₦airaland Forum

awesomeJ:
Who the sovereignty help?

If all they're coming to do is take out the terrorists that the leaders have only been pleading with, then why not?

Cooperate and offer them weapons that they won't use or offer them money that they would loot when thousands are dying.

If the U.S do this alone, are you sure they would care to easily differentiate who the herder terrorists are from amongst the people in Benue and Plateau? Do they even know or care about the dynamics of the conflict in the middlebelt except for the simplistic “Muslims are killing Christians Slogan”? Do you think this would be easy and quick as Trump boasted and would he care if it spirals into something else?

awesomeJ:
For the sake of the victims and their families, please let it be true.

Should we allow the complacency to linger because we've not been affected?

What the government should do is take the free help.

Cos if the department of war sets aside $5bn for a month long operation, that's already more than our entire military budget for an entire year, why should that be rejected?

When it's not like they have a better strategy than endless reshuffling of service chiefs.

They can cooperate with the Government of course and the Government welcomes that but here they are threatening to directly invade a sovereign nation.

awesomeJ:
Are you saying Christians are not being killed??

If terrorists killed 4 Christians and 6 Muslims, and I say terrorists killed Christians, how is it hard for you to see that my statement is factual.


The US is saying Christians are being massacred in Nigeria, the fact that Muslims are also massacred doesn't invalidate that statement, the only thing that does is if no Christians are indeed killed.

The only thing you can pick the US for is why they aren't showing concerns for slain Muslims as they are for slain Christians.

But that's their choice, it doesn't render their concern invalid.

Whether you like it or not, the US will tilt towards Christianity more, plus their thinking is that the perpetrators are islamists so why should they bother.

It's like if Nigerian terrorists go to a place to kill Nigerians and Israelis and then the US complains about the slain Israelis and you try to say their complaints aren't valid cos Nigerians were also slain. In that context, the US cares more about Israelis ordinarily, then again they believe the perpetrators are themselves Nigerians, so maybe they don't care as much.

Hmm, so by this theory, that would mean the U.S cares so much about Nigerian Christians right? I never knew that.

For the first time since the year began, the Nigerian Naira is not one of the 10 worst currencies on the continent.

emmanuelewumi:
So the writer wants us to keep on importing fuel, if he thinks refineries are making crazy margins in Nigeria he should advise other people to come into the business

I thought some people were so sure Tinubu owns Malta refinery and wants to frustrate Dangote?

awesomeJ:
NGN closing at 1436.97


I knew once 1450 got broken, 1400 wouldn't be as hard!

For me 1100/1200 is the goal for Q1 2026 at most, then we can build from there. If we finish the year at 1300 ish though that would be good.

emmanuelewumi:
The extraordinary profit of last year was a one off thing.

Yet federal government of Nigeria got more than 50% of the huge profit based on forex gain

CBN did not talk about foreberance loans when the banks made the huge profit in 2024.


Now in 2025 when banks can't repeat last years performance, they now remember the foreberance loans given to the banks

If this was done last year banks would have used part of their bumper profit to pay down the loan.


If you want loan term wealth and value creation on NGX, please look beyond banking stocks

Banking stocks are only good for predictable dividend income

The profits of 2023/2024 were mostly due to devaluation. In dollar terms, not much difference. If that’s the case then I wonder how that would have helped with the forbearance loans given the fact that most of the loans are to be paid in dollars.

Utalinmou:
That is the road they are leading us to, I don't understand the madness of this government in trying to rip everyone of any available substance.

A govt that is no longer subsidizing the currency and energy, they have passed the burden to us yet they still want to take more from us. Very insensitive leaders
Is this not wickedness?

How do they want to take from us? CGT? Or the new tax law in general?

Since 2008 (after the global meltdown), the Nigerian stock market cap is currently at its best at $67 Billion aside 2013 when it was at $84 Billion.

BascoVanVeli:
Oh wow I didn't think of that. Thanks.
Brother that's why I don't blame Chioma at all. Even with those 2 once in a lifetime players u can't even reach WAFCON? That's like Liberia having 2 George Weah's and not making an AFCON

The painful thing is that a lot of the times they didn’t qualify in the last 7 years, it was the federation pulling out of the qualifiers due to one issue or the other.

unite4real:
The last FGN sukuk saw subscription of over N2.2 Trillion.
There is a lot of money in circulation

There have been a lot of money in circulation since at least 2021.

ositadima1:
One of the best in what terms? If you’re simply looking at the ASI, then I’d ask, can you trade the ASI? If a few highly capitalized stocks move up, does that automatically mean the market performed well?

My definition of a good month is based on how many stocks crossed the 10% threshold within that month. Why? Because out of over 130 listed stocks, it’s very unlikely that we all picked the few top performers. Therefore, the more stocks performing positively, the better the month, irrespective of market capitalization.

A 10% gain in Airtel Africa is the same as a 10% gain in Chams in percentage terms. So, I attached a table showing the number of stocks that gained over 10%, those that lost more than 10%, and the total sum. This month doesn’t even rank among the top four yet.

I get your point but I was looking strictly at the ASI.

SpaceX:
every month keep outperforming itself for me, keep pushing, it's a process. I was once in your stage of growth.......

?

pluto09:
Index moved from 142 to almost 150 and you said investors are growing weary.

I tire oo. October has been one of the best months this year so far. I think only in July has the market performed better in the first 15 days.

Streetinvestor2:
Walahi, I don't mind.I will take it as necessary sacrifice for future gain

Still a huge risk as there is no guarantee of anything and it depends on the capacity of the new politician or military ruler (since some want that). I think we should first solve the problem of getting competent and adequate replacement(s) to choose from before we allow such risks.

For instance, what would be the policy of the new leadership towards market reforms that would give a boost to the stock market?
Would they continue with the present reforms ( fuel subsidy removal, more flexible FX system, tax reforms) or revoke them? Markets would be jittery because of this and would want to know. This uncertainty would keep your portfolio red for a long time in that instance and the longer the uncertainty remains, or any signal of a return to the former system, the more unstable the market would be. This policy and political somersault may show inconsistency to investors and a very bloody portfolio which you (speaking generally here) may not recover from anytime soon.

So first things first, we must answer the question: If we don’t want this Government anymore (which is allowed), what are our options and how would their immediate policies be interpreted by the market?

Taiwo Oyedele explaining CGT to investors at World Bank /IMF meeting. He says they are still open to taking more inputs from investors.

My message to investors at the ongoing World Bank and IMF meetings in the U.S. on changes to the Capital Gains Tax regime under our new tax reform laws. pic.twitter.com/5IVUH70Gky

— Taiwo Oyedele (@taiwoyedele) October 16, 2025

Foreign investors might be on their way back to the stock market due to FX reforms:

“Last year, Nigeria got kicked out of the Frontier Market club because foreign investors couldn’t take their money out.
Translation: “Una economy no get door.” 😭

Now, FTSE Russell just added Nigeria to the watch list for a comeback”

Source: Cowrywise

Google or check on X (formerly Twitter):

Juliana Terzungwe: A Woman Driver at Dangote.

Joyful365:
I'm responding to you because you have elucidated your points to some extent, unlike some here who comment like they have either sold their souls to the devil or never attended the four walls of a good university.

All your points in defence of Dangote are weak and engulfed in same strategy the rich and mighty of third nations and even first nations use to keep the working class perpetually poor.

Everything I have written is in defence of working class Nigerians.

They had the option to take up arms and go into kidnapping and other crimes but they did not.

They give their 50-70 hours working every week, but what do they get in return?

Peanuts and working conditions that make them look like fools compared to those who can simply buy machetes with less than ₦10,000 and earn much more than honest hard-working Nigerians through terror.

Dangote is telling Nigerians that he pays his drivers ₦240,000 ($180) per month, his laptop boys are amplifying it and uninformed Nigerians are clapping for them.

How much does Dangote products costs compared to same products produced in Canada, USA, China, Libya and other countries?

How much is Dangote fuel and Dangote cement in Nigeria versus similar products in other countries?

How much do those drivers and workers in Canada, USA, China, and Iran earn compared to the price of the products of the companies they work in?

Dangote is charging international price for his products in Nigeria.

Dangote speedily increased price of his cement by over 200%, citing naira devaluation, etc.

But how much is he paying his workers?

Did he increase his workers salaries by same percentage?

No!

He is topping Forbes billionaires list but majority of his workers are topping the list of those living in peanury and customers of Bet9ja and Sportybet.

Before Dangote refinery and after full subsidy removal, fuel sold for less than ₦700.

Dangote refinery came online and fuel is selling for ₦1000 across Nigeria.

All his workers can no longer afford to buy fuel to run their generators. They are getting poorer and poorer by the day.

Dangote claims to pay his drivers ₦280,000 monthly. Even though the amount is ridiculous compared to the value of the service those drivers provide, I can tell you for a fact that Dangote and his laptop boys are lying to Nigerians.

I have interviewed hundreds of Dangote truck drivers. Non of them earn up to ₦100,000 as monthly salary.

Even if you add the amount given to drivers as dispatch for each trip (which should cater for their hotel accommodation and feeding on each trip), they still don't get up to the amount Dangote is claiming to pay his drivers.

Dangote should publish the pay slip of his drivers.

Do you think drivers that are well paid and well rested will be all over Nigeria ending the lives of people due to reckless driving?

Those drivers are not well paid.

They're mostly illiterates who sleep in their trucks and stay alert on the wheels through consumption of Fearless and other hard drugs.

Go out there and talk to Dangote drivers. They're all over Nigeria delivering cement and other Dangote products.

It's no coincidence that Dangote truck accidents have been recorded every month in Nigeria over the past 15 years.

That's the most shameful safety record of any company globally but laptop boys have been paid to defend and celebrate it in Nigeria.

If I ever become president of Nigeria, I'll not allow Dangote or any company or business abuse the rights and privileges of Nigerian workers.

They're the foundation of every thriving society. When they're unprotected and vulnerable to the whims and caprices of greedy capitalists aided by ill-gotten monopoly, the society will proceed on a free fall.

Nigeria is on a free fall. I hope this helps you understand one reason why it is so.

Shalom

How much do you think Dangote should be selling his fuel? 200 naira? If so, why?

We were already buying PMS 1200 in Lagos this time last year until Dangote started operations properly in October and started reducing the price in December.

We were buying diesel 1700 in Q1 2024 until Dangote started with Diesel in April 2024 and reduced the price to 1200.

Also, I saw a graduate with experience celebrating her new employment on social media as a Dangote refinery truck driver and it’s not her first job as a truck driver. If you truly interviewed hundreds of truck drivers and they are poorly paid, I doubt such an exposed lady would be celebrating this new role with so much passion given her experience in truck driving. Either Dangote’s pay is so good or he is at least better than the others she worked for.

PETERiCHY:
This why I laugh when someone said CGT won't long-term shell-holders in an economy that is heading towards hyperinflation. Very all man eyes go clear

The economy is no longer heading towards hyperinflation. Except hyperinflation has a different meaning now.

unite4real:
You are on point. I have always had this argument when people talk about hazard jobs.

Those high end jobs have fortified safety infrastructure and yet they say it's hazardous.

The ordinary okada riders and high way bus drivers jobs are more hazardous than even a pilot if you compare the rate of casualties between them.

In a refinery anything can go wrong. In NNPC then, we were provided PPE’s but only the helmet and safety shoes. We weren’t given masks but we inhaled dangerous chemicals sometimes.
Also, at a time while we were all close by, someone failed to control the reactor temperature using the valve as instructed and quickly left because his shift had ended. The guys in the control room had to come out and a little more delay may have eventually led to a fire outbreak. Stuff like that happen all the time in a refinery.
Most importantly, hazardous chemicals inhaled in a refinery kills slowly. The sulphur content leads to dangerous cancers over time. So a refinery job is truly highly hazardous.

ositadima1:
LOL at this. My colleague who joined Aradel last year as an instrumentation engineer, with over 15 years of experience, earns about ₦3 million (though I’m not sure what he earns currently). Who told you a trainee in Seplat is earning ₦3 million? Please, let’s be factual.

This was widely reported on LinkedIn earlier this year by those in the industry after Seplat concluded their new recruitments. You can search for this yourself and disprove it here if you have other facts. This was even widely debated on Social media. Also, Seplat is bigger than Aradel. Seplat is what Aradel aspire to be in some years to come.
Again, I know very well that upstream and downstream sector is different. I’m only saying Dangote can do a little bit better considering the location of the refinery.

ositadima1:
Again, what is currently attainable in similar workplaces — places like Indorama, fertilizer plants, and other factories? Don’t compare with oil companies; their pay has historically been higher because of foreign ownership and the fact that crude is sold in dollars, so production costs are also dollar-based.

If you were to start such a business yourself, you’d pay what’s realistically attainable on the ground, not some emotional figure. What are bank trainees paid, for example?

How is my figure emotional? Even by industry standards that is low for a refinery when there are no additional benefits. Also, the location matters. I am not comparing them to Seplat and the likes who pay 3 million to graduate trainees ( these are upstream of course), I am comparing them to other refineries and I am saying given the expensive location (where accommodation is difficult), 400k doesn’t cut it. But 700k would be very okay. If there are added allowances and incentives then 500k minimum would do.

ositadima1:
Why not ₦1.5M for a trainee? People living in a bubble, honestly. Is this figure based on what you feel it should be, or on what’s actually attainable in the job market? If you pay a trainee ₦700k, then what will you pay a line manager?

Let’s talk about what’s realistic in the Nigerian labour market, not emotional opinions. What’s the salary structure in the federal ministries, for instance?

This is a refinery. A very hazardous and risky environment. If you don’t pay health insurance and other allowances as alleged, then considering the location (Lagos Island), 400k is little. If he adds the benefits then he can maintain it at the 500k level. Again, this is 2025 with naira at 1470. Even when naira was at (150 - 200) to the dollar, control room chief operators and line managers earned in the range of 500k to 700k already in NNPC (2013 - 2014), now they should earn nothing less than 2.5 million if the refineries start working.

ositadima1:
LOL, being in the upper 2% doesn’t mean everyone else is there. Maybe you live in a city or neighborhood surrounded by people like you, they call that a bubble.

Step out into the real streets or the villages and try taking a census; you’ll be surprised to find that ₦400k actually means something. It’s the same reason leaders like Tinubu and others think they’re doing a good job. it’s understandable when you live in a bubble.

400k is definitely a terrible salary for a worker in a refinery operation living around Ibeju Lekki or the Island. At least 700k for a graduate trainee should work especially if there are no health allowances and other incentives (if the report from the workers on that are to be taken into consideration).

awesomeJ:
I think salaries are more about the industry than the organization.

DIL playing in the oil and gas sector would definitely have to pay something more commensurate than what's obtainable in the manufacturing sector.

Like KPMG, PwC, salaries are identical,
NESTLE, WAMCO too.


When dollar was 160, I know Total Entry level pay was around 800k. (5k dollars per month)

In today's naira, entry level at Shell, Chevron, Total should be like 8m per month or N96m per annum.


That's why I thought N20m might be conservative for Dangote Refinery.

Shell, Chevron and the likes operate in the upstream and they make more profit than those operating refineries (midstream) and those selling to final consumers (downstream).
I did my internship at the Warri NNPC refinery some years back (just before Buhari) and the salaries of staffs generally were ridiculously low at the time.
As Interns, we got around 13k then (65 dollars) and less than the 18k minimum wage. Although we got provisions and milk once in a while as added benefits 🤣🥰

Heishere:
It will still climb back afterwards. All the borrowings are not used to solve the root cause so the appreciation seems temporary. My concern is those that invest in US stocks, will they be affected by the new tax rule given that they are also required to pay tax in US?

What borrowings are you talking about? From what I see, Government actually reduced borrowing so far this year compared to last year.

handsomebolanle:
That’s not my point sir.

PENGASSAN has members in the whole oil and gas industry. I’m saying getting that large number of skill set in general is not possible, If everyone is too withdraw from service,. The industry will become a camatose. Employers will have a full ride and wait until you see the next piper alpha incident. This will have a ripple effect on other sectors.
Dangote needs to have a table discussion but seems he wants to operate independently.

Isn’t it to our best interest if Dangote operates independently? Free from all these union strikes? One day PENGASSAN may have an issue because their leader was slapped or woke up on the wrong side of the bed and they may call for a nationwide strike.
In that instance, having Dangote free from them means no fuel scarcity and the nation is not held to ransom. Imagine operating a 650k bpd refinery that must run 24/7 and your PENGASSAN workers go on strike for any reason, halting operations for something you know nothing about. Yet you have debts to pay and shareholders to satisfy.

emmanuelewumi:
People that did the refineries strong things about 30 years ago said it can never be economically viable again.

The best thing is to sell it as a scrap.

Yet we are still spending billions of dollars every year maintaining the refineries and paying workers salaries even though they are not generating revenue

And PENGASSAN workers are still there collecting salaries and paying dues to PENGASSAN on non functional refineries 😊😆.
Who do us this thing? 😊.

emmanuelewumi:
The oil and gas marketers, importers, subsidy scammers are in government and in NNPC.


No be PENGASSAN say Port Harcourt refinery was operational after over $1 billion was spent on it last year or thereabout.

Why PENGASSAN no shout say na lie, the refinery is not working

They said the refinery actually worked but it seems the start up was premature because it was running at a loss and struggling to reach that capacity where it would be even profitable. Crude oil is costly and so if you are not making profit after injecting it into a refinery, you are better off shutting down the refinery and continuing with repairs. The new management could not allow it keep running at a loss just to prove a point and had to carry out a technical review. The premature start up by Mele Kyari (due to pressure) was said to have done more harm than good

pluto09:
Those refineries are better sold.
Refurbishing them is a waste of money, even if they start working,they would probably be running at a lost. We can't run refineries as a government enterprise and expect it to be profitable.

We can run it using the NLNG model where we own 49% and private sector 51% but the private sector operates it.