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Politics / Re: Nigeria: 1000 Young Nigerians To Receive N500million Grant For Start Ups by Cindino20(m): 3:23pm On Mar 27, 2016 |
Nafizzey: It is a ponzi scheme....I did a detailed analysis here https://www.nairaland.com/3013562/yesgrant-new-ponzi-scheme-nigeria 2 Likes 2 Shares |
Politics / Re: YESGRANT: Is This The New Ponzi Scheme In Nigeria? by Cindino20(m): 2:48pm On Mar 27, 2016 |
DaBullIT: Nope..to apply for the YesGrants you ve to be a member of Nypf and to be a member you need to pay the annual membership fee... |
Politics / YESGRANT: Is This The New Ponzi Scheme In Nigeria? by Cindino20(m): 1:55pm On Mar 27, 2016 |
Just this weekend I came across a topic on vanguard news paper titled ‘NYPF to Launch 500Million Naira grant for entrepreneurs, students.’ [1] I was delighted as it seems to be the only good news I have read about the motherland in 2016. The aim of the YESgrant is to ‘enable young entrepreneurs with creative ideas in Agriculture, ICT and creative industry start or expand their business concepts and provide over 500 Nigerian students schooling locally or abroad with tuition to pursue their academic dreams and aspiration in the areas of research and technological/scientific innovation.’[1] ‘The YESGrant will provide business training for up to 600 aspiring young entrepreneurs spread across all geo-political zones in Nigeria and will encourage expansion, specialization and spin-offs of existing businesses, which is to enable young entrepreneurs access a wide business professional network and improve their visibility, while entrepreneurs will receive up to 2million Naira annually as grant.’[2] The aim of the program piqued my interest as it sounded too good to be true, no thanks to dubious schemes by previous companies. Nowadays an average Nigerian has the ability to see through lies, so I probed further and decided to check the requirements and methods of application. ‘To qualify for YESGrant, prospective recipients must be between the ages of 18- 40, be registered members of the Nigerian Young Professionals Forum (NYPF), and be registered with the Corporate Affairs Commission (CAC) using their registered companies and have an account with Heritage Bank prior to disbursement of fund. Student’s award recipients must in addition provide their matriculation number and academic progression report.’ [1] So I zoomed to Nigerian Young Professionals Forum (NYPF) website http://www.nypforum.org/ and checked out the requirements of becoming a member. Permit me to quote the website as the last thing I need is a lawsuit for defamation of character. According to the website, members are mandated to pay a certain amount of money per annum as membership fee. So students are expected to pay 10,000naira, 20,000naira for graduates and 25,000 naira for others. [3] This was when it dawned on me that this could be Ponzi Scheme (my opinion) and then the million-dollar question: why would a scheme whose aim is to encourage young people with funds to start a business or offer scholarship to students ask them to pay as high an annual fee of 10,000 naira in the present day Nigeria? According to Wikipedia, a Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources. Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. [4] The YesGrant to me seems like a modified Ponzi scheme and the reasons are not farfetched. Let’s do the maths, assuming 15,000 student registers with them as members and 20,000 graduates and 10,000 others. [4] These numbers will not be hard to come by taking into consideration the high unemployment rate in Nigeria which some experts estimate at 80%. And also taking into consideration that the organisers are also targeting Nigerians in Diaspora For students 15,000*10,000 naira = 150,000,000 naira For Graduates 20,000*20,000 naira = 400,000,000 naira Others 10,000*25,000 naira = 250,000,000 naira Total 800,000,000 naira Heritage Bank is not sticking out their brand for nothing…According to the terms and conditions members are expected to have an account with Heritage Bank and if 45,000 persons signs up for this program that is 45 million naira or 90 million naira for Heritage bank depending on the minimum account balance requirement for opening an account in Heritage. In addition, they also have 45,000 new customers and more than half of them will continue to use their service after the program. Just a few questions for the organisers. What is the timeline for this program? Application timeline? Award Timeline? Is the selection committee independent? Objective basis for selection? What external body or regulatory body is overseeing this scheme. I searched the websites and could not find convincing answers to the above questions The questions that comes to mind now is if the scheme is sustainable? Our people say history has a way of repeating itself. The 2014 Nigeria Immigration Recruitment Tragedy is still fresh in our minds (may the souls of the faithful departed rest in peace) where an estimated 6.5 million persons paid 1000naria each only for some of the applicants to lose their lives in the process. [5] If this turns out to be a modified Ponzi scheme the next step as it was in the case of the immigration recruitment in 2014. Your guess is as good as mine. The promoter vanishes, taking all the remaining investment money or Since the scheme requires a continual stream of investments to fund higher returns, once investment slows down, the scheme collapses as the promoter starts having problems paying the promised returns (the higher the returns, the greater the risk of the Ponzi scheme collapsing). Such liquidity crises often trigger panics, as more people start asking for their money. While the idea behind the scheme is commendable I have my own reservations and I will allow the readers to answer the question below: YESGRANT: is this the new Ponzi scheme in Nigeria? References [1] http://www.vanguardngr.com/2016/03/nypf-launch-n-5bn-grant-entrepreneurs-students/ [2] http://www.premiumtimesng.com/news/top-news/200841-nigeria-1000-young-nigerians-receive-n500million-grant-start-ups.html [3] http://www.nypforum.org/ [4] https://en.wikipedia.org/wiki/Ponzi_scheme [5] https://en.wikipedia.org/wiki/2014_Nigeria_Immigration_Recruitment_Tragedy Written by Cindino on the 27.03.2016 all rights reserved Copyright © 2016 3 Likes 1 Share
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Politics / Re: Fuel Scarcity Will Persist Till May–kachikwu by Cindino20(m): 6:54am On Mar 24, 2016 |
aljharem: |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 7:44pm On Mar 10, 2016 |
Eke40seven: Your landlord is correct...the nebenkosten increases so the rent also increases....I believe the tent u re payin was estimated for one person so by addin another u pay more..because u use more water (warm) etc .... It is completely legal...the nebenkosten for 1 person is different from 2 to 3 persons. For example a frnd is stayin in my apartment for holiday job and I m payin 100euros more than my normal rent Its actually good u pay now...cos what u re payin now is an estimate..at the end of the year...what u use will be calculated and sent to you and if u pay less u will ve to pay the balance.... The nebenkosten in germany is ca.2.20 per qm for one person.... Peace. 2 Likes |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 12:45pm On Feb 15, 2016 |
fapper: Just use of english...same story..hence forth gettin form A will be difficult if nt impossible.. Indeed we sure ve a way of attractin visionless leadership. Smh |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 12:44pm On Feb 15, 2016 |
nevilbot: Get well soon man.. Try arrnage one babe make dem make Pepper soup for u o..dat bread nor go hold anything |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 6:18pm On Feb 14, 2016 |
Rayhut: The Bdcs re nt hikin anythin ..thats the real value of the naira...as sad as it is..it is the fact.. Transferring with Money gram wont go thru..because there is a daily limit abt 198k naira in fbn but the bankers re usin it for biz. Option 2 even if u ve a naira account and a naira mastercard the rate by mastercard is abt same range and u re limited to abt 100 euros a day or so..it will take u abt 3mths to withdraw the money. Option 3...Be careful.if u wanna do anything like dat use ecobank they ve branches in ghana..do not transfer ur money to a frnd.. Infact lets wait for confirmation Keep hope alive. All d best pple. |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 1:44pm On Feb 13, 2016 |
Nitrobenzene: The time u spend postin this here will be enough for u to google "Waste uni Stuttgart" click on the link...go to admission requirement ....read abt it then click on application....read it...if u dont understand anythin send a mail to d program coordinator. Hw abt that? 1 Like |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 1:31pm On Feb 13, 2016 |
stevemims: Yea...Honestly its tough to be a Nigerian. The system is as corrupt as hell..do you know that this commercial banks sell their quota of forex to their allies who in turn sell it at black mkt. For example..first bank of Nigeria Benin has a daily limit of 198000 naira for money gram...thats abt 840 euros (230naira to 1euros)....But the sad part is that u can never get this from them..as early as 8am they will tell u they ve exceed the daily limit ..come next day same thing...what do dey do? Answer they send the money out to their frnds abroad (840 euros) who in turn send it back to them via azimo or whatever (309 or so to 1naira..) so evey day the guy sittin there makes abt 50k naira. In a mth they can make up to 1million naira this is just money gram ...they ve other sections where similar racketting is going on. A friend of mine who is tryin to pay for accommodation visited 4 branches same problem..even went to Uba same issue...even the bank managers re involved...one banker confided in him that he didnt go on annual leave because of this racketting. The cbn solution is also wacked...so we all shld suffer cos of a few...doesnt make sense to me.....as usual all their policies re wacked! Why nt clamp down on the banks ..no if there is a problem u ban everything..no consideration for pple who re affected..what a sensless govt. Same way they re askin pple to pay 50 naira as stamp cos we re broke and need to get money...when oil was $140 per barrel and the budget benchmark was $75 per barrel ..did we get 50naira free from the govt..hell no.. Did we save anything hell no..did we build infrastructures consumerate to our earnings durin the boom period nope...go to dubai.. u will see the evidence of oil boom. Now back to the present administration...as usual wasteful as hell no econimic road map..nothing...the budget they presented is abt same as previous govt. Very soon the naira will be worth nothin more than the paper it is printed on. I ve no degree in economics ...but we re nt doing the right thing. Its tough to be a Nigerian in 2016. Just imagine 1miilion naira difference. I wish u guys the best... 6 Likes 1 Share |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 5:55pm On Feb 10, 2016 |
BYACHEM: Why is it that u post same question 3 to 4 times?.and why dont u read some pages backwards?..yday this issue was trashed..oga BYAChem...read 10pages backwards.. |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 6:28pm On Feb 09, 2016 |
isidollarboy: I know abt first bank..yes ..its called diaspora account....but u need to travel to france to do d BVN. |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 6:27pm On Feb 09, 2016 |
kilo4sure: Go to the FIRS office in the state where u currently reside with ur intl.passport ...my friend is nt workin..so u prolly wont encounter any probs. All d best. |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 2:52pm On Feb 09, 2016 |
dennisMOD: Go to ur state FIRS and get ur Tax Identification number.... Follow the link below for the address of FIRS in each state of the federation. http://www.firs.gov.ng/contactus/Pages/FIRS-Locator.aspx A friend just got his TIN for free....go with ur intl passport thats all. All the best. |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 10:15am On Feb 08, 2016 |
Iamwilliam: Go to db webpage ..under forms u will see the form for closing account...follow the instructions... All d best. |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 1:46pm On Feb 06, 2016 |
BYACHEM: Leave c/o blank. Dont fill the deposision sum....u only fill if its different from 8040euros. Fill in the date u plan to submit d form at the embassy ...town/city....Victoria Island will do....dont sign u will sign infront of V.O. Note :Make sure u re using the updated form with tax Id (Tax questions).I ve no idea what u will fill in this column tho' All d best. Stop spammin the thread bro 1 Like |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 11:30am On Feb 06, 2016 |
nevilbot: Yea u re right ...I think its only R.K and evangelical christains that pay kirche steuer. |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 11:28am On Feb 06, 2016 |
sonyville: I bam like bama...when u dey ball in now?...come collect small cold before winter finish |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 12:38am On Feb 06, 2016 |
nevilbot: Lucky u... Govt pays d rest ..if ah hear...u pay the balance 7.5 % while ur employer contributes the balance.... Then pension contribution 18% (9% employee and 9% employer )or so of ur gross income... Unemployment insurance 3% (1.5% employee and 1.5%employer)of ur gross income Nursinf insurance 2.5% (1.175% employee and balance employer) of gross income Church Tax....abt 1% or so... VBL Income tax insurance then depends on ur tax class...this is the only deduction that varies(depends on class) the rest is fixed...as a young guy (single) u prolly will contribute btwn 38-40% of ur gross income..... http://www.gtai.de/GTAI/Navigation/EN/Invest/Investment-guide/Employees-and-social-security/the-german-social-security-system,t=allocation-of-contributions,did=6730.html But as a student u wnt pay such taxes if u earn less than 800 euros durin sch term and for holiday jobs there is a tax waiver..other than that...forget it u must contribute all dat stuff there. Well the system is well structured! And there re loads of benefits. All d best pple. 2 Likes |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 10:50am On Feb 03, 2016 |
Thegiva: Kilo4sure and co....urgent reply needed. |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 3:21pm On Feb 02, 2016 |
kilo4sure: Passport number is nt tax number.... |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 2:35pm On Feb 02, 2016 |
Obiwannn: First you all ve to agree and then one person will be d leader (dont accept this responsibility). Then look for someone who understands german and send a letter via contact form on their webpage or vua post to them...stating that you guys keave together in a flat and use one tv...a customer number will be given to the leader and every mth or quartley u guys will pay the agreed sum. Dont accept that leadership positions...cos I ve seen a case where the students didnt keep to their words and the nigerian guy was now saddled with the responsibility to pay the fee. Abt the debt already incurred ...you may ve to pay that by urself ...same applies for ur flat mate...u can also call them and ask if the can recalculate this..but the Gez guys re bunch of assho.les..... All the best man! 2 Likes |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 2:30pm On Feb 02, 2016 |
dolpaz: I think they re qualifed cos I ve frnds who re above 30 and using Aok..they pay abt 120 to 160 euros or so...nt so sure. |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 1:13pm On Feb 02, 2016 |
Obiwannn: After graduation the cost depends on your Job.....the insurance cost is 15.5% of ur income..but u pay 7.5% and ur employer pays the balance 7.5% ...dont worry abt this...as u would be prolly married and ur family will be insured under you. All the best man! 3 Likes |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 12:30pm On Feb 02, 2016 |
speedygeek: Call FIRS...seems u can obtain tax number.... |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 9:56am On Feb 02, 2016 |
Another thing new students shld watch out for is the Rundfundbeitrag( Tv licence)....The legality of this is nt up for question ...it has been ruled on by courts of competent jurisdiction. According to the rule every adult in Germany is expected to contribute abt 17 euros a mth for this... the only exemption if ur income is low or u get Bafög. So for those of u who reisde in a WG...Its actually easy.....if one person us paying in your flat ...you dont need to pay ..all you need to do is when u recieve the first letter just ask the person to write a reply for you and include you on their bill (same thing applies to those livin in private housing). But if you reisde alone in an apartment...you ce to pay abt 54 euros every 3 mths...please do not allow this money to accumulate......I made same mistake and now ve abt 300 euros to pay .... If you plan to reside here after studies dont allow this money to accumulate....you will ve to pay it someday. I will nt advise anyone to gv them their account details of direct debit...just pay and use ur beitrag number fas reference. All the best. 5 Likes |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 9:19am On Feb 02, 2016 |
Obiwannn: For me private insurance is a bad idea....just get use to the idea of contribution...I ve been contributing for 18mths and barely visit the hospital....Dont fall for the private insurance trap. Using govt health insurance u pay abt 80 euros a mth...if u re using private it starts with abt 35 or so and increase with time....Nothin is certain in life...u never can tell u may fall sick and need urgent medical care.....most private health insurance dont cover u fully.you dont want to start worryin abt when you can visit the hospital. So let me paint u a scenario....you switch to private and save 40 euros a mth in a yr thats 480 euros in 2 yrs 960 euros ....we hope nothin goes wrong...but if along the line something goes wrong...u will need medical care (nothin is certain) ur private health insurance is nt a full cover u may ve to pay some of the bills...baba the bills nor nice.......thats if u ve the money at the moment...if u re broke...it becomes a debt. My frnd in NRW use to tell me a story of a young chap who left Aok only for him to sustain an injury when playin football 3mths later .......he needed urgent surgery....surgery was done....his insurance was nt full cover...he got a bill of abt 4k euros....Till date my frnd tells me he is still tryin to pay that money. So many pple ve ugly experiences with private insurance.....I ve heard of a case where the private insurance told the person that any surgery or major treament done within 3mths of joinin6 them will nt be paid by them.even if u re above 30 (then u pay 160 euros for govt insurance...its still a bad idea to go private) As Nigerians the whole idea of a contributory system is still new to some of us....but to be honest its d best for u now...mind u 80 euros is a discount price for students. Dont try to save money at the expense of ur own health . Some company will nt employ u with private insurance....eg.Amazon Rheinberg. In summary private health insurance is penny wise pounds foolish. All the best. Disclaimer....I m nt an agent of Aok or Tk...but this is the reality on ground 2 Likes |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 9:24pm On Feb 01, 2016 |
Obiwannn: Lols Bossman ..u na Boss now just call me when u free .I go try write abt stipends here and how to go about am. For Jobs na local connect win am (connect with Nigerians in ur city). Your comments abt taxes is nt that correct the margin is 800...then once its above 800 you can be taxed using ur tax bracket (1 to 6) thats when they may deduct 35% (total contribution) but if the job is holiday job u get a waiver. At the end of the yr students normally get their taxes back..so nor fear! Una well done! 1 Like |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 10:52am On Jan 31, 2016 |
acedboss: Boss me sef come dey fear sef....see stories ....Life nor easy anywhere I m gonna type in pidgin...cos our pple say if e hard u u go speak ur native language. Be like some of una don forget where una come from so soon...Progress they say is relative...one step at a time. Na naija students wan drive d latest Mercedes after 3 mths for here ...na when u get that kind mindset u go dey disappointed. U dont pay school fees...u re complaining..if una dey pay school fees ukor .. Dem nor dey deport una immediately after sch...dem gv u 18mths to look for job una dey complain U can work immediately after u get ur resident permit.....u nor need wait 6mths or do on campus job u dey complain. Dem gv some of una subsidized accommodation for Studentenwohnheim una dey still complain Dem gv una free train tickets...some of a whole state ..just pay small money ..do u know hw much for monthly tickets....or ask ur frnd for london hw much dem dey spend for transportation. Sch hard...yes we know...make e easy before...if e easy why e come be sch... Baba go and build ur con3. Wefin una want sef?.....na wa o if naija do half of us we nor go scatter like isrealites across the world... Make una chill and drink booze o Fear nor go let me complain cos d con3 don try for ma body.....dem gv me free sch..even dey pay me stipend sef every mth ......i go come complain i be witch then. If u dey feel say here get as e be call ur paddy back home...my set no one get job..no one I repeat i nor dey count teachin job for private sch as job Life nor easy anywhere....na small small.... Keep the stories comin pple.... 11 Likes 2 Shares |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 8:34am On Jan 31, 2016 |
uchezdedon: Try Amazon....amazon.force.com select country Germany and select state.I think they ve open positions now. Also join the nigeria scholar in Germany in Nrw....u can get info from there. Also in Germany you ve to plan things ahead...if u knew u would ve freetime u would ve applied for Mercedes jobs ahead.... If you reside close to koln....check this firm out LDZ logistics.....get their address and call them if there is vacancy. Omo see stories.....different stories for the same con3...hehehehehe me sef when don dey here for 20mths come dey fear for some when I dey see...Una get mouth#Ulenu 6 Likes 1 Share |
Travel / Re: General German Visa Enquiries Part 2 by Cindino20(m): 1:47pm On Jan 30, 2016 |
Fele1: I reside in Bremen but dont sch here...just here for my thesis..so I dont ve much info abt Unibremen. Check out this link http://dbs.uni-bremen.de/sixcms/detail.php?template=suche_neu&abschluss=Ma All d best. |
Politics / Re: Nigerians React To Martin Onovo's Interview On Channels Today - Video by Cindino20(m): 3:58pm On Jan 27, 2016 |
erunz: |
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