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 Politics › Re: Adeosun: 55% Of Nigeria’s VAT Is From Lagos by heo88(m): 8:02pm On Aug 01, 2017*. Modified: 10:14pm On Aug 01, 2017 |
Anikulhapo:Hmmm... where do I begin. First off I'm getting sick of this tax-based propaganda; subtly and overtly telling Nigerians that non-compliance with tax is 'unpatriotic'. This is bullshit and it is worth considering a few things: - First off there has been a long lasting historical issue of no data to ascertain the number of people (not companies) who are eligible to pay tax - Secondly the data held by CAC (Corporate Affairs Commission) for companies is largely impotent due to inadequate enforcement of tax obligations. Unless the company is a large one with well-publicised headquarters, smaller profitable companies can successfully play "hide and seek" with the tax authorities. Even when they are cornered, the company can pay a nominal grease payment/bribe and the matter is settled - For tax-compliant companies, getting tax clearance from the IRS is very problematic. Put simply you often have to pay bribes to be allowed to pay your tax (shocking I know and I'm speaking from experience) - Another thing that Kemi & Co are forgetting is that usually tax bills, in theory, can be legally reduced by companies on the basis that this money is used for capitalisable expenditure, such as R&  (research and design, innovations). This further complicates matters because if you shut off this loophole then it WILL adversely affect GDP. Reduction in GDP may lead to a recession and then the same politician 'masters' of propaganda will be crying for a different reasonIncidentally, politicians need to have a hard look at themselves. The fact that they're under no legal obligation at state-level to release financial accounts for state fiscal activity, and also that they can enter office without adequate CCT (code and conduct tribunal) checks, means that they can partially divert tax revenues and manipulate tax records. Furthermore, because CCT is not enforced, you can steal tax resources (among other revenues) and claim that they had this wealth prior to entering office. After all there's no way of proving otherwise beyond reasonable doubt. In closing, these hypocritical politicians need to follow their own advice by implementing transparent regulations for their own accounting obligations, before they start pointing the finger at the regular man/woman. After all "charity starts home", so all of this "do as I say and not as I do" needs to stop if tax enforcement will be effective. The inertia by politicians being fully transparent with their own tax revenues and state finances is more 'unpatriotic' than any civilian non-tax compliance. CC. Zehner 3 Likes 2 Shares |
| Travel › Re: Renovated VIP Lounge At Kaduna Airport (Photos) by heo88(m): 4:13pm On Aug 01, 2017 |
Rokaa:I don't mean to denigrate their efforts, but surely a 'lounge' shouldn't resemble an ajebutter Nigerian (home) lounge. Not even the lounges in Abuja or Lagos international airports look like this. Whatever floats their boat really. The bathrooms/wash facilities look great though! For me it's the most impressive aspect of the renovation. CC. Zehner 3 Likes 3 Shares |
| Jobs/Vacancies › Re: Apply For 2017 Msc And Phd Commonwealth Scholarship In The Uk by heo88(m): 3:10pm On Jul 31, 2017 |
Makpenen:I do. This post relates to a commonwealth scholarship for students from (including descent) commonwealth countries such as Nigeria, Pakistan, Jamaica etc. I went for an interview back in 2015 for the 2016 academic year. I came from London because they insisted they wanted to see me, incurred N600k in necessary transport/accommodation fees, and was waved away before having the interview due to not having done the NYSC. Before anyone is quick to say I should have known, the NYSC requirement is not a commonwealth requirement, nor is it something that the Nigerian National board in Abuja communicated to me; it was only whilst on ground that they said to me that it is arbitrarily imposed so they can reduce numbers. Furthermore, should you or anyone else make this application, just keep in mind that the Nigerian administrators responsible for distributing the funds will pull the regular shady moves: diverting the funds for personal use and claiming the commonwealth have delayed the necessary transfers; delaying the funds so that Nigerian students studying abroad go hungry and may face issues with their university for the non-payment of fees; or lastly they'll put your through (on merit or otherwise) and ask you to settle them every month as their 'side'-hustle gig, with the implied threat that they'll make trouble for you should you not comply. CC. Zehner 3 Likes 2 Shares |
| Jobs/Vacancies › Re: Want To Work From Home? Dailyposts UK Is Recruiting! by heo88(m): 3:00pm On Jul 31, 2017 |
Eze2000:No problem at all bro, I'd be happy to in the event I'm successful. |
| Jobs/Vacancies › Re: Want To Work From Home? Dailyposts UK Is Recruiting! by heo88(m): 9:07pm On Jul 30, 2017 |
Dailyposts:Hi guys, It's a shame that people were quick to make unsolicited claims of your post being fraud. It goes without saying, but some simple corroborative work/google search would have ascertained the legitimacy of your vacancy. In any case I have already submitted my application, I have a number of years worth of experience writing on different topics from sports and business to politics and economics. I can type very speedily, can research efficiently due to learning the method not only for media/blog work, but also through research papers for my postgraduate course. Furthermore, I can offer value-added service due to my experience as a Research Analyst (economic trends/foreign portfolio and direct investment), and also years' of experience in sales. All the best with the recruitment process and it would be great if my application is successful. |
| Properties › Re: 5 Reasons You Should Invest In Real Estate by heo88(m): 10:09am On Jul 20, 2017*. Modified: 11:40am On Jul 20, 2017 |
havillaplus:I don't doubt that real estate investment under certain circumstances can yield attractive returns. However, due to my background, I'd feel bad if I didn't share what I know or contribute to this post. Without further ado: With regards to point 1, Nigerian lease agreements (as most of us know) typically stipulate that rent is payable in advance, normally on an annual basis, or longer (i.e. 2 years) depending on the nature of the agreement. Whilst this is a flow of cash, it is not necessarily an ideal form of cash flow (you can read many books on this if you already haven't, like Rich Dad, Poor Dad) as several landlords, especially in Nigeria, are likely to have school fees, other pressing commitments, or may need to meet side chick's maintenance fees, so before they know it, the money is gone and they're more or less back where they were prior to receiving the rent. This may arguably explain why landlords sometimes become difficult as they may agitate for a rent increase, in the knowledge that it violates the initial terms of the tenancy agreement. Point 2. This is true to some extent, although it's context-dependent. Depending on whether you're in Nigeria or elsewhere, mortgage-financing for investment purposes isn't easily attainable and even where one is able to successfully secure one, Nigerian banks charge sky-high interest rates. If you're fortunate then this will be between the 18-20% range, if not then it can go higher (I'm speaking from experience), which will erode much of the 'gains' you hope to make. Furthermore, if you didn't think this was bad enough, many houses in Lagos will be more expensive to buy on a mortgage basis, than the gains that can be realised, even on a 20 year-term which is the maximum horizon for Nigerian mortgages (if you find firm contrary proof, I stand corrected); this in large part will be due to the prohibitive mortgage costs Leverage/mortgaging may seem like a great idea in theory, but may be suicidal in the Nigerian terrain. Point 3. Yes appreciation may be possible, but again this is hard in the Nigerian market. Sadly, the Nigerian market is severely distorted in large part due to the cost of Lagos houses. Even when exclusively analysing the Lagos market, you have to further stratify this to get a clearer picture; Ikoyi, VI, Ikeja, Lekki 1, Ajah etc., will have different property market conditions to the likes of Surulere, Yaba, Okokomaiko etc. No one and I mean NO ONE, should ever make the costly mistake of assuming that Real Estate appreciation is guaranteed. Sure, inflation may give the false picture of appreciation, but actual appreciation would depend on the stock of housing being lower than the number of willing buyers (supply/demand dynamics). Consider somewhere like Banana Island in Ikoyi, the dynamics here are strange because high rents are payable due to ignorance on the part of the renter or the renter has looted/illicit funds and has scant regard for managing their proceeds in a shrewd manner; nevertheless, the number of potential renters or buyers are going to be outstripped by the supply of homes. This is also the case for many of the new estates that have sprung up along the Lekki-Epe expressway. The above differs from the London market for example, whereby politicians and other public officials purposely fix the supply of houses, going as far as to ensure that the number of houses built each year are of a certain price, and also that the number of newly-built houses is less than the number of young people who are now willing to buy. The Nigerian market, couldn't be more different from other markets. Real estate crashes also occur in the developed world (USA, UK etc.). It is a cyclical occurrence and it happens because house prices cannot continue to rise indefinitely above their fundamental values as it's unsustainable. When this has occurred in the above countries, a significant number of homeowners/investors will see their accrued appreciation/capital gains wiped out; for those that are particularly unfortunate, the debt will be higher than the value of the house, so even if sold in this period (which is known as a 'distress' sale), you'll still be owing the Nigerian bank. Point 4. From the above, you may be able to see why this is not a guarantee by any means. Just because the price of rice or yam may increase due to increased production costs, or panic due to the state of the economy, this doesn't necessarily translate to an increase in the cost of rent, especially if your house is one of many that are available for rent. If time is passing by and you can't attract a renter, you'll inevitably become more willing to rent your house at a lower cost so as to avoid empty/void periods. As you can see, inflation doesn't affect every single item for sale in an identical manner. Point 5. I see what you mean and investments in real estate are very attractive due to being physical, tangible assets; after all it can be touched etc. However, it can't be said beyond doubt that it is superior investment vis-a-vis stock market investments. Put it like this: it may seem that you have greater control over real estate, but as pointed out above, if you have a levered property with high mortgage-servicing costs, and a poor economy which reduces the number of available buyers/renters, you'll be so desperate to sell so as to mitigate any losses. At this stage, you'll realise that the 'control' you thought you had was limited and the dynamics affecting the above factors are much beyond your control. The stock market however, is one whereby attractive returns can be made, in so long as you don't have a 'get rich quick' mentality. The stock market lists equities/shares of major companies that manufacture the food consumed by the regular man/women, providing jobs to said people, in some cases these corporations contribute high taxes, as well as sovereign bonds (also referred to as stocks) issued by governments (Nigeria inclusive) to help fund government spending. The stock market can provide strong returns, and even when the economy has tanked, if you as an investor can hold your nerve in such circumstances, even buying shares/stocks from investors (depending on the profile of the company/organisation), when the market does recover, you'll be laughing all the way to the bank. Furthermore, for those that are risk-averse, you can buy hedging instruments which will give you the right but not the obligation to purchase shares that you believe will appreciate. I can go on, but as you can see, the stock market has plenty of options available. Furthermore, governments and companies, globally speaking, rely on the stock market to pay pensions. Evidently they're making returns on these investments and have been doing so for many, many, many years. Other things equal, if it is good enough for them, then it should be good enough for budding investors. Contrast the above challenges in controlling the retention or disposal of property during difficult economic times, as against the control an investor has in the stock market investment. Either form of investment can be good, but this is context-dependent. Apologies for the essay, and I hope you find this useful. CC. Zehner 4 Likes 3 Shares |
| Phones › Re: Is This The End Of Etisalat Nigeria? by heo88(m): 9:11pm On Jul 11, 2017 |
Nltaliban:The exchange rate volatility which affected Etisalat is something that affects corporations generally operating in developing countries. Etisalat would've been aware of the possibility of this occuring, due to the antecedents of the Asian crisis (in the 1990s) which affected businesses/investors in Thailand and Indonesia that were unable to service dollar-denominated debt due to their economy being submerged in crises. Furthermore, Etisalat's management, it can be argued, were pretty tardy/tepid in their response to the exchange rate issue as the option to reschedule/restructure debt repayments and entering into 'Futures' contracts which can protect the value of the dollar rate a company gets, were not taken for reasons best known to themselves. Consequently, they shoulder a major part of the blame. With regards to investors running away, this issue is not as bad as it may seem and often is politicised or covered in a misleading way. Typically investment into Nigeria occurs in one of two ways: -FDI (foreign direct investment): this occurs where foreign businesses come into countries like Nigeria and set up businesses, creating jobs and arguably contributing to the micro and macro economy. Examples include Jumia, shoprite, Nigerian Breweries (don't be deceived by the name) etc. The downside to this investment approach is that it is difficult to wind down operations if the economy tanks -FPI (foreign portfolio investment): this is the preferred investment method of choice because it is easier to liquidate investments in the event that the economy goes bad. Examples include financial instruments like equities/stocks, bonds/fixed income (1yr dated etc.) and cash equivalents (also referred to as CCE and are typically treasury bills or similarly dated instruments issued by corporations) Due to globalisation and the need for foreign investors to scour the globe for investment opportunities (think oyibo pension funds, life insurance etc.), capital will touch all 'corners' of the globe in order to receive a return. Trust me Nigeria is still an attractive investment destination, albeit contingently so. CC. Zehner 4 Likes 2 Shares |
| Business › Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by heo88(m): 9:07am On Jul 06, 2017 |
Exciton:Yes sir you are pretty much correct! Furthemore, not only did the older generations do nothing, they're responsible for most of the problems we see in the present day: be it illiterate graduates, the proliferation in runs babes, an insatiable appetite for materialism, instilling inferiority complex in young Nigerians (even ajebutter) vis-à-vis their western/white counterparts etc. 1 Like 1 Share |
| Business › Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by heo88(m): 9:45pm On Jul 05, 2017 |
omohayek:Thank you for your kind words sir. In terms of US policy since the July 1944 when Bretton Woods was formed, US foreign policy has changed a fair bit: when the IMF/World Bank were formed, the Roosevelt administration through the US Secretary of the Treasury, Henry Morgenthau, forced the US$ through as the world reserve currency due to being the only country (out of the UK, France, German etc.) which was running a current account surplus (more exports than imports), and this made them replace the UK as the pre-eminent global powerhouse which they are arguably remain, even up to the present day. The dollar and other western currencies (£ etc.) at the time were then pegged to the gold standard, because money as we know it is what is known as 'fiat currency' and is intrinsically worthless (only has value due to the laws of the land). In 1971 the gold standard was abandoned due to it being a failure, and the US currency was freely-floated so to allow it be dictated by market forces (Supply and demand). This precipitated the 1973 crisis which forced the likes of the US and UK to expand their money supplies in order to increase their reserves, which was tantamount to a devaluation. Pursuant to the above, the US changed its foreign policy in a number of ways such as changing the composition of NATO, seeking alternative renewable energy (including partnerships with countries), sponsoring wahabism in Saudi Arabia etc. Furthermore, the likes of the UK who traditionally supported Israel in military terms, distanced themselves from Israel so as to repair relations with the Arab nations. The above are just some of the examples in the way in which the US has changed its foreign policy in order to adapt to exogenous/uncontrollable occurrences globally. The reason why the US sponsored wahabism is because they feared that Saudi Arabia and the other Arab nations would become a military powerhouse and pose a strong threat to the US like Russia did. Even from the late 1940s, the US had been engaged in dialogue with the UK regarding its then colony, British Nigeria, which they anticipated would soon receive independence, and the consequence of this was Nigeria's potential to become a potential military threat like Russia, due to Nigeria's unabated population growth and substantial uranium endowment (same resources the US used to bomb Japan during WWII). Many places globally have been affected by US foreign policy to curtail their power/clip their wings such as Iran, Saudi, Nigeria, the entire Maghreb/North African Arab region, Somalia etc. What do these countries have in common? They're either very Islamically conservative, or partially in the case of Northern Nigeria. This is no coincidence, but is the result of US/Western foreign policy. Forgive the plenty details above, but the reason I shared them was to buttress my assertion: the US alter foreign policy at will, as can be seen when they stopped purchasing oil from us under the GEJ administration and started to refine their own unhealthy crude oil (shale). The reason I chose those words "retribution/retaliation etc" is because Nigeria's participation in the 1973 events was what the US considered 'subversive' actions (part of "hegemonic stability theory" which is that all developing countries should be subordinate to the US, feel free to look into it) and they took offence to Nigeria and the Arab States beating them at their 'own' game. In other words, the US, knowing that they were at the epicentre of creating the Bretton Woods institutions, were astounded that developing countries could force them to devalue their currency. By forcing Nigeria to devalue their's in 1986, the significance was that this affected the economy in terms of inflation, delayed foreign direct/portfolio investment (especially under incompetent military rule), and only exacerbated pre-existing economic issues. The US stands to gain nothing from Nigeria being economically buoyant and socially functional as it is considered a threat to their eminent position. Sure, they'll say all of the right and encouraging things, but when all is said and done, in stealth they do not want Nigerian progress. Annullment of the 1993 elections were partly down to MKO nearly negotiating reparations for slavery and colonial exploits, Murtala Muhammad's death was not carried out by the lone wolf Dimka as people have been led to believe, Ken Saro Wiwa was executed due to Shell's vested interests, and there are many more examples I can list, but it is clear that US foreign policy was ever-present in all of the above events and many others. It would be a mistake to underestimate US foreign policy. In closing, there is a mountain of academic journals and de-classified government papers that will substantiate some, if not all of the above content. CC Zehner 3 Likes 2 Shares |
| Business › Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by heo88(m): 8:33pm On Jul 05, 2017 |
ADEWUMIMichael:Ok there's a few things that are worth noting: - Up until 1973 Nigeria used the Nigerian pound which was in effect the same as the UK sterling - Even when the naira was introduced in 1973, this propitiously coincided with the Yom Kippur war/oil embargo of October 1973 where the US' military supported Israel's attack on Palestinian territory. In response to this, Nigeria and all the other Arab countries which were part of OPEC i.e. Saudi Arabia, Oman, Egypt, Syria etc. issued an oil embargo (also referred to as the 1973 Oil crisis) against the UK, Canada, Japan, Netherlands and the US . This hurt the aforementioned countries as they were dependent on oil to maintain their industrialisation endeavours, and the reduced output led to a four-fold increase in the price of oil overnight: from $3 per barrel to $12. Consequently the in flows of foreign currency outweighed Nigeria's naira reserves, leading to the naira being highly-valued - As a result of the influx of new wealth, Nigerians, in particular Lagosians, developed an insatiable appetite for imported goods; demand which has largely remained unchanged up until the present day. Between 1974 and 1978/79 this wasn't a major issue such was the strength of the naira, but there was another oil crisis in 1979; this time it wasn't due to too little oil, but due to a global oil supply which outweighed demand - Where the currency was hurt was that Nigerian officials at the time were embezzling money in the belief that the oil price would remain high (sound familiar in more recent times??) and due to the 1979 crisis, they effectively were caught with their 'trousers down'; essentially they weren't in a position to service the $ denominated debt which they issued during the 'good times' - Nigeria first defaulted on its sovereign debt in 1982, then again in 1986 which led to an IMF bailout. One crucial condition of the bailout was that Nigeria devalued the naira (which can be seen on the chart) and switch to an Export-driven economy The problem with this was that the IMF knew that the Nigerian economy was consumption-based at the time due to agricultural neglect, and if any of you did not know, IMF policy is dictated de facto by the US Treasury department. The significance of this, I believe, was that it was belated retaliation/retribution for Nigeria's foreign policy in the 1970s; Yakubu Gowon was at the helm in 1973 when the oil crisis hurt them, and even when Murtala Muhammad succeeded him, he maintained similar foreign policy by selling cheap/subsidised oil to fellow African countries (among other policy moves), which coincided with Nigeria not selling oil to them - Last point and sorry for the long epistle, but the whole idea of a highly-valued currency isn't necessarily a good thing in a global capitalist economy. This is because maintaining its value indefinitely, particularly for a country like Nigeria, is near enough impossible. When you have a highly-valued currency, it discourages other sectors like agriculture; after all why will farmers grow produce when Nigerians will just import the same produce for cheaper than it cost the farmers to grow? (rhetorical question). This was exactly what discouraged agricultural and other merchandise production for exportation (whether primary or secondary commodities), and nothing is being done to solve this up until today; Fulani herdsman and lack of adequate government support has left many an agriculturist in a vulnerable and anxious state CC Zehner 7 Likes 5 Shares |
| Sports › Re: Fans React As Cristiano Ronaldo Shares Swimming Pool Photo With Black "Friend" by heo88(m): 7:13pm On Jul 04, 2017 |
conductor1:White people and their strange take on racism smh... For what it is worth, Cristiano Ronaldo has a black grandma from West Africa. |
| Nairaland General › Re: For The British-nigerians by heo88(m): 1:32am On Jul 02, 2017 |
ThiefOfHearts:I was born and raised in the UK too. What situation are you referring to? Is it the general challenges we face as Nigerian Brits? 1 Like 1 Share |
| Crime › Re: I Have Slept With 1000 Men - Benue Man Who Impersonates Female Prostitutes by heo88(m): 3:00pm On Jun 16, 2017 |
squash47:No it's not Katsina State, it's 'Katsina-Ala' which is a local government area in Benue State. |
| Romance › Re: Wife Not A Virgin On Wedding Night As Claimed, What Will You Do? by heo88(m): 2:29pm On Jun 13, 2017 |
StreetTV:That marriage will be annulled sharpish o! No dulling, no shaking, plenty moneymaking!  But on a more serious note, there is no way on God's green earth that I would stay in that marriage. Some will think that this is a high-handed action, even possibly invoking marital vows "...for better, for worse..." or even extolling Christian values of forgiving and moving on. However, such people are missing the point: This is a major breach of trust and it is not just as simple as lying; the lady in question would've been in a relationship with you for a considerable period of time, even a number of years, where the guy will have to accept her not wanting to be intimate at all, forming 'toosh', no major intimacy etc., the man would have to deny himself and essentially be celibate (assuming he's faithful). Furthermore, not that I am firm on the idea of paying bride prices etc., factors such as being a 'virgin' will inflate the price. When you consider aggregate of sacrifices that would be incurred on the groom's part, you now realise just how much of betrayal that this would be. It may sound extreme to say this, but if a lady can lie about her virginity, it raises the question of what other important lies she has told you or even will tell you. What other skeletons are in her closet? etc. As you can see a Pandora's box will now open. So hopefully you can see why I believe that the marriage would be dead henceforth. 1 Like 1 Share |
| Politics › Re: Return Home Now, Afenifere Tells Southerners by heo88(m): 9:11am On Jun 11, 2017 |
lofty900:Where in the north do you reside? 1 Like |
| Romance › Re: What Part Of Africa Am I From? Pic by heo88(m): 8:38pm On May 30, 2017 |
Lewaluv:Is that your real pic? 1 Like |
| Career › Re: Nigerian Man Loses Job Of N120k Pay Because Of N2k by heo88(m): 9:20am On May 13, 2017 |
eezeribe:God bless you mightily for this post. You've taken the words out of my mouth. Many a Nigerian (including beloved family members) will 'earn' your trust, wait for their moment to steal from you and say "mugu-maga, mumu etc." acting proud and feeling cool with themselves as if stealing is a badge of honour. Yet when they themselves are scammed they tend to say "Thunder fire you, it will not be well with you" etc. This one pass pot calling the kettle black. Dey sabi o. Stealing is unofficially codified in society and those Nigerians who stand against such actions are considered 'Chinese-copy' Nigerians for not participating in the country's number one national sport. The irony is that a very large chunk of the money that said Nigerians steal, ends up leaving the country. This is because regardless of ethnic group, many Nigerians consider having a western-style lifestyle as the ultimate barometer of success. By extension, this has fuelled a high demand for imports of western products; something which has remained constant even in recessions, and even at the expense of Nigerian agricultural and other jobs that are threatened by this demand for imports. Consider all the money that heads of government agencies, senators, government officials etc. move heaven and earth to steal, even willing to kill in the process, all to send these funds abroad and enrich oyinbo. It's like a technologically-advanced slavery/colonial mindset. Whatever one calls it, such people lament poor governance, the state of the country etc. but by their very continued actions they're betting against the chances of the country genuinely improving. Everyone knows that stealing/corruption etc. is not right even if they rationalise it or sanctify it to insulate themselves from feelings of guilt (especially the 'women/men of God' and pious Muslims alike), however this practice is more dangerous than it may seem. When you ally this with how the youth are being misguided by the elders i.e. pot-bellied politcians telling babes their best bet for a career is runs, certain parents telling everyone to study for worthless degrees etc., we're in for very difficult times ahead, but for major changes and more effective policy implementation to counteract this. I don't say any of the above to be judgemental, it's more to lay bare the significance of such decadence. 6 Likes 1 Share |
| Business › Re: Nigerian Breweries Appoints Johan Antonie Doyer As Managing Director/ Ceo by heo88(m): 1:04pm On May 10, 2017 |
johnie:I didn't really mix them up and here's why: UCA Nigeria were a company owned by United Africa company whigh later became a subsidiary of Unilever, and was founded in 1931. In 1943 it became known as United Africa company Ltd and remained dormant until 1955. At this point it started acquiring, over a period of five years, a large part of the business of UAC International. In 1960 C.W.A. Holdings Ltd, England also a subsidiary of Unilever, acquired the interest of UAC International in the company. Further reorganisation concluded in 1973 and resulted in the acquisition of a number of wholly owned fellow subsidiaries of C.W.A. Holdings. Following reorganisation, the company conducted the acquired businesses as operating divisions, which are now in voluntary liquidation. The company took the name UAC of Nigeria Ltd in 1973. In compliance with the Nigerian Enterprises Promotion Act 1972, 40 percent of the company's share capital was acquired in 1974 by Nigerian citizens and associations and in accordance with the provisions of the Nigerian Enterprises Promotion Act 1977, an additional 20 percent of the UAC's share capital was publicly offered in 1977, increasing Nigerian equity participation to 60 percent. The name UACN Plc was adopted in 1991 1 Like 1 Share |
| Business › Re: Nigerian Breweries Appoints Johan Antonie Doyer As Managing Director/ Ceo by heo88(m): 11:22pm On May 09, 2017 |
thesicilian:In case you wondered, Nigerian Breweries are owned by Heineken Brouwerijen B.V., a Dutch company. The brands they own are: Star Lager (launched in 1949) Pale Lager Gulder lager beer (1970) Pale Lager Legend Extra Stout (1992) 7.5% ABV Extra Stout Heineken Lager (June 1998) Premium Lager Goldberg Lager (October 2011) Life Continental Lager (October 2011) Star Lite Lager (February 2014) Pale Lager Ace Passion Apple Spark (December 2014) 33 Export Lager (January 2015) Williams Dark Ale (January 2015) Turbo King Stout (January 2015) More Lager (January 2015) Breezer (January 2015), in three varieties of fruit-flavoured bacardi drink Ace Roots (April 2015) Star Radler (July 2015) Ace Rhythm (September 2015) Star TripleX (September 2015) Strongbow Cider (November 2015) Alcohol-free drinks Maltina (1976), in three varieties, namely Maltina Classic, Maltina Strawberry, and Maltina Pineapple; Maltina Sip-it (2005), in Tetrapak; Amstel Malta (1994). Fayrouz, in pear, pineapple and exotic flavour (2006) Climax Energy drink Malta Gold (October 2011) Himalt (January 2015) Maltex (January 2015) In terms of the other foreign companies, as promised here's the list: 1. Diageo is a foreign owned company that own the popular 'Guiness Nigeria'. There brands I'm the Nigerian market include: -Origin -Origin Bitters -Guiness stout -Guiness stout extra move -Harp 2. Unilever Nigeria owned by the British company Unilever. They were formally 'United Company Africa' and themselves along with the Royal Niger company, owned the former Lagos Colony which comprises much of modern day Yorubaland. This was sold to the Britain in circa 1887. The brands Unilever Nigeria own are: -Omo washing powder -Key soap -Royco bouillon -Lipton tea -Blue Band margarine -Pears baby care goods -Vaseline petroleum jelly -Lux soap -Close Up toothpaste They also own Mr Biggs through united Africa company 3. Airtel which are owned by the Indian company Bhati Airtel 4. The Ghanaian company Kasapreko plc own the Nigerian brand Alomo Bitters 5. Emirates Telecommunications Company is a UAE multinational company that own Etisalat Nigeria. They also have the Etisalat brand in the middle east 6. MTN Nigeria is owned by the South African company, the MTN group 7. Shoprite Nigeria is the Nigerian subsidiary of Shoprite Holdings Ltd, a South African retail firm established in 1979 by South African Billionaire Mr Christo Wiese 8. Medview Airline is owned by the Saudi Arabian businessman, Sheik Abdulmohsen Al-Athunayan (Chairman) 9. FrieslandCampina is a Dutch company that owns the Nigerian brand 'PEAK Milk' 10. Barcelos are South African owned 11. Jumia are French-owned and were previously known as the 'Africa Internet Group' who are partly owned by the Rocket Internet group which is German-owned There are many more but this is what I know of for now. I hope it helps. 2 Likes 4 Shares |
| Business › Re: Nigerian Breweries Appoints Johan Antonie Doyer As Managing Director/ Ceo by heo88(m): 10:39pm On May 09, 2017 |
thesicilian:We'll I guess that may be deduced by some. As promised, this is the list of companies/brands that are marketed under the auspices of being a Nigerian brand but are foreign-owned: -Guiness Nigeria which is owned by Diageo which is a foreign company. These are some of the brands they own which are considered quintessentially Nigerian: 1. Orijin 2. Guiness stout 3. Harp 4. Malta Guiness 5. Orijin Bitters -Unilever Nigeria, owned by Unilever which is a British company that was originally called 'United Company Africa'. This company owned the land which was the Lagos Colony (comprises much of modern South West Nigeria/yoruba land) with the Royal Niger company. They sold it to the British government in circa 1887. The brands that Unilever Nigeria sell to Nigerians include: 1. Omo washing powder 1 Like 1 Share |
| Business › Re: Nigerian Breweries Appoints Johan Antonie Doyer As Managing Director/ Ceo by heo88(m): 2:51pm On May 09, 2017 |
thesicilian:I doubt you're interested in doing this, but if you research the owners/shareholders of 'Nigerian' Breweries you'll find that they're not Nigerians, but Europeans who have operated under the auspices of being 'Nigerian' to give the impression of being a domestic company, and by extension be patronised by the Nigerian mass market. When you take this into account, it becomes clearer why Nigerians will be less likely to occupy such senior managerial positions. They're often considered inferior vis-à-vis European candidates. I can produce a long list of 'Nigerian' companies that are foreign-owned 1 Like 2 Shares |
| Education › Re: Nigerian Student Attempts Suicide In U.K As NDDC Backs Down On Scholarship by heo88(m): 5:25pm On Mar 27, 2017 |
ebubelaila:This is a big shame. Nigeria unfortunately has a track record for this type of behaviour; moreover this type of behaviour from officials/governments can be attributed to how 419 activity really began to grow. Without going into too much detail, after the oil crisis of 1973 which saw Nigeria's and other Arab states currencies increase in value, the economy was in a more promising shape, which led to a number of initiatives like the Nigerian government of the day financing a select number of students for scholarship programmes abroad. Sadly, after the Shagari civilian interregnum was truncated by Buhari's coup, the government stopped honouring scholarship payments to students based abroad. Of course this gave rise to dismay and desperation; in some cases desperate students resorted to certain means of survival, of which 419-related schemes were thought up and executed. My commiserations are with this particular student and I can only hope (for now) that the Nigeria can break this habit of withholding/delaying scholarship payments. |
| Education › Re: Nigerian Student Attempts Suicide In U.K As NDDC Backs Down On Scholarship by heo88(m): 5:23pm On Mar 27, 2017 |
OfficialAwol:You're right and it's a shame. Nigeria unfortunately has a track record for this type of behaviour; moreover this type of behaviour from officials/governments can be attributed to how 419 activity really began to grow. Without going into too much detail, after the oil crisis of 1973 which saw Nigeria's and other Arab states currencies increase in value, the economy was in a more promising shape, which led to a number of initiatives like the Nigerian government of the day financing a select number of students for scholarship programmes abroad. Sadly, after the Shagari civilian interregnum was truncated by Buhari's coup, the government stopped honouring scholarship payments to students based abroad. Of course this gave rise to dismay and desperation; in some cases desperate students resorted to certain means of survival, of which 419-related schemes were thought up and executed. My commiserations are with this particular student and I can only hope (for now) that the Nigeria can break this habit of withholding/delaying scholarship payments. |
| Politics › Re: A 5-Mile Island Built to Save Lagos’s Economy Has a Fatal Design Flaw by heo88(m): 7:24pm On Mar 20, 2017 |
obailala:I couldn't put the above any better!  |
| Politics › Re: A 5-Mile Island Built to Save Lagos’s Economy Has a Fatal Design Flaw by heo88(m): 5:19pm On Mar 20, 2017 |
obailala:Yes you're definitely right in that the imperative for the Great Wall of Lagos was to mitigate the ever-increasing risk of flooding, owing to Lagos being a coastal city. Nevertheless, whether one is a marine engineer/versed in the subject or not, it doesn't take much to work out that the excess water which would have led to flooding, has to be displaced to another location. The expert from OP's extract may well be right in that depending on the flow of excess water, this could be displaced to another part of Lagos (think Ibeju-Lekki axis/Ajah/parts of Lekki etc.) or even other parts of Nigeria (gulf of Guinea- Rivers state, Delta, Akwa Ibom, Bayelsa etc.) and if Nigeria is unaffected, consider other African countries that may be affected like Ghana (Accra backs off onto the Atlantic Ocean), Sierra Leone, Togo, Benin, Cameroon, Angola etc. With regards to assessing the potential pitfalls, whilst a considerable sum of money has gone into this project, there are no guarantees beyond reasonable doubt that this project will work. I had a meeting with Ronald Chagoury Jr (the son of Ron Sr, not his brother as the report erroneously suggests) back in October 2015 in London. I was trying to hustle funds to make an investment in one of the units, I believe in the Eko Tower and I was doing my due diligence to be sure of whether or not it would be a worthwhile investment. Ronald himself said that he can't give a 100% guarantee of the project being effective in the very long-run, but by his estimations (from a non-expert perspective) he thinks that all residents on Eko Atlantic and VI will be safe for at least 70 years. Beyond this period, he can't be sure. Without rambling on anymore, I'll say to anyone that is willing to listen that many of these expert/non-expert opinions should be taken with a firm pinch of salt. I have been involved and privy to a number of Nigerian projects over the past 5 years and I'll tell you that there are many, many people that are making mouth about their level of insight and expertise. When all is said and done, many have been made to look like idiots, and many so-called experts have been found out. Many a person is "making it up as they go along". Make of the above what you will. 4 Likes 1 Share |
| Politics › Re: A 5-Mile Island Built to Save Lagos’s Economy Has a Fatal Design Flaw by heo88(m): 5:03pm On Mar 20, 2017 |
LRNZH:Bro you speak plenty sense. The challenge with the 4th mainland bridge being prioritised ahead of Eko Atlantic is that the latter has great potential for kickbacks/bribes than the former (which has reportedly been signed off and will cost a lot less to execute). Also the 'smoke and mirror's' element to it, also makes it more attractive to the most influential stakeholders; effectively the thinking is 'style over substance'. Hopefully, the long-term effect isn't disastrous. 1 Like |
| Business › Re: As Naira Gains, Neighbouring Countries Ease Rush For Nigerian Goods by heo88(m): 5:42pm On Mar 06, 2017 |
ManirBK:This is an issue which is properly understood by few, but kinda straightforward to explain: In simple terms the slide in the naira/wide gap between official and parallel exchange rates is attributable to dollar-denominated currency theft of predecessor governments to a large extent, and incumbent government officials to a lesser extent (think Sanusi Lamido whistleblowing on missing $20 billion and Amaechi's unsubstantiated claim of a missing $49 billion). This same theft also explains the record-high level of inflation that has hurt many modest traders and the working class woman/man as such missing dollars would have prevented the CBN from imposing dollar and import restrictions. In order to understand the above in a bit more detail, consider back in the the 70s when the naira was worth more than the sterling and dollar; many seem to think that this was a good thing and wish for such days to come back. However, such thinking is folly as these conditions are inherently unsustainable. The reason for the naira being valued so highly back then was due to an influx of foreign (sterling and dollar) currencies, such that this reduced the value of these currencies and inflated the naira as the naira was in lower supply vis-à-vis the foreign currencies held. You may ask why this is a bad thing and it is simple to explain: a highly valued naira makes agricultural exports (which Nigeria is working hard to increase) more expensive for other countries to buy from Nigeria, either because they'll need to pay more for dollars/sterling to convert into naira, or because the naira will be more expensive than before against their own currency. The significance of this is that it will displace demand to rival countries that may produce the same agric i.e. Malaysia, Ghana etc for lower than Nigeria due to their currencies being valued lower. The knock-on effect is lower production, stunted job creation and ultimately a reduction in the economy (think lower output, less spending, lower GDP etc). The above explains why neighbouring countries are discouraged by the latest gains in the naira as it hurts their pockets. In conclusion, a highly valued currency may help Nigerians get more value for their money when it comes to buying foreign goods/travelling abroad, but it will definitely discourage exports and slow down economic growth. Any further questions, please quote my post. [Zehner] |
| Jobs/Vacancies › Money Matters NG Is Now Recruiting!! by heo88(op): 11:55am On Feb 18, 2017*. Modified: 12:43pm On Feb 18, 2017 |
Money Matters NG is now seeking high quality candidates in the following areas for its Lagos Ikeja office: •Operational Analysts (IT skills desirable) •Marketers (attractive packages) •Writers (Lifestyle, travel, finance/economics) High quality applicants should email their CVs and covering letters to info@moneymatters.com.ng 3 Shares
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| Romance › Re: Lagos Prostitutes Featured By British Photographer In Dailymail Report (Photos) by heo88(m): 4:21pm On Feb 02, 2017 |
contactmorak:Well done oyibo! Honestly clap for yourselves! I love the way the portray Nigeria negatively; c'mon, they should be rewarded for their consistency, after all consistency is a virtuous trait [detect sarcasm] On a more serious note, this is very ironic and people should better inform themselves. I can say on record that it is the British former colonial 'masters' that started ashawo culture in Lagos. This can be traced back to the 1930s: during this period, there were a number of British white colonial administrators in Lagos (and other parts of Nigeria of course), most of which were male and had their wives back home in England mostly, but also other parts of the UK. Anyway, they missed the marital kpekus and so they sought to approach young local girls, average age of 14 and would exchange sex for food/provisions, money and/or any other type of benefit that appealed to the young ladies. This began to become a more common practice and lasted up until circa 1943 when the chief colonial administrator (sorry can't remember his name) put a stop to this due to the outbreak of venereal diseases, otherwise known as sexually transmitted infections. However, this didn't stop the trade and it continued up until the present day. The above is curated from PhD research into Gender-relations in Nigerian Political Economy. |
| Health › Re: Help! I Sweat A Lot And Uncontrollably. by heo88(m): 5:11pm On Feb 01, 2017 |
sonofLuci:Good day Sir, I hope it is well with you. I'm sorry to hear about your issue but I've had a kinda similar issue due to a condition. Please don't be too annoyed though as it is perfectly normal to sweat as it is the body's natural reaction/cooling mechanism to being exposed to heat/high temperature. What its sounds like is that your sweat glands are over-reactive. What you may be suffering from is called either "Primary hyperhydrosis", or if you have an underlying medical issue (God forbid!) which causes you to sweat as a symptom, this will be called "secondary hyperhydrosis", in medical terms. Fear not as there are ways of remedying this. There are different approaches some of which will require trial and error: 1. Consider what makes you sweat; as in reflect on actions you may take which precede the episodes of sweating 2. Food: I love spicy/hot food, like supernaturally hot. However this in of itself helps to bring on sweaty spells. You may want to reduce the amount of spice in your food, especially if you consume this regularly or if possible, cut it out completely 3. Clothing: black/dark clothing are heat conductors and so wearing them in Naija sun will generally make it more likely that a person will sweat, even those that are quite resistant to heat 4. Thoughts: I am not sure how well you deal with stress, but raging thoughts, intense thoughts, anger, intensity of emotion, believe it or not, can induce sweat/an increase in body sweat 5. Exercise- I'm not sure whether you exercise regularly/semi-regularly but if you do, then this will generally make sweaty experiences worse. Please don't stop exercising if you do, but you may wish to wear very light clothing or no top when you do, bath with cold water after and if your schedule is flexible, then you may want to try exercising at night when the heat is less oppressive, as opposed to the daytime sun Cold/lukewarm food like salads, fruit, veg etc help to maintain or even reduce the body temperature and by extension, reduce sweat. Furthermore ice cream or ice in its crude form also helps to reduce the body's temperature. If you find that you may have to attend a professional event or wear a suit, if possible consider rolling your sleeves up and minimise the time you have to wear the suit jacket. If this is not possible, you may want to visit a pharmacist and check as to whether they stock a spray called 'Odaban' (I've attached an image). Should you find this, the instructions are to apply it to the areas where you tend to sweat the most (face, scalp if you have very low hair/baldness, armpits etc) and you do this twice a week at night, just before you're about to go to bed, and wash it off when you wake up in the morning. Please also make sure your face is dry before applying it as a moist face will reduce its effectiveness. The above is all I can think of and I wish you well. Feel free to let me know how you get on. 2 Likes
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| Nairaland General › Re: Nigerian Mother Racks Up £350,000 Bill In NHS Hospital After Flying To Britain by heo88(op): 6:47pm On Jan 16, 2017 |
Waspy:  |
| Nairaland General › Nigerian Mother Racks Up £350,000 Bill In NHS Hospital After Flying To Britain by heo88(op): 6:26pm On Jan 16, 2017 |
Nairaland featured in the UK daily Mail newspaper titled: [/i]"Nigerian mother racks up £350,000 bill in NHS hospital after flying to Britain to give birth to twins"[i][b] A hospital is chasing a £350,000 bill racked up by a Nigerian mother who flew to Britain to give birth to twins. The shocking figure exposes the scale of abuse of the crumbling NHS by health tourists. The woman, who has not been identified, had a caesarean section at Luton and Dunstable University Hospital. She had been transferred there from another hospital because of pregnancy complications. Her twins then spent two months in intensive care. The Government has been accused repeatedly of failing to clamp down on health tourism, which is thought to cost up to £280million a year. Patients face fewer checks on eligibility for free treatment than in other countries. The bill comes to light at a time when the NHS is in the grip of an unprecedented winter crisis, itself blamed on lack of funds. With doctors saying conditions in A&E are the worst they have seen: - It emerged that hospitals have started taking the unprecedented step of cancelling cancer operations; - A poll suggested 78 per cent of voters would like the aid budget used to help the NHS; - Theresa May was accused of 'scapegoating' GPs in a row over surgery hours; - Nearly half the hospitals in England declared major alerts through overcrowding; - Doctors warned the worst may still be to come as flu cases increase. The case at Luton was uncovered through a series of freedom of information requests sent by the Mail to all hospitals in England. A spokesman confirmed the hospital was owed £348,683 by the Nigerian mother who gave birth to twins in 2015. The woman had been transferred from another hospital nearby due to complications during the pregnancy and the babies spent two months on the paediatric intensive care unit. Luton is one of just three paediatric intensive care units in the East of England, and the trust said it could not refuse treatment 'if there was a danger to life'. The responses from 90 hospitals revealed that 13,077 overseas patients were treated in the UK in 2015-16, including 3,066 mothers who flew in to have their babies. These women were responsible for some of the highest debts and a significant number are understood to have come from Nigeria. Imperial College Hospitals in West London said it was chasing a £319,895 bill for a woman who gave birth to triplets. Staff at the trust have since disclosed that this autumn they looked after a 43-year-old Nigerian woman who gave birth to quads. She went into premature labour on the flight to London and one of the babies died. The costs of caring for the surviving three infants have passed £100,000 and staff predict a final bill of half a million pounds. Doctors are faced with a dilemma over eligibility because they are obliged to provide immediate medical care regardless of a patient's nationality or whether they can pay. Experts say our hospitals are being targeted, in particular by wealthy Nigerian mothers-to-be. Katherine Murphy, chief executive of the Patients Association, said: 'The NHS is in a critical state due to lack of resources, so any abuse from health tourism should be stopped. The sums of money are astonishing. Most patients would be concerned about the vast sums of money not being reclaimed and the potential for this money to be spent on frontline services and staff – which could improve the quality of care and the time in which people receive care.' Professor Meirion Thomas, a cancer surgeon who formerly worked at the Royal Marsden Hospital in London, said: 'These massive debts are staggering and should be investigated by NHS fraud officers. Patients don't arrive at specialist hospitals with serious illnesses by chance. It is likely there are facilitators and accomplices who enable this fraud. They may be friends or relatives or even health professionals.' Tory MP Peter Bone said: 'This has been a longstanding problem and it costs millions a year. We need the Health Service to implement a system whereby the person going in for treatment has a right to have it or has the means to pay.' Andrew Bridgen, another Tory MP, said: 'Those who are not eligible for free healthcare must pay. If we don't address this issue it will only grow. 'There appears to be huge reluctance amongst clinicians not to charge people for free healthcare. We cannot afford to fund an international health service.' One Nigerian, Bimbo Ayelabola, racked up a bill of £145,000 in giving birth to quintuplets in Homerton Hospital, East London, in 2011, and has not paid the money back. Nigerian women and their husbands swap tips on how to give birth in NHS hospitals in an online discussion forum called Nairaland. Although many claim they intend to pay the full costs, they may not be able to do so if the birth is complex. A spokesman for Luton and Dunstable Hospitals said of its case: 'This patient was an overseas visitor and was referred to us by another hospital because of complications with her twin pregnancy. 'As an NHS Trust we cannot refuse to treat a patient, wherever they are from, if there is a danger to life. In this case two unborn babies required immediate care. 'They were delivered safely but spent two months in our Neonatal Intensive Care and High Dependency units. This is the reason for the high cost and we are currently pursuing the patient for payment.' Ian Eardley of the Royal College of Surgeons said the NHS was under tremendous pressure. 'More and more patients are going to A&E and there is more difficulty in getting patients home – it's not something we are comfortable with,' he added. http://www.dailymail.co.uk/news/article-4123156/Health-tourist-s-350-000-bill-paid-NHS-crisis-case-mother-flew-Nigeria-birth-two-twins.html 1 Like 2 Shares
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