₦airaland Forum

Oasisblue:
Lol. So its only natural resources that makes a place wealthy? Una never hear of service economy before? Why do you think places that are traditional trading routes are historically (and contemporarily) wealthy?

Which 'services industry'' in Lagos before 1950s? ''Bole k'aja'' transport services or what?
Provide specific answers instead of just asking rhetoric or abstract questions that you cannot even answer yourself.

The whole of Nigeria was dependent on export of mineral or crop resources at the time (groundnut, cocoa, tin, timber, palm kernel, cotton etc.), so tell me what was different about Lagos at the time.

megawealth01:
https://www.facebook.com/share/v/1Dg4as9Yqk/

Make I no laugh oooooo. A whole aso rock

Wetin happen?
I cannot open facebook on my system

megawealth01:
Besides Nnamdi Azikiwe who lived one nigeria, is there any Nigerian known to be truly nationalistic?

But at least, do unto others, how you want to be treated.
Live and let live.

megawealth01:
You like wahala

Nigerians like ethnic hypocrisy too much: No wonder nationalistic patriotism is far from us.

Jaakay:
So you know book small and you are disturbing us with politricks. Sha take small thank you.

I pray you shall not experience unnecessary headache on top of BAT vs Obi vs Atiku matter.
That is a secret you must learn..... the secret about how to live in peace with things that you cannot change.
And live long to enjoy the money you make here in NGX and spend alone, selfishly!

Oasisblue:
Lol. Long before the discovery of crude oil in commercial quantities at Oloibiri in 1956, Lagos was already one of West Africa's most important commercial centers. Its economic importance developed over several centuries. Admit it or not, Nigeria took more from Lagos than it gave to it.

But you have not mentioned one single mineral resource from Lagos that was exploited and/or exported to generate the revenue that was used to build all the infrastructure in Lagos.
We all know what each region was producing in the colonial times.

flexgee:

https://www.youtube.com/watch?v=r2NJ4ag7e2w?si=5T4SRfFeiuRkXZ8k



Veteran Actor Hanks Anuku Spotted Again After Telling Nigerians to Mind Their Business

Veteran Nollywood actor Hanks Anuku has been spotted in public once again, days after his candid message urging Nigerians to mind their own business sparked widespread reactions online. His latest appearance has reignited conversations among fans, with many sharing mixed opinions while others expressed delight to see the beloved screen legend looking well. Watch the video and tell us—what are your thoughts on Hanks Anuku's recent public appearance?

Reminds me of Majek Fashek.
Drugs destroy!
I pity that boy called Wizkid!

lawani:
And I am explaining to you that Nigeria didn't give to Lagos but took from Lagos without giving back. Maybe you wanted to say Abuja or some other Nigerian cities established and built from the scratch by the British. Value everything built by the FG in Lagos that is not for income and see if it is up to half of what was built in the SE that is of a lesser population. I hope you now see the point. Talk about the places that took far more from the FG than Lagos despite having a much lower population

I have to mention the SE as that is where Nigeria's money is being sunk into while many are mentioning Lagos

Apologies, I don't think we both can flow at commensurate levels on this topic.
I don't know when you started learning about the antecedents and history of Lagos, and your appreciation of facts.

Jaakay:
In other news, while blocking those that want to derail the thread with politics, who can explain story around treasury shares. I noticed a reduction of oando shares by almost 4M.

Treasury shares means when a company withdraws or warehouses its own previously issued shares.

In Oando's case, a shareholder owing the company could not pay back; decided to give up his shares in full settlement of the debt.
Total number of shares is 4.279 billion units.
Management has decided to redistribute to shareholders pro-rata.
The value of these shares is about N457billion;

In Oando's AFS (Pages 23, 80, 81):
a. Treasury Shares (shares not yet redistributed); N379b
b. Capital Distribution Reserve (shares already distributed) N78b
......making a total of N457b already debited to Equity; making Equity to show a negative N566b.

In other words, the actual negative equity would have been about N109b (i.e. excluding the Treasury shares/Capital distribution reserves).

The shares have been valued at more than N105 per share, going by my rough estimates, if I am not mistaken.

lawani:
The west had revenue in 1960 that was three times the rest of the country put together and it did not include the FCT Try to put that into consideration and therefore stop isolating Lagos from the west. It is a delusion of grandeur to think the SE rank equal to the SW.

The FG did not spend on the present Lagos state up to what it took from it. Isn't that obvious? Why should the SE with lesser population take anything more than Lagos state? But it takes more than three times

The SW is second only to the SS in oil production and it is worth stating and you can't blame western Nigeria or Lagos for the descent of Nigeria into the decades long dependence on oil money even if the oil money was used to develop Lagos state which it was not. Lagos is like Benin republic. If it were a country, it's ports revenue would go a long way in supporting it and that ports revenue is seized in its entirety by the FG along with most of it's oil revenue

I am not interested in the SW vs SE debate. I am only stating facts and being objective.
The nation gave a lot to Lagos to build it up. Lagos should also give back to the nation. That is my point.

When a whole family sponsors you from childhood to become a graduate with a very good job in New York, you need to look back and help other struggling members of the family as much as you can.! That is how to build a family (or nation). You don't need to be told or reminded if you really know who you are! That is Lagos (graduate) and Nigeria (family)!

Oasisblue:
Dont want to be drawn into the ethnic/political thing, but you are wrong. Lagos has been a thriving commercial center long b4 the discovery of crude oil in Nigeria. Abuja was built by oil money not Lagos.

Oil was discovered in 1950s!
So tell me if it was the commercial buyers/sellers or the IGR from the markets that built the major roads, bridges, seaports, railways, etc. and also made the embassies to situate their offices in Lagos.
Conscience does not argue with the inner truth!

lawani:
No it didn't start today. In 1960 the west had a budget of 55 million pounds the East had 12:million pounds and the North had 7 million pounds yet the west agreed that the combination of the west and the east should have the same representation at the center as the North. That was a wrong step.

The oil today is only 25 percent of federal revenue and it is still dropping and part of the oil comes from Yoruba land as well. A good part of it. The Lagos you mention is around 80 percent Yoruba and it is the people living inside a state that pay tax in the state. Lagos today contains close to forty percent of the SW population

Before Tinubu Nigeria was depending on oil. Before the military Nigeria was not depending on oil. I hope you are not blaming Lagos for the descent into the depending on free money?

President Jonathan gave less than five percent of his personal appointments to the Yoruba and that was worse than whatever the current President is doing.

However it can not be justified in any way to give less than three times whatever is given to the SE to the SW because the heads on the shoulders of the people in the SW are not one third heads. They are full heads. 55 million people is not equal to 19 million people

Enugu, Abuja, Jos, PH, Anambra etc were developed with national funds more than Lagos if you check the number of federal government properties in them that is not for profit.

Which Yoruba state produces oil in meaningful commercial quantity today?

All I can see from your post is lack of understanding in the topic!
Lagos was developed by FG using oil money from south-south. Fact!,
Being the federal capital for many years, the FGN built all the big roads, bridges, sea ports, airport, railways etc. which attracted many companies to situate their factories and head office in Lagos.. It was not the making of the SW govt or Lagos State govt.
By law, these companies have to pay taxes to the federal and state govts, and they do so from the head office. So the companies naturally have to have to pay taxes (e.g. CIT, VAT, etc.) to FGN in Lagos. They also pay their workers PAYE to the Lagos State govt.
But the actual sales and consumption that generates the taxes (e.g. VAT) might have occurred in other parts of the country. For instance, the VAT on a product that is bought and consumed in the North or East or South-south or in Akure, is paid by the company head office to the FGN in Lagos. The VAT on recharge card that somebody buys in Borno state will be paid by MTN to the FGN in Lagos because that is where MTN head office is situated. Hence such VAT is accounted for as ''generated from'' Lagos but it is misleading and not entirely true. That is one of the problems of our tax system.

In Commerce, we are taught that the presence of companies/industries attract other companies/industries. Hence, many more companies and industries became attracted to Lagos, and that is how Lagos became what it is today. The SW govt and Lagos State govt are NOT the ones that made Lagos what it is today! It is national money from oil that built and made Lagos what it is today. So the unnecessary bragging about Lagos must stop! It is shallow and myopic!
Other coastal cities like PH, Warri, Calabar, etc could also have developed and become rich like Lagos if the FGN had directed the investments there instead of Lagos.

Care4:
The power generation business in Nigeria needs a lot of overhauling to make it profitable for shareholders. And for me, I have long ago, decided to reduce my companies with TOE and FO majority stakes. You need a very long spoon to eat from the same plate with them.

Yet, these are guys that move stocks when they take over, especially FO.
Wetin we go do now?

Digitron:
That stock don do me strong thing

You go overcome

KarlTom:
BETAGLAS MTO

Offer: ₦590.00

https://doclib.ngxgroup.com/Financial_NewsDocs/47404_BETA_GLASS_PLC-BETA_GLASS_PLC_-_MANDATARY_TAKEOVER_OFFER_CORPORATE_ACTIONS_JULY_2026.pdf

Na wa oo.
I saw this Beta Glass when it was selling for about N10 many years ago.

lawani:
Well if you add VAT, CIT and customs then half of federal revenue is coming from Yoruba land and if it were a company, they would take half of the board seats and a nation should be operated like a company because that is the only fair way

Let's not argue along this line. It would not help us as a developing nation.
What do you expect the South-South that generates most of the revenue for the nation to say? The taxes that you mention come mainly from Lagos. And how was Lagos developed to become a mega city to attract investments and companies that pay the taxes? With oil money of course. Lagos was not developed with money from Lagos. It was developed with national funds!
Because of our history and socio-cultural challenges, appointments should be fairly distributed across the various zones and ethnic groups.
OBJ is a Yoruba man but his appointments were spread fairly across all the zones. Same with Yar'Dua and Jonathan. Buhari is the one that started this nepotistic appointments and Nigerians criticized him. Even his own wife criticized him. Strangely, a man that gave the impression of being a progressive in opposition is now repeating the same thing (if not worse).
These things have a way of influencing the peace, harmony, development and attractiveness of the nation to investors and even the performance of the NGX.
Let the govt do the right thing. I don't care who wins the 2027 (future) election. But I care about how a person who wins an election governs the country after the election.

Jaakay:
One of the reasons i have being part of this forum is the quality information provided as relating to the stockmarket. Today, some people have highjacked it, in the name of political discussion. Please go to the politics section. You political comments give me headache. I am here for stocks and not if tinubu or obi will win the election. This rubbish should stop.

The thing tire me ooo!
I don't understand the matter why Tinubu and Obi are always fighting sef!
Make Atiku come separate them or I will call Wike and Amaechi. Because somebody dey get headache for their fight, and it is not good at all.

Someone (a full adult) made allegations against someone (another adult), presumably the boss.
Today, the father of the person that made the allegation has been arrested by security operatives in Ogbomosho!
The poor old father that was not part of their shenanigans has been picked up, instead!
Somebody described it as ''political banditry''

Raider76:
Best thing for Oando is to go private. Then nobody will lose sleep over how and where they take the company.

With the current debt levels, going private might be more difficult than staying as a public company!
They need all the money that being public-listed can bring

megawealth01:
I won't say what's on my mind

UBA to go up or fall?
Seplat to rise higher?

megawealth01:
Tony Elumelu to retire as UBA chairman after reaching CBN’s 12-year tenure limit

Billionaire investor and Philanthropist, Tony Elumelu will retire as Group Chairman of UBA on August 21, 2026, after completing the 12-year tenure limit for non-executive directors set by the CBN.

Under his leadership, UBA expanded into a pan-African banking powerhouse with operations in 20 African countries and 4 continents, serving more than 50 million customers.

The Board has named Emmanuel N. Nnorom, a long-serving Non-Executive Director and seasoned banking executive, as his successor

Moving on to another Board at Seplat!

Board things!

yMcy56:
Not easy like that.....but let him just announce that he's stepping down as CEO, them poach one popularly known able hand from SEPLAT or NLNG....
Or, if his friend, Otedola should announce that he's taking up the 4m shares or buying 20/30% stakes in OANDO...
You'll see how stories will change.....😊

Is he in good terms with Otedola?
I thought they had some disagreement over Oando's former head office situated at Ajose Adeogun, VI?

KarlTom:
Is Financial Reporting Council of Nigeria (FRCN) also holding the Q1 '26 of OandO

Give them at least 2 weeks after release of AFS

yMcy56:
DANGCEM now trading at day's high, 980.10 ....
Needs 100k to move +10% for today.....

OANDO needs to move above the RI price too.....
Na Wale dey still full himself...
He knows how he moved it from 8 to 90....
Don't know why he's not employing same tactics to move it above 130/150 and fix RI price @100 😊

Wale should just sell off Oando to Dangote....you go see how peoples' opinions and projections go change overnight!

Crossboy:
The Federal Government of Nigeria, under President Bola Ahmed Tinubu, is recruiting 5,000 young Nigerians for the Power Force Programme under the Presidential Metering Initiative (PMI).

Selected participants will receive structured technical training in meter installation and maintenance, facilitated by NAPTIN and certified by NEMSA.

The programme addresses Nigeria’s 5 million meter deficit while creating employment opportunities for Nigerian youths.

What You Will Gain

Hands-on technical training in meter installation and maintenance
Industry-recognized certification from NEMSA
Exposure to real-world field operations
Employment and income generation opportunities
Contribution to a national development and energy infrastructure project
Who Should Apply

Young Nigerians interested in technical and vocational skills
Individuals seeking employment or income opportunities
Candidates passionate about contributing to Nigeria’s energy sector development
Requirements

Not specifically stated – open to eligible Nigerian youths
Apply early as training slots are limited to 5,000 participants
Benefits

Free technical training facilitated by NAPTIN
Official NEMSA certification recognized industry-wide
Practical skills that create sustainable income
Part of a landmark national transformation initiative



How and where to apply

The application process consists of four stages: Create an account.
Complete the application form.
Upload the required documents.
Wait for a shortlisting notification.

Applicants are expected to access the process via https://pmi.naptin.gov.ng/#apply. Interested applicants will be able to apply through the portal, which opens on Saturday, July 4, 2026.

Clock Here To Apply

How would the trainees get the meters to install after the training?
Will they not have to be employed by a disco or meter providers? How can they work as meter installers if the are not employed by the discos or meter manufacturers/providers?
I tire for this govt ooo!

ositadima1:
You buy a property worth ₦100 million with a ₦90 million bank loan. You put in ₦10 million of your own money. Your equity is ₦10 million.

But the interest on the loan keeps adding up. Every year you don't pay it off completely, the bank adds more to what you owe. After a few years, your ₦90 million loan has grown to ₦130 million because of interest.

Today, the property could generate ₦300 million in rental income or maybe more over its lifetime.

But on your balance sheet, the property is still recorded at ₦100 million (what you originally paid). The loan is now ₦130 million (what you owe). Your equity is now -₦30 million.

Thanks for this apt analogy.
Many do not recognize the trappings and drawbacks of financial accounts, (which are prepared on historical cost basis) even though they have genuine concerns about Oando's numbers

pluto09:
Oando is technically insolvent at present.
The equity situation got worse with the last AFS.
Cash injection is needed urgently for the company to survive.

I pray it is sold off, so that SEPLAT or Dangote could buy it,. That is my drift.

searchng4love:
Ordinary shareholders rarely win during structural cleanups of companies with heavy balance sheet baggage.

Don't be in a rush to type what you may not know.
BCC was almost dead when Dangote Cement bought it. Today, the shareholders have become multi-millionaires.
If you are experienced enough in this hustle, you would know that oil and gas upstream companies don't go for peanuts! It is not like a bakery business:
Watch out and pray to be in companies in these sectors when they are being sold to a reputable buyer:

Cement
Oil and gas (upstream)
Brewery
Telecomm (you recall how AIRTEL bought a struggling Econet)?

searchng4love:
Far from new, that coy will be sold off.

Let's assume you are right, without conceding, that it will be ''sold off''.

''Selling off'' potentially means another (probably bigger) oil and gas company would be acquiring it, and even pay a higher price than the current listed price?

Check what happened to the price(s) when:
WAPCO was sold off to Chinese HBM!
Honeywell was sold off to Flour Mills!
BCC Cement was sold off to Dangote Cement, etc.


Selling off may be bad news to the current directors, but may be good news to retail shareholders

vacanci:
u go explain taya

u go shout taya

KarlTom:
OANDO

https://doclib.ngxgroup.com/Financial_NewsDocs/47386_OANDO_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_JULY_2026.pdf

Egungun (the masquerade) has landed!

crownprince2017:
This agba na confirmed street man...

Walahi!
He must have been a ''ring leader'' in secondary school!