989900D's Posts
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It's a shame when people can't decipher assets from liabilities. If John living Lagos, with 1 wife, 5 kids, 1 maid, 1 cook, 2 drivers, and roughly 6 other secondary dependents, 4 private cars, 2 houses, earns say N1m/month, finds himself in a situation where his employer is shedding staff weight profusely, but he is offered N300k/month to retain his service or quit the job. What would be the best line of action for John to take in this situation, considering the comatose situation of the economy? 1. First order of business will be to retain his present job. 2. Cut down on all bills and excesses, which will include reducing his domestic staff and funds for all dependents. 3. Will be to sell off unwanted liabilities, and find ways how his non-income generating assets can start generating income . . . lease comes to mind . . . depending, he 'might' even have to rent out his Ikoyi/Magodo house, to move to a cheaper but very comfortable accommodation in a cheaper area till things return to fly. 4. Try to see how he can re-invest his cash-in-hand into other income generating ventures. 5. 6. 7. |
There is fire on the mountain. |
– Some Nigerians in Diaspora have asked President Muhammadu Buhari to sack the governor of Central BanK of Nigeria (CBN) Godwin Emefiele – These Nigerians under the aegis of Nigerians in Diaspora Monitoring Group (NDMG) also threatened to lock down Nigeria’s High Commission in the United Kingdom – The group accused Emefiele of converting the CBN into the personal bank of his business friends Some Nigerians living in Diaspora have called on President Muhammadu Buhari to sac the governor of the central Ban of Nigeria Godwin Emefiele for incompetence and deliberate sabotage of the country’s economy. These Nigerians under the aegis if Nigerians in Diaspora Monitoring Group (NDMG) accused the CBN governor of handling the naira poorly. The group in a statement signed by its United Kingdom coordinator Adeka Oyinlo and made available to NAIJ.com said Emefiele through questionable monetary policy ruined the value of Nigeria’s currency. The group also threatened to embark on a massive protest at the Nigeria’s High Commission in United Kingdom if Emefiele is not sacked immediately. The statement also said other chapters of the NDMG have also been contacted to take the same action. Oyinlo said the problems caused by Emefiele are so grave. He said, Emefiele should have been fired immediately while the president retroactively seek Senate’s backing but that the need to adhere to due process and the necessity of not spooking the economy were the only argument against such approach. He added that anyone with honour would have resigned as the governor of the apex bank without waiting for outcry from Nigerians. Oyinlo noting the recruitment scandal at the CBN said Nigeria’s dwindling economy is a result of Emefiele’s service of interest to his cronies in and out of the government. Oyinlo said: “We have seen Mr Emefiele converting the Central Bank of Nigeria into the personal bank of his business friends which he used to raise dollars for them to execute projects not just in Nigeria but also in other African countries without a thought for how this would affect the nation’s economy.” “The CBN has also largely abdicated his and the bank’s regulatory roles to the commercial banks under the Bankers’ Committee, which has consequently created a situation where a clique takes decisions to the detriment of 180 million Nigerians so long as their bottom line is met,” he said. “This perhaps explains why Emefiele’s reactions to the troubled naira has been nothing short of knee jerking that has seen series of policy somersaults that occurred within days in some instances. The group also said Emefiele is only concerned about making life miserable for the populace while strengthening the hands of the forex cabal. “Round tripping and false declaration of forex application have continued unabated while Emefiele looks the other way as his buddies on the Bankers’ Committee make killings on hourly basis. “The CBN governor’s only intervention is to further compound the problem by removing those who stand in the way of his friends’ profit. “For the avoidance of doubt, Nigerians who have to seek medical treatment abroad are dying, not just because treatment has become more expensive in dollars-naira terms but also because they now face impossibly long delays in getting forex to commence treatment. “Too many youths have also been forced to abort their education abroad and consequently shatter their dreams. “These nightmarish scenario must end, which is why we are asking President Muhammadu Buhari to immediately approach the Senate to get the necessary backing for Mr Godwin Emefiele’s removal as CBN Governor. “Where Mr President does not immediately remove him we will mass at Nigeria’s High Commission in the United Kingdom and ensure that the place remains on lockdown. “We have fortunately secured the understanding of our chapters in other countries to take similar steps to drive home the message. “Those of us in the Diaspora now bear untold burden because of the hardship trailing Mr Emefiele’s poor handling of the naira, which we have been able to establish as a deliberate act of sabotage,” Oyinlo said. Meanwhile, two northern group had last week clashed over the call for the sack of the CBN governor. The Arewa Youth Consultative Forum (AYCF) had slammed the Northern Youth Council of Nigeria over the latter’s call for the resignation of Emefiele. Also, members of the House of Representative at its sitting on Wednesday, October 5, demanded Emefiele’s removal. Copied from Naij. |
Bayelsa (less than 2m population): N7b, same as Lagos (20m) . . . and owing salaries. |
If true, then he must be saving it for them -- I know him, "he is a true son God". ![]() |
Too many useful things to take home from the old man's interview, I think the headline betrays the body of the article. In a federation, it won’t be wise to have one legislative body as you will have nothing to show that all the federating units are equal. It is the upper chamber that signifies the equality of the federating units. The only problem is that we copied and abused it whereby we have full-time lawmakers. |
bayelsaowei:That's a long term option. In the 'now', what would you have expected the Finance minister (irrespective of it is Kemi Adeosun or whoever'deosun) to do? Why I keep asking everyone that one question is, apart from the pedestrian pace (which is to some extent also a function of our archaic laws, our comatose and corruption ridden institutions, and probably an old leader in Buhari), she is doing everything that should be done, or that I would have done . . . faster though (easier said than done ). Now, in my belief that 2 or more heads should be better than one, with the background that most people are calling for Kemi's head, I wonder and do 'humbly' ask: what would they have done differently? |
Kenyanstar:The above is not far from the truth, and the emboldened more so. And like I rightly pointed earlier, if you have to generally compare Nigeria as a whole (taking into consideration some largely over-populated, but largely under-productive states in Nigeria doing the country more harm than good) vs Kenya, Kenya would probably edge it. OTOH, like I pointed out earlier too, individual cities like Abuja and Lagos (Lagos with population less than half of Kenya, but GDP nominal of about $131b, GDP per capita PPP at conservatively $15,000) on a general level, will own Kenya (GDP nominal at averagely $60b, GDP per capita PPP @ roughly $3,500). However, this is more or less a d!ck measuring contest (a lame and in-definitive one), 'cause if you are to measure using parameters such as education, international contributions, number of millionaires and billionaires between both countries, and e.t.c., Kenya does not even come close to Nigeria. About poverty rate, I think that is more or less on the same level for both countries, mind you, Kibera is still the biggest slum in Africa, and one of the biggest in the world. P.S. A very large population of African Bantu tribes (inclusive of the Kikuyus, Merus, Kambas, and e.t.c of Kenya) emigrated from what is now modern day Nigeria . . . I got nothing but love for y'all. |
bayelsaowei:Good, but would it be correct if that infers you don't have a better solution to the situation? |
On point. |
If any rag-tag group of people, either foreign or domestic, can hold the nation to ransom, then our defense budget is a waste -- 'kukuma' give it to these boys. |
I tire for this people o. |
What would anyone have done differently? Any random f00l can criticize. |
NairobiWalker: |
I like reading comments on threads like this as it makes for a personal humour for me, cause we are all related. For educational purpose, read about the 'Bantu migration' (this especially indicates a very large proportion of black Africans across Africa today emigrated from an area between modern day Nigeria and Cameroun . . . even as near as 400 years ago), 'the blacks of China', 'Brazilian African ancestry', 'European African ancestry', 'Out of Africa' and many more . . . the creator and our ancestors must be having a laugh the way we childishly claim exclusivity. |
Everyone is afriad of you, bro Jimoh -- even me myself I am afraid of you. BTW, Mimiko is another definition for cluelessness, considering the massive potentials of Ondo state. And he has an infinite streak of treachery -- trust/rely on him at your own peril. How many people have they employed? I am paying salaries as and when due. Last month, I paid the salaries of over 8,200 persons. Maybe they cannot see. I bought NICON Insurance with shareholder funds of over N1bn and now (it) has over N57bn as of the last account. Energy Bank Ghana is there, it is the most liquid bank. Worldwide Investments in Dubai is there, it has assets running to almost a quarter of a billion dollar. It is the third biggest property investment in Dubai. As for Energy Bank Sao Tome, I bought it completely dead. It is now the second largest bank in Sao Tome. Global Fleet is still there. I bought Air Nigeria and sold it back because of disclosures. There were too many liabilities, so, they approached me and said they wanted to buy it back. If you buy something at, say N500m, and you are offered N5bn for the same asset, won’t you sell it? I bought Great Nigeria and sold it to WEMA Bank. I made money from there. The question is this, if I buy something two years ago and after I have renovated it, and then someone comes and offers me N700m above the purchase price, I will ask myself, can I get N700m dividend in the next 10 years? If the answer is no, I will take your offer of N700m. I bought Air Nigeria for N500m and sold it six times the purchase price. So, what are they talking about? At the above, Oga Jimoh you can lie o! |
We shall overcome! |
Too many distortions in one thread. You can probably argue Kenya edges in Nigeria in a large number of aspects, but cities like Lagos and Abuja (most especially Lagos), completely murders Kenya, on a general level. To simplify, Lagos' GDP at $130B is twice that of Kenya, while its GDP per capita (PPP), is thrice that of Kenya, and that margin is set to get even wider in some couple of years. No hate towards Kenya, but it is what it is. I've been there (Nairobi), I have very good friends from there, both those we met from different parts of the world and those we met in Kenya (especially my very dear special Meru friend -- she is amazing). Actually, my outfit should start operation in both Nairobi and Mombasa in few months . . . looking forward to it. |
How can a large group of people be born with so much bile and hatred? |
Sibrah:That tarried. Like every other thing else; can't put that squarely on her table though. You see, the laws of this country are not suited for a 21st century country in desperate need to get out of a recession. The tenders and procurement laws are from 50 years ago -- who needs 8 weeks for tenders, and another 4 weeks for procurement approval in an age where some random guy in far away Afghanistan, Australia, Brazil, Aba, Sokoto, or Jigawa can know a random guy in some random town in Ogun state just named his dog Buhari at the same minute? We need to amend our laws for fast changes. |
talktonase:Stick to the thread, or ship out. |
VP Osinbajo (Law Prof.) should be able to interpret the constitution correctly than most. |
talktonase:That is not the point, nor what the thread is about, neither is indicating frustration is driving the irrational jibes most of you can come up with. Over 20 comments; not one sensible/insensible alternate position, just jibes and off thread inanities (I ain't got no time for such quibbles) -- I knew none of you could do better than that anyways . . . this was actually a social experiment to prove most people criticizing don't have anything better upstairs as alternate solutions, and that is a real big shame. |
Kabashin: |
Sealeddeal:Exactly, that is the point -- y'all have no clue! “Any fool can criticize, condemn and complain, and most fools do” --Benjamin Franklin |
Kabashin:Comprehension is not your forte m0ron, I don't have the time for intellectual midgets like you. All the trash you wrote up there ^^ is already addressed in my article; stay on purpose of topic -- use your mind or ship out. |
It looks quite disturbing, but it will be myopic jumping into conclusions, unless you were in that room/have a good video of the moments, and a little background info of Emefiele's relationship with those at the villa, especially the unknown mallam sitting down feeling cool like some boss. |
If only this is just not true . . . this is beyond madness if true. ![]() |
I called your number; can't reach you . . . well, like some earlier suggested, re-strategizing would be the better way to go, probably not the easiest initially, but would be the most financially convenient in the short term, and most rewarding in the long term. |
SamuelAnyawu:"Amaechi is a true child of God." ![]() |

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