₦airaland Forum

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.

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.

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.

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.

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.

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

worst part is like all other criminals he will be released and you would be surprised would commit crime again in future.

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

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??

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??

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.

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

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.

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

jesusjnr2020:
Is Football The Devil's Game, A Sin That Takes All Its Fans To Hell?

Several preachers have been voicing their concerns about football.

They say football is a god, a sin, the devil's or antichrist's game, so all
footballers and fans alike are going to hell unless they repent of it.

Therefore should all footballers and football fans be really scared, and are they truly bound for hell unless they repent and quit playing or following football?

Football is evil but players like Kaka will always at every goal scored acknowledge God and use the medium to preach. Africans are too selfish to admit they don't have the brain to create or generate ideas so easily they will condemn something good. Excessive religious madness.

If TV or football was evil, then aircrafts and mobile phones and even furnitures should be evil too. Nonsense Pastors teaching wetin God no send them.

So anyone believes this bullshit? Iran is saying this to it's people but what it's agreeing to is different. Trump will never sign such a deal not when Iran is now almost incapacitated. It's the way Muslims are allowed to deceive in the name of fighting. JD Vance already denied it.

FreeStuffsNG:
Iran demands $300bn to end war


Iran has demanded $300bn (£225bn) from the US to end the war in Iran and open up the Strait of Hormuz.

However, Tehran will not give up control over the strategic waterway and will continue its nuclear enrichment, according to a draft agreement published by Iranian state media.


The text emerged amid expectations that JD Vance, the US vice-president, will fly to Geneva to sign a deal, potentially on Sunday, before next week’s G7 meeting in the French Alps.

The deal is understood to be a memorandum of understanding (MOU), effectively a promise to hold further negotiations rather than a finalised peace agreement.

Iran's 14-point deal to end war

1 An immediate and permanent ceasefire on all fronts, including in Lebanon.

2 The United States commits to non-interference in Iran's internal affairs and to respecting the sovereignty of the Islamic Republic of Iran.

3 The complete lifting of the naval blockade within 30 days.

4 The United States commits to withdrawing its forces from the area around Iran.

5 The reopening of the Strait of Hormuz within 30 days, under arrangements made by Iran.

6 The suspension of sanctions on the sale of oil, petrochemical products and related derivatives, together with full access for Iran to its financial resources.

7 The United States and its allies to provide reconstruction plans for Iran worth at least $300bn.

8 The parties will spend 60 days negotiating a final deal about nuclear issues and the complete removal of US, UN, and IAEA-related sanctions and restrictions.

9 A reaffirmation of Iran's commitment in the Nuclear Non-Proliferation Treaty to not produce nuclear weapons.

10 During the negotiations, the United States commits not to increase its forces in the region and will not impose new sanctions.

11 The release of $24bn in frozen Iranian funds during the 60-day negotiation period. Half of this amount must be made available to Iran before the negotiations begin.

12 The establishment of a monitoring mechanism to oversee implementation of the agreement.

13 The final agreement to be approved by a UN Security Council resolution.

14 Final negotiations will not begin until half of Iran's frozen funds have been released, sanctions on Iranian oil have been suspended, and the naval blockade has been lifted.

The negotiations will focus solely on enriched nuclear material and enrichment activities, the lifting of sanctions, and Iran's economic reconstruction programme. Discussions regarding Iran's missile programme and its support for resistance groups have been explicitly excluded from the agenda.


It calls on the US and its allies to pay Iran reparations for damage caused by the war and “to present reconstruction plans for Iran amounting to at least $300bn”.

Donald Trump said on Thursday that the US had “made a great deal” with Iran. However, an Iranian foreign ministry spokesman said: “We have not yet reached a conclusion on this matter.”

Iran’s Tasnim state news agency said the MOU was yet to receive approval from the Islamic Republic’s senior leadership.

https://www.telegraph.co.uk/world-news/2026/06/12/iran-us-war-latest-news-trump-deal-strait-of-hormuz/

Kano never produced VP but they produced President in Murtala and Abacha. This Kwankaso na clown.

Apart from Lagos, Oyo has benefitted more from PBAT in south west. Many road projects in that state like never before. The 20b SEYI refused to give victims of bomb blast will hurt him so bad. Ladoja is popular. Seyi's candidate may win just like he himself won but that presidential he won't have 200k votes.

Aura for Aura ... Two can play the game.. the one wey dey curse anyone wey go vote Tinubu should come and kill all these congregations o

Possibly someone promised them nothing will happen that they will scale through, collected money from them and left them hanging. I dey suspect the relationship between some APC NWC members back then, they probably just yahooo yahoo Fubara and his boys.

Possibly someone promised them nothing will happen that they will scale through, collected money from them and left them hanging. I dey suspect the relationship between some APC NWC members back then, they probably just scammed Fubara and his boys.

Apcshit:
Useless country where university is in shambles

Same university where you don't want to pay fees and want it for free but refused to be productive. Na you be the useless one.

Corruption is sweet when it favours you. This is how Arsenal for half the season cheated with their corners.

Kukutente23:
Lol
E pain you? Continue zombiesm you hear
You think this is the first time he's saying something ridiculous to spit on the struggles of Nigerians?
And he's the economic adviser to the president!!

That he's stupid and insensitive doesn't mean I'll vote a worse clown like Peter Obi or Atiku. So you can rest

so hope cant even bear to stay 3 years out of office after been governor and senator already for 16 years.

He needed internet traffic and he obviously got it. However, these charlatan that looks like a wasted product would be calling himself man of God too o

galantjoe:
N10,000 can go far on a week for a family of 4 members
2kg gas = 2000
1/2 cup draw = 1000
Meat = 2000
Fish = 1000
2 Penta garri = 2000
Spices, vegetables and others = 1,000
Others = 1000
Total 10,000

Minimum wage is N70,000 which included rent, electricity, bills, school fees, hospital etc. Workers are earning S70,000 and they're surviving

For your mind now you've made sense abi?? You're not well. So the family will eat Garri everyday for the week?

I'm disappointed. He's so stupid and foolish to insult sensibility of Nigerians like this. Instead of acknowledging things are tough and reforms may make things better he's spitting rubbish. If this is the mindset in the Presidency better to vote anyone else for that matter. How can an economic adviser be saying this??

Festus is also not doing badly sha. I guess being minister of state under Ngige really made him look like an idiot but in aviation I'm not sure we've had it so good. From airport discipline and revamp, to break bicourtney agreement without rancour to this landmark wet leasing opportunity. I dove my hat for Mr Keyamo yet without noise like Obidients and Arsenal fans. Kudos!

givedemwotowoto:
Yes politicians are not complaining but their people are crying for help. Don't lie to yourself, only politicians are smiling with the current hardship and insecurity, over 80% of Nigerians are fed up with Tinubu's government.

FCT elections and Kaduna by elections says otherwise and we all know insecurity is sabotage even though the govt has shown less concerns about it and that alone is enough failure. But opposition themselves are not inspiring enough.