₦airaland Forum

Aunty, if only there were pills to cure your own DUMBNESS...
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Benoxvals:
Hate speech coming from a black man..it’s really absurd.
They would just assured him that they have noted his request..be professional about it than throwing him out.
His request was a good one if you look at it from a different point of view and besides,
Anaghi aka ikpe na onu otu onye.
If u know u know..

Did you even read the statement?

Other passengers offered to translate, and he was given the alternative to move, but refused all REASONABLE options...
Dude was just being insufferable and DESERVED to be kicked-out - because the LIVES of other passengers was in consideration. SMH
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Landforce1:
Wait, is boarding an airplane only meant for ppl who can speak/understand English language?

U obviously haven't been beyond ur village!!

I have no desire to join you in the gutter of personal insults because I was raised better and can amicably disagree with people...

On the substantive matter at hand, you can board an airplane regardless of your language skills, but you CANNOT seat on an exit seat unless you can understand and carry out the instructions on emergency evacuations - regardless of the language (just happens to be English in this instance). EVERYWHERE in the world (and I happen to have numerous personal experiences, because as a tall person I usually get to seat on the exit row with extra leg room), one of the first things the flight attendants will do is to ensure that you can fully understand (and be capable of carrying out) the emergency instructions - because the lives of OTHER passengers may well depend on your actions.

Hopefully, you have now understood the point and when you return to your village can teach them how to engage in civil discourse.
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baby124:
The customer is not wrong. Their crew should know how to speak the languages in the place where they serve. They have no right to de-board him and I hope he gets compensation.

Nonsense! The safety instructions are in English, and if there’s a chance that he cannot read or understand the instructions the airline cannot endanger the lives of other passengers by allowing him to seat there. Good riddance!!

Okoyeebows:
But the idiot bears Christopher. What is the translation of Christopher in Igbo?

They should have thrown him out through the emergency exit let him enter Ekene Dili Shuku bus to his destination. At least, they would be playing Chioma Jesus from his village to wherever he's going to.

Post of the Day!

Seunpaul01:
Oh ho!,, 'single narrative'. o fe blow ori mi pelu English. I guess it's a self made phrase.

If I take the credit I would be lying...

Guyman02:
Na wao, MTN listing without an IPO is nonsense, they don't want ordinary Nigerians to invest and make profit from that company. Left for a few people most of whom are just cronies of the same individuals that have ripped up this country because they have access to our common wealth. Nonsense and ingredients

You can literally go to the stock market today and buy MTN Nigeria stock...
The big holders listed here were there on Day One in 2001 (and thus partook in the initial equity risk).
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Okoyeebows:
If you say the management of Mtn believes they have no need to raise an additional capital at this time, why did Mtn borrow 200 Billion from 7 banks just last Friday?

Gbenga Aluko is on the board of Mtn and his firm Aluko and Oyebode advised Mtn on the syndicated loan on Friday and would be paid by Mtn. Doesn't this tell you something?

Bankers negotiate these deals which lawyers reduce to legal text (likely using the universal LMA documentation used in virtually all common law jurisdictions worldwide, with local jurisprudential adaptations of course). Given that each of the parties involved in this transaction would have their own independent advisers (financial, legal and/or accounting), including global powerhouse law firms such as Baker & Mackenzie and Norton Rose Fulbright, it is doubtful that the role of A&O in this transaction was in any way determinative or overarching. Nevertheless, any conflict (or potential conflict) of interests ANYWHERE in the world is resolved by FULL DISCLOSURE (and/or recusal).
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Seunpaul01:
You made real sense here. I don't really get your last statement...... avoiding the danger of single narrative.....

The “single narrative” in Nigeria that everything and every venture is fraudulent, and people are only looking to rip you off...
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vaxx1:
company that conducts a DLC does not become a publicly-traded company, nor does it typically become subject to goverment agency reporting requirements.

MTN is only registering its stock to trade on a public market that is all. The board here are still the group who decide

As from last Thursday, MTN Nigeria is now a PUBLICLY-LISTED and PUBLICLY-TRADED company trading on the NSE under the ticker “MTNN”...

LagosEconomist:
Wisdom all over your post.

The only slight correction I'll make is that there is nothing stylish about it. IPOs are a great opportunity for insiders to cash out, & depending on how well the managers run the place, the investing public could end up being bagholders.

Jesuspikin8:
+1

Except though that usually when a company goes public (regardless of whether it’s through a primary or secondary offering), there is often a “lockdown period” (sometimes also referred to as a “lockup”) during which the company’s insiders, management, employees, and even early investors, are precluded from selling their shares (that is, other than the shares on public offer) for a substantial period of time following the offering (differs as per each transaction). Accordingly, it’s unlikely this is a case of existing holders simply pumping up and dumping shares.
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vaxx1:
what are you saying, if no new shares are created and value not diluted, how will new shareholder be added if not thru existing shareholder?.

Direct public listing make the board of chairman unnecessarily powerful, they can withdraw secondary members at will even the company owner from office .

It’s a SECONDARY offering...
In other words, you are simply trading already existing shares (to NEW holders).

Bear in mind that usually when a company goes public (regardless of whether it’s through a primary or secondary offering), there is often a “lockdown period” (sometimes also referred to as “lockup”) during which the company’s insiders, management, employees, and even early investors, are precluded from selling their shares (that is, other than the shares on public offer) for a substantial period of time following the offering. Accordingly, the existing holders are not simply pumping up share prices and dumping their stocks (as imputed on this thread).

Not quite sure the point that you are making about the “chairman”, but Pascal Dozie as Chairman of the board of directors if MTN Nigerian does NOT hold an executive management position nor responsibility in MTN Nigeria, and the board CANNOT “withdraw” (using your terms) publicly-traded shares from anyone who bought such shares on the exchange. These are now PUBLICLY-listed and PUBLICLY-traded shares, which means that anyone anywhere (even some dude somewhere in Kathmandu) can buy them and become part-owners of MTN Nigeria.
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Okoyeebows:
Before you put 1 Naira in the Nigerian stock exchange, go and watch THE WOLF OF WALL STREET. Nigerian Stock Exchange is a place run by Judas Iscariots. Go and find out what Ndi Okereke Onyuike did there. Go and find out what Transcorp did there.

People regularly get burnt in that place of corporate scammers, you need sound financial education to make money there.

Let me tell you a secret Mtn doesn't want you to know. There is a company called MTN International (Mauritius) Limited, which has the controlling 76.08 per cent equity, or 15,485,544,050 shares valued at about N309.71 billion. Once they recoup their money paid as fine with extra by gullible Nigerians, they are getting out. That's exactly how Etisalat got a cash investment and Mudabala telecoms (the Arab owners) ran off with the money.

What most people don't know is that just last Friday, Mtn borrowed 200 Billion for a 7 year tenure from a consortium of banks just Friday 17th of May.

You see that fine mtn paid, they are stylishly collecting it back from Nigerians. They would eventually dump everything and run off like Etisalat. They are scamming as much people as possible preparatory to running away.

The banks they obtained the loan from know this but they don't care. They would willingly take over mtn like they did to Etisalat.

This same Gbenga Oyebode on Mtn board is the chairman of Access bank. Go and find out what Access bank did to Etisalat.

One more thing...

Mubadala (not Mudabala or Mudabala Telecoms) is the sovereign wealth fund of Abu Dhabi, formed in 1967 with currently over US$820 billion of assets and a relatively reputable track record. Doubtful that it paid US$300 million for the Etisalat Nigeria GSM license as a “scam”!
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vaxx1:
i never mention private listing, i said direct listing PROCESS via public outreach. This only means, the equity is restricted to only already existing shareholder . No new holder here expect the existing holder's is willing to sell its own share .

That’s NOT correct...

Listing by introduction merely means that no new shares are created (and thus value is not diluted) for the offering, as opposed to an IPO whereby new shares are created and offered (and accordingly substantively diluting the value of existing shares). In effect, the former is a secondary offering while the latter is a primary offering. Nonetheless, in either case, NEW shareholders are added and the new holders hold equity with EQUAL powers and rights attached to each offered share as those held by existing shareholders.
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Amitez:
I tend to see your point here. Why go public via private listing? Ordinarily if MTN needs money, it would have gone for IPO. Private listing appears to be an avenue for the existing shareholders to push the value and offload to gullible investors. It is quite simple, release small quantities and push the price to above 25% and begin offloading. The new shareholders will start praying to God for mercy. Recall 2007/2008 scam on the NSE. Unfortunately, we do not learn. [b[Every investor must ask "why private listing"?[/b] The same people held the shares all this while. They have been reaping the dividends. So why are they so "generous" now to make it public for small investors?

Again, the names you mentioned as lead investors and the issue of fine paid to FG ring an alarm, and should put everyone on enquiry.

vaxx1:
why will such a bigger company like MTN opted for DIP? I actually don't understand. This type of option ate known for smaller company

It is NOT a private listing...
Rather, it is a PUBLIC listing by introduction.

Nonetheless, the simple answer is that MTN Nigeria is currently embroiled in a public and highly-visible tax dispute precipitated by Nigeria’s erratic (and IMHO frankly poor) Attorney-General who apparently elected to usurp the brief of the tax authorities (the FIRS), and accordingly doing an IPO before that dispute is resolved (one way or another) would be would likely result in a substantial undervaluation of the stock.
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Macky2:
You are very right bro, must watch movie for everyone before investing in Nigerian Stock market. NSE really dealt with me between 2006 and 2007

EVERYONE and their grandmama rushed to the market during that boom that turned out to be a bubble (even taxi drivers and Keke Napep operators), and as with everything else greater demand resulted in higher prices and less due diligence by those desperate to get into the action. Some people were even borrowing money (so-called “margin loans”) to invest in the market, which was not sound business judgment.
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Okoyeebows:
Before you put 1 Naira in the Nigerian stock exchange, go and watch THE WOLF OF WALL STREET. Nigerian Stock Exchange is a place run by Judas Iscariots. Go and find out what Ndi Okereke Onyuike did there. Go and find out what Transcorp did there.

People regularly get burnt in that place of corporate scammers, you need sound financial education to make money there.

Let me tell you a secret Mtn doesn't want you to know. There is a company called MTN International (Mauritius) Limited, which has the controlling 76.08 per cent equity, or 15,485,544,050 shares valued at about N309.71 billion. Once they recoup their money paid as fine with extra by gullible Nigerians, they are getting out. That's exactly how Etisalat got a cash investment and Mudabala telecoms (the Arab owners) ran off with the money.

What most people don't know is that just last Friday, Mtn borrowed 200 Billion for a 7 year tenure from a consortium of banks just Friday 17th of May.

You see that fine mtn paid, they are stylishly collecting it back from Nigerians. They would eventually dump everything and run off like Etisalat. They are scamming as much people as possible preparatory to running away.

The banks they obtained the loan from know this but they don't care. They would willingly take over mtn like they did to Etisalat.

This same Gbenga Oyebode on Mtn board is the chairman of Access bank. Go and find out what Access bank did to Etisalat.

MTN has been in Nigeria for almost 20 years.

They initially came to Nigeria (paying as much as US$285 million just for a license) when NOBODY of repute was willing to invest in Nigeria (the GSM bidding round was a transparent public process, supervised by the World Bank), and has literally invested TRILLIONS OF NAIRA into the Nigerian economy, building thousands of sites and creating tens of thousands of direct and indirect jobs in Nigeria (according many of our young engineers and graduates with decent professional employment), supporting/empowering subcontractors and others across the value chain, and even setting the pace in CSR and corporate philanthropy through its MTN Foundation. And even if the original investors were to pull up stakes and exit Nigeria, the behemoth telecommunications company and business that has become MTN Nigeria will still exist and remain in Nigeria, and continue to offer services to Nigerians (even if under a different corporate identity, as in the case of Etisalat Nigeria/9mobile). It’s not like they will carry the company/investment on their heads and leave town!

There’s a real seminal lesson here that folks should not particularly live their lives or conduct their affairs on the basis of movies (or anything else where the principal aim is dramatic effect). Even in the US where “The Wolf of Wall Street” was based (and you can add a whole host of other movies such as “Boiler Room”), investment and trading of stocks continues unabatedly (and btw, so does fraud which is why personal due diligence is a prerequisite WHENEVER or WHEREVER you invest in securities). The Great Recession, which was precipitated by the financial crises of 2007/2008, did not start in Nigeria (albeit its effect was ultimately felt in Nigeria, as with the rest of the world). Rather, it was started on Wall Street and all of the other supposedly great capitals of capital. And yet, NOT ONE PERSON of note on Wall Street ended up in prison. Please let’s try to avoid the dangers of the single narrative or affirming the saying that half-education can be more dangerous than none at all.
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Okoyeebows:
Before you put 1 Naira in the Nigerian stock exchange, go and watch THE WOLF OF WALL STREET. Nigerian Stock Exchange is a place run by Judas Iscariots. Go and find out what Ndi Okereke Onyuike did there. Go and find out what Transcorp did there.

People regularly get burnt in that place of corporate scammers, you need sound financial education to make money there.

Let me tell you a secret Mtn doesn't want you to know. There is a company called MTN International (Mauritius) Limited, which has the controlling 76.08 per cent equity, or 15,485,544,050 shares valued at about N309.71 billion. Once they recoup their money paid as fine with extra by gullible Nigerians, they are getting out. That's exactly how Etisalat got a cash investment and Mudabala telecoms (the Arab owners) ran off with the money.

What most people don't know is that just last Friday, Mtn borrowed 200 Billion for a 7 year tenure from a consortium of banks just Friday 17th of May.

You see that fine mtn paid, they are stylishly collecting it back from Nigerians. They would eventually dump everything and run off like Etisalat. They are scamming as much people as possible preparatory to running away.

The banks they obtained the loan from know this but they don't care. They would willingly take over mtn like they did to Etisalat.

This same Gbenga Oyebode on Mtn board is the chairman of Access bank. Go and find out what Access bank did to Etisalat.

What exactly did Access Bank supposedly “do” to Etisalat Nigeria that borrowed $1.2 billion from a CONSORTIUM of 13 Nigerian banks (not just Access Bank) in US dollars that it had trouble repaying when the value of the Naira free-falled from about N118/$1 to N525/$1 before settling at its current rate of approximately N363/$1 (given that Etisalat Nigeria earns it revenues in Naira), and Etisalat could neither repay, restructure or obtain payment guarantees from its majority holder in Abu Dhabi?!

Furthermore, Gbenga Oyebode was (no longer is, btw) the chairman of the board of directors of Access Bank, which is a NON-EXECUTIVE position. In other words, he was NOT a member of the executive management of the bank and would therefore not be a member of the credit committee and accordingly would have no input in credit decisions.
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Primary problem with Badagry Expressway construction is that the contracts with Julius Berger and with CCECC is for both the road and the rail line together, and thus so long as the rail project was not progressing (for monetary or any other reason - given that the cost of the rail project more than tripled as a result of currency devaluation), so also was the road construction put on hold. What the Lagos government should have done is to DE-COUPLE components of the contract and focus on just completing the road itself.

Also, although Lagosians would have bitched and whined about it (many of us already believe that we are “over-taxed”), the government could have borrowed more money (for example, from the AFC) to complete the road, toll the road (with moderate toll charges, given the large volume of traffic on the road) and used the toll collections to repay the loans. Better to pay a little something for a good road, than have a “free” road that costs you much more in car repairs, time lost in traffic and business opportunities driven away.
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maxkia:
You must be stupid for your comments . You are the miscreant here. Do you live on this Axis?

Most of you are Nigerians are Nigeria,s Problem. Over bloated graduate

I believe he was being SARCASTIC...

Guyman02:
Ambode really developed Lagos

Badagry Expressway is a FEDERAL GOVERNMENT road...
Great that LASG tried to rebuild/expand it and upgrade it to 21st century standards, but let’s not lose perspective here.
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If they really want to be heard...
This “protest” should have been held at Bourdillon!
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One can only hope that the quality of TEACHING in this uni is better than the quality of its architecture...
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Mariangeles:
People should learn to mind their business !

There's nothing wrong with it if they're helping their mother out ...I'm pretty sure she's around the corner

It's better when mother and children hustle together than to give out the children to relatives because the parents can't afford to feed them .
Believe me, those little boys will turn out great in life .

For those people quoting me, Nigeria is not as easy as we want it to be.
Instead of misinterpreting me, you all need to go and find out how people survive in the real world .

It is easy to assume ...

Abegi quit encouraging/supporting CHILD LABOR...
Instead of telling people the HARD TRUTH about not having so many kids, we hide behind 'culture' and 'religion'! SMDH
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RealEzee:
really?

Really! You can even rent (forget lease) the most luxurious cars in Dubai (where Lexus is used for kabu kabu)...

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Meanwhile, following tweet is DUMB (and of course underlyingly misogynistic in the usual Nigerian way)...
Why should anyone stay with someone who they think makes money from music who turns out to be a fruadster (allegedly)? SMH

www.nairaland.com/attachments/9439130_screenshot20190520140049_jpegf381086499ef962689827f944d3c9bae

His mother raised him....
Let her stick with the consequence of how she raised him. Why should that necessarily be someone's headache? SMH
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Why 2018 model though?

MarianaTrench:
Borrow pose!

SouthSouth1914:
His mum would have left the daddy... see the correlation now?

Leave him for who?
You think there are lots of moneybags out there checking for an old divorcee with kids? Mtchewww
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harley88:
Can't see any correlation between dating for money and his story

So ayam not the only persin confused by the heading...
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Mugu Magu...

Why publicly disclose this while Rochas is still in office (even if only for a few more days)...
And still has the time and opportunity to squirrel away/destroy/distort incriminating evidence?!
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tactius:
True, but the fact is, recruiting is actively ongoing

Yep! It’s only the “official” position that they shouldn’t give you aid and then recruit your best professionals, causing you to need more aid...
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