₦airaland Forum

CoronaVirusPro:
The most unprofitable business is building a house for profit.

Why spend 300m on a house you will have to wait for years to get to profit while maintenance keeps going on.

At 15 years, the house itself is already depreciating and only the land it sits on is appreciating, that’s even when you build in the right location.

Just sit that 300m in a money market account and start reaping profit instantly.

I don’t know who sold false narratives to people that building a house for rent purposes is profitable.

tosyne2much:
He outsmarted death

Most plane crash normally happen during take off or landing

Raf4:
If it takes you 2hrs to travel from Nsuka to Onitsha, a less than 60KM distance, then something is wrong somewhere. The development/infrastructure you want to claim here might not be available afterall.

dedonfranco:
Nigeria banking sector is making money more than oil sector.

Gboss247:
Oga, you need to know the difference between a subsidiary and a parent company.
First Bank (an unlisted company) is a 100% owned subsidiary of First Holdco Plc (a listed company). Gtbank also is a subsidiary of GTCO.
Note the difference!

Gboss247:
Seriously, First Bank, Globacom, GTbank should be on the list of quoted when they are not quoted.

Blackdisciple:
GTB done use people money go on top
Is MTN a Nigerian company??

SmartPolician:
That article focused on unicorns! I bet most Nigerians don't know what that means.

A unicorn is a relatively new company driven by technology that is worth $1 billions.

Nigeria has 4 unicorns - Andela, OPay, Interswitch and Flutterwave.

Yes, there's nothing wrong with the article. The writer just didn't explain it properly.

OboOlora:

So Avsex Bank isn't even there with all their acquisitions all over Africa

BondRiv:
Cardoso doesn't know what he is doing. It's not about bringing diasporans and over paying them.

HelenaWills:
While it was being driven to my place.
Overheating happened and it damaged the four coils.
There right there, I spent above 250k fixing radiator, automated dashboard, four coils, plugs, oil gauge stick, mobil oil, gasket and some stupid things.

They fixed it, and it worked for a few minutes till it broke down again and I had to change filter and fuel pumb with some minor things because car won't move. After a while... it moved again then stopped. This time it was the kick but before they figured it out.
I learnt the roadside Kazeem had almost pieced the car in search of a fault that wasn't there.

While we were on this, I decided to replace the steering pump and rack because the steering had become stiff and so difficult to turn. This cost some fortunes.

Mind you, like play like play, this car had spent about 3 months at different locations. I got tired at this point and decided to leave it under bridge in Ojuelegba where I was asked to pay #400 per day but begged for #200. It was there from December till last month.

I was told it overheated again while moving from God knows where to Ojuelegba and I needed to replace the coils all again.
Let's no forget there were different electrical issues that I can't even list out because I don't even know what to call them.
But now, the gear is making one annoying and disturbing sound and they are asking for an arm and heart to fix it. It will be one year by next month and car hasn't made it to my house.
It can't even go beyond 25Km/h nor can it climb hills.
Very frustrating.

DaddyJapan:
Source: https://nairametrics.com/2025/05/12/nigerias-equities-market-now-boasts-11-unicorns-see-list

Employee costs account for 27.44 percent of the total operating costs of Nigerian banks in the first quarter of 2025, posing challenges to banks in improving their net interest margins as lenders hiked pay for workers to cushion the impact of cost of living.

The most capitalised and liquid banks incurred N424.31 billion wages costs in March 2025, which is 24.64 percent higher than 2024’s N340.44 billion, according to data gathered by MoneyCentral.

According to MoneyCentral, among the top 10 banks ranked by total assets, United Bank for Africa (UBA) Plc and WEMA Bank Plc have the highest staff costs to total operating costs ratio of 38.69 percent and 34.30 percent, respectively, followed by First City Monument Bank (FCMB) Plc with 31.74 percent.

Access Holdings has a staff costs to total operating cost ratio of 30.24 percent; FirstHoldCo, (27.33 percent); Stanbic IBTC Holdings, (27.32 percent); Zenith Bank, (22.48 percent); Guaranty Trust Holdings, 22.40 percent, and Fidelity Bank, 17 percent.

There are indications that inflation will increase in Nigeria, putting pressure on banks’ expenses, especially on staff costs.

Nigeria’s inflation rate edged up to 24.23 per cent in March, according to the National Bureau of Statistics (NBS).

The bold reforms of the new administration such as the removal of subsidy on fuel and the unification of the exchange rate to spur investment mid-year 2023 stoked a monstrous inflation that brought excruciating pains on Nigerians who had not envisaged such painful policy.

Consequently, a red-hot inflation stole workers’ wages, impoverished the people, and disrupted asset prices.

Banks were compassionate as they increased salaries to mitigate the effects of the once in a generation hardship.

WEMA Bank increased workers’ salaries by 112 percent, one of the highest in the banking industry.

GTBank, Nigeria’s most cost-efficient commercial bank, quietly raised staff salaries by 40% in September 2024, responding to the ongoing cost of living crisis, four GTBank employees told TechCabal.


“There was no prior communication before the increase. Even though there were speculations, I was not expecting the increase,” an assistant banking officer (ABO) who now earns ₦720,000 ($442) told TechCabal. An ABO is just one level above entry-level staff in GTBank’s employee structure, which has fewer staff levels than other Tier-1 banks.

A breakdown of wage bills reveals Access Bank incurred N105.6 billion in staff salaries; UBA, (N84.31 billion); FirstHoldCo, (N67.03 billion); Zenith Bank, (N63.01 billion); GTCO, (N27.43 billion); Stanbic IBTC Holdings, (N24.59 billion); FCMB, (N22.75 billion); Fidelity Bank, (N19.60 billion), and WEMA Bank, (N9.94 billion).

Banks’ total operating expenses (salaries plus other operating expenses, increased by 26.22 percent to N1.54 trillion, which exceeds the inflation rate, and higher than 2024 N1.22 trillion.

Other major drivers of total operating expenses are increased regulatory charges such as the mandatory Assets Management Corporation (AMCON) charge which has been magnifying as a result of increases in total assets, driven by impact of exchange rate and increase in price occasioned by rise in diesel, fuel, and general maintenance costs as well ground and water rates, and growth in technological and service related expenses.

There are concerns that rising costs which have undermined net margins could fuel investors’ apathy towards banks stocks even as sector players are trading at an attractive valuation.

Antichristian2:


Our Obidient minister is working hard!

I informed the bank of my decision to remove SMS alert from my bank package. They gave me a form to fill which includes the details and particulars of another person. And the person must come with you to the bank. I was so lucky I saw a colleague in the bank. Na so he followed me o!

Just to remove SMS o!

At last it was removed. I mean my phone number was removed from their system memory. Even their AI BOT doesn't recognise my number again

Nigerian Banks have begun to increase the cost of SMS transaction alerts to customers by up to 50%, which they are blaming on tariff hike by telecommunications firms.

Fidelity Bank in a message sent to customers seen by MoneyCentral, said the adjustment is necessary to ensure it continues delivering secure, timely, and reliable transaction notifications to customers.

“Please be informed that due to an industry-wide increase in SMS costs by telecommunications providers, the charges for SMS transaction alerts have been revised from ₦4 to ₦6 per SMS effective today, May 1, 2025,” Fidelity Bank said.

“We assure you that Fidelity Bank will continue to provide value-added services and innovative solutions to enhance your banking experience.”

Fidelity Bank added that SMS alerts sent to international phone numbers may attract higher charges. Transaction alerts are important and help bank customers keep track of and reduce fraud and unauthorized debits, as well as monitor other activities on their accounts.

The increase from N4 per SMS to N6 per SMS is equivalent to a 50 percent hike by the banks.

The Nigerian government raised telecommunications tariffs by 50% this year to offset the impact of the collapse in the naira and surging inflation.

The tariff increase — the first in more than a decade — was half of what companies such as MTN had asked for to weather harsh economic conditions, including a 41% depreciation in the naira against the dollar last year and inflation running near a three-decade high.

“We commenced phased implementation of the new tariff structure in mid-February 2025 across our data and voice bundles, with the majority of adjustments taking effect in March,” MTN Nigeria CEO Karl Toriola said in notes accompanying its First Quarter (Q1) 2025 earnings.

Guaranty Trust Holding Company (GTCO) major banking subsidiary GTBank also sent out notices to customers informing them about the SMS alert cost increase.

“Please be informed that effective Thursday, May 1 2025, the SMS transaction alert fee will increase from ₦4 to ₦6 per message. This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers,” GTBank said.

plumcomm:
The revenue in 2023 was about 320b now almost 750b,some people are taking advantage while some people are just lamenting about the economy.i know some investors are milking the economy and cashing out big time but it is at the detriment of some others too,who policy no favor na him Dey complain say e no good.i was working in a pharmaceutical company as an executive and the company folded because of one of GEJ’s policies then,I lost a Job during the period that some people revered so dearly but I moved on instead of lamenting about his regime,it didn’t make me stagnant.cement prices has tripled,cars,clothes etc but I see people buying even more exotic ones around maybe some of us stay where people dont do well…let us triple our strategy instead of our lamentations,I just feel like inspiring someone on a Monday morning but some people go still chose to lament.
Shay na tinubu be American president wey just Dey slam the whole word tariff anyhow

Jakumo:
The Embraer 170 and 190 series are beautiful aircraft to look at. They have the stance of a fighter jet.

Poten111:
Wigwe performed better. Aig is incompetent