₦airaland Forum

This is a perfect opportunity to clearly communicate the benefits of the new system to the public. Transparent and unambiguous communication from leadership will build understanding and encourage widespread support

mikeapollo:
I agree with your theory. A score of 30% is better than 10%, but both are still failures!

The renewed increased oil production is largely due to improved policy, regulatory and legal frameworks that govern the oil sector as contained in the Petroleum Industry Act, 2021 which was promulgated by the Buhari govt (the same APC govt), even though it had been a draft bill for many years. Same with the rehabilitation of the PH refinery.

Buhari is APC, so my point is not based on political party affiliation, but facts.

PIA was signed in August 2021, yet OP dwindled to 900 BPD in June 2023 from 1.24M in August 2021. Were the players in the sector in ghost mode? Same OP is currently 1.485M (Dec 2024). There are definitely other areas of the economy begging for attention, but in the O&G sector, it's been consistent progress since PBAT came in. That is a fact, also connected to why we are all here. A significant drop in OP will result in a red market, and you of all people should know this. Shalom!

mikeapollo:
The impact is what matters and the impact will always come if the right thing is done. No president will be in office for ever, but we will always feel the benefits or costs of their policy actions.
What is unethical and unprofessional is to do mischief and tell lies by arrogating the success that does not belong to them. This same govt blames Buhari for past policy failures. Why are they not truthful enough to give credit for what he did?

If According to you PBAT is an incompetent failure then the previous leaders must have been terrible beyond comparison otherwise how do you explain the increased oil production?

tishbite43:
Guy man don fold
Evidence choke

fold how? We respect our traditional leaders in SW!

zendi:
BNSITL love Oando news.

When the Oando bull trumpet sounds,

All ghost-mode members turn to humans.

The Oando Prophet emerges and prophesies.

Undead surfaces and greets madam.

Then he promises everybody four wives and a Honda Civic.

The house turns euphoric even at midnight as happiness chases sleep away from BNSITL's eyes.

Oando house of commotion 😂

Otunba707:
340k

210k?

Eriokanmi:
Is Fouad Alade Oki just seeing this? Why didn't he speak when tinubu used Obasa to dethrone ambode? We all knew Obasa was a super fraudulent man, just as all the members of the Lagos House of Assembly are. The difference is that, their cups are not yet full. They too can be used and dumped like tinubu did to obasa.

How the best performing governor after pa jakande in such a short time was removed by Tinubu, using mudashiru obasa to stop funds release for the state's massive projects he embarked on, made me know for sure that karma will visit him someday. After ambode's massive order, I've not seen new Blue BRT buses on Lagos roads again. All those ambode ordered came into the country in batches until the last batch was delivered during the 1st tenure of sanwoolu. Imagine same Obasa querying ambode over those buses as if the latter ate the money, just to find baseless excuses to hack the man.

I'm earnestly praying for seyi to vie for Lagos guber, hoping the news to which obasa sharply reacted, which also led to his impeachment wasn't a mere rumour. Then they'd know we're not fools in Lagos. The trap lagosians set for tinubu over his feud with fashola's second term as governor, when we dared him to remove fashola, will catch him this time. I, just like other lagosians voted sanwoolu at the state level to complete the rail project and embark on the 4th mainland bridge which he later dropped after using it to campaign with 8D images, littering the Lagos TV space in 2023 . We're wiser now.

By the way, news on Obasa's removal has really gladdened the heart of agege people today. They were jubilating as seen on my way from work this evening. They call him mr billboards cos that's all they see every election with no visible development in place. All the state assembly members are same. Desmond Eliot's six-foot plank bridge easily came to mind. They believe once elected, nobody dares touch them.

This is nothing short of assumptions and insinuations—you’ve zilch info on Lagos.

SourYoghurt:
hi, I can't create account. I am trying to validate the BVN but I don't receive any OTP. I can't pay for Spotify with my Kuda or OPAY card.

I didn’t open the account online I’ll suggest you visit their office.

MadamExcellency:
Do three of them have the same benefits? I mean the dollar and naira cards?

You are good to go with number 1.

judatech:
What type of card? Details please 🙏

Providus Platinum Mastercard--- there's a card fee of N5,000.

https://providusbank.com/providus-cards

westlius:
Can you buy goods online
As in na dollar card?

Yes, I think there's monthly limit of $3000.

Get a Providus Bank Card—-the rates are normal and the card works everywhere offline or online globally.

God bless Providus Bank

alizma:
Your calculation are wrong. However I didn't blame you because the person that talks about the possibility didn't tell you the basis for that assumption and I now put it to you that one of the basis for that assumption is that dollar will also crashed. So your 1,650 to a dollar is not realistic

Smart!

OChimex:
Dude, honestly you are ignorant. Credit system is built on honesty. You as a visitor to the US today can't get a loan or credit card why?
They have to see your records that you are actually being honest, paying your bills and loans. Just like you said, that enough information that satisfies them simply is- have you been honest in paying in the past?
And if you default, they your credit score goes down, showing you are not to be trusted again.
I do sales, and sometimes, some of my clients fail financing, due to not paying their loans.
So, have you seen it now, it's all about being honest in paying your loans and bills, that's what credit score is based on.
I was once a business guy before I moved oversea.
I once supplied goods worth millions to customers in Maidugri and north east before the advent of Bokoharam, on credit. Insecurity displaced all these my customers and I lost huge money.
Did you know how many people that closed their business due to high cost of running them?
Or the naira depreciation? Where before Tinibu you could get 40 ft container, then now. You no fit get 20ft na groupage way. Lol
Imagine if you are an importer, took loan only to come back in a year that 10,million taken is now worth 1 million due to naira depreciation, how do you pay back?

Thanks for calling me ignorant. I think you should set up a credit firm anywhere in the world and go about looking for honest borrowers. Let's see how long your credit firm will survive. To be fair, I can see through what you are struggling to explain using the wrong term, "honesty." But why should I help you clarify when you are obviously more knowledgeable on this subject matter?

omohayek:
And how exactly is a government organization - especially a Nigerian one - supposed to know just how "patient" capital should be? What's stopping this from turning into yet another gigantic money-pit, just like every other government-run enterprise in Nigerian history? Can you name a single successful example of the Nigerian government running anything whatsoever? Have you ever run across the phrase "moral hazard", let alone understood what it means?

https://en.wikipedia.org/wiki/Moral_hazard

It's an incredibly awful idea, for the very reason you praise it - giving banks an explicit guarantee that you'll underwrite even their riskiest loans is begging them to go on a lending spree which will end with the public saddled with huge amounts of bad loans whenever the lending bubble finally bursts. Again, I suggest you learn about "moral hazard" before endorsing this nonsensical scheme.

https://www.weforum.org/stories/2014/11/do-credit-guarantees-encourage-moral-hazard/

https://www.cgdev.org/blog/deposit-insurance-bank-runs-and-moral-hazard

https://www.imf.org/external/np/res/seminars/2016/arc/pdf/Cordella_Dellariccia_Marquez_Session4.pdf

https://siiaonline.org/chinas-shadow-banking-system-no-end-in-sight-to-moral-hazard/

https://www.sciencedirect.com/science/article/abs/pii/S1544612319303289

In response to your question about a successful Nigerian entity, please look up NLNG (its a fantastic success story by all ramifications). You should note that the firm will be a Public-Private Partnership (PPP) and not wholly owned by the government. Development finance institutions like AFDB and Afrexim Bank follow this model; there is no moral hazard conversation here for a PPP profit-oriented entity.

Also, I am not sure you understand the workings of such an entity—it's not a free-for-all but a service that lenders can subscribe to at a cost, and in case of default, they will take over the loan and its recovery process.

OChimex:
Una problems be say, una go just open mouth waaa without actually thinking.
I live abroad, and i can tell you they have credit systems because they have enabling environment which nigeria doesn't have.
Most Nigerians are criminal by default, 90 percent will default.
There must honesty before credit system work, which Nigerians don't have. I talk from experience being a trader before.
Nigeria has no database, nobody can be traced. How do you recover the money?
Overseas where they have credit system, for individuals and businesses, they don't have the infrastructure deficeit, insecurity, and lack of power.
When will most of you guys become logical beings?
I have a BSc in Economics, before you implement any policy, it has to be peculiar to the environment, not because others are doing it.
And my point is, get the enabling environment in place first before introducing credit system, if not it will fail woefully.
I tell people, problems we have in Nigeria is common sense

This submission is funny. You don't need honesty to run a credit system, but data. No lender will lend you significant credit without obtaining more than enough information that satisfies their risk assessment before doling out money. You think it's charity? As for the infrastructure deficit, insecurity, etc., it's already priced into the cost of borrowing, which is why it's cheaper to borrow in developed countries compared to ours.

omohayek:
The idea of expanding access to credit is a good one, but the notion that this should be through yet another government-run organ is simply terrible. The Nigerian government has never run any commercial enterprises successfully, and the idea that this time will be any different is ridiculous. This new parastatal will end up just like all the others that have been set up since independence, a highly inefficient, corruption-ridden, money-losing vehicle for tribal and nepotistic patronage which fails completely at its official mission of expanding credit access to the masses.

Instead of setting up yet another white elephant, the government would be better advised to stay out of the personal finance arena altogether, and focus instead on providing the prerequisites for the private sector to do a job it has done successfully in so many other countries (including African ones like Kenya). That means making it easy to register for identity documents, lowering the barriers to using electronic payments, and - last but not least - abolishing the insane Land Use Act and passing a law guaranteeing private land ownership, so that millions of rural Nigerians can possess tangible collateral they can borrow against.

It's only a government-related company or development finance house that can take up this role, because patient capital is required - which is to provide a sort of insurance service to the lenders that ensures they get refunded should people default on the loans. It's a great idea, in my opinion, because it'll encourage the banks/lenders to take more risks by providing more credit to people/SMEs. However, the main issue now is the inflation rate and MPR rate; unless both come down significantly, the cost of borrowing will still remain high.

NNPCL’s Chief Corporate Communications Officer, Mr. Olufemi Soneye is firing on all cylinders lately! Impressive

Nokio2:
That's not my problem sha
My salary is 55k
So from Jan 2024,I told my oga to be paying me 50k,that he should help me be saving the remaining 5 5k so I will collect the balance on new year day
Kai human being, yesterday oga say I will not get shi shi that how I have I being surviving tpain with only 50k with out stealing his money?
Since yesterday my heart is doing gudum gudum gudum...

Agreement na agreement He should pay you ASAP or we will sue him btw how do we know this story is real

Emir01:
MTN is almost there. Dangote Sugar will bounce back too, if you can't hold don't buy.

Read they finally got approval to hike fees by 40% that should increase revenues significantly.

vanbonattel:
Now, they will mismanage the idea and scatter it like they scattered the education system with their in bred corruption. You will now be getting half baked "sorted" artisans everywhere.

Criminals.

Are you saying that we currently have exceptional artisans? I'm having trouble understanding your perspective—why are you so resistant to progress?

wiseone28:
The suspect will be grateful at least she will escape kirikiri prison

It this your definition of wisdom?

Sunrisepebble:
Seems as if there's a huge arbitrage opportunity. Its trading at 1.96 on LSE, using a N2,000 exchange rate we have a price of N3920 per share. So I think people are buying on LSE and selling on the NGX. Explains the full offer

Thats about 45% ROI

megawealth01:
He was at the all night party

😂 It’s seems there’s something extra wale is not telling us!

Our timekeeper is offline

megawealth01:
Anyways... last night both wizkid and davido performed at Oando end of year party .

WALE in a happy mood😂😂🤣

Thats alot of money---wale must be a baller

Kukutente23:
You mean Lagos has better caliber of citizens than the rest of Nigeria?
What nonsense is this?
Just imagine what a supposedly educated and grown human is writing
You have better citizens yet you have the highest crime rate in the country?

Could you compare the literacy levels in Lagos with those of other states and the total number of literate individuals? Additionally, it's important to note that Lagos has a lower total reported crime compared to London, indicating that a higher literacy level does not necessarily correlate with lower crime rates.

blowjohn:
Are u saying the naira is relatively stable?

Yes!

mikeapollo:
Good.
Alhaji may spoil market for NNPCL and make them go bankrupt if they don't stop their attacks on his refinery.

NNPC should drop price to N800 lets see market forces at play to the benefit of Nigerians.

mikeapollo:
You are now fully welcome to the Oando Club.
Your annual subscription fee is due; please pay soonest or you could lose your membership!

This is likely due to the appreciation & relative stability of the naira at the official market!

Bede2u:
leave the guy. The funny thing is that he just accepted in his own post that politics play are large part in currency valuation. That was my point. The only question now is the percentage of influence politics plays. I'd say over 50% because if it is purely economics, U.S dollars and Euro would be by far the strongest currencies in the world, followed by Chinese yaun

It's absurd to mock someone who is wise enough to recognize their own ignorance, especially in a vast field like finance and accounting, where no one can know everything. I personally have great respect for individuals who demonstrate this kind of humility.