₦airaland Forum

jamesversion:
Everything about Lagos is fake. I'm b3ing charged VAT for a pair of PumA shoes i bought for N280K in Lekki mall but i would beusing in PH because i reside in PH.

jmoore:
When you learn to read, you will understand.
Assignment: Google the poorest state in Nigeria. Then check the state on the VAT list. That's when you will know VAT list doesn't represent the reality.

brain54:
:::


Spoilers.


I see people like him as spoilers. Not as good as Messi yet won't allow him achieve what he deserves.

jmoore:
Epitome of ignorance.

VAT is consumption tax, not production tax.

A wise man knows that a region that is the poorest will consume less products than others.

There is no real list of VAT collection by states in Nigeria because most of the VAT are not collected at point of sale.

RuMiRgO1stSon:
Did you ever see it try this cooling technique before?

ultraviolet27:
Abi oo akara is meant for it's simplicity beand salt, pepper and the oil used in frying it though little crayfish can be grounded with it because I do add to mine but munching chicken,beef,or fish with akara when it isn't moin-moin?

Blizzy300:
The link says page does not exist

Sonofgod1990:
This is something a 5 years old person can build in less than 2 days here in united state of America. Nigeria with backwardness

SixSeven:
Exactly what came to my mind. I am just surprised by the OP saying the 1993 person is that old


Nigergrob Ceramics Limited was a notable ceramic manufacturing industry located in Abeokuta, Ogun State, Nigeria. Established in the 1980s, the company became the subject of major Nigerian corporate and legal cases, including a landmark receivership case (U.B.A. Trustees Ltd v. Nigergrob Ceramics Ltd) regarding the extent of receiver and director powers. Financial distress and that litigation eventually led to its closure, turning it into a textbook legal authority for Nigerian corporate insolvency frameworks under the Companies and Allied Matters Act (CAMA).



Story of their death:
In the early 1980s, Nigeria was trying hard to build up its local industries. A company called Nigergrob Ceramics built a big factory in Abeokuta, Ogun State. Their plan was to make floor tiles, wall tiles, and bathroom sinks locally because the construction business was booming. To buy all their heavy machinery and set up the factory, they borrowed a huge amount of money from United Bank for Africa. The bank managed this loan through U.B.A. Trustees Limited. As security for the loan, Nigergrob signed a contract that gave the bank the right to seize the factory and all its equipment if they failed to pay the money back.


Everything started well, but the late 1980s and 1990s brought tough economic times. The national power grid became very unreliable. Ceramic factories need their ovens to run constantly, so Nigergrob had to spend a lot of money on diesel generators. At the same time, the cost of raw materials went up, and they could not find local technicians to fix their complex machines. Production stopped, and the company completely ran out of money. Since Nigergrob could not pay back its debt, U.B.A. Trustees stepped in, locked the factory gates, and hired a legal manager called a receiver to take over everything and sell it off to get the bank's money back.


The original owners and directors of Nigergrob refused to leave quietly. They took the bank to court, arguing that the bank had no right to strip them of their authority. This became a famous legal battle called U.B.A. Trustees Ltd v. Nigergrob Ceramics Ltd. The case went all the way to the Court of Appeal. The judges finally ruled that when a bank takes over a broke company, the bank's manager gets full control of the business and the assets, but the original directors still keep a few basic rights, like the power to fight the takeover in court. Sadly, while the lawyers argued for years, the expensive factory equipment just sat there and rusted. Nigergrob never reopened, and the factory in Abeokuta remains abandoned to this day.
Nigergrob Ceramics died because the bank seized their factory over unpaid debts, while severe power outages and a crashing Naira made manufacturing too expensive to survive.

Gboss247:
Keep was your competition theory when oil prices were rising?