₦airaland Forum

mutaalim: @ jarus what is the total square meter of the roof ?

I don't know all those details. I engaged a professional arhcitect to supervise.

SOomebody has been hit in Benin Republic

WebSurfer: how much did this roofing cost you though?

Woodwork+labour = 350k
Aluminium+labour = 620k
TOTAL = 970K

bayulll01: shaking my head for those scavengers on nl@op am not a builder i will advice u leap well that roofing alone will gallop u nothing less than 1.2m i know this cos am a procurement officer and i supervised my friends house when he did the roofing of his house if u are serious i can link u.am not a builder oooo

You're correct. I spent 970k on my roofing alone.

lastmanstandn: experience , they say is the best teacher. spent over 5m on a similar project in ondo state. and still yet to plaster it. no windows and doors yet. I've given up on it for now. Other areas of my life needs attention.

I also started thinking 2.5m will do, but the cost kept multiplying. Like you I almost fed up. Sometimes, i felt like mjust abdandoning it, some other time, like selling it. At a time I changed the project supervsior, thinking he had been swindling. But even when I got a new one, no effect on cost. I continued. Now, it's complete and I'm trying to face the BQ. Spent 10m plus to date.

mutaalim: Exactly what i said i am sure yours is not in Lagos

Yes, Kwara.

It depends on the materials you want to use. I spent a little above 10m on mine (inclusive of partly completely BQ though). If I want to isolate the partly done BQ, maybe 8m for the 3 bedroom bungalow alone.

Sooner than later, she will know numbers 2 and 3. 1 and 4 can be covered forever.

I own an SUV but have no problem with Danfo. I use it very well.

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Part 2

This is the sequel to the first part which contains a transcript of my second interview. Sadly, I didn’t make it through to the next round (reason why you are getting all these details – so you can get in) but I would also analyze why I think that didn’t happen in the third part and also answer some questions people have asked about the interview process. Let’s get straight to business.

As part of feedback from my first interview, Fred mentions the following things to me:
1.Let there be a structure to all your responses. This means ensuring that your thought process is sequential, logical and organized.
2.Communicate without pauses. Don’t doubt your statements just go on and speak convincingly.
3.Think outside the box. When I asked you why airlines paint their planes, I expected something out of the box. Almost everyone I have interviewed today said for planes are painted for branding purposes.
4.Automatically discuss the implications of your analysis. I like that you mentioned that the company spends about $1m for every kg of paint. It helps get a better perspective of the situations and not just spilling out figures.

My second interview was shortly after the first with about a fifteen minute interval.

This time I was interviewed by a guy named Nameet who was a project manager in Amsterdam and had been with Mckinsey for six years. This interview was conducted using video conferencing.

Nameet goes on to ask the competency based question as usual and surprisingly, it is the same question Fred asked me in my first interview – Tell me of a time you had to convince a superior and how you went about it.



The Case Interview

Nameet: In 1998, there were two airplane manufacturers – Boeing and Airbus both manufacturing similar products. Boeing and Airbus both produced about seven products of about 100 and 300 seats. Boeing then announced it had started developing a 400 seater Boeing 747 to which Airbus had no response. Airbus the decided to manufacture the Jumbo jet a 500 seater aircraft.

Nameet: So David, tell me. Given that air traffic is constant, what other factors would affect the demand for Boeing and Airbus’ products?

Me: two factors can affect their product sales – Positive factors and negative factors. On the positive side, passengers fear about aircrafts as a result of crashes and the recent volcanic ash…

**Nameet cuts in “Remember traffic is constant”

In my mind I am there wondering what is this guy saying. I start getting nervous because my line of thought has been broken and now I don’t even know where to pick up from again. I begin to wonder what is wrong with these people and airline industry today why didn’t they ask me about an industry that I could easily relate with. At the time of the interview, I hadn’t even been on a plane in my entire life.

My confidence level started dropping and I gathered myself to continue with the interview. Al these thoughts went on in my mind in a split second do there really was no pause.

Me: Ok, reduced prices, introduction of frequent flyer programs

**Nameet cuts in again “Remember traffic is constant”

This time I actually take a pause because I do not even know what to say again.

Nahmeet goes on to narrate the case again from the beginning and suddenly I realize my mistake!!!! I didn’t realize that Boeing and Airbus were not airline operators but airplane manufacturers!!!! OMG. You see what I was thinking? If it was a familiar industry now I would not make this kind of mistake.

Me: Oh, Oh, I’m sorry. Speed of airplanes, comfort of airplanes and the opportunity for airline operators to charge higher fees as a result of the new airplanes.



Nameet: Ok. Airbus has been told it would cost $12bn in research and development expenses to come up with the new Jumbo Jet. It costs $175m to produce one airplane and it can be sold for $200m. Airbus has decided to introduce the new 500 new jumbo jets by the introduction of 250 new jumbo jets and the replacement of 250 existing airplanes. How many years would it take Airbus to recover its investment?

Me: Could you please come again the network seems to be breaking.

At this time, I had already got all the details I needed. I only said that so by the time he repeats the question again, I would have finished my calculations and BAM!! I would slam him with the answer. He went on to repeat the question and truly I had finished my computations.

Me: Selling 500 airplanes at $200m gives us $100bn at a cost of $87.5bn (500*$175m). This gives us net revenues of $12.5bn.

This means Airbus can recover its money in one year!

Nameet: Ok, David, thank you for your time. Do you have any questions for me?

Me: Yes. Tell me how a typical workday at Mckinsey is.

Nameet goes on to talk and talk and honestly I am not interested in his story I just asked as part of standard interview procedure. All I could think about was how much time I spent on the mix-up between airline operators and aircraft manufacturers.

I thank Nameet for his response and the interview is over. I head home and begin thinking about everything. So this thing is real? Companies really do this kind of interview? All through my preparations I somehow thought it could never be as they had mentioned now I was thoroughly convinced.


http://www.jarushub.com/ysr-my-mckinsey-interview-ii/

Osogagba: You definitely like your man almost to the point of idolatry. One observation though: is the guy's management style sexist? I ask because you kept referring to his 'boys' and only mentioned Sola David-Borha almost as an aside.

Sola is his partner, not his boy/girl. He and Sola raised the company. By his 'boys', I meant those he trained.

Easiest possibility for Nigeria:
Switzerland
Nigeria
Iran
Bosnia

Toughest possibility
Brazil
Nigeria
Mexico
Portugal

At its meeting in Costa do Sauipe/Bahia earlier today, the Organising Committee for the FIFA World Cup™ approved the procedures for the Final Draw, which will be held in Costa do Sauipe, Bahia on 6 December 2013 (13.00 local Bahia time/17.00 CET) and will be broadcast live on free-to-air-channels in no fewer than 193 countries. As already announced, the seeded teams have been selected on the basis of the October 2013 edition of the FIFA/Coca-Cola World Ranking, namely hosts:

POT 1: Brazil (A1), Spain, Germany, Argentina, Colombia, Belgium, Switzerland, and Uruguay.
POT 2: Algeria, Cameroon, Côte d’Ivoire, Ghana, Nigeria, Chile, and Ecuador.
POT 3: Australia, Iran, Japan, Korea Republic, Costa Rica, Honduras, Mexico, and the USA
POT 4: Bosnia-Herzegovina, Croatia, England, France, Greece, Italy, Netherlands, Portugal, and Russia.

pickabeau1: on what basis are you rating teams that got to the quarter final behind a team that has never progressed beyond the second round

It is possible. A team that did well against and almost upset Italy (that went on to finish second) with stars like Roberto Baggio, in 2nd round, may be rated higher than a team that beat say Turkey in second round, and got to quarter-final.

saintneo: I experienced this while I was in the banking sector. I worked with the best boss ever in my life. He practical handed me a CR7 role while working with him. All he did was supervise, educate me on the places I needed upgrades. To be candid I never messed up. No wonder he is an Arsenal fan.....giving the young opportunities to excel.

I wonder why we can't implement this in oil and gas companies. May be, most of the oil and gas companies are established already, thus they don't require dreamers anymore. From another view, most home-grown oil and gas companies are interested in making money only and not building the organisation.

I think the O&G industry is a little different. Theories you read in Business Schools (for MBA) are easily practicable in the banking (investment banking) sector, with little real life experience. But this is hardly the case in the O&G industry, especially upstream. You need many years of hands-on technical experience before you can successfully lead an O&G project. That is why most independents in the industry poach well experienced guys, with 10-30 years experience from IOCs to come run their projects for them. O&G projects are too major - and risky - to be left in the hands of someone with 2-5 years experience, even if he has MBA from Harvard. I however admit that the industry is over-structured, where there appears to be too strict hierachy. Some of the layers in the O&G industry career ladder can actually be removed.

Can I pick this for 1.7m?

I agree with your points except 4 and 6.

You hardly lose job because of referees. Most employers contact your referees/ask for references only at the point of giving you the job, that is even if they don't defer till confirmation period sef.

As for experience, no again. A fresh graduate is not expected to have experience. That is why he is 'fresh'. Even for some companies 1-2 years experiences are discarded. At best, work experience boosts your chance, it doesn't take away from your chnace as a graduate applicant.

Which team was Africa's best at the world cup

1, Cameroun in Italia 90
2, Nigeria in USA 94
3, Nigeria in France 98
4, Senegal in Korea/Japan 2002
5, Ghana in SA2010

Let's see your ranking of Top 5 from this list or any other I missed.

Wanted to become a banker, ended up as an accountant.

Not value consciousness precisely, but I find myself always comparing my car to same models used by another person. For example, when I see a neater 4runner, I always tell my wife (if she is with me), that "see that car, cleaner than ours, I don't know how these people use their own to maintain such neatness, our own has been bashed 2, 3 times. No be same Lagos roads we use" or words to that effect. That's what I find myself doing most.

Also, before I used to get angry when my car was bashed, and I needed to call panel beater. Then, every slight thing, I headed straight to panel beater for immediate repair. But now, I hardly run riot again when anybody hits me or someone drives my car and bashes it. The consciousness has waned. Sometimes, I even drive the car with the bash for weeks before taking for panel beating

Atedo's management style is really one I am interested in studying in-depth, and perhaps write book on. Although my study of organizational psychology in recent time kindled my interest in executives' managerial skills, I have actually held this opinion about Atedo Peterside for long as a distant observer and fan, and actually debated this on some online discussion forums far back 2009.

It should also be noted that, Atedo Peterside may be the face of IBTC and perhaps the personification of this management style, there are other people whose contribution to growing IBTC from a small investment institution in a small office in Marina in 1990, to a multi-billion dollar venture today, are also key. They are Sola David Borha and Yinka Sanni.

The political analyst in me with opposition bend may share different perspectives with Atedo on political issues (after his retirement from active banking, he's been vocal on political economic issues in recent times, like the subsidy debate), but you have to give it to this man as an excellent manager of people and resources. In other climes, by now, Business School faculties would have been filled with case studies on Atedo Peterside Management philosophy.

http://www.jarushub.com/9-things-to-learn-from-atedo-peterside-management-philosophy/

6, Develop sense of ownership in your employees: Let me narrate my personal experience. I got employment offer (after passing their test and interviews) from IBTC in November 2006, just two weeks after finishing university, even before my convocation. For some personal reasons I turned it down for Vetiva Capital Management Limited (another offer I got at the same time). Akeem wasn't happy with me for that decision. Akeem, who was hardly a very senior management staff then, saw IBTC as his company. Till today, one of my interviewers, now the CEO of StanbicIBTC, used to ask of me from him. You just have to respect these people. Everyone sees the company as collectively owned, not Atedo's business. They were so passionate about the company. If you want to build a great business empire, like Atedo, let your employees see the business as their own too. And, just to add, you don't achieve this by word of mouth, but by series of actions.

7. Build a loyal staff: I don't know how Atedo did this, but I have observed that all his employees (from the IBTC days) are so loyal to the company. More than half of them are still there, 15 years after. I guess all the earlier mentioned managerial kill account for this loyalty, because it takes such to retain such brilliant gentlemen for 15 years!

8, Rotate challenges: At his lecture in my career conference, Lloyd Onaghinon, an Atedo-trained investment banker, mentioned that he had had many careers in same institution (IBTC). From being financial controller to project finance to corporate banking to business banking. Similarly, when I asked Akeem why he had, like Messi in Barcelona (lol), had all his career in one organization for 15 years, he said the same thing: the IBTC culture is such that you are given new challenges, new career, every two or three years; from being in project finance to asset management to stockbroking to global markets to investor services etc, rhetorically asking what he needs to learn elsewhere when same institution offers fresh challenge every few years. This is one thing you must learn from Atedo. I know organizations where same person did one role for a 10 years!

9, Quit honourably: Atedo Peterside quit StanbicIBTC when the ovation was loudest. Perhaps only Fola Adeola of GTB had done that before. Don't sit tight forever. Don't soil your good records. After building a business and managing it for reasonable number of years, quit.

I mentioned in the first part of this article that the course Organizational Behaviour in my MBA programme has actually activated some keenness in me about management styles of people and organizations. I also mentioned how some chaps I admire happened to be cultivated by Atedo Peterside, founder of the Investment Banking & Trust Company (now part of enlarged StanbicIBTC). In this article, I explain what I think made Atedo Peterside a success, and more importantly, how he was able to cultivate such a generation of fine investment bankers.



Here we go:

1, Recruit the brightest: Atedo recruited the brightest brains. If you want to nurture a great organization, go for the best brains. You don't need to go far, there are many in the Unilags and Ifes of this country.

2, Catch them young: Most of them were caught young, some as young as 20 years. If you want to grow a successful organization built on brilliant human resource, go for young guys that you will be able to train well. Needless to mention that those young boys of yesterday are now DGMs, GMs and Directors. Perhaps it is only in StanbicIBTC that you will see a GM that is less than 35 years old, with 15 years experience!

3, Pay well: I don't think IBTC was the highest paying bank then, but I know the pay wasn't so bad. Like Atedo did, make your employees comfortable.

4, Give responsibility: Only Atedo can hand over a multi-billion naira enterprise to a 27-year-old. And I am not talking about a billionaire given his business to a son. No, I'm talking about employees recruited through the regular GMAT test. After training for sometime, give responsibility to your employees. Open subsidiaries, let them manage it. Try that and thank me later for revealing this Atedo management style to you.



5, Lead by example: I mentioned in my first article that all Atedo boys I know rank very high on integrity in business and private dealing. They must have learnt that from Atedo, it cannot be a co-incidence. Let me tell you a story. I know someone who was employed as an accountant in one company in Lagos. The first week, there was some knotty account to reconcile and advise management of some figures. His boss just did some 'wuruwuru to the answer', fancifully called 'juggling'. The guy spent his remaining years in that company juggling accounts. You are what your boss taught you.

http://www.jarushub.com/9-things-to-learn-from-atedo-peterside-management-philosophy/

Another thing, bad as 2013 Nations Cup was for Yaya, he scored 2 goals, Mikel didn't score any. It also appears CIV's elimination by Nigeria has beclouded Yaya's better performance at the group stage of teh competition. I have not said Mikel didn't have a better Nations cup than Yaya, but we should try to put things in perspective too. Messi and his Argentina were eliminated from SA 2010 at QF stage.

Fayrouzz: Yes and I believe same was done for Yaya in his country. Even as a chelsea fan, I accept the fact that Yaya is better than Mikel buh in this kinda awards, not the best players wins. And also having Mikel and Moses from same country fr same award didn't help them both cos some nigerians wud go fr Mikel while others go fr mikel and then Yaya has all the votes frm his country.. Congrats to him!

Who told you not the best player wins?

In any case, Nigeria and CIV are just two countries out of the over 100 countries that listen to/watch/read BBC TV/Radio/Website. So it is immaterial whether Mikel and Moses coming from same country contributed to Mikel's loss. People are not blind.

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Fayrouzz: Since it was a fans selected award, I cn only say YaYa won cos he is more liked than Mikel... Congrats to him buh I pray Mikel wins the CAF award.

Interestingly, Nigerians consciously mobilized on twitter and other online patforms for Mikel and Moses.

Let's face it, it will be difficult for a player than cannot command automatic shirt in Chelsea to be voted Africa's best. You need to be super-regular before you impress anyone, other than your countrymen. Moreso, Mikel's game in Chelsa is too ordinary to convince anybody - at least non-Nigerians - that he is Africa's best.

toluxa1: Hit LIKE if you think Mikel deserved it.

campaign after election

I have dealt with this topic on my blog:

http://www.jarushub.com/what-is-investment-banking-about/
http://www.jarushub.com/want-to-become-an-investment-banker-cfa-or-msc-finance/
http://www.jarushub.com/investment-bankers-work-long-hours-have-less-social-time-yewande-sadiku/
http://www.jarushub.com/moving-from-oil-gas-to-investment-banking-please-help-review-my-strategy/
http://www.jarushub.com/9-things-to-learn-from-atedo-peterside-management-philosophy/



It is also one of the topics I outlined for discussion in my next career conference. You may want to register and meet world class investment bankers.
http://www.jarushub.com/register-for-2nd-jarushub-career-conference/

There is high rate of turnover in that office.