₦airaland Forum

Una well done o! I greet all of una well well! Am i permitted to make contributions here madam Efosa?

.

5 Graduates, 29 Others Seek Cleaning Jobs
09.02.2008

Some 34 unemployed youths, including five graduates, yesterday applied as cleaners in the new Lagos House, Ikeja as Gov. Babatunde Fashola formally moved into the new office complex.
One of the unemployed graduates told the News Agency of Nigeria (NAN) that he holds a Higher National Diploma from the Lagos State Polytechnic, Isolo.
``I read marketing and graduated in 2006, having carried out the NYSC programme in Abia from 2006 to 2007.
``Since then, I have been working at a car wash centre as an attendant, where I received a daily pittance.
``A friend told me that recruitment for cleaners was to hold here today, and I decided to try my luck, since it is a permanent job, and through it, I can rise to a higher status,'' he said.
The applicant added that he had never applied to the State Civil Service for any job placement.
Another applicant said he graduated from the Ambrose Alli University (AAU), Ekpoma, where he read Business Administration.
``I have been teaching in a private school, after my NYSC, and I felt this should be a better option, coming from government,'' he said.
The officer in charge of the recruitment told NAN that only 10 applicants out of the 34 applicants would be employed with effect from yesterday.
``The least salary we will pay them is N12,000,'' he said.
Meanwhile, Fashola resumed in his new office at the Lagos House, Ikeja  yesterday at 9.30 a.m., with his personal aides. His former Round House Office is now to be occupied by the Deputy Gov., Mrs Adebisi Sosan.
The new Lagos House, built by Arab Contractors, was inaugurated by former Gov. Bola Tinubu toward the end of his tenure in 2007.
The incumbent's movement was, however, delayed, because finishing touches had to be carried out on the building.

How una see am? I personally never thought this could happen in Nigeria.I used to think it could only happen abroad! Now I know!

Tuesday, September 02, 2008

Banks deny claim of losses to stock crisis
By Gbenga Agbana

ALLEGED losses suffered by banks through the stock market meltdown may have been a hoax afterall, following disclosure by the financial institutions in Lagos yesterday.

Specifically, the banks explained that loans granted by them to stock-broking companies for margin trading before the recent bearish run in the stock market which caused stocks indices to plunge by about 40 per cent, did not affect the bottomline of banks, their chief executives have said.

The bankers, under the aegis of Chief Executives of Banks, which held a meeting in Lagos yesterday, picked holes in media reports, suggesting that banks may have incurred monumental losses from share purchase loans to investors.

"The reports are erroneous and a gross misrepresentation of facts probably out of ignorance", the bankers said.

Market sources, however, said there is suspicion that the alleged loss by banks to the tune of N33 billion to stock market meltdown on huge loans given out by banks as margin credits to investors who took the facilities to play in the capital market, as reported by some newspapers, are being sponsored by some foreign interests to undermine the Nigerian banks and the entire economy.

"The margin on share purchase loans created by banks ranged between 50-100 per cent against about 35 per cent gross declines in the stock market. This means that rather than outright losses, the banks still have profit margins on the loans in the range of 15 to 75 per cent. The loans are fully secured in many cases up to 150 per cent cover. The banks are fully aware of the risk in stock trading and that was why the high margins and heavy protection", the bankers explained.

"Even stockbrokers especially those affiliated to banks have not reported any such loss yet. Losses can only crystallise if brokers have sold the stocks they invested in at depreciated prices, but they have not sold yet and may not sell now as the market has started showing signs of recovery."

They further stated that "banks' CEOs are optimistic that the current rebound in the stock market will be sustained for a considerable period of time, thus further strengthening the positions of the investments in the stock market."

Moves by the Federal Government and other stakeholders to salvage the stock market from the major bearish run experienced between March and August has yielded positive results.

For instance, the All-share index which measures the movement of share prices rose by 7.74 per cent last week, closing at 47.789.20 points, up from 43,382.48 points at which it opened on Monday, while market capitalisation rose by N899 billion from N8.845 trillion to N9.744 trillion.

The development was the first time the dominance of the bears would be checkmated in five months, but it was obvious that it was not due mainly to market forces but the intervention. The indices had dipped by about 40 per cent before the intervention.

For instance, the stakeholders of the capital market met with the Federal Government early last week to discuss the way forward for the market, after which some decisions were taken.

Part of the decisions include one per cent maximum downward limit on daily basis for share price movement, whilst the current five per cent limit on upward movement was retained.

It was also agreed that Nigerian banks should restructure existing facilities extended to licensed stockbrokers, institutional and individual investors to allow longer repayment periods, while the Central Bank of Nigeria (CBN), also agreed to take appropriate measures to review the liquidity situation in the economy, among other resolutions.


YOUR COMMENTS PLEASE,

Yes you can! Talk to your bankers or financial advisers about this!

spanish kiss ko, cotonou kiss ni!

this whole game is getting more interesting! we shall see,

missy B, appears you are fully ready for the weekend! Take am eazy o!!

It's going to be one sweet weekend! U know wat I mean ! No go finish your salary o!

Thanks missy! But why are you sticking out your tongue? are you alrite?? I used to understand that to mean something else, . I mean when I was much younger.

very funny! no hair!!!

pat on the butt!

concentrate for once!

Shoot! Gbosa,

Moderation in everything we do is the key! Even in the stock market!

Make una dey buy anything wey una see small small!

seun, na You get your mouth! it's a free world!

Don't be a Dragon!!

@ poster!
  Wetin be your own sef with bankers and banks! I've had to personally confront you once on this before. Wont you just let them be? Abi na their own fault say banks give them employment and dey manage to pay well? In as much as you may have some geniune concerns about the banking sector, please quit the vituperations and mudslinging. I've been following your posts lately and it appears you got nothing more to say other than bankers are this, Bank A or B will go under soon & so on & so forth,

Abeg! let's get positve 4 once! there's so much negativity in here!

As for the topic, I sincerely think this is junk journalism at its peak! Just read the whole story from A-Z, no substance! No concrete facts! "source that craved anonymity", 

.

cheers!

Viper abi na puff adder, say sumthing!

Dear poster,
so sorry to hear this! really it's not about the visa or relocating! it about the humiliation and the feeling of rejection. I am of the opinion that you should remain calm and hope for the best.


@ Gamine! I kinda like what you said and it's true!

@ alexjodeci! take am eazy now! Haba!
some of us 4 9JA wey don go east & west come back know say home is best! truth is many Nigerians don spoil road for other Nigerians. I mean, you really need to see the kind of things some of our brodas are doing out there. Dem don shit for the road wey them know say their own 9JA brother go com waka pass soon.So before you make real "good" breakthrough, you'll have to work extra extra hard and do the extra ordinary.

the fact is that you can't have it all; good roads, 24/7 light, good health care, good infrastructure! there's got to be some draw backs men! nature isn't so unfair! Here, no lite, no road, little or no security, but we get togetherness, we dey fit dodge tax,I fit get driver and cook + gateman under #50,000 budget a month, I get free nanny for my kids (the two grandmas), we dey run things with governemnt big boys! don't get me wrong o! I am not supporting tax evasion but you know even for these advanced countries them the very rich dey dodge tax wella!

Hi Galactic!

Welcome to Nairaland! if I get your question right, you are referring to an unskilled worker right?

well, it varies. I know the average unskilled worker in Lagos earns between N2000 to N3,500 a day depending on the industry, location and the kind of job involved. the oil & gas sectors pay far higher than this.anyway! hope this helps?

well said idupaul, as a matter of fact, I see it as belonging to the category as teachers,social workers, soldiers and yellow fevers!

It ain't about the money! It's about the smile you leave on peoples faces and more importantly the lives you save!

So to our young minds who are still in school and hoping to read merecine,dentistry etc (dats wat my grandma calls it); think twice, if you are only interested in the bucks!

Hi condom! Watz up with ya!

My sincere advice!
Ensure you have a deposit of at least N50,000,000 somewhere & that it is accessible to your wife. this is in case our boys abduct you! really, the truth is, if you look 'white" in any way; then you are considered a big meat & top target especially in P/H & Bayelsa axis! But if you look just like me ( U know what i mean, like an average Nigerian); then you'' have no problems!


BOTTOM LINE: If it is V/I & Lagos, you are gud!! if it is Bayelsa & environs? You are dead wrong!!!

requescant in pace padre!!!

well said ogb5!!! Hope they learn!

I use God beg you. NO PUT UNA PICTURE HERE!!! I know my people! Just keep it the way it is & accept our congratulations!

property12 don use bottle break my head! I am dazed!

You beta watch it boy before your two front tyres go pull out while you are in motion. Go repair am sharp sharp!

Hope the lad keeps his head up & remains focused. =N=7,000,000 + JEEP (ford explorer) + =N=500,000 wardrobe allowance no be yam??

I happy 4 d guy o!