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Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 10:04am On Jun 30, 2024

@KayOn1 Was your question about Oando's rigs rhetoric? Was it a consideration in your DD or research?

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 10:01am On Jun 30, 2024*

bovali:
I stated a fact but no wahala, if i see anything misleading i will just keep my mouth shut.

For me, making money in the stock market is closely followed by reading company reports and opinions of other investors. Believe it or not, once I form an opinion on a stock, the views I look forward to are the contrarian ones. It just helps to fine-tune research on a company. There could have been something I overlooked or underestimated its significance which an opposing view might bring to light.

You should never assume your views are not wanted in a forum like this. It's okay to not indulge though if you feel it consumes too much of your time.

That said, lets get back to business. What did you mean by Japaul has no revenue? They reported N2.6B in their FY'23 audited accounts?

A few questions I'd like you to consider on Oando. You don't have to answer if you're not keen:

1. How much did Oando pay ConoccoPhillips for their assets in 2014?
2. What assets were involved in that transaction?
3. Was it money well spent or better still did they pay too much (especially when you consider Oando's size then)? Be Audacious!!! cheesy

4. What was the financial impact?
5. How much is Oando paying to acquire Agip's assets now?
6. What assets are involved in this transaction?
7. If approved, was it money well spent? Compare answer in #2 and #5.
8. Why is Oando still able to raise the humongous amount of funds from banks that have been reported in the news lately?
9. Re #6, who is the operator of the assets? What is Oando's responsibility?
10. What was the forecast for completion of the Agip transaction?
11. When will the acquisition start to reflect in their financial reports?
12. Could #10 & #11 have an effect on current market pricing?

Not a recommendation to buy or sell Oando .

5 Likes

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 7:27am On Jun 08, 2024*

KarlTom:
From my little knowledge of this kinda scenario, I think we should not consider the bolded like ordinary arithmetic.

If/When Aradel lists on NGX, two things could happen:
1. They delist from NASD and list on NGX.
2. They list on both exchanges simultaneously. This is known as Dual Listing.

For both scenarios.
They will offer the equivalent number of shares to existing holders based on a stipulated ratio (just like DANGSUGAR-NASCON).

For scenario 1, there will be the option to be paid off for those who don't want to move with the company to NGX.

For example if you have ₦1million worth of shares in NASD, you'll be given ₦1million worth in NGX...

I stand to be corrected and further enlightened

My 2 cents:

#1 may eventually happen but not #2.

The Over-The-Counter (OTC) platform which the NASD is, is a decentralised broker - dealer market to facilitate trade of securities in the lower-tier category. Entry requirements are usually low-level and reporting is not as stringent. Companies will usually "graduate" from the OTC to a centralised exchange like the NGX, JSE, LSE, NYSE, NASDAQ etc. You will often find low cap, start-ups etc listed here.

Dual listing which you referred to offers a company exposure to investors across geographies. Eg NGX + JSE or NGX + LSE. In order words, international diversity.

If I have managed to confuse you, please look up OTC so you understand why a stock can't be in secondary school and University at the same time especially in the same country. You may find a company in the main exchange in home country but on the OTC in another country though if it's can't meet the requirement for listing in the main exchange. Not in both at OTC and exchange at the same time. If you have qualified for main exchange, accept promotion and move on.

1 Like 1 Share

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 12:49am On Jun 07, 2024

222Martins:
YES!! It is a done deal only if 90% or more of the 634,212,476 are tendered to Norrenberger between 10th of June and 19th of July. If they don't get the 90%, they would have to come up with a better offer. The onus still lies on the current free float shareholders to determine the way forward.

I understand your point which explains how an MTO works. However, you have assumed that in the event Norrenberger is unable to snap up 90% of the holdings of minority shareholders, it will have no other choice but to raise offer price or that the reduced free float may lead to scarcity of shares on the floor of the exchange.

My opinion was that the take over of IEI was a done deal because should the MTO (this offer) fail, NB can go ahead with the private placement to recapitalise the company citing an exemption in new SEC rule 445 (1) (d). If this was done, minority shareholders will have their holdings further diluted to smithereens. IEI will fall short of the SEC listing rule, squeeze out minority shareholders and can delist from the NGX. So either way, NB will have their way. I'm afraid the minority shareholders don't have as much power in this scenario. Their options are limited. It appears they are not in a position to recapitalise the company. Pardon my conjectures just reading the room.

New SEC rule 445 (1) (d) exempts a strategic investor via (private placement) in an ailing company from the requirement to make an MTO in the first place. The PP must have been approved by shareholders (my assumption) so not deemed a hostile takeover. This is why I believe this particular MTO is the company giving minority investors an opportunity to exit or they go private with the company. The regulatory backing of this takeover is overwhelming. This is basically SEC and NAICOM assisting a strategic investor to save a financial institution from collapse or with recapitalization.

Keen to see how this plays out. I agree this is mere speculation on my part not to be taken as gospel.

4 Likes

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 4:20pm On Jun 06, 2024

222Martins:
Most people replying you are actually ill-informed of the workings of an MTO especially with respect to IEI.

The MTO will stand only if shareholders give up at least 90% of the 634,212,476 IEI shares Norrenberger is seeking to buy. If by the end of the deadline, they are able to get at least 90%, the remaining 10% shares of those who did not accept the offer will be taken forcefully.

But if at the end of the deadline, shareholders did not give up at least 90%, Norrenberger will have to make another bid with a better price. So the onus now lies on those holding IEI shares.

Looks like a done deal to me. For below reasons:

1. They have all the regulatory approvals required to acquire 100% of the company. Note 1, Page 8 of the Q1'FY24 report or Note 1, page 29 of the FY'23 annual report.

"Following the acquisition of the majority shareholding by a group of investors - Norrenberger Investment and Capital
Management Limited on October 8, 2021, the Company has sought and obtained the “No Objection” approval of NAICOM for the
100 % equity stake of the company by Norrenberger Investment and Capital Management Limited. Norrenberger Investment and
Capital Management Limited has received all the necessary permissions from the Federal Competition and Consumer Protection
Commission (FCCPC), the Securities & Exchange Commission (SEC), the National Insurance Commission (NAICOM) and the
National Pension Commission (PENCOM) for the acquisition."

2. As at Q1'FY24, Norrenberger has deposited N7B for shares (private placement) in IEI indicating intention to recapitalise the company and possibly provide evidence to show financial capability to buy out minority shareholders. Note 36, page 55 of Q1'FY24

3. There is an exception to the MTO rule in a situation where the company is ailing and a strategic investor agrees to invest the much needed fund that a company requires. IEI currently has a negative equity of N7.8B and it's in substantial debt to Daewoo or some other entity to the tune of N9.8B as at the latest results. They were going to convert this debt to equity as at last audited results but it appears that has changed in the latest quarterly. Litigation underway - possibly Norrenberger is not in favour of the equity conversion and would rather block the rights to convert to equity by a single entity.

Disclaimer - This is an opinion only.

5 Likes

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 12:34pm On Jun 03, 2024

mikeapollo:
I am beginning to suspect that there are some unseen hands that do not want Oando's share price to rise beyond a particular threshold.
My Reason: When the FY2022 audited accounts was released early this year, it was mentioned therein that the company made a loss for FY2023. This discouraged a lot of potential investors from buying the shares, thereby keeping the price relatively low.
But all of a sudden, the FY2023 unaudited results is released and there is a whopping N74.7b profit!
Now again, there was news this morning that the bid for the shares is about 60m; All of a sudden it has dropped to 33m!
We all shall see where this would lead eventually!

Read page 4 of the FY'23 results. The loss was reported in the comprehensive income statement which includes unrealised losses. Same reporting format used by Seplat however in their own case, positive unrealised exchange differences were reported. This was not used for the computation of the EPS.

As for the bid, 30M bid in tranches of 10M each was cancelled. Definitely a player with deep pockets. No idea if it's all games or they decided to try again another day.

3 Likes

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 8:16am On Jun 03, 2024*

My commentary on Oando results to date. Since it's Oando we are talking about here, permit me to start with disclaimers.

1. This is not a recommendation to buy, sell or hold Oando.
2. I don't have a finance or investment background and I'm not licensed to provide investment advice.
3. I could be sincerely wrong. I have been wrong many times before.
4. I'm not suggesting the market will rerate Oando's SP off the back of results released to date.

Cons
1. Risk of Oando being delisted from the NGX. Process will be to acquire minority holdings before delisting. N7 as per SOA is highly unlikely if it were to eventuate.
2. Delay in finalisation of the Oando vs NAOC deal.
3. Negative equity / retained earnings.
4. Dividend income unlikely in the near future due to the above.
5. History of late filing of results / regulatory non-compliance.
6. Management have a reputation of being dodgy.
7. Oando carries sustantial debt and impairment in its books.
8. Production or operations interruptions due to militancy in the Niger-delta region.
9. If it remains listed, Oando needs to prove to the market that it has turned the corner and it's upwards and onwards from here. It remains to be seen.

Pros
1. Recent flurry of earnings release if sustained may signal a change for good.
2. Management has indicated a desire to release results as and when due according to latest media release.
3. A return to profitability in recent results (Audited FY'22 and unaudited FY'23).
4. The return to profitability is despite the reduction in the average realised prices of Oil, Gas and NGLs. Increased Oil production minimised the impact to revenue in the E&P segment.
5. Production can be cranked up to improve revenue and margins.
5. The E&P segment of the business is the "money spinner" - higher profit margins. The trading arm is the cash cow albeit with low margins. Please see note 3, page 23 of unaudited FY'23 results for details.
6. Management has indicated a desire to wind down trading in low margin refined crude products (PMS, diesel etc) hence the recent sell off of assets to NNPC and the noticeable decline in reported revenues in that business segment.
7. Back to the E&P, any increase in production will lead to remarkable profitability of the group. This may be reflected in the FY'24 results if Oando is able to secure Ministerial consent and regulatory approval required to close the NAOC deal. It will double production numbers instantly. Please refer note 17, page 27 & 28 of unaudited FY'23 results for details.
8. Management also noted the marginal production increase in was a result of repairs of shut in wells offset by persistent sabotage activities. If these wells come back online this FY, there may be a sustantial increase in production numbers leading to improved margins and sustained profitability.

Peer Comparison
1. Seplat is heads and shoulders above Oando in terms of quality of management, filing of results, regulatory compliance, business & organisational structure and operations.
2. Seplat's PE is 36.77 based on the FY'23 EPS of 92.75 and SP of N3,410.
3. Simplistic comparison only - if we assume this is a fair industry PE and forget Oando's woes for a second, the market could potentially value Oando at 36.77 x N6 = N220.62. However, in my opinion, this is practically impossible at this stage with a history of delayed and negative results, no dividends or returns to shareholders in years, negative equity etc.

Again, I'll make a reference to the E&P business segment of Oando Plc. The company (Oando) through it wholly owned subsidiary (Calabar Power Ltd) purchased the entire 2.22% holding of M1 Petroleum ltd in OEPH at a consideration of $1.70 per share (yes, the E&P is that valuable). Actually, I'm unable to confirm the MCAP based on this price (no idea of OEPH issued capital). Please refer to note 30, page 29. The E&P segment will be doing the heavy lifting for Oando plc into the future. It is the one to watch. Supply and trading will provide the astonomically high revenue figures but the margins have not been as imppressive.

Summarily, I believe it's all about the E&P business segment. Hence why the deal with NAOC is a game-changer for the company.

5 Likes 1 Share

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 10:40pm On May 27, 2024

Disclaimer - I don't hold any shares in IB and have no intention of doing so in the future.

2 Likes

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 10:38pm On May 27, 2024

Streetinvestor2:
Pls who is the issuing house for IB rights. Thr is game that MorganCapital is trying to play me.i want to be sure before I let it out here.And if I confirm it to be what I think then Morgan is not credible

Chapel Hill Denham

1 Like

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 10:18pm On May 27, 2024

Mfunkynation:
Can someone buy RI on NGX during trading hours?

Yes, you can if there are sellers. Last time I checked on the OTC there were bids at 0.34 but no sellers. Pretty sure there are investors who won't be taking up their rights but who won't bother selling either. This is either because there's not much money to be made from selling them or because they don't know how to go about it.

Please note that you are buying the RIGHT to acquire the shares of the company. You'd still need to pay for those shares at the price indicated on their prospectus.

1 Like

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 12:45pm On May 27, 2024

KarlTom:
Thank you.

The bolded is what I needed clarification on. Though I am not really clear about how to show interest since all remaining shares will be cancelled.

Contact your broker just in case a client is looking to sell their rights otherwise you join the bid for the rights on the OTC.

If a company decides to place shares or rights, they would usually do it through a broker/issuing house and it will be to a privileged few such as institutional or "sophisticated" or high net worth investors. It won't be an all-comers affair. Clients of the Issuer or broker may be first at the table too.

Please note this is not a recommendation to buy or sell. Only explaining how it works. Cheers.

1 Like

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 10:40am On May 27, 2024

KarlTom:
Do you mind shedding more light on the bolded?

I know that you can decline to take up the rights but I don't know if it is possible to trade rights. Except you are referring to you exercising your rights then transferring to them later.
Fact is that anyone can register their interest in the RI by simply paying a base fee for the number of units needed using the provided ticker like RRINTBREW24 or RR24INTBREW.
Such individuals will be given preference when the offer closes and some units were not taken by current shareholders...

You can literally trade your rights. The "rights" tickers you see on the secondary market are the rights of shareholders who elected to sell instead of buying more shares. You can buy the rights and pay for the shares. You don't have to wait till offer closes and NO, buyers of rights are not given any preference. It is their RIGHT to acquire the shares by paying the offer price. Any rights not taken up by shareholders can be placed with investors who may be interested.

2 Likes 1 Share

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 7:55am On May 09, 2024

Bagwa:
20 Billion will enter japaul, PP of 8B at 2.50 done deal

Oh! I see. That one took a while. SP matching the offer price is the most optimistic scenario I can imagine.

However, I did notice their website has been redesigned to reflect their new business focus. All IMO.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 10:20am On May 08, 2024

Bagwa:
Time will tell very very soon

Disclaimer - Pure speculation.

Is the announcement related to the Lagos-Calabar coastal road project?

I'm inclined to think Japaul will get a contract to dredge a section or two. I suppose they are well established in the dredging business.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 8:37am On May 07, 2024

toyeoye:
The CBN instructed banks to implement a 0.5% cybersecurity levy on certain transactions, including to asset management firms. In the coming weeks, if one makes a bank transfer for a N5M investment to any stock brokerage firm , about 25K will be charged and your broker will still chop 4%.

There are exemptions so a few ways to legally bypass the rule? I foresee a lot of transaction disputes though.

Transfer fund from same bank as your broker or stick to the investment class exempted?

1 Like 1 Share

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 2:19pm On May 03, 2024

KayOn1:
At what Point of focus do you think the generality of the investing populace will converge?

Thank you

Prof, alarms are going off in my brain. My brain cells are overheating. Dakun!

Not sure I understand your question but the bolded seems to suggest what happens when we have a bull (price skyrockets leading to unrealistic pricing) or bear (price capitulation leading to excessive price decline) scenario?

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 1:55pm On May 03, 2024

KayOn1:
@ Opportunity cost - what will be the weighting +(-) % in favour/against

Thank you

I reckon it's subjective and only open to individual perception or assessment. How much risk you choose to assign to the asset held and the chance or probability of profiting from a prospective asset.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 1:49pm On May 03, 2024

KayOn1:
They should not promise what they are not sure if they can deliver or not.
They are just lucky Nigeria is not a litigatious nation. Their body (abi pocket) for tell them.
A lot is at stake - people's pensions that were invested that needs to at least keep up with inflation amongst so many other scenarios.

T & C always applies. Litigation is not as easy as you think. Below was in the RI prospectus.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 1:43pm On May 03, 2024

KayOn1:
Hello everyone,

I am trying to add another layer of variable into a model so need as many diverse opinion as possible.

Assuming you are in a loosing position in a trade, at what point & enabling-factors will you start considering cutting your losses and moving on; also at what point will you finally hit the button?

Possible scenarios looking at considering
- Time frame duration held
- Loss % incurred

You can add others too.

Thank you.

- Opportunity cost
- Change in underlying FA

2 Likes

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 1:35pm On May 03, 2024

KayOn1:
I will not touch that bank even @ N0.50 till they credit CSCS with concluded RI they said they will do in January. They are a bunch of very unserious people. What if people borrowed money to take up the offer?

Not much the bank can do. RI was completed and is now undergoing regulatory approvals. What else do you expect or suggest they do?

1 Like

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 11:19am On Apr 16, 2024

robobo:
Hello Chief, can you please explain / expatiate on the bolded.

It was in reference to OP's opinion of an offer price (N30 - N35). My point was that UBA will not tap the market for funds at a price higher than the prevailing market price on the NGX. Discounts will always be offered to attract investors. So not sure why he believes the price will be in that range except he also believes the price on the floor or bvps will be much higher than it is today when that time comes to raise funds in any combination of options available at their disposal.

All in my opinion.

1 Like

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 10:32am On Apr 16, 2024

aj8:
https://doclib.ngxgroup.com/Financial_NewsDocs/40904_UNITED_BANK_FOR_AFRICA_PLC-UBA_PLC_-_NOTICE_OF_AGM_MAY_24,_2024_CORPORATE_ACTIONS_APRIL_2024.pdf

Tony is smart. Book building strategy is fantastic. Probably eyes fixed on an offer bid prices in the range of N30-35 judging by the new shares tabled (but a higher cut off is still possible) to raise the extra capital. He only needs to show that UBA can sustain a dividend policy above N3.00 yearly after recapitalization to achieve good uptake/bids. He has my respect 🫡 . He probably has a foreign underwriter. On this route, UBA should meet recapitalization in weeks or a couple of months. This is a clear pointer to a fantastic Q1 result. No one does this without good sure back up. Q1 results would probably come in right after closure of register to give wind to the sails of this option.

This is normal legal finance talk. Nothing genius about it. I suggest you don't read too much into it. ALL banks will do the same. It's not about Tony.

Read note 9 of GT notice of AGM too. Any other bank notices that doesn't include book building doesn't mean they won't do it. It's just normal if you have a whole array of options for capital raising. Price discovery mechanism to be adopted won't be uniform across these avenues or platforms. Make no mistake about it though, a public offer on the NGX won't be at a premium.

4 Likes

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 12:30am On Apr 13, 2024

unite4real:
Zenith bank to double outstanding shares to about 62.7B units

That Clause 6 of the Company's Memorandum of Association and Clause 9 of the Company's Articles of Association be and are hereby
amended to reflect the new share capital of N31,396,493,787 (Thirty One Billion, Three Hundred and Ninety Six Million, Four Hundred and
Ninety Three Thousand, Seven Hundred and Eighty Seven Naira) by the creation of the addition of up to 31,396,493,787 (Thirty One Billion,
Three Hundred and Ninety Six Million, Four Hundred and Ninety Three Thousand, Seven Hundred and Eighty Seven) ordinary shares of
N0.50 Kobo each ranking pari‑passu with the existing ordinary shares of the Company bringing the total issued shares of the Company to
62,792,987,574 (Six Two Billion, Seven Hundred and Ninety Two Million, Nine Hundred and Eighty Seven Thousand, Five Hundred and
seventy Four) ordinary shares of N0.50 Kobo each.

ositadima1:
Based on my understanding, the Central Bank of Nigeria (CBN) wants banks to have huge reserves of a specific kind in order to be able to absorb shocks if any were to happen. If this raised fund is to satisfy the CBN's request, then know that the fund will not contribute much to the growth of the bank.

OS = Outstanding shares (issued and fully paid for by shareholders). It has a nominal unit of 50k for most companies listed on the NGX.

Authorised share capital = Max capital that company is authorised to issue to shareholders. Since nominal units are 50k each in this case, you would double this figure to get the allowable amount of shares the company can issue or sell to investors.

Neither GTB or Zenith has issued the additional shares created to raise capital. However, they will be doing so to meet the new CBN requirements. Other bans

Please note that it is not necessary for a bank to issue all shares created from raised the authorised share capital. For example, the additional 31B odd shares created by Zenith will fetch the bank over N900B (if they sold them at N30 per share) far above the CBN requirement of N500B and without considering the current paid in capital of N200B +. The other banks will follow suit. This is not a GT or Zenith bank issue.

Saying capital raised will not enhance growth is grossly incorrect as well. The CBN didn't want organically raised fund i.e profit capitalised, retained earnings used to meet this requirement. An inorganic means is preferred I.e tap the owners of the bank (shareholders) to put in more money into their business.

Back to authorised share capital and providing another example of the relationship btw authorised share capital and issued fully paid capital. A company can't issue bonus if it has maxed out its auth. Share capital. So before issuing bonus, you would often see companies raising the share capital i.e creating new shares (if they didn't have spare capacity) from which a bonus distribution can be made.

4 Likes

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 9:27pm On Jan 22, 2024

yMcy56:
Heirs Energies is still an affiliate of TRANSCORP and a member of the TRANSCORP Group I believed.

I stand to be corrected anyway

An affiliate, yes but not a member of the Transcorp group. Membership implies ownership by Transcorp which is not the case.

Also, note that the news item you shared (particularly production from OML 17) is not related to Transcorp in any way.

1 Like

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 11:03am On Jan 15, 2024

crownprince2017:
That is your experience, I had a bitter a experience with them, Imagine I submitted a form to them to change my mode of receiving my proceeds since two weeks ago, up till now, no changes. And countless of encounters like that, can u now tell me it's because of their fees.
I don't have problems with that but I have problem with not getting value for my money.

I assume you are referring to "direct settlement". The process is not completed by your broker. The form is submitted to CSCS for processing. Unless you have proof that Meristem is yet to take action (review and forward your request to CSCS), you just might be unjustly accusing them.

If your request is already sitting with CSCS, there's nothing they can do other than chase them up on your behalf.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by Omooloriredade: 11:26am On Nov 21, 2023

vacanci:
Aunty Mercy, abeg what is this RR23ELLAH that is currently on 80% loss in a single market day trade so far? No be vanish e wan vanish so?

i thought its should maximum of 10%.

Abi i no dey see well?

RR23ELLAH = Rights Issue 2023 Ellah Lakes

Travel › Re: Living In Australia/life As An Australian Immigrant by Omooloriredade: 1:57pm On Feb 12, 2023

momamorgz:
Please I need list for the food items allowed by the authority....

https://www.abf.gov.au/entering-and-leaving-australia/can-you-bring-it-in/categories/food

Travel › Re: Living In Australia/life As An Australian Immigrant by Omooloriredade: 10:58am On Nov 11, 2022

mutico20:
Good dey guys, I need response from Pple presently living in Australia, I'm running a business here in Nigeria and making between 500k -600k monthly, I'm considering moving to Australia because my business is down for the past 3 month because of this fucking inflation in Nigeria and the cost of running my business has rise by 40% of my capital between 6month and this is a red flag for my business so I need to find alternative asap,

My question is ... How much can I save after tax and living expenses if I am earning 6000Aud in Australia I'm am newly married no child yet,but planning to give birth in Australia, then will be running my Nigeria business from Australia if I can make the capital from the job, I'm thinking of working overtime also because I am used to working overtime in Dubai where I worked 12hours everyday for 4years

There's no simple formula to work out what your savings after all expenses will be. Individual circumstances differ. Where you live, life style, savings habit etc will determine what you are left with before the next pay hits your account. Will your wife also work?

Anyway, on $6000 income expect to take home about $4700 after tax and Medicare levy. This sum assumes no additional tax refunds. I reckon you should be able to save $1800 - $2000 if you are the sole income earner. If your wife also works, then I'd like to know why you can't save $5000 - $6000 monthly.

Assumptions for a couple only
* Rent $400 per week for 2 bedroom in a suburb 40-60mins commute to the city.
* $400 per month on groceries except you have a large appetite like me.
* $400 per month on transport. PT assumed
* $100 per month on phone plan
* $100 per month on utilities. Could be slightly higher
* $100 per month on entertainment
* $50 on miscellaneous items.

Disclaimer - Please don't take my opinion as gospel and it shouldn't be used as the basis for your travel decisions.

1 Like 1 Share

Travel › Re: Living In Australia/life As An Australian Immigrant by Omooloriredade: 10:14am On Nov 11, 2022*

PeterIbitoye:
Hello @FBS/Everyone,

I need help in confirming the genuinity of the job offer, visa application process and documents sent down by my Australian employer.

I got a job offer from Guinness Australia, Guinness Level 22 #120 Spencer Street | Melbourne | Victoria | VIC 3000 | Australia | and was asked to contact assigned DFAT Case officer who requested me to make a payment of $489 for the enhanced GTE Regional Express Clearance/TSS Subclass 482 Work permit Authorization.

I was about to proceed to make payment but needed to be sure I am doing the right thing and not being scammed.

I would love to share some of the forms/documents so as to help confirm.

I won't bother checking your documents (don't mean it in a rude way)

How can Guinness Australia employ an overseas candidate and then tell them to go pay a sum to a nominated DFAT officer? If it's legit they should have an immigration consultant who will process your papers for you without you having to pay a dime. They will most likely bear a huge chunk if not all of your relocation cost.

What was the recruitment process like? Did you do any face-to-face (Zoom or Teams) interviews? What did you mean by virtual / manual assessment? What was the duration of the whole recruitment process? Was it just 2 weeks? What was the domain of the email addresses you exchanged correspondences with? Did you look up their Linkedin profiles?

Anyway, I could be wrong it's just the logic I apply to cases like this.

Travel › Re: Living In Australia/life As An Australian Immigrant by Omooloriredade: 11:26am On May 07, 2019

@Good Memmory

You can write sha! I'm a lazy reader but I find your posts engaging. Good stuff.

Travel › Re: Living In Australia/life As An Australian Immigrant by Omooloriredade: 10:29am On May 07, 2019

afosahid:
Hi All,

One of those days I was at my lowest, doing the construction job, I got a call from a recruiter from one of the largest engineering companies in Australia & NZ. You are not allowed to take calls on site. Make I no pick recruiter call Kuku kee me here. Picked up the call, and recruiter said he has seen my CV and my experience was really good, he fears I might be over qualified for the role he has? Overqualified wetin Oga please let me decide what roles I am over qualified for please!!!! Convinced him to get me an interview with the hiring manager and I won’t let him down. He called back again to ask if I was willing to relocate to a different city, Newcastle (still within NSW) for the job. I told him I was more than ready to relocate. Attended the interview and thankfully I got the job.

Make I leave am here for now. More details later...

Congratulations

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Travel › Re: Living In Australia/life As An Australian Immigrant by Omooloriredade: 1:35pm On Mar 13, 2019

After one year...

Pros: God is ever faithful. Whatever your story.....It will end in praise

Cons:
1. Excessive liberalism.
2. Cultural shock.
3. Driver's licence is Gold........hahaha
4.. Minor racism (or maybe not) mostly from Asians.

Reaction - ki lon seleyi? Kora ku nibi yi juh (what's doing this one? Comot for here juh)

But I have repented now, so I smile and act like nothing happened. Australia is home to all of us now. No need to fan the embers of hatred/discord for the sake of our children.

Bye tongue

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