₦airaland Forum

Melvyn11:
Asari and Government Tompolo are not mates. Tompolo is a strong stakeholder in the entire Niger Delta region unlike Asari that's just a noise maker.

You think Tompolo reach extends to Akwa Ibom, Edo, and Bayelsa?

Actually, the real structure is a complicit judiciary which is strung on by the executive.

In times and instances in this country when the judiciary hadn't been completely compromised or at least postured not to be, elections have been overturned at the courts simply due to voter suppression/intimidation and falsified ballots.

Rivers state was one of such glaring examples during the presidential run of voter intimidation and falsified results which everyone could see, but it took a compromised judiciary to ignore the obvious.

The judiciary is the structure and the financial decision rests at the federal courts.

BlueRayDick:
I saw some claim online that those house of assembly members that defected with Akpabio in Akwa Ibom back then lost their seats. I don't know how true that is , maybe Dis.stroy can confirm the info.

If that is the case , then Fubara may deal with those 27 members loyal to Wike o. But violence may erupt in the state sha

Yes. Lost and completely kicked out of the state politics. Even Akpabio's younger cousin whom Akpabio made stayed back in PDP and taunted Akpabio for defecting.

But a sweeter note for Akpabio is he rewarded those loyalists who defected with him in 2018 as he climbed up the ministerial positions and aggregated power, and now as Senate President. Right now he's back and very powerful, and buddies with the PDP governor; probably to spite his successor Udom Emmanuel who cut him loose in 2019.

larride:
Most of these banks cant crashed though, especially those fully licensed by the CBN unless they go against regulations but even at that, CBN will most likely save them.

I think that's the reason why Cardoso is pushing for recapitalization of the banks.

You know Kuda and Wema are like(?) the Silicon Valley Bank of the Nigerian tech ecosystem, right? If anything happens to Kuda especially (a microfinance bank), the shockwave would sweep through. Nigerian tech job cuts, services, whole startups...

Sorry I can't count on CBN to save Kuda, but it's shown no stress so far so...

larride:
They pivoted fully from ride hailing platform to financial service fully.

They have gained so much unserved and underserved customers within the past 2yrs that I believe they should be making serious profit currently.

They might also go into retail banking if some rumors I hear are anything to go by.

Same way Moniepoint started with retail banking and now trying to go commercial with their Moniepoint Personal App.

That's the point. How were they able to raise to pivot when the hitherto ride-hailing services were not as profitable and lost cash during the Covid era? VCs must have seen the books.

Now imagine the financial statements which would have convinced VCs to invest $423 million in a market already dominated by Flutterwave, PayPal, and even Kuda at the time? Definitely not the exact financial outlook.

That's a source for concern. I raised this concern in the programming section too in February, months before PayDay faced the same problem after raising $3 million.

Underserved customers? What's the userbase expenditure and remittances to Opay? They still do free transfers and a lot of freebies, no? $423 million is a lot of money.

Ballzproblem2:
online bank is the future wether una like it or not,gomoney is obviously a quack.


their interface is trash ,opay and kuda if e pass this two .

I no do

Opay is actually the one you should be concerned about. In March 2021, they raised about $423 million in Seed C funding even when they weren't that profitable, considering losses from Oride the previous year.

To raise $423 million, they must gotten a $2 billion valuation or more. Unlikely since, again, their profitability couldn't have been that high. Which points to a likely cooking of books.

Are they as profitable now? We'd never know. But the first two paragraphs above served as a red flag for me not to keep large amounts with them for too long.
Or maybe overanalysing the fine details is my undoing.

BlueRayDick:
Microfinace banks are insured to the tune of 200k , while commercial banks are insured up to the tune of 500k by NDIC .

So if everywhere red and yawa gas, the maximum u will get back from ur account with a micro finance bank listed by NDIC after the bank fails is 200k with proper documentation o.

My thoughts went straight to Kuda, the defacto digital bank for techies and tech startups, asides Wema Bank. Kuda is a microfinance bank. If it crashes...

Unlimited22:
Itsrm, izzou....



You cannot wake someone who's only pretending to be asleep.

They haven't learnt how pointless it is arguing with these devious supporters of misgovernance.

See when Joe asks for a debate and I instead troll him with unrelated issues like being drunk or something? It's because I know it's pointless engaging in any intellectual Nigerian sociopoliticoeconomic discourse with such people. They know the truth but will troll.

The real clowns are those in Nigeria affected by Tinubu's misgovernance yet defending him. Once they exit their browsers, there are pending messages of unsettled bills waiting for them on WhatsApp which would stretch their financial reserve. Reality is the real nemesis. That is my consolation.

joseph1832:
You didn't answer the question, ma main man. Lol

When you're sober we might debate it. 7:00PM already. You and I know you're ninth bottle by now.

Don't misplace your shoes today though. Say hi to Mama Jamiu.

joseph1832:
how are you so sure Obi wouldn't have been "badder" than Tinubu?

You're always in beer parlour mode, stating anything the green bottle in your hand pushes you to comment while picking your teeth with your leg on the table.

How long would you keep drowning out reality at Mama Jamiu's joint, Joe?

TemporaryHansel:
Nigerians always adjust, yes. But can they adjust infinitely? I wonder. A time will come when they'll get tired of adjusting.

It would never come. The closest we had to that time coming was the EndSARS protests which morphed into an anti-misgovernance revolt days later.
But like all things Nigerian, the fault lines of ethnicity, religion, and partisanship were triggered, and soon enough the hitherto unified call for accountablity drifted apart like continental plates.

If even the most pessimistic of us were told in 2013 that fuel would sell for 8 times the price and the dollar going for 10 times the naira exchange rate a decade later in 2023, they'd have doubted; insisting that'd end the country.

But here we are doing what we do best - adjust.

TemporaryHansel:
The country is finished. As at two years ago, people earning 500-600k monthly could be classified as okay. I know many people in this category, they were enjoying properly and keeping certain standards. Today, same folks cannot maintain the lifestyle they used to, and always complaining bitterly. If people earning 500k monthly are struggling I wonder how larride is coping.


Tinubu really needs to find a way to come good, because if things keep going this way I'm not sure Nigerians will be able to keep their much revered title of "adjusters". They will adjust to a certain point, and say no, we can no longer adjust. It's either you give us the good governance we want or we all go to the afterlife.

Tinubu isn't going to come good. The same man who on the eve of the Osun state election in 2018 called the state allocation " chicken change too small for him" was never going to value money or be a prudent manager of our national wealth. He was always showing signs of being out of touch with the realities of the everyday Nigerian.

Nigerians would always adjust. A certain section are always ready to explain away the severe effect of bad governance as brought on by those Tinubu aligns with, and would always trickle-fliter pushbacks against bad governance as nothing more than wailings of those who didn't want Tinubu in power, never mind the socioeconomic realities and evidence.

Don't let anyone emotionally blackmail you into being apologetic for pointing out their complicity in bringing on a bad situation.

If I insistently told you to turn on the freezer switch before going out but you didn't do so, insisting it's still icy so you can do so later. When you go check on it and your food has gone sour and I point out you're hungry because of your actions, it's emotional blackmail to want me to be apologetic about a situation you caused.

Everything pointed to Tinubu being a wasteful spender. His godfather-like control and obsessive need for subservience meant he was always going to reign supreme and not take advice even from experts, except he deems it fit to do so. And he's always had a horde of fanatical praise-singers to whitewash his image in the media.

Nobody should make you feel guilty for pointing out the obvious. Tinubu was an avoidable disaster.

LOL.

I don't even need a woman to snub. Even delayed repeated replies or not keeping to time and I'd ditch you. Archive the conversation like it never happened and/or hide it from my "online" contacts so I don't get tempted to reinitiate a conversation. If she ever reinitiates the conversation, I'd either snub or play hard-to-get if she's persistent.

What sort of low self-esteemed men do we have these days? While she was snubbing you, some lesser man who knows the game was screwing her senseless and snubbing her.


Have the abundance mentality! There was millions of single and willing women on the internet.

WhoDeyHause:
If obi actually knows what's good for him he'll back off and not and go and put himself in more wahala, afterall he's still likely to lose again going by the precedence of the recent elections, just sit down, enjoy your money and watch the scheme of things like the rest of us both home and abroad but then again the quest for power is more than enough to push a sane man into the burning bush.
Even people wey champion apc in lieu of a in quote renewed hope dey advise us make we sharpaly japa and no look back, so If I'm not able to accrue the money to japa nko or my visa application takes an extremely long time to be approved that means i should keep on gulping this deep shit as a common man if the renewed hope ain't hoping? E go be.✌️

It's the irony. Campaigning for and defending the worst candidate of the top three in terms of health, scandals, and financial misappropriation who's certain to tether the sinking ship to the submerging fallen boulder, hasting its descent into the abyss; yet telling everyone aboard it to abandon the sinking ship in the same breathe even when the would-be captain was already predicted to cut off the life buoys, shrinking their escape options if they so choose to abandon ship.

Like someone stated months back on this thread, it's taunting. Some sort of sadistic perversion.

Incognito9:
We will teach them lesson, we will show them how politics is played 😛

"Politics is not by statistics. Are U.S.A and U.K. not borrowing?"

"What did Peter Obi do as Governor? He was just saving money. Only a wicked governor would refuse to spend. He had no ideas."

"Fuel is actually cheap in Nigeria."

"Again, I ask, do you have proof that Tinubu is wasting money? I need to see evidence. All you people make are conjectures because your candidate lost."

"You are so desperate to see Nigeria fail because you couldn't have your way. Anyway, BAT is your president."
🔥🔥🔥🔥🔥

BlueRayDick:
Borrow money from World bank/IMF, Blow it on frivolities, Go back to World Bank/IMF for more money, rinse and repeat

"It is PDP's fault. GEJ didn't save. Tinubu met a broken economy. We can't afford to pay workers what they are asking for."



"What would Peter Obi have done better?"

Bombing of Kaduna residents was decided by God. If he didn't decide it, it wouldn't have happened

- Tinubu https://www.nairaland.com/7937987/bombing-kaduna-residents-decided-god


Well, so are hyperinflation, insecurity, embezzlement, wasteful spendings... Nigerians, your pain is a predestination by God according to your president.

chidekings:
bro like i Said if not for privacy,i for call the person real name,their are people u know 100 percent..theflint is the only one that understands this because he has done the business too.this are normal things that happen.

Privacy and anonymity are the easiest cloaks to adorn.

Nobody made #400 million relying on a #200 thousand seed fund selling just laptops in just 8 years.

If you have to state it privately, it's because there's something else to it and that claim can't be verified.

Even if he got awarded government contracts to supply to schools, the initial capital wasn't #200 thousand.

Theflint1:
This question should be directed at Oasis. I ask again, what's the nature of businesses growing from zero to blowing, is it by accumulating 20% year on year?

Answer that question, and you find your anwser.

The real question is why Tinubu didn't take you along with him to the COP28? Imagine you pitching these sweet financials with colourful infographics as confidently as you're doing now (rolled up sleeves too) to some Arab oil magnate? Throw an upperscale accent into the mix. Our FDI would be crazy.

We missed a chance with you.

Theflint1:
It's 2400% increase, which gives an average increase of 400%, year on year.

Let's say the seventh and eight-year percentage growth dropped as low as 50% and 30% respectively, Oasis's guy would have grown that initial capital of 2 million to 97.5m by the 8th year. It's not quite 400m, and for obvious reasons (I dropped growth rate steeply), but a pattern is emerging.

Let's say again that Oasis's guy continued to grow at the average rate from the previous 6 years (400% ), Oasis's guy would be expected to be worth 1.25 billion by the 8th year, and that my friend, is the arithmetic of compounding.

This is exactly what a lot of Nigerian fintechs do - cook the books. Do colourful pitch decks with massive growth numbers which are unverifiable. VCs get hooked, they raise $3 million in Seed A round, and 2 years later, they are insolvent or closing up shop while the founder has exited long ago with investor funds.

These numbers are only glowing on paper. Not in the Nigerian ecosystem.

Are you sure you didn't cook the financials for Payday? Confess now.

chidekings:
oga all u do is just to argue,know what u know and leave what u don't know. never believe u know it all.go out on the streets and asking successful business how it all happened.

Like I stated, you are lying. You can hide under the vagueness and evasiveness of "Go find out in the streets" to mask your initial lie, but no Nigerian business has done 200,000% rise in 8 years from scratch, especially not since the Buhari era.

I've cited examples of the fastest-growing startups and businesses in Nigeria and the world within that period, and none did half of the rapid valuation within the stated period.

#200 thousand to #20 million in 8 years? Yes. #200 thousand to #400 million? Outright lie.

chidekings:
gadget sales...laptops specifically.

Liar! #200 thousand to #400 million in just 8 years from gadget sales? Laptop sales? Who do you think you're fooling?

Theflint1:
Dis.stroy, what was year-on-year for the above business?

#2 million to #50 million is 6 years is plausible and I believe him. That's 2500% increase.

Now compare that with #200 thousand to #400 million in 8 years which is 200,000% increase.

Nobody here is in Kindergarten.

There's a reason the Chide guy is being evasive with how his acquaintance made the assumed money.

Theflint1:
The problem is the examples you're thinking of only lie in the documented startup space, which most, even at startup, are already medium sized businesses... I'm talking small scale businesses (mostly brick and mortar), that are often undocumented, but you see them growing to an impressive level right in your eyes. These business won't grow to medium scale respecting the market dogma of 10-20% year on year.

Just imagine you giving an example with a business that had startup capital of 1 billion, come on na...how much room for growth is there for a business with that capital at startup

Even 20% year-on-year wouldn't give you #400 million in 8 years from the initial capital of #200 thousand.

And Indomie should be doing more in profit. They've been in business since forever, have market dominance which is also diversified, and definitely not #200,000 capital.

200,000% increase in 8 years from just business? In Nigeria? Forbes should do a piece on the 'businessman' then. Not for the business worth, but growth rate. That's crazy. But it's all illusionary.

But if it's a front for something else, or a conduit for siphoning public funds, that's understandable. And even at that, it's no longer a business - just a conduit.

Theflint1:
I wonder how people think most of their medium to semi-large businesses grew, especially in their early growth phases...maybe they think they grew by adding 10% to their startup capital year on year

Regardless of how it/they grew, none did #200 thousand to #400 million (200,000% growth in 8 years - EIGHT YEARS).

Even OpenAI which is currently the fastest-growing startup in the world has done 8700% growth from 2015 to 2023, from the initial $1 billion funding by Microsoft to $87 billion valuation.

Even if it goes on to hit the $1 trillion valuation mark by 2025 or 2027 as projected, it'd still be 100,000% rise in 10 to 12 years. Still under the 200,000% rise the Chide guy claimed.

It's a lie. Plain and simple.

Leyqute:
Is it not 200k to 20m abi what? I don't know the origin of the story.

If you think starting a business of pure water and phone charger with 200k in 2015 will yield 20m in 2023, na lie.

Possible with Bitcin. Which is very risky. My own angle is the bitcn angle. I don't think most sane people would do it. Or even be aware of it. But it's quite possible - if you do it.

Instead of calling someone sheep, why not learn to read? Or reason?

No. The dude who posted it claimed an acquaintance turned #200 thousand to #400 million in 8 years from 'business'. That's some 'Aspire to Perspire' vague and evasive storyline.

200,000% increase in just 8 years of the Buhari era doing just business is a lie. A flat-out lie, and the guy who stated it knows so.

Unlimited22:
Those roads went bad rather recently. I went to Uyo from Eleme Junction in 2019 and 2020 and that ride was smooth as butter aside the numerous checkpoints.

LOL. Trailer Park and Onne parts smooth? That's always been the most dreaded parts of the road cruise-wise. You could get stuck at Trailer Park for hours during rush hours 'cause a truck has fallen over due to the potholes, edging on at snail speed even.

Wike tried to salvage the Akpajo part, decongesting it with the connecting Elelenwo road. Anything else has just been patchworks at intervals.

Imagine if they had let GEJ complete it. The other part from Ogoni downwards has had no need for renovation till date. ~10 years after.

liveLongNprospa:
Bro some of una be sheep.
See as the tone changed immediately Ibime quoted with evidence.

Suddenly it's not a lie again😂😂

#200K in 2015 to #400 million in 2023. Just 8 years.

That's 2000 times increase or 200,000% rise. It's a lie.

Even PayStack which was the fastest-growing startup in Nigeria and got sold at $200 million had a 200 times yield or 20,000% rise from its initial $1 million seed-raise.

Flutterwave had a similar trajectory, and both are unicorns. None did that multiple increase.

200,000% rise under the Buhari administration in 8 years? Come on!

Ibime:
That must be early Goodluck days cos I went to Uyo in 2014 and didn't see a single pothole on that road

Huh? From Akpajo to Trailer Park to Onne and parts of the Ogoni axis were and are bad.

Except you accessed the road from the roads veering off it after these areas. From then on, it's a smooth cruise with no pothole.

Ibime:
What do they gain from keeping that road in disrepair

They probably made an economy from running roadblocks there

Your Ogoni and Onne distant cousins did same when GEJ was reconstructing the Eleme - Ogoni - Ikot Abasi highway in 2010/2011/2012. It's why most of the Rivers part of that road is very bad and why getting your goods from Onne Port is daunting.

chidekings:
their are many stories like that.... i have someone very close to me,he started in 2015 with 200k,now his business is worth 400m... .and their are countless examples,and this dudes are not even in lagos or abuja.....i beleive japa is never really about the money for most middle and upper class.its all about peace of mind.

Straight out of GNLD and MMM playbook. GH to PH!