₦airaland Forum

Basicend:
You mean that they have not yet push Nigerians to the wall?

We never react naaa, abi?

Arostar2023:
You are the one dreaming. In the next 10 years GM and Ford will still be producing petrol cars and China will still be burning coal to generate electricity. Perhaps Canada and USA will still have some coal fired power stations still up and running.

You are truly dreaming, China is the largest producer of solar electricity while the U.S and Canada have are shutting down coal power plants. The GM and Ford you are on survival mode.

Gboss247:
You are truly dreaming, China is the largest producer of solar electricity while the U.S and Canada have are shutting down coal power plants. The GM and Ford you are on survival mode.

For your information China despite purportedly been the highest producer of solar electricity is still building new coal fired power plants. I also know Canada is working hard at shutting down their coal plants. But all these are long term things...My point is that developing nations shouldn't sacrifice anything that will aid economic growth all in a bid to appear "climatic friendly". Fossil fuels are going nowhere, at least for the next decade.

VanuatuWycombe:
Locally manufactured products too can have landing cost.
Those products are inventories in the books of the seller.

Go and read IAS (International Accounting Standards) 2 and understand what it says about what constitutes cost of an inventory.

It is not only imported products that can have landing cost.

If someone’s wife buys ugu vegetable at Mile 12 market in Lagos and she’s taking the ugu to Ikorodu to sell, all costs incurred in making sure the ugu gets to her Ikorodu shop are added back to initial cost of the ugu’s ‘invoice’ price.

It is the addition (total) of all this cost that would be divided with whatever unit of measure for each quantity of that ugu that would help in knowing what the ugu costs before the seller would now add her profit element.

You are missing the argument. Who doesn’t understand landing cost?

We have imported apples, bananas etc in some supermarkets, we also have the local apples(grown in Jos), bananas etc. The question is: are the prices the prices the same? Obviously not. Reason is simple. The cost of transporting those foreign apples, bananas etc to the supermarkets isn’t the same as the cost of transportation of these local apples and bananas from the farms to the supermarket. This is what I’m talking about. Dangote fuel shouldn’t be pegged at the same price with Malta-imported fuel. They should fix our refineries & sell it to us at a rate lower than it is currently because that landing cost from Malta will be out. We will be left with production cost & cost of moving it from the refineries to the final consumer which wouldn’t be up to 1,000 naira per litre.

Very insensitive set of people out to inflict more pains.They block any hope of getting relief from the ongoing hardship.Nigerans sha have PhD in EndureSufferologyandSmilimg

meum:
You are missing the argument. Who doesn’t understand landing cost?

We have imported apples, bananas etc in some supermarkets, we also have the local apples(grown in Jos), bananas etc. The question is: are the prices the prices the same? Obviously not. Reason is simple. The cost of transporting those foreign apples, bananas etc to the supermarkets isn’t the same as the cost of transportation of these local apples and bananas from the farms to the supermarket. This is what I’m talking about. Dangote fuel shouldn’t be pegged at the same price with Malta-imported fuel. They should fix our refineries & sell it to us at a rate lower than it is currently because that landing cost from Malta will be out. We will be left with production cost & cost of moving it from the refineries to the final consumer which wouldn’t be up to 1,000 naira per litre.

Yes. What most oil marketers who do not have their own depots do is like drop shipments.

They have to add the cost of transportation to the cost of the oil.

From your analysis above, the cost of transporting those fruits is part of the cost of those apples etc. ask a qualified accountant to explain it better to you. That’s why I quoted IAS 2. Even our local GAAP (SAS) that have been repealed were the same with current IAS 2.

After the apple etc have arrived at your shop, any other transportation cost that you spend will now be added to your COGS because they form part of your out-bound freight cost.

So, marketers lifting oil from DANGOTE or from wherever must add all costs incurred in moving them to their depots as part of the inventory cost. But if the location they are taking the oil to is not their depot but where it would be sold (a filling station, for instance), such secondary cost would form part of Cost of Goods Sold.

So where your own landing cost stops is where another buyers landing cost starts.

Understand this: I am a qualified accountant with over 20 years, top-notch, commercial and manufacturing experience and I have headed more than four Fortune 500 western multinational companies in Nigeria - with 3 other multibillion Naira Nigerian-owned companies.

I have prepared financial statements for external auditors of all the Big 4 audit firms in the world and done submission ls to SEC.


I have ACCA and CPA of Canada. And can take you up on this to any length.

I bet you to challenge me to a public debate on this or on any other areas of finance and accounting and analytics on any media platform and I will come out and prove it to you.

VanuatuWycombe:
Yes. What most oil marketers who do not have their own depots do is like drop shipments.

They have to add the cost of transportation to the cost of the oil.

From your analysis above, the cost of transporting those fruits is part of the cost of those apples etc. ask a qualified accountant to explain it better to you. That’s why I quoted IAS 2. Even our local GAAP (SAS) that have been repealed were the same with current IAS 2.

After the apple etc have arrived at your shop, any other transportation cost that you spend will now be added to your COGS because they form part of your out-bound freight cost.

So, marketers lifting oil from DANGOTE or from wherever must add all costs incurred in moving them to their depots as part of the inventory cost. But if the location they are taking the oil to is not their depot but where it would be sold (a filling station, for instance), such secondary cost would form part of Cost of Goods Sold.

So where your own landing cost stops is where another buyers landing cost starts.

Understand this: I am a qualified accountant with over 20 years, top-notch, commercial and manufacturing experience and I have headed more than four Fortune 500 western multinational companies in Nigeria - with 3 other multibillion Naira Nigerian-owned companies.

I have prepared financial statements for external auditors of all the Big 4 audit firms in the world and done submission ls to SEC.


I have ACCA and CPA of Canada. And can take you up on this to any length.

I bet you to challenge me to a public debate on this or on any other areas of finance and accounting and analytics on any media platform and I will come out and prove it to you.

Why the CV on something you still do not understand what my argument is on? Now let me break it down for you as someone who is still in primary school without ACCA and CPA of Canada😂

The analogy I used was about cost of importation/transportation of the fuel. Crude is taken out of this country. Who bears the cost of transportation to Malta? Of course it will be factored into the final cost. Refined crude, in this case PMS is then transported/shipped back into the country at a cost. Now the final cost includes the cost of production(refining raw crude to PMS), shipping cost & may be small profit.

Now take out the shipping cost since it will be refined at Port harcourt refinery, do you think there’s any justification for pegging the final price at 1,000 naira? If crude is processed at Dangote refinery, do you think shipping cost should be part of the final price? Definitely not.

I totally agree with you on the local freight thing but the final price would be just a small amount added per litre of petrol and can’t be up to 1,000 naira as the final price. Do you see my point now?

meum:
Why the CV on something you still do not understand what my argument is on? Now let me break it down for you as someone who is still in primary school without ACCA and CPA of Canada😂

The analogy I used was about cost of importation/transportation of the fuel. Crude is taken out of this country. Who bears the cost of transportation to Malta? Of course it will be factored into the final cost. Refined crude, in this case PMS is then transported/shipped back into the country at a cost. Now the final cost includes the cost of production(refining raw crude to PMS), shipping cost & may be small profit.

Now take out the shipping cost since it will be refined at Port harcourt refinery, do you think there’s any justification for pegging the final price at 1,000 naira? If crude is processed at Dangote refinery, do you think shipping cost should be part of the final price? Definitely not.

I totally agree with you on the local freight thing but the final price would be just a small amount added per litre of petrol and can’t be up to 1,000 naira as the final price. Do you see my point now?

Brother, the CV is necessary. Bring your own out. Or if it’s easy, go and run it.

You challenged me to ask chattered accountant on how landing cost is calculated and I said I am a chartered accountant too with over 20 year, industry-round, cutting-edge experience.

Nobody made me a manager, controller and business planner. I started as account officer and rose so I did all those you are spewing gibberish about at lower and advanced level.

If you are still pained or sure of yourself, challenge me to a public debate.

I didn’t border reading all other trash you wrote after a few lines.

VanuatuWycombe:
Brother, the CV is necessary. Bring your own out. Or if it’s easy, go and run it.

You challenged me to ask chattered accountant on how landing cost is calculated and I said I am a chartered accountant too with over 20 year, industry-round, cutting-edge experience.

Nobody made me a manager, controller and business planner. I started as account officer and rose so I did all those you are spewing gibberish about at lower and advanced level.

If you are still pained or sure of yourself, challenge me to a public debate.

I didn’t border reading all other trash you wrote after a few lines.

Why would I be pained? Accountant that didn’t border reading(English na your mate?) Hmm.

You just want to brag with your Oluwole certificate so enjoy your online fame mr. chattered accountant.

I have a piece of advice for you: learn to read & understand before bragging about your 20 years experience. Your argument failed to answer the question I asked.

meum:
Why would I be pained? Accountant that didn’t border reading(English na your mate?) Hmm.

You just want to brag with your Oluwole certificate so enjoy your online fame mr. chattered accountant.

I have a piece of advice for you: learn to read & understand before bragging about your 20 years experience. Your argument failed to answer the question I asked.

Forget about the messenger, uphold the message. It’s a typo, my English teacher who is teaching in a secondary school and earning 45k per month. You go see wehn.

Thank God you know you don’t know anything about the topic. If you know, bring evidence.

You come dey explain explain. No evidence

Agba yin la je. Oko iya yin ni wa.

If e easy to get chartered, go run am make we see. Remove 20 years of work experience from your age make you una know how far.

VanuatuWycombe:
Forget about the messenger, uphold the message. It’s a typo, my English teacher who is teaching in a secondary school and earning 45k per month. You go see wehn.

Thank God you know you don’t know anything about the topic. If you know, bring evidence.

You come dey explain explain. No evidence

Agba yin la je. Oko iya yin ni wa.

If e easy to get chartered, go run am make we see. Remove 20 years of work experience from your age make you una know how far.

Oga I no dey follow you drag chattered abi na chartered. I don’t brag online. I am who I am & you are who you are. Accounting isn’t the only profession neither does being chartered makes you a super human. There are different professionals in different field. So rest.

As for your “chartered English” there’s nothing like leave the messenger and focus on the message..

For your mind if you carry 20 years comot my age I go know how far😂 Keep fooling yourself