₦airaland Forum

emmanuelewumi:
Yes


Less than 2%

less than 2 percent of the 50m accounts have 500k and above so 98 percent of ndic insurance cover of 500k covers almost all accounts

emmanuelewumi:
I can't explain why a lot of Fortune 500 companies are opting for Indian CEOs

Intelligence. These are one of the smartest people on earth...Indians/Pakistanis. They adapt easily wherever they go.

ahiboilandgas:
it an Ndic reports that 500k insurance covers 90 percent of bank deposits...a report says that their are about 10000 millionaire in nigeria (1 million dollars above)....80 percent reside in Lagos....dont know how true

There is a difference between 90% of bank deposits and 90% of bank customers.


2% of bank big customers can have over 90% of bank deposits

emmanuelewumi:
Millionaires in dollars, I don't think the 10k figure from a foreign magazine is correct

why ??..net asset (- debt )
...

If you have N10 millon in your account, the highest NDIC will give you is 500k.


That is why CBN and EFCC must be commended for preventing the liquidation of Oceanic Bank, Intercontinental bank, Skye Bank and many other badly managed banks, although the CEOs of such banks would have preferred liquidation of such banks and pay 500k to big depositors after about 10 years or more


After which the notorious CEOs will then go and establish another bank

ahiboilandgas:
why ??..net asset (- debt )
...

Can we say it is just 10,000 Nigerians that have a Networth of N400 million. Not possible

emmanuelewumi:
Can we say it is just 10,000 Nigerians that have a Networth of N400 million. Not possible

i think is even less...

ahiboilandgas:
i think is even less...

I don't think so, there are some money market opportunities in the informal sector which the foreign magazine might not take into consideration


10,000 is just too low, our political class in the Federal, states and local government levels will conveniently produce 5000

Mind you your Networth is the total of the value of all you own eg houses, cars, gold, cash, Treasury Bill, bonds, shares, value of your business, art collections etc minus the total of your debts.


You Networth does not mean the amount of cash you have in your bank account

ahiboilandgas:
it an Ndic reports that 500k insurance covers 90 percent of bank deposits...a report says that their are about 10000 millionaire in nigeria (1 million dollars above)....80 percent reside in Lagos....dont know how true

Wow! I didn't know we have up to that number of Millionaires in Nigeria.
Can you please share the link to this report?

ahiboilandgas:
i think is even less...

Much more than 10,000. The oil industry for example...How many NIgerians work there currently/retired.. A lot of management staff are on more than N100m annual pay excluding bonuses.

The Telecoms indutry...Current/Retired...Same jumbo bonuses....

Not even mentioned the political class.

Far more than 10,000 in my opinion.

Very true

emmanuelewumi:
There is a difference between 90% of bank deposits and 90% of bank customers.


2% of bank big customers can have over 90% of bank deposits

emmanuelewumi:
I don't think so, there are some money market opportunities in the informal sector which the foreign magazine might not take into consideration


10,000 is just too low, our political class in the Federal, states and local government levels will conveniently produce 5000

politician make money like wise spend money...a rep can make 400m a year and expend 380m in same year in name of political patronage and re-elections cost

AnthonyAnderson:
Much more than 10,000. The oil industry for example...How many NIgerians work there currently/retired.. A lot of management staff are on more than N100m annual pay excluding bonuses.

The Telecoms indutry...Current/Retired...Same jumbo bonuses....

Not even mentioned the political class.

Far more than 10,000 in my opinion.

how many real oil companies dey Nigeria and how many be managment stadf ...if u work in Exxon and paid 100m yearly ...u will expend over 50m yearly to stay in banana island ,pay bis school fees pay Bleep pounds for school in the uk pay rhis and that...

AnthonyAnderson:
Much more than 10,000. The oil industry for example...How many NIgerians work there currently/retired.. A lot of management staff are on more than N100m annual pay excluding bonuses.

The Telecoms indutry...Current/Retired...Same jumbo bonuses....

Not even mentioned the political class.

Far more than 10,000 in my opinion.

Ten thousand is not N10, 000 naira o... 10000 people!!!!

AnthonyAnderson:
Intelligence. These are one of the smartest people on earth...Indians/Pakistanis. They adapt easily wherever they go.

Apart from that they are efficient cost managers, that is what Investors and shareholders orders want. An average American CEO is not as cost efficient compared to an Indian born CEO.

emmanuelewumi:
If you have N10 millon in your account, the highest NDIC will give you is 500k.


That is why CBN and EFCC must be commended for preventing the liquidation of Oceanic Bank, Intercontinental bank, Skye Bank and many other badly managed banks, although the CEOs of such banks would have preferred liquidation of such banks and pay 500k to big depositors after about 10 years or more


After which the notorious CEOs will then go and establish another bank

It's actually a collaboration between NDIC and CBN that prevented liquidation by introducing the bridge banks eg Polaris. EFCC has nothing to do with the liquidation of a bank. Once the license of a bank is revoked, it automatically falls within NDIC's purview.

My opinion is that some of these regulatory interventions create a moral hazard for the banks in operation.

AnthonyAnderson:
Much more than 10,000. The oil industry for example...How many NIgerians work there currently/retired.. A lot of management staff are on more than N100m annual pay excluding bonuses.

The Telecoms indutry...Current/Retired...Same jumbo bonuses....

Not even mentioned the political class.

Far more than 10,000 in my opinion.

There is a whole lot of difference between what you earned and your Networth.

After working for 20 years it is possible for someone who earned an average of N10 millon per annum for 20 years to have a higher Networth than another person who earned an average of N20 millon per annum.


Besides I doubt if the number of the workforce in the petroleum sector is up to 20,000. It is about 1% of the worker force that is 200 that can get to the top management level.


From the current annual report of MTN Nigeria, it is just 4 top management executives that earned over N100 million per annum

olujaidi:
It's actually a collaboration between NDIC and CBN that prevented liquidation by introducing the bridge banks eg Polaris. EFCC has nothing to do with the liquidation of a bank. Once the license of a bank is revoked, it automatically falls within NDIC's purview.

My opinion is that some of these regulatory interventions create a moral hazard for the banks in operation.

EFCC helped with the forensic audits of the accounts and to an extent the recovery of stolen funds .

Ugmama:
Ten thousand is not N10, 000 naira o... 10000 people!!!!

In a country of 200m people and above, it’s more or less like 10000 naira.. lol.

Difficult to believe only 10000 Nigerians are worth $1m especially when you consider the overpriced cost of real estate in Nigeria..

chigo4u:
In a country of 200m people and above, it’s more or less like 10000 naira.. lol.

Difficult to believe only 10000 Nigerians are worth $1m especially when you consider the overpriced cost of real estate in Nigeria..

Well, you may not believe it.

Hope you will believe that 70% of Nigerians are poor.

82million people in Nigeria can't boost of 1usd per day

Ugmama:
Well, you may not believe it.

Hope you will believe that 70% of Nigerians are poor.

82million people in Nigeria can't boost of 1usd per day

82 million people in the north please.
No one in the SE,SS or SW lives on less than a dollar a day.
Most of the misconstrued data about Nigeria comes from the total lag of the northern states,so believing all these data you see around is very close to delusion.

Theconglomerate:
82 million people in the north please.
No one in the SE,SS or SW lives on less than a dollar a day.

Whether east north or south.... Shebi na Nigeria

chigo4u:
In a country of 200m people and above, it’s more or less like 10000 naira.. lol.

Difficult to believe only 10000 Nigerians are worth $1m especially when you consider the overpriced cost of real estate in Nigeria..

I disagree with the figure, we have more than 10,000 medium scale businesses that employ and pay salaries to over 100 workers every month.
Even if it just minimum wage which I doubt. That will be an annual personnel expenses of over N20 millon, generators, taxes, finance cost, diesel, energy, gas, advert, marketing, depreciation, etc. Annual running cost of the business will exceed N100 million. There is a high probability that the business will be worth N400 million.

We have thousands of such businesses owned by Nigerians, Indians, Chinese etc in Nigeria

Ugmama:
Whether east north or south.... Shebi na Nigeria

It is Nigeria but should tell you that most of the data you see are false,because when averages are taken with a population of over 100million northern people bringing no positive contributions to the economy,they are bound to drag others down and offset statistic.
So i always point out those facts as it is important.

Ugmama:
82million people in Nigeria can't boost of 1usd per day

Are you sure?
I may agree with your statistics if you say 82 million people in Nigeria can't afford to pay 1USD per meal three times a day.

IamR:
Are you sure?
I may agree with your statistics if you say 82 million people in Nigeria can't afford to pay 1USD per meal three times a day.

Google is also your friend bro

Theconglomerate:
It is Nigeria but should tell you that most of the data you see are false,because when averages are taken with a population of over 100million northern people bringing no positive contributions to the economy,they are bound to drag others down and offset statistic.
So i always point out those facts as it is important.

No point flagging a region of the country. I am not from the north but please don't stigmatize them

Ugmama:
Google is also your friend bro

In this case, I will only believe in real data and not what Google says except a verified source

IamR:
In this case, I will only believe in real data and not what Google says.

Lol... OK o

IamR:
Are you sure?
I may agree with your statistics if you say 82 million people in Nigeria can't afford to pay 1USD per meal three times a day.

It can be true if you look at a particular situation critically.
There are over 40 million alumajiri in the north that basically lick plates after others have eaten and beg for akara and sing up and down out there,so how hard can it be to see another 42 million people up there that don't see up to 400 naira to feed daily?

Ugmama:
No point flagging a region of the country. I am not from the north but please don't stigmatize them

No one is stigmatizing anybody,I am analysing statistic.
You don't see me saying anything bad about them right?