This is utter nonsense. Why not address the issue of remitting funds to federal government, since the asset is a joint venture. Tell us the government is lieing, and your company has made several deposits into government account to cover it's accrued share.

The company should go ahead and remit government money where necessary and stop playing on the intelligence of all Nigerians. We will not fall for the cheap ethnic and political sentiments.

Why are all these facilities situated around Abeokuta's axis? What happened to other areas? Don't they deserve some level of facelift?

Yes

Let the fight begin...

How is this biography? What happened to other life history information including; academic background, professional experience, political career and others.

This is a great decision, very commendable. As Africans, we need to do more to embrace and entrench our local languages, culture and history. Well done Rwanda, kudos to president Kagame

Why now? Why not before election?

Interesting read, very educating. Thanks guys

Fowler for reappointment

Very interesting

Deadlytruth:

When I read this news this morning I just shook my head about this MTN obvious game. It all points to a strategy of "Since they imposed a crushing fine on us and on top of that also forced us to list against our wish, then we shall find every possible way to cushion the effect by transferring the burden on their citizens".
Talk of Le Chatelier's principle playing out on NSE.

They paid high dividends before listing on the stock market, proceeds from borrowed money and profits. All to be repatriated to South Africa. They further burden the company with more debt, hopefully new shareholders will be asking questions. Let's see how this game unfolds

Interesting

Ghen ghen

Why all these threats? Why not beg your leaders to help you put your house in order. They have the power to eliminate completely this menace of kidnapping, robbery and other security threats. You guys should beg them to implement these strategies, so that the city can attract necessary oil, gas and other investments and companies it deserves.

If these security threat persists, companies will continue to run away from these region. Don't blame companies who are trying to survive. All they are doing is to ensure they don't pay all their revenue and profits as ransom.

Interesting

What's the probability of this project reaching FID?

AsomArchitectNG:
Sadly, everything about a Nigeria is now a joke....

Btwn.....

Let's design your building plan or handle your building
construction project.

Contact us at AsomarchitectNG see my signature for more details....

My building is not a joke. I don't think I want to patronize company/ companies that will joke with my hard earned money.

What's the difference between what's happening now and what happened before the election. Who are these faceless groups fanning religious crises in an attempt to orchestrate a takeover. Let these people understand we have no other country to run to.

Very nice defense if you ask me. How do you prove that Atiku is not from Cameroon? What negative information (personal, political and other secrets) will make it to the public light in course of disputing this defense? What effect will these unfolded secrecy have on the political career of Atiku going forward?

Is this defense about winning, or about retiring Atiku politically?
Let's see how this movie unfolds.

Very nice

This is totally absurd. What's stopping the military from arresting the traditional ruler? You guys have intelligence that the man is directly involve in killing Nigerians...what's next? Arrest him and his criminal gang. Let them face full wrath of the law. So this can serve as deterrence to other highly placed criminals.

Godlylifeoneart:
I mentioned it yesterday that Al JUBRIL bubu is an anti devaluation. He dictates the exchange rate for EMEFIELE.
A lot of people do not know the economic implications of pegging the currency in a nation that import almost everything from China.
We import what we have and export what we lack.
As we are talking now, the nation of Rwanda, Ethiopia, Kenya are far ahead of Nigeria. You need to follow the Kenyan Stock Exchange and see what foreign portfolio investors are doing to the economy of that Nation.
All the money that supposed to be judiciously used to provide quality health care for the masses are being used to defend the Naira. Today, the life expectancy in Nigeria is dropping at geometrical rate.
We still have one of the highest maternal mortality in the world.
Same for infant mortality.
It will get to a stage, the strength of the FGN to defend the Naira will collapse.
If you are into Forex, you will notice the US $ is never static, up and down same for pound and Euro.
The strength of the Naira should be determined by the true reflection of our country micro and macro economies indices, Not by the selfish interest of Bubu.
Pegging is indeed causing more contracting economy for Nigeria.
The issue of inflation can be addressed by competition, we all can recall the price of a Sim card at inception of GSM and the price today, the price of the earlier and archaic handsets and the price of a modern Android.
The price of the 1st generation hp laptop and the price of the modern one.
Government should not be overprotective of the masses, they should rather provide the enabling environment for investors. Like I mentioned yesterday, the universal rule of money states that money can never be static, it must keep changing hands.
Same is applicable for the economy of a prosperous nation, it is not the numbers of Millionaires you have that matter but the no of people that are able to touch the million on daily basis. I. E how many hands are able to exchange the million daily.
In 2016,An article was published on the billions of dollars in fallow account , idle in deposit money banks in Nigeria. You will be amazed that Nigerians could bail out this nation with dollars in individual domicilary accounts.
The American keeps moving dollars to foreign nations all in an effort to prevent devaluation.
If government is serious and floats the naira, there will be less $ in fallow dom accounts.
The saving grace of FGN action in pegging the naira is actually the high inflow from diaspora remittance. Free money for the government.
One may even deduce that diaspora remittance is now one of the mainstay of Nigeria economy.
Despite this, the government will waste this money yearly and transfer it to the government of Saudi Arabia and Israel in the name of religious pilgrimage.
The event of the past few days in the Nigeria bourse is the true reflection of Nigeria economy.
For those that do not know a vibrant NSE will impact positively on the masses not just you that made a profit, In a way your profit will transform into spending, your spending will promote another man's business and the cycle continue. This is how a true economy should be. Once the mirror image of Nigeria economy is battered it will definitely affect all and sundry.
Now, the government is contemplating increment in Vats, let's see what the effect would be on the economy.
Finally, i fink d govt has overdefended the naira with an analogue idea. Time to wake up and embrace digital economy, not just currency devaluation vs pegging.
Cheers

Free floating of naira is a recipe for disaster. It makes difficult, if not impossible to have a manufacturing economy. It makes it difficult for businesses to plan. It makes it difficult for us as Nigerians to have control of our economy, meaning Nigeria will continue to be subject to the dictates of foreign countries (hedge funds, foreign banks and others).

Let's look at a simple analysis. Majority of our manufacturing system depends on imports of raw materials. Every time we devalue, or naira weakens for some reasons. It means importers have to pay more for their raw materials. This additional expenses will have to be added to justify increase in price. Leading to inflation, instabilities and others.

Also, we have balloning government dollar denominated debt. Weakening /floating naira will have a significant economic effect on Nigeria. Our ability to fund infrastructure, pay workers and service high debt based on naira devaluation would be severely impacted. This is also going to increase Nigeria's financial risks; curtail its ability to raise international funding, increase its cost of funding or this effect on corporate bodies that need to raise foreign capital?

By simply floating the naira, you make it impossible to predict the bottom. Our international hedge fund companies, banks and others will see to that. Imagine having a situation where $1 trades for 1000 naira? What would happen to jobs? What would happen to inflation and mpr? What would happen to banks cost of funds? What would happen to manufacturers, most especially those that imports raw materials? What happens to their local and international competitive ability? What would happen to power projects that imports equipment and raw materials? What would happen to the economy on the long run?

Just because some economies adopted policies that worked or did not work for them does not mean we should blindly follow. Our economic policies should be tailored to solving our fundamental problems including; creating jobs, improving manufacturing system, creating wealth for the masses, improving cost of living, improving middle class, making Nigeria better. Devaluation, free flotation of naira is not going to solve those problems. It will only regress the economy further. We have a lot of data to prove this.

heyteaherm:
Currently writing my MBA thesis on devaluation and how it affects the economy and will like to share my thoughts on the argument why Devaluation if adequately managed is actually good for the economy in the long run.

To understand the underlying situation of Nigeria, keeping it simple and first, you must follow the genesis of the problem as below

1. Debt - Nigeria currently isn't servicing its debts, it means we are not generating as much as we spend to pay for monies that we borrow to make these expenses. We burn more cash than we can settle our debts, we are not yielding profits, not making use of our revenue channels healthily

2. The balance of Payment - We Import more than we export, meaning we transfer more money abroad than we receive into the country, so the BOP is negatively skewed against our economy

3. Exchange rate - Our rates are currently tightly controlled by the CBN. Kept at a steady rate of $360 by supporting the demand with Naira injection and reducing demand for forex by banning some imports from reducing demand and at the same time protect local industries.

4. GDP - The total sum value produced is dependent on the price of oil, which has been steadily below $100


Let's leave it at this even though we might want to go deeper with infrastructure problems, trust /corruption and the rest.

Because the exchange rate is tightly monitored and controlled there are always calls to devalue the currency when the economy is not doing well to promote capital influx inflow, increase export demands, prop up FDI, FPI, and SPVs. Just like the naira doesn't portray it's a real value at the moment so there is capital flight because you wouldn't want to buy something so expensive today only to be sold at a meager price tomorrow. If the exchange was free floating the market forces will determine the rate. Devaluation /currency manipulation works for example in a country like China, where export is high, devaluing the currency will make the value of the exporting goods more attractive and thereby increasing sales and having a positively skewed BOP.
Yes, devaluation for a country like Nigeria with the monocultural economy, the masses will suffer in that the cost of petroleum might increase, which in itself causes inflation as the price of transportation, generating electricity, etc. will increase, this can cripple the economy if not properly managed.
My advice is to devalue the currency, we are financially redundant if we don't, not devaluing is just moving the financial collapse date. Asides from borrowing we need foreign individuals and institution to pump in their forex into our economy. These set of people study the market before getting in, they will make sure the prospect of the economy is at least guaranteed stability for say 5 years, because their investments could have a minimum payback period of 3 -5 years also people want to set up shop where they can stay for many years.

So many issues about devaluation. Nigeria has to be productive before it can be interesting, yet we need the influx of forex into our system. It is a problem of the chick and the egg which comes first. For me, it is devaluation or better still free float, then cleaning up shop and making Nigeria's ease of doing business excellent. Devaluing will encourage exports and promote locally produced goods with the right infrastructures such as electricity, motorable roads or other transport systems. The govt needs to fix a goal or realistic target to fix infrastructures and also clean up its act or fixating figures, the world is watching. Nigeria has resources, we can maintain a standard but the complexity of being a renowned economy we must attract more forex and be more valuable asides our natural resources.

keeping it simple.

Ekene Obi
Guru Capital LTD

They made similar arguments 3-4 years ago, Nigeria needs to devalue its currency to attract FDI. We need to devalue to make export cheaper. Loads of bull...What happened to the FDI after we devalue our currency? What kind of FDI did we attract, portfolio or brick and mortar investments? What happened to the FDI after these investors made their returns? Has our cheaper currency helped us to export more industrial goods?

Let's not kid ourselves, devaluation of naira at this point is not in the best interest of our economy. It will create high inflation, high interest rate, loss of manufacturing abilities, loss of jobs and other problems.

To the proponents of currency devaluation, what's the objective this time? To attract short term portfolio, long term portfolio, brick & mortar investments? Devalued naira will only attract short term portfolio investment, which is detrimental to our economy. We're all living witness to the economic effect, cycle and runaround based on what happened to our stock market in the past 4 years.

Our objective should be how to attract long term portfolio, brick and mortar investments. The best way to do this right now is to address factors that lowers cost of doing business in Nigeria. Power, transportation, ease of doing business policies, security, currency stability and others. Our conversation should revolve around these subjects and not currency devaluation. By fixing these problems, we fix our economic problems and others at the same time.

This is going to be interesting

This is not funny anymore. We need consistency in our legal system, most especially in the corporate system. How can international companies take our country seriously when justice can be perverted, or linger on forever. Merger and acquisition can be overturned just because some vested interest are not satisfied.

johnmartus:
As if dangote was not part of those make them poverty.

How?

Ability to create vision
Ability to develop other leaders.
Ability to inspire people to greatness

Very interesting

This is good news

I hope the governors will be able to pay consistently. Hopefully, they will not be owing 12 months salaries in the guise of no money.

chloride6:


hybrid...mostly equity though

Do you by any chance have information on companies that have benefited from these types of investments?

chloride6:


There are a lot of govt agencies funding key start ups..

BOI, NSIA , InfraCredit to mention a few...

The next 4 years is going to be a hit...

In what capacity are they funding startups? Loans, grants, equity, hybrid?