₦airaland Forum

More like a square peg in a Square hole. Charly boy (Man) is a entertainment veteran who hosted and produced the popular Charly boy Show

God bless such a father and may he continually reap the fruits of his labour. His colleagues are not left out in the blessings.

God bless such a father and may he continually reap the fruits of his labour. His colleagues are not left out in the blessings

Nice post. However, in earning one should also focus on generating multiple streams of income.

Epositive:
igbos are quite intelligent... ibo is the most intelligent tribe in africa according to the US. as we all know intelligence boosts creativity so u cant take it from them.
.. however, what ibo can do any other tribe can do better


#positivevibes

This is very true. Igbos have both local and classroom intelligence

mr2kay:
Hosted-only works in youtube and blogger
Non hosted-works everywhere apart from blogger

Pin verified-these are accounts that has been pin verified(its that simple).Google has verified your house address

Non pin verified-you know what it means by now

Us hosted/non hosted-these are us accounts and the users get payed through payoneer

Nigerian non hosted-these accounts you receive your money straight to your bank accounts but they are hard to get for novice


What have I missed I guess I've answered your questions.If not quote me

I would like to know the advantages and disadvantages of US hosted and Nigerian hosted besides how you receive funds. Does Nigerian hosted work better in Nigeria ? Also why would I want a pin verified account when a non hosted account will be alright

General Electric Corporation (GE) has expressed interests in several projects in Nigeria, which includes; the refineries, power and railway projects.

This was made known during the visit of the Global Chairman and Chief Executive Officer,Jeff Immelt , to Nigeria recently.

During a presentation to the Group Managing Director of Nigerian National Petroleum Corporation(NNPC), in Abuja; GE proposed to invest in the nation’s refineries located in Port Harcourt, Warri and Kaduna. It stated that the company and its team of partners, including consortium of engineering, Procurement and construction partners,off-takers, traders and financiers would be involved in the projects.

“We were involved in tenders that started around last year which were subsequently withdrawn,but our commitment to bringing the refineries on stream is still very deep and we are very serious about it.

“We propose that work commences either with Warri or Port Harcourt refinery as a pilot, as we set a target to improve the refining capacity before the end of 2017”, GE said.

GE also stated that it has identified some major national power projects in the country;and is currently developing the scope of intervention in them. These projects have the potential to generate about 4400 megawatts of electricity.

The company also made known its readiness to partner the NNPC in boosting crude oil production in offshore fields and raising the crude oil reserve ratio replacement.

In another meeting with the Minister of Transportation, Mr Rotimi Amaechi, GE continued negotiations for the concession of Nigeria’s narrow gauge rail lines.

The Minister informed newsmen that GE would take over the narrow gauge lines if negotiations were successful. He also added that government had employed transaction advisers to negotiate on its behalf; and a clearer picture of the costs and conditions would be made public at the end of negotiations.

ABOUT GENERAL ELECTRIC

General Electric(GE) is an American multinational corporation founded in 1892 and headquartered in Boston, Massachusetts. Its business focus areas include; Power and Water, Oil and Gas, Aviation, Healthcare, Transportation and Capital.

GE has a capital base of more than $98 billion and annual revenue in excess of $140 billion. It has in its employ more than 300,000 employees.

The African Finance Corporation(AFC), has issued its first Sukuk. This Sukuk awarded an A3 senior unsecured rating by Moody’s Investors Service; is the highest rated ever Sukuk issuance from an African institution.

The initial Sukuk target of $100 million, was oversubscribed by 100 percent; resulting in the transaction being increased to $150 million, with a final book order of approximately $230 million.

This Sukuk which is the first in 2017, has a three year tenor and will mature on 24 January 2020.

AFC had previously accepted a $50 million financing in 2015 from Islamic Development Bank(IDB); to finance Islamic compliant projects in African IDB member countries. This Sukuk is its second Islamic finance engagement.

Emirates NBD Capital, MUFG and RMB acted as Joint Bookrunners and Lead managers; with Emirates NBD capital also acting as Sole Global Coordinator.

Commenting on the deal, the President and CEO of AFC, Andrew Alli said, “The core values of Islamic finance, the need to invest ethically in assets that have a tangible positive social impact, made a Sukuk issuance a natural choice for us. We offer global investors the chance to be involved in high-impact infrastructure projects that not only promote social and economic development across Africa but also generate economic returns for our investors.

“This Sukuk represents a milestone in our financing activities, a milestone that will enable us to further diversify our funding sources, to build new relationships with key investors in international markets and help us diversify our portfolio of projects to continue delivering real impact across the continent.”

The Sukuk(Islamic bonds) is not like a conventional bond though there are similarities. The similarities include maturity date, face value and can be bought at a discount or premium . However, with Sukuk the initial investment is not guaranteed. This is because unlike conventional bonds, the Sukuk investor shares ownership in an underlying asset; and is entitled to its share of profit or loss from the project.

Sukuk can only be invested in Sharia compliant assets.

MTN group will not list its shares on the Nigerian Stock Exchange (NSE) in 2017, from all indications.

This position was made known by its Chief Executive Officer, Phuthuma Nhleko; while speaking at the World Economic Forum in Davos, Switzerland.

“It’s a work in progress and hopefully within the 12 to 18-month period we will be able to do it. Regulatory issues need to be resolved, and the macro conditions need to have improved.”

“We’ve always intended to list — we have reaffirmed that with the government. Clearly, we can only list when the conditions are conducive,” Nhleko added.

MTN had agreed as part of settlement for a N1.04 trillion fine, which was later reduced to N330 billion; to list its shares on NSE and it provided timelines of 2017. The fine was imposed by the Federal Government of Nigeria, for failing to deactivate 5 million unregistered SIM cards.

The company has already paid N80 billion and will continue payments for three years until the N330 billion fine is exhausted.

ernie4life:
They should buy keystone nah

Bros, do you work in keystone?, this one you dey hustle for buyer

First Rand Ltd, Africa’s largest bank is seeking to acquire a mid-sized bank in Nigeria, to help fund Rand Merchant Bank’s operations in the country. Rand Merchant Bank is its investment banking subsidiary and has been operating in Nigeria since 2012. The bank considers Nigeria as a market, too important to ignore.

The bank which was in talks to buy Sterling Bank Plc in 2011, walked away because the asking price was too much. Talks with two other lenders collapsed due to issues surrounding the valuation of assets; or the amount of provisions set aside for bad and doubtful debts.

First Rand is seeing opportunities during Nigeria’s economic crises, as it presents a buying opportunity. According to its Chairman, Laurie Dippenaar, the bank is still considering one other target and would prefer an institution with a large branch network.

“Deals crop up,” Dippenaar, 68, said in an interview at the World Economic Forum in Davos, Switzerland. “And the tougher it gets with the oil price, we get approached.”

Nigeria is currently battling an economic crises that has resulted in its first recession in over 25 years. A drastic fall in oil prices in addition to wrong policies has led to a plunge in the Naira value; and foreign currency shortages. This has affected its small and medium sized banks; with bad loans above the regulatory limit and capital adequacy ratios declining.

STOCK VALUATIONS

The Nigerian Stock exchange declined 6.12% (approx 40% in dollars) in 2016; as a result of the troubling economy and exit of foreign investors from the market.

Most bank shares declined in prices with some having steep declines of more than 40%.

First Rand would be open to recapitalizing a bank if needed as part of the acquisition deal, according to Dippenaar, declining to be specific on which bank they are targeting.

“We’re not going to make a reckless decision or grossly overpay, “We’ll keep looking until we find something that fits” he emphasized.

The Monetary Policy Committee(MPC) of the Central Bank of Nigeria (CBN) will tomorrow, hold its maiden meeting this year at Abuja. Analysts are predicting that members would vote for retention of policy rates.

Most analysts believe the best way for CBN not to worsen the rising inflation, already at 18.55 percent; is to retain the Monetary Policy Rate (MPR).

The MPR was retained at 14 percent by the MPC, at its meeting in November last year. Its decision was based on the need to mitigate the fragile macroeconomic conditions; and strong headwinds confronting the economy. In addition, the MPC also maintained banks’ Cash Reserve Ration (CRR) at 22.5 percent; and Liquidity Ratio (LR) at 30 percent. The Asymmetric Window was retained at +200 and -500 basis point around the MPR.

The Chief Economist and Managing Director, Global Research, Africa, Standard Chartered Bank, Razia Khan, while presenting the bank’s position, noted that “The absence of any further policy measures on FX liberalisation suggests that the CBN will be quite comfortable keeping interest rates on hold at next week’s MPC meeting.”

“Although inflation has been pressured higher, further tightening would be more plausible if there was some expectation that it might trigger a positive response from offshore portfolio investors, and bring about greater FX inflows. These plans look to have been put on the backburner for the moment,” Khan added.

Asking, “Could the CBN cut interest rates?”, Khan said, “We think not, despite weak growth.”

According to her, “Inflation in y/y terms is likely to remain elevated for a while still. There is also some disquiet about the recent spike in money supply, and how much of an inflation threat it represents. The CBN may well have to wait for evidence of a pronounced base effect driving y/y inflation down, before it can think about easing policy.”

The Chief Executive Officer, The CFG Advisory, Adetilewa Adebajo, also shared his views on the economy; stating that the main challenge for the MPC this New Year is “taming the inflation monster.”

“At 18.6 per cent inflation is at a 10-year high. It is also likely that 2016 Q4 GDP growth will close around -2 per cent in negative territory. Since there is a strong historical correlation in Nigeria between positive GDP growth and lower rates of inflation, the MPC will have to adapt inflation reduction policies to expect positive GDP growth in 2017.”

Adebajo contended that, “The prospects of increasing interest rates to tame inflation might not go down well with the Real Sector, but the impending increase in fuel pump prices and the related impact on spiking inflation will present a dilemma for the MPC. While a pre-emptive rise in rates might be strongly considered, it is likely that the MPC will hold rates and maintain status quo.”

Besides, the economist noted that, “The markets will also look for comments from the MPC, in an effort to restore confidence and harmonize the FX markets.”

MONETARY POLICY COMMITTEE

The Monetary Policy Committee (MPC) derives its legitimacy from the Central Bank of Nigeria Act (2007). Its objective is to facilitate the attainment of price stability and to support the economic policy of the Federal Government. The MPC has the responsibility within CBN for formulating monetary and credit policy.

It membership consists of:

The Governor of the CBN who is the Chairman
The four Deputy Governors of the CBN
Two members of the Board of Directors of the CBN
Three members appointed by the President
Two members appointed by the Governor
It meets quarterly, except in the event of an emergency

Brass Fertilizer and Petrochemical Company Limited, BFPCL, has closed a $6 billion deal with BP Oil International limited, London. This deal gives BP Oil the exclusive right to buy all the methanol that will be produced from phase 1 of the project; and will run for 10 years.

The contract was recently signed at BP office in London, and is key to securing financing from lenders and investors. It will lead to a financial closure of the project.

According to Chief Ben Okoye, Vice chairman of BFPCL, the methanol plant will create 20,000 jobs for the host community. There will be 15,000 indirect jobs during construction and 5,000 direct jobs on completion.

BFPCL has already signed a gas purchase contract for 300 mmscf/d from Shell Petroleum Development Company of Nigeria, for 25 years.

The cost of this project is expected to be about $6 billion and construction will be in two phases.

PHASE 1

The first phase of this project is scheduled for completion in 2020, and will produce 1.66 million metric tonnes (MT) of ethanol; and 1.3 million metric tonnes of Urea per annum. A dedicated exports Jetty and a 300 mmscf/d gas processing plant will also be part of this phase. The project will generate an annual turnover of $1.5 billion.

PHASE 2

The second Phase of this project will commence five years after phase 1. It will cost $ 1 billion to build; and will double the company’s urea capacity with a second production unit of 1.3 million metric tonnes per annum.

Brass Fertilizer and Petrochemical company project is in Brass, Bayelsa State. The company is very strategic to Nigeria’s economy; and it will help the country achieve self sufficiency in fertilizer and methanol production.

The company has expressed gratitude to the Federal Government of Nigeria(FGN) for the tremendous support. Its also extends same gratitude to the Nigerian National Petroleum Corporation (NNPC), the Central Bank of Nigeria (CBN) and project developers.

Abudu2000:
Op you missed the part where that's my problem...

what part is your problem?

A stock market can also be called Equity market or Share market. It is a market where shares of publicly and privately held companies are traded and may not necessarily be a physical facility. Many Stock markets exists around the world as most countries have their own stock market and in 2012 the size of the world stock market was about US $55 Trillion. The Stock exchange is a place or physical facility where stock brokers can buy or sell shares. In Nigeria the stock exchange is called the Nigerian Stock Exchange (NSE).

A company’s shares can be traded on more than one stock exchange as long as it meets the listing requirements for the various exchanges and this is called Dual listing in the case of listing on two exchanges and Cross/Multi-listing in a case where more than two exchanges are involved. Companies may do this to create more liquidity for their share, create visibility for the organization and increase their ability to raise funds.

Listed companies are generally seen as having better corporate governance as the listing requirements are quite thorough and require lots of information disclosure. The size of a company is measured by its market capitalization at that date. Market capitalization of a company is simply the current price of its shares being traded multiplied by the number of shares listed.

The major actors in a stock market are the Issuers, the Investors and the Intermediaries. The Issuers are the companies selling their shares and are mostly established firms with a decent track record. The Investors are the individuals or firms (Mutual funds, investment and finance houses etc) willing or ready to buy shares available for sale. The intermediaries are the brokers and advisers who connect both the parties to make a sale happen.
Owning a share of stock of a company automatically makes you a co-owner of the firm and every share is a unit of the company. As a co-owner you are entitled to be involved in the decision making of your company and also entitled to returns on your investment in the form of dividends on profits.

Money can be made from the stock market in two ways; buying and selling shares and buying shares to earn a dividend. In making money through trading in shares the investor focusses on capital appreciation of his stocks. For example he buys company XZ shares at N2 and 6 months later the price is N5 he has earned a capital appreciation on his shares of N3 if he sells as at that date. He could also earn a dividend of say N0.2 on his shares for the current year if he decides not to sell which is a decent return of 10% on his initial investment of N2 and may continue to earn even better dividend as the firm grows in subsequent years.

The Stock market is not only a place where lots of money can be made but also where a lot of money can be lost or thrown away. It is classified as a high risk environment because of the huge possibility of losses. You lose money by selling your shares at a price lower than that which you bought or if the company goes bankrupt implying that its shares becomes worthless.

Despite its risky nature the stock market is a place where lots of people make a lot of money from consistently and like any other market, there are rules which can help one profit from the market. These include;

– Understand the business of the Stock you are buying: Its important for you to understand the business you are investing in as this will help you in forecasting its growth potential, risks and enable you respond appropriately whenever the need arises. Never invests in a business you don’t understand how it makes its money as government policies or macro-economic challenges can easily determine the future of that company.

– Do your Research: Choosing a good stock to buy requires detailed and painstaking research of the target company. Good research enables you take informed decisions. The audited and interim financial statements of a company contains a lot of information that can be used in determining if a company is a worthwhile investment and the fair price for the shares. This will increase your probability of making a profit while also limiting your downside potentials. You can always make use of the services of professional financial advisers or good brokerage firms if you not understand financial statements.

– Always test the waters: Even after crunching the numbers for a company you understand so well it is never advisable to jump in with both feet as you are better off testing the water with one foot before putting in the second foot. This gives you room to reduce your losses in the event of unforeseen headwinds. For example you had N 10000 to invest and you initially bought 500 shares at N10 each and suddenly the price crashes to about N 5 per share. You have an opportunity to reduce your losses by averaging down on your initial purchase price if you now buy 1000 shares of N 5 for N 5000. This will bring your average purchase price to N 6.66 for 1500 shares meaning that you would be making a profit when the price gets increases past N6.66.

– Avoid herd mentality: Avoid the tendency of looking for hot stocks that everyone is buying to invest in. Successful investors do not follow the crowd but rather most times do the opposite. They sell when everybody is buying knowing that the stock has become overpriced and buy when everyone else is selling knowing it has become undervalued.

– Have a Disciplined approach: The stock market is very volatile and rises up and down but a disciplined approach would allow one not to panic as every down turn presents a buying opportunity.

– Have a diverse portfolio: Do not put all your money in one stock or one sector but spread your investment across a number of good stocks in different sectors. This will ensure that losses in a particular sector will be offset by gains in another sector.

– Do not be emotional: The stock market is driven by two emotions (fear and greed) and any investor who can put these emotions under check will end up being successful. Be ready to cut your losses and move on quickly if the need arises and lock in your gains where necessary.

– Monitor Closely: Monitor your investments with eagle eyes as it takes a few seconds to make or lose money on in the stock market. You must have access to information on every company you have invested in.

In summary, no one knows what the stock market will do and following these rules will only help limit your losses while also increasing your probability for capital appreciation. So you should never invest all your money in the market.

The N50 stamp duty charge on bank deposits of N1000 and above is about to go up by 300 percent if the proposal sent by the Nigerian postal service (NIPOST) to the National Assembly for an increase in cost of postage stamps across the country is approved.

This approval will automatically jack up the bank surcharge as the 2004 Stamp Duties Act, tied the rate of stamp duty to the cost of postage in the country.

Sending a mail to anywhere within the country is N50, while the NIPOST proposal puts this costs at N200. Implying that stamp duty of N50 currently being charged on bank deposits will go up to N200 if the proposal sails through.

NIPOST currently believes that the cost of postage in the country is currently unrealistic and that if the organisation is to be re-positioned for greater efficiency and effectiveness, then the price must be reviewed upwards.

According to Punch newspapers, The Postmaster General of the Federation, Mr. Adebisi Adegbuyi, has confirmed in an interview on Monday that an increase in the cost of postage had been proposed. However, he insisted that an improvement in service delivery must precede any increase in cost of postage stamp.

The Central Bank of Nigeria(CBN), had issued a circular on January 15, 2016 directing all banks to deduct N50 stamp duty on deposits made into current accounts with a value of N1,000 and above and in compliance with Stamp Duties Act, 2004.

The CBN justified its directive on a court ruling in favour of Kasmal International Services Limited in 2014 to the effect that all banks operating in the country should remit more than N6tn to NIPOST through the firm as the stamp duty they were supposed to have collected since the Act became a law in 2004.

lsoul:
she is black na, but brown

look at the facial structures and the braids. That depicts a black woman

According to the International Monetary Fund(IMF), Nigeria will recover from recession in 2017, with a projected growth rate of 0.8 percent and 2.3 percent in 2017 and 2018 respectively. IMF cited improved crude oil production, due to improvement in security as basis for the revised outlook in its latest World Economic Outlook (WEO) released Monday.

The new report represents a 0.2 percent and 0.7 percent improvement from projections in its October 2016 WEO report. The Nigerian economy also grew by 1.6 percent in 2016, regardless of the decline in growth recorded from January to September 2016, according to the IMF.

The IMF maintained its forecast of 3.2 percent global economy growth for 2017 but raised its forecast for advance countries to 1.9 percent from 1.8 percent. Growth forecasts were downgraded for Emerging Market and Developing Economies (EMDEs) from 4.6 percent to 4.5 percent, and sub-saharan economies from 2.8 percent to 2.7 percent.

The IMF said: “Global growth for 2016 is now estimated at 3.1 percent, in line with the October 2016 forecast. Economic activity in both advanced economies and EMDEs is forecast to accelerate in 2017-18, with global growth projected to be 3.4 percent and 3.6 percent, respectively, again unchanged from the October forecasts. Advanced economies are now projected to grow by 1.9 percent in 2017 and 2.0 percent in 2018, 0.1 and 0.2 percentage points more than in the October forecast, respectively. As noted, this forecast is particularly uncertain in light of potential changes in the policy stance of the United States under the incoming administration. “The projection for the United States is the one with the highest likelihood among a wide range of possible scenarios. It assumes a fiscal stimulus that leads growth to rise to 2.3 percent in 2017 and 2.5 percent in 2018, a cumulative increase in GDP of 0.5 percentage point relative to the October forecast. Growth projections for 2017 have also been revised upward for Germany, Japan, Spain, and the United Kingdom, mostly on account of a stronger-than-expected performance during the latter part of 2016. These upward revisions more than offset the downward revisions to the outlook for Italy and Korea”

Treasury and Mint officials of the United States unveiled the 2017 American Liberty High Relief Gold Coin portraying lady Liberty as a woman of colour, according to NBC news.

The coin is in celebration of the US Mint and Treasury’s 225th anniversary and for the first time an African-American is on the U.S. currency.

All coins are required to feature either in words or images an “impression emblematic of liberty”, since the Coinage Act was passed in 1972.

The new $100 coin designed by Justin Kunz was unveiled by Elisa Basnight, U.S. Mint chief of staff, featuring Lady Liberty as a black woman. Lady Liberty has always been portrayed as a white woman.

“As we as a nation continue to evolve, so does liberty’s representation,” Basnight said at the occasion unveiling the new coin. “We live in a nation that affords us the opportunity to dream big and try to accomplish the seemingly impossible.”

The new coin, a 24-karat gold coin and is targeted for a release in April 2017 and is meant primarily for collectors. It is one of a series of new, diverse commemorative coins the Mint plans to unveil in future years.

The U.S Mint chief promised that future depictions of Lady Liberty will feature designs representing Asian Americans, Hispanic Americans, Indian Americans and others in order to reflect the cultural and ethnic diversity of the United States

Rilwayne001:
Lol crying for not doing MMM? You must be a twerp. I guess you are feeling funky because the fraud is back Online — lets see how you will GH.

@Rilwayne001 do no mind him. "Only when the tide goes out do you discover who's been swimming naked"---- Warren Buffet

Nigeria may again lose another USD$550 million of Abacha loot to the United States Government on technical grounds. In 2014 USD$480 million was forfeited to the US following a court judgement in August of the same year.

Special Adviser to the president on diaspora disclosed the possibility of forfeiture siting the reluctance of the United States Government to release the identified loot. She made the disclosure while addressing journalists on Asset Recovery and Asset Return organised by the Presidential Advisory Committee Against Corruption, PACAC, in alliance with the office of the Special Adviser to the president on Diaspora and Foreign Affairs.

Mrs Dabiri informed newsmen on the decision of PACAC and her office to embark on advocacy with Nigerians in diaspora in order to appeal to US and other countries where looted funds have been identified to return what belongs to Nigeria.

The Chairman of PACAC, Prof Itse Sagay, SAN, in his remarks expressed that this loot was different from US$480 million earlier forfeited. He bemoaned the challenge of tracing, seizure, forfeiture and return of Nigeria’s assets laundered outside the country because of the non cooperation of countries in possession of these assets.

General Sani Abacha ruled Nigeria between 1993 and 1998 as a military dictator and it is estimated that he stole more than USD$5 billion from the country coffers. Since his death in 1998 almost USD$2 billion has been recovered by successive governments with fresh discoveries made recently.


Source:http://www.financialslot.com/2017/01/13/another-us550-million-abacha-loot-to-be-forfeited-in-us/

Retailers and service providers in Zimbabwe are offering discounts to customers who are paying in physical cash as a result of shortage of dollar notes in the country. Zimbabweans have been transacting mainly in dollars for the last 8 years since hyper inflation and economic mismanagement rendered its its own currency, the Zimbabwean dollars (ZWD) useless. Other currencies used in the country include Euro, Botswana pula, Pound sterling, Renminbi, Indian rupee, South African rand.

A shortage of US dollar notes has become so serious that businesses are limiting the amounts customers can pay with credit cards or rejecting them altogether.

The cash crunch has become so tough that banks are limiting customer withdrawals to $150 a week, a limit approved by the central bank. Zimbabwe’s biggest lender CBZ Holdings Ltd also announced this month that it will suspend Visa cards for local transactions.

Zimbabwe’s economic challenges are huge as the controversial land reform continues to shape its economic recovery, poverty and its relationship with international stakeholders. The country’s socio- economic challenges include prolonged economic stagnation, high unemployment, inflation,food insecurity, prevalence of HIV/AIDS,power outages and lack of clean drinking water.

The government in attempt to tackle the bank note shortage began distributing bond notes in November 2016 with about US$73 million of the dollar-linked securities issued. Though the introduction of these notes were met with stiff resistance, most large retailers have accepted them as legal tender. However many small retailers and service providers have refused to accept them and in the event that they do price them at about 70 percent of their dollar value.

"Any one can succeed and all they have to do is want it so bad" - Anonymous

@fifty Tomorrow will definitely come but not without surprises.Ask yourself where does MMM generate the 30%-40% awoof from? Unlike banks who take deposits at a lower interest and give out loans at a higher one, thereby making a spead, MMM engages in zero economic activity. Every cycle of help being given creates a hole which will keep getting bigger until there is nothing to cover it up.

Are there other factors not mentioned. will be nice to hear them

@emerich gooluck to you. I am watching in 3D. Enjoy the MAVRO growth while it lasts

Success doesn’t just happen but it’s a process that it carefully planned and executed. However most people only see the finished product and think one got lucky. My definition of luck has always been “preparation meeting with opportunity”.

Success is whatever you define it to be and not what other define for you. We all have different goals in life and that mine isn’t the same as from yours, doesn’t make me less successful. Your goal in life may be to have a net worth of $ 1 Million at the age of 40 while mine may be to obtain a doctorate degree. These goals are what defines success to each of us and we both become successful once we achieve them.

Success may be a temporary destination or be broken down into milestones in which case you have to redefine it once achieved to enable planning and execution of the next phase.

Since success is a planned and executed process following the steps outlined below will help you get to your desired destination:

Define it: Success is whatever you define it to be not others, so you must first decide what your own definition of success is. What is your goal or objective in doing what you do? The only way you would know that success has come your way is if you have decided what success means to you. So you must be very clear in your mind what you want to achieve and not what others decide it is.

Draw up a plan: After you have decided or defined what success means to you, you have to decide how you are going to go about delivering on plans. There may be many routes of ways to achieve the same plan so you have to put together a road map which will guide you every step of the way towards achieving your plan. A plan will help you decide the best route suitable for you considering your peculiar circumstances.

Take Action: Without acting on laid out plans, success will never come or be achievable. This is when you start acting on critical success factors decided on at the planning stage. This process requires a lot of effort and energy as this is when you walk your talk.

Reassess: Its very critical to review action taken at various intervals to ensure that you haven’t deviated from well laid out plans. This may also be necessary where modification to original plan becomes necessary. Your circumstances may have changed making adherence to original plans no longer practical. Reassessment helps to avoid the embarrassment of embarking on a journey to a wrong destination or never reaching planned destination.

Stay Persistent: You are the only one who can do it for yourself so you must believe in it and never give up even when everyone else has. You must stay motivated and be ready to deal with all obstacles and challenges that will definitely be laid on your path towards achieving success and becoming successful.

Owning a bank account isn’t compulsory but it’s a necessity and its almost impossible to function effectively without one in this digital age. The advantages of having one far outweighs any disadvantage. Not only does a bank account help you grow your cash in the form of interest on savings or investments, it also eases the stress of keeping cash safe from thieves or armed robbers.

Despite the benefits of owing a bank account, the decision on which bank to open one must be well thought over and analyzed. This is because a bank is like any other business that can go bankrupt and even the very big ones aren’t exempt from this reality. In the event of failure, the NDIC which insures all bank deposits will only pay a maximum of N 500,000 (until recently was only N50,000) and even then, the process takes a long time.

Money is very hard to come by and one should be careful not just because of the fear of losses in the event of bank failure but also because you are a customer and deserve the best in choosing a service. The factors outlined below are some of those to consider in choosing a bank.

Ambience: A good bank should be able to properly maintain its buildings and physical assets. If a bank is not doing this, it is either it has a careless management or it simply cannot afford it. You will agree that both reasons give room for concern on the long run potential of the bank.

Service Delivery: You have no business with a bank which you have previously experience terrible service, unless its offering a service unobtainable elsewhere. The staff have to be warm and courteous and the service offering must meet your expectations. Its systems and processes must be one that enhances your user experience. You are the reason why the bank is in business and if they can’t treat you the way you want to be treated, then look for another bank that will do so. The bank must also be one that operates with integrity in that it keeps its service promises and treats its customers fairly. The world has gone digital and you should only choose a bank that is heavily investing in digital offerings as technology is one of the easiest ways to improve service.

Safety of Funds: No one wants to bank their cash where there is uncertainty or in a bank that has a high probability of failure. A bank that is considered safe must be one where its financial statements show that its profitable, liquid, has a good deposit and asset base, adequate capital and other indicators that reflect a healthy organization. Its management team must also be experienced and competent and the bank is compliant with all regulatory policies.

Support: If your bank cannot support your business or lifestyle needs then you have no business there. Your bank should have products and services that are tailored towards meeting your expectations. From bespoke online banking solutions, loans and advisory services are some types of support you deserve from your bank.
Fees and Charges: This must be competitive with that of its competitors or peers. No one wants to pay more for same value obtainable elsewhere.

Account Opening Requirements: Ease of opening account with the bank of your choice should play an important role in your decision making process. The minimum account opening balance must be something that you can afford likewise the account opening documentation which shouldn’t be too stressful to provide.

Branch Network and Proximity: Even in this digital era a bank with a large network of branches is at an advantage. Proximity of the bank branch to office or residence is also important as deposits of cash and cheques are still largely carried out physically at the bank branch.


These factors aren’t exhaustive but are enough to guide one to effectively choose a bank that will be satisfying and create a win-win scenario for both parties.

MMM is an acronym for Mavrodi Mondial Movement which was founded in Russia in the 1990s and is known for having operated one of the world’s largest fraudulent frauds where between 5 to 40 million were swindled about USD$ 10 billion. MMM reopened in 2011 as MMM Global with operations in about 30 different countries including Nigeria, South Africa, Zimbabwe, Kenya, Argentina, Bangladesh, Brazil, India and Philippines.

The movement prides itself as a mutual aid network where members donate funds with the promise of also receiving up to 130% of donated sum within one month. But in reality it is a fraudulent scheme where fresh funds are used to settle old claims and it’s been largely popular in Nigeria within the last one year where about 3 million people have become actively involved despite warnings from the financial sector regulators and the mass media.

The organization sent shock waves throughout Nigeria on 13th December 2016 when members woke up to a mail freezing all accounts due to systems overload and negative publicity. The world has experienced lots of Ponzi schemes but none with the type of sophistication and scale which MMM represents. These are some of the reasons why MMM qualifies for the most sophisticated scam of all time.

The International Dimension: MMM leverages on the internet to scale up its operations to everywhere in the world. Unlike most other notable Ponzi schemes that were locally domiciled in various countries, MMM currently has operations in about 30 countries with plans for more spread. Members can participate from any location once they have access to the internet. It is not registered in any of the countries where it operates and has no known offices or forwarding address. It is faceless and will be very difficult for the promoters to be arrested or brought to book as they are largely unknown.

Disclaimer Clause/ Warning: On the MMM site is a warning advising members and that it is not an investment and that there are no guarantees of return. It also warms them to only use spare money to participate. It is written as “WARNING: THIS IS A COMMUNITY OF MUTUAL FINANCAL HELP! Participate only with spare money. Don’t contribute all you have”. This cleverly absolves the organization of blame in the event of default.

Your consent: your consent to having read warnings, fully understanding the risks and being of a sound mind and memory is required every time you want to participate. It plays on the psychology of members by telling them of the risks but also encouraging them to take this risk if they want financial freedom. This is another clever way of absolving itself of any blame.

Peer to Peer System: There is no central account where members donate funds to as you are matched with another member and you pay funds directly to his/her account. There is no record of you investing any funds into the organization and therefore you have no claims against it. This doesn’t mean that the promoters do not match their agents to get help without providing same until their targets are met. After all they control the back end and determine who gets matched to whom.

Donation as narration on payment instrument: A member is instructed to write donation as purpose of payment when remitting funds to another member. Donation is not an investment thereby forfeiting all claims to funds and the organization can as well decide not to payback.

Blaming the Media and Government: The organization never admits that its operations are not sustainable and always blames the government and media for failure claiming that it is being crucified for attempting to deliver people from an unjust financial system. By doing this, it cleverly deflects most of the anger and frustration for its failure from itself.

Irresistible Marketing Strategies: The organization cleverly markets itself using different well thought out strategies. These strategies include word of mouth advertising- You must write a letter of happiness for every funds received which is used to coerce other prospects and even awarded a bonus for every video you make. Also the referral system where you earn a 10% bonus on all referrals effectively drives new and existing members to participate. Other strategies include awarded bonuses to all new members and bonuses for yearend seasons to encourage participation.

Robust Platform: The MMM platform is very robust and well thought out. It almost feels like dealing with a real bank. Every member has a personal office where you have all your information, funds and can even interact with the administrator or other members. System is quite efficient and well protected.

MMM will most likely return on the 14/01/2017 as Nigeria is currently its biggest market but I believe those expecting the promoters to easily let them off the hook are dreaming. There is no pot of fund anywhere for MMM to use and pay subscribers. The promoters will only dig into desperate and helpless subscribers till the scheme is finally buried as it’s a matter of when and not whether it will eventually go bust.

source: http://www.financialslot.com/2017/01/12/8-reasons-why-mmm-is-a-perfect-scam/

I often hear people say, “Buy land as you can never lose money”. There was this believe the world over that property prices will always appreciate and one could hardly lose money investing in property. This is the reasoning that caused the subprime mortgage crises of 2008, which virtually brought down the world’s financial system with its effects still felt today. The banks doled out credit indiscriminately for mortgages and subsequently developed derivatives from these mortgages which were widely traded in the financial markets. Everyone threw caution out of the window as the underlying asset was real estate which was considered safe.

Investment in Property is safer than that of the Capital market but this in no way makes it risk free. Every investment class has its own risks and return dynamics. The lower the risks, the lower the returns and vice versa. Contrary to what is being peddled by some real estate promoters, you could lose money investing in real estate through these mistakes which you should guide against.

– Having no Plan or Strategy: Why are you buying the property in the first place? Is it for rental or for owner occupier purposes? Is there some valuable information you have which could make the area very valuable in a short while? How much is your expected return on investment? These questions are not exhaustive but having a plan generally for any investment decision enables you navigate through the twists and turns effectively. Without a plan, you are planning to fail which could costs you a lot of money.

– Over-Leveraging: The more the leverage used, the more the risk and you should never borrow more than you can comfortably repay. In obtaining a mortgage or financing to pay for that dream house or property, the bank will usually require you to make some contribution or down payment before providing financing for balance. The loan repayment will be structured into monthly instalments for several years and a default on payment for 90 days could result in a foreclosure. Once foreclosed your property will be sold at auction and you could lose all the equity you have built up in the investment.

– Poor Location decision: Location is very key in property investment. Not many people for example would want to buy a property near a major poultry farm no matter how cheap the offer. Also most rich and affluent people would also never buy a well built and classy property in a ghetto due to the security risks of living in such an environment. Buying a good property in a bad location could result in losses as you may be unable to sell when you want to.

– Underestimating timelines and costs: It is usually advisable for would be property investors to have at least five years investment horizon in mind as it takes time for property prices to appreciate though exceptional cases do exist. It also takes time to sell property even when the price has appreciated as this asset class is not liquid. Also every time a property is bought or sold, there are some transactional costs on both the buyer and the seller side which when factored in could involve a lot of money. Selling too soon may result in distress prices which may be unable to cover the initial cost of investment.

– Buying at the top of market: You make money from any asset by buying low and selling high, the real estate market inclusive. People buy properties at any price the seller is willing to sell without doing their own home work to determine if they are buying at a fair value. Reality only sets in when trying to sell as the investor may be unable to get a reasonable bargain having initially overpaid for the property. This is usually most evident at the high end property market as their prices tend to rise and fall with the economic realities of the day. It is advisable to always make use of the services of a professional to assist in realistic valuations especially if you have little knowledge of the property market.

– Poor Due Diligence: It is common sense that we should always carry out due diligence before buying any thing. This will enable you uncover if the property in question is currently encumbered or if there are other risks which the seller would never tell you. Even when the price is ridiculously low, we should tread cautiously and be willing to make use of the services of professionals to advise us accordingly. Never buy a property without seeing it or someone you trust his or her judgment seeing it. Lack of due diligence could result in fraudulent sale and total loss of investment.

– Not Monitoring your Investment: There are associated risks with every investment and an investor who wants to succeed should be actively involved in managing and mitigating these risks. For example, the boom in property investment is directly linked to the economy of the area where it is located. If the economy is growing fast, then property prices will naturally appreciate and vice versa. The closure of a major industry which was the mainstay of the market would result in loss of employment and income to households which would affect property prices and market. For a property investor it could mean time to exit as failure to do so on time could result in significant losses. Investment in property over the long term is usually profitable but this doesn’t take away the reality that losses can and do occur. Is it possible to lose money investing in the real estate / property market? YES.

Yesterday, I attended the birthday party of a client’s children. Children, because the celebrants are twins and it was their first birthday. As expected the party was grand, the hosts being successful business people. There was so much to eat and drink and I ended up drinking more than my fair share of champagne and missed the FIFA U-17 finals as a result.

Most of the attendees were women and their children with some reluctant husbands in tow. The housemaids were also present as they came along to help the madams take care of the kids. I couldn’t help observing that most of the house maids looked unkempt. You could easily spot a house maid from her shabby dressing, hair and sad look. The madams and their children on the hand look well dressed, glowing and happy.

My thoughts began to wonder on all the negatives I have read about house maids and I tried relating it to their psychology and state of mind. Is the evil they perpetrate as a result of the way they are being treated? The case in Kenya where a house maid was seriously abusing her employer’s child oblivious of a video recorder came readily to mind. This would probably never have been discovered until irreparable damage had been done to the child. How many parents actually put control measures to monitor activities of their maids? This should be a story for another day to avoid digressing.

Imagine working at a firm where you are underpaid despite being very productive. In addition your employer abuses you regularly and makes you feel unimportant or valued. Our normal reaction will be to find ways of getting back at the organization for being ungrateful. Cutting corners, sabotaging their interests and eventually resigning our appointment when we have had enough. On the other hand if you are being recognized by the organization for your modest contribution or effort, you will want to give your best to it.

This same scenario plays out itself when we hire maids with the responsibility of taking care of our families and homes. They will eventually take out the ill-treatment or good care on our children and our families as that is the law of reciprocity. Even bad people need a reason to perpetrate evil without one will find it more difficult. Putting yourself in the place of your maids is a good way to start. If places were reversed and you suddenly found yourself as the maid, will you be happy with the way you are being treated at home?

Most women are afraid that if their maids are well treated, they would become too attractive and distract their husbands. Some believe that it will make them grow wings and become uncontrollable. A promiscuous husband will always be promiscuous either with a maid or someone else. I belief it is better to send away a maid who has been treated fairly but keeps misbehaving, than treating her harshly as a control mechanism. This is because they have access to your house, your children and family and could easily strike where it hurts most.

In conclusion, always remember the Golden rule “Do to others as you would have them do to you” “You reap what you sow”