₦airaland Forum

Manwarrior55:
Very true. I also noticed that Gtbank has been cutting operating cost by taking turns on branches to open weekly. They used the looting/protest as an excuse but I think there’s more to it.

With technology and cashless policy, a bank no longer need so many branches. If you walk into some of these branches, they are always empty. I had issues with my Bank's Internet banking and mobile app one time that made me walk into my bank to do a transfer. The process took me close to one hour. I was so mad because of the man hours wasted. With Ibank or Mobile App, i woild have done this in seconds without standing up from where iam.

emmanuelewumi:
The risk management of the company was weak. Wale and his goons had a capital of 5% of the company Unipetrol which they bought. The first thing they did when they took over was to sell their controlling shares in the headquarters building and became a tenant in their own property.

Sold a lot of juicy assets and Investments of Unipetrol, had faulty corporate governance issues and mismanagement.

I wrote a petition to SEC. I wrote an article concerning Oando to all the major newspaper but it was not published, until I posted it on Nairaland and Stockmarketnigeria .


Look for my old moniker to see the article


I have learnt to avoid any company whose CEO is lawyer eg Oando

OandO was well disected in stockmarketnigeria.com. if that site did not go down, i would have been referring people to the OandO section for them to get all they need to know about OandO. The kind of financial engineering those Lawyers running OandO were doing was out of this world.

Donbrig:
Nigeria is a total mess, our problems boils down to our absurd mentality. In the next 20yrs, we are still going to be fighting same problems as today, because we are not ready to pay a price or inconvenient ourselves for future gains. I was so ashamed to hear our VP Osinbajo saying that FG will now be patronising Naija made cars, are you not wondering why the thoughts to start patronising Naija made cars just occurred to them now that we are already in a deep recession with lots of bad economical policies? Why didn't they start patronising made in Naija cars and other local products at the very beginning of their administration as they promised during their campaigns?

Nigeria will always be a joke among nations, we always wait for everything to get so bad or collapse before acting with fire-brigade approach. We prefer to solve problems under duress than prevent that problem from happening in the first place.

To all Nigerians in diaspora, you guys should try to invest in your resident country abroad, Nigeria is a total waste and killer of dreams.

Home cannot always be home, when home is a threat to our future and that of our children.

Our leaders are not feeling the economical heat or recession. Naira devaluation doesn't affect them because their money is in dollars and Pounds. ASUU strike will never affect them because all their kids are schooling abroad.

I used to be very hopeful about the future of Nigeria, but those willing to destroy the country are far more than those willing to rebuild it. Virtually every Nigerian is like a cancer to the country, greed, corruption, mismanagement, rent seeking and entitlement mentality had finally buried Nigeria.

I will believe what the VP said when the FG actually starts buying the vehicles for all the ministries and parastatals. At the height of the pandemic, NASS ordered for 2020 Toyota Camry.

emmanuelewumi:
The holding structure of GTB is just a strategy by the guy at the top to elongate his stay as the boss. His tenure will expire this year after serving as the CEO for 10 years.


Who does that, you sold your Investment banking and asset management subsidiaries which is now known as Investment One Financial Services, sold your Insurance subsidiary which is now known as Axa Mansard Insurance, the CEO sold them because he wanted to focus solely on banking.

First Bank, FCMB and Stanbic IBTC adopted the holding structure

7 years after the sale of those subsidiaries, you are now looking for Insurance companies, Investment banking firms, asset management firms, pension fund management companies to buy.

GTB will definitely buy such businesses at a very huge premium, because they won't want to start another one a fresh it will be better to buy existing ones

Maybe they will buy back Investment One.

I do not know why the CEO is trying to use the HoldCo to do sit tight.

emmanuelewumi:
A business can't go bad over night, it must have been giving sign for the past 6 months or more based on the quarterly results of the company.


I remember advising people on stockmarketnigeria to sell their shares in Oando about 7 or 8 years ago, based on the falling fundamentals of the company, mismanagement by the management team and faulty corporate governance of the company.

I was able to sell at N25, those who heeded to the advice exited Now Oando is selling for N3.00, 2 years ago the company had the record loss after tax of over N200 billion, the company is highly indebted and geared, the auditor gave their opinions about the company last year, had doubt about the going concern ability of the business

The good old days of stockmarketnigeria. I sold too based on that advise and that of people liike Wanaj0. I was selling gradually and sold the bulk of my holdings with good profit.

awesomeJ:
You can't go back and forth when you've not even gone forth.

You're there calling someone who's obviously miles ahead of you in intelligence a goat, and we simply asked you to say what you would do better than him.

You couldn't go even one forth to mention just one thing. You're there saying back and forth. Silly excuse from someone making a baseless claim.

There's nothing wrong in admitting to making silly arguments. Admit, learn, and move forward, it doesn't reduce you.

He mentioned one ke. He said he will remove the multiple exchange rates.

DexterousOne:
Good question

So answer the question now as the question was made in your post.

DexterousOne:
Who is talking of printing unlimited naira?
Did u hear that from me?
The man is just too dull
And slow in thinking

What would you have done differently?.

Odiase23:
Stay away from Treasury Bill ok.

These are not good Investment options for us in Nigeria. An economy where the interest on the citizens are not in the heart of people in power.

Go and in Invest in M.B or R.E with your Hard earn money

Investment Advisor/ Wealth Portfolio Management Consultant - 08106347381

What is 'M.B' and 'R.E'?.

ositadiima1:
The reason why dollar is rising against naira is because there is not enough of it. Nigeria does not earn enough dollars to balance its demand on the currency. It is not about confidence in the Naira.

We are mostly importing all sorts of things with our limited dollars and not exporting enough to balance trade. Same reason why beautiful, educated women are expensive to keep, scarcity.

What of handsome educated men?.

ultron12345:
Financial Times: Nigeria’s richest ramp up investment in Africa’s biggest economy as foreigners stay away

https://www.ft.com/content/c5b98699-a5bb-49b2-8436-4a7edf314b87

I could not read it as it requires a subscription.

celeiyke:
Do you think Unity Schools, NYSC has achieved the much desired unity? All those policies are meant to massage ego of some persons and place advantage on some sections. Nigeria should scrap all these things and let everything be on merit

At the beginning, it achieved but it does not now because of the insecurity in the country. It was NYSC that first took me to the North for the first time in my life. Several of my classmates did NYSC in the North but none of them wants to try that now.

In my class whatsapp forum, we self regulate what we say when we are discussing about Nigeria because we are very well aware that we have at least an individual from virtually every state in the country. Tribalism and ethnicity does not come into our discussion.

These days because of insecurity in the country, the purpose of that unity in the Unity schools has been lost because no reasonable parent sends his/her child to a far away Unity school now in the name of unity.

celeiyke:
wow. Na wa oo. I will rather forfeit the admission than go to the core north

The insecurity in the country is now a big issue. The Unity school i attended is in the present day South South. In my set, i have classmates from Sokoto, Kano, Kaduna, Bornu and every state in the country. The purpose for which the Unity schools were setup was to bring people from all over Nigeria together. Most people do not understand this and that is why you see them always making noise about cut-off marks.

NL1960:
KC is a very competitive Unity school.

Unity schools admission is based on 60% merit, 30% for quota and 10% for others. It used to be minimum of four candidates per state in every Unity school. This means that if your state of origin already has four candidates that entered through merit, that state will no longer enjoy from the 30% quota. For example, if the 4th candidate from your state of origin that put in KC got 166, it means your child has missed the merit cut-off for your state in KC but since the child met the nationwide cut-off, it will be pended and will likely to be sent to another Unity school where the number from your state of origin is not yet upto to four or if any of the merit candidate from your state rejected the admission.

It would have been better if your second choice was FGC Ijanikin or FGC Odogbolu. The only way to have a chance if you choose KC as both first and second choices is if your state is one of the Educationally Less Disadvantaged States (ELDS). I doubt KC as second choice works as the competition is high.

adeloly:
somebody should please help us with information my son admission status showing YOUR ADMISSION IS PENDING

Please i dont understand what they mean with this narration

Apply this response i posted to that of your son.

adeloly:
Thank you i have just check now saying admission is pending

my boy got 165 and picked Kings College for both first and second choice

Please what does it mean by admission is pending

can he be given admission in KC with the score

Many thanks

KC is a very competitive Unity school.

Unity schools admission is based on 60% merit, 30% for quota and 10% for others. It used to be minimum of four candidates per state in every Unity school. This means that if your state of origin already has four candidates that entered through merit, that state will no longer enjoy from the 30% quota. For example, if the 4th candidate from your state of origin that put in KC got 166, it means your child has missed the merit cut-off for your state in KC but since the child met the nationwide cut-off, it will be pended and will likely to be sent to another Unity school where the number from your state of origin is not yet upto to four or if any of the merit candidate from your state rejected the admission.

It would have been better if your second choice was FGC Ijanikin or FGC Odogbolu. The only way to have a chance if you choose KC as both first and second choices is if your state is one of the Educationally Less Disadvantaged States (ELDS). I doubt KC as second choice works as the competition is high.

awesomeJ:
Meanwhile Brent now above $48, We expect the first weekly close above $50 since March.

Don't consider this in your own reality, let abokis price be your only reality.

It's your money.

Meaning price of fuel will soon hit N200.

shalomblue:
Just like Dangote Cement did not make the price of cement to be at par with international price, I don't see Dangote refinery improving our FX demands etc. It will just fix the issue of fuel scarcity. The man took loans in dollars at less than N200 but will need to pay at the rate of 380.Its no brainer, he will focus on repayment first before anything

Even if the refinery does not improve our FX, it will create jobs and have a multiplier effect on the economy. PAYE will be paid by workers.

TransAtlanticEx:
Let them liberalize it ooo.
Subsidy will bring death to this refinery.
There would be lots of forgery and delayed subsidy payment that will kill the productivity of that refinery.
I don't even think dangote will accept that subsidy nonsense.

Dangote will sell fuel to the FG through NNPC. It will be the headache of the FG to decide whether to pay subsidy to marketers or not to pay. Wetin concern Dangote with subsidy payment or claims?.;

ultron12345:
God bless you
I've noticed that even though your responses are always uncouth and blunt, there's always a huge amount of sense and wisdom in them.
I was about to reply to that silly comment about Dangote until I saw you are already doing justice to it.

For decades, the Nigerian government has been begging people to build refineries. Nobody gree build. They're all giving silly excuses like poor roads, lack of power etc. Only Dangote has taken the risk to build one. Others are watching. When he's done and the project is successful, some fools will come out of their dirty shells and be shouting monopoly, government support, fulanization. As if Alhaji ever stopped them or their useless parents from building cement factories or oil refineries.

Among those that will be shouting all these later are Orient Refinery promoters. Orient Refinery was given a license donkey years ago but it is yet to take off after all the funfair of ground breaking.

Tax Credits for road infrastructure was introduced by the FG but none took it. Now that Dangote is using it to reconstruct the Apapa-Oshodi-Oworoshoki expressway, the talk now by the noise makers is that the road will not last despite Dangote giving a guarantee of 40 years on the road.

I need 10 Dangotes in Nigeria.

Lazyyouth4u:
It is not greed that is making locally produced goods more expensive sir. The cost of production in Nigeria is too high. Manufacturers have to buy generators and diesel, they have to move goods and raw materials in bad roads where these goods are sometimes stolen by highway robbers, trucks break down and have to be fixed all the time, workers are stealing from the company, interest rates are high, raw materials, machinery/plants and spare parts are imported with a devalued Naira, lots of clueless managers running companies because they are related to Oga, etc. Most importantly, economies of scale keeps foreign goods super cheap. Those countries produce so much of these commodities that the costs per unit naturally go down as they are spread over larger quantities. Naija businesses can not compete.

Overcapacity and oversupply in China (and even India) has led to a situation where some commodities can be shipped and dumped in Nigeria and other African countries (at costs that are still lower than Nigeria’s even with inclusion of shipping and duties) just for these Asian companies to break even.

For Naija made goods to compete, costs of production have to go down. Fix the power situation, road networks, crime, fx situation, lower interest rates and employ better staff and managers and the difference will be felt. I doubt that will happen in the next 5 to 10 years.

Gbam. You nailed it.

TransAtlanticEx:
Tooth pick isn't illegal to import.
When you have a Giant factory as Dangote and BUA locally and still smuggle and sell cheaper than them for a voluminous goods such as flour and sugar is impossible,especially now that naira is weak.
Smuggling voluminous goods is expensive,cos you cant hide them.So you have to pay everyone making it a very expensive process.
Then after all this you come ans sell cheaper than dangote?imposicant!
You might not understand.

I understand ke. It is Dangote sugar that i buy for my kids now when they are going back to school.

TransAtlanticEx:
Yes I know of palm oil smuggling and all that.
But where I was shocked was sugar and flour.
Do people still import that and succeed to sell and make profits in Nigeria?

Shebi people still import tooth picks.

seyisanya:
I laugh when people try to defend their involvement in a Ponzi scheme with the phrase ''just invest the amount you're willing to lose''.

Seriously? So some people really earmark a certain amount as what they're willing to lose. What exactly does that mean?

Even if I'm worth a billion naira, I'm not going to willingly put a million naira in what is clearly Ponzi!

Instead of willingly loosing it, why not give it to charity?.

Grupo:
Hmm. This sounds more like it. He might have used the money for MBA.

As it was in the beginning with Umana Umana and Forum MFB(It is the work of Forum) then MMM and now to MBA. Some things never change with Nigerians. Nigerians being scammed since 1914.

Donbrig:
This tracyorez is just like my wife, so emotional and good to a fault. At the end of the day, every man should just pray to have a woman like them in their life. They are very successful in marriages, because they often downplay those marital challenges that leads to divorce. Kudos lady tracyorez, you will definitely get your money back, don't worry about that, but you might not get the interest that is supposed to accrue on your money for the past few months.

My wife is worse o. She will give an artisan work and pay almost 100% and the artisan go dey dribble her while she is there begging the artisan. Meanwhile my body go dey boil and hot for the whole thing.

talk2tonie:
I would like to pay ooo
@Emmanuelewumi pls advice how to pay sir

Iam Oga Emma's Briefcase Carrier aka PA. You can pay to me for onward delivery to him.

awesomeJ:
Certainly.

December savings bonds will probably start seeing 0. xx% in coupon offerings.

Folks are just chasing dividends.

NSE gained about N1trn in market cap today, yet there are still a lot if stocks with over 7% div yield.

When you contrast that with 0.3% T-bills over thesame one-year period it starts looking like gold in comparison with mild steel.

I hope this will not cause dead stocks and stocks without fundamentals to start rising and then create another market bubble like what happened in 2008?.

ojesymsym:
Na today u know say Nigerians do not take responsibility for their actions. Blame Blame na em we sabi. Now na marital problems he wan blame on top person money.

The moment I woke up this morning to read that the email was not sent, I knew the emotional aspect of her had taken over. I wonder how many other victims are affected? and to think it is first bank. Like someone already said up there, banking in Nigeria is now so easy with various apps, online, code etc, she really has to pray that the bank do not deny her because she practically made her account a shared commodity herself, the luck she has is that the person works in the bank otherwise the bank can deny her.

First excuse na marital problems. Second excuse na 'iam in the hospital'. Maybe third excuse go be '#EndSARS hoodlums attacked and burnt where i live and iam presently looking for another accommodation'.

Macktaob:
It's called "humanity" and "giving chances".

She still plans to go ahead with her threat in case she's to be taken for a fool, it's normal she trying to have it all cleared without any long term damage as much possible as she could try until she's left with no choice(tomorrow ultimatum), clearing her conscience that she tried.

I'm no religion affiliated, agnostic. Thank you

What if @tracyorez did not have access to Nairaland or to this thread to seek for direction and advise?. Iam sure that account officer must have done this same thing to others.

XiaoLi:
I think we are too religious in Nigeria and this has affected us so much both physically and mentally, someone is messing with your hard earned money and you are concerned that you dont want anything that will get him sacked, I guess this thinking is caused by religion beliefs.

Too much 'i beg, na the devil push me do am' in this country whereas the person actually knows what he/she is doing at the point of doing it. When they are doing it, they will claim being smart. People have to know that there are consequences for any action.

ojesymsym:
LOL... u don come again. Anyway, non be every story be fake. There are far more people who are lax with their accounts than you can imagine. Most people are afraid to be the reason why someone not serious with their job eventually lost the job and so will hesitate to send emails like she is doing right now.
My own experience some years ago made me not to border going to the bank for situations like this, just send email, the email de go head office so na the branch manager himself go call you with abeg ma.

Quite true. Some parents in my son's school got cozy with some teachers and staff in accounts department that they will transfer school fees to those staff or teachers to pay school fees for their wards instead of transferring to the school's account. Some of the teachers and staff used the money to sort out their problems without using it for the school fees. By the time they discovered, some of the teachers and staff have left the employment of the school.

tracyorez:
Really Wow
My dear you really have a long way to go.
Pls what do you need to prove to you that I am serious. Anything? Or do you want to see my tbills cert.?
My dear I am more nervous than you think just taking it easy cos I know I must get to the root of the matter cos I walked into first bank and did a transaction so there are records.

When all these are finally resolved and over, demand for a change of account officer and never again personalized banking transactions. Banking transactions should strictly be business.