₦airaland Forum

So how much do they pay??

I don't thing the salary scales are that structured, but can't say much for the telecoms industry. However, I'm aware of someone who had worked in an oil company in Nigeria for about 5 years, went to Cranfied to acquire an MBA then returned to a second tier bank in Nigeria. He was started on N15M per annum. Someone else in a similar position, with slightly more experience and an MBA from Imperial was started on N25M.

Given the way the global financial crises is playing out and considering that naij is not immune from the shocks, I suggest you start identifying the skills that may differentiate you in the future, be it formal or academic, and then set out to acquire them. I think in Nigeria of today and the future, you've really got to stand out to earn the huge salaries of the past.  During the boom years, mediocrity was allowed to flourish as many companies recruited enmass just for the sake of it (particularly the banks1) . Today, what we're seeing is a much higher scrutiny of capability.

@Poster,

I found that, working Nigeria, the best thing is to be much closer to the business, where there's much more scope for career progression. Being technical is unlikely to offer you all the opportunities for progression.

If I were you, I'd get an MBA from a reputable business school in Europe or North America. Good MBA's still hold premium in Nigeria. Combined with your technical background, you should be able to get a senior position, depending on your experience, as well as how you market and position yourself.

the Britains are actually the source of our ethnic problem

Dude, this is  now a tired argument. Let's stop blaming others for our failings! If we're not
happy with the "arrangement", then as a people, we should be able to redefine ourselves, our politics
and our boundaries amicably. Are we waiting for the British to come do it for us again after over 40 years
of independence? One starts to wonder what's wrong with we black people sef!?

Just to further elaborate on my ealier comment, let me share an encounter I've just had (barely 10 mins ago) -

I listed some items on Ebay  - a brand new laptop and digital camera I recently received as gifts. This is the
second time I'm listing items on ebay, and on this occassion as in the previous, both items were accepted at full price.

I quickly suspected something fishy. 10 mins ago, I discovered the bidder was Nigerian, which prompted me to
call Paypall to verify all was well. Paypall quickly alerted me that this was a "spoof", and was common with
"Nigerians". I called the bidder in Nigeria and just played along. For obvious reasons, he seemed in a hurry to have
me dispatch the items to him in Nigeria, not realizing I was already suspicious. When I disclosed I was Nigerian and
knew what he was up to, he just went quiet and was full of apology.

If this has happened to me the two times I've listed items on ebay, you can imagine what the general ebay
population is faced with and what this does to our reputation as a Nigerians!
Rather than confront our rotten leadership, we export our desperation in a bid to compromise  systems that
citizens in other nations, in  their good wisdom, strive to nurture, promote and preserve.

This may be a little off topic, but it only highlights our growing reputation as a crime infested cesspit. If we put in half the effort we expend searching for short cuts in changing our value system and challenging the theming criminal elite, we'll be much much better off!

The general attitude of Nigerians to life is another reason why the country is in a mess. Right from our churches to the Universities to Aso Rock, Independent thinking is hardly encouraged. You're not supposed to ask questions. Just follow the 'rules' and keep quiet.

This is the best comment I've seen in a while. I don't blame our leaders at all, as I believe a people deserve the leaders they get! We seem programmed to accept mediocracy, no questions asked. In most countries, Yar (like most past and present political leaders) would have been chased out of office by now as he's been a complete failure, effective only in the protection of  a thieving elite ( the likes James Ibori ).

While populations elsewhere are defining their own destinies we sit like moogus while our leaders take us for this long, rough ride. Our pastors even ask us to "pray" to God for intervention while they reserve sits for these despots in the front of their churches and then travel the world in their  private jets,   

Our value system requires a complete overhaul. When we start demonstrating to our leaders that we can force change (and that power truely belongs to the people), then we may start to make some progress.

The entire rebranding initiative by Akunyili is just one big joke. Why don't they instead, enlighten nigerians on the need to task our leaders, challenge and confront them? Our leaders always seem wary of empowering the people, and instead resort to daft, aimless propaganda! We have unwittingly become the biggest mugus of all! Giant of Africa my foot!



JoshO

Peps, calm down. From I_laugh post, you can tell he's a beneficiary of our conniving and backward system. When top goverment officials saunter into his office "unannounced", this can only suggest he's  partaking of the national cake (or aggresively striving to get his hands on the crumbs). Why won't he defend their criminal habits?

Either way, I only laugh when people compare Nigeria to the UK or US.  Obama has a thoroughly fortified car, so speaker of the house orders 4 jeeps? Yar has over 4 plans in the Presidential fleet yet we don't have a national carrier? How many airlines exist in America? How many automobile manufacturers are in Nigeria?  American leaders deserve all that they get. They have earned it.

The kind of leadership we need in Nigeria is yet to be in sight! Radical. Anyone who can't drive a 504 assembled in Nigeria should not run for office! Shikenna. All the police and security retinue should be cut down drastically, particularly for governors. We have to start attracting the right calibre of people into goverment, not the pick pockets now parading themselves as leaders,  Shame! 


JoshO

If the Nigerian government really wants to fix this problem, they would allow private companies to run the power grids and distributions without regulation and tax them on their income.

Privatization like this will not work in Nigeria, not with our crab mentality. Does anyone have any idea how much capital and support - infrastructure and leadership - will be required to make this work? Who will commit to such a capital expenditure in a country with very weak legal frameworks where contracts are hardly binding and subject to sudden "reviews" at will? Not to mention the extremely weak leadership and lack of continuity. The only thing Yar has been effective at, is stopping many of obj's policies, without coming up with effective alternatives. With everything else, he's been a disaster!

Even if an investor commits and manages to turn things around, someone will wake up tomorrow and say we've "sold" our "national heritage" for nothing! That's just the way we are, with our habit of shooting down things that work. As a people, we've institutionalized mediocracy. If I were serious investor with that much capital at my disposal, I'll find somewhere saner to invest my $5 billion (I think this is the minimum capital that'll be required). A nation where contracts are respected and leadership is progressive.  The risks / stakes are just oo high!

Nigerians sha.

Even during the 3rd term saga, I did support obj's continuation in office, simply because the alternative (Yar, Buh, Ati) were always going to be worse, in my view. I think he did very well with the EFCC. Today that lame slowpoke, Yar, has stood by as Ribadu was humiliated! How will things work? What is there to fear now? I fear for our country, really. If things continue this way (and Yar remains in office), then we'll most likely be a failed state in 5 years and a breakup of the country will be inevitable!

The other day our clueless president wanted us to be "sad" that we as "the giant" of Africa
hadn't been invited to the G20 meeting. Well, here's just one of the many
reasons. http://edition.cnn.com/2009/WORLD/africa/04/08/piracy.africa/index.html

Nigeria now being mentioned in the same vain as a completely failed state - Somalia. 

Under his watch, Nigeria is slowly decending into a crime infested cesspit, reknowned only in
it's insurmountable capacity for crime perpertuation and illegality. With the active connivance of
his hugely compromised attorney general, our dear country is being taken over by a ruthless
and corupt cabal.

I have to say I miss the days of OBJ. At least the EFCC was effective and there were real
casualties of the war on corruption, selective or not.

Is there really any hope for us?


 

Affalatus,

You come across as a very bitter man. While not doubting your insight, and perhaps as your comments suggests, ordeal in the hands of your former boss, the vile, rather personal nature of your post make your assertions much less credible.  Soludo has initiated lots of bold policies (wether original or not), some of which may not have met universal acceptance. Non-theless, he had the courage to initiate change. I too have met him, and he came accoss as a fine, decent gentlman.

By the way, how does he compare with most of our other inactive, passive and clueless leaders?. In my opinion, he has achieved much more than ALL the past CNB governors put together.

On another note, how many public officials live on their salaries? Nigeria, particularly, is a place where status can earn you significant leverage with wealth generation. I can tell you that many deals take place in those circles, many of which are perfectly legal. Many of these folks took loans (secured/unsecured) from banks, took huge stakes in private placements and share purchase schemes etc. You also get lots of favours, some bothering on conflict of interest, others not.

In any case, please let's leave C Soludo alone. In Nigeria,  institutionalization of mediocracy reigns. Let's give credit where it's due, lest we confirm our mental disposition as Crabs.


My piece
Josh O -   
Lord Mayor of the Square Mile.

Being faced with a paycut is never good news, let alone loosing one's job.

But guys, let's put all this in perspective. I had to keep going back to the original post to make certain that it wasn't a life that was lost. In my neck of the woods, job loses are not only normal, but expected. The global
economy is shrinking and Naij is not immune.

Someone even reported that one colleague recently lost a job!!.  WOW, big news. Job security in Naij must be
a given.

I work in a global brand investment bank here, and 40% (and rising) of my colleagues have been shown the door in the past few months (Including directors and executive directors).

Keep your faith mate. For those who trust in the Lord, dissapointment like this ALWAYS turns out to be a blessing.


You'll be reporting on this forum soon how you either found a BETTER job (which you would have had neither
the courage nor motivation to seek earlier) or how you've moved on to bigger,  better and more fruitfull things.


The Lord must always be your strength.

Josh O -  
Lord Mayor of the Square Mile.

Hi Isuomo,

I'm a nigerian in diasporia, working in a global investment bank. I have a quick question for you and would appreciate if you could contact me @goodlife101@hotmail.co.uk as I'll like to run something by you / get some quick advice.


Thanks

TheGoodLife

i take your point. the fear of the silent readers is the beginnning of wisdom

Why everybody think say na silent readers be the deep pockets. I no go name people for here, but e be like
say na the visible players for this forum na them dey  move the market pass.  By the  time wey them announce stock to buy for here, them don already buy am finish so nothing remain for anybody including the
silent once sef.

Forget the Nigerian Army. Like our national football team the green eagles, they are over-rated. Years of neglet by successive goverments have destroyed profesionalism and decipline. I doubt we can even defeat Cameroon if war were to break out between both countries today.

Babangida and Abacha deliberately weakened the armed forces to preserve their illegitimate goverments. Many people in the army today did not join to fight any wars. It used to be the shortest route to power until money-miss road politicians came onboard.

Peacekeeping is a different ball game from open warefare. I have little respect for our soldiers unfortunately, especially the officer class. They have not earned it. Not in the Niger Delta. Not in the streets where they are no more than bullies. Not anywhere.

The Nigerian capital market is not deep enough for MTN. Try computing 25% of MTN, and consider if the market is deep enough to absorb,


I can understand MTN not wanting to 'share' with Nigeria, but what about our very own globalcom, owned by just a few people? At least MTN is listed in SA.

@Crownvilla,

Upstream oil sector deals primarily with the recovery and production of crude and natural gas. Most companies in this sector prospect and have  rights to huge oil reserves. The capital requirement here is huge and profits can be staggering. You'll find some of the biggest companies in the world here - Shell, Chevron, Gazprom, BP etc. Whilst some of these players also venture into the downstream sector - refining, distribution of crude / natural gas products), their main revenues derives from the lifting and sale of black gold and natural gas.

In Nigeria, most of these players don't even bother with downstream sector - They leave it to the oando's, conoil's, Zenon's and Mobil (distribution)  to worry with.  They also don't bother to list on the NSE as capital is ever hardly a problem for them. Also, why should they have to worry with recalcitrant shareholders? Another reason is rules of listing on the exchange. At least 25% of the company will have to be sold to the public. 25% of shell for example values at billions of $'s. The exchange may just not be deep enough for the NSE.  


These companies just make money out of Nigeria,  then repatriate most if not all of it to their countries.

,

TransCorp in on the exchange, MTN will be a money spinner too oneday. That's why the people at the helm of this company are insisting it's a goldmine, and will be the biggest and most profitable company in Nigeria in 4 - 5 years.

Don't expect the likes of MTN, Glo to list on the NSE. They'll claim the market isn't deep enough (in otherwords, they don't need your meagre stippends). Also, they will have no reason for sharing their profit with you.

Withs happening with Telecoms in similar to Oil (dowstream). Again here, TransCorp is perhaps the only vehicle into this lucrative industry. In 4 - 5 years, For these reasons, I believe TransCorp will be really hot in 4 years time.

Need 100,000 units of Access bank shares. Any takers?

before my peeps go chop the money, come start to dey yarn me me stories.

Is this the same as this http://odili.net/news/source/2007/jun/22/608.html or a competitor ?

If it's a competitor, then can't be cheering news for CR and their Private Placement!

Abiola had many good qualities, his generousity being the most obvious.

But I don't think he deserves the "Hero" status some would like to see him accorded. For starters, he kept very bad company in the likes of IBB and the millitary junta. He was a major beneficially of many desperate and unjust regimes.  He amassed so much wealth through debious deals, most of which was at the expense of our nation. That he larvished food gifts on a desperately hungry nation makes this particular action border on manipulation. 

He was one of  the forebearers of the "contract" syndrome that is now the scouge of our nation.

Suddently turning against your benefactors when your interest is in jeopardy is one thing, but that a nation should immortalize you for protecting your "prize" is taking it many steps too far.

The late Abiola is no hero in my books. He deserves no more recognition than the millions of people who fight for their basic rights and for survival in this nation on a daily basis

There will be increased regulation and more taxes in the future. But that time is certainly not now. The Nigerian capital market is still a fraction of China's and not even as big as South Africa's. The size of the market will have to grow 5 fold and other instruments will need to be introduced, and we're likely to see a slowdown rather than a crash,

Having said that, I fear the goverment may re-introduce capital gains tax before the end of this Yar'Adua's goverment.

So the time to make your money in the Stock Market is definitely now.

I strongly believe that first bank will attain N50 @ least by end of August

My broker has said he can get it for below N9. So I'll be looking for a significant discount, somewhere below the IPO price,

Given the general perception of "distress" in this company and non viability, I expect and hope to buy a bargain!

@stanchuks,

I'm still waiting to hear from you how much you're willing to sell for. I may be interested.

have 47000units for sell if you are intrested

How much are you willing to sell your 47,000 units for?

Rumour has it that the IPO was over-subscribed and that the technical suspension will soon be lifted. I read this as a comment in stockwatch magazine yesterday.

I think TransCorp will be ok. I suspect they're silently working behind the scenes to get the right investments in, then mop up all excess shares from the market.

On the Oceanic IPO, I won't hold my breath on Oceanic share certificates coming out anytime soon if the way they've handled the recent 1 for 4 bonus issue is anything to go by!

The 1 for 4 issue was announced in January, 6 months later, they are yet to pay that or the dividends  . Or I'm I missing something?

The man is, was and will always remain the most corrupt thieving president Nigeria ever had the misfortune of being imposed on her!!!!!!!!

It's the comment above I was responding too. No doubt, OBJ, like virtually all leaders in Nigeria and indeed in the world, enrich themselves one way or another. OBJ is certainly guilty of conflict of interest - that much I'm sure off, but in a country where leaders divert public funds for their personal and selfish interest with inpunity, this will hardly make the top 5 of my list of anti-curruption priorities,

@Bankole01

I think your comments are quite sentimental. I don't think OBJ is as as bad as you make out and I believe he  "misappropriated" much less than the likes of Abacha, IBB and Abdulsalami.  The difference with OBJ is that most people know where his money is as his investments are less concealed, secret compared to those before him.

200 million  naira invested in TransCorp for example by OBJ, could have been 200 Billion Naira invested in the same company through fronts had it been IBB, Atiku or Abacha. The way he was castigated for his TransCorp investment is likely to discourage any future leader from openess of any kind, however limited.

Yar'Adua was on a winner from the start. He's the most credible of all the candidates. He's got the support of the all powerful rulling party. He's got the full support of the military and powers that be in Nigeria. He did more productive campaign than all the opposition put together. And finally, I believe he's tenure as President will withness the most rapid development of our nation.

May he go with God's speed.

You're on your own.

Forget it, this will not happen in Nigeria of today.