₦airaland Forum

tesppidd:
What nonsense are you talking?

Did i have to watch to know that a sick joke was made about somebody else's serious health condiditon?

Abeg dont derail. My issue is not whether Will Smith laughed on not, am not arguing about that.

My issue is with any comedian making jokes about a health condiditon.

Stop quoting it as a serious health condition you dum dum. It just baldness.. have you ever watched fresh prince of bel air?? Will smith makes fun of uncle Phil's baldness at least once an episode!

Baldness isnt a "SERIOUS HEALTH CONDITION". I know dozens of bald people in my life.. relax amigo

i feel bad for the masses.. Prices will skyrocket very soon.. Manufacturers are bleeding.. We just bought diesel for N650 naira for 30,000L which will last maybe a month due to the lack of nepa.. normally 30,000L lasts 3 months+

This policy is horrible and will do a lot of damage. Let me explain to you easily.

Im in the pharma business. Lets assume I import paracetamol 20 Tons of paracetamol raw material monthly.

Now lets take prices. In China, prices range from $5.50 a KG to $7 a KG depending on quantity, credit terms, relationship, etc.

What that means if that is CBN decides their bench mark is $6 a KG, and my supplier gives me at $5.50, the invoice will be rejected and I have to buy it at the CBN benchmarked rate.

Same way around, if CBN decided their benchmark rate is $5.50, but the only supplier giving me good terms is asking for $6.80 a KG, it means i cant import either.. Hope its clear now..

There is such a massive price variation that CBN cant control price.. What this essentially means is that everyone will import goods at pretty much the same price, forgetting that some companies enjoy much better pricing due to the relationships or volume they buy from China/India, etc..

I dont know how other industries work but for Pharma industries most raw materials can have a difference of up to 25%-30%+ depending on who youre asking... Example:

10,000KG of paracetamol container 100% advance payment maybe $55,000

If i negotiate and tell the same company that I will be buying 100,000KG a year paid 100% advance, they might reduce price to $50,000

If i tell the same company I will only pay a small deposit and pay balance when goods land, the same 10,000 KG may now be $65,000 for the container, etc.

CooKeed:
If you believe you can walk into a bank and ask for any amount of dollars to import stuff, then you're early a novice.

They dont get it.. Just told how I have a bill pending for 5 months with less than 10% funded.

hey guys, let me blow your mind.. NIGERIA DOESNT MAKE MUCH... Now youre at home right? Lets play a fun game!

That TV you're watching, Yes it was imported with USD... The phone you have, yup,, USD IMPORT.. oh yeah the power bank you're using, also USD.. That lovely car you're driving, YES USD IMPORT, your toilets, sink, tiles, bathroom fixings, WOW, ALL USD IMPORT FROM CHINA ALSO!,

That fridge youre using, yes all the components were imported from China.. INNOSON CARS!! YES, 100% of the parts are from CHINA( USD IMPORT), that laptop youre using now, yup, also from China.. The eletric heater that gives you hot water?? Who would have thought? its actually from China too! I can go on and on

TimeSpaceWizard:
To solve Nigeria's problem you must shut down bdc and convert all fx to local currency. Full stop.

Your fx need is not a cash call, it is handled by correspondence banks in the countries you are importing from.

LOL stop arguing what you dont know.. LETS take your stance... We shut down BDC, and convert all FX to Naira..


Here's what will happen:

#1. USD remittance to Nigeria from people abroad will go to zero.
#2. Foreign investors who sent USD in here would all run away.

And here's the bigger problem, this still wont solve the demand gap.. CBN will still wake up with DAILY demand of $500M against $50M they're willing to give to avoid depleting the reserve too much

I found one RETURN ON CBN WHOLESALE FROM 2017.. And trust me their demand was much higher than given to them..

567 Customers, $95M given.. I can link you if you want.. But oil companies got like half of it..

Meanwhile companies like MTN, Airtel, Multichoice, also got a ton..

Solatium:
As at the last check it's only NNPC that imports petroleum products tell me how I'll you go and demand dollars from the CBN for something you are not licence to do?

YOu're missing the point.. Irrelevant who imports it.... Same result... OUR USD IS BEING SENT ABROAD FOR PETROL INSTEAD OF FUNDING LOCAL DEMAND

Solatium:
I understand your point but i can authoritatively tell you not every business needs such, these figures are just been falsified,the black market you talk about don't print dollar's as well,they gathered whatever from the streets and remittance company,if emzor get such paltry amount each month,na which Aboki dey sell them the rest?

didn't emzor earn forex from sale's to West Africa region?

MANY BUSINESSES need lots of USD. .Bro ill go back and find you a cbn FX return (list where cbn publishes what they give weekly years ago).. Im not going to argue but let me tell you again that demand for USD is in the millions daily.

#2. Aboki is not where emzor gets it.. People are buying inflow, funds from abroad, etc... Ill explain later.. but the bottom line is DEMAND >>>> SUPPLY = HIGHER PRICE... ECONOMICS 101

Solatium:
All you are doing here is just an assumption, majority of those rich people who earn their money don't even fly private jet's,they know the cost of operating one is around $5k an hour or more depending on the capacity of the engine,most of those who do are Business executives who only travel when it is required and the cost is always on company/corporation,the other category of people are your Yahoo boys in suit who stand on pulpit and lie every Sunday of the month.


Back to the argument,how many of your Nigerian brothers have ₦100k as their account balance talk more of spending $1k on a monthly basis?
Have you been to the ATM queue? check how much people are getting out of the ATM machine.

I never said many rich people fly private jet.. Im just telling you that theres enough money in the country that theres a private jet landing every few minutes in Legend terminal.

The problem is your are not exposed... I know lots and lots of people with that kind of money in their account.. Have you ever been to a upper society VIP wedding with thousands of rich guests?

Bro, there are MILLIONS of rich Nigerians who spend $thousands monthly.. You wont see them going to ATM machine, but you will see them in VIP clubs, Hotels, Airport Lounges, Business Class, First class Flights, etc..

4gunners:
So happy. Enough of this speculative FX

I love how people believe abokifx is why dollar is high... Do you know abokifx was also there when dollar was stable at 360 for years??

Do you also know that there are at least 100 sites that publish black market rates, just google it yourself..

henryobinna:
I'm glad you took your time to write this at least we won't have silly people insinuating absolute madness. The next problem is, does the CBN have enough dollars to give? If say the CBN starts selling as many dollars as needed by actual businesses, for how long would the CBN sell this dollar before it runs out of dollars?

Naturally, Nigeria (cbn) doesn't receive much dollars to satisfy the need of the market, that was one of the reason for the limitation in quantity to be sold.

Truth is CBN doesnt have enough dollars to give as the BULK of dollars are given to PETROL importers to make sure price of FUEL doesn't rise.. If we werent importing fuel dollar would be 150 NAIRA..

philip0906:
Great analysis for anyone who is confused or questioning the black market rates: It's simply the principle of demand and supply.

But then, the CBN pumping more dollars into the market is not the ideal solution, as they do not have control over all the dollar inflows. Plus the bottleneck and bureaucracies that comes with disseminating the dollars to the banks and down to the end users (importers, manufacturers etc).

The only true solution is to industralise Nigeria: The Chinese/Indian model. This will mean that the pressure on the dollar, reduces drastically as there will be less and less people needing the dollars, thus forcing the rates downwards or at best, stabilising the rates. Plus it means, we can export and also float the naira offshore.

I agree. ONLY pumping more USD wont help too much as theres too much round tripping going on.. They should have pumped lots of USD when rate was 160NAIRA and it would still be 160 naira now..


I remember vivdly around 6-7 years ago, You need $500,000 for import, you submit the document to the bank on Tuesday, by Friday you get debited for the whole amount...

Now submit $500,000 for the import, your kids go grow up and marry and have babies before you get that amount fully.

Solatium:
If you do that means you are in a category of small scale business and i can bet your forex requirements in a month doesn't even go to $200k,you can always get a local substitute for your needs .

Those big players you made mentioned of do Quarterly of not yearly importation,whatever delivery you see at the end of each month were only scheduled for that month, don't let us mix it up

Local substitute?? Please give me a local substitute for magnesium stearate. talcum powder, lactose, gelatin, sodium benzoate, ascorbic acid,?

Bro you guys dont understand how big Nigeria is... There are companies generating BILLIONS OF NAIRA MONTHLY IN SALES, with RAW MATERIAL REQUIREMENT OF BILLIONS OF NAIRA MONTHLY, which must all be shipped from abroad..

Big players i mentioned need dollars daily.. Emzor imports and uses AT LEAST 10 containers of paracetamol powder monthly (Each container is roughly $140,000 (20tons*$7 FOB), thats $1.4m just for one raw material.... Trust me, you dont understand the scale of business being done here in Nigeria. Now looking at CBN returns, emzor cant get more than $100-200k a month from her bank.. She has to buy the rest from black market... Understand?

Solatium:
i just asked you,what is the percentage of those who spend such in a month?
How many of your Nigerian brothers have that as a savings to start with talk more of spending it?

You underestimate the power of population. Take a drive to LEGEND HOTEL LAGOS private terminal... Theres at least one private jet landing every 5-10mins..

Nigeria has 200M people.. Assume only just 1% are ultra wealthy, thats 2,000,000 people with net worth of $1m+

Now assume 10% are rich(travel abroad, etc), thats 20,000,000 people with net worth of $100,000+

These are very low estimates... Even the poorest countries in the world have at least 10% rich population...

Go to lagos airport ikeja... thousands of people fly out everyday on tickets that cost $1000+ each..

Drive down to banana island, VI, Ikoyi, Its human beings who own the thousands of houses there that cost hundreds of millions to a few billion naira..

Solatium:
Balderdash,do you import every month?
The multinationals don't even demand forex they way our people do,they have a way of settling that via a letter of credit from one of their point of presence wherever the funds is required,the only time they ask for forex is when repatriating their profit.

Every market will become saturated at a point,you can't produce more than your capacity or what the market needs,you also have imported products to contend with.
the problem of forex in Nigeria is caused by speculators who buy at any rate offered and they do this in order to HIDE WHAT THEY HAVE STOLEN FROM THE TREASURY.

Yes.. Nigeria produces nothing.. We dont even have a big company and my FX demand is in the $6 figures USD monthly..

Someone like Emzor Pharma needs at least $20m/month for her raw material import.. We even import starch used to bind our products.. Nigeria doesnt produce anything.. As a manufacturer all we have locally is WATER.. Listen, the RAW MATERIAL FOR THE paper you're using now, yes, that notebook paper, is mostly imported from India, China and Middle East... Thats how bad nigeria is..

TimeSpaceWizard:
You do not need bdc to import anything. You do not nerd dorm account to import anything. As a matter of fact I am sending a memo to CBN today to consider converting all dorm reserves to naira at CBN rate and closure of all bdc.

You do not need to source for usd to import, it is only in Nigeria you get all these parallel fx system. Simply pay your naira and get the dollars from bank at CBN rate to be paid out.

Having bdc and dorm accts destroyed Nigeria fx sector and must be stopped.

Now everyone is just scamming their way to glory under the pretext of affiliate marketing and importation and manufacturing. I am manufacture 3 products and I have businesses offshore too.

I am not a novice

Brother, as someone who has pending bills in the bank for 5 months, you dont know what youre saying..

Call your bank now, say you want to import some raw material and the bill is $200,000.. see what they tell you. LOL

NIGERIA DOESNT HAVE ENOUGH DOLLARS!! The banks cant fund imports.. simple.. I have a bill in the bank for 5 months now, the amount is around $220,000, they have only given around $28,000 so far... Don't say what you dont know... if there was enough USD from banks at 410 why would prices of goods change... You mfg 3 items, why has your raw material cost gone up

As a manufacturer you should know that LCs and bills for collection for your imports for raw materials, machineries, and spares are not being funded..

TimeSpaceWizard:
Except you are into advance fee fraud, asking for all fx to be converted to naira and all dorm acct shut down as well as closure of all bdc shouldn't bother you.

Granted that Nigeria is not a net exporter of products which will organically strengthen the currency and you can't actuate export immediately but you can do something and that is what the immediate solution is.

I do not really care about about these yahoo yahoo ventures that much to hate you as long as your hustle does not affect mine, but be reasonable in your comment otherwise I will ask you how long you have been stupid, though I will keep that question aside for now until you respond again with bitterness.

That's when I will attempt to ask you how long you have been stupid

This is why a good business school is needed in Nigeria.. People dont understand Economics 101

First of all, CBN official rate is like 410, so converting any FX inflow to naira means you will get it at 410... Now let me ask you, your uncle in USA has $10,000 for you. Will you tell him to wire the $10,000 to nigeria for N4,100,000, or will you find a third party who needs to pay his supplier in China,India, and sell it to him for 550 (N5,500,000) ? This is whats basically happening.

As someone in the manufacturing, let me try and explain whats going on. There is severe shortage of USD. Lets assume you need raw materials worth $500,000 for the month, you may be lucky to get $5,000 in a month from your bank/cbn (through LC OR BILL FOR COLLECTION), so you now have to go to blackmarket for the rest.

Abokifx just publishes prevailing rate.. Abokifx is irrelevant when it comes to demand and supply.. Im too tired to explain more, but the solution is simple.. CBN needs to provide more USD to the big companies who need it, and the black market price (REAL DOLLAR PRICE) will drop..

The reason why goods are going up in prices (TV, PHONE, AC, FOOD, etc), even though officially dollar is 410, is because NOBODY IS GETTING 410, or even when they do its minimal.. Yes you can get PTA (Travel allowance) from your bank, but thats only like $4000.

The real problem is when as a manufacturer you need $1m.. Good luck getting that in 10 years....

There is real demand for USD from local companies here for at least $500M a day, and CBN is barely giving 10% of that.. See the problem

How much do you think NESTLE spends daily on USD, or Nigerian breweries... Quick example, indomie is made with tapioca starch, Potasium & sodium carbonate, sodium tripolyphosphate, riboflavin which are imported.. They must probably use $millions weekly just for import... So they go to black market = price jump in finished product... Hope i made some sense..

Fucking gullible donkeys in this country..

So God tells him which roads to take in Lagos to avoid traffic, yet the same caring ever loving God will not warn him in advance of disasters killing people daily..

I want to believe that if there's a God that he has more important things to do than tell someone how to avoid traffic..... things like how to stop thousands of little innocent babies and children dying from poverty and disease daily in Africa..

mistake

babaolofin:
Diplomatic immunity is subject to Vienna Convention terms. The crimes and investigation have been committed and begun before the change of Nationality which is against Vienna Convention terms. She is not protected by Diplomatic Immunity but the Country may refuse to release her.

The only thing Dubai can do is to try him for criminal activities and jail him or expell him out of Dubai. US does not have legal right to take him out of Dubai.

All the IBO analysis does not work until the case get to level 2.

Bro, not one person has ever gotten a case dismissed in the USA because they "extradited him wrongly". It would be a different case if he was arrested wrongly while in the USA.. but once you're in the USA, and you committed a crime against the USA govt, then forget it.. How you got there is now irrelevant.

This is all nonsense from the lawyer..

Don't forget just because there is no extradition treaty doesnt mean a country cant still willingly hand you over to another country for prosecution.

From wikipedia:

"Generally under United States law (18 U.S.C. § 3184), extradition may be granted only pursuant to a treaty.[9] Some countries grant extradition without a treaty, but every such country requires an offer of reciprocity when extradition is accorded in the absence of a treaty"

What that means is in essence any country can decide to extradite you to any country they want to.. (just know that you also owe them a favour in the future).. Normally you would fight the extradition in court, but hushpuppi never got a chance to do that in a UAE court... Not that he would have won anyway.

Most criminals who run away to countries that don't extradite to USA try to use the legal/court system in that country to AVOID extradition.. If they lose they still get extradited.

BreconHills:
I don't need to read FBI files, the FBI doesn't do sentencing - judges do.

The FBI doesn't even prosecute it's own cases, it's function is purely investigative. I can't understand why you are trying to find silver linings in pitch darkness. What I have given you is the court sentencing guidelines. He is going to get 20 years minimum because this is not a local pyramid scheme, this is a wire fraud offence. The US courts don't play with wire offences because the economy rests on the confidence of the citizen in it's banking system. The judge will throw the book at him. They are both done. I am a lawyer qualified to practice in the US so I know what I am talking about. Giving hope without cause is as cruel as taking it away.

someone else who knows how the system works! I just posted a long explanation.. we are saying the same thing.. Based on the amount i guess 20+ years as well

So much misinformation here, let me help you guys out a bit..

I'm well versed with USA criminal justice system.. So they're going to be indicted for a FEDERAL CRIME( federal prisons dont have parole.. you serve 85% of time for good behavior..) , so if you get sentenced to 20 years(240 months, as fed prisons are on months) , you have to serve 204 months, (which is around 17+ years)

So here's the problem.. The FBI win pretty much all their cases.. Before they arrested/extradited him they would have had mountains of evidence (money trail, money hitting his account, email and phone records, etc)

based on the amount of his fraud, here's what will happen.. The FBI will tell him to take a plea deal and get maybe 20 years in prison, or he can go to trial and if he loses he WILL GET 40 years.. thats how they get 99% of people to plead guilty..

FBI isnt EFCC or even state police in USA.. they ONLY INDICT/PROSECUTE If they are very sure they can win the case. If they don't have good evidence they will just let the guy go..

invictus Obi just pleaded guilty and he will be sentenced later this year.. He didnt even bother going to trial as he will lose.

Remember the FBI use their powers and get records from your banks, phones, emails, etc.. so they have ALL of hush puppi's account details, money in and out, his email/text records, his email records.. You cant hide from the government if they want you..

My prediction: HUSH will get a lawyer, plead guilty, and if hes lucky maybe he will get 15 years+.. Hes done... For people saying he will be rich when he comes out.. No he won't be.. The FBI will get a forfeiture order and collect every single naira, dollar, asset he has, not only that but any losses he caused companies he will be made to pay restitution for the rest of his life (even when he comes out of prison)

The problem is lets assume he stole $10M, but he has already spent $5m.. How does he now get the $5m to pay back everyone he stole from? He cant...

To make it worse, during his sentencing report i will assume many victims and companies will testify against him and force the judge to hand him a harsh sentence.. Like i said, i'll bet my money on 20 years..

Whiziddo:
Nigerians Misunderstood My March 27 Prophecy On Coronavirus" –TB Joshua Cries Out



Prophet TB Joshua indicated that after he had the revelation, he specifically pleaded with the Lord

Conversation went like this:

God: I will do ABC
TB: God abeg now.. please.. do CDE
God: Ok no problem, just for you i go do CDE
TB: BABA! I hail!

Goddys:
What will a doctor with US visa be doing in this shithole. I advise you seek a Nigerian doctor in US and contract him to come and take your mom and come to US.


That's if you are serious. There are too many Nigerian doctors who are US citizens over there

there are a few here.. USA visit visa doesnt mean the doctor can work in the USA.. Lots of professionals have usa visit visas, which is good for one thing. tourism.. they cant track into the health care industry in the usa with their visitor visa.

Email me:

94218ef4-cd23-4a06-8761-50862d177099@jjman2322.anonaddy.com


Thanks.. Will get back to you..

Hey everyone

My grandma is sick in nigeria. She’s a usa citizen. We are looking for a doctor preferably a woman who has a usa visa to follow her back. She’s very sick so airlines may not fly her without a doctor. I’ll give more details via phone etc. just message me on here.

It’s urgent. We will buy you a ticket and also pay you for going.

Igetmyown247:
You need to change your mentality. It’s ok to get inspired and wanna do well financially so you live a comfortable life, but nothing is worth more than you. All this material things will fade away eventually. I don’t care about material things I just wanna wake up everyday and be grateful.

nah bro.. you need money to be comfortable amigo..

Say what you will but i rather have 1 billion than have 1000 naira.

Im grateful for what I have ..100%.. but it doesnt mean i dont want to get more..

Trust me, when i see someone drive off in a car he bought for $450,000 brand new (160M naira before duty, which means it landed here around 300M+, it makes me want to do more..

You have to think big to grow big.. I dont need, nor will i ever buy a car for 200M naira, but i would like to have that 200M naira cash in my account Life is better with money. Ive been super poor before and rich before.. I pick rich 100% of the time..

CSTR2:
Where are our pharmacologists?

Nigerian drugs companies are lazy.
They should be controlling the market by now.

lazy? blame importers buying from china, circumventing duty, selling below production cost in Nigeria..

Would you produce a drug in Nigeria if your production cost is 100 naira and the imported one is selling for 85 naira?

Igetmyown247:
I’m wondering the same. I don’t understand why this should even go on the front page. There are many rich families too but I guess nairaland is on Davido and his fathers payroll. They keep shoving them down everyone throat on here. It’s tiring they gotta stop

Motivation.. I love seeing posts like this as it motivates you and makes you realize you havent made any money.. Get your hustle up.

I thought i was doing OK and good until a friend and I visited banana island few weeks ago.. We also went into a friend's house there..

IT WAS THERE AND THEN I REALIZED IM VERY POOR, and I need to step my game up.. One of the cars in that house was worth more than me... LOL

Bottom line is lots of nigerians have myopic vision..

I suggest for fun you take a drive to banana island.. All the 100s of houses there worth hundreds of millions, and some worth a few billion, are all owed by people, not JESUS..

Also stroll down to private terminal in Lagos. You can access it through Legend Hotel in Ikeja.. All those private jets there are also owned by people, not Allah..

You guys need to chill out.. Just because you cant imagine it doesnt mean it doesnt exist..

Nigeria has 180M people.. You have to figure at least 1% are super wealthy, which is a pessimistic estimate. That means 1.8 Million Nigerians are probably worth 1billion naira+

Who do you think owns all those nice hotels in abuja? lagos? who do you think youre paying your electricity bill to.??. When you make a phone call who is charging you for the call per minute?, text, ?who do you think youre paying for your GOTV or DSTV?

There's a lot of $$ out there my people..