A FORMER Power Holding Company of Nigeria (PHCN) staff member has spent N5.5million of his N6million severance pay on the purchase of a Sports Utility Vehicle (SUV), The Nation can reveal.

The ex-PHCN’s staff, who is in his late 50s, bought the brand new car a few days after collecting his pay.

“He is a middle-aged man, without a house. He is still struggling and has nothing to show for his over 20 years’ service in the state-owned electricity company,” his colleagues, who were shocked at his behaviour, said.

“We, his colleagues, were shocked by the development because we expected him to plan with the money, knowing full well that he would not be absorbed by any of the 14 companies that bought the assets of PHCN,’ his colleagues said.’

They said it took the intervention of their District Manager and some senior staff to convince the man to sell the car.

At the end of the day, “we succeeded in helping him to resell the jeep for over N5million, and the money was handed over to him and advised him to invest it”, the they added.

http://thenationonlineng.net/new/ex-phcn-worker-spends-n5-5m-gratuity-jeep/

and they say there is no such thing as "generational curses"

That man no get sense o! He's been dreaming of becoming a Jeep owner without thinking of having his own house. He needs to be given 20 strokes of bulala. Anu ofia!

When this man 1st come to ds life , i think his major problem then was jeep, and i believe he too want to feel among as jeep owners. The man is a comedian

The mental state of the average civil service worker.

Funny ooo... But how different is he from those that earn just 150k as salary but use 100k out of it to buy a phone

Men and human beings sometimes eh. trying to impress others,live beyond our means

I just hope he'll use the cash wisely. Where's the wife,kids or he has none? He for buy tokumbo "jeep" now as he wants to answer car owner then invest the rest of the money.

idupaul: Funny ooo... But how different is he from those that earn just 150k as salary but use 100k out of it to buy a phone

salary is different from gratuity. Do you know how long the person saved 100k to buy the phone?

gbanikiti: salary is different from gratuity. Do you know how long the person saved 100k to buy the phone?

Who is talking of savings .. I said someone that uses 100k form his meagre 150k salary to buy a fone .. Truth be told most Nigerians clearly live above their means.. People will come here to castigate him but look around you and you will see he is only mirroring us all..

What an error??

He doesn't even have any house but he bought a car of 5.5mila, the man is suffering from a disease called carbon di condo

idupaul:

Who is talking of savings .. I said someone that uses 100k form his meagre 150k salary to buy a fone .. Truth be told most Nigerians clearly live above their means.. People will come here to castigate him but look around you and you will see he is only mirroring us all..

I see nothing wrong in buying a phone worth 100k from a monthly pay of 150k

so?

idupaul: Funny ooo... But how different is he from those that earn just 150k as salary but use 100k out of it to buy a phone

Earn you say..atleast there is hope of getting another N150K next month.


The 5m is the last penny he'll ever get from the government..

idupaul: Funny ooo... But how different is he from those that earn just 150k as salary but use 100k out of it to buy a phone

Your thinking is too shallow, and what's wrong with someone with a 150k salary purchasing a 100k phone.

Hmmm...the man just wants a little fun b4 its all over.

rubbish story.
which jeep will you buy brand new at 5.5m and resell at over 5m?
name the jeep.
once a new car leaves the showroom......

From d story, this man is at best a middle-level staff, yet he got #6m Severance package (minus his lump Pension Sum that wud be paid to his Pension account).... Kai!! These PHCN Staff don hammer, BIG time..

The man has a dream and made it happen, nothing wrong in that.
To win some contract or business deal to need to appear wealthy.

This story is funny for all kinds of reasons. Why is it anyone's wahala how a grown man chooses to spend his own money? To think that his colleagues took the matter personal and even forced him to sell the car. And it had to be reported in the news that a man used his own money to buy a jeep? Lol!!!

We all have different philosophies. Some people would rather live for the moment and enjoy themselves for a limited time, than to scrape and scrounge and live a frugal life devoid of fulfilment. Shebi na death go still end everything?

Jeep don dey hungry the man for a long time. He was probably silently oppressed by the countless 'nonentities' that drive past him in flashy jeeps everyday. As soon as e get im first (and probably last) major payday, him run buy jeep to end him psychological suffering, even if it means dying in poverty soon afterwards. Na im money, na im life.

I really don't think the intervention of his coleague was neccessary because the man found happiness in driving a jeep! That might have been his dream and people will not allow him live his dream by minding his bussiness! Or are they saying the grown/mature man doesn't know what he wants?...well, his colleagues just wasted their time because the man is still going to find pleasure by other means...nothing like investing the money!


Investment ko!
Sacrament ni!

after riding d jeep for 2weeks,whr e wan see money to buy fuel....SUICIDE!!!! hypo #10,daz all

Na im money, let him spend it how he likes. I still don't know how this is news.

He just achieved his dream of owning a brand new car.
The remaining 500,000 will be used to fuel the car.

Poor investment.

So in a couple of days N500k has gone down the drain!

dridowu:
http://thenationonlineng.net/new/ex-phcn-worker-spends-n5-5m-gratuity-jeep/

We always seek "well paid jobs" without learning Financial Intelligence, that 5 million cash would still disappear within months, everyone has their capacity in money they can handle, Give a Poor person a Billion Naira they would find a way to squander it (look at the history of lottery winners).
As far as you've not made money and built it, or given time to study how to do this, E go Hard o!!!

Like the New Testament said, a Pig with a Gold ring in its snout is no less a Pig

thats opportunity cost in economics

Thats nigerian mentality about life. He is not different from our politicians most especially d chairmen and councillors. They always end up as a nuisance!

gbanikiti: I see nothing wrong in buying a phone worth 100k from a monthly pay of 150k

How can you not see anything wrong in that? It is totally wrong. You cannot use over 60% of your salary to buy a phone. That is madness and stupidity put together. It is poverty mentality. Who is such a person trying to impress? You should never live above your means

don't be surprise that this man is member of NL, he don too ead about ETT so he decided to enjoy life a little before the time comes.