₦airaland Forum

@ BlueRayDick
Quick question : I think recently you guys were discussing the new tax reform laws with Larride, did anyone mention the increase in capital gains tax from 10% to 30%? I am seeing stuff about this online but not sure if it is true...

Personally I consider it wrong move, for a country trying to encourage diaspora investment & FDI

BlueRayDick:
You are choosing to see things with village eyes and not the fact that some people's village has actually turned to city now. Some people's village is Ibeju Lekki which has now turned to a gold mine for realtors.

Let me rephrase my question in this vein. Let's say you belong to Olumegbon family or any of the land owning houses in Lagos and your family land strecthes down to all those Ibeju. Now that's ancestral land right?

Are you saying when the family decides to sell a portion of the land the female grandchildren don't have right to the proceeds that will be shared in the family but the male grandchildren do ?

You mean children? Cos grandchildren inheriting has to be either from their parent or willed by grandparent.
When family land is sold, sharing formula is never cast in stone.

BlueRayDick:
Let's say as a Lagosian your grandfather owns a building at Mushin and another building at Ebutte Meta, does that qualify as ancestral home?

If yes, are we saying a female child cannot inherit such inheritance passed down to her father and now down to her? Are we saying only the male children can have a piece in those two buildings and be entitled to collect rent on them or get compensated when the building is leased out to a developer for 50 years and the developer pays millions?

Is that what we are saying?

No, those would be his personal wealth, to be shared as he pleases. Growing up when our Igbo neighbour died in an accident with his wife and son, my dad was involved in ensuring the daughter inherited his houses in Lagos & PH, but his Big Mansion in the village reverted to his kindred as the property was built on an inherited land. I am not unaware that even this tend to happen where the girl child has strong men fighting her corner as gluttonous relative most likely would try to overstep.

Have you considered that would happen to females in the previous generation who were excluded to the benefit of the father of the current girl child?

BlueRayDick:
This just sounds like making excuse to disinherit one's daughter. Ibime and Theflint mentioned putting measures in place to pass the inheritance down to grandchildren through their mum and I agree with it.

However, saying because she may marry a schemer or would-be criminal one should then share the property with some distant relatives is shortsightedness.

If I tell you the kind of things I don see in the course of my work involving extremely wicked family members who would take whatever is due to their brother's widow and kids and leave them in the cold.....you will understand where I am coming from. Imagine a woman losing her husband and the next day the late husband's uncle comes to carry his Motorcycle even before the body gets cold. Na that same person dey disturb his employers for his benefits while sidelining the wife.

We need to differentiate between ancestral land and parents owned ( not passed down property)

Just like we dont pass down kingship in our culture I dont think ancestral lands should be passed down to married woman, however she 100% inherit her parents personal wealth.

BlueRayDick:
Whether he says "thank you"or "thank you very much, God will bless you.... Blah... Blah..", I see both as same thing i.e the person is appreciative of favor and that's what matters.

I will only be offended if he didn't show any appreciation and sees the favor as his right and not privilege.

Life no hard at all, na when u start reading unnecessary meanings to things like that u go dey give urself unnecessary stress

Baba, if you where person would you just send Thanks for the referal? Based on your previous posts on you showing appreciation, I don't think you would.

What I am saying is that this is not the expected norm, atleast not in the Nigeria I know.

iamoyindamola:
Helping is a choice, we shouldn't be expecting something in return
It's not healthy

It is not expecting something in return, like a kickback, it's your friend showing an acceptable standards of appreciation. I would call to thank him, mention that when next we meet peppersoup and stout is on me or even visit with a bottle of wine.

BlueRayDick:
Who sets the standard for appreciation?

If you expect so much from helping people, maybe you shouldn't be helping them or maybe you inform them from inception that your help comes with a condition of "immense gratitude", so you don't get disappointed when they don't meet ur expectation. Just saying.

Bro, It is expected standard nothing to do with getting something back. As a yoruba you are expected to also call the next day to say thank you for yesterday... atleast na wetin my parent knocked into my head.

BlueRayDick:
He never old like that keh? The man and Nigeria na same age o, he is 65 years old and Regina is just 25 years.

Ned was celebrating his 40 years birthday when they gave birth to Regina.

Baba e go far gan o.

They belong to very different generations and there's no way she fit into his expectation of how a wif should conduct herself ; same applies to her expectation of how husband should put with his Gen Z wife's shenanigans

There's no big deal in the age as they are 2 consenting adults, it just the lack of tact to manage their affairs see Shade Okoya naa...

GloriousGbola:
Think if state and federal police in the US

Sometimes in a state you have the police in your pocket and you are running your racket. Then you overdo and doj enters. FBI, ATF and all those other alphabet agency. Their wahala is on a higher level.

If you are doing construction it is the LGA that has direct oversight. And you can easily settle the LGA workers.

Then state decides to put spotlight on location and all your dodging paperwork comes back to you.

Smart enough to bypass the rules but not wise enough to know why the rules are in place

I saw videos of some homes in that lekki axis being demolished

They actually built their houses on an open river bank.

Lagos is now actively trying to curb flooding and anything that can obstruct flow or water or drainage is part of the problem

And all the people doing construction know this.

Chairman, Federal Approval was gotten as it was deemed federal land - state wants them to also get state approval, so demolition is next step? This isn't a case of structural infringement but administrative oversight, resulting to demolition especially when there's perception of targeting a particular tribe is a wrong move.

Majority of Isale Eko should be demolished if we are to consider infringement or restriction of vehicular movements or parking.

BlueRayDick:
The Trade fair market guys are claiming the trade fair belongs to federal government and they are only obliged to obtain approval from the trade fair management board under FG which they duly did. Lagos state government on the other hand claimed they were supposed to still get approval from the state ministry of planning and urban development since the development is happening within Lagos state . It just seem like both parties are interpreting the law to justify their actions and inactions.

I am not an authority on land matters and who should approve what when it comes to federal government property development in a particular state ; but from.what I've read online I think the management of the trade fair market & owners of the buildings should institute an action against the state government.

If not for anything, let the court judgement clear the Grey area on who has a right to approve what in matters involving real estate development involving federal government lands in Lagos state. The judgement can then serve as a precedent in matters like this going forward.

That being said, the decision of the state government to pull down the building without first sealing off the building and calling the trade fair management for diplomatic solution to the approval imbrogilo seems wicked and unjustifiable Sha.

Cc:olowunI01

This is what I expected of someone of Wahab's exposure. This is an administrative issue/oversight, not like the Ikota estate with buildings reducing the canals.

Even the Ikota Estate, I saw a video of the supervisory agency offices directly overlooking the estate where the infringements occurred.

The diapora community, who are major investors in lagos real estate are mostly victims of the demolitions, as they tend to depend on 3rd parties who could be either incompetent or dubious to aid the purchase, especially those who live in cities where having a house next to canal or water is actually USP.

Seeing a few clips of demolitions at trade fair, I am rethinking my support of right to bear arms, cos dead body go surplus - how do you go about demolishing lots of properties which have federal approval but not state approval?

Would it not be better to barricade those premises; until documents has been regurlarised? This is so cruel, especially when these properties are not blocking canals or drainages; why bulldoze over such adminstrative lapse; or even make them pay additional fine sef ontop of regularisation fees.

TemporaryHansel:
I doubt Nigerians will agree with you about Tinubu being an upgrade on buhari.

Security and economy are in a worse shape, and you're saying Tinubu is an upgrade. It is clear to anybody that isn't blind, that you are a die-hard Tinubu supporter, you are just using grammar to word it stylishly.

Airmark, gloriousgbola, and many others started like this, we all know where they are now.
The prices of those items you listed, is that what they were being sold for when APC took over power from pdp? We know what you are.

Like I said earlier, we'll be here when you'll get tired of cosplaying, and begin your full blown ronu mode.

Chief, 100% upgrade even though I still blame him cos he inflicted Buhari on Nigerians.

It is only on social Media that Igbo & Yoruba are waging wars, offline they are busy kolobing, marrying, stealing commowealth l and doing business with each other Thanks Sujiiiii Motoooooors for the update.

Ibime:
Obi did not grow the pie relatively speaking, he stole it off the top like a common dumb thief

Anyone will rather have a managing agent delivering consistently and in an accountable methodology with a percentage share than someone just carting away like Abacha

I don't care what thief anyone prefers, just don't try to confer Sainthood on them like we are fools, and then attack us for pointing out the obvious

I believe you must have considered the probability that Tinubu 15% of the pie for 1year=Obi combined 6 years of creaming off the top, And you would rather the perpetuity of 15%?

raumdeuter:
If you believe the last statement why then is Obi paraded as a Saint

That's a question for those who parade Obi as a saint, I only trust politicians as far as our interest align.

Ibime:
I only seperate the smart gangsters from the dumb one

He is a bigger thief but steals while growing the pie as his stealing is linked to percentage and overall performance. Obi eats the pie

Bros, but you mentioned Obi also grew the pie, just allegedly pocketed the growth for 6 years out of 8.
So people should choose which thief they prefer My people will say gbogbo wa ni ole, eni tile ba mo ba ni barawo.

Ibime:
N4.2bln difference only declared in the final year so he can say I grew by X amount using starting point and end point only, meanwhile holding the intervening years at the same number. You lack comprehension normally

My chairman, are you subtly calling Mr Presido a massively bigger thief? Having chopped a larger security vote for 8years, plus IGR, then proceeded to add mad pension payout and then codified into law to take 15% of Lagos IGR in perpetuity? And people wonder why Obi is considered a saint amongst his peers

raumdeuter:
By the time you take that $2m to set up the lifestyle you described which is far from god mode, How much will be left to live on for the rest of his life even with 18% returns on Tbills

Chairman, all dependant on lifestyle. $2M is alot in every part of Nigeria, nah this undefined god mode be wahala, but if going by the items he listed, cars & having staffs, being able to eat at top places, easily you will get that with way less than $2M, you go even fit follow MC chook mouth for yoruba nollywood ladies sef

afrodoc:
After you spend 500m on house, 500m on car, 500m on others including OS, where will you see the 2B to invest in TBills?

Oga Doctor $2M=N3.5B

BlueRayDick:
In the bold u are saying $2m will buy u elite privileges within reason. You have described someone who would lowkey enjoy good life to a certain degree.

However, that is not what Elder whom u are backing refered to in his initial post that led to the discussion. Below are his own words:



He claims $2m buys you power , attention and untouchability. Do you agree with him based on what u have analyzed in your own post up there?

Do u think $2m puts u in god mode in Nigeria?

If the items he listed are what he means by god mode then yes, cos thats majority of Naija upper class lifestyle, however if he meant then Obi Cubana or Burnaboy, Politicians lifestyle then NO.

Elite connections are not neccessary based on having money, although having money could help to put you in close proximity.

BlueRayDick:
Oya put a price to the luxury lifestyle u have been talking about. Tell us how many luxury cars one should own to live the kind of luxurious lifestyle u are referring to, give us the number of security escort vehicles u will have and put a price to it.

Why are u running away from putting a price to ur imagination? If u can think it, u can put a price to it can't u?

Chief Olawni10 also didn't tell us how he will spend the $2m beyond placing it in TBills. He said the Tbills will fetch an annual income of $200k but what he's not saying is that a 2024 Landcruiser Prado costs around that same amount.

So if u use this year's annual income off ur $2m investment to buy a luxury car, where will the funds for u to live the luxurious lifestyle for the reminder of the year come from?

Elder, U either want to come forward with an intelligent plan on how to realize this luxurious lifestyle u dream about or just keep trolling.

Oga - he won't be buying car every year now? He can trade in if he desires to be changing cars yearly.
Chief $2M is a lot of money anywhere in the world, and sufficient to buy you elite priviledges within reason.

raumdeuter:
Format your statement properly cos I am trying to reason this Math

The cost of top end vehicles in Lagos is not different from outside Lagos, Same as electronics and gadgets, same as travels
The main difference between cost of living in New York, Lagos and village is cost of Labor

Arthur Eze G-wagon in Enugu will not be cheaper than Otedola G-wagon in Lagos

To live like a big boy break down how much you spend on high end cars alone plus cost of travels, cost of gadgets and other things that show you to be a big boy and lets see how much of the $2m remain

Sorry I messed up the formatting.

House N500M - GRA/Other Top Estate in Ibadan, Abeokuta even cheaper, getting to lagos is easy most times.

Cars - 500m, This amount is for showy peeps, simple person like me a lexus GX or LX is more than sufficient, you can get a hilux pickup for N100M.

Others N500m - lifestyle expenses incl OS

N2B invested in TBills I believe current rate is 19%, last year was higher. $200k returns...

Example Business class return Ticket to the abroad depending on location & season $10k, so plenty change go remain.

Note, taste and lifestyle vary, as someone who is considering semi-retiring to Naija, Ikoyi & Lekki won't be a top choice location for me.

[quote author=LordAdam16 post=136185720]More like rent for specific occasions only. Then it's doable.
Otherwise you'd have to find a way to get the government to pay for it, not out of pocket.
An appointment or getting a top brass to assign a security detail.

I do think if you practice stealth wealth, you can live really well with $2m.
Na doings dey put person for trouble.
This is the crux of the matter, and the focus on Lagos, Abuja. It is very doable outside your Highbrow Lagos & Abuja environment. Apart from first class kings and a handful of Kings, Majority of these Naija King's aint rolling in billions.

Putting N2B on TBills means you collecting over $200k to spend yearly which should cover 1st/Biz class foreign travels and expenses. You can live like a king but might not be able to buy your side chick lambo.

BlueRayDick:
I have relatives that also had their rent pegged at the initial price for at least 7 years in this Lagos. But that's definitely not in Ikoyi.

U see the thing about those highbrow areas is the people who own those properties know the value of what exactly they possess. And when I say this, I don't mean maybe the beauty of the house or anything like that, but the commercial viability of their property. If u feel whatever amount tbey are asking for as rent is too much, right there u would see a corporate organization pay the price and convert the house to a commercial premises.

I attached picture of a 25 million naira per annum 2 bedroom at Ikoyi to this post. What I'm clearing Theflint1 is that u won't see a landlord that will forgo let's say 2 million out of the asking price and collect 23 million from u because u write letter say u dey dream of living in the house and u can plant flower.

If we are talking of a property at Igando and u are begging landlord from 800k to 750k, I can agree it is very much possible.

There is always the rare case, where the landlord choose based on the potential upkeep and maintenance of the property that agreeing to 10% discount wont be out of place, personally I would take this person at 10% drop cos the chances are I would spend less renovating the property at the end of her tenancy.

Also some landlords in these highbrow areas, main concern could be assest as store of wealth, capital appreciation, and not solely focused on rental income. Old money will mostly choose tenant that gives peace of mind over profit margin, happens everywhere, absolutely no harm in the lady trying it might just work.

afrodoc:
Why are turning logic on its head and doing this kind of Monday morning quarterbacking?
Hindsight is 20/20.

Jonathan did not vote himself out of office. You people failed yourselves. Abi which kind abdication of responsibility be this?

Eh naw when doing the right thing becomes perceived as being weak, we then wonder why our politicians are ruthless.

TemporaryHansel:
Lol, even before the election people already smelled a rat and were advising Gej to remove jega. One of such people was fayose.
There was a lot Gej could've done if he wasn't weak. With the way you keep defending Gej, hope you aren't like him oh.
E be like we go tie you flog that spirit of weakness cormot your body.

You mean being weak is allowing the will of the people to prevail? Not wanting bloodshed on account of subversion?

Majority wanted Buhari, turned out to be a very stupid decision in hindsight.

Jonathan having being a deputy governor, governor, vice president and President for 6yrs made the best personal decision, which in turn saved Nigeria from bloodletting that would have ensued. People were fleeing the country then; and nany people I know thanked God Jonathan made that call.

TemporaryHansel:
Most Obidients are far too idealistic. This is real life, not some fantasy novel. [b]If removing Tinubu from that seat is truly the goal, [/b]then hard, uncomfortable sacrifices must be made — and yes, that includes sitting at the table with so-called “thieves” (who, by the way, haven’t been declared such by any court of law).

Anyone still ranting about moral purity and political holiness at this point clearly isn’t serious about getting Tinubu out. You can’t fight dirty power with clean hands and wishful thinking.

This is the reason Nigeria ended up with 8yrs Buhari disaster, cos it was about rrmoving Jonathan. It is about making Nigeria better for the common man, what/who in the new coalition inspire such?, it's only somewhat redeeming option would be having Obi at the head of the Ticket, not Atiku.

TemporaryHansel:
He's not politically neutral, he's an APC supporter. He's just not bold enough to admit it.

Chairman, Hold on to your Atiku, but many on this board would not choose Atiku over Tinubu regardless of party or neutrality. Blueray amongst others have said same thing.. Tinubu vs Obi would pique interest, Tinubu vs Atiku am not interested.

TrebleChamp:
Northerners would rather vote Tinubu for another term that vote Peter Obi or any Southern candidate. But like i have said many times here, 2027 Presidential Election result is already written and kept in a safe drawer....

I would rather Tinubu do four more years than Atiku, cos there is no world where Atiku is better than Tinubu, besides if Nigerians survived 8yrs of Buhari, and we still have people still stanning Buhari even on this board, then we can survive four more years of Tinubu.

Unpopular opinion but IMHO 2yrs of Tinubu is already better than 8yrs of Buhari, Buhari was a total disaster.

However if it Obi vs Tinubu, then we can have a debate, Tinubu vs Atiku no point, Atiku has nothing to offer rather another chance to fulfill emilokan

raumdeuter:
How many ladies who make legit income in Nigeria can afford wigs of over 5m or even 1m. When they will still have like 10 wigs for rotation
Sometimes we look at the very few on SM and assume everyone dey hammer like that. For 1 VivkyJames wey dey hammer on top tailor parole, like another 100 wanabee VickyJames are roasting.

For one OS charging 1m per night, there are 1000 who are begging to see 10k per night

Abi no be the same Naija wey we dey hear everyday say people dey suffer ni

For you to spend 350m on a cybertruck means 1m profit in 350 places

Make we no let IG capping and bragging sell us zobo

Unless na my egbon diggz dey finance them

Chairman, she could be the 1 out of 10, If VeekyJames buy same car would people not say the same thing? Like Ordinary Tailor? However Bro try enter those Naija fashion shops Ikoyi Lekki Ph1 and see the prices, their target audience pay those prices.
I am less inclined to believe she got the car doing OS, other options dey ground, including her hair business.

liveLongNprospa:
E get some kind brags men dey drop here.
You just have to stand and applaud.
Like for your daughter to spend 3m on hair and you are not losing your shit shows you trust her spending 🙌.

Bro, it is not a brag cos na her earned income, for someone with a decent income abroad it is not a lot crazy if as it was explained saves her money in long run, going to the hairdressers to maintain hair in the abroad is not cheap.

These young ones are the ones supporting those high expensive places, cos they don't have much responsibility and for most of them their parents are still working so they pay little or no black tax.

TemporaryHansel:
Saw a post on it yesterday, and honestly, let’s stop pretending — a lot of these so-called “business babes” are just running PR for their second job: high-end prostitution. Because 8 times out of 10, their lifestyle has zero alignment with their supposed hustle. Like seriously — who the hell sells wigs and ends up behind the wheel of a ₦350 million+ car? Even those ones who sell polo and wristwatch, smh.

Back when I was still in the world, I learned one thing real quick: in this country, almost every woman has a price. Doesn’t matter if she’s in a power suit, pushing a Benz, or working some high-end job — it all boils down to who’s asking and what’s on the table.

Whilst not disputing that some ladies are supporting their lifestyle with other means, some of these young ladies are making huge legit money, moreso their expenses are lower compared to their male counterpart hence they can afford to splurge once in awhile.
Also the margins on wigs is crazy, also the market is huge... They are also selling to the Naija in diaspora, example my daughter spent almost 3M on wigs in a store in Lagos during a recent visit, according to her & her friends it was a very good deal, and I consider her financially savvy, however it still didn't make sense to me but na their money.