₦airaland Forum

mikeapollo:
My friend, we don't need to drag anything.
If you and I pretend or lie that there was no statement like that, it is fine. Good luck.

I am the only one who has shown proof of anything here between the two of us and the readers can see for themselves. So, good luck.

mikeapollo:
So, if you do not know where the original comment/interviewing is, why do you say he was clarifying a misunderstanding?
Was he just talking loosely or anyhow without reference to an earlier comment? Do you clarify what does not exist?
i tire for this ''project'' of yours ooo

But you were the one who initially alleged he advised printing and you doubled down on it even when I showed you his tweet from 2020 against printing, by saying his initial statement was clear and he was just covering up. So what initial statement on printing were you referring to?

mikeapollo:
This latter response was an after-thought and a damage control.

The original comment/interview was widely reported and it was in simple English language which everybody understood.
When you see some trying hard to interpret what was written in very simple basic English language, then you know that the person ''don cast''
He has not challenged or sued the newspapers that carried the story for misrepresenting him. So rest.

Where is the original comment/interview?

Lol. He should sue newspaper for minsterinterpreting his economic lecture? Haba 😆😆.

mikeapollo:
You start from "printing more money". That iwas the kind of reckless advice and re ommendation that the president (who you are defending or praising right now) gave to ptevious govt.
When I say this govt can be reckless,e get why. It is not personal

This was Tinubu clarifying this misunderstanding immediately in 2020

HesInMe:
I'm not sure what this trying to say. If you double interest rates and collapse your currency, by default your economy becomes more attractive to foreign investors.

And your people and local economy will suffer greatly.

So a better illustration would be to add some measure that tracks poverty to the line graph.

If your external reserves are low and you have a backlog of $7 Billion at a point where external creditors have started rejecting your letters of credit because they are not sure of how much reserves the CBN have, where do you start from?

“In less than 4 years, average FX inflow (dotted lines) during BAT’s presidency has essentially caught up with the GMB 8 year average. Both GMB & BAT are still far behind the average of GEJ.”

megawealth01:
Jagaban sha must tax the Nigerians that his government is dealing with

But my able mega foreign investor, you have tax id in America now. Don’t you?

[quote author=AkoniMoipei post=139449536][/quote]I’m not disputing this but addressing your point on the Nigerian girl and why she is surprised. I am saying that even Germans may be surprised because they pay telecom companies like 02, Vodafone etc for router installations and only very few install for free (maybe during special bonanzas). My point is that lack of free WiFi is not perculiar to Nigeria like your post made it seem.

AkoniMoipei:
He says some but its actually MOST. Sometimes Kenyans are shocked at the things that shock Nigerians. Getting a Wi-Fi router for free is standard for most companies in KEnya so long as you pay the first month's internet package. Kenya being a largely cashless economy needs not be gain-said with around 80-90 % of Kenyans paying digitally for everything they need.

Well I live partly in Germany and no, getting a WiFI router even in Germany is not free for the most part.

deathwing:
Nobody is bringing back subsidy...that train has left the station. The stock market will not react because all the leading opposition candidates are pro-business.

Exactly. Stock market would only react negatively if a candidate like Sowore wins. Because then he would declare minimum wage to be 1 million naira immediately believing the revenue for it would come automatically when he jails every politician stealing 😀

“Tinubu’s 2026 budget signals shift to expansionary spending strategy—Analysts

President Bola Tinubu’s 2026 budget may be a pointer to a change from the 2025 economic stabilisation approach to a more expansionary and infrastructure-driven policy, as the administration humps up spending despite rising debt and widening fiscal deficits.

This is according to analysts , who shared their views on the budget with Nairametrics.

A comparison of the 2025 and 2026 federal budgets, based on data from BudgiT Foundation, suggests that the Tinubu administration is evolving from managing the impacts of tough restructurings to pursuing broader economic consolidation through hefty public investment, increase in security spending, and strengthening government institutions.”

rmx:
Interesting 19b , that high

What’s the valuation of mtn Nigeria

Sorry I got that from Claude AI and it got that from a blog that got it wrong. My mistake.

MTN Ghana is $8 Billion and Ecobank is 3rd in their market after Ashanti Gold currently.

MTN Nigeria is 17.2 trillion naira which is around $12.5 Billion

crownprince2017:
Any market whisper to why fidson is rallying too fast, I just don't want to be behind the information curve because as price keeps increasing it becomes risky to hold the stock.

I'm happy it's rallying but I'm also scared at the same time because the margin of error in earnings is declining very fast.

Abi I'm the one being overwhelmed by overthinking.

I am also interested in getting answers to this.

“ President Tinubu admits that before he embarked on the Sokoto-Badagry expressway, he called Dangote and Rabiu (BUA) to supply cement for the construction.

Both companies are listed on the 🇳🇬 market“

Streetinvestor2:
On a serious note why do u guys feel every one will be interested in the ipo
For me I am no longer interested in any ipo because most of them showed me shage like all alhaji ipo I participated
I plan to buy after it is listed as opportunity will always be available when it is listed...my opinion

I would have preferred Alhaji listed the fertiliser separately as it is also a very big business, export oriented (could be worth $5 Billion presently) and it has way lesser politics.

nosa2:
I have a feeling the refinery IPO will end the bull run

It would be a third of the market (33%). You would then for a while have a similar situation to what is found in Kenya and Ghana where Safaricom and MTN respectively single handedly control the market.
Only NNPC listing would challenge that.

In Ghana’s case for instance, out of a $25 Billion market cap, MTN Ghana is said to be worth $19 Billion. The next is Ecobank at $1.1 Billion

Ovamboland:
S&P has moved Nigeria's sovereign credit rating from B- to B due to maturing reforms and ensuing economic stability

What impact is this likely to have on the stock market on Monday?
Can it trigger another long bull run?

For the first time since 2012.

mikeapollo:
So you want billionaires to buy shares in NNPC so that the profits from upstream crude revenue can be shared to them in a country where we do not have good roads, schools, hospitals, jobs, electricity etc?.
Let us imitate and copy what would help us to grow and develop, not necessarily what other better developed countries are doing because they can afford to do so at this stage of their national development.

Even Saudi Aramco is almost completely owned by the Saudi govt. itself. Only about 2% is outside govt.
That is even in a country that has all the things we could only dream to have... good schools, hospitals, infrastructure, electicity, security, jobs, human development, strong economy, less corruption etc

NNPC would also be almost completely owned by the Government. I don’t see why an IPO with our upstream as done in Saudi Aramco and Petrobas is a problem. These countries were also not as rich when they listed but the listing have not only multiplied value for these companies but their respective countries where the Government still holds the largest share by far.
Norway in 1990 went as far as creating a sovereign wealth fund with their entire upstream and today it’s worth 2 trillion dollars. I am not saying we should do what Norway did but I am saying I see no reason why NNPC can’t do exactly as Saudi Aramco and Petrobas.

mikeapollo:
Don't mix it up.!
Oil producing countries do not put their MAIN upstream operations on stock exchanges because that is source where the bulk of sovereign national revenues for the economy and budget comes from. They can only list their midstream/downstream operations e.g. distribution, refineries. refined products, lubricants etc.
Some private companies e.g. Shell, Total, ENI, even Conoil also do the same. You would not find their upstream operation listed in some countries.
So do not expect NNPC to list their upstream operations where crude oil export revenue comes from, It wont happen! Only the filling stations, refineries and other downstream activity may be listed. They only need to form a new PUBLIC company for the operations they want to list on NGX

So what about the most successful national oil companies out there like Saudi Aramco and Petrobas? Are you saying their upstream wasn’t part of their IPO’s?

mikeapollo:
And NNPC want to do IPO in London? For what business? Filling stations or dead refineries?
You can believe anything from this govt! Good luck.

The govt even said that they stopped subsidy altogether in Jun2023. So why October 2024 again? Have they been paying subsidy for 16 months from Jun2023 to October 2024?
Lies will be needed to cover lies

Lol, NNPC are strong stakeholders in every barrel of oil produced in this country. They also own 49% stake in NLNG and drill their own 350k bpd oil (via their subsidiary NEPL) likewise managing that of the federation (which they have mostly done forward pledges with). They are the biggest firm in Nigeria and only the Dangote group would likely come close in a few years.
Refineries and filling stations are the least profitable parts of their business empire.

Yes, this Government paid subsidy from August 2023 to October 2024. That is my problem with this Government. They are just too political and not transparent with the public when they should be.

mikeapollo:
And you believe the crap that NNPC is going to an IPO in London and Nigeria? IPO for what? The 4 dead refineries or the former Oando filling stations?
Only ignorant people would buy such IPO in a govt company that operates with no transparency and accountability.
Any serious major investor would revive that debt matter and resolve it before they put money down

If you followed the World Bank reports you would see that their report in Q1 2025 stated that NNPC have started paying back the debts immediately after the subsidy was completed stopped in October 2024.

mikeapollo:
A govt and a president that wrote off NNPC's debt of unremitted revenues in the most reckless and irresponsible manner without approval by national assembly?
That is another example of corruption and lack of accountability in this govt.
Where this the president get the powers under the constitution to write-off the debts of an institution like NNPC?

You are right that these things should be done constitutionally and I agree with you. However, I have no problem with writing off NNPC ‘s debt. It is to fast track their eventual IPO in Nigeria and London stock exchanges before 2028. You don’t want subsidy debts weighing them down as they clean their books. The FG was also in debt to NNPC for the long years of subsidies which crippled NNPC until they couldn’t take it anymore and stopped remitting to the CBN in 2022.
In July 2024 (during the subsidy regime), international oil marketers revealed NNPC were indebted to them and the amount was a staggering $6 Billion.
But be that as it may, you are right that the Government should be more transparent and democratic in these processes.

Bizibi:
I can beat my chest and tell you it is still there,it only evolved and this is not what you see in the news or social media.

Mda is the worst of them on that list.if you want to stop leakages in our system remove the senate but that is impossible.

It will take years to get it done at 50%.

At least you know where a part of the problem is as well. The senate is a problem. The huge cost of collection going to FIRS and some agencies during FAAC sharing is also a problem that must be looked into.

Bizibi:
none,the leakages and cottuption is still there in this government.

Of course they are still there and I agree. But this Government tackled and is still tackling the biggest ones:

Leakage from FX rate duality
Leakage from fuel subsidy
Leakage from NNPC fees retention (now to be remitted to FAAC)
MDA leakages
Leakages from outdated (colonial era) tax systems

Africa’s largest refinery, the Dangote Refinery, is set to deploy Point-of-Sale (POS) terminals, fintech platforms, and mobile technology to drive retail participation in what is expected to become the largest public offer in Africa.

Nairametrics

Analysis by @ Rufyb on Pencom

“ According to Pencom rules, before a PFA can invest pension assets in any company's shares, that company must meet minimum thresholds on three fronts:

✑ it must have existed for a certain number of years (typically 5 years for listed equities under PenCom rules)

✑ it must have a track record of profitability, and

✑ it must have a history of paying dividends.

This makes sense as a contributor protection framework, as you don't want pension money going into speculative or unproven businesses.

And these conditions have constrained the allocation of Pencom to some companies (and the equities market in general).

The problem is that Dangote Petroleum Refinery & Petrochemicals FZE is technically a new listing. Despite being backed by Dangote Industries and being one of the largest industrial assets in Africa, it doesn't yet have the requisite years of existence as a listed entity, nor a dividend payment history, which would ordinarily disqualify it under those rules.

So PenCom essentially carved out a special exception, acknowledging the strategic and economic significance of the asset while setting aside the standard eligibility criteria.

It is pragmatic. Na we dey always say make regulations relax so we go fit see prosperity. Therefore, mi o binu si raaraa. Kudos to Pencom.

Howeverrrrrrrrrrr.... 🌚🌚🫠🫠🫠🫠🫠🫠🫠

It took Ekun Oko Oke, Ikoko Aliko 1 to be on the other side before Pencom remembered "strategic importance, strong fundamentals, and wide-ranging economic benefits, and the growth potential" (as though it's not the case for some other companies).

Na all these selective application of rules me no too fancy (they even stated it in the circular that it is one-off). But it's the Dangote Refinery, we allow.🙂🙂🙂🙂“

mikeapollo:
If you are unproductive and too poor as a nation, the most important, critical priority is to ensure prudence in public spending, even if you have plans to increase revenue.
No amount of revenue would make the desired difference where there are huge and ever-increasing leakages and corruption.
You block the leakages FIRST.
Do you continue to pour more water into a bucket with a huge leaking hole, or you fix the leakage FIRST and go and fetch more water?

Is there any Government since the 1970’s (after Murtala Muhammad) that has blocked leakages and corruption like this Government? Show me one and I would concede.

mikeapollo:
Nobody expects or asking them to stop or reduce capital budget. How much percentage are they even spending on capital projects? The main issue is recurrent expenditure, excluding salaries !
They should cut the huge overheads being spent on govt machinery! A govt that went to Climate Change summit in Dubai with about 400 officials?

I agree they should reduce Govt overhead but give me the figure of all of it and let’s see what they are. The deficit is over 20 trillion for 2026. Recurrent expenditures are in trillions.
Reducing the Government overhead would be good especially for the optics and would solve the problem in a little way but would it really solve the problem in a major way? Would that be enough to reduce the budget deficit and help the naira (especially in 2023 and 2024)? I doubt it.

While it is true we have a management and corruption problem, a bigger problem is that we are unproductive and we are too poor.

megawealth01:
Maddest looting nko?

Give me the numbers so I analyze how to reduce budget deficit without them.

Don’t get me wrong, that also is a problem and should be reduced or eliminated but focusing on that alone would not reduce the budget deficit except the numbers are huge. If you can give me the figures of these lootings, then we can analyze them.

mikeapollo:
I don't get you!
The main reason why the naira was weakening is budget deficit! And the most reasonable thing to do is to cut expenditure drastically. But instead, they decided to focus on increasing revenue, which is looted again. After devaluing the naira and ''liberalizing the FX market'' (as you said) to rake in more revenue, tell me if they are still borrowing heavily or not? The debt would still rise, and there is NOTHING to show for it.

If you care to know, Sowore, myself and Tinubu himself; we all ''belonged'' to the same ''school of governance''! Have you forgotten that your Tinubu criticized everything govts did in the past, including some policies similar to what you are praising him for now? That is the hypocrisy I cannot stand!
You seem to have forgotten that your current president opened his mouth and called a sitting president a ''drunken fisherman'' just because he disagreed with some economic policies of the govt.? Nigerians!

The heightened poverty, insecurity, inflation, hardship and hunger in the land are the mishaps!

I am neither APC nor PDP nor ADC.
But, Teacher (Tinubu) don't teach me nonsense!

I agree with the bolded but then again the only way they would have done that to make meaningful impacts would be:

1) Sack workers ( a huge chunk of the budget are salaries)

2) Reduce capital projects (this is what Milei did alongside 1 above)

3) Default and turn to IMF programmes of austerity and join the likes of Ghana, Ethiopia and Zambia as one of those who defaulted on their debts recently in Africa.

I am quite sure they would have faced severe criticism as well if they had implemented any of these 3 or all of them like Milei.

No easy way.

Bbbwings:
I reached a different conclusion. Maybe we need to learn from the Chinese.Having all the Americans business men visiting your country means you are doing something right.

But of course they are the second largest economy on earth and the top exporters in the world. Largest economy on earth by PPP.

KarlTom:
That valuation is generally understood to cover: the current 650,000 bpd refinery (not sure the expansion is included), petrochemicals plants, storage/logistics infrastructure and possibly associated midstream assets.

You are right. I would have preferred he listed the fertiliser separately though.