₦airaland Forum

I agree with you sir. But it is better to be rich and lonely and engage in charitable works and other hobbies, rather than hang around with people or friends that does not have the same outlook about life as you.

emmanuelewumi:
The few elderly ones, I have met underestimate their wealth or are shy of disclosing everything, until they have won your trust and think you the same outlook about life with them


It is really boring and lonely up their, reason why they keep themselves busy with charitable works, volunteering their time, bonding with their grand children, mentoring younger generations who are worthy of it

Well, if many people sees a wealthy man as a friend does not mean that same weathy man sees them as friends. Rich people only keep friends that shares same ideologies with them and not very many people have same ideology like wealthy folks. Perhaps, that's one reason everybody cannot be rich.

The rich will continue to mingle with the rich, while the poor with the poor, it is a global thing. Not that the rich does not necessarily wants to mingle with the poor, they just have different mentality that does not align at all.

emmanuelewumi:
Real wealthy people don't have many friends, where do they mingle with their cliques?

Having friends who doesn't believe wealth could be made without breaking your back or involving in any illegal activities is a big setback.

You really get to a stage in life and realise why wealthy people don't have many friends and only mingle within their clique.

The way poor people think is more devastating than poverty itself.

Always know that there are extremely rich/wealthy people inside this thread/forum, everybody cannot just be an audio millionaire/billionaire.

These banks are supposed to merge and build a healthy bank without CBN compelling them to do the needful. It is better to have few healthy and strong banks than to have many banks that are unhealthy and puts investors funds at risk .

emmanuelewumi:
Wema, Keystone, Heritage, Polaris are fringe players, Ecobank has not recovered from the toxic assets it inherited from Oceanic bank.


Unity Bank is seriously sick and it is in the intensive care unit, I respect people who are still investing or speculating in Unity Bank shares

You see the problem with insecurity. Now you want investors to invest in agriculture in a state where the governor is not even safe in his own farm.

Jamestown123:
Good day ladies and gentlemen. Please is anyone here afraid of investing into agriculture? I think the best place to invest your money right now in Nigeria is agriculture. Due to food inflation going on Everytime now in Nigeria, I think it's safe to say agricultural investment is one of the best investment right now in Nigeria.
Now I have access to about 100 hectares of farm land in Benue state. It's in a safe community free from Fulani herdsmen issues and community crisis's.
So I'm hoping if anyone here is interested in investing into agriculture, can work with me in cultivating cassava and sesame seed in the land. You can fully fund the whole project if you want, all I have to do is make sure the land is available and also security is available. Workers and everything needed in the farm can be provided by me. My gain will just be 30% of the total profit made from the project. Please if interested you can asked me for more explanation and cost of starting everything thank you very much.

Capital flight is one of the biggest problems facing our local currency, BDC traders are only a small fraction of the problem.

If you know the amount of dollars Nigerians (mainly politicians) are transferring out of the country on daily basis, you will know it is a great miracle we still have an economy and a country called Nigeria.

ahiboilandgas:
the variance is too wide all expert has cautioned against it ......BDC people are having a field day with unjustifiable incomes ....20000 usd allocated to 5000 BDC everweek @410 ...they refuse to sell at an agreed margin @ 420 they sell at market determine rates of 490 ....so the get regulated usd from cbn and sell unregulated at 490 ...margin of 80 x 20000 usd weekly =1.6 ×4=7.2m monthly with a capital of 8.2m naira .....this unproductive ways of becoming rich in Nigeria .....a single person can own 5 bdc

Sometimes, loyalty is more important than qualification. Working closely with loyal employees with little qualifications is far more profitable than working with highly qualified employees with zero loyalty to their boss or organisation.

emmanuelewumi:
I don't know why Jim no make her CEO sef, three men who met her in the bank have been made CEOs

@lazyyouth4u, you are doing well, please continue with your investigative journalism, we appreciate you in this thread, we've learnt a lot from you here, like emmasoft, emmanuelelewumi and host of others, God bless you all. You are just the type who feels very uncomfortable seeing ignorant/innocent people being scammed of their hard earned money, though many won't say it directly because it is a faceless forum, but just try to respond to any suspicious ponzi scheme promoter without insults, or there are ways you could also insult people politely without hurting their feelings.

Now that our youths are now doing apprenticeship on how to become a scammer/fraudster, we just have to be extremely careful on how and where we invest our money, but Nigerians like learning their lessons the hardest way, so ponzi scheme promoters will always find victims.

You are welcome back Sir.

emmasoft:
Thank you @Donbrig for being there to help out.

From emmasoft: For now, SDF has not been reviewed. Personally, I believe SDF review could happen in any of the next three CBN meetings in March, May or July.

The reason for my opinion is because inflation is still on the rise, so CBN may want to fight back by increasing rates.

emmanuelewumi:
Thank you very much. Has CBN reviewed the SDF?

From emmasoft who is still banned. As you rightly said, there is incentive fees for fund managers in mutual funds which makes the displayed rate as net for some funds, depending on the managers.

There is management incentive for VGIF, the difference is where the incentives come from which differs from other types of funds and it is one of the uniqueness of VGIF.

No incentive is deducted from the guaranteed rate (SDF) which is currently 4.5%

All incentives come from the excess returns above the SDF.

Here is the excess above SDF sharing formula for VGIF: 35% of excess above SDF for investors of fund, 15% of excess above SDF revenue reserve of the fund, 50% of excess above SDF is incentive fees for the fund managers and fees for other parties to the fund.

This is a win win situation for investors in VGIF, since fund managers always get paid from the excess above SDF, they strive to always have excess above SDF because no excess no pay and once there is excess the investors get additional earnings above the guaranteed rate.

In this case, the current 4.5% is the least all investors will get, they will always get more.

emmanuelewumi:
What is the compensation or incentive for the fund manager of Vantage Guaranteed Income Fund, I know mangers of other funds get between 1% to 1.5% of the value of the fund under management as their fees

You make me laugh in pidgin English. Americans are the largest shareholders in World bank, Afdb, IMF, WTO. That is why they can single handedly decide who becomes the head or president of these organizations.

What makes you think Americans were so powerful preventing Okonjo Iweala and Akinwumi Adesina from heading these organizations?

ositadima1:
Wrong! World bank and IMF is certainly not controlled by america.

@ahiboilandgas, thanks for educating ositadima1 on this issue. I don't really know how to argue with people, everyone is entitled to his/her own opinion, we all want the best for Nigeria.

We should also understand that oil and gas with new refineries are not the only sector that can improve our economy. There are several sectors that are yet to be tapped into, particularly agriculture and metalic minerals like, gold, silver, tin, copper, lead, zinc, iron, nickel, chromium and aluminum.

Nigeria could earn more billions of dollars from these metalic minerals if we can harness them judiciously.

ahiboilandgas:
u internationally refuse to understand...Afraid ? Who has 12 bn usd to even compet ...no body in west africa can even raise that finance including sovereign state .....try and read
more on the BLUE OCEAN STRATEGY ......making the competition irrelevant ...

It is shameful we still believe Americans have the best interest of Nigerians at heart. Western countries are already in panick mood because we might no longer buy their refined oil once Dangote refinery starts operations.

But why would Americans predict negative effects of Dangote refinery on our economy when Dangote refinery is yet to start operations?

The only support we need from Americans and other western countries should be in the area of science and technologies, they should not interfere in other areas at all, we don't need them. Lets build Nigeria in our own terms and conditions.

We know we have problems in every facet of life, but that shouldn't make us act like slaves to western countries, they have ruined us enough.

You think China was able to build their economy by listening to Americans?

Dangote would ensure that his refinery is profitable like every other business man would, if there are grey areas, our leaders should be able to rectify it and ensure Dangote refinery affects our economy positively.

No doubt brains build economy more than just praying, but I strongly believe in prayers and its effect on our spiritual lives.

OgogoroFreak:
They have foresight, we don't.

Their country is working, ours is not and we've been building it the way we want.

If our country was working in the first place, there would be no need for such by usa. Also, prayers don't build economy, brain does.

Now your messier is building a refinary and he's already suggesting that only those with refinary license should be allowed to import fuel.

According to emmasoft, they have such product of short duration. Kindly reach out to him chat/call through the number on his signature.

In an attempt to answer your question, anti-spam banned him for the weekend, till Monday night.

purleesh:
Oh thanks but do you have any product tailored for shorter terms like 1-3 months with no preterm charges?

God punish Satan, don't mind Americans, they should allow us build our economy the way we want it, they have never been helpful in anyway to Africans if they don't have anything to gain.

Americans must have seen that Dangote refinery is about to change the whole ball game in Africa's oil and gas industry, now they have started doing what they know how to do best.

Please you guys should desist from sharing posts like this.

Let us support and pray for the success of Dangote refinery, even if heaven falls, we will not surrender or listen to any foreign advice.

Some of the advice they gave our visionless leaders in the past ruined us and we still suffering till date.

OgogoroFreak:


https://www.gazettengr.com/dangotes-business-tactics-harmful-to-nigerian-economy-u-s/

You just viewed it from my own perspective. It is all about greed.

emmanuelewumi is only supporting the unethical banking modalities in Nigeria because it favours his investment plans, perhaps he has enough money to pump into the system and make huge profits, forgetting about the millions of people who don't have such privileges and might become a threat to his own investments and life.

I have lots of investments in Nigeria, mainly hotels, bakeries and real estates, but whenever I look at the unfair system I am making money, I begin to ask myself lots of questions. King Solomon called it vexation of the spirit, all vanity.

At the end of it all, it is far better to have a healthy society with fairness and equality, than have a few multi millionaires and billionaires who doesn't want the status quo to change for the betterment of the masses.

ChybuzzDD:
I hope you know the connterparts of these your 'big banks' abroad in developed economies don't charge upto thst 1.5% for the entire year?

Why are you not seeing 1.5% per month as being excessive for a struggling economy?
Shouldn't banks in such an economy offer a lower interest rate relative to those of the first world economy?
No, you won't support that, because you need their outrageous earnings to get higher dividends.
Your position shows how selfish an average Nigerian is, and hence, the reason the country's economy will perpetually remain in the woods.

We won't enjoy the debate if they all use the same language. God bless you guys, una dey make sense pass our govt.

ojesymsym:
OPM!!! I think there is a church so named.

Anyway, OPM in the context of this thread, funny thing is that ahib, NL1960 and lazyyouth are basically saying the same thing using different jargons, terms, grammar, terminologies and different case studies.

Aboki wey sabi

ahiboilandgas:
I rather have me investwment in 4 peecent dollar securities than 20 percent in yeye naira...unless am moving back to Nigeria finally and no more dollar expense....

It is very difficult to see any fault in a system you are making lots of money, I have been there before, but we can't just continue like this..

Some of our big banks are mainly into money laundering, they launder money for our politicians and other corrupt African leaders. Lots of things are going on in our banking sector CBN won't even dare talk about, to protect the industry, if CBN should reveal the dirty dealings going on in our banks, our financial system will collapse within 24hrs.

As at today, money laundering is the world most profitable illegal business.

I will Sir. It is sometimes annoying when we keep celebrating corrupt people and corporations. We've got to fix things in this country before it gets too late.

If we don't have a healthy country with honest people, forget those your investments or money you think you have, everything is rubbish, even if you manage to enjoy a bit of it, when you dead and gone, that same system you ignored because you were making money might ruin your children or family.

ukay2:
Take life easy Sir.

Weldone.

No doubt banks have lots of areas they make huge funds legally, but if they sincerely play by the rules as they are supposed to, they won't earn those huge profits.

emmanuelewumi:
Interest income of over N400 billion

I forbid the art of making money at the detriment of other people. My step mother worked as a bank manager for 8yrs in old generation bank, our banks are rogues, I don't want to go into details or argue. But I think we still have a lot of work to do in sanitizing our banking industry.

They are stealing billions from poor and helpless Nigerians every day, that's my fight and anger whenever they declare huge profits as if they have honestly worked hard for it.

yazga:
Why complain when you can make money from those that have mastered the art of money making in Nigeria

It is unfortunate we give these banks credit for robbing customers everyday. Our banks are smooth criminals, there is no other country where banks steal from customers continuosly like Nigerian banks.

Why won't they make billions when they unlawfully deduct money from customers accounts, they end up giving it all kinds of funny names to make it look legal and professional.

Most Nigerians would say, it is only 20naira or 50naira they deducted from my account, no problem. But calculate that 20 or 50naira by millions of customers in their bank, you will understand why banks will alway make money either by hook or by crook.

And we have a system that allows them go away with it.

Even NSE is a big scam, a legal ponzi scheme, the big players knows how to manipulate the whole process to their own advantage.

emmanuelewumi:
How are these banks making money.

Zenith Bank made a profit after tax of N230 billion in 2020 compared to N208 billion made in 2019. Their equity is now over N1 Trillion.


Oga Jim Ovia will get a fat dividend of about N12 billion

Life no just balance

After retirement, health is always one of the biggest issues that could ruin your finance if you don't have a good financial stand, not just food or other social activities.

Pray not to have a health situation when your local doctor will refer you to India or one of those expensive hospitals in Nigeria for a treatment that could cost you millions.

If you can, try to always increase the monthly earnings for your retirement goals, no amount is too big to earn after retirement, especially when you have invested enough money. I only feel and pity those poor civil servants who don't have too many options.

NL1960:
Which village you wan spend 100k to 200k a month?. Na the entire village you go dey feed on monthly basis?.

I think you could live a good retirement life with 100-200k monthly, just as lazyyouth had said.

My previous post was only reflecting what you truly need to be rich or wealthy.

Our financial responsibilities differs as individuals after retirement. With inflation rate touching the sky, even that 100 to 200k monthly as a retiree might be challenging in 10yrs from now.

emmanuelewumi:
Are you sure, this is what someone said you will need in order to have a comfortable retirement.

A whooping N160 million, 99.5% of Nigerian workers can't have that at retirement o

Not possible

Thats the kind of crab-mentality that is peculiar to most blacks. Even though the guy has never scammed him, he just want to ensure he destroy's his social image. I begin to wonder if he is going to earn dividends destroying other people's image.

emmanuelewumi:
He collect your wife or wetin, you have shared similar message on about 4 threads


Please get busy and stop this drama.

He asked for a loan, you are at liberty to either grant or decline the request

That's why poverty is ravaging the country, so many poor Nigerians and many are not willing to be patient and invest in their financial education on long term basis, they all want a quick way out of poverty.

I am an employer of labour, from experience I can tell you that majority of Nigerians finds it very difficult to hold ordinary 100k or 1m for few weeks/months without spending it on irrelevant things that won't add any thing to their financial freedom.

Some will argue that they have lots of bills and responsibilities to handle, no doubt, but same people had been surviving with the little they had before the surplus or increase in their bank accounts.

Our attitude as a people is tantamount to abject poverty and there seem to be nothing anybody can do to ameliorate the situation.

emmanuelewumi:
That is a tough one ooo, although we don't have relevant statistics in Nigeria.

98% of bank customers have less than N500,000 in their bank accounts, I guess they invested their money and left the minimum balance.

Playing devil's advocate

You are rich if you have over 50m net worth, and can generate a minimum of 5m anually from this 50m as passive income.

You are wealthy if you have over 250m net worth, and can generate a minimum of 25m anually from this 250m as passive income.

Though this is relative and doesn't have any statistical fact. But our high inflation rate could also be a threat as to how much you really need to be rich or wealthy.

However, there is a very big difference between rich people and wealthy people. If you know you know.

Diyke4rich:
I love this topic in Nigeria how does one know he is rich or a mid class.

Rich men still have to work hard to sustain their (cash flow) riches, while wealthy men does very little or nothing to sustain their wealth.

We have so many rich people in Nigeria, but few wealthy men.

emmanuelewumi:
Please what is the difference between a rich man and a wealthy man?

They are not just our first choice when looking for ladies to date.