₦airaland Forum

Macphenson:
Am being logical and this is business not politics. You are the ones being emotional, ignorant and by extension myopic to business. Look at how easy it was for you to tell them to pack up. The families that are earning from them will you take care of them if they pack up? Little wonder companies are packing up in blabablues economy.
Talking about new investors, ever since you started supporting Buhari till now a greater disaster is a president tell me how many investors have come in. You think investors are foolish people looking for where to waste their hard earned money?
I have some foreign partners who wanted to come and establish a refinery here in Nigeria, discussions have been concluded and documents signed. Ever since they saw the challenge Dangote is facing on his refinery especially with the supply of crude, they went cold. People that used be on my neck to conclude the deal all of a sudden ghosted me.
You people should continue supporting Tinubu while he wrecks the economy.

helinues:
Companies who are Lossing under this government are those who have been in shady deals.

How come it's when the insecurity is reducing the so called old companies are loosing?

Think and don't be emotional

Macphenson:
You keep proving you have not done anything meaningful in your life. Tell me one company that is making profit in this Tinubu regime. Everybody and every business is feeling the heat. Does that mean they are into shaddy deals?
Let tell you, there was a JV project we started before Tinubu took over. The project was estimated to cost about #1.2B to complete. Most of the shops in the complex were sold off plan. While the project was ongoing, prices skyrocketted. A ton of iron estimated at 450k rose to #1.3M and later came down to #950k. Cement that was estimated at #4500k is now #8500. 30Ton granite that was estimated at #250k is now #550k.
Remember the sales were made based on the initial estimates. Now that project is under coma because of the present economic realities all thanks to Tinubu's economic policies. I put it to you that you are not doing anything productive in your life.

Each day I go to market to buy materials for work, I am always annoyed and agitated. Nobody is making profit anymore. We are just pushing to be busy.

VinTruth:
Lazy Company!

Oando is set to post over ₦1 trillion after posting losses for over a decade.

VinTruth:
Lazy Company!

Oando is set to post over ₦1 trillion after posting losses for over a decade.

helinues:
The companies loosing now are those who have been doing shady deals in Nigeria most especially terror sponsor and also tax evasion

mikeapollo:
The companies are losing now because the useless, clueless and incompetent Tinubu and his nepotistic govt. devalued the naira recklessly and the companies have suffered huge forex losses.
Which terror did Nestle sponsor and which tax did they evade?

Most Nigerians just talk with so much arrogance in ignorance !

helinues:
So you never considered economic fluctuations when making your project proposal?

Had the price of materials gone down, would you have talked about it?

Macphenson:
Another prove. You have not done anything meaningful in your life. Economic fluctuations of over 100 percent within a space of six months?

Obviously you are a kid still being spoon fed. I challenge you to mention onviable economic activity you are engaged in.

A lot of my developer friends are in a mess because they borrowed money from banks to initiate their project before the disaster happened to Nigeria. Now they cant complete their projects and banks are threatning to take over.

I did a little research on the hospitality sector in Lagos. Over 60% of the hotels in Lagos are now up for sale. Go and verify. All of them are feeling the heat of the Blabablue's economy even in a hustling and bustling city like Lagos.

helinues:
You don't have to be insultive to make your points.

If you are a real business man, you should know global recession is around the corner, embarking on big projects is not advisable . You can't have 2 years lock down due to pandemic without having global economic downtrend not to even talk about the senseless wars without having recession after few years recovery. Too much money was printed during the COVID

What you guys thought you knew are just full of half baked

helinues:
You people are just too damn emotional about politics discussion. Only if you people have a clue about all the atrocities all these companies running loss have committed in Nigeria, then you won't have a pity for them.

If they want to pack up, let them pack up and go, we will attract new investors. They have sucked us enough

mikeapollo:
What kind of statement is this?
Instead of you to blame the useless, clueless and incompetent Tinubu govt. that has devalued the naira recklessly and destroyed the economy, you are describing a reputable multinational company like Nestle as '' lazy company''.
Have you established or managed any manufacturing company before?

Nestle has been operating and making profits in Nigeria for more than 57 years, probably longer than you were born. Generations and generations of people have worked, retired, and still working in the company in Nigeria and other countries around the world. They were making profits before the Tinubu govt. came to destroy the economy.

And how do you compare Oando with Nestle? Does it make sense to you at all?
Oando under the present management is less than 30 years!
Oando sells crude oil to the outside world and receives dollars in payment, hence they don't suffer exchange losses.

Nestle produces fast moving consumer goods which are used daily by the people locally e.g. Milo, Nido etc. which are sold in the local currency(naira), hence they suffer huge exchange losses when the currency is devalued. They import raw materials in dollars and receive Naira for their products, hence they are badly exposed to forex risk. Can you buy Milo, Nido etc. and pay in dollars?

It is statements like yours that make Nigerian politicians take the citizens for granted as if they do not think!

helinues:
The companies loosing now are those who have been doing shady deals in Nigeria most especially terror sponsor and also tax evasion

helinues:
So the companies gaining, who is responsible? The opposition?

mikeapollo:
Most of the companies making gains do not have huge forex exposure, or the nature of their business allows them to hedge their forex exposures more easily e.g. some banks can also conduct business in dollars and receive dollars.

Most of the manufacturing industries are reporting losses, and they all cannot be ''lazy'' or ''stupid''. That should tell you something fundamental has happened to the economy.
This is what happens when an import dependent country devalues its currency drastically.

Banks however, can always find means to make profit because they charge their customers with all sort of fees and levies.
It is normal for companies to make gains; that is what they are established to achieve anyway; it is neither the work of opposition nor government.
What is abnormal is for majority of the biggest manufacturing companies to make losses all of a sudden, because of poor govt policies.

helinues:
Talk something you know not assumption

helinues:
The companies loosing losing now are those who have been doing shady deals in Nigeria most especially terror sponsor and also tax evasion

Corporate2020:
Thieves, MD and Finance Director have looted the company

helinues:
Good.

Those are the missing taxes for years

Nestle, Cardbury, they have been taken us for a ride long time

They almost monopolized Dairy business in Nigeria

helinues:
Good.

Those are the missing taxes for years

Nestle, Cardbury, they have been taken us for a ride long time

They almost monopolized Dairy business in Nigeria

VinTruth:
Lazy Company!

Oando is set to post over ₦1 trillion after posting losses for over a decade.

helinues:
Are you talking from experience?

Since they have been making profits for decades, how much have they given you inside?

nedu666:
Na so. Otunba t-pain aka Jagaban of hardship is working