₦airaland Forum

Ibime:
Processing $150bln does not make you worth that. They might collect something like 0.1% from each transaction. I'll even bet they are not yet profitable and have negative net asset value

Even at that, do you believe Monie point processed transactions worth $150 billion?

aieromon:
Notice was issued on Friday.

https://nairametrics.com/2024/01/26/subsidy-removal-lagos-state-to-end-25-palliative-discount-on-transport-fares-on-sunday/?amp=1

https://www.thecable.ng/lagos-to-discontinue-25-rebate-on-state-owned-transport-services-sunday/amp

https://leadership.ng/subsidy-removal-lagos-ends-25-transport-fare-discount-to-resume-regular-rates-on-brt-trains-others/

https://newtelegraphng.com/subsidy-sanwo-olu-ends-25-transport-rebate-in-lagos/

What happen to the popular news outlets?

BlueRayDick:
Wow! Even with the third mainland bridge traffic now due to the repairs on the bridge?

So they've taken away the subsidy they placed on it earlier? Na wa o.

The closure on some part of the bridge is becoming something else

TemporaryHansel:
Even at that, do you believe Monie point processed transactions worth $150 billion?

It's possible; the amount of money people send/withdraw via POS daily is crazy and most of the POS shops around me use moniepoint.

According to the report, Moniepoint processed over 5.2 billion transactions in 2023 which is valued around $150billion. It's only if u are seeing the $150bllion as the actual money they made that will make it seem unbelievable to u; The $150billion is the money people moved through their system either as deposit in their MFB account, send to other accounts via their POS/accounts or received via their POS/account.

Nowadays if mechanic repairs ur vehicle, u run transfer to him which he will withdraw via POS, U send money to businessmen and women for goods bought in the market via POS, etc. All of these account for that amount they quoted.

Another nigga bite the dust with Juju
See exhibit na
https://www.nairaland.com/7983864/abdulazeez-ibrahim-ogun-police-arrest

iamoyindamola:
The closure on some part of the bridge is becoming something else

Person no get choice cos we are the ones that have been complaining about the bad portion of the bridge. The annoying thing is just that when they repaired the expansion joints of the bridge that time under Buhari, they should have repaired the bad portion of the bridge too. We would have endured the suffering all at once.

It's just annoying that they choose to award that contract separately and then award this contract now. Corruption don finish us for this country.

BlueRayDick:
Person no get choice cos we are the ones that have been complaining about the bad portion of the bridge. The annoying thing is just that when they repaired the expansion joints of the bridge that time under Buhari, they should have repaired the bad portion of the bridge too. We would have endured the suffering all at once.

It's just annoying that they choose to award that contract separately and then award this contract now. Corruption don finish us for this country.

Na corruption they cause all these things, like you said as they finish one part they should just do the other one too
Imagine ebute metta/adekunle people seeing third mainland korokoro but will have to pass ikorodu road down to ogudu/ojota

iamoyindamola:
Na corruption they cause all these things, like you said as they finish one part they should just do the other one too
Imagine ebute metta/adekunle people seeing third mainland korokoro but will have to pass ikorodu road down to ogudu/ojota

Let's just hope what they are doing now will last and not that in the next 1 or 2 years they will say they want to close the bridge to do another repairs.

Nowadays If u want to leave island in the evening the bus drivers hike their price beacuse going to the mainland at that time is free, but coming back to the island is hell. So they charge like double because they know they won't be able to come back except they want to waste all their fuel in traffic on Ikorodu road.

BlueRayDick:
It's possible; the amount of money people send/withdraw via POS daily is crazy and most of the POS shops around me use moniepoint.

According to the report, Moniepoint processed over 5.2 billion transactions in 2023 which is valued around $150billion. It's only if u are seeing the $150bllion as the actual money they made that will make it seem unbelievable to u; The $150billion is the money people moved through their system either as deposit in their MFB account, send to other accounts via their POS/accounts or received via their POS/account.

Nowadays if mechanic repairs ur vehicle, u run transfer to him which he will withdraw via POS, U send money to businessmen and women for goods bought in the market via POS, etc. All of these account for that amount they quoted.

I find it unrealistic because Moniepoint isn’t the only Pos operator that Pos merchants use. If truly Moniepoint alone is processing that much, then there’s still enough money in the country, so I wonder why people always say there’s no money in the country.

BlueRayDick:
Let's just hope what they are doing now will last and not that in the next 1 or 2 years they will say they want to close the bridge to do another repairs.

Nowadays If u want to leave island in the evening the bus drivers hike their price beacuse going to the mainland at that time is free, but coming back to the island is hell. So they charge like double because they know they won't be able to come back except they want to waste all their fuel in traffic on Ikorodu road.

The traffic i faced on friday ehn from palmgrove to maryland was standstill

TemporaryHansel:
I find it unrealistic because Moniepoint isn’t the only Pos operator that Pos merchants use. If truly Moniepoint alone is processing that much, then there’s still enough money in the country, so I wonder why people always say there’s no money in the country.

there is always money in the country..

There is a popular saying that goes "MONEY DEY, NA YOU NO GET AM"

TemporaryHansel:
I find it unrealistic because Moniepoint isn’t the only Pos operator that Pos merchants use. If truly Moniepoint alone is processing that much, then there’s still enough money in the country, so I wonder why people always say there’s no money in the country.

lol

U are confusing bank notes in circulation with actual money in the system(i.e both bank notes and transfers/digital payments across different platforms)

U are right that Moniepoint is not the only POS opeartor/merchant in the country but they are like one of the fastest/biggest growing fintechs/ POS operator. Most POS shops have their POS machines beacuse of how fast their system is.

I recently transferred to someone, the moment I got "successful" the receiving POS merchant was notified immediately. It was faster than Opay and Palmpay sef. I guess that's working for them in a way

iamoyindamola:
The traffic i faced on friday ehn from palmgrove to maryland was standstill

Ikorodu road traffic na nightmare.

TemporaryHansel:
I find it unrealistic because Moniepoint isn’t the only Pos operator that Pos merchants use. If truly Moniepoint alone is processing that much, then there’s still enough money in the country, so I wonder why people always say there’s no money in the country.

Moniepoint Business Account is used by a lot of big businesses for daily transaction, filling stations, big supermarkets are using it. Plus their network and service is very fast and reliable too.

BlueRayDick:
Well, I can't speak for everyone but what I noticed growing up was that during military era corruption is worse than anything u can ever think of in a civilian government. In military government there's no freedom of speech or freedom of the press and there's no regard for human rights at all.

For corruption, just look at how much Abacha loot is being recovered 26 years after his demise. As regards the freedom of speech, what u see them doing to Sowore in this civilan government is child's play to what military has done to press men in the past. Every week u will see picture of a journalist's young family on the back page of a magazine/newspaper asking for the whereabouts of their breadwinner who is a journalist incarcerated by the military government.

Most people afraid of military coup are apprehensive such dark days may return if a military coup succeeds in Nigeria

I honestly don't think corruption was worse in the military era. Fear yes.. But corruption, lmao omo.. Everybody close to power dey suck money from Nigeria. I'm not sure it was this well spread during the military.

The line of what and what cannot be done has consistently being pushed by democratic elected leaders.

We've never had any idea what a democratic president stole in Nigeria till date. What we know are what ministers, governors, PM's and people heading certain committees and MDAs stole.
So think about it, these are people under the president doing multiple stealing, both known and unknown.
Wetin you feel say presidents dey thief?
I mean see atiku that was a VP almost 17yrs ago, see his wealth till today.
You honestly think abacha stole more than OBJ or Buhari or even will top Tinuke?

TrebleChamp:
Moniepoint Business Account is used by a lot of big businesses for daily transaction, filling stations, big supermarkets are using it. Plus their network and service is very fast and reliable too .

You will begin to wonder if Uba and those other banks are willingly using slow network to torment us.

Who owns daily trust biko?

liveLongNprospa:
Who owns daily trust biko?

Daily Trust is a north-leaning newspaper. It is owned by a Northerner and based in Abuja

liveLongNprospa:
I honestly don't think corruption was worse in the military era. Fear yes.. But corruption, lmao omo.. Everybody close to power dey suck money from Nigeria. I'm not sure it was this well spread during the military.

The line of what and what cannot be done has consistently being pushed by democratic elected leaders.

We've never had any idea what a democratic president stole in Nigeria till date. What we know are what ministers, governors, PM's and people heading certain committees and MDAs stole.
So think about it, these are people under the president doing multiple stealing, both known and unknown.
Wetin you feel say presidents dey thief?
I mean see atiku that was a VP almost 17yrs ago, see his wealth till today.

You honestly think abacha stole more than OBJ or Buhari or even will top Tinuke?

Is this a joke?

Atiku also made most of his wealth in the military era

nihilistjnr:
Is this a joke?

Atiku also made most of his wealth in the military era

OH really?
Not as a VP?
But as a comptroller in customs? Or what?

BlueRayDick:
Daily Trust is a north-leaning newspaper. It is owned by a Northerner and based in Abuja

OH.
Now I get it.
So they are currently the opps for a southern president 😁

liveLongNprospa:
I honestly don't think corruption was worse in the military era. Fear yes.. But corruption, lmao omo.. Everybody close to power dey suck money from Nigeria. I'm not sure it was this well spread during the military.

The line of what and what cannot be done has consistently being pushed by democratic elected leaders.

We've never had any idea what a democratic president stole in Nigeria till date. What we know are what ministers, governors, PM's and people heading certain committees and MDAs stole.
So think about it, these are people under the president doing multiple stealing, both known and unknown.
Wetin you feel say presidents dey thief?
I mean see atiku that was a VP almost 17yrs ago, see his wealth till today.
You honestly think abacha stole more than OBJ or Buhari or even will top Tinuke?

You obviously have little knowledge of the kind of looting that happened under the military era.

Have u heard of a certain Jeremiah Useni before ? Just read the excerpt below about the man Jeremiah Useni who is just but one out of the many looters aside Abacha during the military regime:

LAGOS, Nigeria — Until General Sani Abacha’s death 8 June 1998, Lt.-Gen. Jeremiah Timbut Useni was the second most senior officer in the Nigerian Army. But all that changed over two months ago, when Abacha, Nigeria’s worst dictator died. Not only did Useni lose out in the power-game that followed, he also carried the burden of guilt as playing a part in the indulgence that saw Abacha to his grave.

Then Major-General Abdulsalami Abubakar was promoted a four-star General above Useni and made the Head of State and Commander-in-Chief of the Armed Forces. It was a bitter experience, just when he was closest to capturing the position of the most powerful man in the land. Indeed, the events of the first few days after his friend’s demise were the prologue of the story of his fall from the opulence of power and influence, where he had sojourned for so long. Since his retirement three weeks ago from the Nigerian army, after 41 years in service, Useni has been made to feel the difference between being in power and out of it. Aside from the paraphernalia of office which no longer enjoys, his activities, and sources of stupendous wealth, have come under the scrutiny of the Gen. Abubakar regime.

In a dramatic move last week, Useni was made to taste the bitter end of power. As it did to Ismaila Gwarzo, Abacha’s National Security Adviser (NSA), the Abubakar government, swooped on Useni’s palatial homes in Langtang and Jos.

On Friday 7 August, security operatives from Abuja flew into Jos and Langtang to search Useni’s houses. First, they landed on the Langtang airstrip built by Useni, in his days as Minister of Transport and Aviation during the Babagida era.

The NEWS sources disclosed that over N4 billion was found in his palatial country-home by the combined team of SSS and DMI officers. Of the total money recovered in the Langtang home, over N2 billion was in foreign currency. On the same day, the operatives moved to his house in the millionaires’ quarters (Tundun Naira) area of Jos, on the British-American road, where they discovered over a dozen coaster buses, valued at N110 million, brand new Peugeot cars, shimmering and expensive jeeps and the latest model of Mercedes Benz cars, totalling nine. Sources in Jos, who witnessed the raid, said they saw several bags and other property being moved out of Useni’s house. In the same building, an underground vault where most of the money he looted is kept, was discovered by another team of investigators. The vault, expertly concealed, escaped the prying eyes of the security operatives that carried out the weekend raid.

The Langtang-born General had a modus-operandi for moving his loot from Abuja to Langtang and Jos for safe-keeping. Reliable sources revealed that, at least once a month depending on the in-flow of cash, huge millions of naira are stuffed into beer cartons, sealed and loaded into one of his official vehicles and transported to his country-home, in Langtang. The NEWS has it that on one of such occasions, the driver and the escort, became very curious and decided to find out why the General was stock-piling beer cartons. They opened a few of the cartons and were shocked by what they found in them. On getting to Langtang, they off-loaded 15 of the cartons and fled with the remaining 10. A man-hunt was immediately ordered by Useni but he later gave up because he did not want it to become public knowledge

Before the Jos raids, Gen. Abubakar had moved against Useni in Abuja, temporarily putting his telephone lines out of service. Also, he was ordered to move out of his official residence in Life Camp. Last week, senior officers of the FCDA, told this magazine that the General had forwarded an application to the permanent secretary pleading that the authority should assist him to furnish his personal house in Maitama district of Abuja. According to him, he had no funds to furnish it himself.

Useni’s current fate might not totally be unconnected with promptings and petitions by serving military officers to Aso Rock, insisting that Useni must be probed since it is common knowledge that he made so much money and wielded excessive power under Abacha. Among military officers, junior and senior, Useni’s stupendous wealth, business investments around the country, his meddling in politics and his personalisation of the Federal Capital Development Authority are issues often discussed. The interview he granted This Day, a Lagos-based newspaper, in which he made feeble attempts to dissociate himself from the excesses of the Abacha junta was said to have angered a few senior military officers now in government, who knew the role he played as Abacha’s pointsman. This group of officers, it was learnt in Abuja, cautioned that the clampdown on the Abachas, national security officer, Alhaji Gwarzo; Chiefs Anthony Ani and Tom Ikimi, former finance and foreign affairs ministers respectively, would be incomplete, if Useni was simply allowed to walk away with his loot and say just anything in the papers.

From Benin to Lagos, Abuja to Jos, Useni has built a sprawling empire of businesses and landed properties, way beyond his means as a military officer. Most of his properties were acquired under questionable circumstances. In Plateau State, there is a joke in the streets that ‘Jerry Boy’ has virtually bought over half of Jos.

In 1997, during the asset-sharing between Plateau and the newly-created Nassarawa Sate, Useni influenced the allocation of the expansive former Benue-Plateau bus terminus property, in Tafaw Balewa Street, Jos, to Nassarawa State. A few months ago, The NEWS investigation revealed,

Useni bought the terminus at N20 million, a sum property analysts described as gross under valuation. The bid by the Plateau Transport Company (Plateau Riders) was rejected. The bus terminus is now being used by Useni’s transport company — Tim-Tali, which has over 25 buses. The UTC building on No. 7, Lord Lugard Road opposite El-Shaddai Chapel in Jos (which he bought a week before he retired), the former army workshop building (001155 PHT) in the same area and a block of flats in Dogon-Karfe, Jos, all belong to Jerry Useni. [b]The block of flats on Dogon-Karfe which hitherto housed the Nigerian Customs Service now serves as quarters for staff of the Tim-Tali Industries. The structure was formerly owned by an Israeli company, Dizengof. There is also the Tim Industries, established three years ago, which manufactures exercise books, files, staple-pins and other office equipment. The industry is located in the Rayfield area of Jos. Early last year, the operation of the industry was said to have been stalled when, on Amos Gizo, Useni’s business front and publisher of City Watch magazine, brought into the country obsolete production machinery. Jerry, on realising he had been duped, ordered Gizo’s arrest. His cars and major properties were seized in Jos. Gizo was only left off the hook after he refunded some money. Their business partnership has since gone sour. The house, No. 6, on Dogon-Karafe, formerly owned by the Industrial Training Fund was bought by Useni and then rented out to the defunct Democratic Party of Nigeria (DPN).[/b]

In Langtang, his home-town, his motel, also named Tim-Tali, located not too far away from Gen. Joshua Dogonyaro’s majestic country-home, is one of the cosiest places to stay in Langtang. In his home-town, Useni is reputed to have about seven personal houses and nearly a dozen others in Jos. Yet, another testimony of his ‘stewardship’ in former Bendel, now Edo and Delta states, are the three houses he has there.

In Lion Bank alone, (the Plateau State-owned bank), Useni is said to have bought N100 million shares in his own name and another N50 million worth in the name of FCT with the intention of converting them in the future.

Investigations also revealed that the Abacha Foundation was used as a conduit to rake millions of dollars into his accounts. Usually, the foreign companies, which owe Nigeria are blackmailed into donating to the Abacha Foundation’s. They are then given numbers of some dedicated accounts into which they are asked to pay.

The Abacha Foundation house itself is worth about N400 million and Useni insured that immediately. Abacha died, he took full control as the chairman of the foundation.

It is in Abuja, the Federal Capital Territory, that Useni has diverse and concentrated investments and properties running into billions of naira. In Garki village and township, he owns well over 400 lock-up stalls, nearly two dozen houses and uncountable number of virgin plots. Under the Tim-Tali Investment portfolio is the industry, Tim door, that manufactures steel doors.

Useni is known to be the owner of many petrol stations, shopping centres, plots of land and buildings.

Most of these, according to a civil servant in the FDCA, are registered in the names of his friends, relations and in a few cases children.

Amidst Useni’s known shopping centres is the Abuja Shopping Centre, almost opposite Fototek building in Area III, Garki, Abuja. It was commissioned some months ago. Unconfirmed sources also said the new two-storey building shopping centre near the Foreign Affairs Ministry, Zone 3, Wuse, Abuja belongs to Useni.

Others include RISS petroleum by A.Y.A. junction on Keffi Road and the numerous pink-coloured block of flats to the left side of the road leading to the Ministers’ Hill from the Federal Housing Authority end of Maitama. Near this pink-coloured, red-stripped block of flats and on top of the hill are two mammoth palace-like structures still under construction. One belongs to Jeremiah Useni, while the other belongs to late Gen. Sani Abacha’s son, Ibrahim, who died three years back. Useni, very often visits the construction sites at weekends. Near the Banex Plaza junction of the road that connects Berger to Kubwa Road, Useni had also acquired a lot of land. This is atop the hill near the Directors-General quarters. It was one of Useni’s latest acquisitions a few months before Abacha died. According to a civil servant at the FCDA, he was about to start developing the plot when he lost out. Yet, this is by no means, the entire documentation of the General assets. Though, he parades a mien of simplicity, he is said to be smart, shrewd and at times ruthless when it comes to protecting his interests. He is believed to have several other investments which are mostly not in his mane and cannot be directly linked to him.

The tribe of contractors, political-jobbers and lobbyists, civil servant and Nigerians who reside in Abuja will never forget how Useni, until his recent inglorious exit from the Nigerian Army, bestrode the Federal Capital Territory like a colossus. He held sway like the lord of the manor. His word was law. He sat over enormous wealth and opportunities which he dispensed at his pleasure. Simply put, he presided over a goldmine. He knew it and employed it to greatest advantage.

Under just five years of being FCT Minister, Useni carved for himself an empire, within an empire. Aside from Aso Villa, his office in the FCDA was a Mecca of sorts. A power and clearing house, from where those desperate to see or have the ears of the last occupant of the villa, had to come to pay obeisance and plead for assistance. Ministers, retired officers, politicians, merchants of ambition and professional sycophants, had to see Useni in order to penetrate Aso Rock. They all came for different reasons. From contracts, political appointments and others, to out-rightly beg for money. Indeed, while he remained the closest person to Abacha, a promise by Useni to fix things at Aso Rock was worth taking to the bank. This was at the very height of his power.


USENI INCORPORATEDBusiness investments:

N150 million worth of shares in the Plateau State-owned Lion Bank
Tim-Tali Transport Services, with a fleet of about 20 Civilian buses
Tim Industries — production of office stationery
Tim-Tali Motels
Tim-Doors — production of steel doors
Two Petrol-stations in the FCT
Properites:

Plateau bus terminus, Jos
UTC building, Jos
Nigerian Army workshop building worth N450 million, Jos
Over 32 houses in Jos, Langtang and Abuja
Former Dizengof building worth N350 million, on Dogon-Karafe, Jos
Two shopping malls, Abuja
Nearly 40 lock-up shops in Garki and Wuse
About 70 virgin plots in Abuja
Two mini-housing estates in Abuja
Over 43 different personal cars
A specially-built vault in his Jos home
Tim Industries Limited worth N650 million

https://publicintegrity.org/accountability/general-as-bandit/

NB: This piece was written by Sunday Dare in 1998 just few months after Abacha's demise.

If u know the kind looting that happened under military era ehn, u will know whatever u are reading about looting under civilian goverment na child's play

liveLongNprospa:
OH.
Now I get it.
So they are currently the opps for a southern president 😁

Most Media houses/Newspaper always have their own biased leanings normally sha.

Itsrm:
The are not competitors to normal banks.

1. They still use normal banks for their settlement because they are not allowed to open accounts with the CBN

2. Traditional banks have mastered the art of making money. Bad as the economy was in 2023, they are posting hundreds of billions in profit. I think Zenith bank was on 500bn+ as at end of Q3 2023. Using the logic of most people, you would expect their profit to dwindle seeing as it was the year moniepoint and the likes really came into limelight due to Emefiele and his useless policies.

3. There is nothing moniepoint and the likes are doing that traditional banks cannot do ten times better. The reason they don't bother is because there's not much money to be made from the retail arm of banking. I won't be surprised if moniepoint is actually running at a loss. As past events have shown, these fintech coys are masters of cooking their books

I'll wager that most of this is just based off of exchange gains from the FX sitting in their balance sheet.

Bank's performance are generally expected to move in tandem with the economy. Nigerian banks are just not creating or driving any value in their economy

BlueRayDick:
You obviously have little knowledge of the kind of looting that happened under the military era.

Have u heard of a certain Jeremiah Useni before ? Just read the excerpt below about the man Jeremiah Useni who is just but one out of the many looters aside Abacha during the military regime:



https://publicintegrity.org/accountability/general-as-bandit/

NB: This piece was written by Sunday Dare in 1998 just few months after Abacha's demise.

If u know the kind looting that happened under military era ehn, u will know whatever u are reading about looting under civilian goverment na child's play

This was just 2022.
The AGF under buhari.


Then you have just a few cases below.
550bn from 1 man.
Another is 6billion dollars and again, these are not even presidents.

liveLongNprospa:
This was just 2022.
The AGF under buhari.


Then you have just a few cases below.
550bn from 1 man.
Another is 6billion dollars and again, these are not even presidents.

Bro, have you heard of any individual making cash withdrawals direct from CBN vault?

Abacha wasn't remotely interested in masking his theft through inflated contracts.

Abacha was sending ismaila Gwarzo to withdraw billions of dollars in cash direct from CBN vault and depositing the cash in his son and Atiku Bagudu's bank accounts.

BlueRayDick:
Daily Trust is a north-leaning newspaper. It is owned by a Northerner and based in Abuja

After the nonsense their brother our left back they play
Na only that DM they ball but he's injured

liveLongNprospa:
OH really?
Not as a VP?
But as a comptroller in customs? Or what?

Yes na
Military are very corrupt jare, but they don't hide it like these our useless politicians

liveLongNprospa:
This was just 2022.
The AGF under buhari.


Then you have just a few cases below.
550bn from 1 man.
Another is 6billion dollars and again, these are not even presidents.

Do u understand how time value of money works? Everything written in that article was talking about a discoverey made 26 years ago at the current exchange and inflationary rate as at that time.

What Abacha alone stole within 9 years dwarfs whatever u think any of the presidents stole between 1999 to 2024. Now Abacha had ministers who equally stole, state military administrators who stole their respective states dry, retired generals like TY Danjuma who had oil blocks alloted to them, in fact some GF's of military officers were billionaires. U think Buba Marwa just handed over as Military administrator in Lagos and few months after he floats an airline out of legit money ?

Some of the things u even read about looting under military does not even scratch the surface. There was no freedom of press so the few ones u see pressmen releasing is based on insider info/snitching which the press publish at the risk of their life and safety

User09:
I'll wager that most of this is just based off of exchange gains from the FX sitting in their balance sheet.

Bank's performance are generally expected to move in tandem with the economy. Nigerian banks are just not creating or driving any value in their economy

That's the unfortunate part. Bulk of their profit should come from lending but they prefer easy money.

I don’t think banks that offer personal loan against salary to the average salary earner are up to 5. Infact, I only know of Gtb and First Bank.

iamoyindamola:
After the nonsense their brother our left back they play
Na only that DM they ball but he's injured

I no just know wetin happen to that Zaidu, he used to play really well. I hope the DM guy can come back before this tournament ends