Deenee's Posts
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 Business › Re: Finance Minister And CBN Fall Out On Blacklisted 41 Items by deenee: 7:37am On Dec 25, 2016 |
To many confused people in this country. Even the nairalanders are confused and instead of asking for clarity just post and comment anyhow. Finance minister is doing the bidding of some interest groups. This biased report also fails to mention the import bill and population size of Egypt. In as much as there is so much hardship. I still support that those items should be banned. Just think of it. If rice had not been banned. People won't have taken rice farming seriously and all the local variants of rice we have all over the place won't be available. More so most of these manufacturers just round trip by over invoicing their form m to get dollars from CBN and the they sell most of the USD to black market dealers and only use a small portion to buy raw materials. I have come to understand the the only language that Nigerians understand is brute force and that is exactly what we need to make this country great again. Brute force for those that steal. Same applies to those that can't obey common traffic laws. God bless Nigeria. |
| Business › Re: Good News For Nigeria As Oil Price Rises To $55.61 by deenee: 3:13pm On Dec 21, 2016 |
9jakohai:God bless you so much. This is the most sensible post re this topic I wonder why people are celebrating. If I have my way I would prefer for oil prices to remain depressed so we can really look inwards and diversify from this curse know as over reliance on crude revenue. Besides Nigeria is not even producing at break even capacity of 2.2m barrels per day as we are barely trying to produce 1.2-1.6m barrels per day due to militant activities so there is really nothing to rejoice about. I think this is a welcome new but should not derail from the drive to reduce our over dependence on oil as a main stream of the economy. Good new but not the type of new that should make one wet his/her pants. God bless Nigeria! |
| Properties › Re: Should We Move Out? by deenee: 7:32am On Dec 09, 2016 |
You have worked in oil and gas for 8 years, still single and yet no savings at all. Why is this so? You fiancee is planned to do business after relocating back from the states but spent all the business money on intangible stuff. One question. Didn't you guys do a feasibility and back ground study before the decision to invest. Abi you just decided to do naira bet style of investing and hope to hit it big. Oil and Gas isn't doing well now because of the fall in crude oil prices so it's quite understandable that there are some lay offs in the sector. Pls move out of you house since you think the landlord is the reason for you misfortune. Get a pastor to bless your new abode, pray and fast but note this caveat. Nothing will change if you don't get you money management and business skills right. God bless. |
| Celebrities › Re: Maje Ayida Covers Thisday Style by deenee: 8:20am On Dec 04, 2016 |
ednut1:Thank you so much. I am not judging any body but I find it very funny that people are making it look like Maje is one very ad person and that he practically destroyed Toke's life which is not true. Toke is also using this opportunity to play the victim card and earn herself some cheap points. Maybe she should also write a book about her sexcapades in Unilag for public consumption. I wonder why she is really finding it hard to move on. It's not like I condone what Maje did to her but hey she also had her own side shows when she was still going out with Maje. Who knows what will come next.....a reality TV show or maybe a nolloywood blockbuster chronicling how Maje destroyed Toke's life. On a lighter note,she claims that Maje forced her to start bleaching. My question is did he tie you down every morning and forcibly apply the cream to your body? |
| Celebrities › Re: Maje Ayida Covers Thisday Style by deenee: 7:20pm On Dec 02, 2016 |
tammie24:I won't even bother to reply you. Silence is the word for you |
| Celebrities › Re: Maje Ayida Covers Thisday Style by deenee: 7:51am On Nov 29, 2016 |
Dude is the personal fitness expert to most bank MDs in Nigeria, Adenuga, Otedola and even our very own Dangote just to mention a few. He is making six figure sums everyday. I really feel bad that the marriage between him and Toke didn't work out but I also feel that she writing a no holds barred book washing all their laundry in public is a huge NO NO. I mean people that know Toke from her Uni days also say that she is no saint and has her own skeletons (and lots of it) in her cupboard. There is also the grapevine gist he wanted a baby and Toke kept holding out on him and was even taking birth control pills without his knowledge. Writing the book and making him look like he is a demon that destroyed her life is just going overboard. I am sure Maje too can do same and publish all of Toke's dirty secrets. But I admire his matured silence in the whole matter. It simply shows that Toke is not ready to let go or is on some form of revenge mission. The irony is the same Maje showed up for Toke's suprise birthday gig just recently. Who even knows? This whole thing might even be a publicity stunt and on a lighter note Two fingers up for all the ladies screaming "Yoruba Demon".......i can bet you my Christmas chicken that you will all be the first to say YES x3 if Maje just glances your way. I wish both parties the best that they wish themselves. 2 Likes |
| Business › Re: Egypt Devaluation To Test CBN Resolve On Naira by deenee: 12:48pm On Nov 08, 2016 |
linearity:No point arguing with you as I see that a lot of your assumptions are largely theoretical. Look at it this way. The same politicians that will spend billions to build houses in abuja and lagos with no one to rent. Do you really think that they have the power to manipulate the black market. They are not price givers but rather price takers in this whole dollar fiasco and what they are really after is a safe haven for their stolen loot even if that means that there is some reduction in value. The importers that bring in this essential commodities that I mentioned have simply passed the cost on to the final consumer. Hence the reason why the price of rice has doubled. They also know that these items are essential commodities and thus people will only shout and complain but still end up buying. Bro trust me when I say about 40percent of our fx channeled towards fuel. Fuel is the main stay of our economy. Everything we do in Nigeria rides on availability of fuel. Go and have a look at DPR and NNPC stats. God bless Nigeria. |
| Business › Re: CBN Grants Manufacturers Access To $660m by deenee: 12:04pm On Nov 08, 2016 |
What a lot of people don't know is that a lot of these manufacturers are round tripping. Let's look at it this way. It does not take rocket science to know that there is more margin to be made when dollar is sourced at interbank rate of 30d-310 naira (circa)and sold immediately at 470 in the black market. So what most manufacturers do is over invoice dollar requests by over 250-300 percent in connivance of foreign suppliers. So what we see is a lot of importers asking for dollar to import raw materials and machinery at really exorbitant prices and even the banks that are supposed to verify some of prices are part of the elaborate scam. All leaving the CBN and govt in a state of disarray. Just recently CBN told BDCS to source dollar from Travellex an international money transmitter and subsequently sell to the public with not more than 5percent margin. The BDC has disoebyed and are selling at with over 50 percent margin. If the govt clamps down on them now, we will all come and be abusing the FGN and CBN whilst we are the main curlpits. God bless Nigeria |
| Education › Re: Oroh Jessica Eloho Best Graduating Student In Dept Of Chem Sci, Bells University by deenee: 11:38am On Nov 08, 2016 |
Congrats to her. I just hope she can translate this to tangible results when she hits the job market. I am also a product of a Nigerian university but have a dim view of the kind of graduates that our universities churn out now (both public and private) Infact I become very wary when I see a Nigerian graduate with a first class degree now. I recall an under graduate church member who asked to intern in the I.T dept at my office. The poor girl who was studying computer engineering could not install a new HP printer. Fast forward two years and she is brandishing a first class certificate from a very popular private university in Ogun State. Congrats once again, remember that the first class will only make you first amongst equals, it won't determine how fast you rise career wise. Your ability to link theory with practice will determine this. Don't also allow your certificate to go to waste by ending as a full time house wife. Be the best you can be. Strive to acquire more knowledge, impact your environment positively and stay blessed 4 Likes |
| Business › Re: Egypt Devaluation To Test CBN Resolve On Naira by deenee: 7:28am On Nov 06, 2016 |
Naira is already free floating. The main reason why there is still a wide margin between the official rate is as follows: Corrupt politicians who steal money and covert to FX for storage at any cost. These morons now know that it is almost impossible to keep their stolen loot in Naira or even in any bank (all thanks to BVN) so what they do now is steal naira, get the aboki guys that sell dollar to mop up dollar at any cost for them and then they keep the dollar cash stashed away in various secret locations. Importers that still patronise the black market esp those that import some of the items on the list of banned items that CBN won't allocate dollar for. Top of this list is fish, rice, tomato paste, frozen turkey/chicken furniture just to mention a few. I read a report somewhere (can verify if the data is true though) that Nigerians smuggle raw eggs worth over 8billion monthly through our borders. 30 billion naira worth of fish monthly. I don't even want to start quoting the figure for rice These figure is true are quite alarming. I just can't begin to imagine how much jobs we are creating for the countries where these food items come from. Jobs that should be in Nigeria. Hopefully the govt's efforts at self sufficiency will help reduce this trend. Finally fuel importers and I pray Dangote's refinery will help solve this as over4 40 percent of our FX needs is channelled towards fuel import. God bless Nigeria 26 Likes |
| Business › Re: Erisco Foods Shuts Down Nigeria’s Factory, Relocates To China by deenee: 2:30pm On Nov 02, 2016 |
So sad, the irony is CBN does not allocate dollars again what we have is a flexible FX regime where banks source for dollars from autonomous sources and sell to willing buyers at a the prevailing market price. CBN only intervenes occasionally when there is need to What Erisco wants is that era where they can get dollars at cheap rate and then round trip by selling it in the parallel market. The same Erisco that has a sprawling tomato paste factory in China. A lot of people are not seeing the full picture. Even Dangote does not get dollar from CBN. Dangote has factories all over the world and has integrate his cash flows such that his foreign business provide dollar for the local business particularly the refinery. He also buys from autonomous sources. Thank God banks and the CBN now publish thier dollar transactions so no more hiding What also happened to the BOI loan that Erisco got under GEJ running into billions? Beside most of the imported tomato paste is smuggled into the country Things are hard but I believe Nigeria will be great again. God bless Nigeria 5 Likes |
| Business › Re: Dangote Buys Gas Firm In Netherlands by deenee: 11:10pm On Oct 17, 2016 |
erico2k2:OK Sir |
| Business › Re: Dangote Buys Gas Firm In Netherlands by deenee: 8:57pm On Oct 17, 2016 |
Nice move. At least now our fellow Nigerians won't ask for his head on a stick for suggesting that Govt should sell some state assets. Afterall this his latest acquisition is not owned by Nigeria. To cut the long story short. He will move the gas through the sub sea pipes he is already laying under the sea and sell to fellow Nigerians. The upside for him is that the coy will produce gas using the latest technology meaning that production will be optimally efficient and cheaper compared to the out dated technology we use here and not to mention our myopic brothers in the Niger Delta who are busy blowing up pipelines. At the end of the day, Dangote will continue to smile to the bank. As he has rightly mentioned in one of his interviews, the best time to invest in any economy is a down turn period when asset prices are really depressed. Let's just watch what will happen to his tangible networth when the economy recovers. Another downside for us which is a quickwin for Dangote on this purchase is this. He will be able to bring to bring in gas to Nigeria and other parts of West Africa at relatively cheaper prices and NLNG won't be able to compete because of the huge cost of production and as usual he will use price as a winning factor. I guess when he advised government to sell some assets he was merely giving Nigerian a heads up because I am sure this deal would have been in the pipeline for a while and only just made public now More so, I gather that he acquired the gas plant at a huge discount as most of these countries in the EU are starting to embrace more eco friendly ways of electricity generation esp wind, solar and ocean waves. The CEO of FaceBook practically controls the entire social media platform yet we all praise him. Same for Bill Gates of Microsoft and the late Steve Jobs of Apple. But the moment we have our very own trying to push boundaries, we are quick to start raining curses and saying he is a monopolist. At least now nobody can come and say that Dangote has plans to cheat the govt or the Niger Delta or Nigerians because the gas plant is not a state owned asset. May God open our eyes of understanding and God bless Nigeria. |
| Business › Re: Dangote Buys Gas Firm In Netherlands by deenee: 8:53pm On Oct 17, 2016 |
Nice move. At least now our fellow Nigerians won't ask for his head on a stick for suggesting that Govt should sell some state assets. Afterall this his latest acquisition is not owned by Nigeria. To cut the long story short. He will move the gas through the sub sea pipes he is already laying under the sea and sell to fellow Nigerians. The upside for him is that the coy will produce gas using the latest technology meaning that production will be optimally efficient and cheaper too compared to the out dated technology we use here and not to mention our myopic brothers in the Niger Delta who are busy blowing up pipelines. At the end of the day, Dangote will continue to smile to the bank. As he has rightly mentioned in one of his interviews, the best time to invest in any economy is a down turn period when asset prices are really depressed. Let's just watch what will happen to his tangible networth when the economy recovers. Another downside for us which is a quickwin for Dangote on this pruchase is this. He will be able to bring to bring in gas to Nigeria and other parts of West Africa at relatively cheaper prices and NLNG won't be able to compete because of the huge cost of production and as usual he will use price as a winning factor. I guess when he advised government to sell some assets he was merely giving Nigerian a heads up because I am sure this deal would have been in the pipeline for a while. More so, I gather that he acquired the gas plant at a huge discount as most of these countries in the EU are starting to embrace more eco friendly ways of electricity generation esp wind, solar and ocean waves. The CEO of FaceBook practically controls the entire social media platform yet we all praise him. Same for Bill Gates of Microsoft and the late Steve Jobs of Apple. But the moment we have our very own trying to push boundaries, we are quick to start raining curses and saying he is a monopolist. At least now nobody can come and say that Dangote has plans to cheat the govt or the Niger Delta or Nigerians because the gas plant is not a state owned assets. May God open our eyes of understanding and God bless Nigeria. |
| Celebrities › Re: ''My Breakup With Toke Makinwa Almost Ruined My Business'' - Maje Ayida by deenee: 8:47am On Oct 09, 2016*. Modified: 9:04am On Oct 09, 2016 |
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| Business › Re: Reps To Investigate ATM Charges By Banks- Punch by deenee: 7:46pm On Oct 06, 2016 |
Nothing will come out this charade of an investigation. Banks will settle the House of Rep members and it will be business as usual. |
| Business › Re: Forex: Erisco Foods Threatens To Fire 1,500 Workers, Leave Nigeria by deenee: 6:24am On Oct 06, 2016 |
CBN does not give any body dollar. Dollar is now sourced from banks via the interbank market and from autonomous sources (IOCs,exporters remitted funds etc) On the other hand Dangote being the smart and forward thinking business man that he is funds most of his local FX needs from the cash flows coming from his foreign businesses in other parts of Africa and the world. More so Dangote has intl debt financing from Europe via the EuroBond. I think the CBN has enough on their plate like trying to shore up our reserves as a sign of confidence for investors. In as much as I admire Erisco's passion he also has not come clean. This is a man that got single digit loans running into billions from BOI and the CBN during GEJ era to import machinery yet he opted to import tomato paste for quick profit. Nothing was done to him then and I am really amazed that he is screaming blue murder now. Even other importers source dollar from the black market and pass the cost to the consumers. What these importers also do is ask their suppliers abroad to reduce the quality content of the paste and some really heartless ones even go as far as buying almost expired paste to repackage and sell for us. Nigerians also need to have a mindset change. We need to start patronizing local goods though slightly expensive. This is just a phase and I am hopeful that by next year things will abate a bit. Some wise business men are already taking advantage of this recession to position for the next cycle of economic boom Dangote inclusive. By the time he is done with his refinery, he will without doubt be the largest single private supplier of FX in Nigeria and in West Africa. He will also help reduce about 40 percent of our daily fx needs which is from fuel importation. Now is the time for other oil moguls like Ifeanyi Uba etc to build at least modular refineries but alas they are building tank farms to store imported fuel. In the future these same people will start shouting and screaming blue murder, marginalization, northern agenda, etc etc I also disagree with Erisco's claim that CBN allocates FX for paste razor etc. This is not true because these items are on the list of 41 banned items and bank even publish in national dailies their daily FX sales schedule. I think Erisco should first and foremost explain what he did with the BOI single digit loan he got during Gej's era because at this stage I don't think he should still be talking about importation of machinery but rather sourcing for raw materials (tomatoes) which is in abundance locally now It's just so painful and sad as usual people will just attack PMB CBN Dangote and other innocent people without having a clear picture of what is happening or even the big picture. God bless Nigeria. 7 Likes 3 Shares |
| Politics › Re: Recession: 3 Nigerian National Assets Buhari Must Not Sell- RMAFC by deenee: 2:56pm On Sep 23, 2016 |
NLNG can stay but the moribund refineries and corruption ridden NNPC has to go. The refineries have never worked at full capacity since inception. Besides the technology used for refining crude is out dated when compared to the latest up to date technology that is obtainable now. The national refineries were constructed in the late 70s and there hasn't been any major overhaul only turn around maintenance and even the TAM is just an avenue to embezzle public funds. I am told that the Dangote refinery can produce about 12-15 by products from refined crude all of which are useful for plastic making industries, fertilizer plants etc. This cannot be done with the old state refineries. Dangote's refinery will surely be a game changer in the O and G sector. The level of rot in the NNPC is one of the major reasons why there is so much decadence in that sector. I need not say much about NNPC because even my five year old niece knows that NNPC is the conduit pipe for most of the corruption and fraud cases in Nigeria. I will even propose a 10 percent divestment from NLNG to reduce our stake to 39percent( even with this we will still have the largest shareholding) with an option to buy back from the strategic investor in say 10-15 years. In addition to this let's concession the roads airports, railways because we really need to shore up our foreign reserves if any investor will take us seriously. On a lighter note I will suggest that we also put some states up for sale because quite frankly a lot of these states are dead weight and not adding any value at all. God bless Nigeria! 1 Like |
| Crime › Re: Ivie Edobor: Zenith Bank Staff Fractures Ex-Wife's Leg (Photos) by deenee: 6:27pm On Sep 20, 2016 |
I don't support any form of violence and have a very low and dim opinion of men that act violently towards women. This said I think it will only make sense if we hear John's side of the story. We have only heard the lady's bit and we are quick to attack John. I know that our judicial system is really messed up but I also doubt that John would be allowed to walk free if he truly attacked her without any form of physical or emotional confrontation. I have seen a well brought up fellow turn into a monster overnight simply because he got himself into a marriage with a woman who was very good at using emotional blackmail. I mean a very good friend whom we all referred to as a model husband right from university days (the guy is from a very good and stable home, had good grades in school, very religious, rarely drank, never smoked and didn't have sex until marriage, had a great job) and the moment the guy married he just became a monster simply because he married the wrong lady. I am not holding forth for John but I beg to ask the following questions Why did John chase the lady and their three daughters out of their matrimonial home in the first place? What are the prior incidents that led to the separation. I am not a sooth sayer but people just don't wake up and start acting strangely towards their partner especially if they already have three wonderful children and have been married for over ten years What is the role of the family members in this whole fiasco? Are they saying that John and the lady don't have immediate and or even extended family members that can mediate in the matter? What of the church? Who is this mysterious friend that was with the lady on the day she was attacked and what is her relationship with the man friend? I mean my questions can on and on and on. I pray she gets well in time and recovers quickly. But more importantly I pray they sort this issue out amicably if not for anything but at least for the sake of the innocent children. All the best! 1 Like |
| Romance › Re: My Supermarket Boyfriend Has Turned To Something Else (help) by deenee: 5:00pm On Sep 11, 2016 |
You Supermarket Boyfriend? Like really so you take his cash advice and other benefits and you still refer to him as your supermarket boyfriend? 2 Likes |
| Politics › Re: Roasted Plantain Seller Campaigning For PDP In Ondo (Photo) by deenee: 9:00pm On Sep 07, 2016 |
HungerBAD: |
| Investment › Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by deenee: 8:42am On Sep 01, 2016 |
IT IS A PONZI SCHEME SIMPLE AND SHORT. I AM REALLY AMAZED AT THE LEVEL OF IGNORANCE ON THIS THREAD. WHAT DO THEY DO WITH THE MONEY THAT THEY COLLECT FROM INVESTORS? WHAT IS THEIR BUSINESS MODEL? WHAT LINE OF BUSINESS ARE THEY INTO? THEY DONT HAVE A REGISTERED OFFICE, NO RECOGNITION BY ANY OF THE REGULATORY BODIES, YET PEOPLE ARE SAYING IT IS NOT A PONZI SCHEME! I FEAR FOR THE YOUTH OF THIS COUNTRY! 2 Likes |
| Business › Re: Naira Exchanges For 414 A Dollar by deenee: 4:35pm On Aug 29, 2016 |
Nigeria. A few things need to be recalibrated for this country to move forward. The first is we need to consciously reset out mind and believe that all is not gloom and doom. Also in the same vein, we need to know that for us to enjoy as a country there is need for national sacrifice. It is only in this country that I see people with a bloated sense of entitlement. Everybody feels that the government owes them one way or the other. We are also quick to discourage patronage of locally made goods to the advantage of the supposedly foreign ones (even when the foreign ones are the main source of some many health complications today). My GrandMa eats only local rice (the type that you spend 3 hours picking the stones from the rice) and yet she is 98 years and still going strong. Also, how many of us know that the so called foreign rice that we all eat is in most cases almost expired rice. Our fellow Nigerian importers will go abroad and bring in almost expired rice that has been purchased at a huge discount and repack in bags for us in Nigeria. I have told myself that I will consciously look out for and patronage made in Nigeria good anytime I am going to buy groceries or provisions. I have also started patronizing a local shoemaker in my area to make local slip ons for Sunday service. The quality of his work is not really exciting but I constantly challenge to improve and I must say I am seeing gradual results. At least I am contributing my own little quota to help keep small business afloat instead of whining and blaming the govt. We also need to be a self-sustaining nation. We have the advantage of population and a consuming population at that. Do we know that we have a rice import bill of approx. $1.8billion and yet we don't produce even up to 5% local rice? This huge foreign exchange (forex) would have been used on more impactful social development interventions if they were not needed for food imports. We need to diversify the economy and move away from over reliance on oil as a main source of revenue. I am really happy that Dangote has the foresight and is really investing in critical sectors of the economy at this distressed time. This is the best time to invest in the Nigerian economy especially now that oil prices are low and assets prices are really discounted. Hopefully the refinery, power lines, fertilizer plant, tomato paste and rice mill he is investing in at the moment will start bearing fruit around 2017-2019. Interestingly a lot of our other Nigerian business men are still stuck on importation to make a quick gain Nigerians also need to be patient. PMB is not the cause of our present predicament. The man met an empty treasury and huge debt on ground from the GEJ administration. Are we quick to forget the Obasanjo during his time as president paid off all our foreign debt? GEJ came and incurred more even oil sold at above 100 dollar per barrel during his administration until around mid-2014. Finally how do you explain how the GEJ govt met N15trillion cash in oil revenue from the YarAdua govt, made another N64trillion during his tenor and yet has NOTHING to show for all this huge oil windfall? I pray God will open our eyes of understanding and God bless Nigeria! 2 Likes |
| Career › Re: Deposit Target: Nigerian Bankers’ Nightmare by deenee: 8:36am On Aug 27, 2016 |
I don't understand this biased thread against banks. The same way FMCGS have sales targets so also banks have deposit targets. I don't think it's fair to just label Nigerian banks as evil corporations. Do you expect people to be paid without a commensurate input to justify their pay? Banks have a responsibility to their shareholders and also need to meet up with investors' expectations. Pls we need to stop been biased and nobody is forcing anyone to work in a bank. We all want banks to post good profits but don't want them to set targets on how to make these profits There are other jobs or alternatively be an employer of labour and see if it is easy. For the record Olisa didn't kill himself because of a bad loan. He got himself missed up in some shady transactions that back fired. God bless Nigeria 1 Like |
| Business › Re: How Nigerian Banks Are Making Nigerians POOR. by deenee: 8:57am On Jul 27, 2016 |
Nigerian Banks have nothing to do with this. You either innovate or become extinct. In another regard, you can still choose to buy recharge cards from her instead of recharging electronically from your bank account. The lady in question too can buy wholesale mobile recharge and send to you via phone without you have to scratching 10k worth of cards. The world is converging at a technological standpoint. I foresee that in the future we wont have need for branches anymore as people will be able to do virtually all kinds of banking business from the comfort of their home or even mobile devices. Hey we are already some bit of this even as I type. I can't remember the last time I walked into a branch to do a transaction. The closest I have gotten to is to make cash withdrawals. All my purchases are done via POS or online. If you feel really guilty then make it a point to duty to stop recharging via your bank and start patronizing the girl again. I think you are just trying to give a very lame excuse here and trying to pass the bulk. After all it is not like someone put a gun to your head and said you must recharge through your bank. All the best and God bless Nigeria! |
| Politics › Re: Ben Bruce, Dangote, AMCON and the Buhari Factor by deenee: 11:00pm On Jun 24, 2016 |
InvertedHammer:They are secured. The security (cinemas and other real estate portfolio) is what AMCON is planning to put under receivership |
| Politics › Re: Ben Bruce, Dangote, AMCON and the Buhari Factor by deenee: 10:57pm On Jun 24, 2016 |
For record, dangote is not owing AMCON and Ben Bruce has refused to service the AMCON loan for three years hence the reason why his business is slated to be put under receivership. For those ranting it people like Ben Bruce that contributed to the 2008-2010 banking sector crisis that led to loss of jobs. Same Ben spent 150m naira on his last birthday. Jimoh Ibrahim case is story for another day. God bless Nigeria 1 Like |
| Business › Re: Wrong Charges Made On My Account By FCMB by deenee: 1:08pm On Jun 09, 2016 |
All overseas card transactions are done in dollar irrespective of the country. Even if you use PoS and pay in the local currency of ur country of visit they will still charge the naira to your account using dollar conversion rate. Banks are also compelled to use the existing parrellel market rate because they can't source at the official rate. I think it's best you call them for a detailed explanation. All the best |
| Business › Re: Trade Deficit: More Job Loss Likely In Banks (Fall Out Of Nda's Vandalism) by deenee: 5:10pm On Jun 07, 2016 |
jpphilips:Bro I will respond to your assertions one by one First and foremost FBN has changed their management. Infact they were smart enough to change the entire exec mgt staff when it became apparent that most of their exposure to oil and gas deals were becoming sticky. The former MD was asked to resign in 5ec 2015 and they have also made some material changes to their holding structure management and board. It is this proactive action that practically gave them a soft landing during the last AGM in addition to the fact that they were able to still pay out some small dividend from thier retained earnings from prior years. I will suggest that you browse the Internet to get more info on this. Secondly treasury bills are risk free instruments and basically should be at near zero or minimal coupon rate. It is only in Nigeria that treasury bills are sold at double digit rate because we normally do thing up side down. Now please explain to me how a bank will be able to lend to an entrepreneur who is seen as high risk at single digit when they can simply invest in Tbills and earn free cash. Govt on the other hand and prior to now has always been issuing Tbills to banks to raise short term cash through the debt mgt office whilst having free/idle cash sitting on banks. Have you noticed that Tbill coupon rate has dropped drastically since TSA? You also seem to be contradicting yourself in one of your assertions. For sure if you run an account that has monthly maintenance charge the bank will take what is due to them whether you use the account or not. You also cannot enjoy interest on saving if you typically run the account like a corporate account. I know that interest will only apply if you don't make any withdrawals on your savings and it is usually applied per quarter. As I indicated in my earlier post no bank survives on public sector funds. It is cheap no doubt but very volatile. The way forward is to amass large volumes of idle funds from the private/retail sector. I tried to read some of your comments but i can't comprehend the point you are trying to make. I think you are mixing things up. Go and find out there is no bank in the world that has been able to grow sustainably by solely depending on govt funds. It is like the case of Nigeria depending on oil revenues only and we can see where that has got us as a country. Public sector funds are very volatile and cannot be used for long term financing which is what most businesses need for stable growth. It is also this over reliance on public sector funds that make it relatively difficult for banks to lend more than 5yrs fearing for change in govt. I am willing to discuss this offline with you for more clarity as it seems that you have a tunnel vision view of the subject matter. God bless Nigeria! |
| Business › Re: Trade Deficit: More Job Loss Likely In Banks (Fall Out Of Nda's Vandalism) by deenee: 10:02am On Jun 07, 2016 |
obi58:Banks should not have depended on public sector funds in the first place. Tell me which bank abroad depends on public sector funds for liquidity. The government only steps in through their regulatory agencies as a last resort and usually if there is a crisis. Prior to the implementation of TSA, banks were awash with public sector funds and govt would be borrowing from banks at double digit interest rate. This is one of the reasons why most bank before now felt very comfortable lending to states and MDAs instead of the real sector. And just to correct a misconception, Pls, find out how much was moved from to TSA as a percentage of deposit base of banks in the industry and you will see that TSA implementation is not the reason for massive redundancies in the banking industry. In fact the trio of FBN Zenith and GTB alone had total asset base of about 11 trillion and just about 3 trillion was moved to TSA. The basic truth is that most banks are running an unsustainable business model and are exposed to the oil and gas sector and unfortunately that sector is not doing very well at the moment. In banking there is what is known as mismatch of funds. Banks have short term deposit liabilities and have created long risk asset from such deposits and unfortunately the risk assets are not paying back as expected. FBN alone in 2015 wrote off over N120b non-performing loans due to exposures to oil and gas deals. The irony is that more will still come as most banks have basically restructured now to avoid capital provisioning for these sticky loans. FBN has decided to provision now because of their huge balance sheet hence they can absorb the systemic shock The way forward for banks is to take financial inclusion seriously and make banking products and services accessible to everybody as it obtains in developed nations. Right now it’s is still relatively hard for a common man on the street to work into a bank and open an account. Retail banking is the way to go now in banking, currently there are about 45% of the Nigerian populace still unbanked (i.e people that don’t have any bank account) and over 75% are underbanked (i.e people that don’t make maximum use of banking products and services). Potentially this amount to about 3.5trillion naira outside the banking system. I recall some time last year a friend came in from abroad for the yuletide season and needed to change about 5k USD and I took him to a Mallam somewhere in Victoria Island. The mallam simply made a few calls and in 5mins some came to us with about 1.5m. Just out of curiosity I asked why he didn’t take us to the bank to consummate the transaction and the mallam boastfully said that even if we want to change N200m naira he can raise the cash in 30mins without stepping into a bank. Now amplify this to other sectors to include market women, traders, other BDC operators and more that don’t use banking services and you will agree with me that there is a huge untapped potential in this space. Simply relying on public sector deposits to fund bank liquidity is a huge NO NO and because of concentration risk. I await the day a Nigerian citizen will be able to walk into a Nigerian bank with no connection in high places, no “man know man” mentality and just a brilliant business idea documented in a business plan and have the highest assurances of securing a loan from the bank to fund the implementation of such idea. Nigeria is a funny country. All of a sudden the country is slipping into recession just because there is a clamor for things to be done the right way God bless Nigeria! 2 Likes |
| Politics › Re: Jonathan Treated To Executive Lunch In London by deenee: 6:25am On Jun 07, 2016 |
InvertedHammer:God bless you. Brilliant analysis |
| Business › Re: Trade Deficit: More Job Loss Likely In Banks (Fall Out Of Nda's Vandalism) by deenee: 4:35am On Jun 07, 2016 |
People still fail to understand that PMB is not the reason for the recession that we are facing. The trade deficit is as a result of several factors namely we are basically an import crazy nation of people who import every thing that we consume even basic essentials. Secondly the revenue from oil that would have created a buffer for the deficit is also seriously under threat from volatile oil prices and the evasive militants in the Niger Delta region. The implementation of TSA is a one of the great things to happen to the banking industry as now banks will no longer depend on government funds but rather be compelled to lend to the real sector. Also TSA has helped reduced corruption in some ministries and govt agencies. Before TSA some govt agencies had over 300 accounts in various banks and could not even keep track of thier money trail hence making very easy for funds to be siphoned. Until we begin to reduce our dependence on import for basic consumables such as rice and even toothpick, diversify from over reliance on oil revenue and increase local production we will always continue to be in this problem. Instead of coming here to blame PMB why not contribute our own quota. For me I consciously patronize made in Nigeria products now even for basic essentials that I use at home that way I am also helping some struggling business stay afloat. I mean why should I go an buy a imported nivea body Cream for men when I can use pears baby lotion made in Nigeria? After all na lotion. Infact pears even has a better scent sef. We need to drive the change we all want in our little space for things to really CHANGE in this country. Taxation is also an area why people need to change. How many small and even big business pay correct taxes to the govt. The UK depends soley on tax as a source of revenue. I think I an starting to deviate from the topic. My empathy for those who has lost their jobs and God bless Nigeria. |
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