₦airaland Forum

collins88:
Racism at it peak

Isokoson1:
Person go just get malaria, come out dey spill nonsense, which covid 19? Nairaland Don turn dumping ground for fake news..

konami001:
Since this invention of covic 1.9 (lol), malaria just vanish into thin air.... Covid has swallowed malaria o.... lala come and see something ooo

bareal:
I keep saying it, the virus has over 90% recovery rate and this post has further confirmed it.

paulolee:
covid is real?? but I think its more like a scam in naija..

theFilmtric:
Covid is real but the government is exaggerating its effects
The virus doesn't thrive well in Tropical Africa(some parts of South Africa is cold(Mediterranean) https://upload.wikimedia.org/wikipedia/commons/thumb/a/ae/Covid-19_cases_in_South_Africa.svg/220px-Covid-19_cases_in_South_Africa.svg.png
https://upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Covid-19_deaths_in_South_Africa.svg/220px-Covid-19_deaths_in_South_Africa.svg.png
,and those cold areas have the highest infection and death rates)
The heat reduces the efficacy in transmitting the virus in Africa
If the Virus in Africa is as potent as it is in Europe or the Americas
I can assure you about 70% of the African populace would be DEAD a little before the UN-WHO COVID aid was given to Nigeria,the numbers the NCDC were publishing were very scary.But after the rates started miraculously dwindling
The government of Nigeria is using it to make money

theFilmtricsay

EXLOVER:
If you're a drug dealer seeing this or you have plug DM me, man must cashout

Nackzy:
Pop Adder, in Saner Climes the person that caught this snake and saves the snakes life will be honoured with awards, Then the Snake will be taken to the best Wild Life Conversation to save it from Extinction

Then in this other part of the World the person that Caught the Snake will Sell it to the Highest Bidder, the Buyer will now use it for White Soup and Pounded Yam, Rice Pepper Soup or Correct Stew

What a World we Live In

Do you have any sexually transmitted related sickness, are you a one minute man?, pls do us immediately for solution. We deliver our herbs everywhere in around the country.

listowell:
Only when you leave Nigeria, see how you have been rapped would you be objective. Former prime of UK called Nigerians what again? Go tell him to be objective.

tot:
Bunch of fools justifying why their looters should own the assets they own. Why not sell all you have as well and hand them over to their families in addition? Don't just sell your past, sell your futures too.

Rubbish.

Boyolity:
Don't be a liar, he never publicly declared his assets.

Crispels:
Thierry Jay is absolutely right. Ajimobi most likely stole as a public servant but the declarations he made in 2011 are not beyond the reach of a former oil executive.
Before moving to the US, I worked closely with some of these executives and virtually all of them have assets that are similar to what Ajimobi had. They all have houses abroad.

I'm not defending Ajimobi here - I know he is one of the corrupt political class that has held Nigeria back. However, based on what I know checking the books of different oil and energy companies, a former executive can definitely amass assets worth at least 5billion naira.
There are a lot of benefits, emoluments and ”profit-sharing” that make it possible. Most of these executives invest these funds in shares and stocks. I know of one executive whose income from shares and stocks pay him more than his basic salaries.
It's down to career trajectories and how wise you are(investments) like Jarus pointed out.


And to tot listowell felix10 and others. There are ways investments in assets work. Let's assume that before I left Nigeria, I bought a land worth 1million naira. 5years later - the land could be worth 8million naira. If I have to publicly declare my asset - I will have to declare the value of the land as 8million naira and not 1million naira. That also does not mean I paid 8million naira to purchase the land.

During the 2008 financial crisis here in the US, houses that are normally sold for $500,000 were sold for less than $200,000. Some of those houses are now worth $800,000. Assuming I bought a house for $120,000 in 2009 and it's now worth $850,000, does that mean I stole money to purchase the house or I purchased beyond my income?

These are basic laws of economics and asset ownership. That a former oil executive own assets worth 10billion naira does not necessarily mean he earned 10billion naira basic salary during his career. That is where investments and assets ownership come in. Anyone who knows what the ”top” looks like in the banking and energy industry will understand this.


NOTE: I know Ajimobi was a corrupt politician but my point here is that all the assets listed here are not beyond the reach of oil executives and investors. He could have acquired these assets even without holding any political office.

calculator123:
How many oil executives both past and present can boost of such networth?

Don't tell me they all didn't channel it wisely.

ThierryJay:
Baby124, see I understand and respect your stance and it's commendable seeing the strong anti-corruption drive you are displaying here.

But then, you need to ask yourself, are your current submissions based on factual information or have you just decided to pack all political personalities under the corruption bucket irrespective of whatever facts come to light.

Personally, I hate corruption with passion. However, I also assess circumstances objectively, because if my perspectives are based on falsehood/misrepresentations, then I am no better than the uneducated illiterate. Accordingly, it will do you well to calm down a bit and consider the facts objectively:

1. Many of the assets that Ajimobi declared especially the houses and land were based on current revaluation by professionals close to the time of his declaration. This means that he did not purchase those assets at the same monetary value of their current valuation in 2011 (e.g the house valued at 300million in VGC could have been actually purchased at N100million a decade earlier but revalued in line with current economic realities)

2. The fact that he worked and rose to MD within the Shell Group for 26years. The salaries bonuses and allowances he earned in a top multi-national can indeed support those assets declared. Let's look at the mathematics, An MD of a shell subsidiary will earn hundreds of millions of Naira per annum. Heck, by virtue of my job, I know MDs of manufacturing companies that earn between N150 - N250million per annum. If Ajimobi was MD for just three years he will have earned at least N1billion naira as MD. If he earned a weighted average salary of N50million (entry level to manager to director i.e average from 15m - 150m) per annum for 22years, he will have earned at least another N1 billion. You should know that the earnings of a top level director in oil sector in just 6 years at top management level, can be equivalent to the earnings of the same person for 20 years at lower to mid-management level i.e in just 6 years he could have earned 1.5billion while in his previous 20 years could also have brought something similar.

3. Accordingly, it is not far-fetched to conclude that Ajimobi might have realized over N2.5billion (16 million dollars at 2011 exchange rates) from his stint within the oil sector for 26 years (average of 600,000 dollars per annum). This was the point Jarus was trying to make you see about the increasing earning trajectory (i.e Jarus is saying that by the time he is 60, he would likely have more than the assets Ajimobi declared in 2011 based on his current earnings and career trend). Coupled with income from other sources (senatorship and personal companies) we will be likely looking at over 3billion Naira for Ajimobi, which is more than the PURCHASE value of the total assets he declared back in 2011

4. To put the above in context by benchmarking, I know top Partners of big-four accounting firms (less lucrative when compared to oil sector) who earned over 3billion Naira in ten years of being partner. This is excluding their earnings from entry staff level to director which typically takes about 11 to 14 years. So in the accounting industry for a 24 year career, you are looking at total earnings of over N3.5billion, all perfectly legitimate.

So please learn to look at things critically before taking a strong stance on them so that you are not misguided. I mean If I earned 4billion Naira throughout a brilliant career of mine. It will be totally unfair and unreasonable if someone were to attribute my wealth to corruption.

baby124:
Most of them buy from cooperatives which require paying over a period of time. Am I lying or is it true? Besides most in Nigeria do underhand deals. The ones in the US can not afford the life you people are living. Also US standard of living is very high. Mortgage alone will set you back about 3-4K every month. Where do you want to get the money to buy a house cash down in Lekki? They also don’t have the allowances. This guy I am telling you is a bonafied executive and he is paying for his allocation gradually. Also building a house gradually. Yet Ajimobi who was CEO for 2yrs can afford almost $4m in property. Make una fear Jesus. That’s not even including the ones in Nigeria.

tot:
Please, you are not comparing apples with apples. I understand you being aspirational, that's good BUT the precise example you gave of 5 houses in 3 states in Nigeria compared to 1.5m usd house in US, £450k UK plus N252m in the bank is far from being a valid comparison.

baby124:
I know someone who was a huge oil company director in the US but can’t afford to buy a house in Lekki in Nigeria till he moved to Nigeria and became MD. Even then he’s paying the house off slowly. Please some of us actually know executives in the oil industry. He’s by far your senior and a bonafied oil executive.

idtwo:
The issue is not whether you have got what you posted/listed but can you prove that you got them through honest, legit means? Na the koko be that.

Kobojunkie:
You are the one who attempted the comparisons here. I am simply questioning the claims made is all.

tot:
Uncle, we are talking about high priced houses in the UK and US denominated in foreign currencies, in addition to numerous ones in Nigeria, in addition to N292.4M, you are talking about houses in 3 states (I presume in Nigeria) - this your comparison clearly holds no water. Comparing houses in Nigeria to overseas. Please.

Kobojunkie:
And came out unimpacted during the last recession, and every previous economic downturns, right?

Kobojunkie:
trend from 10 years ago or trend from Nigeria today?

Kobojunkie:
You have 5 houses in the US and the UK?
You mean in a couple of years, you will be able to spend 10s of millions on elections, and stilll have approximately 300 million left over in your bank account?

jidamsel43:
There was indication or he truly died of Covid-19?

Some news are misleading.

Every death is attributed to Covid-19 now.

He had not been confirmed to be Covid-19 positive before how could he possibly die of Covid-19