COMPAQ's Posts
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Foreigna2:Let me educate us. The 3% that goes to communities is 3% of OPEX of all oil companies operating in the Niger Delta , while the 30% is on profits of NNPC. There are at least 10 different JV's operating in the Niger Delta. You have the big ones operated by Shell, Total, Exxon and Chevron and smaller ones operated by Seplat, Aiteo etc. The big JV's have OPEX budget of circa $600m to $1.2bln per year. Let's assume an average of $900m times 4 - that is $3.6bln of which 3% $108mln. And this is Conservative. It could easily get to $150mln per year. NNPC profits on the other hand cannot be guaranteed. I'm not Sure NNPC has made any significant profit in decades and even after PIB, there is no guarantee that they will. NNPC could make profit this year, loss the next etc. And with the challenges in the industry, it will be a big surprise that NNPC can make up to $500m profit, which is what will be required for 30% to give it the same $150mln. Therfore to simply equte 3%and 30% and be making noise on Nairaland is the usual shallowness of the typical Nigerian. |
Omihanifa:Are you minding us! We are the most stupid country in the world. How many times have we renovated that stadium since our was built? Reason why it always falls apart is because the stadium earns no revenue for itself! Privatize the thing and let it be forced to earn revenue. Even if from churches or concerts. If managed properly, those can be held there without damaging the grass. |
gasparpisciotta:So if you cry today, when will you laugh next? 2022?? |
The guy in the second picture looks like Ahmed Musa ![]() |
gebest:In reality, construction only started about 4years ago. Everything before was noise. Don’t get me wrong , even 4 years is way too long, but just providing some perspective. |
FarahAideed:Most of the current staff are unusable and untrainable. It's like asking a 50 year old man in the ministry who has been pushing paper files all his life to come and learn computer. The effort of training him will not equate to the little use of computer his brain will be able to process. Better to server him and employ a 25year old guy. |
Ikpeyi:See how quickly the court process works in sane countries!? |
stephanie11:Which one is "IBB finally speaks...". Were we waiting for him to speak before?? Were we clamoring or him to speak? What is the value to us of him speaking? The guy should go and rest or die in peace. He's one of the worst enemies of Nigeria. He institutionalized corruption and denied Nigeria the result of the freest and fairest election in Nigeria's history!!! |
donlet:better to go do your Msc while still young and you have energy. And doing it in Canada provides opportunity for relocating afterwards and even if that doesn't pan out, a Canadian masters may give you aleg up in getting jobs back home when you return, so I don't see any negatives other than the cost of the Msc!! |
WUdec:That story about Standard chartered is strange. I have a domm account there and they have always given me dollar cash when I go there to withdraw. |
Esseite:Where is the crashing rate o? Is it drop from 525 to 510 are referring to as crash? When it goes to 450,let me know. |
Esseite:Bank will only sell forex for PTA/BTA, Medical or school payment. There are FAR more reasons why Nigeria need forex than this. Do you not know the hundreds of items that are prohibited from sourcing forex from official sources? Where do you think their demand for forex goes? If you want to buy a car from US, will bank give you the $20k you need? Or if you are doing side hustle of buying phones, laptops and other gadgets from abroad, is it bank those guys buy from? Point is there is still lot of demand out there that cannot be met by Banks directly. |
Emergingnation:This is stupidity of the highest order!! I wonder if we think at all in government? The kind of things that come out of govt at all levels is shocking at times. |
kayuseful:I agree that it's now stale!! |
DubaiLandLord1:The BDC guys have a point. There are far more transactions that Nigerians need forex for than just PTA,BTA, School and Medical, which the banks cannot provide. Many people are investing in US stocks, buying property, need to buy cars privately, shop on Amazon and other site for business etc. CBN/Banks do not provide forex for most of these and for the ones like car purchase which is on an individual basis, most people have no time for form M and it's delays and would rather just go source their dollar from BDC. Only Stallion Motors, Elizade etc will take the time to go to CBN for forex. While BDC will never go away or become irrelevant, the issue is the rate disparity, which CBN can address by both attacking the demand side (increasing availability at the banks for school and medical is a good first step that reduces the demand at BDC) and increasing the supply side (oil price at $70 helps and is likely where CBN's current yanga is coming from) so that the market can have confidence that CBN can meet the demand longer term, but we need to diversify the economy and create more forex sources for the country. |
fergie0o1:She raced pretty well! Unfortunately she had a pretty poor start - probably the slowest reaction time of the entire field. If not for that, she very likely would have picked up a medal. |
Kuriosmynd:Narrowly is similar to very strong 2.2 ![]() |
Kwanza: |
grandstar:Totally agree with you! |
potland:The question we should be asking ourselves is why it is so easy to loot money from Nigerian agencies, Ministries and parastatals!! And what have we really done by way of systems, processes and governance to make it much harder. |
Omihanifa:I'm confused!!! The article is about a reduction in price and you are still complaining of it becoming expensive!!! |
SexyBabe001:CBN sef no get much sense. What was the rationale of selling to BDC at N393, when official rate is N412? |
[quote author= post=104239141]That's impressive.[/quote]It's not hard to write na. I wont be surprised to hear he has no proper books of accounts, has not been audited and can provide no concrete evidence of said Chinese contracts and cannot prove with Customs that he ever shipped material amounts of said minerals. I'm not a hater, but with Nigerian experience of Hushpuppy, Invictus etc , I'm usually put on red alert by these types of 25year old Billionaire stories. |
Not sure if this will help all that much! A lot of Nigerians have requests for dollars that are legitimate transactions, but not backed up by CBN or acceptable documentation. Eg, If I want to buy a house in US for investment purposes or buy US stocks, such transactions cannot be done with official forex sources, so I have to go to black market. Unfortunately, whatever CBN does to black-market, that demand will always be there for such, mainly from those who have stolen money and will not mind changing to dollar at whatever rate. Besides does CBN even have enough forex for everybody even for the acceptable transactions? |
Unigrad:Almost none!! For every 1000 Nigerians, 999 cannot be trusted with N1mln |
ChasinGood:Per month o! Then you calculate per year, then per 5years and then suddenly the $45mln she’s worth is not a lot.Only thing is that she should still earn well from music royalties. |
Missionaire:Oh o!! Pretty much every billionaire in the West, you can trace the path to riches very clearly. Either the person created a product or a service. Amazon, Microsoft, Mars, Walton Family (Walmart), Facebook, Tesla etc. But in Nigeria, billionaires just show up overnight with no clear, identifiable business. Not sure how many spare parts or electronics will make you N1bln in profits, to the extent that you throw it away on spraying. Real hard work money doesn't operate that way. I am yet to see Dangote, Otedola, Atedo Peterside, Segun Agbaje, Fola Adeola spraying money wildely, yet many of these still get comma o, but at least you can see the proper structures of their wealth. |
AFONAMARO:I left banking in 2006 as a DM in Treasury, so I know what obtains!! There are not that many 'bankers' that really should be respected. If for nothing else the roundtripping and forex scams many of these bankers have engaged in have been detrimental to the nation. From Jim to Tony, most of them carefully manage their public images, while doing dirty transactions in private. And those who work under them are not any better. In fact, you will rarely rise to position of ED if you are not one of the CEO's 'boys', meaning your hands cannot be entirely clean. |
AFONAMARO:Yeah everybody knows their onions till they are caught in the act! What is there to learn in marketing in Banking. There is little science to it. They just beg for money. Same way Hushpuppy was an astute businessman And Invictus Obi was a leading entrepreneur under 30years And the aide to Ogun State governor was a leading young politician of our time. And Toke Makinwa (radio host) is a successful businesswoman |
MASTERCHIEF0847:Calm down child!! You be small pikin. |
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