₦airaland Forum

truthsayer009:
Hi Miss tot, are you saying Treasury bills interest rates has crashed from 10% to 4%?

If yes, then what other means is there to invest now, cause me I'm tired.

FGN bond, investment grade commercial papers and a simple conversion to USD and fixing same is a good store of value.

Basically anything not giving you a return above inflation rate ain't worth it.

pocohantas:
That guy is definitely an engineer or something related. I can bet my phone charger on it.

Definition of fixed asset:-assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment.

That said any fixed asset that is not generating income to match its depreciation through wear and tear or its been obsolete is a liability.

Please we shouldn't allow class room accounting to confuse us. Even land that is said to appreciate in theory can be a liability in retrospect esp if one cannot easily convert the land to cash in time of urgent need.

Also there is a huge difference between been asset rich and cash rich.

Even from a asset perspective only-there are still wide gaps. E.g

Mr A who is worth 100m and lives in a owner occupied house of 25m with the rest of his networth in cash generating investments is way richer than Mr B who is worth 150m but lives in a 120m owner occupied residence with the rest of his networth in the saame class of investments.

The only way Mr B will termed to be richer than Mr A is if he can convert the residence to cash or a cash generating asset. Overall cash is king!


Otherwise we can all just walk into a bank and simply exchange our title documents for cash irrespective of where the property or fixed asset is located.

I think people need to look at his investment options from an economic profit point of view-comparing all the options against the opportunity cost of other investments

Finally, as i said in my earlier post 11m is and is not small money, depending on how we look at it.
And rushing to build a house or buy land will not be a top of mind investment option for me if i was in the poster's predicament.

chukzyfcbb:
you have a hustle that you started while in school.

despite the school distraction you were still able to save 11million and yet you are asking what hustle to engage in.

Tell us the truth, are you a Gee boy?

Nobody will make 11million in 6yrs of hustle and still be asking for direction, why not expand the so called hustle abi you be Yahoo boy.

Just a word of advice building a house is a tie down of cash, Jeje buy land fence it and allow it to grow or rent it out to Farmers/block makers while you use the rest to expand your hustle.

You are still young, now is the time to take on risk coz you have the years to recover.

House of 100m here will return a miserly 5-8m on rent, it's fu--cked up really, just buy land and fence it for safety.

First and foremost he is not young at 29. Tony Elumelu became bank MD at 33 years. Late Uncle T of GTB founded GTB alongside Fola Adeola and Segun Agbaje in their early 20s.

Secondly, it is very ok for him to know how to hustle and make money yet without any knowledge and direction about investments and wealth creation.

Finally, i agree with you, building now is not the best optimal investment but will not support purchase of land though at this point.

Pls dont listen to any of the get rich quick schemes suggested here and disregard spam mails because am sure you must have gotten like a million spam mails by now.

Nigeria is heading towards a recession. Infact i would say that we are already in one-just that Uncle Covid-1.9 is trying to take the shine of the recession and this is a double whammy for us.

From your original post and responses it appears that you still need to bit of exposure with regard to financial literacy. Yes, you have 11m which is and is not alot of money in Nigeria today-depending on the context. However, you are not wealthy because you are yet to discover how to make your money work for you.

My advice.....read books on wealth creation from warren buffet, napoleon hill etc....there are a few other classic books from not too popular authors that will also be insightful.


Now back to your question. Pls diversify by converting some portion of the 11m (like 30%) to USD to store value-make sure the USD is in a fixed deposit account. Make sure that your working capital is still intact and create a little buffer zone of cash around it so you can continue to do your business unhindered. It will be painful to have your savings tied down in iliquid assets when there is opportunity to use same for business.

In this period, cash is king because when recession hits full blown people with cash are the first to benefit because there will be alot of investmets (including houses) that will be on offer at ridiculous prices.

I personally wont advise you to build at this point
because the opportunity cost and economic profit of building will be negative considering the amount you have.

All tbe best!

A large chunk of his networth is from is %holding in his Yezzy sneakers collaboration with Adidas.

And yes it can be qualified as part of his networth which invariably makes him a billionaire

overseer1:
Fine!

But if they are yet to receive the consignment, then their promises can said to be as good as failed because the Nigerian Port Authority will sure disappoint them either by delaying the delivery or at most fail to clear it for them.

The congestion at the port the last time I checked is 99.9% full to capacity. They can't take delivery of what so ever for now.

Congested ports or not, this is good. Besides am sure there will be some form of arragement to speedily clear the kits when they arrive.

Cacovid is managed by the the influential people in the private sector and am happy that there is no govt interference in their activities so no politics and there is accountability and transparency

haywire07:
It's hightime Nigeria stopped international sales of oil in full capacity.
Let us channel ample amount of the oil to a reservoir and save up for a better day.
Cut deals with some African countries and use their reservoirs if ours is filled

When we save enough, the Government should declare our refineries ''out of service".

After this Covid -19 pandemic, we begin to sell from our reservoirs for the main time, while the refineries will be under renovation.

And also very importantly is the need to diversify.

Govt should just hands out completely otherwise its just going to be another vicious cycle all over again.

Chekwume16:
Lol, its not our money. It belongs to the government. Who owns the government and who are they answerable to? Any money acruable to the government is a common pool. I have told you that you are reading from the text book. When you start working you will understand how the CBN does its interventions. For now you can wallow in your ignorance.

When you start paying taxes to the government, then the scales will drop from your eyes until then continue to wallow in your self pity and distorted perception of "government money is our money and part of the national cake so we must share it"

Thankfully, am not the one ranting because they can't afford to pay a miserly 10k for a business plan and credit check to access the TCF-part of the requirements for the loan to be processed anyways!

If you need job ..inbox me I might be able to find a role for you or maybe when you succeed at your own business with operations across three continents inbox me let me mentor your privately.

God bless Nigeria.

Chekwume16:
This guy you have a lot to learn. Which money came from which banks? So you think the donations made by banks through the CBN was to be given out as loans on interest? Is CBN not a revenue generating agency? Who owns the money that is generated. So all the interventionist actions of the CBN to keep the economy afloat is contributed by banks. Please research further

You keep displaying your ignorance more and more. Please read my last chat again and tell me where I mentioned donations. You can quote me any where and do your research....banks are mandated by the CBN to contribute a portion of their retained earnings towards a sinking fund with the CBN from which the intervention funds are drawn including the MSME fund, Export facility fund, CACS and Covid TCF.

Again to educate you since you have brought it up, the Cacovid donations from banks and other private sector individuals and firms is managed by a technical committee comprising captain of indutries with the CBN and domicilled with five banks.

It's easy for you to hide behind a mobile device and type nonsense misleading people in the process. Again the TCF is not free money, if you want free money, go and register with any of the social investment programs so you can build your life around govt hand outs.

Finally, CBN is a revenue generating agency (at least you got this right) but the revenue is not your money niether is it part of the national cake you are so much gagging to share. Rather, it belongs to the govt.

God bless Nigeria.

viccipedia:
Lol... these guys bring more confusion than updates... what are we supposed to make of this info? 9000 have been traced, but only 2000 have been tested.

Are the remaining 7000 quarantined somewhere or they’re living their lives and spreading miss Rona?

Nigeria remains a joke. Take it or die!

You don't need to be sarcastic or display your level of ignorance here. The fact that 9k people have had contact with the confirmed cases does not mean all of them will automatically be infected with the virus. This is the reason why contact tracing is important and to educate people to self isolate and if they display symptoms get treatment all with the hope of flattening the curve.

God bless Nigeria

Chekwume16:
My friend be realistic. Like I told you forget about where it is working. I don't know what you mean by free money. It is our money. Make it easy for people to access. Some countries are giving money to people unemployed by this crises. Times like this require practical results. Design products that suit your situation. Thank you

Point of correction. It is not your money. Do you pay taxes? If yes to what extent? If no you should just keep quiet and be a spectactor in the scheme of things.

Do you even know where the funds are coming from? You think it's part of tbe national cake that yall want to share and partake in?

Let me educate once again....money comes from a certain portion of the retained earnings of banks set aside for intervention purposes such as this. So please instead of castigating the CBN, banks and other institutions....just say thanks and move on.

God bless Nigeria

Chekwume16:
I assume you just left school and want to showcase what you read in text books. I won't blame you there. Palliatives are designed to achieve a purpose. Do a random check of SME's, you will find out that less than 10% know what a credit registry is. These same businesses employ more than 90% of the informal sector. These your formality is not what will kick start the economy. CBN must design a product that suits our peculiar environment. The way it is structured, less than 5% of the intended users will be able to access it. It is the same problem that commercial banks have that has made access to their credit a herculean task. The facilities should be in ranges as per need and requirement and it should be disbursed through any bank of your choice. It only requires that credit officers are assigned to every bank for proper monitoring. CBN should be giving loans at 5% as a palliative. It is took high and the 1 year tenor for repayment of working capital is too short for a business that has gone through the shock of lockdown. Please stop quoting theories of working capital being short term loans because the situation now is different.

Bro go through my profile and i will leave it at that....again i will take it as my duty and responsibility to educate you...free of charge and for your own benefit

Maybe you should also apply for TEF and other private sector SME grants since you are looking for free money and see if they won't ask you for the same requirements.


Simple busines plan which should be standard for any business-informal or formal, you are ranting up and down. Even the collateral registry is the global stanard in developing economies and endorsed by the IFC and World Bank. It works very well in kenya, ghana, india etc and has been introduced in nigeria and yall all complaining?

Please go and read how the registry works before you condemn it

somehow:
Oga, if micro loan apps and companies won't charge you #1 to check your credit score before granting you loans and even other private companies granting business loans don't do same, WHY SHOULD A GOVERNMENT BACKED AGENCY/COMPANY charge?

Explain that!

It shows now that you dont have a clue how these things work so let me educate you.

Mirco loans will borrow you small amounts for relatively shorter periods at double digit rates. So for them they quantify their risk and return on a portfolio basis and ask the following vital questions in the process

How much profit or loss they are willing to accomodate vis-a-vis the risk on the portfolio and by risk i mean the risk of default. Eg people like you and other backward thinking Nigerians in the same cohort refusing to pay when due.

What is their single obligor limit per borrower. In the case of the TCF max obligor limit is 25m and i can bet you there is no private lender that will give you such an amount without due diligence.

On the other hand the micro lenders can lend the same 25m to over 500 borrowers at double digit rates that will almost double the prinpical for them and with minimal default rate because the proability of 500 people defaulting on a loan is way lower that of 10 people or even 1doing same on the same loan. I hope you understand why they dont bother moreso the cost is already embedeed in the double digit rates charged

Maybe you are thinking this is one of those social media giveaways....sorry to bust your bubble but it isn't

God bless Nigeria

meekparagon:
Someone should please assist me with transport to hospital today, am having serious chest pain right now, I stay at igando and am going to doren hospital at Ajah for chest X ray. Please help a brother. Am handyman, two weeks no jobs, death calling some people now.



Gtbank 0241857361

God bless you all abundantly

Igando to ajah just for xray in this lockdown.?..bro stop lying. are you saying that there are no hospitals or diagonistic centers on the mainland that can attend to you that you must travel to ajah from igando?

This is one of the reasons why people become weary of helping.

If you are sincere inbox me privately, i will direct you to a doctor on the mainland for the xray but know this no cash will be credited to your account.

Chekwume16:
This just shows you are a dummy. How many businesses are aware of credit registry and how many of them have access to movable properties that can qualify for this. If you understand that this is suppose to help medium and small enterprises stand then you will know that the conditions are as tight as any standard credit requirement. This is suppose to be a palliative with just guarantors, credit report, business plan and turnover as requirement. Please try to understand what is at stake before coming here to expose your ignorance. quote author=deenee post=88422381]

Do you even know what moveable collateral is and or even the items that can form part of the registry? Maybe you would have preferred them adking for landed property

People just come and type rubbish here. More so working capital is typically short term and shouldn't exceed one year with options of renewal.

The facility is meant to be a revolving facility meaning that people are expected to access it, pay down so others can do same. So if everybody takes and refuses to pay down how will others be able to access it?

Secondly part of the CBN requirement which is typical with any credit application globally is the demand for a business plan in addition to a credit search.

Most of the participating institutions have then decided to bundle this into a template for prospective borrowers using a for ease of reference at a token fee

This is the 10k that these muffons are screaming about. These same services will probably cost about 10 times the amount if done by a private consultant.

Too many uneducated people in this country.

God bless Nigeria.

I dont need to exchange any banter with you. You are definitely one of the reasons why the country can't move forward.....you along side other backward thinking Nigerians with their national cake and entitlement mentality.

And what exactly is at stake? There is a global pandemic and CBN in response has set up a 50b naira TCF for SMEs affected by the pandemic and those in sectors critical to the reduction of the pandemic and they have even said the loans will be at 5% in year one and 9% subsequently.

To access, submit a business plam and credit
check which is standard with any loan....please note that this is not a social investment program or palliative as you have losely termed it but rather a temporary stop gap to help SMEs tide over this period.

Y'all thinking this is national cake so you can quickly chop and clean mouth. Any serious SME will know that business plan is core to their business. At inception you will need it to guide the growth plans and trajectory of the business-whether loan is involved in any way or not. Credit check is to determine your credit history and know if you are the type that will be borrowing money up and down without the intention of paying back.

Finally to educate you on what moveable collateral is....it is not landed property but any other asset with a net worth andcan be pledged as security. This can range from stock hypothecation to even your school certificates and even third party insurance .

I know of a lady that used her school cert to access about 500k of BOI NYSC loans to set up a small pastry shop during her service year. Lady paid back before the end of service and has expanded her business to 3 locations....this was 2 years ago!

Sit down there and be waiting for govt hand out

somehow:
What a human being
They claimed they are charging nothing in the process, so how come people get to pay for anything along the line?

You are not paying for anything per say. The business plan and credit check is part of the credit approval process and customer is meant to pay for the cost of these typically as it obtains with loan request of any kind or amount

However because of the lockdown and other extingencies the participating institutions through which CBN will disburse have decided to create a platform for these requirements to be at a cost which is even way cheaper than if the customer provide these independently.

I really don't know what the fuss is about. Do you all expect the facility to be disbursed eithout following through the right underwriting process?

Chekwume16:
The requirements for the facility shows clearly that it is not intended for Nigerians. Why will they be asking for movable collateral registered will collateral registry and one year repayment for working capital. This government is not serious about palliatives.

Do you even know what moveable collateral is and or even the items that can form part of the registry? Maybe you would have preferred them adking for landed property

People just come and type rubbish here. More so working capital is typically short term and shouldn't exceed one year with options of renewal.

The facility is meant to be a revolving facility meaning that people are expected to access it, pay down so others can do same. So if everybody takes and refuses to pay down how will others be able to access it?

Secondly part of the CBN requirement which is typical with any credit application globally is the demand for a business plan in addition to a credit search.

Most of the participating institutions have then decided to bundle this into a template for prospective borrowers using a for ease of reference at a token fee

This is the 10k that these muffons are screaming about. These same services will probably cost about 10 times the amount if done by a private consultant.

Too many uneducated people in this country.

God bless Nigeria.

kikero:
That's if there was true deregulation and not audio deregulation as practiced by the government.

This is audio regulation aided by a global drop in crude oil prices.

The true test for this will be if y'all will accept corresponding price increaae in PMS if global crude prices go up. Otherwise it's a scam and i personally think everybody is shouting deregulation now because cost of landing for PMS has gone down so no room for any subsidy manipulation again.

OPEC Russian and Saudi Arabia have reached some kind of quasi agreement which improve crude price. Let's see how this will pan out in the coming weeks.

God bless Nigeria.

DZTech:
If you knew the level of corruption in the whole project, you would just enter your inner room to go and weep.

With the way they're trying to steal every available kobo, it's as if they actually BELIEVE the virus is a joke!
This confirms the pervasive stupidity of Nigeria's elite.
Just protect you and yours, because what’s coming will be cataclysmic.

Y'all funny people and truth be told, yall deserve everything that is happening to y'all.

Virtually all the African countries didn't have testing kits until Jack Ma donated to them.

While most African countries appreciated his efforts and got straight to the task of mass testing.....we instead started accusing the donor of sending fake substandard testing kits. Some pastors even went ahead and said that the kits have been laced with the virus etc etc. Right now as we speak the materials he donated are sitting in a warehouse gathering dust and obeseving their own self isolation.

Italy and Spain was once the epicentre of the virus with reported cases of death reaching over 1k daily. The Chinese came over to assist them and thankfully they have been able to reduce this and hopefully we will start to hear some good news from those areas soon.

Just as some fools believe this whole 5G conspiracy mumbo jumbo charade.

Secondly, the essence of the lock down is for govt to trace index cases and whom they have had contact with for testing with the aim of flattening the infection curve. Again instead of people to cooperate they have refused and every day we hear stories of index cases refusing to be tested or hiding travel history or even refusing to give details of people they have associated with.

At the end of the day the people in power will be fine. It's the people at the bottom of the pyramid that will suffer it if there is a pandemic breakout. Unfortunately these are the same people that are constantly brainwashed by pastors and eat conspiracy theories for breakfast.

God bless Nigeria and please stay safe.

Y'all just be careful as you are analysing the price of garri and make sure you buy from very clean sources only.

Processed garri that is not properly stored is one of the main sources for the spread of lassa fever. Same applies to yam and plantain flour.

ebig21:
It's not a moral right, it's codified now,

please explain how it is codified to me. CSR is an essential part of any organization but only the organization can decide which area they want to invest in as far as CSR is concerned, i repeat you can't force any private organization to build hospitals for you as part of their CSR campaign unless they deem it worthy to.

Don't go and work and make money be eyeing GTB money

God bless Nigeria

[quote author=ebig21 post=87744000][/quote]Provision of health facilities is an essential and social service which is within the purview of the government.

The bank has a moral right to do CSR in any area that they deem fit

Rgade:

So innoson offered to produce ventilators for covid-19 patients, and GT is now setting up an intensive Care unit for them..
Am I the only one noticing a pattern here..
Remember that these two have a yet unresolved and unending case.
Perhaps the two are trying to portray themselves in good light and curry favor from the Nigerian govt and citizens alike... for their row is yet far from over

No correlation what so ever and the joke is dry like the dry cough synonymous with Covid 19. At this point i think you need to be in self isolation or be quarantined by the mods here.

God bless Nigeria

ejihand:
Anyone could rent a building and provide (camp) beds. The question is
1. Is this place equipped with ventilators, PEP, etc
2. What about medical personnels?
3. Availability of testing kits nko?


If these basic things are not in place, kindly shut down the damn building. Let everyone sit his/her ass down at home.

Big corporations like this, are the conduit pipes corrupt politicians used to siphon millions of dollars to foreign nation to acquire choiced properties.

Critical health infrastructure have been neglected over the years. They are looking for avenues to safe their face now. Let them continue to open new branches in every nook and cranny of the city without investing in critical medical equipment and supplies. We are in this together.

Uncle Coro doesn't differentiate between the rich and poor, leaders and followers, etc. Everyone is equal in the eyes Corona virus.

The bank is a privately held entity and does not owe you any responsibility. Instead of you appreciate the good gesture you are complaining and throwing accusations up and down. Moreso, the bank pays tax to the govt amounting to billions of naira annually which should be used for development by the govt.


Better channel your grievance to the right place and please sanitize your hands, cover your nose when coughing or sneezing, practise social distancing and more importantly self isolate or report yourself for testing while doing so.


Thank you GT Bank and God bless Nigeria

HigherEd:
This is why I tell people Adenuga is actually currently wealthier than Dangote. Adenuga runs a chain of Private companies that don't necessarily declare profits or have their valuations messed with by a global crisis. Dangote on the other, by running a public company will have his plc stocks wiped or surging due to global occurrences.

The kind of money the folks in Telcos are making phew.

And you think Adenuga hasnt lost money in this whole fiasco because his companies are not publicly quoted?

I don't pity these people that do all these frivolous investments. Y'all get carried away for the bright shining lights of social media.

if it was one low key serious business owner with verifiable cash flow and guaranteed repayment that approached this lady for an investment, she would probably say no and still come and rain curses on the poor chap on social media.

but alas its wale the perfume seller, friend and benefactor of the Coza love machine and all-time social media playboy. Quick question, she gave wale the perfume seller 500k for an investment and you signed an MOU for what kind of investment...debt or equity?

secondly did he tell you what he will use the money for? or discuss sources of repayment in the MOU. did she even get a lawyer to look at the MOU to get an independent opinion before signing? I guess she was carried away by the fact that dude is always well dressed and drives flashy cars and when we say naija girls are nitwits (apologies to the every very few that have got their shit together), the sex starved feminists amongst y'all lot will start ranting up and down


I think I know what I will do in my next life if I come to this world as a Nigerian I pray I don't though- I will just start mixing watery perfume, get some randy religious love peddler to endorse it, sign on some washed up celebrities as ambassadors, make sure I have a very active social media presence, dress well off course and then boom set up a pyramid scheme disguised as a business venture and get gullible Nigerian ladies to invest

God bless Nigeria

Na foreign format be this. They should have done DD on the capital advisory firm and even reached out to the Qatari SIF directly too.

After all the transaction is over 100m USD.

Again the guys behind Lekoil sef no really pure like that sef so what goes around comes around.

It will also be nice to know who bought and sold their equities during the 73% jump in their share price.

Man up bro...you are 29 and should be able to stand your ground.

If you are gainfully employed then maybe you should start considering getting your own place.

Most 25 year old ladies even without ordinary school cert will never consider doing house girl work esp in this era where we have alot of social vices and she has assets that she can use to get money after all some of her mates even with master degrees are doing all sorts of illicit jobs up and down. For her to opt for a this kind of job tells me she is decent.

Secondly don't let people fool you into believing she will amount to nothing because she is currently a house girl and school cert holder.

If you truly love her give it a shot. Don't build your relationship with her on sex but rather have meaningful conversations with her and explore if y'all both are compatible and share the same vision etc. Let her talk to you about her plans and ambitions and share yours with her because I tell you there is nothing sweeter than having a woman by your side who is ready to compliment you and your plans while you do same for her- going on the journey together.

This for me is the greatest sex you can ever have with a woman all the rest na jara.


On the flip side if your sister is a good strategist she should even encourage you to date the house girl because that way she is certain that her husband won't be an easy prey in the house

But again different strokes for different folks. While some people are thinking of how relocate, others thinking of how to build a house or start a business or even speed up the completion of the largest refinery in the world in Nigeria, a full grown man is trying to seek the guidance of random people on social media on if he should start a relationship or not. All the best!

This is s match made in heaven.

Not only are they both beautiful and compliment each other, they also work with two of the most corrupt agencies in Nigeria so money won't be a problem in this marriage.

This is a strategic move of the highest order and well planned out.

Congrats and God bless your union.

Me see dey find customs or immigration lady to marry....Please help a brother. Thanks!

ernieboy:
Nigeria will lose if truly the govt violated a signed valid contract, uk courts are not like Nigerian courts where the govt has overwhelming influence, but if on the other hand the grounds for violating the contract are legitimate, then Nigeria has a chance.

The govt says the contract is a fraud because there is no record of its deliberation at any FEC meeting and no mention of it in any budget that time. Besides the promoters have been convicted for fraud in the past.

DMayor101:
Bank guarantee is almost the same as cash nah. The point is the $200M is still up for grabs only if the judgment goes in our favour. No biggie here abeg

Bank guarantee is not the same as cash oh. It is just an additional comfort


Trying activating a bank guarantee for a failed transaction and you will be amazed at the long unwinding court process involved.