₦airaland Forum

ibechris:
Coming from someone who doesn't travel...we don't need your validation.

I am on ground...so u cant tell us what isn't.

Okay.

I have not been to only the NW and the NE. I try. Also research and analysis gives you more insight than travel.

Kukutente23:
Is lawani aware of this
He needs to tell these pensioners that they can't be protesting against their "estate"

You are always mixing everything up. There is no mention of pension fund in the article. Those are pensioners of the fg who are not in the new scheme

helinues:
How about their writers? An insider gave them that cooked data

I don't know their methodology as I am not working with them but my common sense says the data is not difficult to get. All professions have associations, all banks have headquarters where data on their branches can be gotten and etc. The company seems legit to me

helinues:
Is it today that some people have been manufacturing data just to suit their narrations

I think the company is a UK or US company

ibechris:
8



Oga,wetin u know...I know as a yoruba man wey u be,u are sad.

I want u to be very angry.

We won't do the Lagos mistake here. We shall build and continue to replicate our financial muscles both here and our Eastern regions.

Why will I be angry?. The statement is not true by any standard or measure. Do you really believe him?. It may be for something he wants to collect from Igbos and Hausas.
In Abuja reports say there are 800 dollar millionaires and ten thousand people worth over 100 million naira. Both excluding personal homes. There is no report that says any group whether Igbo or Hausa is overrepresented

Happy birthday to him. Many more years in excellent health and prosperity

ibechris:
If u haven't visited Abuja and Lagos u will think Shettimanis lying.

In Lagos he is right,I was born there abd after 19years I relocated to Abuja.

In Abuja,Igbos will never make that mistake they made in Lagos here,never.

They have established themselves here and doing well.

Yes,go to Utako Market,deidei market,Kugbo mechanic,Apo mechanic,Zuba tyre market,Gudu electronic market,Wuse Market,Fo1 building material market.
Lugbe building material market and finally,Kaura markets, Fish market is mixed with igbos and Hausa and Edo people.

When it comes to real estate...it is dominated by igbos the Nwaora,The Ukachukwu brothers and The Mbaka of platinum mortgage banks and trademore estates...the Cachez brothers.

Igbo presence creates value any where they go to.

The statement he made is wrong. If Igbo is half of Lagos and Hausa is 45 percent because I can't bet Igbo is more than Hausa in Lagos then the remaining Nigerians, Yoruba and foreigners will be five percent?. All indication say Yoruba are a majority by a large margin in Lagos. Why support that kind of faulty statement? If Hausa and Igbo are ninety five percent of Lagos what have they to show for it by electoral representation? The senator of Abuja is a Yoruba person. Out of 800 HNIs resident in Abuja I can sit here and count many Yoruba and I have never been to Abuja. Don't be carried away by such statements

helinues:
I deliberately ignored that person. They argue confidently on something they are not sure of

Arguing confidently on something I am not sure of?. So rentech is cooking data to sell to unsuspecting people?. It is strange how you think

Nigeria may be bad today but any achievements we have, little or great must be promoted and celebrated.
The first investment company to be owned by a government is the WNDC in 1959 which became the WSIICC in 1973 and Oodua investments in 1976. The second is probably the Norwegian trust fund
A country can have something that brings revenue but until all is put under an umbrella with a leadership charged to manage it and increase it, it is not an investment company. The first in that respect is the WNDC, the second is probably the Norwegian fund.
We are humans too and God can use us to add value to human civilization.


On pension funds in Nigeria
Nigeria is the first country where workers have pension assets that is part of their estate. They can pass it on to people after death. What my sister has in her own can build a house not to talk of her husband's own and they have already built a house. However it can get better.

Wickedtruths:
Then, why do Ibos accuse you of hate speech when you tell them to go back to their region?

Ibos have agric but they couldn't feed themselves during the war. Mtcheww.

Why can't Yoruba to go back to their region? Why only Igbo? Why not Hausa and etc too? Every city should be looking for how it's population will rise because that is a key glory of a city.
Why would you say Igbos don't have Agric? They produce all the cassava they eat and for 25 million people, all the palm oil too. A lot of the rice and etc. There is no economy without an agric sector. Cassava they produce alone will be over one trillion naira.
I hope you realize that the information in the link I provided is from a reputable company.

Wickedtruths:
Look at this picture. How many Eastern states dey there?

Banks have financial information that you don't have. They only open branches where they have viable customers. The East is bottom-barrel.

They are counting only commercial banks. Microfinance banks were obviously not counted and they are banks with workers too.
Go and check that site very well. It is legit. All those states you show in your chart have more banks than Imo state. The only state in the SE with more banks than Osun is Anambra but that does not mean I am wrong. Owerri have more banks than any city in Osun but Imo state have fewer banks than Osun state. All according to that site. I hope you realize that the site I shared is owned by a reputable company that pays salaries
The east is small and the population low but that does not mean they can't fend for themselves or they can't be a viable country. Many countries are much smaller.

helinues:
Must you people always lie ridiculously to prove no point? 120 banks in each city. Hahaha

Banks in Owerri

https://rentechdigital.com/smartscraper/business-report-details/nigeria/list-of-banks-in-imo-state

He did his best according to his abilities. He is the former president that is most interested in the country.
His pension reform act is a policy that technocrats all over the world have commended and it will be copied by many

helinues:
Why are they waiting for Nigeria to break up before they can start developing their region even though they have developed other places including Pluto

The SE is around the size of Oyo state but has maybe 2.5 the population if we use NIN registration data. The population consists of Igbos and millions of other Nigerians just like Igbos too are in other places. The SE is good as it is. The place is not that big and it is not lacking development more than other parts of Nigeria. They have four big cities that have more than 120 banks each according to data I got online. Oyo city has less than 50 banks by comparison. Ife too has less than 50.

valentineuwakwe:
Will Yoruba people in the Lagos ports as well as there Fulani brothers in the North allow it to function?
Time will tell

How can they stop it? Some ships will patronize the place and customs personnel will be stationed there

helinues:
No disrespecting can the oil in the 5 South East states fill a coke cap?

Palm oil, in what quantity are you producing? Are you the highest producer in the country?

And if you are talking about sectors, Igbo's are only successful individually in most sectors not as a group of people.

Which of the sectors are Igbo's dominating in Nigeria? We don't want we have, tell us what you have

If Nigeria breaks up today they will have more revenue from oil and gas than they have now but forget oil, they have their own economy. I believe nearly 25 million people live in the SE. They have agric, trading, services, manufacturing, IT etc just like any country.
If Ijesa becomes a country today we are going to be a country of over 1.5 million people with a number of HNIs living among us. Our major exports would be cocoa, gold, beer, kolanuts, coffee, pharmaceuticals and some manufactured goods and we will earn a lot of forex from remittances. Imports will be oil and etc. How much more Igbos?. Do you know how much money exchange hands in Igbo land a day? And we still have Igbo land outside the SE that might go with them. They dominate their own economy and that's enough

gidgiddy:
Forget these Nigerians and their fixation on Oil. All the oil Nigeria has been selling since the 60's only landed Nigeria the place of world poverty capital and 8th most insecure country on earth

Egypt made 35 billion Dollars from from tourism alone last year, more than Nigeria can ever make from oil and gas. Egypt is now rated second biggest economy in Africa, they have no oil.

These Nigerians dont know how much their country has failed, that's why they are still looking at oil and talking trash.

The fixation on oil has drained the country

helinues:
Why are you making reference of other countries when you can just tell us what you are doing in preparation.

What is South East as a region producing?

Nnamdi Kanu that some of you have been worshipping, ordinary pure water factory, he doesn't have any in any part of the South East.

He brought no development no progress but instead destruction and calamity.That really show your preparation for your Utopia Biafra

If you mean for export that would include oil, gas, palm oil etc. For internal consumption they have everything a country needs. They have all sectors that are in any economy.

gidgiddy:
All your oil and gas only made Nigeria world poverty capital, while other countries that have no oil have moved ahead. Some countries are making more from Agricultural export than you make with oil. Nigeria is a failed country and the sooner we disintegrate and go our seperate ways, the better for all

Ghana of 33 million people made over 6 billion dollars from cocoa last year. To be at par Nigeria needs to make over 70 billion dollars from oil. We don't make 25 billion dollars

Trojan8:
Lol, let's play around some numbers. Shall we?

Nigeria's economy is projected at around $280bn. Oil and gas sector is around 6% of this number which is around $17bn. Let's say outside of the O&G and mining sector, the Nigerian economy is around $250bn. Now you claim, Kano and Lagos can tax themselves into being richer than Niger Delta States. For Lagos, there is obviously an argument to be had based off it being a commercial hub. What would Kano tax exactly to generate those numbers?

If Kano state want 10 billion dollars a year revenue they can get it from their GDP. No Niger Delta state even if they take all their oil can manage that

Trojan8:
Funny guy. Some of you DON'T understand how key oil money is to the Nigerian economy. That is the only reason you would type this in public.

This year the total of the oil money maybe like 25 billion dollars or less. For all tiers of government. Lagos, if they tax themselves like Europe can make more than that in a year

Go and argue with KIA website that puts their first investment in 1986. I am done with you

aribisala0:
He did not have problems till he became a Muslim

The Allah demon spoke through him when he said

Wallahi I’m not doing another song till you go home.”

He swore by Allah

It is somehow surprising that a supposedly enlightened youth will convert to Islam and be bragging about it in this day and age. It is understandable for people born into it. Same applies to Christianity

Kukutente23:
I wasn't agreeing with you. I was only pointing out that even if it was your standard we were to adopt, that accolade will go to the north and not West but then you went about reducing the NNDC in a bid to ensure your narrative remains intact.

Look at the history you're giving above for example. How does it detract from the fact that the NNDC was created in 1949? Same way you began claiming that KIA that is acknowledged worldwide as the 1st SWF couldn't have been because you didn't see any mention of any particular investment on their Wikipedia page until 1986.

Meanwhile, even on Odua investment page, there's no particular mention of any investment and even you can't mention any. Should we then believe that WNDC had no investment and its successor has none as well? At least that's the metric you adopted to disregard KIA.

I have no problem with you being proud of your ancestors. Everyone should be proud of theirs. Every Yoruba should be proud of Awo's achievement and greatness but it shouldn't be built on lies and falsehood and certainly not on pulling others down and taking accolades that belong to them like that of KIA

Again, all your rigmarole does not make any meaningful difference. Pension funds are invested in other countries if the world too with returns. Investing pension funds in a company does not make pensioners shareholders in the company. You're simply mixing things up. Your claim is like saying anyone who has money in a mutual trust fund is a shareholder of any company the trust fund invests in. Take your time to know what it means to be a shareholder.

If the Nigerian pension scheme is so wonderful as you paint it why are pensioners crying and carrying placards all over the country? Some are paid as low as 20k as pensions and it's not even regular in some circumstances. Why do Nigerian pensioners have to sometimes bribe their PFA before they can access their pensions?

KIA obviously was just saving money starting from 1953. They were saving budget surplus. They started investing in 1986. It is right there on their page. I am not downplaying their achievement but they were not an investment company in 1953. Oodua started it's journey in 1955 as the WSICC. It is okay for you to say and believe whatever you want. The facts can't be buried. Oodua had companies in the fifties. They are a main shareholder of Lafarge and recently sold their one percent stake in Guinness which was a bad decision. Some of the pioneer hotels in the country are owned by them but why don't you extract whatever you want to extract by yourself?. In 1976 when they became Oodua group they had over sixty companies apart from associate companies. You now want to compare them to KIA that made its first investment in 1986?. KIA can use it's savings to qualify as the first swf but it was not the first investment company owned by a government
Yes the pension fund is like a mutual fund and if you have money in a mutual fund then you are a part owner of whatever the fund has invested into. If a mutual fund owns shares in a company then those shares belong to the subscribers of the mutual fund indirectly. They don't need to be issued any certificate. Their fortunes are tied together. Who would you say owns the properties of a mutual fund?.

A major problem of the pension fund in Nigeria is inflation. As time goes on it will get better. Then if your salary was low then your pension asset will be low. All those are issues but it does not remove from the overall quality of the policy

You keep saying pension funds are invested in other countries too when I have pointed out to you that whatever you have in those funds in other countries is not part of your estate. What is important is increasing the estate of ordinary workers.

NNDC that you keep mentioning without pointing us to any link and which does not exist today was obviously a devco. It was not an investment company. There will be many such devcos

Mosebolatan1:
A lot of people from Benue speak and understand Yoruba language. I discovered this surprising fact in Abuja back in 2006.

There are lots of them doing farm work in ijesa land Osun state. It is somehow surprising because Osun is small and Benue is big

Kukutente23:
Where did I agree with you on anything? SWF are owned by sovereign states. I'm not aware of any SWF not owned by sovereign entities. You can bring examples if you have

You seem to have conveniently forgotten that you claimed the WNDC started as WISSC in 1955. Now you're asking how the north could have had a company in 1949 when it didn't have independence when you already gave the West a company in 1955! You're simply twisting facts to a certain narrative. You're not even interested in the sacred nature of facts. You're only interested in your narrative which is obviously aimed at ethnic prick rising, a shameful and tardy venture I must confess. There's nothing the WNDC was that the NNDC wasn't.

Pension funds are invested in the US. Go and do your findings properly. American express pension funds is in excess of billions and has invested in stocks and equities both foreign and local.

And that does not make the pension contributors part owners. If you claim so, show us the dividends they receive as part owners or their share certificates.

You stated that the NNDC could be considered a swf and Nigeria could be credited but credit goes to North. Those were your words which made me wonder if you were agreeing with me that any investment company owned by a government is a swf.

Then the AG was formed in 1951, four years before 1955. Awo was premier from 1952 to 1959 before going to the federal parliament. The problem is that the NPC was formed in 1949 June. Who established your NNDC ? and direct us to the site. At the most it was a devco established maybe by the British or the NPC. The WNDC was not a mere devco. It was an investment company. Do you agree?.

Do you have any problem with me being proud of what my ancestors achieved?. If so, that's your problem. I have no problem with anyone being happy with their ancestors and being proud of their achievements. If that is your problem, sorry.

Again, in the US, pension fund administrators are not mandated to grow at any minimum rate and what you have there is not a real asset as it does not belong to your estate. The managers in any other country are not charged like the Nigerian managers. If other countries pension funds are like Nigeria's, they will be major investors in their economies but that is not the case. In Nigeria your pension fund assets belongs to your estate. What they do in other countries is just pay you pension until you die and Nigeria was doing that even without having a pension fund.
As a worker, in other countries you have no real asset under your name in a pension fund but in Nigeria it is different. What does not belong to your estate is not a real asset. Don't be confused with the similarity in name. I hope you get it this time.

Why will you say workers are not part owners in a company where their funds manager invested their monies?. Who is then the owner? Would you say the shareholders of Berkshire Hathaway are not part owners of a company acquired by Berkshire Hathaway?. Your logic is strange to me.

IbomFinest:
Nonsense!
Return resources to States and come back to check which would be able to find or not

Even with the oil money, no Niger Delta state can raise the money that can be raised in Kano or Lagos if those states are serious. Population is money. Igr is however taxes collected from industry not free oil money

aswani:
I dint believe this list one bit, Bayelsa and Delta would be OK as would Ogun and Oyo and Kaduna.

Clearly, someone from Enugu state is catching fun, Imo and Anambra would be on this list before Enugu.

You people just present a list, get percentages from God knows where and without any link to a detailed description of how you calculated things, you expect people to believe it.

There is no state that can not generate revenue. Most states have over 1.5 million people having income and hundreds of thousands of real estate. They used revenue figures already generated and Enugu is ahead. If other states lack drive, vision and etc who do you blame?

The Enugu governor is the best in Nigeria presently.
He must use the funds to attract investments into the state and also increase HDI. They need to set up an investment company. Money can be used to solve most problems.
If the revenue trend continues, Enugu will overtake Anambra as the SE's number one state

Eriokanmi:
The saraki dynasty that used to cater for the elderly has been revolted against, during that otogęę protest that sponsored by Tinubu in kwara in order to end the saraki dynasty in kwara so the apc could gain momentum. There was a place called ile arugbo( like the old people's home) where the elderly used to converge for their free meals and pocket money in those days. Such an arrangement is no more. I've got a million reasons to hate the apc.

Can the Saraki family take care of even 500 seniors? I guess that is why their bank the Societe Generale failed

Kukutente23:
But you spoonfed me that KIA started investing in 1986. Why did you now suddenly become stingy?
Spoonfeed me about WNDC investments too na.

You keep claiming that WNDC invested in "major companies" but name the companies for us to learn you suddenly become stingy. This is not fair o

If you're talking in terms of Devcos which is what WNDC was, NNDC which is its northern equivalent its much older than WNDC. It was started in 1949. So maybe you're right that a form of SWF first started in Nigeria but it is the north that owns that ace through nndc and not the west.

Lol. You mean average Nigerian pensioner is a shareholder in MTN now. Dude stop this joke abeg
So why are they always finding it difficult too access the funds even when they need it to survive if they are MTN shareholders? Some have not even seen their gratuities to collect till today yet you're here preaching false gospel.

Anyways, the fact remains that Nigeria is neither the first or only country to have a contributory pension scheme that invests. A whole host of other countries do so as well. Whether they have private fund managers or not is largely irrelevant

You are now going back to agree with me that there is no point in separating an investment company owned by a government from a swf. However let us just keep it at investment company owned by a government. The first investment company owned by a government is the WNDC. It is not just a devco designed to churn out policies or maybe loan out money. It actually got dirty seeking profit in the economy. Actually a swf can just be saved money. You can't compare it to an investment company like WNDC that had sixty companies as at 1976.
How can the NNDC have a company in 1949 when they were not independent? The west became independent in 1957. Even Kuwait became independent in 1961. Are we now saying the British created something for them that they themselves did not have?
The said NNDC might have been a devco. The WNDC was not a mere devco. It was an investment company. An aggressive one.

The pension funds can own equity in any company and if your money is with them you are part owner of whatever they own. Nigerian pension funds are like swfs but they are mandated to grow at a minimum rate is the difference and the other difference I highlighted.
In the US you pay into social security but the money is not invested in the same way it is invested in Nigeria but it is still your money up until you are no more alive. It is not a real asset because a real asset should belong to your estate even after you die

Kukutente23:
Still you're not able to name one company WNDC invested in nor the year they invested.

Claiming that KIA had no investment from 1953-1986, over 33 years is preposterous.

And for your info, WNDC was funded from cocoa proceeds cause you keep claiming they started from nothing

Just read up on SWF history and you'll be better informed of its evolution

As I've already told you, pension funds administration is not novel. In fact, Nigeria is not among the top ten funds administration country. Some countries have pension funds running into trillions of dollars and they are invested in various securities yielding lifetime guarantees for the contributors

I'm not bothered that Nigeria is first in these things. I'm just debunking your false claims about SWF and PFAs. The western govt did not have a SWF because it was not a sovereign state to start with

Go to Oodua group of companies page yourself and extract information to prove that WNDC had no investment prior to 1986. I will not spoonfeed you. The internet is there for all to use
You are just going round in circles. KIA might be called a swf that was inaugurated in 1953 if they were saving money starting from then and that is what publicly available record says but in the business of investing even the Norwegian trust fund is their senior. The most senior is the WNDC. I have already conceded to you that WNDC was not a sovereign fund but I was not wrong to classify it with sovereign funds because it was owned by a government. Again it is the first investment company on Earth to be owned by a government. I have changed English for you. Are you satisfied?. KIA had no investment until 1986. Do you agree that WNDC is the first investment company on Earth to be owned by a government?.

Then SW had cocoa, didn't SE have palm oil or didn't North have groundnut?. Didn't Ghana have cocoa? Cocoa, palm oil, groundnut etc were owned by farmers not the government and all regional governments in Nigeria had marketing boards for them. Therefore the North and the East could have done what the west did but they did not. Therefore the people that did it should be commended and they are Nigerians. My grandfather was among them as he was the organizing secretary of the AG. I am proud of him and others. Many countries produce cocoa but none did it.
The AG started the WNDC from nothing. Just vision

Peculiarities of the Nigerian pension fund

1. The fund administration is not managed by regular banks or insurance companies. It is managed by licensed administrators who are mandated to grow at a rate not lower than 5 percent per annum.
2. What you have in the fund is part of your estate. It is not just a life time asset. The fund makes you a player in the economy as an investor. For example some of them own MTN equity.

There are other peculiarities too and I have read an American author commend the system asking that it should be copied worldwide as an option for corporate funding.


https://www.hbs.edu/faculty/Pages/item.aspx?num=54159