker 12: See the produced to multiplobally and this is my reason,
Speaker 12: so we have make our rules. In Europe, the Chinese
Speaker 12: are still conservated towards crypto markets In Africa, South African
Speaker 12: Liberia have a quiet aggressive because of their their currency
Speaker 12: and the fragianty in the financial market. However, it's possible
Speaker 12: with future that we see partners shoes are loan.
Speaker 3: The technology record that there was a time Web.
Speaker 12: Had a kind of relationship with Examp, that's which has
Speaker 12: a relationship with the customer.
Speaker 10: In Nigerian.
Speaker 3: Managed company. So yeah, it's possible.
Speaker 7: Together with you, the bod.
Speaker 12: Language of the NSC presidency and research. Quder that unisity
Speaker 12: of and origin of Nagera businesses because they were not registered.
Speaker 7: Tells you that.
Speaker 3: They're still a long group to put.
Speaker 12: So my dig is that I think this apple should
Speaker 12: be taking custalputs trumps. Effect definitely is being filed across
Speaker 12: those space, but in Dangeria carnomy.
Speaker 3: To be honest with you, I don't see much changing
Speaker 3: except the present change help to present as recited. They
Speaker 3: only see cluto as in trade to dener. That's the
Speaker 3: tag they have international for us.
Speaker 12: And if you look banks are still don't The fact
Speaker 12: that there was a kind of official directed that bank
Speaker 12: should deal with CLO.
Speaker 3: Editors registered on that sick.
Speaker 12: If not that I've not seen Nigeria's comfortably making their
Speaker 12: bank account to be.
Speaker 3: To be so that that question technical. I think it's
Speaker 3: to start to school, but only so.
Speaker 1: If I get the bitcoin itself, I make money. But
Speaker 1: you're saying that if I try, nothing will change on
Speaker 1: Nigerian buying the religious side. But crypto itself was still
Speaker 1: big money for me.
Speaker 2: I say big bit coin, I mean just want to
Speaker 2: be I understand like if bitcoin is going not in price.
Speaker 2: So if I buy bitcoin, I make money.
Speaker 1: But in terms of the regulatory allowance in Niger to
Speaker 1: allow banks maybe trade on bits, that's not.
Speaker 3: Going to change in your care you render.
Speaker 12: The problem I have with the crypto community in Africa
Speaker 12: is that just are buying critical at this you know,
Speaker 12: let me give example, really just buy crypto as okay,
Speaker 12: they they went to cheaper cash an extreme than a
Speaker 12: black market. They want now ndred car so they're already
Speaker 12: mans fifteen percent from the papers with already to look
Speaker 12: at the colors. Don't lookay because the colors almost as computing.
Speaker 3: Value is here, but many generals are shortened coming, come out, coming,
Speaker 3: come out to the issue.
Speaker 12: Is that I just pay the price of the government
Speaker 12: inefficiency in regulations space, but the fact that the age.
Speaker 3: They trying to speculate, trying to like sets, you know.
Speaker 12: So I think what the government should have done a
Speaker 12: pertform recognizing.
Speaker 3: CP compliss like that. I think what they should have
Speaker 3: done is that they needed to really regulate to pick
Speaker 3: players like briers have a relationship. This is okay, the.
Speaker 12: Detailed executive asses have a relationship with digital players.
Speaker 3: But users can our mother than the publisher of so
Speaker 3: managers used looker companies with the advent.
Speaker 12: Of Practisher and many crytical companies that Nigers.
Speaker 7: So the trust is they look companies.
Speaker 12: I think deferent.
Speaker 3: Government really needs to be aggressive on building that trust
Speaker 3: onto that and now that would be an easy way
Speaker 3: for the government to bring young Nigerias.
Speaker 12: Because somebody dealers not forgive you all the government because
Speaker 12: of their anti.
Speaker 3: Cryptal stance des by the fact that it has a
Speaker 3: merit and.
Speaker 12: The government was very hardmoturished in making those because if
Speaker 12: you look at you, for example, you cas do.
Speaker 3: Like critical to the U can compet like but what
Speaker 3: you did you start?
Speaker 12: They make searching rules, so you can make those rules
Speaker 12: if you can meet those rules.
Speaker 3: People crypt to drive like it's just there's the time
Speaker 3: I try to take crypto did that for it?
Speaker 12: And the one that if you try this again because
Speaker 12: your accounts so uh you there are ways you can't
Speaker 12: do this rather than this outdroid bar and aggressive.
Speaker 3: But that's not like, yeah really take that stands so
Speaker 3: I don't see much. I do. The people very careful
Speaker 3: and the market is very good than the market.
Speaker 2: Let's get all us all us belief, thank you very much.
Speaker 3: Yes, yeah, yeah, yeah, thank you very much.
Speaker 27: Will my I just have a question for Oda must
Speaker 27: I know that it is always been one of us.
Speaker 3: I follow anytime he's.
Speaker 12: Talking about this.
Speaker 26: So every year you do something for readers still like
Speaker 26: red for really talk something for that for gags, the
Speaker 26: planning in hell, Yeah, that's we can invest.
Speaker 3: And so investment this at the time for I know
Speaker 3: you can do that force given as the stuff that
Speaker 3: we can invest in.
Speaker 26: And also in US I think it so I doesn't
Speaker 26: want him to just suit the force today if he
Speaker 26: has anyone.
Speaker 3: That can do maybe.
Speaker 2: This stuff.
Speaker 3: I just said that, Yeah, I.
Speaker 18: Think I won't people of people like and that work
Speaker 18: with them out world, And it is because.
Speaker 12: I want those people that are exposing those markets to
Speaker 12: pick out what you see next.
Speaker 3: Because for me, I'm sketching about les and so many.
Speaker 3: It was just the market is as run to first, and.
Speaker 12: The CRUPO market has run to first, the years has
Speaker 12: run to first.
Speaker 3: I think cousin might take place, but it might be wrong,
Speaker 3: so I won't keep the cal and you know different
Speaker 3: per that would be late.
Speaker 12: But my my final tic is that if you look
Speaker 12: at the stock market, then Nadia stock market, all the
Speaker 12: banks from f CMB to starting to all the banks
Speaker 12: impressively did well despite the win fortas and full inflation
Speaker 12: as disposable. So what does this telling that opportunities sometimes
Speaker 12: come from unexpected places, but you have to work with
Speaker 12: you should and that's why.
Speaker 3: You really have to put your ears down. But trust me,
Speaker 3: at the end of the year.
Speaker 2: I'll try to.
Speaker 7: Look about it.
Speaker 2: Fantastic much. Oh you guys, let's let's wind out.
Speaker 1: I think we've achieve the aim today, which was to
Speaker 1: talk around this policy that Nigeria is trying to Should
Speaker 1: we say it's the policy, Yeah, it's a book I've
Speaker 1: called a position and just trying to voluntarily attract remittances
Speaker 1: to Nigeria using this EEO and of course the Sybian
Speaker 1: circular that says you can disclose, you can deposit and
Speaker 1: repatrate your eligible foreign currencies back to Nigeria. The point
Speaker 1: we are making is that we understand the government and
Speaker 1: any government wants remittance flows to come back to the nation.
Speaker 1: More remittances means the local currency is stronger, it means
Speaker 1: the economy is stronger.
Speaker 2: So it's fine that they want to do.
Speaker 1: This, but we have issues with the language that has
Speaker 1: been used, especially in the ego it's talking about it's voluntary,
Speaker 1: but you as a foreigner, so you as in Nigeria
Speaker 1: locally and in diaspran, should take your funds and remit
Speaker 1: back to Nigeria.
Speaker 2: It makes no sense.
Speaker 1: It's realy very very clumsy, and the impression gives to
Speaker 1: delay observer is that the government wants access to your dollars.
Speaker 1: That can be good for a country that is seeking
Speaker 1: the confidence to attract currencies back into the nation. Nigeria
Speaker 1: just a few months ago did a dollar bond. The
Speaker 1: very refers to a love bond ever in her history,
Speaker 1: and that dollar bond or subscribed. If you look at
Speaker 1: the well as the game, you have had to have
Speaker 1: had that dollars in Nigeria or in foreigny bank account
Speaker 1: that was traceable and this was over subscribed, which tells
Speaker 1: you that many Nigerians have dollars in Nigeria and are
Speaker 1: comfortable with given the government.
Speaker 2: They are dollars, not narror. They are dollars for ninety percent.
Speaker 1: So all the government has to do is to continue
Speaker 1: that track, maybe reduce the interest rate. So it's it's
Speaker 1: cheaper for the government to pay back the debts but
Speaker 1: not to issue a very very vague secular or ego
Speaker 1: that seems to suggest that holding foreign currency outside the
Speaker 1: banking system is illegal and should be transferred to a
Speaker 1: Nigerian bank. That's how we seem to suggest, and simply
Speaker 1: putting voluntary in front of the circular doesn't change the tone, intention.
Speaker 2: Or how it will be perceived by Nigerian public. I
Speaker 2: think it's like.
Speaker 1: Telling your child what your wife tells you to go
Speaker 1: out now. She has set go out now, but you
Speaker 1: go out. So her tone in the case to you
Speaker 1: that you can have set go out, but if you
Speaker 1: dare step out, you're in trouble. Set in here we
Speaker 1: have we need to have our dogs lined up together.
Speaker 1: The government is blessed with having the largest diaspora of
Speaker 1: any nation in Africa abroad. It's blessed with having a diaspora.
Speaker 1: It is already doing about twenty five billion, whether it
Speaker 1: is legal illegal where it is a formal informal minimum
Speaker 1: twenty five billion.
Speaker 2: That means that if you simply go back this asper
Speaker 2: with the way that they can remisee.
Speaker 1: One into Nigeria for free, no questions asked, you can
Speaker 1: take that rebbittance to fifty billion.
Speaker 2: So it's simply saying whatever you were doing, do more.
Speaker 1: Even if you say Nigeria will pay the penalty or
Speaker 1: pay your transfer fees, you can increase your remittances by
Speaker 1: even two or three percent.
Speaker 2: And that's material because come back and dollars.
Speaker 1: There's an easy, low hanging fruit for the to chase,
Speaker 1: not this kind of secular that you can chase those
Speaker 1: down and get the moneys into the country and avoid
Speaker 1: looking like they are trying to expropriate the savings and
Speaker 1: income of folks because they're Nigerian. That's oartake today. Only
Speaker 1: day you will give a clothing and that will take
Speaker 1: it from there.
Speaker 3: Yeah, I just wanted to add.
Speaker 9: So if you look at that domestic.
Speaker 3: If we spend, banks are most of the subscribe as
Speaker 3: well banks investors, So that's maybe probably why they're looking
Speaker 3: at how they can grab with investors and Nigera's and
Speaker 3: that didn't stay past that pleasure. Also can best be
Speaker 3: honest without the cryptal market was not in ex system
Speaker 3: that you are by now we're eating fifty peogle and
Speaker 3: that's bad part possibly, but that the.
Speaker 12: Cryptoal markets is bad market for Africa and to adapt.
Speaker 2: Because when Africa the Central Bank in Africa right, not
Speaker 2: the year.
Speaker 12: Because yeah, because what I said in Africa is because
Speaker 12: our financial system is not.
Speaker 14: Not as integrated as well.
Speaker 15: We see you many you gals don't see it for
Speaker 15: staple coin.
Speaker 3: So for example, you know, if you love before they
Speaker 3: have a UKA, he doesn't know what called you. It
Speaker 3: doesn't really because he has so many options.
Speaker 12: The government pay, whether the accounts they get paid, and
Speaker 12: the black system that's well you know, to to many
Speaker 12: and even in many countries this is illegal. So you
Speaker 12: used USC.
Speaker 3: Because you have let you make the requirements. So I
Speaker 3: think for Africa, prescribed as you are, I think the
Speaker 3: government rather fighting he lost part too. You can engage
Speaker 3: and how can.
Speaker 12: You engage pigain people that understand the liquity business people
Speaker 12: like tons me who they found out money points. You know,
Speaker 12: like I've always said, I.
Speaker 3: Don't know why we do make use of our party program.
Speaker 12: I don't know what we feel because these guys have
Speaker 12: the data, don't the CBF.
Speaker 3: They have the data to be able to say okay,
Speaker 3: but I don't really discuss.
Speaker 12: Why don't because like your really likes to create the
Speaker 12: average man in the Southeast is concerned about commerce.
Speaker 3: You don't We need to really bringing initiatives. We don't
Speaker 3: have any program to encourage entrepreneurship.
Speaker 12: We don't have any problem to encode technical skills. Just
Speaker 12: imagine if the government has engineers like five starting serves
Speaker 12: in its cargo BECALM for free education, free basic education
Speaker 12: and remote learning through different initiatives or these things.
Speaker 3: Would make a different So I think it could go
Speaker 3: to drive.
Speaker 12: Whether you cannot be obed rough and expect the still well,
Speaker 12: we need to start by leader properly, by investing in
Speaker 12: basic education, security, addressing the high invasion that has.
Speaker 3: Really looked like a many coined in inflation at fifty percent,
Speaker 3: it's scary, very scary.
Speaker 12: Bag of rice are over one ten thousand are It's
Speaker 12: not something to be happy about.
Speaker 3: So and a nice space as usual. I hope the
Speaker 3: people that have years resting.
Speaker 12: Like I said, Nagia really needs to reduce the cost
Speaker 12: of exces. We are not Africa, we are not Justies,
Speaker 12: we are not first, We're not UK.
Speaker 7: We are Nigeria.
Speaker 3: Really to other quotes are calling to the size of
Speaker 3: our pocket.
Speaker 2: True and again if they if they want to get
Speaker 2: the retailed dollars, they can just simply do it. Dollars savings,
Speaker 2: But like, like, what do then? IRA, You can simply.
Speaker 1: Say you can bring in fifty dollars and get two percent.
Speaker 1: It's better than keeping the money in America. Servis econ
Speaker 1: America will pay you two percent and people will be can't.
Speaker 2: Even do that, right.
Speaker 1: Lots of folks have one hundred dollars ninety and they
Speaker 1: just have it one hundred dollars dollars.
Speaker 2: They don't need that dollars because they can spend dollars,
Speaker 2: but they're put it in.
Speaker 1: The CBNP can mop up all those loose one dollar
Speaker 1: two dollars.
Speaker 3: Mop it up.
Speaker 1: It's a billion or three billion, it's something. But simply
Speaker 1: say this one, this one they are doing is not
Speaker 1: gonna work.
Speaker 2: That's just my take. So there are many ways they
Speaker 2: can achieve exactly what they.
Speaker 1: Want to achieve and sell increase confidence and both the
Speaker 1: financial system that bring us an ego that is ill advised,
Speaker 1: ill worded, and ill timed. So on that note, guys,
Speaker 1: let's call it today. It's gonna be great weekend or
Speaker 1: great weekday for you guys. Monday comes up next. You
Speaker 1: guys go out there, hustle, make that money, and God's
Speaker 1: gonna be with you guys. Yeah, I see you guys,
Speaker 1: takingod clea of yourselves.
Speaker 2: Keep it safe.
Speaker 1: I see you guys again till next week when we'll
Speaker 1: have on that topic to talk about. We're gonna have
Speaker 1: again our end of year. Don't forget our inter off
Speaker 1: your review and our bellion of your review. We're gonna
Speaker 1: bring in, Hey, what's gonna happen twen twenty five?
Speaker 2: What where should we be looking at? What sectors? How
Speaker 2: we pushing ourselves?
Speaker 1: Also, we're gonna do our financial planning sort of what
Speaker 1: we talk about each year. How you should approach a year,
Speaker 1: the very very basics, how to do a budget, how
Speaker 1: to look at you expecting so you can set yourself up.
Speaker 1: If you can't budgets, bro, you can make money in investments, right.
Speaker 1: If you don't understand how you can.
Speaker 2: Create an emergency fund, you can't go and start buying
Speaker 2: stocks and shares. It doesn't work that way. You're going
Speaker 2: to do the basics then you can move on.
Speaker 1: So I'm going to also do that in the first
Speaker 1: month of January or even end of December, so you
Speaker 1: can yourselves ready for December to hit the ground running.
Speaker 2: So if I Japanese PA's gonna come out where we
Speaker 2: do how you can do your fracial health check.
Speaker 1: I'm also reviewed you into the four and I look
Speaker 1: forward to into the five as well. Stay with us,
Speaker 1: folks were going somewhere. Thank you so much, guys. I
Speaker 1: appreciate you, all to you and in love you. Guys,
Speaker 1: take yourselves and buy