₦airaland Forum

jaxxy:
Seems Ure confused. Subsidy benefits the sellers cos it’s their profits being paid to them bt government due to the reduced price they are selling to us. Without subsidy they will be at loss.

We benefit also having to pay less for fuel.

Bt now dangote refinery is here and he still wants to deal in dollars and international rates the fuel price will be exactly thesame without subsidy and will yet again require subsidy or we pay higher rates like it will be if subsidy is removed 2day.

Unless dangote is a dealing in naira and local rates like an NNPC refinery then we can have some hope of cheaper fuel and a better economy.

You are really confused. Even with a layman example of spare parts dealer that I gave, you still couldn't comprehend how subsidy work.

If the landing cost of petrol at the Nigerian port is N282 per litre, at that stage, the refiners had already been paid fully by the importing marketers and subsidy is not yet involved.

After clearing and adding other domestic costs and marketers profit margin, the price comes to around N340.

In the absence of subsidy, the marketers will sell directly to the consumers at that price.
In the subsidy regime, the government and the consumer split the N340 between themselves and pay the marketers. Still the marketers collect N340, no more, no less.

Subsidy benefits the consumers (who pay less than the market price while government balance up), not the marketers, talkless the refineries.

jaxxy:
U are just hyping which is fine bt we are yet to see real benefits to the economy as it stands. Dangote is already saying his refinery isn’t for Nigeria alone or Nigerias oil and we may still have subsidy issues only this time it will go totally into dangotes pockets. Everything is still uncertain.

Yes he’s creating 40,000 jobs allegedly bt the refinery has to reflect in our pump prices or else it’s like robbing Peter to pay paul.

The bolded part is an uninformed view of how subsidy works which is common among the so-called educated Nigerians.

Sellers don't benefit from subsidy. It is the final consumption that is being subsidised.

If you are spare parts seller and you already computed the selling price of your goods based on landing cost and projected profit. If a customer walks in but can only afford to pay 60% of your price, what will you do? You will turn him away for sure. What if a good samaritian offer to pay you the balance of the 40% on behalf of the poor customer? Have you benefited beyond what you would have gained if you sell to another customer that is able to afford your price? Sure no. The samaritian has only subsidised the customer, not you.

Same with refineries. Currently, fuel marketers pay the foreign refineries fully before lifting products to Nigeria. The headache of subsidy is between the marketers, consumers and Nigerian government, not that of refineries.

KaluwisxPRO:
Those who are being accused by other aspirants to be stooges of Fayemi, who are they? Isn’t this Election supposed to be ongoing today already?

Or they doing backdoor Indirect and Public primaries to deceive Ekiti people

The list being contested is the electoral committees at local governments and wards level that will organise direct primary election at those levels

NimrodEndOfDays:
Afonja Coward

“It is praiseworthy to be brave and fearless, but sometimes it is better to be a coward. We often stand in the compound of a coward to point at the ruins where a brave man used to live.”
— Chinua Achebe

Beremx:
There were no Fulani terrorists killing and displacing his people when he was governor. His people enjoyed security.That’s a very good and wonderful performance from him. Oya tell us what the current APC Governor has achieved so far.

Really?

Who was the governor of Niger state when Jonathan had to declare a state of emergency in the state over boko haram?

FreeStuffsNG:
I am impressed. That company was founded in 1988 and that makes it about 34 years old company. The only issue is that the valuation may be overvalued and he may now need to either support the price or create value to defend such valuation that strangely placed it above a FMN Plc that controls the flour industry and most of the food sector.
It's early days and I don't believe his valuation for bua foods is correct. Right now, Conoil is far more profitable especially with oil doing well at international markets yet an upstart in the capital market was valued higher than Conoil and on that basis inaccurately used to place Rabiu above Chief Adenuga

@bolded. FMN Plc does not currently control the flour industry. Even the combination of FMN and Honeywell (whenever it is finalised) is still below Olam.

Olam has a capacity of 11.14 MT per day and 44% market share.

FMN currently has 32% market share and after combination with Honeywell, its capacity will increase to 9.6 MT per day.

I agree that BUA Foods appears to be overvalued given that its current flour capacity is just 1.6 MT per day which it plans to increase to 4 MT within the next one year.

luizpippo:
The national assembly is not in charge of implementing the budget since it has been passed so how does APC being in charge of them makes the budget the best thing after party jollof

I thought I was the only one who couldn't see the relationship between the question and the answer he gave.

That answer is more appropriate if the question is about how the budget proposal will pass through the national assembly, not how a passed budget would be implemented (by the executive which he heads).

Macphenson:
Imagine, A useless head slamming Adamu Shaba entering the house of God while service is on going and desecrating the house of God.

Why not wait till he is out from the Church? Can a Christian enter a mosque to arrest somebody in the North?

I don't blame him, I blame the useless supreme court governor who sent him.

PrinceOfLagos:
Can the useless terrorist adamu arrest his fellow Muslim inside mosque

Hopeless uzodinma will regret his action , I trust the Imo people .

What the Imo people did to Ikedu Ohakim for flogging a priest will be child play compared to what they will do to Hopelessly Uzodinma at the polls

delzbaba:
can you imagine the audacity of that aboki, well like you said the governor gave the order to desecrate the alter.

According to the account of the event given by Uche Nwosu himself, Adamu Shaba was not present at the scene but he suspected that Shaba ordered his arrest because the policemen were briefing Shaba by phone after he was arrested and even sent a picture of him to Shaba to confirm that they got the right person.

yMcy56:
Oga see as you rush to reply me that the reference was old, but when i talk say Nsempa no dey "like" (reply) greetings now, you no say anything o.

Anyway, maybe the wrong upload was from NSE.......but it was the newly uploaded doc for Jan 2022.
It could be the actual agreement entered into that they intended to upload.............BUT the message is: There's now a formal agreement to acquire FBNH's stake in HW. Previous info may just be the planned acquisition.

Sorry Ma.

E ku holiday

yMcy56:
FLOUR MILLS ENTER INTO AGREEMENT TO ACQUIRE FBNH's 5.06% STAKE IN HONEYWELL
Let me be the first to post NSE news in 2022.

https://doclib.ngxgroup.com/Financial_NewsDocs/34606_FLOUR_MILLS_OF_NIGERIA_PLC%20FLOUR_MILLS_OF_NIGERIA_PLC_.pdf

Is this the intended referenced statement?

The statement was released on 22 November 2021. Not new

tutudesz:
Such investment should come with their own personal fire truck and some of the workers should be trained to use those equipment.
Because fire service in Nigeria is very bad

The mall has its own firetruck permanently packed there

These journalists can ask dumb questions atimes.

Garba Shehu said the President has communicated his decision to the National Assembly and they were asking if it is yes or no.

Does he need to communicate anything to the National Assembly if it is yes?

The yes is just to assent the bill into law. It is when he vetoes the bill that he writes to the lawmakers.

wirinet:
False.

You people just make up stories from your head.
Glo was not even available for the first round of bidding in 2001. The three companies that won the 2001 bid of $275 million was Econet, MTN and Communications Investment Limited (CIL). CIL belonged to Mike Adenuga. CIL could not meet up with the payments and it lost its license. A year later Mike Adenuga through Globacom win the license as the Second national carrier for $200million. He started operations in 2003.
You can read more here - https://www.vanguardngr.com/2012/09/adenuga-the-grand-commander-of-telcos/amp/

Which $20 million did it forfeit for the license? CIL could not pay the $20 million.

False?

What you read as history, I witnessed and partook in as current affairs.

At the auction held in Jan 2001, Four (not 3) licences were sold at $285m (not $275m) each.

The successful bidders were Mobile Telecommunications Networks (now MTN), Econet Wireless (presently Airtel), Communications Investment Limited (later resurfaced as Globacom) and Nigerian Mobile Communications (now Ntel).

The licence of Nigerian Mobile Telecommunications, a subsidiary of Nitel now Ntel was paid for by the government because it was government owned up to 2015.

Before, the companies could bid, each was required to deposit $20m in bank bond. If you bid and don't win, your bank bond would not be called in but if you win, your bank bond would be called in immediately and you are to pay the balance of $265m within 3 weeks otherwise you forfeit the deposit of $20m. Those of United Networks and Celtel were never called in because they didn't win.

Communications Investment Ltd owned by Adenuga won but later found out within the 3 weeks that it was to pay its balance that the particular frequency sold to it was being contested in court by another company - Motophone owned by Chagourys, that claimed it was already sold to it by Abacha.

CIL instructed its bankers - BNP Paribas to inform Nigerian government banker - Chase Manhattan that payment would be released to Chase if govt issued indemnity to CIL.

On February 9 2001, Ndukwe of NCC announced that as at deadline on that day, Chase Manhattan had not received the balance from CIL and thus the license is cancelled and the deposit of $20m forfeited.

Even with hues and crying of the public, NCC and government maintained its stand and the forfeiture stood.

CIL was allowed in 2002 to bid as Global Communications limited to win an all encompassing second national carrier license on the same litigious frequency of 2001 but this time, government gladly gave an indemnity.

emmykk:
People cares...glo was not first registered when mtn was licensed.

Glo was registered the same time. It won the license just like mtn but it found out that the spectrum that it was given was a subject of litigation having been previously allocated to another company under Abacha.

It conveniently forfeited the $20m it deposited for the license

ivolt:
MTN have been operating in several countries before getting their license.
This Mafab has no experience with communication, has no real plan and have no business
bidding for 5G license.
The government just created another middle man to milk the telecommunication sector without
offering any value.

MTN was less than 7 years when it came to Nigeria. Same with Econet (now airtel) from Zimbabwe.

How old was globacom when it first won the license in 2001?

loswhite:
Has MTN sold shares publicly before?

MTN Nigeria shares have been available to the public before, but MTN Nigeria has never sold shares to the general public before because it has no need.

How? You may ask.

When MTN Nigeria was set up in 2001, it was a private company owned by South Africans and some high netwoth Nigerians like Col Bello, Pascal Dozie, etc.

In 2014, the South African group partly sold 12% of their shares to another South African company, but MTNN still remained a private company..

When MTNN went public in May 2019, it did so by “introduction” which means that it did not issue new share to the public but allowed existing shareholders to sell their shares to anyone they like on the stock exchange. Note that a shareholder in a private company cannot sell share to just anyone without the approval of other shareholders. That restriction was removed when MTNN go public.

The bulk of the shares of MTN Nigeria (MTNN) almost 80% was held by South Africans. During the “introduction” on the stock exchange, the South Africans sold very few. That is why, MTN shares available to the public called “float” is very few till now.

Now the South Africans have decided to sell more to the public from their holdings but because of the sheer high volume which Nigerian Stock Exchange is not yet matured enough to handle on the floor without significantly depressing the price of MTN, the novel way of marketing direct to the public by the owners was adopted making it look like it is an “offer for subscription” (I.e. new shares issued by the company itself and that the proceeds go the company) rather than “offer for sale” (I.e. sold by existing shareholders from their current holdings and the proceeds go to them). The current sale is series 1, there are still series 2 and 3 coming before they would be able to sell the total volume they targeted after which the the holdings of South Africans in MTNN will reduce by about 12% to just over 60%

li2pac1717:
Lol. You think building 5g infrastructure is free and cheap? The money they make today is not even enough to build a standard one for half of the country.

The money raised today ($273m x2) is licence fees and goes to government pocket 100%.

The winners are now going to look for another funds to build and roll out the 5g infrastructure. It doesn’t concern government.

dawnomike:
Why 273m dollars when the bid got as high as 250m dollars...?
Now, I see what MTN wanted to use the proceeds from the sales of shares for.

MTN Nigeria cannot use the money for company’s transactions.

It is an offer for sale, not new share issue which means the shares are being sold by an existing shareholders (though a major one) and the proceeds will go to the seller, not the company.

If MTN Nigeria needs money, it has to either borrow or issue new shares to be sold, not the one it has sold in the past which the then buyers are now cashing out by selling.

Jymsyno:
Pls how do I buy MTN shares online without going through a receiving agent?

Online Application Process

Visit https://primaryofferng.com/ on your web browser or download "PrimaryOffer" from the Google Play store or Apple store.

Create an account with your BVN and date of birth.

Create a password and verify your account with the One Time Password (“OTP”) sent to you.

Login with your email address and password.

Select MTN Nigeria Offer and “Purchase”.

Specify the number of desired units and select “Pay now”.

Enter your CSCS, clearing house number and bank details for verification.

If you do not have a CSCS account, indicate “No, I don’t” and select “Proceed” to fill the required fields to create a CSCS account.

Input your bank account details and re-insert your password for verification.

Select “Yes” when asked if you have a stockbroker and select a stockbroker that you want as your preferred stockbroker to open your CSCS account.

Review the subscription summary, submit, and make payment as directed.

On successful payment, a notification is sent to your email.

festacman:
As Speaker of Representatives, Ghali Na’abba gave ex-President Obasanjo so much headache with his forthrightness and outspokenness between 1999 - 2003. Having failed to remove him as Speaker, Obasanjo worked overnight to undemocratically deny him re-election by manipulating to deny him PDP ticket during primaries in Kano State.

Na'Aba with his trademark unsmiling face has a positively strong and highly principled personality. He is impatient with frivolity. He is not a typical Nigerian politician who easily compromise under pressure. He sticks stubbornly to his values, which is why he is politically alienated in Kano State. He is not an intellectual but he has a heavy natural leaning towards erudition.

1. He wasn't denied pdp ticket, he contested the election and lost to ANPP's candidate in 2003. Kwankwaso, the seating pdp governor then, similarly lost to Shekarau of ANPP.

2. He is a closet pro-north fanatic who doesn’t really fancy southerners as president of the country. He cowtowed before Atiku, the VP but held Obj in disdain. That was why Obj also fought tooth and nail to render him politically irrelevant

Bamzyriches451:
Is she married??

Yes. Married to Prince Adeniyi Olukoya

Leverage2021:
Liberal rich Muslims have one thing as priority

Christian wife

Leverage2021:
He doesn't have a choice so he goes for the best

Why would those with the best now go for the opposite

Toyin Saraki is the daughter of Adekunle Ojora.

Adekunle Ojora is a Muslim.

joinnow:
Why did it take ShopRite so long to build in kaduna.
Reason when South Africa owner did market research the decision outcome was don't build. I heard Yoruba man bought over ShopRite late last year.if it's true possibly he is doing affiliate with one Alhaji at Kaduna.
Most likely build a mall use our name ShopRite and remit 20% of profit.

Where did you get the market research report that you so confidently quoted?

This is persistence in ignorance.

Name one mall that Shoprite ever built anywhere in the world. The simple fact is that Shoprite does not build malls, it only rent just like other tenants in the mall. It is called anchor tenant because it will commit to leasing the property even when the property is still being developed.

It only open shops wherever there are malls that meet its specifications. It is lack of available malls that constrained its expansion in Nigeria as contained in its 2014 Annual Accounts.

Galaxy Mall Kaduna is a PPP project of Kaduna state markets development company and Amsalco Industries Ltd. It was originally conceived by UACN Property Development Co in 2015 but the project stalled and Amsalco replaced them.

medinho:
Please how do I go about purchasing the shares.

Either

1. Liaise with your stockbroker and fill a commitment form for the number of shares you want.
Or
2. Fill in the required information to buy on the special mtn offer portal. Google for it

freeman67:
The one share bonus for every 20 bought that you will be entitled to after one year is N169... Divide by 20 and reduce what you get from every 20 you but at this particular offer...

Mind you, the bonus is limited to the first 5,000 shares, beyond that, no bonus.

MTN retail offer price is N169

Offer opens 1st December, closes 14th December

Minimum subscription is 20 shares and additional in multiples of 20.

There will be a bonus of 1 share for every 20 purchased, subject to maximum of 250 bonus shares provided you retain your purchased shares for one full year before selling.

brandsoncharlie:
Please disregard this comment. That's a structural failure not what you are talking about. That structure is old enough for reconstruction not even retrofitting.

How many years?
That is the multistorey car park of the domestic terminal 2.
It was built around 2009.

Kingcalls:
Men dint change, men are still the sane...women hv r
Turned to something else, ...example, just look at the nonsense u posted, he dint carry his wife along cos he dint hv a son, but carried her along and made her an executive in coscharise..do u even know the meaning of coscharise?? Cosmas and charity...by the way , I know his son personally... was at his wedding on 2012 abi 13 ... u see y I talk say u women hv turned to something else...u jump into conclusions

The person you quoted was referring to TB Joshua not Maduka.

Mpeace:
Wapco dividend just landed. I noticed they didnt even bother to take witholding tax. Good

Ades1:
I think they will debit your account later. That's what happened with me earlier this year

The dividend was paid from pioneer profit, so no withholding tax

discusant:
All Soludo needs more to be proclaimed winner is win of 25% of votes in another 2 Local government areas of the state.

The Reuben Abati organized guber debate opened the nyash of Andy Uba to Anambra people who are mostly educated.

Soludo is already elected even if he scores zero in the remaining local governments.

He has the highest votes currently that is more than the combined votes of the two runners-up.

He also needs 25% in only 14 local governments but he has 18 already.

Pamelayoung:
I mean I had the opportunity to buy it at .89 but I left it for Okomu. I wept the day I saw the price 2.30 I would have been vacationing in Carribean by now had I gotten it then.

If you had bought at 0.89 then,
No, you won’t be vacationing in Caribbean now.
Yes, you will be in Nigeria rueing your loss for the school fees you paid to NSX