₦airaland Forum

Eddee:
Long story- we went throught five or six managers in nine months, last one stayed the course til the very end. We are results based, we hire you, you get a budget (everything from endorsement with Henessey to runs with Jameson) to turn things around and you get a timeline. Fail and we move on immediately, might look like a knee jerk approach to running a business. But a club is just no ordinary business unless you use it to clean money. We cut our losses after a year and moved on, [b]so many valuable lessons learnt [/b]with regards to actually running a business that depends on people (staff, customers, promoters) ’showing up’

Mind to share these valuable lessons?.

Eddee:
You’re wasting your breathe arguing with paper tigers. I usually don’t suffer people who can’t put their money (assuming they even have) where their mouth is. I’ve lost money (collaborated for a Night Club/Lounge last year and learnt valuable lessons) and I’ve equally made a couple bucks here and there (currently into livestock farming). I still keep a 9-5 on a low! Anybody that wants to be taken seriously has to proffer solutions not constantly whine unnecessarily.

Did you run it yourself or employed somebody to run it for you?.

emmanuelewumi:
If get money wey no fit go round, wetin we go call that?

If you target any product or services that are consumed by the poor, you will make money. You wonder why religion, Ponzis and fast moving goods are moving fast.

You can buy minimum of N100 worth of airtime, MTN and Airtel are generating revenues of hundreds of billions and Trillions of Naira.

UAC Property Development Company will sell a housing for a minimum of N60 million for the past 5 years they have been struggling to generate N6 billion revenue or sell 80 housing units. Could not make profit in the last 6 years.

Let UAC Property Development Company carry out the necessary research and build housing units with an average selling price of N10 million and below if their revenue won't triple

Property developers that have moved from developing duplexes to semi-detached duplexes are making way more than those building duplexes.

When cowbell came and was making sachet milk at a low price for the poor, the likes of Peak Milk started laughing at them. Now even Milk Peak is into making milk in sachets.

ahiboilandgas:
The Nigerian human resource in action ....after getting work in shell with Good pay ...next is how to kill the firm ....by encouragingly pipe destruction for personal gains

And when Shell now leaves the country, they will start blaming Buhari.

Warri, a once thriving city is now on the rapid decline with so much unemployment. When the people there were sabotaging the IOCs just for a few gains, they thought they were doing the IOCs. They are now begging the IOCs to come back.

DexterousOne:
Another incident I never thought I will see in my life

Obama win in 2008 that we thought will throw America into chaos
It did not
Instead there was wild jubilation

Now its election violence left and right across the globe

Iam sure several people never imagined what is happening in the US. One day it will spread to UK.

XiaoLi:
I applied as a Nigerian, that is the reason i said in my earlier post that there is no common sense in asking me to bring a statement of account. I dont know if they mean that i cannot take my children to Nigeria if im broke.

Quite funny. How can a citizen be asked to show proof of subsistence just because he is going to his country with his family?. Maybe you can take up this issue with the Nigerian in Diaspora Commission. Some of these laws need to be changed.

Let me put this issue in my class whatsapp forum for insights from those abroad.

XiaoLi:
Yes, if you are legally married to a woman in the country of my residence you own any child/children of such marriage legally, if you are not married to a woman and she gives birth, the woman owns the child legally and you have no right or whatsoever to claim such child.
In other words you can be a parent without owing the child legally here.

DexterousOne:
That's an interesting culture

Why did you say the bolded?. In Nigeria, if you have not paid dowry, you are seen as not properly married the woman. In some cultures, the girl's family can claim the children.

XiaoLi:
This is exactly how Nigeria works, laws are made withouth using common sense, the first time i tried to bring my wife and kids to Nigeria the people at Nigeria embassy in my country of residence asked me to bring my statement of account to make sure i can take proper care of my family while in Nigeria, i asked them if it means i cannot take my family to Nigeria even if i'm broke..they couldn't answer this question but insisted that providing my statement of account is one of the requirements. There's no common sense on that.

Were you applying as a non Nigerian citizen?.

adeloly:
A son who was placed on national merit
A son who pick Kings College as first and second choice was admitted to Federal Government in Kogi State

I was really surprised with this scenario, he was not even posted to any federal Government college in southwest
i quite understand they are trying to fill space for the northerners who has not really shown interest in education

how can a boy of 11years old travel from Lagos to Kogi State all in the name of Unity sch

Please i want to ask if there is any steps/process involve in changing the sch

Thank you

Making the National merit does not mean that you will be admitted to KC automatically. If there are people that scored above your child from your state, those will get priority. Look at this national merit like the cut-off that qualifies somebody for post-UTME normally set by JAMB. Getting a national post-UTME score of 180 set by JAMB does not guarantee admission into your University of choice. You still have to go and battle others that score 180 and above.

The National merit cut-off is to ensure that if a child does not gain admission into his/her Unity school of first and second choice, the Ministry of Education will consider the child in any Unity school that has vacancies. The mistake you made was choosing KC as First and Second choices. If you had chosen FGC Odogbolu or FGC Ijanikin, the child would have been considered.

If a child cannot make KC with first choice, then forget KC as second choice. It is like somebody choosing Medicine in either UI, OAU, Unilag, Uniben as First and Second choices and then wonders why he/she is not given admission based on Second Choice.

There are competitive Unity schools just as there competitive Universities and courses.

So there is nothing to lament. It is the process.

RayRay06677:
Implications:


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Cannot find on the internet why this name "River Jamieson SPV" was chosen. Why not simply 'Edo State Bond' since Edo state is guaranteeing it from her revenue generation?.

DexterousOne:
Your advise and nice words are well taken....
And appreciated
BUT
I'll say a couple of things
1) There is a reason why the "big four" calls one with over three years of experience "Experienced Hire"

If this equities market was a formal job (just giving an example)
I'll be termed an "experienced hand"
Because I have been in it for more than the three year limit that they use to term one experienced hire
This does not mean I know everything
It means i know enough to function



Second, concerning the CBN governor and monetary policies
There are certain things cast in stone in our line of business, and the behavioral aspect of the people you aee setting those policies for is what bridges the gap between the controlled situations ans simulations (like you rightly pointed out ) and the field

That said, knowing the behavioral blunt of Nigerians (we love arbitrage very well and will do WHATEVER to benefit from it )
Why create an atmosphere that is perfect for arbitrage
Once again
That policy is VERY STUPID
To be fair to him, it's not just his fault
But his decisions ARE A PART of the fault
I like the analogy you gave about law students and graduates
Once anyone is out of law school, he is WELL QUALIFIED to give legal advise
Now its okay to be sceptic about the fact that that lawyer has say just 4 years of experience, probably less...
But that does not take away the validity of the legal advise
Will the lawyer learn more as he gets cracking?
Of course !
Are there certain grey areas that the lawyer may need to brush up on overtime?
Yes
Are there certain cases that people will trust SANs with?
Absolutely!
But, when it comes to the core
He is competent
It's the same for our Economics/Finance field
I hope you get me
I dont know EVERYTHING
BUT I KNOW STUPID MONETARY POLICIES when I see one
For example, that special purpose vehicle thing you highlighted, I dont really know Special Purpose Vehicles in depth as such, I only know the basics, hence I cant give much advise on it.......
Forex; Bitcoin, Digital Agric, etc, dont know so much as that...
But if its monetary policy, fundamental analysis or equities in general, I'll have something to say

God bless

You think he has the free hand to do what he wants to do?. So much politics are in some of these positions.

ositadiima1:
If I had that ur 300 or 500 mil u have been accumulating, I would have distributed it in the stock market earlier this year when prices were at their all time low. Stocks like dangote cement, zenith and okumuoil etc would have served all the diversification I needed. And just be a dividend collector for the next few years. A guaranteed 20% annual return plus asset appreciation would have been used to pursue this other riskier investments.

Dangote cement because Nigeria is a developing country and the need for building and construction materials will be in demand for a very long time. Also because the company is well established and will be very hard to be overtaken by new comers.

Zenith, well, any of d FUGAZ would do. The Nigerian banking sector is kind of solid, almost all monetary transactions go through banks.

Okumuoil is into the agricultural sector.

Don't mind my rambling, my views are usually very simplistic and I maybe very wrong.

If anybody is investing for dividends, it is never too late to enter a dividend paying stock.

ojesymsym:
We need to start from primary school sef..
But gas na 3k7 not 4k o plus lot of competition in most places but I think each stand can do more than 3 in a day though

It is 3k2 for 12.5kg in filling atation in Lagos.

igbizen:

Barrytone did not advice you to only put what you can afford to lose

I have one torn N100 note that i have already written off as lost. I think i will go and put it in it.

DrAkpa:
MBA for life...
14th Alert in the bag...
Best decision I ever made

We don hear. Enjoy your loot.

Richbenie:
Pls is MBA a scam? Didnt recieve my ROI yesterday as promised.

You are "Rich Benie" now. This should not cause you any headache now abi na all your riches you put inside?.

ositadiima1:
I heard she is dark and pretty like that, maybe, who knows, I can hit that, someday.

No wonder you are polite and patient with her.

Donbrig:
I totally agree with this article. Every bank in Nigeria has a foreign bank account they operate from when dealing with foreign currencies customers, I can only imagine how they could easily reach an agreement with Western Union or MoneyGram to easily pay all foreign currencies by Nigerians sending money home into their foreign accounts and our banks will now pay the recipients in Nigeria with naira equivalent, what a country.

My firm advise to Nigerians abroad is to drastically reduce the way they send money to Nigeria and invest in their country of residence abroad, Nigeria is a scam and a complete failure.

We are still going to be where we are today in the next 20yrs, I said it before. We also heard our Chief of Army staff saying boko-haram will last for another 20yrs or more, it is just the simple truth, because lots of wealthy Nigerians and big corporations like banks are making so much profits from this present chaos and decadence in Nigeria and they will do everything to ensure nothing change for good in the interest of the masses.

To Nigerians in Diapora, go to your banks and ask questions, there are so many investment channels you could invest your money, I just got about 6% in a mutual investment funds in a well know financial institution in Europe. You could also buy lands or apartments and pay instalmentally.

Nigeria is a dead end and a dream killer. No future for our children in that God forsaken country called Nigeria. Everybody breaths greed and live in greed.

Some of them have oversea branches. When i did some consulting work for a Nigeria bank then. i noticed that all export proceeds were paid in Nigeria at official rate but the export proceeds were always paid to their oversea branch. For imports, the Letter of Credits were always routed through the same oversea branch.

ositadiima1:
Lol, what do you expect, official rate nah.

So you can now see where the laundering mentioned by Chief Anthony Ani is coming.

ositadiima1:
How is the money laundered when the equivalent is sent to the recipient in Naira?

What is President's concern in this matter when you can open a lawsuit if you think your rights have been infringed.

Equivalent at what rate?.

MONEY TRANSFER FRAUD!!!!!

COLLUSION AMONG CBN,COMMERCIAL BANKS,WESTERN UNION,MONEYGRAM,ETC TO KILL THE NAIRA INSTALMENTALLY.

By Chief Anthony Ani,FCA,Former Minister Of Finance.

"A MATTER OF NATIONAL EMERGENCY DEMANDING OUR DEAR PRESIDENT BUHARI'S URGENT ACTION!

"RE: $BILLION DIASPORA REMITTANCES: WHERE ARE THE DOLLARS?"

The above question was posed in an article in The PUNCH newspaper edition of September 9, 2019, by columnist Henry Boyo.

I have been a daily reader of The PUNCH for the past 10 years and I have not yet, read any comments from anyone on this question.

There is a need to discuss this issue, as it appears that there is massive foreign exchange laundering going on in our banks.

As the architect of the Diaspora remittances in 1996, I am naturally concerned at the abuses disclosed by Boyo.

When in 1995, we at the Ministry of Finance reviewed the country’s sources of foreign revenues, we found out that nothing was coming in from Nigerians in the Diaspora, whereas India and Jamaica were living on foreign exchange from their citizens abroad.

When I enquired why Western Union and MoneyGram could not receive money from Nigerians abroad, I was told that it was due to our tax laws.

As a Chartered Accountant student in 1962, I studied Comparative Commonwealth Taxation in Nigeria, Jamaica and the UK, and I found out that the tax laws of these countries had the same wordings on imposition of tax (“tax is imposed on income accruing in, derived from or brought into”).

The question then to me was why income “brought into” India was not taxed in India? On enquiry, I found that India had modified its tax laws to accommodate its citizens living abroad who wanted to send money in foreign exchange to India.

In 1996, I had proposed (and it was accepted by the Federal Executive Council) in a new law, regarding Nigerians repatriating remuneration from abroad, Nigerians repatriating dividends, royalties, fees, commissions from foreign countries receipts by authors, sportsmen/women, musicians, play writers, artist, etc.

Such income repatriated into Nigeria in foreign currency was 100 per cent exempted from tax, provided the foreign currency was repatriated through a domiciliary account with a Nigerian bank!

With the promulgation of this law, First Bank Nigeria Ltd brought in Western Union in August 1996 while the USA(UBA) brought in MoneyGram a few weeks later.

In 1996, Nigerians abroad repatriated about $4.5bn (about 50 per cent of our gross revenue from oil) and we ensured that these amounts were brought into Nigeria, intact, in foreign exchange.

The receipts increased exponentially in 1997 and 1998 and we also made sure that they were received in Nigeria, in foreign currency.

The receipts helped to stabilise our exchange rate mechanism at N82 to a dollar, throughout my tenure as the Minister of Finance, to the extent that the naira was internally convertible currency.

Some years ago, on my visit to London, I went to Western Union office, at Marble Arch, to test by remitting £500 to my son in Nigeria.

I first had to convert the money to dollars and to my surprise, Western Union gave me a quote in naira to be claimed by my son.

I refused their naira equivalent and insisted that my son must be paid in dollars.

It was obvious to me that there was an arrangement between our Nigerian banks and Western Union/MoneyGram, whereby the former pays from their excess naira liquidity while the later retains the dollars abroad.

In other words, the dollar remittance is retained abroad and is laundered by the Nigerian banks. This is definitely against the law which provide that all remittances must be brought into Nigeria in foreign currency via domiciliary account.

If by chance, as in my case, the dollar is remitted into Nigeria, the Central Bank of Nigeria on August 14, 2014, introduced the Outward Money Transfer Service and authorised the same MoneyGram and Western Union to re-export, in tranches of $5,000 per transaction, to Nigerians abroad, on payment of the naira equivalent at the CBN rate of exchange.

Thus, Nigeria is the only country in the world re-exporting its remittances.

It is relevant to note that the naira is not a convertible currency but remittances which are meant to stabilise our exchange rates are re-exported!

There is something wrong at our Central Bank.

It could be that we have imported the mentality of commercial banking into the CBN. We now need real central bankers to govern our Central Bank.

We have central bankers amongst those in the CBN, and we also have central bankers amongst the members of the Nigerian Economic Society or, alternatively, indeed, we can even go outside Nigeria to employ central bankers.

The fact is that the Diaspora remittances are not retained in Nigeria and there is a collaboration between the CBN, Nigerian banks and Western Union/MoneyGram; in such an event, government must investigate the infraction, punish the money launders, and recover all past Diaspora remittances retained abroad!.

Copied!

The Outbound Money Transfer Services must be stopped and all our remittances retained for naira stability and the nation’s development."

October 8th,2019.
Etubom Anthony Ani is a former Minister of Finance,1993-1998.

RealityShot:
We live in a crazy world, where your own blood brother can stand before the entire family and suggest that
All the retirement benefits of your parents should be put in a company he works for
And clearly knows that it's a Ponzi company!

Just because he wants salary for himself!!!

If one kills such brother after the Ponzi fails, hope no one would put that person in jail or under any condemnation, right?

I can not be an avid church member again, I will serve God in my closet, than to worship in the presence of skimmers and treacherous folks who claim to be more " churchous" than I am.

Abeg, no go kill your brother o because of money matter.

Try to convince your parents not to put their money in any ponzi scheme but if they insist, tell them not to put everything but to try out the ponzi company with about 30-50% of the retirement benefits. I know of people that are wrecked today because they put their retirement benefits in ponzi companies.

ahiboilandgas:
there is absent of quality human resource to drive progress in Nigeria....it just not there.....a thieving lots ...u can only have fair and manageable human resource......A Nigeria.Gm in dangite cement on a salary of 4m per month and other allowance ....stole 150m naira from a major dealer code over 2 years ...he resigned and open a grand bakery with the loots ....not yet done he hear the 12bn dollars refinery project he came back and reapplied got the job again on a higher salary and even made way for his son to be employed....the boys he trained on how to steal from cement gaint continued after the the oga resigned and was caught.....analysis of his accounts showed a 30m naira transfer from oga.....after drilling in panti...alarm blow....oga is now in prison,bakery seized ,son sacked....and replaced with Indians.....the ed project has built obajana and now buiding refinery on a pay of 400m per anum ....he recently requested a 100m advance to settle some bills in the UK.....but the president dangote group ....waived the damn thing and grifted the Indian the moeny.. ...where are the Nigerian engineers....thinking how how to over price quotation to bleed the company to death....

N4m per month and other allowances and yet he still steals. What does he spend N4m per month on that he is not satisfied and has to still steal?. I normally tag people like this as suffering from 'poverty mentality'.

Donbrig:
Why are Nigerians wicked to Nigerians? FG heavily subsidised prepaid meters, so that Discos can distribute it free of charge to Nigerians, but here in my region, some disco officials are already making huge sum selling meters. Some of these staffs are still saying they don't have enough prepaid meters, even though they have more than enough meter to distribute freely to many homes in Nigeria.

Why are we so wicked to ourselves and still hope and pray for a better Nigeria?

This is why i normally laugh when i see so many Nigerians blaming our Leaders. Many Nigerians are wicked and fraudulent. This is what they carry into leadership when elected to lead.

ojesymsym:
What exactly are Africans generally better at doing then?
On a personal level, after reviewing who we are as a people, in recent times my criticism of politicians, those in positions and leaders has reduced drastically.

They are good at attributing every of their problem to 'village people'.

DexterousOne:
Fund managers will be having serious headache right now
I dont envy them at all

Is there anybody in Nigeria that is not having headache right now?.

ChybuzzDD:
No mind these guys.
While in quarantine, I was giving some Indians, and even Pakistanis my ATM card and PIN to help me withdraw money and they did it excellently. I never for one day nurture any fear of any fraud/sharp practice.
And so many of such exhibitions of trustworthiness abound.
If you try that with most Nigerians, you will regret it, unless you quickly change your PIN thereafter.
Most times we only focus on the politicians, but the masses are just as corrupt, or even moreso than some of those politicians.

Are the politicians not from the masses?.

Leezah:
Lol! Indians back home trustworthy, he gives it to his relationship or brother-in-law to run

And his relation or brother-in-law manages it well. In Nigeria, can we say of the same?. People have sent money to parents from abroad to build a house and the money disappears without a house being built.

jedisco:
That's what a good number of Nigerians want to do but are held back by two things
1. Our currency is too volatile... You may end up paying double of what you borrowed. The exchange rate does not matter much, it just needs to be stable.

2. Finding dependable folks back home to help with the biz. People in Nigeria believe those abroad pluck money from trees and are ever happy to make the person their palliative

Such Indians borrow from banks in India and not from the banks in their country of relocation. They repay the loan in local currency and so not affected by exchange rate.

ojesymsym:
Many of our brothers in diaspora have also tried this model but the folks back home see it as their own piece of the national cake and mostly mismanage the business. Even then, Indians are not particularly known to be honest so how do they achieve all these?

Back in their place, they are trustworthy.

The issue in Nigeria is lack of trustworthy people to manage such. You setup business and give it to somebody to manage, the person kills it by embezzling all the money.

ojesymsym:
Using this arrangement, will they have someone else run it for them?
What happens after paying, will they go back to run the business?

Somebody runs it for them back in their country. The workers are mostly trustworthy.

Comeandcollect:
This is why
1. Their catch phrase is dominance, they go to any country to dominate and rule. They rent a property from you as a single man but go back to the property in six months time, you will see four of their generations there i.e grand father, father, wife and children.
2. They have a young population that are IT enthusiasts.
3. They are open to relocating to any country even if you offer them peanuts as salary so long as it's better than Indian minimum wage, they know they are going there to build generational wealth not live on salary.
4. They learn tricks of your country coupled with their tricks which makes them look like genius.
5. Their honesty is 5 out of 10.

Once they relocate to another country and they start receiving salary, they take a loan from a bank in India and open a business back in India. Every month end, once paid, they transfer some of the money to repay the loan while the business is getting its feet. Over time, the loan is repaid.