₦airaland Forum

@Bushfellow
At least it is taking this long for it to be 'getting worst'.

My good man I know for sure that 8yrs ago we didnt have any statistically relevant middle class (Defined in economy as a one or a family with a personal disposable income (PDI) of $5000/ annum = N650,000.) As you and I know the case is different now. The starting salary for many banks and telecomms company (which didnt exist 8 years ago if you notice) is more than N650,000 per annum.
There are also other industries developing - fund managers, stockmarket investors, farmers, service providers. I think you are being either economical with the truth or have been barking up the wrong tree in the past 8years.

One question for people who live in Nigeria.

Is YOUR life better now than it was 8 years ago?

Simple question, please only simple answers.

Ladies and Gentlemen,

Let us stop pretending that the problem of the Niger Delta is anything but an attempt to unjustly enrich oneself from the proceeds of Oil. Be it the corrupt government officials or the MILITANTS.

I lived in the ND for about 6years and I know for a fact that there is entrenched a way of life surrounding the current situation. Unfortunately, people have adapted their lifestyles to take advantage of the unwholesome situation.

As it stands any solution for the Niger Delta would have to start first of all with the total and unconditional dismantling of the militant movement infrastructure. Otherwise they will overun any regional government (for people advocating full control of resources or autonomy).

Also, I know that we Nigerians are always quick to criticise the central government but I wonder what exactly is the job of a state governor when he cannot impact on the lives of his people. What are the governors of the ND doing? At least I can count the things that OBJ has done as President, what have the governors contributed, what have the Senators and house of rep members brought to their constituencies? People fail to realise that most of the things they are complaining about are really within the purview of these incompetents. Look at it this way - When we were all in primary school we had Class teachers, subject teachers, head of departments and the Head teacher. If you had a problem you went to see your class teacher who then assessed the situation. If it was academic the relevant subject teacher would be consulted and if the problem was administrative the correct administrative officer would be consulted. Now many of us scarcely remember who our head teacher was or what they looked like. The same should be the practise in the administration of our country.

So first of all stop the militant action by all means necessary.
Second, introduce us to the legislators and executives from these areas.
Thirdly, focus the searchlight on these fellows and hold them accountable for delivering dividends of democracy to their people.
Fourth, draw up a time-bound, responsibilities assigned, achievable plan for the region and implement it strictly.

I think that is what is needed all over Nigeria and not only in the Niger delta. We need to hold our local (MP's) o sorry, legislators and executives accountable, because frankly I don't know what they are doing.

@Frankiriri

Hey, You dont sound like the kind of man to let a little irritation dissuade you. Remember he who having put his hand to the plough then looks back is not worthy of the task.

Anyway, you have people yearning to be members here. I have the feeling that people want to partake from an Online perspecive like this. You know people are busy and they check the forum at their convienience.

What we are asking is that you educate us on the structure you have put on ground. Did you have to open an account for the club? Do you have a stock broker managing the account? Is the club registered with the CAC? etc.

Post the structure here and let everybody analyse it at their leisure and then decide if they can trust the structure.

I will be going to Naij in June. Hopefully before the First bank PO closes I should be able to take a position and personally too.

Please people I really think we can do this thing. If there are any people in the UK who think we can organise from our end here while people in Nigeria like Frankiriri organise from Nigeria then when I go to Nigeria we can consolidate the plans please give suggestions.

Anyway where are the fundamental, technical and Naija sense analysis on first bank ?

Carpe diem.

ELLOWWW Somto

@Luxoire

luxoire:
@ijogbon
no dey mind some people

Ma'darl, Sorry jare, ma bad. I didnt notice the 'I'm a jerk, Please ignore me' boot stamped onto his arse.

Exams? Howz the cramming going?

@Cute_n_hot
Hey that'ld do. Go on tell us about it? Waz it in Naij or where?

@Cute Ass
Not your thing to be a prisoner of love even ?

I think it will be good knowing how it went 'inside' for people who have been.

@Fekuti

Age- 12?

*&^&%&%&*( !!!!!

I Think you got the wrong thread here, the joke thread is spelt JOKES, dah.

@Arizona
I am outside Nigeria myself. So I am putting your question on my front burner.

@Frankiriri
Over to you Sir.

I was thinking if we could find a good broker and a good banker they should both be able to advise us better.

I think we have some on Nairaland, Maybe if you know any you can refer them.

There I am, sat here, then I start to think.
People might not admit it to your face, but has anybody been to jail here (As a convict I mean)? Or know any very close persons that have been or are in Jail?
I think this thread will educate us on a very pertinent issue which intrigues us but very many people will (By the grace of God) never experience.


Please let us explore this issue here.

Donzman:
@ijogbon
Yeah I know your dumbass will ask me,,,,

@Donzman

Excuse you?

I know that when in the throes of passion we often lose all inhibitions but that is no reason to confirm to us that your SELF love has progressed to the stage where you 'get off' by throwing insults with one hand typing on the keyboard while the other hand gets more familiar with 'scratching' your third leg.

No insults please. Deal with the issue.

Why did the government need to deploy policemen in the first place? Why did the youths kill these policemen? Why did the youths not heed the government ultimatum to surrender? Why didnt the innocents stay on despite the government 'get out now clause'? Why when many people were leaving did other people decide to stay? Why did they stay on when they realised some miscreants were ACTUALLY shooting back at the Army troops? That is what I asked O.

I in no way condoned the killing of innocents. I only stated that if I hear that someone killed 12 policemen in my area I would kindly give them schance.

A Nigerian proverb says - When the fly was eating (from the sores of) the wounded man nobody commented, but when the man eats the fly they will not let him rest.

Moral of the story don't bite the government.

frankiriri:
@ everyone
The investment club that I run is having an inaugural meeting at the upper lounge Tantalisers 22 Road Festac Town tommorow at 5pm prompt. Admission is free

@Frankiriri
Unfortunately I am in no way able to attend this inaugural meeting. I would have loved to however. Could you please post up the minutes here for us to read.

About the 5000 members thing? All in good time. I know with success in small things, success in big things is more possible.We will register this fund eventually.

For now I would have loved the fund to be something of an investment club like the one you are the protangonist of. I wouldn't mind adopting your club as the platform for this venture. We can for now discuss the investment vehicles and every body can agree to invest so and so amount and we take it from there. Eventually we can all then consolidate the individual investment into a fund of sorts to leverage on size, maybe becoming strong enough to get people on the board of directors?
I know there are a lot of trust issues inherent in the proposal but we have to get thru them somehow.

We can start by taking a position in Firstbank, maybe in groups of 10, 20 or 100. I am thinking of buying Firstbank on my own, I wont mind putting up to N100,000 in a pot to also buy Firstbank as part of a small fund of 10-100 people.

People are virulent on this thread O !!!!

@PapaBrowne

So your point is? 10,000MW will only cause more power shortage? O my goodness, spare me. !
So do you mean we should not develop the 10,000MW capacity, or what? and if your argument about demand going up bla bla bla works for 10,000 why not the 25,000 you recommend? And why benchmark electricity requirements with SA who obviously have a more developed manufacturing capacity?
The bottom line is that any child in Nigeria can tell you the BAD thingz that are happening. But it takes people with vision to see ahead of their time. Answer the thread - Good things happening in Nigeria.

@Donzman
I take offense at your mediocre attempt at whipping up semantics.
I in no way condone massacre of innocent victims - be they Odi indigenes or Police and Army men doing their legitimate jobs (Or were the men killed by the Odi youths condemed men?)
My point is this - Tell us what neccessitated the initial deployment of Security forces. And give us justification for the killing of government security operatives. Then we can debate.

@LASYEM

Where?

Lets see your analysis and your argument. Will Land outperform stocks on the long term, short term or is it less risky, less expensive?

Real experiences? Case studies?

The way I am thinking is - develop a philosphy, analyse the market all on the forum here just like it is been done already, but the key difference is that we indeed invest jointly hedging our risk and leveraging our collective. I am sure the stockbrokers in the house can advise on the modalities for the purchases. And Bankers can advise on opening an account. Over to you guys then.

Anybody who has experience setting up an investment club can help too.

@Sleekdot

My kind Sir.

I see you are passionate about the Odi issue. I sincerely apologise for my insensitivity, you might have lost loved ones in that event.

I suspect you are from the Niger Delta and you therefore more than anybody should know that the so called Struggle has been hijacked by simple minded criminals !

Saddam was killed because he didnt have the guts or the decency to KILL his f**king self, Bush did him a favour. (Note they convicted him for the killing of Men and Boys in a town after an attempt on his life, not the Kurd issue, if I remember correctly)

What I was trying to point out was that though the particular issues escape me now, I know back then the start of the Whole Odi issue was based in criminality. I think they were robbing banks and summin like that? I am not sure perchance you might want to remind me.

And Yes. If some FOOL decided to make my life hell and KILL some soldiers, well, I would appreciate it if the government gave me a few days (Like was done in Odi) to get as far the f**k away from there as possible. Before they do their job.

Obasanjo could not be compared to Saddam because in the case there was no chemical weapon used

@Don_dada

Ha !  Rejoice for the Lord is your strength 

What are you thinking again? You should be doing thanks giving !!!!

My people say : Iku to ye ki O kpa ni, ti O shi ni ni fila, ah ko le kpa ni Mo!!!!!! (What wanted to kill you but missed and knocked off your hat, that thing can not kill you anymore).

Now as I am 'talking' to you now now, use your tongue to count your teeth, oya ahn lehn le !!!!!

You need to play this girl out !!!! You know maybe you can put up her details and the playerz in the house will help you teach her some sense.
Me I can buy Car for this kind of girl O !!!!! I see the making of a beautiful revenge on your part, 

@Cheexy
I do dont I ?
Well I just finished a 20,000 word dissertation so I am still addicted to surfing most of the day.

@Dis Guy
An investment club for the NSE to discourage people from subscribing to readily to HYIP's and Pyramid schemes. Giving them the option to try it out themselves if these schemes really invest in the market.

@T-Man

I dont know if you are Sierra Leonian but I am not. I am Nigerian and Yoruba with a very proud heritage. I was taught - Oun a ni la'n gbe laru ge (It is that which we have we are proud of).

My point was that Nigeria is in no way an LDC (Lesser developed economy).
We are very well secure in our economic segment as AN EMERGING ECONOMY. A Member of the SANE group of economies we contributed in giving Africa about a 7% growth figure in 2006. By the way SANE = South Africa, Angola, Nigeria and Egypt incase you were thinking the S meant Sierra Leone.

Nigerias' economy is classed with that of Brasil, Russia, India and China (The BRIC group of Economies) and well entrenched EMERGING economies.

I am not comparing Nigeria to America in all facets just those I highlighted. So please please please never never compare Nigerias' economy to that of a LESSER DEVELOPED COUNTRY it is abhorring.

Thank you.

@Cheexy
Thank you. Na my small sense


Please people see the link below, Its my thread and my take on the issues therein -

https://www.nairaland.com/nigeria/topic-54328.0.html

Please contribute O !!!!

Hello people.

Everyone that has ever read any of my threads will know that I am one for pragmatic, proactive advancement.

I hear a lot of talk talk talk hear but it is difficult to see any action.

So I propose this. Let us post proactive ideas here and form teams to actually undertake these projects.

For example one of my petl oves is investing and I know many people share my interests and are quite well versed in the discipline.

I was just wondering, seeing that the likes of Nospetco, sefteg, wealth solution etc. take money from investors and give them at best 10% per month = 120% return per annum (which is colossal by any measures). I have also heard talk that these monies are invested in the stock market (NSE)? well at the 10% per month rate you make 120% return in 1 year but I know people who have made 400% on the NSE in 1 Year. Yes. You read right- 400%. So Nospetco and the likes are riping you off  by as much as 280% 

My point is - I am looking for people who want to start up a NAIRALAND Fund or Facta non Verba fund (If Seun objects to the use of his franchise). I will be willing to take a position up to N10,000 for a start.
If we can find enough people I am sure the possibilities are endless.
Imagine, just 10,000 out of the 90,000 Nairaland members would swell our fund (at N10,000 a person) to N100 million.
I see this as an advantage because we would be able to take significant positions in some invesments and maybe some hostile takeovers and bidding for refineries lol.
But seriously I am in.
Let me know what you think.

Feel free to post other such ideas which you sincerely intend to pursue (Nairaland or not) and I will be glad to join any that appeal to me.

But remember - Facta non Verba (Action speaks louder than words !!)

Acta Non Verba, But Words Do Speak!

Hello people.

Anyone who has read my threads knows a few things about this boy already.
1. He passionate about Naij.
2. He aint blind.
3. He knows something about money.
4. He is proactive and pragmatic.
5. He spends too much time on Nairaland. lol

My point is this, we spend so much time here debating and gathering information but we seldom leverage this to achieve some sort of COLLECTIVE advantage which other pragmatist must agree is much better (though it does not diminish) personal gain.

There are so many intellects in this house. So varied a distribution of age, education, lifestyles and life stages. But what I can see here is talk talk talk.

This is what I am proposing:

That we use this thread for forming proactive alliances. To undertake SPECIFIC projects. It could be anything at all, but just outline its goals and target then let people make definite and PUBLIC commitments. Then go for it, giving situation reports here for people to see and contribute.

I want to start by proposing a Nairaland Fund or Acta non verba fund (If Seun objects to the using of his franchise).

I see so many people who have investment sense in the house. We could poll this and analyse the market one company at a time on this forum then make a portfolio of shares or bonds or commodities that we now invest in as a collective. I am sure I can play with N1000 for a start. We then monitor the portfolio and try to beat the market.

I have read extensively about Nospetco, Sefteg, Wealthzone etc on this forum and I always hear that they invest the monies in stocks and this and that. Well as at last check the Nigerian stock exchange has grown about 400% in 2 years. But the best of these scheme pays 10% in a month. In my calculation that is still 240% in 2 years. A shortfall of 160% of NSE.  .

In the developed economies this is the practise. Many people have been able to beat the market by obeying simple laws and sticking to philosophy and I believe we can do it in Naij.

I know its possible in Naij because many people have return astronomical profits.

The advantage of this Nairaland fund will be that if we can poll our resources we can take a bigger position in the market and maybe do some hostile take overs (Dangote sugar). But really just imagine 90,000 Nairaland members. Say 10,000 invest 10,000 in this fund that is a N100 million Naira already and I know I would rather put all my money in the hand of an idiot named ijogbon than in the hands of an expert who doesnt know how i got my dough. So if 5,000 people like me decide to put in a million together that will be N5 billion Naira, now tell me the market wont shake if they hear

Nairaland is on the prowl?

It is my idea. Please let me hear what you think.

And remember - Acta non Verba (Action speaks louder than words)

Feel free to post any other activities you want and I will be glad to be a part of any I think suit my goals.

@Olowoaiye

With no confidence in self you are twice defeated in the race of life. With confidence you have won even before you start the race.
-Marcus Garvey _{A better man than me, I defer.}

Give a man a fish you will feed him for a day, teach a man to fish? Aha

@Olowoaiye

I hope you are not calling My great -growing at an annual rate more than the American economy, owing less than the damned leviathan and having a better balance of trade than Uncle Sam, VIBRANT EMERGING ECONOMY an ldc _{lesser developed economy?}. Bro, how low you punch !

@Jandonguy

If them try am!!!

Anyway I think that is what OBJ is trying to do. Did anybody notice, gradually and surely the only way a politician can make money nowadays is to blatantly STEAL what he is given to manage (and so traceable to him) no more PH refinery to give to cronies to rundown in the name of turnaround maintenance, no more Nitel to abuse and supply substandard equipments etc. OBJ is trying to make RULING Nigeria unappealing for theives. Who noticed the bill passed by the house of assembly regarding dodgy contractors? !!! Plus Globalisation - many foreign investment groups have Billions of Dollars invested in Naij now they wont watch their money go to waste. And if they do Tmoni, frankiriri, jen33, my goodself and many other people I know here on this forum and in real life go carry gun, enter bush, dey burst pipeline, dey kidnap people FROM WHATEVER TRIBE THE SO CALLED MILITARY MEN COME FROM, dey form insurgency and resistance, abi my people? Una don hear oh!!!! beg your ARMY chilun make them no try do coup O!!!! We go kidnap YOU if them try am.

Verbum sapienti satis est !!!!!!

Hopefully what this will do to Transcorp shares is that it will increase the sources of revenue that are available to the organisation. I also detect a good business strategy here since Transcorp has an Oil block (I think) and this will make its operations Vertically Integrated (meaning it will supply itself raw material and produce end products ensuring that the risk from suppliers will be reduced). In the LOOOOONG term Transcorp might become a viable conglomerate. I would advice they get into the banking market (Buy a bank) to take a good position for cheap funds, mind boggling returns in the short term and working capital.
In the short term GOVERNMENT policy opportunities should make transcorp win more bids like this (NEPA) and position it as a big player for funds on the capital market. Meaning when the PENCOM funds hit the market there will be copious amounts of it invested in transcorp. HOPEFULLY.

@Frankiriri and Tmoni

Ad Astra per aspera, Ad Augusta per angusta. In difficulty, striving for the stars. Through narrow paths, aiming for the heights.

Youz are far too kind. _{taking a bow and selfishly hugging the limelight.}

@Tmoney
you dey vex say them no tell you so you fit buy one refinery like you don BUY Access bank finish,

I would say good development.

Who is taking wagers? I wager that fuel scarcity will be a thing of the past within the next dispensation ! Any takers?

Dangote, Otedola, Transcorp Buy PH Refinery for N72bn

From Kunle Aderinokun and Onyebuchi Ezigbo in Abuja, 05.18.2007


Bluestar Oil Services Limited Consortium, a Nigerian consortium comprising Dangote Group, Zenon Oil, Transnational Corporation of Nigeria (Transcorp) and Rivers State government yesterday emerged the preferred bidder/core investor for Port Harcourt Refinery Company. The consortium submitted a bid of $561 million (N71.808 billion) for 51 per cent of Federal Government’s equity in the ailing crude oil refining company.
The sale of the refinery, however, comes against the backdrop of protest by National Union of Petroleum and Natural Gas Workers (NU-PENG), which members yesterday shut down operations of the Nigeria National Petroleum Corporation (NNPC) Lagos, Port Harcourt, Mosimi and Kaduna.
But the transaction for the Kaduna Refinery and Petr-oleum Company (KRPC), which received only one bid for 51 per cent Federal Government’s stake was not concluded as China National Petroleum Corporation offered $102 million, which was below the reserve price. The offer by the Chinese firm would have to be ratified by the National Council on Privatisation (NCP).
Bluestar consortium immediately paid $300 million, re-presenting more than 50 per cent of the bid price for the company, in line with the payment mechanism of the Bureau of Public Enterprises (BPE) for the transaction. The consortium is expected to pay the 50 per cent balance of the purchase consideration into a designated account by 4 pm of the seventh working day immediately following the official notification of a successful bid.
The sale of the Port Harcourt Refinery, which involved Oando Plc and Refinee Petroplus Nigeria Limited as bidders was part of the financial bids opening for 18 transactions conducted inside the Congress Hall of Transcorp Hilton Hotel, Abuja. Oando and Refinee Petroplus were, however, disqualified for failing to include a draft of 50 per cent of their bid prices in the envelopes submitted to BPE.
The 18 transactions included Lagos International Trade Fair Complex; National Arts Theatre and Tafawa Balewa Square; Egbin Power Plc; Onigbolo Cement Company, Benin Republic; Ayip-Eku Oil Palm Company; eight Liquefied Petroleum Gas depots; Ajaokuta Steel Complex, Coal Blocks and Mining Titles.
Onigbolo Cement Company of Republic of Benin in which the Federal Government owns 35 per cent was bought by Dangote Group for $1.781 billion. Dangote Group, the nation’s major cement producer was, however, the only bidder for the company. The Group has already paid 10 per cent of the bid price ($178 million), although the rule of the transaction provides that the first 10 per cent of the purchase consideration must be paid into a designated account on or before 12 midnight of the 10th working day immediately following the official notification of a successful bid.
The remaining 90 per cent would be paid into BPE’s designated account latest by 12 midnight of the working days immediately following the official notification of the successful bid.
Egbin Power Plc, presently managed by Korea Electric Power Corporation (KEPCO) /Energy Resources was bought by the same company at $280 million.
Also, Ajaokuta Steel Company Complex hitherto on concession to Global Infrastructure Nigeria Limited was converted to joint venture partnership on a 60 per cent to 40 per cent basis between Global Infrastructure and the Federal Government respectively. Yesterday’s bid opening saw the former paying $525 million for its own 60 per cent stake.
The National Arts Theatre, which attracted bids from eight prospective concessionaires, went to Infrastructica, which emerged preferred bidder with N35.84 billion for a 35-year concession. Jadeas Trust, which offered N28.902 billion, was declared the reserved bidder.
Similarly, Tafawa Balewa Square, which had a 25-year concession arrangement, was snapped up by BHS International for N9.5 billion. Black Swan followed with N9.2 billion as reserve bidder. The Lagos International Trade Fair Complex with a similar 25 years concession was won by AulicNigeria Limited with a bid of N40 billion while Unison Property Development is the reserve bidder.
For the LPG depots, Sahara Energy Resources Limited bought Calabar depot for $11.1 million while MRS Oil and Gas was the reserve bidder with $10 million; MRS Oil and Gas got Kano depot for $4 million. The bids of Brockport Limited ($3m) for Enugu depot; Le-Global ($1.05m) for Ibadan depot; Le-Global ($1.948m) for Ilorin depot and Global Gas and Refining, which offered $250,000 were all below the reserve prices and would have their offers ratified by the NCP.
Chairman of the Bluestar Oil Services Limited Consortium and President, Dangote Group of Companies, Alhaji Aliko Dangote said Nigerian entrepreneurs must take the lead in the nation’s march towards greatness. “I feel very great. There is nobody that will come and grow our own economy more than us and that is why we are heavily investing because we believe it is our own economy, we believe in the country and we believe in the economic policy of Nigeria. That's why we are here to make sure that we bid and win,” he said.
He disclosed plans of the Consortium to expand the refinery. He, however, said before the Consortium bought the Port Harcourt Refinery, it had plans of building a refinery of 300,000 barrels per day in Lagos. “Really it is very criminal to be importing petroleum products of $9 billion when we are a producer and that is the main reason why we are here,” he said.
Dangote said the Consortium will inject $200 million into the first phase of the project while the second phase will gulp about $3 billion. He also said his Group would invest $2 billion in the cement sector in the next three years.
He dispelled insinuation that Dangote Group was working towards a monopoly in the cement market.
“Its not a question of catching the entire market. Like I said earlier, if we don't build our economy nobody is going to do it. If anybody (else) is going to come in, he is quite welcome, it's a free entry, free exit market. If you remember, the first factory that we had producing cement was in 1956. From 1956 up till the time that we entered into cement, the total production of Nigeria went as low as less than 2.3million tons. In a single location last week, we commissioned five million tons of capacity. If we are not there, you will not be able to build a house forever,” he said.
He said by 2010, prices of cement would be less than N1,000 per bag. “If you look at it today, we are selling cement at N1,130 depending on the location. Ideally cement shouldn't cost, even in Abuja, more than N1,200. Our capacity today, Obajana, Benue and the two terminals in Lagos and Port Harcourt, can churn out about 38,000 metric tons per day. That is about 2000 trucks per day. And we are going to achieve that in the next four months. In Obajana right now out of 15,000, we are operating about 5,000 metric tons. By next week we are going to be doing at about 10,000 metric tons.
“Eventually by 2010, we want to make history by making sure that cement does not cost more than N1,000 anywhere in Nigeria. And quote me that is our target. Local production is under about 30 percent. But mind you, one single line of Obajana is bigger than all the production plants in Nigeria,” he said.
Chairman, Technical Com-mittee of the NCP, Mr. Patrick Akinkuotu assured the bidders that the transaction would be conducted through internationally acc-epted standards.
Meanwhile, oil workers under the aegis of National Union of Petroleum and natural Gas workers (NUPE-NG) yesterday protested the commencement of sale of government's equity share in two of the country's petroleum refineries - Port Harcourt and Kaduna - by the BPE. While the bidding exercise for the sale of the refineries and depots were going on at the Transcorp Hilton Hotel, Abuja, the oil workers staged their protest in front of Nigerian National Petroleum Corporation (NNPC), a distance of 5km.
The workers who began their action at about 10.30am, took over the main entrance to the headquarters of the Nigerian National Petroleum Corp-oration (NNPC), blocking its main gate and making movement in and outside the premises of the oil company almost impossible for the greater part of yesterday.
Leader of the protest, Mr. Williams Ibiba Inko told newsmen that the workers were not happy over the way the privatisation of the plants and depots were handled by government.
He said an immediate fall-out of the sale of these facilities, is loss of an estimated 4,000 jobs with no concrete arrangement on how to deal with the terminal benefits of the workers in place.
"BPE confirmed that the process will lead to job losses to the tune of about 4,000 when the two refineries and PPMC goes out for sale. What then happens to the pensions of NNPC staff. We are saying, yes you can privatise, but let us sit down and trash out the labour issues. Even some of our rights, we can negotiate them," he said.
While expressing the union's support for the current effort to reposition the refineries, the NUPENG chairman said the union had last week signed an MoU with BPE on the issue on the condition that "we would articulate our position and get back to them".
"This process is going to kill our pension. Most of the concerned staff have passed the employment age bracket. There is no way NUPENG and PENGASSAN will go ahead to fight against government policy, but how it is being implemented that is the problem. We believe it is being hijacked by the BPE to suit its purposes," he said.
Therefore, he said the workers want to secure an agreement with government on some of the things it can offer them as palliatives.
“In Eleme Petroch-emical, till today, the workers do not know where the shares allocated to them are. We want to ensure that the proper partnering that takes place, unlike the case of Eleme Petrochemical where they say 51 per cent, we finally saw outright sale," he said.
Inko said the oil workers want to guard against what happened to NITEL workers and how they were thrown out without entitlements.
"We are pensionable staff and we realize that the new investors, being a capitalist would not be able to keep the number of staff. We are saying, if these persons are going, what becomes their take home pay and on what basis are they going," he queried.
He advised that government should call in the experts, who would evaluate workers pension bill and the consequences of retiring more people into the pension fund.
"Right now we have about 8,000 NNPC pensioners out there and 9,000 people in the system sustaining them. If you shut out about 4000 after completing the process, only few persons would be contributing. Ultimately, it means the pensions scheme can no longer hold," he warned.
Vice President of NUPENG, Comrade Bako Joseph Yuba said the protest is taking place simultaneously nationwide, adding the union has already shut down NNPC operations in Lagos, Port Harcourt, Mosimi and Kaduna.







I have included the whole article and not just the bit I think helps my argument, I am a better man and an open minded kain of parsin .

I beg to err on the side of the Dangotes and the Otedolas.

There is the story about the cleaner at NASA (the American aerospace program) who when asked by a visiting President(?) what he did 'here' said - 'I am helping put a man on the moon !'

@The Pessimists.
Please read todays Thisday and the Transcorp deal on the Port-Harcourt refinery amongst others. You will hopefully see why I invested in Transcorp though I am not expecting any dividends for a while.

What the Die-hard nay sayers like we have on this thread fail to realise is that 'a cleaner' did help put a man on the moon, believe it or not.

We all should be doing our part to put Nigeria in a better economic and social position because Lord knows I am tired of staying in another mans country !!!!!!!

@Donzman
If I was going to be imature like some I would voice my concern on your ID sounding very much like Dunce-man and so be cautious in my intellectual discuss with you.
However I am a better man.
What is your background my good sir? Because I believe men of like mind must discuss issues. Are you entrpreneurial at all? Are you a risk taker?

I digress though.
The above topic has been debated over and over but many people seem not to be convinced. I wonder what it would take to show that Nigeria is getting better?

As the Igbos Say - Nobody tells the deaf man that war is raging.

As is said in Latin - Carpe diem, Credula vitam spes fovet et melius cras fore semper dicit (Seize the day, hope makes our life better, always saying that tomorrow will be better.

Cave ab hominem unius libri, verbum sapienti satis est. ! (Beware the man who has just ONE BOOK, a word is enough for the wise.

@Tmoni

This is something I have tried and it does work wonders.

You said you bought for an average price of N10.70? If the price it is currently selling for is N18 and you have made N1 million that means you have 136987 shares or there aboutz? Fine, that means you spent about N1,465,754 in total acquiring these shares? At the urrent price that would be equal to about 81431 shares.
What I would do is take back my position in the bank to my initial investment - N1.4 million which is now 81431 shares, and take N1 million from the market. That way if there is more upwards movement you can still reap considerably but if there is downwards movement you can either buy or watch.

The gurus, how does that sound for an amateur?