₦airaland Forum

BlueRayDick:
Well, maybe for argument sake let's agree FG does all that for Air Peace at no extra cost , so how does Air Peace turn that to increased profitability in the long run ?

In all of these ; all I see is air peace trying to survive in an international space where so many foreign airlines have already gained enough market share .

Air Peace like most Nigerian airlines has been enmeshed in controversies around flight delay , poor customer delivery , etc . Dem dey get normal regular 4ck up on normal local route .

Now imagine I want to travel abroad and there's air peace that has disappointed me on local flights few times and then there's BA . Let's say air peace is $700 and the BA is $650. No matter the amount of patriotism I have , I will gladly opt for BA. I won't care about supporting our own at that point .

It would mean they are able to remain on London Lagos route. Being profitable on that route is different from AirPeace profitability in general.

People whose final destinations are other city will most likely go with AirPeace + Goat Meat peppersoup+Efo Riro at 36k Feets.

With regards to Airlines messing up - nothing way AirPeace wan do wey BA never do, foreign airlines are the same.

larride:
I dont believe Airpeace brought the price reduction strategy, I believe BA and Virgin has been ripping Nigerians off with high cost of fares of direct flights. What Airpeace brought to the market was competition and charging the normal rate that the flight should cost and not the exorbitant prices that BA and Virgin were charging.

What BA and Virgin are currently doing is charging way below the fair market fare so as to stifle out Airpeace from the market. This I believe is where the FG needs to protect Airpeace.

Exactly booked flight for my daughter to Naija from London on Virgin 2months ago, same flight now is $200 cheaper, normally prices would go up closer to her summer travel date, it's was cheaper for her come to Orlando almost 10hours than going to Naija 6hours, Why? We have a large population of Nigerian kids who would miss out on experiencing Nigeria if we allow these guys to continue price gorging us.

BlueRayDick:
Okay , in this case what sort of protectionalism do u think will suit Air Peace .

Let's not forget that it was Onyeama himslef that brought the price reduction strategy in a bid to bite a chunk of the market share .

Will the government now ban other companies from reducing their own prices too in order to keep Air Peace afloat ? Won't that be defeating the aim of having competitors in order to have competitive prices in the market ?

Even going by how much interviews Onyeama has granted since this recent launch; he appears to be at loggerheads with those regulating our aviation sector here in Nigeria . A person who wants to enjoy the government's good graces does not go about having issues with almost all the agencies that have a say in his business operation in the country

The Nigerian Govt can start with the below:
Facilitate seamless connecting flights to other airports (Enugu, PH)
Govt patronage
Priority Baggage Handling

Airpeace is our own, it is our weapon against being milked by foreigners hence we should support it, FAAN can give it preference where it is can help, priority handling of it baggage on DL.

These airlines were charging exorbitant rates, even at the current rate they are still profitable - so for our own sake AirPeace must not fail.

AirPeace product As-Is is on par with Virgin/BA if not better than BA on that route for Nigerians.

If I was Onyeama I would liaised with Keyamo to force FAAN to help facilitate seamless onwards connection to Local Airports, that's one advantage that Virgin, BA & Other's can't compete.

Also it should stick with the local content, goat meat peppersoup on a flight is right now my number 1 selling point 😂😂😂

Other Airlines enjoy home advantages in their home country, ours would not be an exception.

GloriousGbola:
By land use act ownership of land is vested in the governor.

The highway benefits the states it is passing through

The only way any state governor will not be part of the revocation is oppo politics posturing

How does this highway benefit Lagos State? Would investing the funds on high speed rails or heck connecting the whole of Nigeria via decent rail not be a better use of the funds? Or spend the money on the existing federal highways to these areas to make it safer.

BlueRayDick:
There is no smoke without fire . If somebody reported it, then it means there's already an ongoing decision on that.

If Tinubu ends up pushing for her confirmation and she accepts it, then we would know those moving against her in the presidency bowed to pressure and let her be like Bosun was allowed to apologize and accept his ministerial nomination.

However , if her nomination is withdrawn as reported in the news article , then we know what we know .

It's not as if she will be the first person whose nomination was withdrawn in this government na .

Very Bad Optics.
Bosun ( Yoruba & Male) gets off scott free.
Ruby (Igbo & Female) Punished..

I hope Tinubu doesn't allow this to happen, common naw... Bosun actually did and said far worse, this lady did absolutely nothing but vote her choice.

airmark:
My dad was a major importer of office equipment in the 80s and 90s and business was thriving until drug barons started using drug funds to import same goods and selling at ridiculous prices to quickly recoup their ill-gotten money. He couldn't keep up and got chased out of business.

Today at old age, he is feeding off his investments in properties and his children. Business shut down and those millions invested then in blue chip stocks are now cowries.

Please help me tell them, there is a clear difference between building house for luxury vs investment. Most parents advise build 6 Flats, live in one generate income from the remaining 5, whilst watching your investment appreciate with time.

Not long ago here we discussed the Nigerian Stock Market crash, where so called blue-chip stocks became worthless.

Also, it's always advised to have a diversified investment portfolio, which should include property investment.

Sometime last year had discussion here on property investment with the Dayo, Ibime and a few others I had bought an apartment in PH1, whilst appreciation in current prices has ensured that Naira devaluation had no impact, If my projections prove to be right, I would achieve 5% RoI with added benefits of personal usage.

Like with any other INVESTMENT, due diligence is required to ascertain suitability, so the olden days advice is still valid today IMHO.

seankafor:
Happy for naira holders

Is Tinubu now reversing himself? No longer floating currency, abi shey I missed the memo ni?

larride:
What exactly Wale Edun is doing I no sabi, at least Cardoso dey put policy is place and doing his own monetary policy job, Wale Edun that should be in charge of the fiscal part just dey gba.

Nonsense and ingredient.

Food inflation don reach 660% increase but Tinubu still no want open border. Customs dey increase tariff every market day and they yet they are wondering why prices keep soaring.

A reasonable govt will remove all tariff and duties on food and flood the market with food to at least bring down food inflation while working on tackling insecurity so farmers can go back to farm and highly subsidize farmers input.

He remove fuel subsidy, they promised CNG buses, we no see anything. Now they are back paying the same subsidy.

Student loan don enter voicemail, even the 35k wage award for civil servant don enter voicemail.

PH refinery that they commissioned in December is still yet to start production.

Adelabu dey talk about increasing electricity tariff, nonsense.

You'd think Tinubu had a plan when he removed Subisdy on inauguration day.

Much respect chief, Tinubu fumbled by not waiting to assemble his own team before removing subsidy and FX, waiting 6 months would have given Edun & Cardoso time and insight needed.

And I agree - open the border to crash prices and remove duties for specific items like rice, cement etc.

Not like Tinubu isn't squandering money on nonsense like pilgrimage, useless committees and travels...

raumdeuter:
All those Seyi will rule Lagos, McOluomo will rule Lagos na whining tactics to aggravate people

They all know but agenda must agend

I understand Seyi own ( youthful educated urbane and proper city boi) but seriously MC? that's mad disrespectful to lagosians... Isn't he from Ibadan or somewhere around those end? Which kain nonsense is this? As Naija bad reach name 1 state that has had an agbero as governor? granted enough guv behave like agbero, but a certified agbero chief as governor? I stand to be corrected.
Lagosians we have suffered 😂😂😂

Ibime:
I think you are right on the oil security part, Jonathan would have been able to settle the boys, however I have a good suspicion that disaffected PDP people in Niger Delta started the oil theft as soon as they left Government. This suspicion occasioned by the immediate arrival of soot in Rivers State as soon as power changed hands and Wike entered. There was no soot in Amaechi time. The change of power changed the fabric of how oil was stolen and who by

Buhari major sin is continuation of his misguided capital programs even after the shale oil crash and the COVID oil crash. Those finished Nigeria. Ontop the fact they were not bringing in Forex due to the price and volume crash, CBN was using what little reserves we had as collateral for Buhari borrowing for capital projects. That's why our foreign reserves is non existent and incapable of defending the Naira. Buhari was a major disaster.

Fact

Anyway sha I don't blame ND people, we just dey hear mining, solid mineral resources, whilst state govt in cohort with FG just dey corner it, ala Zamfara gold is for Zamfara 😂 😂😂 should we not be getting enough FX from solid mineral to aid the shortfall from oil revenue?

Ibime:
As concerns our current hardship, Tinubu go inevitably suffer the anger of the people. I'm 100% certain he knew what he was walking into and the sapa that will be unleashed and I believe he is ready to take the flack. I don't share the same anger as people directly impacted by the current inflation, I'm sure I would in their situation. But I think Tinubu and Cardoso are taking steps I would expect, albeit too late for Nigeria and akin to putting a plaster over a gaping wound.

Examples are clearing FX backlog, auditing FX liabilities and rejecting fraudulent submissions, CBN oversight over NNPC remittances, and increasing our bpd production with the return of security contracts to Tompolo. Nigeria has lost 30-40% of it's production in the last decade, and more importantly so, lost a good portion of its onshore production which produces more favourable income sharing than offshore where the oil companies take more % due to the complexity and cost of deep sea drilling. I would also now expect a restructuring of all of Nigerias loans to more favourable long term loans. None of these would balance the Naira sufficiently but at least someone is doing something unlike Buhari and Emefiele who buried their head in the sand and passed the problem on.

I reckon Naira will only achieve long term stability with a return to $60bln to $80bln in FX reserves. This will also require immediate stoppage of all capital projects till we balance our books, retrenchment of some civil servants, as well as a return to excess of 2m bpd production.

I am not surprised or angry because everything we are seeing is as expected after seeing the state our reserves were in. Some things are simply inevitable. The only question is whether the social fabric of Nigeria will survive the coming sapa. Hopefully some of us were able to protect ourselves.

In essence we would have fared way better had Jonathan continued instead of Buhari... At least he had the smart to allow those better at economic management the reins, had better approach wrt Niger Delta issue & Oil Production.

Whilst Nigeria hasn't been great in a long while the genesis on today's problem started with SNG & Buhari.

Hopefully Tinubu can get our oil production up, that's our only get out of jail card, cutting wasteful spending is not Tinubu's strength especially with an Akpabio as Senate president

BlueRayDick:
I don't think there should be a political angle to it honestly. CBN has a very big office in Marina, it makes no economic sense to allow a part of the building unoccupied and the one in Abuja not only overcrowded, but the staff in Abuja collecting huge allowances for hotel accommodation, flight ticket, etc. when they need to work in the Lagos office/carryout supervision duties.

Maybe the timing of announcing the CBN key departments relocation & FAAN headquarters in quick succession was the issue ......but I honestly don't see anything wrong with it.

Talking about building more offices in Abuja, does that not amount to wastefulness which we've been accusing successful governments of?

This should not even be a topic for discussion in public if not that Naija is a weird place, it's not as if they are relocating CBN HQ back to Lagos, abi na Lagos in Portugal demo wan relocate these functions?

Guess some peeps are about to chop mega with relocation budget, trust city boiz to chop legit, not that nonsense that Emifiele was doing

Happy New Year all, wishing everyone a fabulous 2024

GloriousGbola:
https://www.nairaland.com/7930983/fg-funded-422-persons-presidency

This is the number released by the presidency.

For those who have been disturbong us with their manufactured outrage

It is up to them to analyze this - but when you are more proficienct at noisemaking and sharing memes than reading and filtering an excel spreadsheet, I won't hold my breath

I am more likely to believe the 590 from a reputable journalist than 422 from FG, as per Naija we are very good in padding, could very well be that 422 is official without padding but the padded figure is what would inform the expenditure.

I don't really like dabbing into convo already tainted with partisanship APC vs PDP/LP, but even that 422 is a lot just from the FG, I personally don't think Nigeria is broke cos the way our Leaders waste money, see Malawi naa.

The total cost of 422 people to Dubai would be in Billions, Flights ( definitely Business Class - and rightly so too cos mesef won't fly long distance on company tab anything less than business class, it's the norm) Hotels nko? Estacodes?

So I understand when people are outraged about such waste, especially when we say the country is broke.

raumdeuter:
After drug addiction, I think betting is the next worst thing. With alcohol at least your belle go full or you vomit, with betting you go use your surgery money to stake even school fees

Nigeria is not a serious country, and will wait until it blows to a full fledge pandemic and still will do nothing..

Most government will intervene, that's the whole essence of govt, google Black Friday poker 2011, and see what US govt did through SDNY...

Govt can make money from this whilst fixing a problem, and protecting the most vulnerable gamblers... Not need for too much thinking, check other jurisdiction and see what they have done, simply copy and if necessary localise...

Ibime:
Oil price may have recovered but the hole is already dug and the reserves are already depleted by years of low price. It's just like your personal finances. If you dig hole, it will take as many years to fill the hole as it took to dig the hole.

Oil revenue also has two elements - Price and volume. My faulting of Buhari is actually in his rough handling of Tompolo and co that affected sales volumes. I will accept that as Buharis impact on inflation

Nah Chief - add his failure to take a serious stand on security issues affected our agriculture and other failed policies contributed to food inflation, which is the one that hits the common man more.

Borrowing to defend the Naira nko? So even if Tinubu term oil increase and volumes are up, no be gbese we go use am pay?

His policies and decisions contributed more, not just oil price decline, if not after 2/3 years of oil price recovery we suppose to dey see some rays of sunshine, instead from your own admission it is gonna get worse before it's get better...

Ibime:
We have been going over the same thing the last few pages. Inflation in Nigeria is driven by the value of the Naira which is supported by our oil revenues.

You cannot support Naira with your bare hands, you have to buy it with dollars from your oil revenue.

Buhari even overdid his support of the Naira even when we had no dollars to prop it up. Tinubu is the one showing us the true value now.

My understanding of economics is very pedestrian, whilst I agree with oil revenue playing a major part in determining Naira strength, the failure of Buhari govt policies and decisions cannot be overlooked - especially when we take into account the growth in diaspora remittances.

Besides, oil prices have since recovered in the last 2yrs but we as still massively borrowing, and if Buhari had implemented gas policy we would have made massive killing during the recent energy crisis.

Ibime:
None, yet he is not materially responsible for your inflation

Chief abeg please explain - cos left to me Buhari did the most damage to Nigeria. Security F9, Economy F9.

GloriousGbola:
Buying dollars to to keep will create scarcity and drive up the price. We have had some people posting the price of naira to dollar for the last 2.months and blaming Tinubu for this. To now take on actions that will drive up the price of the dollar after criticizing this administration for the rise in price of the dollar is the highest level of HYPOCRISY

Chief, you cannot be blaming regular Joe for a situation created by our leaders, if APC hadn't screwed up the economy - this situation would not arise.

This is not APC vs Obidient issue, this is real life oo, my cousin paid his son school fees buying at higher rate, so you are telling me if he decides to use his naira now to buy this dip and keep to pay for his sons next year school fees he is being unpatrotic? As oppose to him betting that his N20M today which give him USD25k today is surer than N20M which give him USD18k in March2024. Koye mi mo oo..

GloriousGbola:
stop trying to be clever by half


are any of you scrambling to buy dollars buying it to use in transactions - or to keep which would reduce dollars in circulation and drive up teh price for everyone else?

Oga you are conflating issues, these are simply business transactions, what FX traders do daily, even normal individuals who may have future FX commitments like paying their wards school fees next year, or just to store wealth, they are simply betting on the raise or fall of the Naira, abi is anyone here getting FX at Dangote rate? not sure how patriotism entered the discussion.

BlueRayDick:
I am unapologetic about being selfish in such situation. Like I'm faced with a gun wielding psycho running rampage and I will put myself in danger when he has my location marked out? It can't be me o.

I will only take my chances if the psycho is blindsided from where I'm hidding. So many brave men have gone and their families lived happily ever after.

I will make a logical choice in that situation and not an emotional one that will get me killed. I'm just being honest

Bros - you are still joking, born pikin first. You reaction will be to ensure the safety of your family.

raumdeuter:
If you know how many lives, How many relationships ruined. Person go meet me to introduce stockbroker, I introduced them, they did business together for almost 2yrs. when yawa gas and market crash, Me wey introduce Stockbroker sef hear am

I heard of a Pastor who introduced his congregation massively into Stock market and even invested on behalf of some of them. Well na Police matter come solve the matter cos some church members no wan believe say Pastor no get hand for NSE matter since they were just giving money to Pastor and he was investing on their behalf

A few friends wey we suppose run travel together were comfortably making good money from Stock market, had good careers by end of 2009 after collecting blows from Stock market come lose jobs due to Economic Tsunami of those years

Bro, too many stories both personal and from others.
I was active on that nairaland stock market tips thread; the fights the fun and the knowledge sharing was unprecendented, different trading patterns from high risk traders like FatherofTwo to ultra conservatives like Wanajo before hurricane Sanusi happened, it was an experience.

A very close wealthy relative got destroyed financially and emotionally by both wonder banks & NSE madness, terrible times. My own as NSE was beating me, property crash followed - european property investment got hammerred, only England properties sustained themselves (mainly because of very low leverage) and recovered to profitability years down the line, the rest were sold at losses, Oju tiri.

So part of lessons learnt is even with investment property it must be something I would be happy to own, pays for it self or desirable enough that I would not find it difficult to find a buyer incase I need to sell.

Ibime:
Rate of return in Naira abi dollars?

Anything asking people to change dollars to invest in Naira denominated stocks at ATH is the work of village people

Though NGX recently surpassed 2008 highs, it is still ten times less in dollar terms, and most NGX gains are driven by a handful of companies

Only reasonable explanation, cos the flogging I collected from Naija stock exchange e go hard my village sef to get me this way again

raumdeuter:
Well said, I was young just starting my career and I had enough time to bounce back. Imagine this happened to a 55yr old man heading towards retirement whose entire work got wiped out. How long will he wait to bounce back

How much loan deferment and how will you run normal life with this major setback, Banks will probably sell collaterals befor you bounce back fully

Hmmm - you just reminded me of those dark times; All I can say is Alhamdulillah, cos nothing prepared me for it.

raumdeuter:
Except its for the flex of being a landlord and able to collect rents in kind from female tenants its not worth it

I remember telling Olowu this sometime this year. Its even worse if you are planning to collect the rent and send abroad

5M Naira rent which was over $10k before is now like $4k

Bros thanks to that convo with you & Ibime on the house matter, I got more clarity on my reasons to buy, so I decided to hold fire until I was on ground; bought 3weeks ago in phase 1 as oppose to Ikate; got a slightly bigger and better apartment & 15% less due to FX.

Buying now for me made sense as I am not expecting to repatriate any income generated, btw another angle is cost savings against hotels/accomdation cost when visiting Naija cos the prices are also on the up, paid averagely like N90k per night for a decent non international brand; likes of Raddissons will be maad money for 3weeks stay.

So I would still opine that maths still works for owning an apartment for shortlet especially in high brow areas.

BlueRayDick:
I bring thee good news ; na Tinubu agbado master later retain the services of Hamza Al-Mustapha and not OBIdients neither Atikulates

https://www.nairaland.com/7879222/hamza-al-mustapha-named-next-nscdc

This has to be a joke; nigbati Tinubu is not maad.

izzou:
[color=royalblue]I understand your point, but do you really think someone will spend 200 million without doing "due diligence"?

Look at the massive rush for Epe. Nobody has said anything, abi Ministry of Town planning no dey social media?

It's all a racket; Chop their money, then cone back in 5 years time and demolish. [/color]

Exactly, government enabled racket. Like a whole estate got built, try erect small shop on your frontage you will see them magically appear to X mark it.

larride:
Boss my own advise is that if you are going to buy property or land, do your due diligent. Make them no use you chop.

Thanks Chairman I don learn lessons the hard way tey tey; anything that doesn't have CofO I am never going near if ever am buying land... in any case my preffered locations always have these as standard.

Most times when we engage on this issues it not because we are affected but to protect others.
Not everyone is able to afford such, people are rushing EPE now as new lagos, I actually endured the pain to go there on behalf of a family member, the sheer amount of estate going on in that axis is crazy, now govt is keeping quiet, few years down the line people millions would go down the drain.

Any responsible govt right now will be taking actions to ensure no estate is being sold or sited illegally, we really our elections to work, you think a governor will risk demolishing people wealth after collecting millions in permits. There is absolutely no way you build an estate in the Lekki axis without the government being aware.

larride:
The govt is not culpable if they dont have legal approval. It's the responsibility of those buying land to make sure that whatever they are getting are legal. If you go give boys wey they work for these agencies money, na shakedown money you give them, if the govt decides to act, boss na sorry be the case.

You must always do your due diligence before purchasing land or property o. Govt is not omnipotent that has eyes everywhere, that's why it's important to do your own due diligence. Theres a building not far from where I was reside before, lasbca has pasted stop work on it twice due to the fact that the building in encroaching on the road, before I left that area the person that owns the building has almost completed the house because whenever the labsca officials come, he will wait for like 3 weeks then resume work there.

In 5yrs time, if another govt or commissioner enters and wants to build the road, we'll start hearing about how govt is culpable or how it's the govt fault.

Most of these developers usually get their guys in these agencies to just help them forge some documents to swindle those who are buying the lands until kasala like this happen.

Chairman Govt is omnipresent when dem wan collect money to chop; the example you gave is 1 building if at foundation stage they demolish the property the guy would know they are serious, instead they collect money and wait for next commisioner in 5years to demolish a fully completed building probably sold on to an unsuspecting purchaser.

larride:
According to Gawat on Twitter, they did not get any approval from the state govt and the govt has been issuing them notice since 2021.

What do you expect him to say? The problem is with Lagos state govt; just like the omo onile situation they enable these things to happen because of corruption; like a whole estate was built. Couple of weeks ago I went property shopping with a friend along that axis; there is practically no way the govt is not aware of the projects from inception talkless of a completed estate.

Some property visited off freedom way you see stop work and permit revocations pasted on them, some even have a number of reissuance of approvals pasted.

I feel it is wrong to blame people who bought into an estate, most people are encourage to buy within an estate due to buying from omo onile is considered very risky...

Also is demolition always the only option? Canal can be rechannelled - I would assume offering the occupant to bear the cost of rechannelling is more economical and better outcome for all involved especially when the govt is culpable.