₦airaland Forum

IYGEAL:
Room should be made for public holidays o. Because this logic will make every weekday a market day.

I suppose developers of iTrade which Morgan Capital uses, uses this logic, because on public holidays the market is "open".

Anyway, public holidays can be taken care of as they come since some of them are not predictable.

Certainly.
They could write an is_holiday function that accepts a date object and returns a Boolean and the number of holiday days.

You'd then just have something like:

holiday, day = is_holiday(next_trading_day)
If holiday
next_trading_day +=day.days

But the core idea was to give him feedback on making the text more intuitive.

I'm sure he can deal conveniently with the technicalities.

toyeoye:
Apologies for this inconvenience🙏🏽. That’s odd because I can see 140+ stocks showing here.
Looks like the table’s not expanding fully on your device. Could you please confirm:
Which browser you’re using (e.g. Chrome, Safari, Opera)
If it still looks the same after you refresh the page or change browsers.

That’ll help us narrow it down fast.

Maybe you might be interested in this feed back:
Instead of saying market opens at 10 am next trading day

Why not make next_trading_day a variable and set a more intuitive value for it.

E.g

next_trading_day = Date.Today.Friday ? Date.Today + 3.days : Date.Today + 1.days

If Date.Today.Saturday
next_trading_day += 1.days

You can certainly adapt to your Language's syntax.

emmanuelewumi:
Also possible that naira was overvalued at that time and the N160 was artificial

Maybe not.

It was 150 - 155 official
160 parallel.

Crude was $100 give or take.

I was talking about Sanusi's time as CBN governor.

Potvalor:
The main objective of my earlier post wasn’t to fault Dangote, it was just back up the ₦400K salary someone first mentioned.

💯💯

Potvalor:
Yes, I can also confirm this. Entry-level engineers at Dangote Refinery earned around ₦400K gross per month. Some had no staff bus privileges or other perks either. I know an entry-level mechanical engineer working there who tried to switch to a top FMCG multinational earlier this year because of the poor welfare conditions. That’s why I can’t put all the blame on the 800 9ja staff for joining PENGASSAN because they really should’ve been paid more and offered a better welfare package (at least to match the Industry and Company’s status).

As for the five-year salary severance package, that’s mostly just a rumor. And even at that, the claim was that it’d be paid monthly, not as a lump sum, possibly with a clause to stop payment once they secure another job before the period ends. So let’s take it easy with the assumptions brother .

Not assumptions brother, rather hypotheticals.

Thank you for giving more insights.
I really appreciate it.

mygee2:
I've seen the withdraw request but I am only seeing an account number that I don't know or don't have access to and the drop down how can I add an account number let say A zenith bank or UBA there

As far as I know, the withdrawal process isn't yet automated, so I think it's just best you send them an email stating how much you want them to pay into your bank account.

Then follow up with a phone call.

GeneralDae:
Shell, Chevron and the likes operate in the upstream and they make more profit than those operating refineries (midstream) and those selling to final consumers (downstream).
I did my internship at the Warri NNPC refinery some years back (just before Buhari) and the salaries of staffs generally were ridiculously low at the time. As Interns, we got around 13k then.

Wow...
The income pyramid in this country probably has a much slimmer top than I thought be that.

But anyways, back to the point,

Even if na 700k per month.

That's still 42m.

N42m is more than significant for anyone who was willing to work a day job for 700k per month.

At 500k, N30m should be a lot of money for anyone willing to navigate Lagos traffic for a whole month before they get 500k

Digitron:
Alhaji refinery pays 400k Gross per month.

If this is for senior staff (PENGASSAN members),
Then it's more than ridiculous.

$260 gross.

So after pension and taxes, take home will then be $200??

That's why I will wake up at 5am every day

After 5 years of Laplace?

Streetinvestor2:
I don't get it.This dangota staffs that whr sacked are they not just working at the refinery. Abi dangota is into crude oil exploration whr this guys then worked. I was ment to understand it is the guys working in oil exploration that are paid so heavy.The guys I knew those days that worked in kaduna refinery whr comfortable but not mega rich.
Na those school mates that worked off/on shore that saw mega money

You're correct.

My thinking is: those in the downstream won't be too far off.

It's why I felt they should get N20m if the onshore guys are getting N96m.

For instance, I know Total downstream paid more than 30% of what the upstream guys got.

ojeysky:
I doubt those entry level staff would take home 20m PA, if that was indeed the case and they were offered 5years upfront. I will gladly take it, put it in a dividend paying stock and Bonds while i update my CV to look for a new job. That will be free money

Abi? N100m free money is a lot. Severance for just 2-3 years work.

20m per annum
Except if there's indeed a huge disparity between what IOCs pay and what Nigerian players pay.

PENGASSAN president said on TV that the salaries of the entire 800 people at Dangote is less than what just 20 people earn in an IOC.
Maybe that's true.

A difference of 40x!

@handsomebolanle do you have comments?

mikeapollo:
Dangote refinery does not pay as much as people may expect.

I think salaries are more about the industry than the organization.

DIL playing in the oil and gas sector would definitely have to pay something more commensurate than what's obtainable in the manufacturing sector.

Like KPMG, PwC, salaries are identical,
NESTLE, WAMCO too.


When dollar was 160, I know Total Entry level pay was around 800k. (5k dollars per month)

In today's naira, entry level at Shell, Chevron, Total should be like 8m per month or N96m per annum.


That's why I thought N20m might be conservative for Dangote Refinery.

emmanuelewumi:
If this report from Premium Times is true that PENGASSAN refused this offer, then something is wrong with them.

So being transferred to other businesses in Dangote Group is a better option.


It shows that those guys don't actually possess the so called rare talents, they don't think they have a highly marketable skills or they don't know how to multiply money

Imagine their pay is N20m per annual averagely,

It means they were offered N100m block sum without work??

If I was a staff at the refinery, I would beg to be fired.


Cos the N20m pay is just about N1.6m per month,

Whereas I would easily and consistently make , 5% on N100m without leaving my house.

And with compounding, my assets will grow faster than any potential promotion at the refinery.


Alhaji is really offering N100m or more per employee for no work

yMcy56:
ARADEL officially @670!
PZ on full bid @41.70!

Market at 143k.

Less than 7k more!

SEPLAT full bid loading!

yMcy56:
E Ku Market o.
Kpakus delivering......😁

* There's a rumour of another acquisition in Delta state with about 60,000 tons processing capacity, palm kernel crushing plant of about 120k tons capacity, etc.
* Details still sketchy and unconfirmed for now.

** Like said before, if you're a long termer especially, ELLAH and OANDO should be in your portfolio.....any dip should be an opportunity to be topping up

I thought you went to Hawaii

crownprince2017:
Both pessimists and optimists brings joy to the market.

Each person should tailor his/her investments based on outlooks.

Abi 😁

If pessimist nor sell, how optimist wan take buy at bargain??

Heishere:
You omitted the catalyst in your trajectory analysis. The reserve was falling because oil price and production volume was falling. You are touting higher reserve now because oil price has been relatively stable. The reserve will crash if oil price crashes until it is decoupled from oil, which by the way a substantial amount was pledged for a loan that we did not get value for. I am not seeing any strategic investment from the current government to keep the naira afloat.

Sure, you're free to make your investment decisions based on these convictions.

After all I won't share in the gains or losses you make.

Streetinvestor2:
I don't understand I thought it was 25% max which is 30% I am reading again

For companies, it's 30% cos they're using same rate as CIT.

megawealth01:
Make the thing positively affect the masses on the street ooooo

It already does.
I bought Pulpy for 1250 - 1450 last year,
Today it's 800.

I take about 30 bottles a month, that's already a savings of almost 20k per month for me.

Same with malt.
From 630 to now 500.

And lots of other items as well.

KarlTom:
You flash us better meter, come dey say it's nothing sensitive

Na wah.
I guess I should have used a screenshot of the edited screenshot.

Can you see the redacted info in this?

Agbalowomeri:
I can see what you are covering so delete

Wow... Thanks.
Good thing it's nothing sensitive.

mygee2:
Hello Bosses in the house please I recently open a Morgan Capital account and I navigated the site I can't find where I can withdraw the money from Morgan to my bank account please who can show me the way
Thanks Bosses

You can use the withdrawal request feature on iTrade, but be aware that the processing is still manual.

You can also just send an email to info@morgancapitalgroup.com


If you do either of these and do not get an email acknowledging your request within 2 hours, you can follow up with a call to them

orriyomi33:
I have gotten my own share of the loss in value of my capital on my US stock brokerage account that I was planning to purchase some stock but abandoned it.

I deposited #287,000 on the 23rd of September, only to withdraw for an emergency yesterday @#276,000☹️

Just one week 😁😁😁

Thank God it's not much.

Although for some of these platforms, the losses are not entirely due to currency fluctuations.

Some naturally have some greedy spread between their buy and sell rates.

Such that even if you deposit and try to withdraw same day, you'll still incur losses.

Heishere:
This is daylight robbery. So, a salary earner is basically slaving for the government. You pay PIT on your salary. You invest the remaining is US stock and they charge you CGT and when you bring the money home they charge you PIT again. Is it not better to just drink away the money.

Drink away N5m??

Calm down na.

The law has provisions that help you minimize your tax burden, you just need to explore them 😁

Heishere:
This is not the first time our reserve was high. Neither is it the second nor the third but the Naira kept on depreciating. Infact, we achieved consecutive trade surplus from 2008 to 2015 before APC came and scattered everything. What is different now, Dangote refinery that they are trying to kill?

Maybe you're accurate in some of the data.

What I remember is that OBJ left reserves at $60bn when he left, so if you say in 2008 we had reserves above $50bn you might be right.

But where you're wrong is the trajectory I talked about

If we had $43bn before in that period you mentioned, the trajectory was that it had been falling from $60bn, hit $43bn and even fell lower by 2015.

Then shale oil from the US messed up things much more.


Now, this $43bn is from an exact opposite trajectory.

It's one that has come from $32bn just 2 years ago and might hit $50bn in a not so distant future.

So that's the difference.

Then about Dangote refinery, true they're trying to sabotage it, but they'll keep failing.

I expect that we'll soon buy fuel at #750.

Heishere:
It will still climb back afterwards. All the borrowings are not used to solve the root cause so the appreciation seems temporary. My concern is those that invest in US stocks, will they be affected by the new tax rule given that they are also required to pay tax in US?

You're saying this based on data or sentiment??


The currency was stable at 360 from 2017 to 2020, reserves weren't this high,and we were still importing 100% of our fuel consumption.

You can bet against the currency, it's your money you'll stake not mine.

Given the current trajectory, these gains will be sustained and increased.

Streetinvestor2:
If it ever touches #1200 this yr.Then panic/fear will land with full force.
Touching 1200 is whr the wahala dey

I think below 1400 sef, some people will start panicking, depending on how much they hold 😁😁

Odunharry:
If it goes below 1,200 by year end then it will be a good one especially for the economy.
My prediction around 1300levels. They should continue what they are doing that is making Naira gain for weeks now

At some point fear might set in and accelerate the gains.

I mean I still hold some dollars I bought at 1605 in May.

The only reason I'm still holding is that it's just $100 .

If it was $100k dollar, I would have started selling it off at 1550.

Cos at current price, the loss would have already reached 15m in 5 months.

When you add the fact that fixed income earnings for 5 months on N160m would have been another N13m.

The N28m loss becomes even more painful.

Agbalowomeri:
You no talk this month you dey talk year end
My year end projection is 1200

So you're bullish on NGN too.
Awesome!

Odunharry:
Hopefully we see it at that level. Whether it will get to below 1,400 levels before year end is another thing.

1400 is likely.

I mean it's just N55 more, and the trajectory looks good.

I even hear people who held USD for hedging are beginning to exit their positions as those hedges are turning out to be redundant.


The direction it's headed, it should go below 1400 this month.

Then we'll be seeing PMS below 800, and GDP will then climb above $300bn instead of the embarrassing $250bn.

NGN official closed at 1455.24 gaining 1.36%

The 1450 resistance should be broken this week.

Ah...
I thought today was Monday o.

Must be yesterday's holiday.

Anyways it just might still break it since it's just N5.25 gain that's needed tomorrow.

PinkNature:
which site do you use to know the current naira rate?

Depends:
USDT: quidax
USD official: Investment One
USD parallel: x.com/naira_rates or I call Zubu or Umaru

Agbalowomeri:
That one don hang like GEREGU

I tell you

Let them just delist and pay us 700