₦airaland Forum

ghm:
Uber isn't quitting Nigeria because the economy is failing. They're quitting because their model failed here.

They've been complaining for years about drivers gaming the system—fake trips, bonus abuse, account sharing. That's not a macroeconomic problem. That's a microeconomic friction they couldn't fix.

Compare Moniepoint in the UK: they pumped in £2.5m, then exited. Did the UK economy fail? No. Their product just didn't fit the market.

Same energy here. Uber's exit isn't a verdict on Nigeria's economy. It's a verdict on their inability to manage the local reality. The market is still there—they just couldn't make it work.

Your reference to the UK economy actually ''spoilt'' your argument.
The UK economy has been ''failing'' and doing badly for almost a decade now, probably due to the effects of Brexit and other factors

mikeapollo:
@Bagwa, how far?
Any ''news'' or feelers from your end?

Orun m'oru

Agbalowomeri:


Orun m'oru

Please, let Baba Sala rest in peace, abeg.

Stay put at your ''Access for N10'' lane.

Watch Lasaco and Regency Alliance closely.

Both looking set for a Rally...

essentialone:
Watch Lasaco and Regency Alliance closely.

Both looking set for a Rally...

I have shikini regal and guinea...

mikeapollo:
Your reference to the UK economy actually ''spoilt'' your argument.
The UK economy has been ''failing'' and doing badly for almost a decade now, probably due to the effects of Brexit and other factors

Let's keep this about business models, not macroeconomics.

Moniepoint didn't fail because the UK economy is struggling.

They exited because:

The UK remittance market is saturated – Competing with Wise, LemFi, NALA, and Taptap Send. Customer acquisition is expensive, margins are thin.

The UK is expensive to enter – £1.2m setup costs, $2.5m regulatory deposit just to get licensed. Compare that to Nigeria or Kenya where they already have infrastructure. Heavy overhead for a market with no existing advantage.

It was an opportunity cost decision – Moniepoint processes $294bn annually in Nigeria. They're expanding in Kenya and other African markets. The UK was a distraction, not a core market.

Volume isn't viability – Demand was stable. They grew transaction volume 70% but still pulled the plug. Growth without margins is just vanity. That's a product-market fit problem, not a macro failure.

Bottom line: They didn't leave because Britain is failing. They left because their money works harder in Africa. That's strategy, not surrender.

ghm:
Let's keep this about business models, not macroeconomics
[Moniepoint didn't fail because the UK economy is struggling.

They exited because:

The UK remittance market is saturated – Competing with Wise, LemFi, NALA, and Taptap Send. Customer acquisition is expensive, margins are thin.

The UK is expensive to enter – £1.2m setup costs, $2.5m regulatory deposit just to get licensed. Compare that to Nigeria or Kenya where they already have infrastructure. Heavy overhead for a market with no existing advantage.

It was an opportunity cost decision – Moniepoint processes $294bn annually in Nigeria. They're expanding in Kenya and other African markets. The UK was a distraction, not a core market.

Volume isn't viability – Demand was stable. They grew transaction volume 70% but still pulled the plug. Growth without margins is just vanity. That's a product-market fit problem, not a macro failure.

Bottom line: They didn't leave because Britain is failing. They left because their money works harder in Africa. That's strategy, not surrender.

Business models cannot be discussed or debated in a vacuum as there are factors that enable such models to succeed or fail.
Business models can be affected, positively or negatively, by the macroeconomy.
Why do you think companies that depend on heavy imports of raw materials or machinery (all over the world) for their operations usually struggle or fold up whenever the local currency is hugely devalued?
For instance, the viability or otherwise of a transport business (like Uber) will definitely be affected by astronomical rise in price of fuel. (even though I am not saying this is the main reason for them leaving Nigeria).


The UK economy has not been doing well in recent times. Other countries would be better as examples to support your argument.

LASACO should forgive me

essentialone:
Watch Lasaco and Regency Alliance closely.

Both looking set for a Rally...

AI.come

ghm:
Uber isn't quitting Nigeria because the economy is failing. They're quitting because their model failed here.

They've been complaining for years about drivers gaming the system—fake trips, bonus abuse, account sharing. That's not a macroeconomic problem. That's a microeconomic friction they couldn't fix.

Compare Moniepoint in the UK: they pumped in £2.5m, then exited. Did the UK economy fail? No. Their product just didn't fit the market.

Same energy here. Uber's exit isn't a verdict on Nigeria's economy. It's a verdict on their inability to manage the local reality. The market is still there—they just couldn't make it work.

mikeapollo:
Your reference to the UK economy actually ''spoilt'' your argument.
The UK economy has been ''failing'' and doing badly for almost a decade now, probably due to the effects of Brexit and other factors

How? did? his reference spoil it?
So you're saying Moniepoint went into UK before brexit?

Or the UK economy was booming when Moniepoint went in

Since you yourself mentioned the bad trajectory has been on for nearly a decade which is way before Moniepoint went in, you're the one who countered yourself.


The bad trajectory of UK's ecomony was a constant before and after they went in, so It's only logical for you to agree with the man that their failure in that market isn't correlated with the performance of the economy.

awesomeJ:
How? did? his reference spoil it?
So you're saying Moniepoint went into UK before brexit?

Or the UK economy was booming when Moniepoint went in

Since you yourself mentioned the bad trajectory has been on for nearly a decade which is way before Moniepoint went in, you're the one who countered yourself.


The bad trajectory of UK's ecomony was a constant before and after they went in, so It's only logical for you to agree with the man that their failure in that market isn't correlated with the performance of the economy.

When an economy is doing badly with each passing year, it has cascading, cumulating effect which makes things more difficult as years go by.
Similar when an economy is improving, it produces effects that make things better as years go by.

The UK has been in bad shape for sometime now.
Whether Moniepoint exited UK because of poor business model or not, it does not erase the fact that a bad or worsening economy would make things more difficult for even companies with hitherto ''good'' business models. That was the point of reference in Uber leaving Nigeria

mikeapollo:
When an economy is doing badly with each passing year, it has cascading, cumulating effect which makes things more difficult as years go by.
Similar when an economy is improving, it produces effects that make things better as years go by.

The UK has been in bad shape for sometime now.
Whether Moniepoint exited UK because of poor business model or not, it does not erase the fact that a bad or worsening economy would make things more difficult for even companies with hitherto ''good'' business models. That was the point of reference in Uber leaving Nigeria

Nobody says a bad economy is desirable for businesses.

I was just pointing out that it didn't follow for you to discount the brother's argument in the manner you did sir.

awesomeJ:
Nobody says a bad economy is desirable for businesses.

I was just pointing out that it didn't follow for you to discount the brother's argument in the manner you did sir.

Don't jump the gun!
The original discuss/topic was about Uber leaving Nigeria. It was said that Uber is leaving Nigeria due to harsh economic environment.
Then, Moniepoint leaving the UK was introduced into the discussion, to suggest that Uber leaving Nigeria was not due to bad macro-economic factors.

Hence, my advice that UK economy is generally bad now, so it is not a good example, whether companies are leaving the UK or not.

megawealth01:
AI.come

Great. Good catch.

AI is a common tool. Knowing when and what to use it for, making the right judgments, crafting precise prompts – that is not common.

I still catch grammatical errors no matter how many times I proofread my posts, emails, and writeups. Now I run everything through AI – spelling, grammar, even logic. It also summarises my stock portfolio per account and shows me my AUM/net worth at close of business every day.

So I'll ask again: are there still people out there not using AI?

Good people, any news on NASCON please?
Fell 10% yesterday and down another 8% today. Just market-wide profit-taking, or is there something specific?

mikeapollo:
When an economy is doing badly with each passing year, it has cascading, cumulating effect which makes things more difficult as years go by.
Similar when an economy is improving, it produces effects that make things better as years go by.

The UK has been in bad shape for sometime now.
Whether Moniepoint exited UK because of poor business model or not, it does not erase the fact that a bad or worsening economy would make things more difficult for even companies with hitherto ''good'' business models. That was the point of reference in Uber leaving Nigeria

In essence are you saying companies never close shop in countries with improving or great macros?

tayejay:
On the contrary, he may push financial investment from Seplat to UBA, just as First Bank is benefiting from Dangote Refinery.

Win -Win for both!

megawealth01:
LASACO should forgive me

Add Veritaskap

mikeapollo:
Don't jump the gun!
The original discuss/topic was about Uber leaving Nigeria. It was said that Uber is leaving Nigeria due to harsh economic environment.
Then, Moniepoint leaving the UK was introduced into the discussion, to suggest that Uber leaving Nigeria was not due to bad macro-economic factors.

Hence, my advice that UK economy is generally bad now, so it is not a good example, whether companies are leaving the UK or not.

What gun?

Someone said Moniepoint left the UK not because of bad economy?

Then you made a flawed argument that UK's economy has been bad before Moniepoint went in, therefore by your own reasoning, the economy which had been bad before they went in was what caused their failure

Come on!

lionshare:
In essence are you saying companies never close shop in countries with improving or great macros?

Never.
But the rate and tendency for companies to close shop is higher and more prevalent in bad or deteriorating economic environment than during stable or improving economic environment.

It's like this:
People die. But more people die during periods of wars, natural disasters, epidemics, pandemics etc.
And more people are born during periods of peace, economic bouyance, fortunes, etc.

What happened during Udoji Awards in the 1975-76 is a typical example.

ghm:
Good people, any news on NASCON please?
Fell 10% yesterday and down another 8% today. Just market-wide profit-taking, or is there something specific?

Missing its twin

Wants to return home so badly

Looks loke AVACAP finally finds support at 6.00

Ameboperoo:
Looks loke AVACAP finally finds support at 6.00

When you dey go long journey shey you no go rest for road before continuing?

mikeapollo:
Never.
But the rate and tendency for companies to close shop is higher and more prevalent in bad or deteriorating economic environment than during stable or improving economic environment.

It's like this:
People die. But more people die during periods of wars, natural disasters, epidemics, pandemics etc.
And more people are born during periods of peace, economic bouyance, fortunes, etc.

What happened during Udoji Awards in the 1975-76 is a typical example.

I see your point, but you still can’t blame the macros for every company exit, especially since this is no longer 2023—the macro environment is improving the ideal thing would be to compare entry vs exit rate. If this had happened in 2023, that narrative would have been more valid, but not necessarily now. Perhaps Uber has company-specific issues.

Even in the almighty USA, some billion-dollar companies closed shop last year.

*NASCON Allied Industries Plc - Dangote Salt is cooking 🔥*

That H1 2026 result is wild. NASCON turned 3.8% revenue growth into 25%+ profit growth. That’s efficiency.

*1. 📈 H1 2026 Results - "Small Revenue, Big Profit"*
- *Revenue*: ₦81.16B → *+3.84% YoY*. Modest
- *PBT*: ₦29.70B → *+27.6% YoY*
- *PAT*: ₦19.60B → *+25.7% YoY* from ₦15.60B in H1 2025
- *EPS*: *₦7.26* vs ₦11.54 in H1 2025
- *Gross Margin*: *>50%* - thanks to cost control + lower raw material costs

They made more money by spending less, not just selling more.

*2. 💰 The Cash Machine*
This is the real story.
- *Finance Income*: *₦5.35B* → *+126% YoY*. All from interest on cash
- *Cash & Equivalents*: *₦46.05B* sitting in the bank as of June 2026
- *Debt*: Still minimal
- *Dividends Paid*: *₦16.21B* paid out earlier in 2026 and they still have ₦46B left

NASCON is basically a salt company + treasury bill fund. With interest rates high, that ₦46B is printing money.

*3. 🚀 NGX 30 Index Admission*
Big capital markets move.
NASCON is now one of the *30 most capitalized + liquid stocks* on NGX.
*What it means*:
1. *Forced buying* from ETF/index funds that track NGX 30
2. *More FPI attention* - foreign portfolio managers now must consider it
3. *Liquidity boost* - tighter spreads, higher volumes

*4. 📊 Stock Price Reaction*
Market already priced it in.
- *YTD Peak*: ~₦202/share
- *Current Range*: *₦175.50 - ₦195.00*
- Driver: Strong H1 print + index inclusion + dividend track record

*Bottom Line: Why NASCON is Different*
Most consumer goods firms are struggling with FX and input costs. NASCON did the opposite:
*Typical FMCG*: Revenue Growth is Low single digit. Margin is Compressed. Balance Sheet has High debt/FX losses. Other Income is Small.
*NASCON H1 2026*: Revenue Growth is 3.84%. Margin is >50% Gross. Balance Sheet is ₦46B Cash, Low debt. Other Income is ₦5.35B Interest Income.

With Dangote Group backing, salt + seasoning + tomato paste as core products, and now index fund money flowing in... this is why it’s trading like a bank stock but with FMCG margins.

At ₦7.26 EPS for just 6 months, full year could push ₦14-₦15.

.this AI response is not considering July and august
.is salt cooking or salt is used for the cooking

essentialone:
*NASCON Allied Industries Plc - Dangote Salt is cooking 🔥*

That H1 2026 result is wild. NASCON turned 3.8% revenue growth into 25%+ profit growth. That’s efficiency.

*1. 📈 H1 2026 Results - "Small Revenue, Big Profit"*
- *Revenue*: ₦81.16B → *+3.84% YoY*. Modest
- *PBT*: ₦29.70B → *+27.6% YoY*
- *PAT*: ₦19.60B → *+25.7% YoY* from ₦15.60B in H1 2025
- *EPS*: *₦14.51* vs ₦11.54 in H1 2025
- *Gross Margin*: *>50%* - thanks to cost control + lower raw material costs

They made more money by spending less, not just selling more.

*2. 💰 The Cash Machine*
This is the real story.
- *Finance Income*: *₦5.35B* → *+126% YoY*. All from interest on cash
- *Cash & Equivalents*: *₦46.05B* sitting in the bank as of June 2026
- *Debt*: Still minimal
- *Dividends Paid*: *₦16.21B* paid out earlier in 2026 and they still have ₦46B left

NASCON is basically a salt company + treasury bill fund. With interest rates high, that ₦46B is printing money.

*3. 🚀 NGX 30 Index Admission*
Big capital markets move.
NASCON is now one of the *30 most capitalized + liquid stocks* on NGX.
*What it means*:
1. *Forced buying* from ETF/index funds that track NGX 30
2. *More FPI attention* - foreign portfolio managers now must consider it
3. *Liquidity boost* - tighter spreads, higher volumes

*4. 📊 Stock Price Reaction*
Market already priced it in.
- *YTD Peak*: ~₦202/share
- *Current Range*: *₦175.50 - ₦195.00*
- Driver: Strong H1 print + index inclusion + dividend track record

*Bottom Line: Why NASCON is Different*
Most consumer goods firms are struggling with FX and input costs. NASCON did the opposite:
*Typical FMCG*: Revenue Growth is Low single digit. Margin is Compressed. Balance Sheet has High debt/FX losses. Other Income is Small.
*NASCON H1 2026*: Revenue Growth is 3.84%. Margin is >50% Gross. Balance Sheet is ₦46B Cash, Low debt. Other Income is ₦5.35B Interest Income.

With Dangote Group backing, salt + seasoning + tomato paste as core products, and now index fund money flowing in... this is why it’s trading like a bank stock but with FMCG margins.

At ₦14.51 EPS for just 6 months, full year could push ₦28-₦30. Even at ₦190, that’s a P/E of ∼6.5x.

lionshare:
I see your point, but you still can’t blame the macros for every company exit, especially since this is no longer 2023—the macro environment is improving the ideal thing would be to compare entry vs exit rate. If this had happened in 2023, that narrative would have been more valid, but not necessarily now. Perhaps Uber has company-specific issues.

Even in the almighty USA, some billion-dollar companies closed shop last year.

Let's get the facts straight.

Uber is restructuring globally, especially its African business. They currently operate in more than 70 countries. They exited China a while back (I guess you know why I reference China; it is a great economy), and over the last two years, they've left 4 African countries (out of 9) as part of a broader reorganisation.

I follow Uber closely because I hold their shares.

awesomeJ:
What gun?

Someone said Moniepoint left the UK not because of bad economy?

Then you made a flawed argument that UK's economy has been bad before Moniepoint went in, therefore by your own reasoning, the economy which had been bad before they went in was what caused their failure

Come on!

Stop quoting wrongly just because you want to contribute!

Where did you see or read that I said specifically that the UK economy has been bad before Moniepoint went in, therefore the economy which had been bad before they went in was what caused their failure? PLEASE SHOW ME WHERE I SAID SUCH!

I made a general statement that bad economies do make companies to struggle or fold up.
And as far as I know, no company experience (Moniepoint experience in the UK inclusive) can be used to overturn this general theory.

The main topic or statement is that Uber left Nigeria because of harsh economic condition. Any other analogy or discussion has to either support or disprove that statement . So Moniepoint leaving the UK has to be situated within that context.

The UK economy has been very bad for some years now. And worsening economic situations (in any country) can make things worse for any company in that country. Whether that was what happened specifically to Moniepoint or not is not my point.
I raised a general theory in macro-economics.
Cumulative years of bad or economic situations could surely affect companies that were hitherto doing well, unless there is any form of ''immunity'' or ''bullet proof'' that is known to guarantee and prevent every company from such effects or events..

Yemy3m:
.this AI response is not considering July and august
.is salt cooking or salt is used for the cooking

Check and tell us.

ghm:
Uber isn't quitting Nigeria because the economy is failing. They're quitting because their model failed here.

They've been complaining for years about drivers gaming the system—fake trips, bonus abuse, account sharing. That's not a macroeconomic problem. That's a microeconomic friction they couldn't fix.

Compare Moniepoint in the UK: they pumped in £2.5m, then exited. Did the UK economy fail? No. Their product just didn't fit the market.

Same energy here. Uber's exit isn't a verdict on Nigeria's economy. It's a verdict on their inability to manage the local reality. The market is still there—they just couldn't make it work.

Nigerians are too poor afford uber hence no patronage so they bolted.

Kaczynski:
Nigerians are too poor afford uber hence no patronage so they bolted.

You must be one of the Uber drivers who divert clients offline

Kaczynski:
Nigerians are too poor afford uber hence no patronage so they bolted.

they bolted to Bolt from Uber