₦airaland Forum

einsteine:
Replace the CAD with CHF. Why would anybody want to hold the CAD as part of a reserve? The RMB is too controlled to ever truly be a reserve currency.

Okay

I knew I was missing a currency...

CHF is also on the radar.

Those chinese are jokers
That dominance they seek
They just cant get it

Cos they already started on the wrong footing

Chinese and Saudi Arabia operate the same kind of secretive and evil government, i'm not sure the world will trust this two countries particularly.

DexterousOne:
Okay

I knew I was missing a currency...

CHF is also on the radar.

Those chinese are jokers
That dominance they seek
They just cant get it

Cos they already started on the wrong footing

ojesymsym:
You guys are too quick to condemn CBN but you forget or should be aware that CBN under Sanusi tried to make Nigeria embrace mobile banking as it is with Kenya but Nigerians just refused to embrace it because I believe we were/are already exposed to internet banking and mobile app that mobile banking had no void to fill.

Not true. The telcos were only recently licensed to start up mobile money operations in Nigeria - at the end of 2018, or thereabouts - MTN got its license last year I think. There is no way you can ascribe the blame for the delay to anyone other than regulators, as obviously MTN (or any other serious telco) which operates in Ghana and Cameroun for instance, must have been slavering and dying to enter the Nigerian market with this product.

The target of mobile money is mainly the unbanked, who are mostly persons from lower income groups, but it is also used by all classes (think me paying my security man or shopping in the market for instance) and thus it tends to take a bite out of the banks' revenues.

topsquino:
Well said.

I encountered a similar problem last week. People will be shouting "no jobs", but when you send them emails, they will hardly reply on time.

I still don't know why most of our professionals and small businesses don't reply their emails on time. Time is money na. Our work ethics ehn

Same problem with even the so-called established coys: the series I have written First Bank of Nigeria are yet to be replied - had to physically show up at their office to get and sort out info/issues - and Investment-one, other security companies too couldn't reply their too and they want to do business. How can I entrust my money with such people. Communication - timely communication - matters a lot in any affairs of human beings.

Sorry if I mentioned your company while venting my frustration.

Blessed day guys!

ultron12345:
An experience I recently had has once again confirmed the fact that Nigerians are the sole problem of Nigeria.

I was planning to set up a factory production line. I went online and got a list of 8 companies who supply the needed equipment. Out of the 8, 7 were Chinese companies and 1 was a Nigerian company. I sent out emails to all of them.

In less than 24hrs, I had received replies from all the 7 Chinese companies. Till today (a month after), I am yet to receive a reply from the Nigerian company. I even tried to call the numbers on the Nigerian company's website, they were all either switched off, not going through, or non-existent.

I began discussions with the 7 Chinese firms. One of the Chinese firms had an office in Nigeria so they referred me to their Nigerian representative. So I gave them my requirements and specifications. In less than 48 hrs, I received quotations from the 6 china based companies. The Nigerian representative of the 7th Chinese firm told me I have to give him a week to prepare a quotation. A week passed, nothing from him. After 2 weeks, still nothing from him. I contacted him again, he apologized and said he'll send it in 3 days. A week passed again and still nothing from him. I got tired and contacted the company's head office in china. They apologized, collected my requirements and specifications and sent me a quotation in less than 24 hrs.

While discussing with the Chinese, I also noticed they were more concerned with offering better service, advising me on what kind of equipment they think will be best and most profitable, what kind of equipment suites the power situation in Nigeria, and all that. The Nigerian representative didn't even care, all he cared about was money, asking me questions like "if I send the quotation next week, when will you be making payment? "

After, we will say the government is our problem. The attitude and work-ethic of the average Nigerian is just too bad.

The company that refused to reply my emails will still be blaming Buhari for their lack of clients, not knowing that their lackadaisical attitude, laziness, inefficiency and sheer incompetence is the bigger cause. This Nigerian mentality of doing things anyhow anyhow, abandoning the tiny important details, is part of the reason why Indian, Chinese and Lebanese owned businesses tend to do better than their Nigerian counterparts in Nigeria. Ordinary to contact you, to reply your email, to answer your calls, is a now big challenge. Well, according to them, it's still Buhari's fault, not theirs.

To divert a little, this is also one of the reasons I take Nigerian businessmen complaints about power, infrastructure and other things being the cause of their problems with a pinch of salt. Yes, sometimes it is, but most of the time, the problem is mismanagement, incompetence and inefficiency. I CANNOT SEE HOW A COMPANY THAT CANNOT MANAGE A SIMPLE EMAIL ACCOUNT WILL MANAGE AN ENTIRE FACTORY EFFICIENTLY. Yes, power and infrastructure can be improved on, but Nigerians also have a habit of blowing these things out of proportion and blaming their incompetence on the government. I've said before on this thread that I run a manufacturing business, and power is not even among my biggest challenges. The biggest challenge is getting competent manpower WITH INTEGRITY. The competency part is easier, but the integrity part seems impossible, everyone is so dishonest, everyone seems to be on a mission to steal every single kobo they can lay their hands on.

Back to the main topic, the other company with a Nigerian representative will think they are at an advantage being closer to the market with a representative, not knowing that the lazy, evil and demonic Nigerian employees they call representatives are even frustrating and driving away their potential clients with their Nigerian-civil-service attitude.

Once again, there's nothing wrong with the land called Nigeria, nothing wrong with River Niger and Zuma Rock. The problem of this country, is the kind of people that inhabit it, Nigerians. [b][b]Nigerians are the sole problem of Nigeria, [/[/b]b]both the Nigerians in government and the Nigerians amongst the citizenry.

On point..... Lazy set of peoples.

ultron12345:
An experience I recently had has once again confirmed the fact that Nigerians are the sole problem of Nigeria.

I was planning to set up a factory production line. I went online and got a list of 8 companies who supply the needed equipment. Out of the 8, 7 were Chinese companies and 1 was a Nigerian company. I sent out emails to all of them.

In less than 24hrs, I had received replies from all the 7 Chinese companies. Till today (a month after), I am yet to receive a reply from the Nigerian company. I even tried to call the numbers on the Nigerian company's website, they were all either switched off, not going through, or non-existent.

I began discussions with the 7 Chinese firms. One of the Chinese firms had an office in Nigeria so they referred me to their Nigerian representative. So I gave them my requirements and specifications. In less than 48 hrs, I received quotations from the 6 china based companies. The Nigerian representative of the 7th Chinese firm told me I have to give him a week to prepare a quotation. A week passed, nothing from him. After 2 weeks, still nothing from him. I contacted him again, he apologized and said he'll send it in 3 days. A week passed again and still nothing from him. I got tired and contacted the company's head office in china. They apologized, collected my requirements and specifications and sent me a quotation in less than 24 hrs.

While discussing with the Chinese, I also noticed they were more concerned with offering better service, advising me on what kind of equipment they think will be best and most profitable, what kind of equipment suites the power situation in Nigeria, and all that. The Nigerian representative didn't even care, all he cared about was money, asking me questions like "if I send the quotation next week, when will you be making payment? "

After, we will say the government is our problem. The attitude and work-ethic of the average Nigerian is just too bad.

The company that refused to reply my emails will still be blaming Buhari for their lack of clients, not knowing that their lackadaisical attitude, laziness, inefficiency and sheer incompetence is the bigger cause. This Nigerian mentality of doing things anyhow anyhow, abandoning the tiny important details, is part of the reason why Indian, Chinese and Lebanese owned businesses tend to do better than their Nigerian counterparts in Nigeria. Ordinary to contact you, to reply your email, to answer your calls, is a now big challenge. Well, according to them, it's still Buhari's fault, not theirs.

To divert a little, this is also one of the reasons I take Nigerian businessmen complaints about power, infrastructure and other things being the cause of their problems with a pinch of salt. Yes, sometimes it is, but most of the time, the problem is mismanagement, incompetence and inefficiency. I CANNOT SEE HOW A COMPANY THAT CANNOT MANAGE A SIMPLE EMAIL ACCOUNT WILL MANAGE AN ENTIRE FACTORY EFFICIENTLY. Yes, power and infrastructure can be improved on, but Nigerians also have a habit of blowing these things out of proportion and blaming their incompetence on the government. I've said before on this thread that I run a manufacturing business, and power is not even among my biggest challenges. The biggest challenge is getting competent manpower WITH INTEGRITY. The competency part is easier, but the integrity part seems impossible, everyone is so dishonest, everyone seems to be on a mission to steal every single kobo they can lay their hands on.

Back to the main topic, the other company with a Nigerian representative will think they are at an advantage being closer to the market with a representative, not knowing that the lazy, evil and demonic Nigerian employees they call representatives are even frustrating and driving away their potential clients with their Nigerian-civil-service attitude.

Once again, there's nothing wrong with the land called Nigeria, nothing wrong with River Niger and Zuma Rock. The problem of this country, is the kind of people that inhabit it, Nigerians. Nigerians are the sole problem of Nigeria, both the Nigerians in government and the Nigerians amongst the citizenry.

When the month ends, the Nigerian employee will be expecting salary and when not paid, he will say the Chinese are wicked or that it is Buhari's policy that is causing him not to get business.

abraolas1:
Thanks a Lot Maam

God Bless you

You're most welcome!

Oh okay, point noted.

Cyberknight:
Not true. The telcos were only recently licensed to start up mobile money operations in Nigeria - at the end of 2018, or thereabouts - MTN got its license last year I think. There is no way you can ascribe the blame for the delay to anyone other than regulators, as obviously MTN (or any other serious telco) which operates in Ghana and Cameroun for instance, must have been slavering and dying to enter the Nigerian market with this product.

The target of mobile money is mainly the unbanked, who are mostly persons from lower income groups, but it is also used by all classes (think me paying my security man or shopping in the market for instance) and thus it tends to take a bite out of the banks' revenues.

einsteine:
Your submission is not true. CBN killed mobile money by putting it in the hands of banks rather than mobile operators. In Kenya, your airtime can be used as money. In Nigeria, the CBN specifically wrote rules banning the use of airtime as money. The CBN has been so biased in favor of the banks that they refused MTN a banking license despite MTN having by far larger network than any existing bank.

My people in the house, anyone done buzz with Renmoney before? I'm considering their fixed deposit.

My people in the house, anyone done biz with Renmoney before? I'm considering their fixed deposit.

The Federal Government on Tuesday, 11th August 2020, through the Debt Management Office (DMO), offered for subscription Federal Government Bonds (FGN Bonds) valued at N150 billion.

The FGN bonds are listed in four tranches that include:

N25,000,000,000 – 12.50% FGN JAN 2026 (10-Yr Re-opening)
N40,000,000,000 – 12.50% FGN MAR 2035 (15-Yr Re-opening)
N45,000,000,000 – 9.80% FGN JUL 2045 (25-Yr Re-opening)
N40,000,000,000 – 12.98% FGN MAR 2050 (30-Yr Re-opening)

Auction Date: August 19, 2020

Settlement Date: August 21, 2020

Thanks Shola.
What is the minimum amount to be involved in this?

Sholapey:
The Federal Government on Tuesday, 11th August 2020, through the Debt Management Office (DMO), offered for subscription Federal Government Bonds (FGN Bonds) valued at N150 billion.

The FGN bonds are listed in four tranches that include:

N25,000,000,000 – 12.50% FGN JAN 2026 (10-Yr Re-opening)
N40,000,000,000 – 12.50% FGN MAR 2035 (15-Yr Re-opening)
N45,000,000,000 – 9.80% FGN JUL 2045 (25-Yr Re-opening)
N40,000,000,000 – 12.98% FGN MAR 2050 (30-Yr Re-opening)

Auction Date: August 19, 2020

Settlement Date: August 21, 2020

The inflation in Nigeria now is only comparable with 1984.

Sholapey:
The inflation in Nigeria now is only comparable with 1984.

And I think both happened during Buhari regime.

keeper303:
And I think both happened during Buhari regime.

Exactly!

Sholapey:
The Federal Government on Tuesday, 11th August 2020, through the Debt Management Office (DMO), offered for subscription Federal Government Bonds (FGN Bonds) valued at N150 billion.

The FGN bonds are listed in four tranches that include:

N25,000,000,000 – 12.50% FGN JAN 2026 (10-Yr Re-opening)
N40,000,000,000 – 12.50% FGN MAR 2035 (15-Yr Re-opening)
N45,000,000,000 – 9.80% FGN JUL 2045 (25-Yr Re-opening)
N40,000,000,000 – 12.98% FGN MAR 2050 (30-Yr Re-opening)

Auction Date: August 19, 2020

Settlement Date: August 21, 2020

Please House i need straight answers to the below:
1. Can one with low income say 50k to 500k invest in the FGN bond?
2. How can one go about it to invest? Through one's bank or a stockbroker?
3. To get or open a cscs account tied to the stockbroker - if yes through a stockbroker - assisting into subscribing for the bond?
4. And is the auction done every month or quarterly?

Thanks already.

In addition to your question, this is a re-opening bond meaning the initial bond conditions weren't met and is being offered for re-sale, the percentages you see may not be what you get if you go for this bond, i am sure up till this point but there are more bonds conversant guys like ukay2 to explain the conditions of such bonds.

Nb: Anyone posting re-opening bonds auction should try explain conditions of it so that investors know what they are getting into.

Phylife:
Please House i need straight answers to the below:
1. Can one with low income say 50k to 500k invest in the FGN bond?
2. How can one go about it to invest? Through one's bank or a stockbroker?
3. To get or open a cscs account tied to the stockbroker - if yes through a stockbroker - assisting into subscribing for the bond?
4. And is the auction done every month or quarterly?

Thanks already.

keeper303:
And I think both happened during Buhari regime.

na waa o.
E be like say you be mind reader.
Said exactly what I was thinking.

Sholapey:
The inflation in Nigeria now is only comparable with 1984.

My goodness - you are right.
I was preparing for common entrance and all that so I didn't know anything about how the economy was being mismanaged from a young boy's standpoint, just what the adults would talk about after the news, but I do remember the serious scarcity of food items and the rationing and stuff like that.

NL1960:
When the month ends, the Nigerian employee will be expecting salary and when not paid, he will say the Chinese are wicked or that it is Buhari's policy that is causing him not to get business.

Even after not adding value to the company

The sense of entitlement is atrocious

Sholapey:
The inflation in Nigeria now is only comparable with 1984.

Its clear the man has nothing to offer
And has no clue and idea on how to formulate and implement policies that can help kickstart an economy

To make matters worse his empty head is nepotostic in appointments

Assuming he appointed competent people across board in his cabinet (note, tribe is not a criteria for competence tho )
At least his appointees would be able to put things in place to an extent

Obasanjo does not know much himself, but at least his cabinet had some sharp brains that made some impact in the second term of his presidency

All it takes to save this country now is to restore CONFIDENCE in the Nigerian economy

It's that simple
CONFIDENCE

Direct investments wont be made without the confidence

Anyways make we just dey look as things dey spoil.

Tobex4realTobex234:
Egungun be careful.

I got this message too

The only way out of their mess...

@Nigsrdumb

I see you

DexterousOne:
Its clear the man has nothing to offer
And has no clue and idea on how to formulate and implement policies that can help kickstart an economy

To make matters worse his empty head is nepotostic in appointments

Assuming he appointed competent people across board in his cabinet (note, tribe is not a criteria for competence tho )
At least his appointees would be able to put things in place to an extent

Obasanjo does not know much himself, but at least his cabinet had some sharp brains that made some impact in the second term of his presidency

All it takes to save this country now is to restore CONFIDENCE in the Nigerian economy

It's that simple
CONFIDENCE

Direct investments wont be made without the confidence

Anyways make we just dey look as things dey spoil.

My brother even most advanced countries of this world with all their competent people appointed cabinets are sliding into recession. Low oil prices and Covid_19 do not look at competence.

Sholapey:
The only way out of this mess...

This could honestly work
But this is Nigeria Nigeria tho

The structure is such that the very worst of us get to the top of everything
While those who can make the impact are locked out

DexterousOne:
This could honestly work
But this is Nigeria Nigeria tho

The structure is such that the very worst of us get to the top of everything
While those who can make the impact are locked out

Which is very poignant.

arduino:
My brother even most advanced countries of this world with all their competent people appointed cabinets are sliding into recession. Low oil prices and Covid_19 do not look at competence.

Let us be clear about something

A recession occurs when you have two consecutive quarters of economic contraction
That's no big deal

The big deal is
.what is the fallout of the two consecutive quarters of economic slowdown

Will there be minor infractions?
Mild ripples?
Or will your economy fall apart totally

That's where the policy makers come in

Japan has been battling deflation for decades, and their economy is stagnated GDP wise
But they still got it together

Germany is headed to a recession
But things are not spiralling out of control

However the USA is in a recession
And its spiralling out of control
They have a failed leadership at the moment
Both in the White House , and both Houses of Congress

Nigeria has been in economic stagnation for more than 4 years
And it has spiralled out of control as well
Millions of jobs lost that were never got back

Now the informal sector is now so crowded
Cos man had to survive

DexterousOne:
Let us be clear about something

A recession occurs when you have two consecutive quarters of economic contraction
That's no big deal

The big deal is
.what is the fallout of the two consecutive quarters of economic slowdown

Will there be minor infractions?
Mild ripples?
Or will your economy fall apart totally

That's where the policy makers come in

Japan has been battling deflation for decades, and their economy is stagnated GDP wise
But they still got it together

Germany is headed to a recession
But things are not spiralling out of control

However the USA is in a recession
And its spiralling out of control
They have a failed leadership at the moment
Both in the White House , and both Houses of Congress

Nigeria has been in economic stagnation for more than 4 years
And it has spiralled out of control as well
Millions of jobs lost that were never got back

Now the informal sector is now so crowded
Cos man had to survive

Economic stagnation for more than four years??
Men! Where did you pull these numbers you are brandishing from ?

arduino:
Economic stagnation for more than four years??
Men! Where did you pull these numbers you are brandishing from ?

Whem your economic growth is below your population growth rate
You have a stagnated economy

It's a simple economic term sir

Nigeria economy has been growing below 2% annually

At a time it did slightly above 2%

But at the same time
Our population has been growing at over 2.6% per annum

I dont need to tell you about how rapid our population is growing
Just look around you
The kids all over

So an economy whose growth is slower than its economic growth
That country is stagnated and in trouble

Japan economy is contracting
The population also is contracting
So they cancel out

But Nigeria is the opposite

DexterousOne:
Whem your economic growth is below your population growth rate
You have a stagnated economy

It's a simple economic term sir

Nigeria economy has been growing below 2% annually

At a time it did slightly above 2%

But at the same time
Our population has been growing at over 2.6% per annum

I dont need to tell you about how rapid our population is growing
Just look around you
The kids all over

So an economy whose growth is slower than its economic growth
That country is stagnated and in trouble

Japan economy is contracting
The population also is contracting
So they cancel out

But Nigeria is the opposite

I never trust Data gathered by Nigerians for Nigerians.........

Phylife:
Same problem with even the so-called established coys: the series I have written First Bank of Nigeria are yet to be replied - had to physically show up at their office to get and sort out info/issues - and Investment-one, other security companies too couldn't reply their too and they want to do business. How can I entrust my money with such people. Communication - timely communication - matters a lot in any affairs of human beings.

Sorry if I mentioned your company while venting my frustration.

Blessed day guys!

Investment one kept frustrating me until i gave up on them... if getting simple info from them is so difficult, how ll things go when money has been involved. Till today my account officer has not replied any of my mails