₦airaland Forum

Long overdue.

TUANKU:
It was a healthy argument until you went off by claiming i was ignorant about finance so i only let you know i have a good idea about what i said.
No ill feelings, sorry if i said anything offensive to you, i take it back.

No ill feelings. I wasn't offended.

TUANKU:
Look who is talking ... You write/spell like a kindergarten kid yet you're talking of education?
"Mtn provides banking services it doesn't make them a bank" ... the whole topic was even about banking services but you who claims to be bright is doing typing somersault here. Asides transfers and deposits what else do i do? I offer Penetration Testing, Vulnerability Analysis,Intrusion Detection and Prevention services to the very banks we are talking about, if not the i have a non-disclosure agreement with them i would have named the 4 banks i offer services to them,as such i know things about these banks you have no idea about. I do things that you can only imagine sir
I can show you my work on HackerOne, BugCrowd and Intigriti as well

Well this isn't an ego measuring contest but you can stroke yours all you want. You can be pedantic all you want and even pick on the type of font I'm using but if you can't pick the facts from what I've posted then you're not very bright. I'm not going to spell check or grammar check because of you.
oPay is not a bank. They're not the best at what they do. Their services suit a certain demographic more, it doesn't make them the best and they have their own failings.

And like I said throwing personal insults just shows on your character.

Remind me to seek your opinion when I'm looking for advice on application vulnerabilities.

There's no harm in knowing where your knowledge stops, go and educate yourself. Understand the difference between a private and public company (because clearly you do not). Then understand the type of license oPay uses and how it's is different from what conventional banks use. And like a poster pointed out, comparing the two is like comparing apples to oranges.

When you can explain dig up their financial statement and explain how that valuation was reached, then I can listen to you.

TUANKU:
Go and check their mission statement and stop making a fool of yourself. Their focus is on domestic banking services and they are doing it better than any local bank and ordinary Nigerians who use their services are satisfied with it.
Look who is talking about sophistication ...Banza kawaii.

Asides transfers and deposits what else do you do?
oPay is not a bank. Mtn provides banking services it doesn't make them a bank.
They're a Mobile Money Operator
[url]https://www.cbn.gov.ng/supervision/fi.asp?name=OPAY DIGITAL SERVICES LIMITED (FORMERLY PAYCOM NIGERIA LIMITED)&institutetype=Mobile Money Operator[/url]

Educate yourself, instead of throwing cheap insults. You don't seem very bright.

CodeTemplar:
why was he recording them?

You can record police officers on duty, they're public officers.

TUANKU:
I already explained it in the post you just replied to sir. Opay is better than your bank, name that your bank sir and let's compare their services.

Can oPay receive international transactions, can oPay give you a mortgage, do they provide overdraft services? Like I said, there's a certain demographic that oPay fits and provides the most value to but you can't say they're better than all banks.

No bank is better than all banks. I guess you're not sophisticated in your use of financial so you wouldn't understand. Transfers and deposits is not all a bank does. I don't even use the same banks for my personal and corporate accounts because I understand that certain offerings meet different needs. Some banks will provide services to suit big companies while the services provided by others provide a better value proposition for small businesses. They suit your needs doesn't make them the best bank.

p.s. They aren't even a bank.

TUANKU:
Who told you that?
So NDIC that registered them requires that from others but not from them? Are you kidding? This is not the year 2000 bro.

Their valuation isn't customer funds. I don't even think customer funds is or should be part of a banks valuation but you can look it up, I'm not sure.
NDIC insurance is just like any other insurance, your bank only pays premiums to stay insured, even NDIC insures customer funds to a certain amount. That is even a different matter. Your bank is only required by CBN to keep a certain percentage of your money.

TUANKU:
Stop making excuses for these banks. Why are conventional banks in other places offering hitch free services? In some countries you find less than 10 staff in a branch and everything works fine, these banks were simply serving the Nigerian factor,what did Opay implement that was so expensive that no bank in Nigeria could implement? It's simply bad policies and services, you deduct peoples money on flimsy excuses,monies disappear from customers accounts and the bank simply tells you "go to court"...Nigerian banks shot themselves in the foot. No excuses, not even about Softbank or anything it's just incompetence that simple.

Explain the incompetence you talk about and I can tell you that oPay is plagued with equal or more in measure. I have a several current accounts with conventional banks I don't get unnecessary deductions, in fact, I only get charged a maintenance fee if I exceed a certain monthly threshold and I've only observed that with one particular bank.

I have not been to a bank branch in a long time, I send and receive international payments in the comfort of my home. I am provided with overdraft and loan facilities without even needing to enter a branch.

I believe there is a certain demographic that oPay appeals to but generally they don't have the depth of services that conventional banks provide.

Yes they need to improve in certain areas like cyber-security and customer service but they can't take all the blame for certain customer errors. People need to take their security serious too, they submit their bvn and banking details to every website / app and expect their money to be safe? Even the other places you talk of, customers lose their funds if they don't take their security serious.

DaddyJapan:
According to the CBN, Opay is a Mobile Money Operator and not a Commercial Bank.

This list is akin to comparing apples 🍎s with oranges 🍊s.

Let them, people believe whatever they see on the internet without thinking critically.

TUANKU:
Nigerian banks are private too and Opay has shareholders too so what's the point?
Are you trying to say it's lack of funding that made Nigerian banks to offer poor services? Ya'Allah

They are public companies, they aren't private. A microfinance bank like Kuda can be considered private. Opay is also private they aren't required to publish audited financials for the public to see. So, whatever metrics they used for the valuations, it is Insha'Allah.

On poor service, I don't know where you bank, but I've received optimal service from all my banks - services that oPay cannot provide.

TUANKU:
They have funding yes but it's not infinite.
It's not just about funding but doing the basic things right. You will use a Nigerian bank app for transaction and you will still be praying for nothing to go wrong, simple transactions became like rocket science coupled with multiple unethical charges.
Opay got the basics right that's it. 1st Bank, GTB, Zenith etc have enough funds to run proper banking services but the bottled it. Opay uses it's app and ussd for transactions without having branches all over but still offering better services than all these agbaya banks.

You have to consider too that oPay is a private company and startup so they can move fast and break things. For a Nigerian public company the NSE and it's investors aren't so forgiving. They might not really have as much money as you may believe to play around.

I say infinite funding because if SoftBank puts in $1billion into oPay, even if you have the most clueless CEO, it'll still take you a long way. (They put in $16billion into WeWork and I believe that isn't even their largest investment.) So, yes, infinite funding because if SoftBank believes oPay can be profitable and they need more money, they'll do more funding rounds.

blacknp:
By valuation, it means asset base, not funding.

Well, Opay is a private company and "asset base" can mean anything. One thing I've learnt with startups is that till they're acquired and another party has the opportunity to audit their financials, you take whatever they put out with a grain of salt. (Or a handful)
So, yeah, I believe SoftBank is what gives them there current credibility.

TUANKU:
Opay took barely 5 years to control a large market share due to their easy banking services while prophets of doom were busy predicting their fold up.

When you have infinite funding from Softbank what do you expect. I don't think any Nigeria bank can stand besides them in terms of funding.

Jewessgratitud3:
What if he doesn't say anything because I didn't put my pics on my profile though I introduced myself as a single bornagain sister. I just have the prompting to try because the guy is a very good guy from his videos Ive watched and the things he preaches to the youth. Such men are difficult to come by these days.

This relationship will not work, even if he says yes.
You've already put this guy on a pedestal. Not all that glitters is gold.
Relationships where one party idolizes the other will likely be rife with abuse.

This is a joke. Running my generator on-demand for 30-days will not amount to that sum.
I'd rather invest that amount in a solar setup and be totally off-grid that. That is almost the average light bill in a developed country on paltry third-world wage.

kingthreat:
Pregnant or not. Woman should face the music. Law is the law.
If the video she made was that the tomato sauce was too sugary, that would have been better. But this woman said Erisco tomato sauce is killing people. That is way of slanderous. That shows a woman paid by competitors to demarket a product of a company that is employing hundreds of Nigerians. She should face the music. These influencers must have sense.

Don't be unfortunate.

If you had followed the case properly you would have known that what the lady said was that the paste was too sugary. She made a facebook post sharing that opinion. But in the characteristic way of the criminal Nigerian police force, they were able to carry out the vendetta of that rich halfwit by attributing other posts that she didn't create to her.

His obstinate determination to kill this woman will be his undoing.

jumper524:
the report did t say he lied, rather it talked about him setting up his greedy colleges for ridicule

You must be daft. You didn't read the part were it said that all the members had received their vehicles?

Forkthiefnubu:
I don’t believe this , these are machined in modern factories , ordinary keke that we assemble still looks like 19th century machines

It is true. I could remember when I used to hear of Bukuru Technical College students making and selling guns in the early 2000s. It's been happening for a while.

The governor was right, it was a private condolence visit but this sycophants look for any means to gain spotlight.

Honoredeblazac:
Sahara dey carry fake news. Urdu which is Pakistani language is written officially in Arabic script, so there is no way Pakistanis will hurt someone for some Arabic if it was not blasphemy. And it’s clear that when they checked and it’s wasn’t one, she was let go

They were ready to lynch the woman if not for the intervention of the restaurateur and police. None of them knew what was on the dress but they believed it to be blasphemous.

A god that you have to fight for is not worth worshiping.

Procashtips:
Oga do your research and stop arguing.

Even Americans (some) know this already.

It's similar to what Nigeria is trying to do with NNPC.

No it is not, don't talk about what you don't know. It is an independent body and doesn't answer to the President like the Nigerian Central Bank but Congress provides oversight.
Do your research and stop spewing falsehood. How will you imagine that the whole Federal Reserve Bank is not audited, do you know what you're saying?
I don't think there's any financial institution that is as scrutinised as the Fed.

Procashtips:
Hope you know the federal reserve of the US is a private company/entity even though they don't get audited, infact they print dollars at will?

Kindly research this online.

A few people own the USD, not even the US as a country.

You just make up stuff as you go, right. The Fed reports to Congress and is not a privately owned institution as you insinuate. It was established by an act so I wonder where you came up with that. Also the Fed is thoroughly audited by an independent firm so I don't know where you got that too.

My advice is don't go pedling what you read in your bitcoin and crypto forums. Read and expand your mind, don't just regurgitate arguments you read online.

You don't know the first thing about how central banks work and how money is created, start from there.

Procashtips:
That's what I'm telling you.

If USDT is worthless, same is the piece of paper called USD and every other currencies pegged to USD.

Only currencies pegged to things like gold should be accorded value.

Yes, you need to audit the USD, else it becomes unaccountable and unreliable.

The Federal Reserve has auditors both internal and external. And per the FOI Act what ever information you're looking for, you can request.

Procashtips:
Who audits the USD?

Do you know the US prints USD anyhow and anytime and that it's not pegged to anything worthwhile?

By your logic, you shouldn't be keeping USDT then because it is pegged to USD.

Do you need to audit the USD?

PureFace1:
The problem with Nigeria is we have a lot of delusional folks like OP that churn out information full of ignorance and bias.

If USDT that the whole world use is a scam so it is naira that CBN printed trillions of it last year to caused massive inflation and eroded almost 100% of naira value that is not fraud ?

OP has a point. USDT is just code, last I heard it hasn't been audited. No reputable firm is willing to audit their books, that alone should tell you a lot. Their are other stablecoins that have tanked in value causing customers to lose their funds.

OP is just sounding a warning based on facts available. If you know what you're doing and choose to hold tether, what he is saying shouldn't bother you.

DiamondJLove:
I am in my late twenties. It seems strange that I have never visited an airport. Sometimes i feel ashamed and never talk about it with anybody.

I don't know if it's due to too much responsibilities on me. Who is in the same boat with me? How do you cope when people talk about visiting an airport? Do you pretend as if u have visited an airport? Do you say the truth and let people mock you?

'been' not 'being'. One is past participle, the other is present.
There are people all over the world who have never been to an airport or flown on a plane.

What you don't have you don't need.

There's nothing to be ashamed of, well, except that you don't know the difference between present and past tense.

ddippset:
Best Senate president?

Can you list some of his constituency projects as a senator?

Can you list how he empowered people and made this country better?

Can you tell us how he made Kwara state better?

Can you tell us 3 major things he achieved for Nigeria as Senate president?

It is people like you that are the problem of Nigeria. Of all the things you mentioned up there, please tell me which of them is the constitutional duty of the Senate President or a senator. It is such shortsightedness that bedevils the citizenry. When you don't even know that these people are meant to represent you and put the executive in check, they can get away with being ineffective and giving people like you peanuts to sing their praises.

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.

You have no idea what you're talking about. For one CBN doesn't set the dollar price anymore, the naira has effectively been 'floated'. When the price drops in the official market, it is market dynamics at play.

On market manipulation, it happens in every market but from what I've noticed with the trades on Binance I don't think it is the case. Daily volume is usually less than a million USD. Even at yesterday's sell-off the volume was just 2.6m and that's the highest daily volume. Individual trades are usually less than 10k USD, that's not how market manipulation is done.

The problem still remains that we cannot sufficiently satisfy demand for fx by retail and institutional customers. CBN is grasping at straws just as they did with AbokiFX. If we had a robust fx market where demand is adequately met, I don't think 2.6m USD can manipulate it.

The question should have been: "At What Point Did You Realise You Were In The Wrong Country?". My answer is above.

Parydelegate:
Respite at last

Posting dividends in this BAT administration is not an easy feat even if na 2 kobo...its on record they paid shareholders dividends.

I still bought Trophy for 200 naira at the bar were I went to watch AFCON final. May it was because I wore my APC cap that's why it was sold to be at that price.

I don't think that is what they announced, from what I understood it seems to be a stock split.

Corruption is endemic to Nigeria. The worst part is that there is no patriotism, everyone is out for his pocket.

Tajbol4splend:
Mock him all you want but Tinubu government has done what governments in the past couldn't do.

He understands how to reform our economy by first removing fuel subsidy which is meant to inevitably cause temporary hardship.

He appointed an efficient Cardoso as CBN Governor who has so far identified the hidden catapult throwing stones at Naira, then naira devaluation (a policy which some people are using to cash out big time, and one which is meant to kill the hunger for dollars and importation.

Tinubu government decisions have been on point even though the results have not been duly communicated to an ordinary layman, and it's no surprise that people who are criticising him haven't come up with something he has done wrong, just insults and curses without substance.

Tinubu is on the right track, personally I never expected him to be prepared for the job because of his health but I am glad he won, and I'm sure by the time his policies start yielding results, we would want him forever.

Batified

What subsidy? Subsidy that is back and worse than in the previous administration? Didn't you read that the landing cost of pms is above a thousand naira because of the forex crisis?

The naira devaluation isn't something silver bullet, there is no silver bullet but this incompetent administration keeps pushing that narrative to the gullible.

There's nothing you've said in your post that is sensible, just the gibberish that his bootlicking supporters keep pedling.

If his policies were working, everyone will be singing his praises but it is quite the opposite.