Foreign Affairs › Re: Congolese Boxer, Roméo ‘Bololo’ Katompa Burnt Alive In South Africa by callthefred: 3:39pm On Jul 18 |
saintruky: Na so this thing don reach? Now that it's gotten to this level, the only way to get the SA govt to live to expectations is coordinated sanctions from African leaders. This is what Tinubu wanted to start with Niger back then to force Nigerian state into African leadership position but stupid Obidients for hatred for their country went haywire and the Northern Hausas capitalized on it. Seriously, Africa Union should by now ban all SA airlines flight from their countries, freeze funds of all SA polictians abroad and restrict their travels, ban their Swift numbers and see how the politicians will start acting right. Possibly block all water ways leading to South Africa, considering Trump has been looking to deal with them, it would just be perfect. Let's see how far they will go all alone. |
Politics › Re: Taraba Governor Kefas Picks Zainab Ibrahim As Running Mate by callthefred: 3:33pm On Jul 18 |
omoredia: Adeboye will till u to avoid politics but his buddies are the same wicked politicians. Nigerian Christians abeg get sense When and where has Adeboye ever said anyone should avoid politcis? Is it that to be an Obidient you must be foolish or na foolish people dey get attracted to the Obidient camp? Na una go lie, do fraud, do hypocrisy, start bigotry, find excuses and yet blame everyone else for that. |
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Politics › Re: FG Renames Lagos-Calabar Coastal Highway After Tinubu by callthefred: 5:05pm On Jul 17 |
treesun: https://punchng.com/fg-renames-lagos-calabar-coastal-highway-after-tinubu/Please Infact Tinubu should name all roads his administration started and refurbished after himself. It's so heart warming and fulfilling to see the tears of Obidients. These are landmark projects Obi can never conceive. These projects are not for average minds, they are projects that will propel the nation into greatness and only those with functional brains can see it. Weldone to the Jagaban. If we had roads before he wouldn't have had to be fixing all roads in every state of the nation. If these concrete roads will last 50 years as confirmed, we are surely in for greater future. God bless Nigeria. |
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Travel › Re: Abuja’s New Roads Are Changing The City | Jahi -gwarinpa, Katampe, & Nile/ Baze by callthefred: 6:03pm On Jul 15 |
Arostar2023: Everyday, this road , dat road, na only road be de measurement for good governance in Nigeria? What sort of people live in dis Nigeria of a country? In this century na road Nigerians de celebrate everyday. No use this brain cross express o. Go and study how America became a great nation, they achieved it by serious transportation network even though their was rail back then. You see that thing called transportation is the most critical in development just as security. But you won't understand. Obidients can't comprehend it's beyond their mental capacity. |
Politics › Re: Mary Habila's Burial Announced By Family by callthefred: 3:16pm On Jul 15 |
Bitter and senseless Obidients everywhere ranting nonsense. Already alleging the performing minister of ritual like unfortunate death cannot happen. They should focus on the Argentina their useless Obi said we should copy from and Bangladesh both countries na in serious crises. RIP to the young lady and condolences to her family. May I and my household not die young. |
Crime › Re: Lieutenant Felix Ademe Isaac Killed During Oyo Rescue Operation, Buried (photos) by callthefred: 12:35pm On Jul 13 |
Obidients are so pained and angry that even in their pretense they couldn't hide their disappoinment that they could no longer play politics with that situation. Very bunch of terrible clowns. They keep demartketing the nation and pretended like if their Olodo candidate gets into power terrorism will stop. The same fool who said he will negotiate with terrorists first. Y'all can see how Trump's negotiations with Iranian mullahs is going. |
Education › Re: Alumni Mobilize ₦100bn As FG Approves Concession Of King’s College by callthefred: 11:27am On Jul 11 |
naptu2: Background
I have been talking to senior members of the Kings College Old Boys Association for months and this is basically what's happening.
The Federal Military Government announced the take over of missionary schools in the 1970s. They believed that it was a security risk to put the education of Nigerian children in the hands of foreign missionaries. They handed the schools over to state and local governments.
However, states and local governments have a lot of responsibilities and Nigeria developed serious economic problems in the 1980s and 1990s. The state and local governments did not properly fund the schools and they became run down and were in a bad shape. There was a massive campaign that the schools should be returned to their original owners who were able to run them properly.
One of the first actions of the Bola Tinubu administration in Lagos in 1999 was to announce that the schools would be handed back to their original owners.
The return of the first batch of schools was completed in 2001.
The churches, other private owners and former students pumped a lot of money into the schools. Schools that looked like war zones when they were run by the Lagos State Government (no windows, no electricity, etc) were now looking like schools in developed countries.
This caused a bad feeling among Kings College Old Boys. Kings College was founded by the Colonial Government in 1909 and it has been run by the Federal Government of Nigeria since 1958. Some of the most famous people in Nigeria attended the school and it was seen as a model government school. However, it has not been well funded in recent decades. Some schools that Kings College was far ahead of in the 1980s were now soaring far ahead of KC. These schools looked advanced, while KC now looked like the war zone.
These Kings College Old Boys have been campaigning that the government should hand the school over to them so that they can transform it just like the missionary schools have been transformed. They have been touring old boys associations of the returned schools to learn how they transformed the schools, so that the can do the same at KC.
However, there is a problem. Some teachers complained in 1999 when the Lagos State Government announced that it would hand schools back to the missionaries. This was because they were afraid that they would get sacked.
The Lagos State Government and the churches had to assure the teachers that they have a choice to remain in the returned schools or to move to other Lagos State Government owned schools.
Similarly, Dr Oby Ezekwesili tried to concession Unity (Federal Government owned) schools when she was minister of education, but the Nigerian Union of Teachers (NUT) launched a massive propaganda campaign against her because they were afraid that their members would be sacked.
The NUT scared parents by telling them that they would be made to pay high school fees that they could not afford and so the parents also started protesting and President Obasanjo cancelled the programme. So Obi wasn't the first to handle schools back to their original owners. Yet our eastern brothers no get let us breathe. Na wa for low self esteem I |
Foreign Affairs › Re: Over 800 Snakes From Snake Farm Escape Into Street After Flooding In China by callthefred: 5:19pm On Jul 09 |
muyico: Over 800 snakes escape into street after snake farm flooded in China
Around 800 to 900 snakes, including venomous cobras, escaped from a farm in a village in Hengzhou, South China's Guangxi Zhuang Autonomous Region after it was damaged by flooding.
Some residents have suffered snakebites, local media reported.
The local city government told media that rescue workers have been dispatched to handle the situation.
Affected by Typhoon Maysak, Guangxi has experienced continuous heavy rainfall, with several reservoirs in Hengzhou, Nanning, facing emergency situations.
On Tuesday, July 7, some netizens posted screenshots and video clips claiming that a snake farm in Dengwei village in Hengzhou city was destroyed by floods, resulting in the escape of a large number of snakes. The posts warned nearby residents to take precautions.
Other netizens commented that some trapped villagers had been bitten by snakes and were facing shortages of medical supplies and treatment, according to CCTV.
"It [the escape] happened on the morning of July 6. According to our preliminary estimate, around 800 to 900 snakes escaped after the farm was washed away by floodwaters. So far, one villager has been bitten by a snake and is receiving emergency treatment at a hospital," Wu Zhi, head of the Dengwei village committee in Yunbiao township, Hengzhou, told Red Star News on Tuesday afternoon, July 7.
Wu said that not all of the escaped snakes were venomous, adding that a large proportion of them were non-venomous water snakes.
A local resident surnamed Shen from Yunbiao township told CCTV that snake farms are located in both low-lying areas and on hillsides across the township.
Due to the breaches at Liulan Reservoir and Yunbiao Reservoir, low-lying areas were inundated, and snakes from some small-scale farms have escaped into surrounding areas.
Shen said some trapped villagers had indeed been bitten by snakes, but they were unable to seek medical treatment in time because they remained stranded.
A local snake farmer surnamed Lei told CCTV that his snake farm is located on a higher ground and has not been affected by the flooding so far. ��Lei estimated that snakes from scattered small-scale farms in low-lying areas may have escaped in large numbers, but added that most farmed snakes in the area live in mountainous forests and are likely to die after being submerged in water for an extended period.
An employee from Hengzhou Emergency Management Bureau told the Global Times on Tuesday afternoon that they were aware of reports that a snake farm had been destroyed and villagers had suffered snake bites, and had notified the frontline workers.
Rescue personnel had been dispatched to handle the situation, but no further updates had been received. The employee said more details would be released in an official announcement. ��Wu Zhi from Dengwei village said that after the incident, more than a dozen residents from nearby villages that were not affected by the disaster voluntarily formed a civilian snake-catching team. They entered affected areas and went house to house to capture snakes in an effort to prevent further snakebite incidents.
"Team members mainly use fishing tools and electric fishing equipment to catch the snakes," Wu Zhi added. "Most of the snakes have already been washed away by the floods. At present, only a small number remain on floating garbage and debris on stagnant floodwaters. Most of the snakes captured at the site have been non-venomous water snakes."
Wu said they have already issued notices urging villagers without professional snake-catching skills not to attempt to capture snakes themselves.
Wu added: "If residents find snakes in their homes, they should immediately report it to the village committee and have professional personnel handle the situation."
https://www.globaltimes.cn/page/202607/1365339.shtml Flooding Dey China too? |
Business › Re: Nigergrob Ceramics Ogun:What I Found In An Abandoned Factory Established In 1974 by callthefred: 5:16pm On Jul 09 |
Raydos: The main factory Before crazy importer used fake substandard Chinese imports destroyed local manufacturing, ironically today they are shouting consumption to production to deceive the gullibles when will know they will only used cbn dollars to keep their import businesses going |
Health › Re: 300-Bed Enugu International Hospital Now 99% Complete (Video, Pictures) by callthefred: 9:51am On Jul 08 |
I PHIPEX: Even though his election was questionable, Peter Mbah is doing well.
If Aso rock with questionable election did well, we will all be singing their praise but no they prefer politics to governance and have failed woefully.
The money being wasted on the coastal road alone can build this kind of hospital in all states in Nigeria Una go just talk anyhow like your leader Peter Obi, if FG begins to build hospitals in each states, what then is the job of governors with more money they earn now? If you understand governance FG will also do things that will benefit more than one state at once like a university, coastal road or any inter state roads, power, security etc. the issue of primary health care or state hospitals belongs to governors. Try to understand how governance work first before you start talking. Okay.? |
Politics › Re: Obi:It’s Outrageous Tinubu Hasn’t Called Makinde 50 Days After School Kidnapping by callthefred: 5:34pm On Jul 06 |
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Family › Re: Relationship Dilemma by callthefred: 7:03pm On Jul 04 |
TheStoriesOfMan: For the bolded, I used to think it is true until a classmate gave me a contract to deliver shirts for a birthday ceremony for the governor of a South Southern State.
Education does influence the definition of a man. It's not about learning knowledge. It is about networking, psychological and social relationships when dealing with humans.
Even the billionaires who made money and dumped education are now going back to school. Some even regretted not going to school in their youthful days.
All the same, a man armed with knowledge is a man ready for change, ready for civilization/relationships and ready for the future. Education and knowledge are not the same thing. In this context the OP was talking about certificate. Meanwhile, many first generation innovators didn't even finish school. So education doesn't define a man, it can only maybe add values to what he knows. Seeking knowledge to me is vital and more important which can come in any form not just in the classroom. |
Sports › Re: Official FIFA World Cup 2026 Thread by callthefred: 12:03pm On Jul 04 |
Racoon: France is the likely favourite to win this world cup. With Wetin Cape Verde did Argentina this morning. The only team that has that kind of spirit na Paraguay. The only mistake Cabo Verde made was always waiting for Argentina to always score before they attack which Paraguay seems different. Make France really dey careful o. |
Family › Re: Relationship Dilemma by callthefred: 12:01pm On Jul 04 |
Gentlesoul2021: Good day N'Lander
I need genuine opinions on a relationship dilemma.
My younger sister is 31 years old. She's highly educated with a master's degree, works with an NGO as a Programme Coordinator and Mental Health Counselor, and is also a skilled fashion designer with equipment worth over ₦2 million. She's hardworking, focused, and has consistently supported our family. Her job has taken her across different states, exposing her to diverse experiences and opportunities. Above all, she's deeply committed to her Christian faith.
She recently met a fellow church brother who has expressed serious interest in marrying her. However, he left school after Primary Six and works as a traditional window louvre fabricator. While there's absolutely nothing wrong with learning a trade, he has had opportunities to upgrade his skills to modern aluminium fabrication but hasn't pursued them. Instead, he seems more interested in becoming a pastor or working in a church, though he currently has no clear or realistic path to achieving that.
Another concern is the family dynamic. My mother and the young man's mother serve in the same church unit. On several occasions, whenever he goes out for a job, his mother would call him back or redirect him for other errands, and she would even mention these things to my mother. This has given us the impression that she relies heavily on him, raising concerns about the level of responsibility he already carries within his family and how that might affect his future marriage.
My mother strongly opposes the relationship, believing the gap in education, career progression, ambition, life direction, and even family expectations is too significant. I understand her concerns and tend to agree, but it also raises an important question.
Can love alone sustain a marriage when there's such a wide difference in education, ambition, exposure, career growth, and family responsibilities? Or should long-term compatibility, shared vision, emotional maturity, and the ability to build a stable future together carry more weight than love?
I'd genuinely appreciate respectful and honest opinions from both married and unmarried people. Please keep the discussion civil and objective—this isn't about looking down on anyone because of their educational background or occupation, but about understanding what truly makes a marriage work in the long run. Education is important but doesn't define a man and his future. However, the most important is that is the man willing to develop himself or always looking to push into new grounds? Wanting to be a full time Pastor to be is just a lazy excuse for idleness. Nothing even wrong if he has no job but he's always willing and trying to get into something. Any man who isn't pushing to increase his income doesn't have business with marriage. Even if things haven't worked out for him, the fact that he has it in him to push is a very important factor that must never be overlooked. |
Business › Re: Newly Constructed 6,000MT/Day Lithium Processing Plant In Nasarawa by callthefred: 11:56am On Jul 04 |
Www mrvitalis: Every single person that supports APC even me when I used to lack basic understanding of economics particularly in a capitalist economy
They don’t know how job creation works Don’t know the viability of projects Don’t know the impact of loans Don’t know devaluation Don’t know reference point when gdp is measured
They just want legacy projects , is it viable they don’t care How is the funding done they don’t care
I call it the “awolowo syndrome “ or “cocoa house effect “ Awolowo was the first to do it Cocoa house is the poster child
Beautiful fancy and feel good project to be proud of but has absolutely no viability
This is 2026 you and you are building a lithium plant without any demand for lithium locally first ?
Is the plant lithium competitive ? Can you be profitable if you sale at the global price ?
If it fails now we would say we lack maintenance culture
But I hope and wish this is not a government project sha You're most likely an Obidient but make I school you, there's no way anyone would build a manufacturing project without putting into consideration all you mentioned. Even if they are using stolen money. One reason Ajaokuta didn't succeed till date is that the quality of ore in that area is very low same thing with our zircon sand industry in Nigeria. That's said, who told you cocoa house was a white elephant project or that O'dua group crashed? If that's your believe then you don't know what you're saying. Awolowo gave farmers children free education and health, then we didn't have a quarter of our population today. You don't expect the same structures built for 60m people to work for 200m people. It was those who came after Awolowo who didn't do anything. Imagine Tinubu is now rebuilding many roads that were never touched since Awolowo left. It's that bad. If others have been working, I bet things wouldn't have been on ground zero like this. Y'all want to sound brilliant but always end up showing your ignorance. Go to OAU and you'd better understand some of the visions of Awolowo. |
Sports › Re: Fans Fume As Balogun Is Sent Off For Same Foul Messi Commited by callthefred: 3:02pm On Jul 02 |
CodeTemplar: Messi was equally given the 2010 baloon dioor of sneidger of inter. Football is highly political if you know. And whose own was Ronaldo given in 2013?. Because I remember FIFA had to extend voting deadline which never happened before, only thing Ronaldo did that year was score hat trick in playoff to take Portugal to World Cup. |
Politics › Re: Sowore Mocks Peter Obi: They'll Soon Deregister Your Marriage. What Can You Do? by callthefred: 10:50am On Jul 01 |
Sowore is actually making sense. As much as I think he does too much, no doubt he would have spoken up against the arrest if it was someone else. Even the crazy El Rufai incarceration he spoke against it. |
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Politics › Re: People Who Can’t Stand Peter Obi Behind Court Judgement – Party Secretary by callthefred: 5:27pm On Jun 27 |
Who exactly dey fear Peter Obi? Instead of owning up to their foolishness and carelessness they keep blaming. Funny thing is those they blame never give them audience so I can understand the pain..if you ever understand the meaning of intellectual property you would know that it's as good as human right. |
Politics › Re: INEC Set To Delist NDC Following Court Ruling by callthefred: 11:53am On Jun 27 |
The problem with Obi and his followers is they always seems to forget that the law is the law. No emotions.
If you watch pirates of the Caribbean when the Indian pirate Lord said Bleep the code, Captain League gunned him down immediately. The law no be paper or what suits you, it's the guideline and to imagine also, there's a case of intellectual property here, since the PMP once submitted that logo for registration, it's their intellectual property.
My problem with Obi his that he keeps making same mistakes and one wonders how he made money as a trader. You need to approach these people instead of always saying na govt dey sponsor them. Tinubu was like opposition when he ran as the Buhari govt did everything against him but he kept approaching the right people and never said ruling cabal will double his offer.
Yesterday, Baba Ahmed of PRP was on channels and couldn't come up with a solution on why state police was bad. All he did was criticize without solution. Tinubu has a 4 year mandate and whether he pushes for state police now or later doesn't matter. What matters is security of the people. Opposition for this country na joke. You would have known from the overlord attitude of Dickson. I wish we had a Wike as opposition leader, he knows you need good lawyers to stay politically alive, all these other ones are just dead beats and probably already bought over sef. |
Pets › Re: What Dog Breed Is This? (pictures) by callthefred: 11:26am On Jun 27 |
Bigsin: What's the name of this dog breed? The brown one.
Plus, I'm looking for a mate for her. If you have a male dog that is compatible and can mate with her, don't hesitate to reach out to me.
I reside in Iju, Fagba. Looks like a Boxer breed but maybe an advanced Ekuke |
Education › Re: Man Caught With Pistol At Prince Abubakar Audu University, Kogi (photos) by callthefred: 10:12pm On Jun 24 |
worst part is like all other criminals he will be released and you would be surprised would commit crime again in future. |
Politics › Re: Igboho Had No Role In Release Of Kidnapped Victims – Police by callthefred: 4:40pm On Jun 21 |
EdiskyHarry: Who is even taking Sunday iboho of APC serious again? If I woke up from sleep and hear the yorubas beating the drum of war, I'll just go back to my sleep (Ibrahim BABANGIDA 1993) But we made him run with his tail between his legs Abi? Go ask the kidnappers wetin we dey show them silently inside bush |
Politics › Re: Dayo Amusa To Peter Obi: You Can’t Criticise Without Giving Solutions by callthefred: 7:07pm On Jun 19 |
Validated: This one no Sabi anything. The templates that Tinubu copied from Obi's interviews like subsidy removal, consumption to production and exchange rate discipline, he boggled and created the World Guinness Record as the most indebted president in the whole world. Why should Obi tell him more, so that he can completely destroy everything? Then his jobless databois like the one below will blame 😔 Obi for Emilokan disaster. Let him think for himself, afterall when he was shouting Emilokan, he did not invite Obi. You're joking right?? |
Politics › Re: Nasarawa Youths Destroy Tinubu Campaign Truck (Video) by callthefred: 10:39am On Jun 19 |
franchasng: More interesting days ahead.
Bola Tinubu have no path to reelection except through massive, brazen election rigging which will not augor well for him if he embarks on that.
My advice to him?
Throw in the towel, possibly cancel the idea of running for a second term and allow APC get a replacement. Summon Akpabio to call an emergency NASS sitting to revisit the electoral act and make some more amendments to make electronic transmission of polling unit results compulsory and the use of irev portal results for comparison of manually collated result before final announcement of winner. Also make the irev portal uploaded e-document of form EC8As tenable in court as proof should there be a need for election tribunal.
One more amendment; Presidential and Governorship election tribunal case must be completed before the declared winner can be sworn into office, therefore there should be a limited timeline for election tribunal, maximum six weeks to complete the entire case.
Anybody caught in person or captured on video snatching ballot box or fighting or harassing voters or INEC officials should be jailed a minimum of 10 years without parole even if the evidence of such act emerges months after the election is over. Undoctored videos of such act should be tenable in court as evidence.
Any security personnel caught in person or on video recording being involved in election malpractice should be sacked without delay and then jailed a minimum of 10 years without parole.
Set up a special emergency court for electoral offenders in every LGA and let the jurists be a panel drawn from Judges from each of the 6 geopolitical zones in Nigeria. A six-man panel of Judges for each LGA or Senatorial zone at most.
Do these things and watch Nigeria enter a new era of bliss and communal prosperity in few years to come And then hand over to a man who can't even explain how he wants to achieve 10k megawatts? Or someone who never saw any evil in all MNK did abi?? |
Investment › Re: From Market Leader To Delisting: The Dunlop Nigeria Story by callthefred: 10:08am On Jun 19 |
Mankind2024: From Market Leader to Delisting: The Dunlop Nigeria Story. The story of Dunlop Nigeria Plc (later renamed DN Tyre & Rubber Plc) remains one of the most instructive case studies in the history of the Nigerian capital market.
Once a prominent industrial manufacturer that supplied a significant portion of Nigeria's tyre market, its long decline culminated on April 9, 2026, when the Nigerian Exchange (NGX) formally delisted the company after more than a decade of inactive manufacturing operations.
This is the story of how Dunlop collapsed, the warning signs investors could have identified, and the lessons current NGX investors can apply to avoid similar corporate pitfalls.
1. The Rise and Fall of Dunlop Nigeria
Established in 1961 as a subsidiary of the British Dunlop Group, the company evolved into one of Nigeria's leading tyre manufacturers. Following Nigeria's indigenization policies of the 1970s, ownership gradually shifted to majority Nigerian control.
In 1991, Dunlop pursued a backward integration strategy by acquiring a majority stake in PAMOL Nigeria Limited, securing a local source of natural rubber and strengthening its supply chain.
The company's turning point came in the mid-2000s. Encouraged by decades of market leadership, Dunlop invested more than $50 million—largely financed through bank borrowing—to construct a modern radial truck tyre manufacturing plant in Ikeja, Lagos.
However, the investment quickly became a burden. Faced with rising production costs, unreliable infrastructure, and growing competition from imported tyres, the company struggled to achieve sustainable profitability. By 2008, local manufacturing operations had ceased. Thereafter, Dunlop operated primarily as a tyre importer and distributor until its eventual delisting in 2026.
2. Management or Policy Failure: Who Bears Responsibility?
Dunlop's collapse was not primarily driven by corporate fraud or financial misconduct. Rather, it resulted from the convergence of aggressive capital expansion, adverse policy changes, and a challenging operating environment.
The Policy Shock
One of the most significant challenges emerged in 2006 when the Federal Government reduced tyre import tariffs from 40% to 10%.
The timing was particularly unfortunate. Dunlop had recently completed a major manufacturing investment predicated on assumptions about the competitive landscape. The tariff reduction increased the competitiveness of imported tyres and intensified pressure on local manufacturers.
The impact was industry-wide. Michelin exited Nigeria in 2007, while Dunlop attempted to continue operations but ultimately struggled to remain competitive.
Infrastructure Challenges
Tyre manufacturing requires a stable supply of electricity and industrial energy. During this period, inconsistent power supply and disruptions in gas availability significantly increased operating costs.
Like many Nigerian manufacturers, Dunlop became increasingly dependent on diesel-powered generation, eroding margins and reducing competitiveness.
Management's Strategic Miscalculation
While external factors played a major role, management decisions also contributed to the outcome.
The company financed a substantial long-term capital project using significant debt in an operating environment known for policy uncertainty and infrastructure constraints. The resulting leverage reduced financial flexibility precisely when market conditions deteriorated.
3. Warning Signs Investors Could Have Seen (2003–2007)
The eventual collapse did not occur overnight. Several indicators suggested that the business was under growing pressure.
Persistent Losses
Between 2003 and 2007, the company recorded recurring losses, signaling that its core operations were struggling to generate sustainable profitability.
Declining Production Efficiency
Despite investment in additional manufacturing capacity, production volumes and capacity utilization weakened. This suggested that market realities were not supporting the scale of expansion being undertaken.
Deteriorating Cash Flow
Operating cash flows came under increasing pressure, forcing greater reliance on borrowed funds to sustain operations and finance working capital requirements.
Regulatory and Industry Risks
Following the 2006 tariff reduction, management disclosed concerns regarding the impact on margins and competitiveness. For attentive investors, this represented a critical signal that the company's operating assumptions were changing materially.
4. How to Avoid a Future "Dunlop" in Your NGX Portfolio
Investors can reduce risk by identifying companies with structural vulnerabilities similar to those that undermined Dunlop.
Be Cautious of Debt-Funded Expansion: Oando is still dealing with the financial impact of the $1.5B debt incurred in acquiring the Phillips-Conoco assets in 2014. Large capital expenditure projects are not inherently negative. However, investors should pay close attention to how they are financed.
Businesses funding major expansion primarily through expensive short-term commercial debt may face significant financial strain if operating conditions deteriorate.
Monitor Energy Exposure
In Nigeria, energy costs remain a critical determinant of industrial competitiveness.
Companies that depend heavily on diesel generation or unreliable energy infrastructure may face persistent margin pressure. Investors should favour businesses with efficient energy strategies, captive power solutions, or diversified energy sources.
Apply the "Import Competition" Test
A useful question is:
Can an importer source and sell the same product more cheaply than the local manufacturer can produce it?
If the answer is yes, investors should examine whether the company possesses a durable competitive advantage through brand strength, distribution networks, intellectual property, economies of scale, or regulatory protection.
Watch Corporate Governance and Regulatory Compliance
Repeated delays in financial reporting, prolonged restructuring processes, or persistent regulatory sanctions should never be ignored.
Such issues often serve as early indicators of deeper operational or financial problems.
5. NGX Risk Assessment: Lessons for Today's Market
Predicting future delistings is inherently speculative. However, the pressures that contributed to Dunlop's decline remain relevant today.
Nigeria's business environment continues to be shaped by currency volatility, elevated energy costs, inflationary pressures, and relatively high borrowing costs. These factors place particular strain on highly leveraged manufacturing businesses.
Smaller Manufacturing and Consumer Goods Companies
Second-tier manufacturers with significant import dependence, weak pricing power, and limited access to capital face elevated risks.
Investors should closely monitor companies reporting persistent losses, deteriorating balance sheets, shrinking equity bases, or negative net asset positions.
Structurally Illiquid "Zombie" Stocks
Another area of concern is the existence of companies that remain listed but exhibit little operational or market activity.
Characteristics often include:
- Minimal trading volume. - Prolonged failure to publish financial statements. - Dormant or severely impaired operations. - Limited ability to attract new investors or fresh capital.
Dunlop itself spent years trading at extremely depressed levels before its eventual delisting. While every situation differs, investors should be cautious when holding companies that exhibit similar patterns.
A useful rule of thumb is this: if a company has not produced timely audited accounts, has inactive operations, and lacks a credible turnaround plan, investors should carefully reassess the investment case.
Final Thoughts
Dunlop Nigeria's story is more than the tale of a failed company. It illustrates how even established market leaders can be undermined by a combination of policy shifts, infrastructure challenges, excessive leverage, and strategic miscalculations.
For investors, the lesson is clear: focus not only on earnings and valuation, but also on balance-sheet strength, cash flow quality, competitive advantages, and management's ability to navigate changing economic conditions.
In investing, avoiding permanent capital loss is often just as important as identifying the next winning stock.
NB: This is my original article, with AI assistance used to improve clarity and presentation. Cheap goods importers killed all manufacturing companies locally. Today they are screaming production to consumption. They can't even disclose their "plan" to increase power. It was initially a promise of 50k megawatts 3 years ago now it's 10k megawatts and they still won't explain or profer solution. As long as it's not them in power, Nigeria may burn for all they care. Shameless and desperate clowns. |
Business › Re: Nigeria’s Inflation Rose To 15.93% In May – NBS by callthefred: 7:08pm On Jun 15 |
Inflation was over 20% last year. Hopefully this is due to the time of the year when things normally go up. I'm sure by years end it'll adjust. No alarm |
Celebrities › Re: Illbliss Apologises Over 'igbos Own All Lands In Lagos" Post by callthefred: 2:45pm On Jun 15 |
It says a lot about you if you allow idiots online to get you to react. Many of so called popular people are actually people of low IQ. You've put in so much to make a brand and you allow so called online abuses get to you to the extent of loosing yourself. That's probably who you are. |
European Football (EPL, UEFA, La Liga) › Re: Ruben Amorim Set To Become AC Milan Coach by callthefred: 8:42am On Jun 15 |
So this is what Zlatan convinced Cardinale for so he can indirectly have influence over a coach to the detriment of Milan's success?. Let's see how far this madness goes |