Deenee's Posts
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 Business / Re: EFCC Summons Dangote Officials To Abuja Over Alleged Forex Crime by deenee: 7:18am On Jan 07 |
stevups: There is a conspiracy going round and the plan is to have him cede part ownership of the refinery to some vested sources so they are really looking to pin him down by all means. Again he isn't the only one CBN is investigating so why the undue focus on him? The truth is the Dang refinery will demystify alot of the seemingly impossible cock and bull stories govt tells us about the oil and gas sector. I mean we have heard consistently for the past 15 years about refinery maintenance spending billions of dollars annually yet no single refinery works. The govt owned refineries will not work because the they are all over 40years old and without proper maintenance from inception. So trying to revive them is like flogging a dead horse. Same thing with Ajaokuta Steel Mill Nigerians however don't like logic, we prefer and have orgasms and like it when people appeal to our emotions. That's why a pastor will fix church programs on weekdays and people will attend to pray when they should be working and be productive. Same way he paved way and basically did same in the cement and manufacturing space. You people are shouting that cement is expensive at circa 6k for a product manufactured locally. Imagine having to buy imported cement with the devaluation issue on ground. The price fluctuations will be unbearable. Just like NNPCL got the NA to adjust the PIA and include a clause mandating automatic equity ownership in any private refinery that refines 50k barrels per day. By doing this last minute amendment to the petroleum industry act using our corrupt National Assembly, they automatically become part owners of the Dang refinery even when it was still under construction. They didn't even pay cash for the equity. They promised to deliver crude which they are currently delivering piece meal hence the delays in kick starting operations at certain sectors of the refinery. Common sense isn't so common and logic is the kryptonite of the average Nigerian Yes all business men lobby govt and this is a common phenomenon across all jurisdictions. You think Elon Musk, Jeff Bezos etc don't lobby their govt? Dey play! Lobbying happens even at local govt levels, talk less of state and federal. I think y'all should be more concerned about the sudden rise of nouveau rich entrepreneurs with no explainable source of income especially those on social media who like throwing bundles of cash at parties. Perfect conduct pipes for MA. (Tuale for Chief E of C and K Furniture) God bless Nigeria God bless Dangote Go's bless every honest entrepreneur out there that still believes in the Nigerian dream and is contributing their quota to build the Nigeria of our dream. Cheers! |
| Business / Re: EFCC Summons Dangote Officials To Abuja Over Alleged Forex Crime by deenee: 10:22pm On Jan 06 |
Khyrvxjzy: When you When people shout monopoly I laugh because it shows a wanton display of ignorance Let us break down what a monopoly is with a simple definition "monopoly is defined as a single seller or producer that excludes competition from providing the same product. A monopoly can dictate price changes and creates barriers for competitors to enter the marketplace" Now let's look at dangote's product lines starting with Pasta In the pasta space we have dangote, BUA, Honeywell, Crown pasta, golden pasta, flour mills, and even the foreign varieties imported and smuggled into the country. Please explain to me in lay man terms, how he is a monopoly in the pasta space where we have over 10 players controlling different market share? Let's face sugar and salt. In this space, we have bua, dangote, BUA, Union dicon, premuim salt, bay water salt and including smuggled products Same applies to sugar. Infact the local production of sugar can only cover about 30% of daily consumption so the rest is imported. In the cement space, there is BUA, Dangote, Ibeto,Lagarde etc. So where is the monopoly coming from. That he controls a significant market share does not make him a monopoly. Ironically I guess we can say indomie noodles is also a monopoly since they control about 80% of the noodles market despite all the other players and noodles varieties in the market. 1 Like |
| Business / Re: EFCC Summons Dangote Officials To Abuja Over Alleged Forex Crime by deenee: 10:09pm On Jan 06 |
mastermaestro: Lol...doctored reports rendered by Banks on the CBN website? Reports that are used by foreign correspondent banks to verify the fx flows against the various letters of credit, form M and form A transactions. No need engaging further. First you thought I was lying when I said it public knowledge. Now you are saying it's fake. Purge your heart of hatred and bias. The refinery will start work soon so choke on this! Cheers ! God bless Nigeria God bless Dangote God please open the eyes of understanding and give our NL knowledge to comprehend. |
| Business / Re: EFCC Summons Dangote Officials To Abuja Over Alleged Forex Crime by deenee: 9:27pm On Jan 06 |
mastermaestro: Go on the CBN website and type fx utilisation in the search menu bar. It will direct you to the page where you will have access to the rendition of the daily returns from all banks from 2010 on FX allocation. Cheers! |
| Business / Re: EFCC Summons Dangote Officials To Abuja Over Alleged Forex Crime by deenee: 8:58pm On Jan 06 |
mastermaestro: There is nothing to clean up. The fx locations are all all on the CBN website including even those that got PTA and BTA. Its public knowledge |
| Business / Re: EFCC Summons Dangote Officials To Abuja Over Alleged Forex Crime by deenee: 8:56pm On Jan 06 |
Mandate1: Please don't loud this. Allow the morons that having orgasms here have a field day. Even Ibeto, Innoson, BUA and Cosharis are being investigated so I struggle to understand the fixation with Dangote 3 Likes |
| Business / Re: EFCC Summons Dangote Officials To Abuja Over Alleged Forex Crime by deenee: 8:53pm On Jan 06 |
tunjijones: I hope you are aware that he has other sources of cash flow. So paying down on debt used to finance the refinery won't be a problem. He owns 85% of DangCem in Nigeria. 100% ownership of 10 other cement factories across Africa. 90% ownership of Nascon and Dangote Sugar respectively. Impressive real estate portfolio that gives good returns and a family office based in Dubai for cross border transactions. Dangote Cement in Nigeria alone is a big cash cow and very profitable. And he has cement factories in 10 other African countries generating about 3.5 billion dollars in revenue annually. The repayment was from other investors that bought into the refinery project. For example NNPCL bought about 20% stake in 2021 for about 2.7 billion dollars . Other institutional investors have bought stakes in the refinery giving them equity ownership and proceeds from which have been used to pay down expensive debt. Apparently alot of people don't understand how capital allocation along the lines of debt and equity work in a business. More importantly when to use debt vis- a- vis equity Even if yall take the refinery from him. He is currently discussing with two countries in Sub Sahara Africa to build the largest cement factory in that jurisdiction. God bless Nigeria God bless Dangote 2 Likes |
| Business / Re: EFCC Summons Dangote Officials To Abuja Over Alleged Forex Crime by deenee: 8:38pm On Jan 06 |
tunjijones: Please explain how he had stolen money. Is he a govt official? Has he ever borrowed money and never paid back Is he selling fake merchandise? Please explain maybe we are missing something 1 Like |
| Politics / Re: EFCC Raid: Has Emefiele Thrown Dangote Under The Bus? by deenee: 3:22pm On Jan 06 |
Bigchristo: Partnering and granting of loans are two very different transactions and trajectories. I think you should read through and understand the dynamics so you stop exposing your self Secondly how do you blame Dangote for the failure of Govt? Is he responsible for the siphoning of billions of naira yearly under the guise of refinery maintenance ? Are you also going to blame him for the failure of govt to maintain a functional refinery despite the billions allocated annually to same? Do you even know and understand the roles and responsibilities of thr CBN? You think govt can just take money from CBN. Do you know the sources of revenue for the apex bank? Do you know how business is done in Abu Dhabi and other countries in the Middle East? Do you know how the PPP model (public private partnership) have worked successfully in these locations you mentioned Lol.....keep exposing your ineptitude. I am still on holiday so I have time for folks like you on NL. Talk and data is cheap! God bless Dangote God bless Nigeria |
| Politics / Re: EFCC Raid: Has Emefiele Thrown Dangote Under The Bus? by deenee: 1:59pm On Jan 06 |
Bigchristo: Does CBN grant commercial loans?. The reference in the speech is to commercial loans so I ask you again does CBN grant commercial loans? The naira loans were availed through a syndicated facility brokered by over 12 banks and this is what was used for the forward contracts with the CBN You are further accentuating your lack of understanding by quoting parts of the ex CBN gov's speech- a political speech crafted to suit the purpose at hand The refinery has received the 5 batch of crude and will commence operations once the 6th batch is delivered next month. You can choke on this! The man is the largest employer of labour in the private sector. He has single handedly opened up the Lekki Epe corridor creating opportunities for Nigerians yet yall are gagging to see his downfall. Not need to trade any abusive words with you. I have gone through your profile and by their fruits you will know them. Cheers |
| Career / Re: I Relocated To US To Start My Career Again - Vincent Adeoba by deenee: 10:54am On Jan 06 |
RussellRutherfo: Not in Pwc |
| Politics / Re: EFCC Raid: Has Emefiele Thrown Dangote Under The Bus? by deenee: 10:52am On Jan 06 |
Gboss247: God bless you |
| Politics / Re: EFCC Raid: Has Emefiele Thrown Dangote Under The Bus? by deenee: 7:39am On Jan 06 |
Bigchristo: Cbn didn't borrow Dangote money.....period No wonder alot of our graduates are unemployable |
| Politics / Re: EFCC Raid: Has Emefiele Thrown Dangote Under The Bus? by deenee: 10:08pm On Jan 05 |
MamaletASO: You have derailed totally so no point engaging you. |
| Politics / Re: EFCC Raid: Has Emefiele Thrown Dangote Under The Bus? by deenee: 8:50pm On Jan 05 |
MamaletASO: Please you have Internet. Google who are the stakeholders in dangote refinery. Thank you |
| Politics / Re: EFCC Raid: Has Emefiele Thrown Dangote Under The Bus? by deenee: 7:02pm On Jan 05 |
First, the EFFC search light isn't on Dangote alone but on about 55 other companies that had access to FX from CBN. I can bet you that nothing will happen because all transactions were done by the book. The man entered into a forward contract to buy FX from the CBN at official rate to import machinery,equipment and pay for technical and advisory services and expatriates wages building his refinery. For the morons that are happy that he isn't the richest man in Africa again, let me explain what a forward contract is. "A forward contract is a customized contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract can be used for hedging or speculation, although its non-standardized nature makes it particularly apt for hedging" CBN based on FX availability supplied him at different intervals and published the allocations in several national dailies for the world to see at the request and instance of Dangote. At some point and due to Covid 19 restrictions which obviously affected dollar inflows, CBN had to resort to accessing USD from Afrexim Bank to meet this committed obligations and to mitigate the impact of USD scarcity and devaluation from their side. That amount is 1 billion USD, out of which 750m was transferred for the payment of technical and advisory services and also payment to the expats working on site to build the refinery. The same way Nigeria has access to funds from Afrexim to settle most of the forward options that have matured with CBN late last year. BUA,Oando, Nest Oil , Nestle, Olam,TGI,Tolaram etc all have these arrangements with CBN and they are have been asked to present their documents for review. This kind of sensational journalism is what kills the country and y'all expect foreign investors to invest? Keep playing For those shouting. FX allocation before the unification of rates was based on priority and as such CBN would only allocate to critical sectors investing in the creation of jobs in manufacturing, oil and gas,agriculture etc. Therefore your request for PTA or BTA or even payment of foreign schools which has no economic impact on the country would not be given top priority. And this is the reason most allocations for the latter are usually not met in a timely manner. I hope y'all understand now? The same still applies till today. By the way Dangote Refinery has received 4 million barrels of crude from NNPCL. Remaining 2 million barrels to kick start the refinery and he will be back at number one. The drop in Forbes rankings happened to everybody from Dangote, BUA, Adenuga and Otedola. They made more money in naira but devaluation affected them. Infact Dangote increased his wealth by 3.5 trillion naira in 2023 for those that don't know. God bless Dangote God bless Nigeria God open the eyes of understanding and increase the intellectual capacity of the morons here so they can understand 1 Like |
| Career / Re: I Relocated To US To Start My Career Again - Vincent Adeoba by deenee: 3:35pm On Jan 05 |
Hmm. Let me not talk. Fintech start up. Another corporate MMM Start a fintech become an entrepreneur. Appeal to the emotions to Nigerians by pretending to solve a daily problem for the gullible Nigerians Raise funding in dollars and blame the government if the venture fails. Please what happened to the equity raised from private investors When did you actually relocate to the US? Thank you 1 Like |
| Politics / Re: EFCC Raid: Has Emefiele Thrown Dangote Under The Bus? by deenee: 3:25pm On Jan 05 |
Too many ignorant people on this thread. The comments show this. 1 Like |
| Career / Re: Japa: From Bank Manager To Skyscraper Cleaner by deenee: 8:15am On Dec 17, 2023 |
coleon: Leave the ignorant people to continue to be mental slaves. God bless Nigeria |
| Properties / Re: My Family Now Homeless - Man Whose ₦300m Mansion Was Pulled Down In Lagos by deenee: 8:15pm On Nov 24, 2023 |
No sentiments in this case. People brought land. Went to state ministry of land to process C of O and they were told that the land belongs to the FHA. Some cut their losses and moved on. Other felt they could bribe their way with money. Some bold ones decided to take the FHA to court. The area in contention has been in court for over 5 years. Now my question is why proceed to refill and build on the land, when y'all are all clearly aware of the impending court case? 3 Likes 1 Share |
| Family / Re: How Do I Forgive Him? by deenee: 6:50pm On Oct 25, 2022 |
Long story and I couldn't read to the end. Basically you want to walk away from your marriage because your husband made 200k off you. Well I don't have much to say but I don't see it as anything literally. |
| Travel / Re: Dunchi Lar, Nigerian Jailed For Tweeting About Her Detention In Dubai Airport by deenee: 5:12pm On Oct 23, 2022 |
TOPCRUISE: America don't go there and have disregard for their laws |
| Travel / Re: Dunchi Lar, Nigerian Jailed For Tweeting About Her Detention In Dubai Airport by deenee: 1:15pm On Oct 23, 2022 |
She got family visa and showed up in Dubai only with her sister. They were questioning her as they would typically do to any traveller when they need additional information. She wasn't detained nor was she maltreated. As if this wasn't enough she proceeded to post false information on social media and record the airport officials. Nigerians need to understand that not every country is lawless like ours and when you travel please read, understand and obey the individual rules of the countries you are visiting. 5 Likes 2 Shares |
| Business / Re: Dangote To Stop Sourcing FOREX From CBN by deenee: 6:25pm On May 15, 2022 |
Cognitivereason: |
| Business / Re: Dangote To Stop Sourcing FOREX From CBN by deenee: 6:23pm On May 15, 2022 |
Nyne: Fgn gave licenses to over 200 people from all parts of the country to build refineries, Dangote is the only one taking the risk to build. Now he is almost done and set to reap the benefits , y'all have then brought tribal sentiments into the situation. |
| Business / Re: Dangote To Stop Sourcing FOREX From CBN by deenee: 6:21pm On May 15, 2022 |
Nyne: Laughs.....check my profile. I believe in the Nigerian dream, have benefited from it legitimately and also helping people to do same. You can send me your Cv if you need a job though. |
| Business / Re: Dangote To Stop Sourcing FOREX From CBN by deenee: 10:48am On May 13, 2022 |
Nyne:.. Nobody is stopping you from investing. There are people both local and foreign that are investing and reaping the benefits. The opportunities are there for all to see from manufacturing to agric,banking IT, tech services even religious activities. Hate won't get you any where |
| Business / Re: Dangote To Stop Sourcing FOREX From CBN by deenee: 10:43am On May 13, 2022 |
Guyman02: Please stop with the lies! Do people round trip? yes but Dangote has no reason to round trip. And he didn't make his money by round tripping. Your hate for him won't get you anywhere. His fertiliser company has started operations and already exporting to Brazil and other foreign countries. Infact he has to cut down on foreign exports to meet local demand. Not withstanding, that export is where the big money is. And the crisis in Europe is also an opportunity in this regard. His fortunes will triple , once the refinery starts operations. I guess you will also say he is investing over 20 billion dollars in the refinery just to round trip too. Myopic thinking at its peak! |
| Business / Re: EEDC Decries Rising Spate Of Energy Theft In South-east by deenee: 12:22am On Jan 17, 2022 |
KillIgbohoN0W: How is it your right? Please explain? |
| Business / Re: I Am Waiting To Take Over Gtbank - Innoson Boss, Chukwuma by deenee: 10:22am On Nov 19, 2021 |
Too many ignorant people here. GTB is publicly listed company owned by shareholders. The only way he can take over the bank is by acquisition of majority shares of GTB; similar to what Otedola has done with FBNH and I doubt of he has the financial muscle to do so. There is alot that people don't know and yes there is a forgery case that Innoson has to answer. The bank however made a mistake of taking default charges for a delayed payment while they were still trying to reconcile his account and this is what he is capitalising on. The forgery case is still fresh like hot skara. He is also laid a bad precedence. For example Zenith has gone after Chairman of Seplat for a similar issue and forced him to resign 7 Likes 1 Share |
| Health / Re: I'm experiencing Unproductive Cough That has Lasted For 7days And Loss Of Voice. by deenee: 7:22pm On Oct 13, 2021 |
Hibiscus62: While I want to wish you speedy recovery, please explain what am unproductive cough is? Thank you |
| Business / Re: Abdulsamad Rabiu Gives Emir Of Kano, Aminu Ado, A N200M Worth Rolls Royce Car by deenee: 9:52pm On Sep 26, 2021 |
timothy2396: How do you know that he is more generous than Dangote? |
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