₦airaland Forum

emmanuelewumi:
How many people in Lagosians have income?

How many Lagosians are economically viable.

What is the percentage of the productive population in Lagos.

I doubt if 4 million Lagosians are economically productive, the rest are children, students, unemployed youths, retirees and other dependants. Just 400,000 Lagosians pay tax


In any population the top 3 percentile is at the upper class of the population. Even in the US the percentage of the population with a Networth of $1 million is less than 5%, except if just changed.

So it is impossible to have a business in a small town in a South Western state, and you are worth N500 million or in the top 2nd percentile of the Nigerian population, and your wealth will be hidden from the people when the person is not a portfolio Investor but a business owner

Correct in his assertion that the person
worth is among the top 3 percent in lagos

If he is truly hidden or he thinks so is another matter

Said one of the western states , assuming Ekiti , ondo , osun , oyo and maybe Kwara , I know at least 5 people resident in those states worth those figures I quoted . I rest my case

emmanuelewumi:
His business in the South Western state has bank accounts, he has an account officer and the bank manager knows him.

So it will be almost impossible for him to hide, especially when he has a business that he manages. Assuming he was a fixed income or portfolio Investor it is very possible for him to hide and disguise.

Top 3 percentile in Lagos will be among the top 2 percentile in the country and that is huge

Top 3 % in lagos should be 600k people , top 2 % in the country is 4 million

I reckon if you have a net worth of 1 to 2 billion naira , you should be among both , might even be lower , considering what net worth will put you in the top 5-10 % in the usa

Now that to me is not huge , and the original poster might be correct

Would be interesting knowing what he does sha

Sholapey:
Akin, I didn't post it to object or to spoil his bidding. I posted it for him not to get scammed by unknown because I am the owner and that's the only agent I gave the property to manage the adverts. The asking price is clearly stated on his jiji page and the company webs.

Kind regards!

Talk about coincidence, bringing and asking for advice on a forum where the owner of the property is

How did you feel seeing a distressed price on your property , I bet you must have called your agent immediately

He should consider himself very fortunate he brought it here , dem for do am strong thing

Or maybe just a case of misinformation by agents not given original briefs , I have had 4 agents give me 4 different prices on the same property and prices were not close

Cyberknight:
The fact that Nigeria is attracting numbers of Lebanese, Indians and Chinese and not westerners or people from civilised countries is actually worrisome.
Real oyibo are concentrated in the industries where they absolutely have to be - the oil industry, then a few MNCs, and are nowhere to be found in the sectors where the Asians abound.
While I admire the adventurousness of those Asians who come here, I would never seek nor accept employment in one of their enterprises; they are generally contemptuous of us, and given the countries they come from, are used to dishing out lousy treatment.

Not entirely correct , a lot of successful South African businesses are in nigeria

Non of the major international airline businesses are owned by those group of people , you should find out how much airlines remit in ticket sales esp before covid

Google tomatoes jos , am sure other examples abound

The point however is that it makes me very sad to see this people ,all of them , repatriate all that profits and wealth back to there home countries , this are people that came with virtually nothing ( compared to the profits they have reaped and are still reaping ) 20/30/ 40 years ago ,even in china foreign coy are mandated to partner with local coy in order to retain profit and expertise with the local population thereby empowering locals - a story for another day

Read the story of Olam , actually started in Nigeria as a subsidiary of kewalrams in the early 90s before it was spun of , moved initially to london , then Singapore and is now the behemoth it is now

Read the story of the guys that brought indomie to Nigeria , see how they have grown from the 90s to where they are now , so massive

ultron12345:
I can relate very well with your second paragraph.

I run a manufacturing business and a trading business.
The biggest challenge in my manufacturing business is not power, or infrastructure, the biggest challenge is getting honest staff. Everyone we hire is appears to be on a mission to steal as much as possible. Inflated invoices, recording less than the actual number of units produced. The worst part of it all is that all the fraud we've uncovered is not done by a single person, it's usually many staff who collude with each other, from production, to sales, to finance, even top management. There was a year I overhauled management 3 times in a year. But I've found a solution sha, I now use Indian management. So competent, so honest and so straightforward. I thought they were expensive at first with all the visa fees, accommodation, house staff, but now that losses due to staff theft have been reduced to a minimum, and efficiency increased, the Indian management has turned out to be cheaper than the previous Nigerian management. Now, all sensitive positions involving money go to Indians. Nigerians are only allowed in non-sensitive positions. I used to criticize companies like Dangote Group that hire so many Indians when there are many unemployed Nigerians, but now, I understand their decision.

My biggest challenge in the trading business is the same, getting honest staff. The form of trading occurs in the open market, and involves staff having access to huge sums of money running into a few millions. I know how much I pay to security companies to provide escorts for the staff, not to prevent robbery, but to ensure that the staff go straight to the bank to deposit the money after the day's sales and not disappear with my money. This money spent on security companies is even enough to be declared as profit. We have to spend on CCTV, biometric scanners and other things that wouldn't not be needed if staff weren't looking for the slightest opportunity to steal.

It got so bad at a point that my main criteria for employing staff was no longer conpaetency but honesty. At least, competency and skills can be learnt, but once you're dishonest, you're dishonest.

We always complain of the economy and how they are no jobs. I know people abroad who would have loved to set up job creating businesses in Nigeria but they can't because they can't get any trustworthy person to run it.

I know people in Nigeria with so much money, they want to start factories and other job-creating businesses but they can't because they are occupied elsewhere and can't get any trustworthy person to run the business. So instead of investing in the real sector and creating jobs, they'll just buy treasury bills, while the thieves are shouting no jobs.

Many big businesses would have been born in Nigeria if we could engage in partnerships, but we cant because you can't trust anyone. This is one advantage the Indians and Lebanese have over us in Nigeria. They can pull resources together and do mega-business, unlike Nigerians that because only one person must do everything since we can't partner, end up with small, tiny businesses.

Start a poultry and they will be stealing your eggs. Some will even go
ahead to be killing the chickens so that they'll be allowed to take them home.

Start an entertainment/viewing/game center and they'll be pocketing
your money. On the days you're around at the business, the money
realized will be x10 of the money realized when you're not around.
Because they're eating your money.

Lease out a vehicle to a driver to use and watch as he'll finish you.

Start a restaurant, the same thing will happen. More than half of the
total food ingredients will end up in their personal kitchens.

Even ordinary provisions shop, they will find a way to steal.

You'll see them with that their evil, wicked saying "na where person dey work, na there e dey chop, na e make dem dey callam workchop/workshop"...... Just imagine, justifying theft at work.

And you'll see these people point their crooked fingers at politicians when they're not any different. I usually say the reason most Nigerians haven't stolen billions of government money, is simply lack of opportunity.

Nigerians are the problem of Nigeria.

Interesting

At times I feel Nigerians have the most boldness on the planet when it comes to committing financial impropriety , the sheer scale and audacity at times is numbing

I have had indians working for me for the past 15 years in my manufacturing operations , while nobody is perfect what the bring is good work ethics , Technical know how ,discipline and focus on the job - less distractions, issues you might have is when they start looking for better paying jobs elsewhere in Nigeria , or encourage a rich colleague from there local community to start the same business line


I have had frauds running into 9 figures over the last 15 years , is it outright forging of bank tellers , stealing of goods from the warehouse and depots, sales reps absconding with sales proceed , gang up of account , audit and sales staffs , forging of signature on companies cheques , stacking of empty cartons when audit goes to remote places for stock taking , some northern depots to be precise, inflation of invoices , collusion with suppliers etc etc

I Cover most of nigeria thru 9 depots , about 45 reps apart from distributors, tried all sorts of guarantorships , lawyers agreement , collecting original certificates , collecting open dated cheque with guaranteed amount , prosecution etc
For me way forward/ strategy has been growing my distributors base to make them account for more of my sales and less should come thru reps , targeting 80%, presently at 55% , coming from 5-10 % , where it was 15/ 20 years ago, I do independent audit of stocks, accounts etc by an independent consultant on a quarterly basis , started using mds warehousing in some of my operations as against coy managed and staffed warehousing , my processes are much better than 5/10 years ago but not fool proof , we are a very ingenious lot . Reminds me of the cashier that brought her own Pos to shoprite and was diverting payments some years ago , my point is even big global businesses must find solutions and adapt to our peculiarities when they get here

Business is war is what I say a lot , and it’s a puzzle you must keep solving , you must keep coming up with solutions and not be static , you must be fully on ground , there are good people maybe 1 in 20 , when they come along you must encourage and keep them. Business especially manufacturing in Nigeria is serious work and a calling , not for the faint hearted . You need a good amount of God’s grace too

Regardless of all above challenges , For me nigeria is still a land of enormous opportunities and a question I have been asking for the past 20 years is why do the Indians and Lebanese keep coming , and the Chinese of recent , obviously they are seeing opportunities we are not seeing or willing to take especially in some sectors of the economy

hebuli:
Bought for $666,666 in 2015 at 180Naira to a dollar.

Sold for $659,090 in 2020 at 440Naira to a dollar.

Profit in Naira. Slight loss in Dollar.

Still not bad

But if he could get some income stream from the property / land thru rents , while the value Keeps appreciating , that will make it fantastic

ahiboilandgas:
dollars was 180 in 2015 abi 220

Officially was 199

Black market towards the end of year was I think 220/240

ahiboilandgas:
Sold sold sold .....Land 5000 sqm bought for 120m naira in 2015 sold for 290m today after been in the market for 9 months.

Concluded a 3000 sqm transaction recently for 150m, when we checked , land was purchased in 2014 for 70m

Location is key

Naira was also around 170/180 in 2014

GonFreecss1:
1. If you didn’t know there would be future production cuts, then you have not been following these things long enough. Note that in that period, there wasn’t even a production cut, it was just no sales! Worse than a production cut could ever be. So what is your point?

2. Also wrong sir. Go and check the historical charts of the external reserve and see how sharp it went down. Hovered around this? Lol! Bros! I am beginning to believe what those guys meant about your points days back.

3. I am not talking about oil. I was talking about Dollar to naira rates. In which due to the fact that oil had not been sold for a long time, would affect it and due to the fact as with number 1 above - production cuts! Like I said, if you have been following these things for a while you will understand.

4. Hahahahaha. If you don’t know why the Nigerian government decided to borrow money instead of spending down to that Number, bros... then there is still a lot more you need to understand.


You say luck?

I am not the bragging type, but my buying power says otherwise.

Your seem to understand than most this issue of naira exchange rate and I have read with smiles a lot of discuss on oil and naira exchange rates and people not being able to see the correlation and how things eventually turned up and forming knowledgeable

Nobody is right all the time and knows exactly how things will pan out , but if peeps dint know by at least February/ March that things might go south with the naira then they should try to learn against future occurrence because it might happen again , don’t know when, maybe another 3/4/5 years if nothing changes . I think inflow of foreign investor dollars has been reducing since 2nd/3rd quarter last year and accelerated 1st quarter this year due to corona and collapse of oil prices , so we have now low oil prices and reduced volumes to sell due to demand shock and by forced cuts later

That naira has been steadily losing value over the last 40 years or more all due to myriads of factors , oil/lng prices and volume of production being one of them is not debatable , others important ones will be level of remittances by Nigerians in diaspora , how Nigeria is seen as an investment destination , this depends on the government in power and policies and will determine the amount of fdi /portfolio investment that comes in , increased appetite for imported items particularly as our middle class increases ,corruption , overall population size etc

People have been saying all sorts about the Cbn being able to defend the naira in 2016 /2017 , if our import bills and all transfers out of Nigeria is more than what we get as income from all sources eg remittance , oil and gas income , fdi and fpi , etc naira will be under pressure and will fall , no two ways , it’s a Question of time

I remembered prices of oil going down during the last year of Jonathan and purchasing forex for some imports nov /dec 2014 at higher than normal rates of around 190/ 195 outside the normal window, official rates must have been 170/180 or so then , pressure pretty much continued throughout 2015 , remembered buying a large amount of forex for another transaction around September 2015 at 220/230

By June/ July 2016 rates were moved by the Cbn from 200 to 260/280 officially, pressure continued and rates were eventually moved to 306/320 official Cbn rates and for banks , bdc , I and e window at 360 sometime in 2017/2018 I and e window was created to take pressure off the naira sometimes in 2017/2018 , black market rate got to 520 based on speculations before receding to slightly above 360 , so in effect devaluation from 200 to 360 happened over a protracted period of 2/3 years

A combination of things in my opinion happened that caused this massive devaluation particularly in 2016/2017 , oil prices continued to go down and the bombings , destruction of pipelines and infrastructure in the niger delta resulting in production reducing to about 1 to 1.2 m barrels , also a lot of fdi and fpi stayed off Nigeria 2015/2016/ 2017 because of uncertainty and lack of clear directions on investment from the new govt

Also note naira lost value under previous civilian govts, Obasanjo , Jonathan etc but not as much as under the current , and I have been importing and opening form m’s and letters of credit for close to 20years if not on a monthly basis , maybe every other month at least

Point to note also - strategic players/import as recognized by Cbn are simply manufacturers for importation of raw /packaging materials and machineries and they were to be giving priority over others especially importers of finished products as mandated by the Cbn ,dint always play out like that however . Also note There is an import prohibition list and some items were added by the Cbn 2016/17 to curb imports and preserve the reserve. The Same is being done in this current crisis , i have 6/7 lc transaction since February / March that have have been partially transmitted due to $ shortages

Will leave story of financial crises of 08/10 and how it affected the naira for another day

Dangote refinery might change the narrative as regards our import bill , time will tell

Bbbwings:
Crazy
1 million then will be 7 million now excluding dividend payout

Very close , just checked , 319601 shares worth 7,734,344.20 at today’s price

Bought 1 million naira worth of shares i think in 2004 , can’t remember the amount of dividend i have collected sha

Godlylifeoneart:
Bra, this analysis cannot see the day.
Buhari would need to do one of the following in 2020 for zenith to retest N11. 00 and FCMB 0.97.
He will need to move all d Headquarters of banks to Katsina.
Move the two Lagos ports to the North
Hard locked down on Rivers and Delta state.
Then, the price of Zenith will touch sub N11. 00.
Failure to do dz, Zenith will trade at circa 14 to 20 for the rest of the year.

Maybe cessation of democracy or a massive meteorite striking Nigeria or abi Na war

But there must definitely be another black swan event to depress prices to that low , and it can’t be for zenith alone , It will affect all stocks

MrMcJay:
See, let me tell you, in all the properties my clients bought with sitting tenants, none of the tenant has left as at the time promised, not a single one. Even a property where the seller was living with his family, he extended his stay. It was when we withheld his balance payment that he moved out. There was another tenant that reported the seller to the police. This was a tenant that was owing 3 years rent.

What I usually advise is that if one wants to buy a property with sitting tenants, what to do is to ask the seller to eject all tenants and deliver up completely vacant possession. Meanwhile, pay about 60% of the purchase price and prepare a Contract of Sale signed by the seller. The remaining 40% would be paid whenever all the tenants are out.

We learn everyday is what I always say

This your suggestion was what the new lawyer I now used said I should have done if not vacant possession

I paid 100% , was a commercial property used by a franchisee of mr Biggs , was also interested in purchasing the property

Anyway it ended well , started construction there . Wiser now

emmanuelewumi:
To make your property move in time make sure the property is vacant, a friend bought a property and waited another 2 years before he could take physical possession because 4 tenants were living in the property when he bought

Spot on . I for one will not buy any property with tenants going forward . My lawyer said I should always insist on vacant possession ,Learnt this the hard way ,the guy even took me and the seller to court to delay things , but godly wisdom prevailed . Took possession after one year this feb .

emmanuelewumi:
Nothing is impossible and anything is possible. People sell Investments for different reasons, we sell to book profit, we sell to be liquid, we sell in order to key in into other investment opportunities.
Properties are still being sold at Ikoyi and Banana Island where we have the real old money men, so properties will always be available at Lekki.

But they are not selling because of hunger ooo, because they have more than 2 investment properties

Well said

It’s obvious some peeps have not bought property here during economy downturn, that you can get more distressed sales during this period is simple economics and should be easy to understand , even in the best of places

Am not one for shouting and arguing and unnecessary back and forth . I no get the energy

Things we have been doing since 2009 , even outside the country . Each to his own understanding

Reine22:
How much lower can property prices actually go? Considering a lot of the properties in Lagos at least are bought with ‘stolen’ funds. Not that many people are in a hurry to sell. It’s partly why Lekki house prices/rent keep increasing even as half of them are vacant. Do market forces have that much of an impact?

Only time will tell

More deals and Bargains will definitely be available later in the year , make we dey watch . Many people investing in properties also invest with clean funds .For even the people stealing there will be less funds to steal this year

Theconglomerate:
Right?
I see a lot of rentable properties in lekki at 30m and environs and I am wowed!
Really surprised and it makes men think and salivate much upon say na 80k I get for aza

You ain’t see nothing yet . Prices can only get further depressed as the full effects of the economy downturn continue to manifest . People should wait for later in the year , Q3/Q4 as people without reserves and that over extended /over leveraged themselves try to bail out of properties for cash

My architect was hustling me early this year to get a land at pinnock , am sure among the most expensive real estate in lekki at 150 to 200k par sqm , started calling again now that prices are coming down . Told him to chillax it will come down more , we just start

emmanuelewumi:
You need a corporate account, you can't be a contractor with big companies like Guinness, Flour Mills, MTN, Dangote, First Bank etc using your personal name, with being registered with Corporate Affairs Commission. Big businesses will always pay into your corporate account.
Same with local government, state government and Federal government.

There is a limit to the size of loan you can get as an individual, no bank will give you a N100 million loan on your personal guarantee when you are not a Dangote, but you can get a business loan that is more than that based on the cash flow generating ability of the business

Exactly

Not many smes willing to go thru this route and do things properly for reasons i mentioned earlier

Most have no dealings with big cooperates or govt business

emmanuelewumi:
Even if it is a micro business, the enterpreneur should use one of his personal accounts as the account where income from the micro business will be paid into.

A micro business is that which the start up capital is N1 millon and below


Most salary earners thinks our side businesses are profitable because of co-mingling, it is when we are retired and face the business squarely that we will realize that we have been swimming naked all along

A salary earner who co-mingles his account with his side business and does well must be very disciplined and frugal. My wife does that and her salary for the past 4 years are been invested in money market, bonds, real estate and Treasury Bills. The side business handles her bills and pays her a monthly stipends. She gives personal loan to the business at 15% per annum whenever the need arises

And if not a salary earner does this apply ?

My input was for people that do business as there main hustle

emmanuelewumi:
We always make the mistake of co-mingling our money and that of our business. This usually give a false sense of profitability of the business.

Whatever you put should be a loan which must be paid back at a given time

Even if you are using your property for a business, the business ought to pay rent to you, take care of other running costs, pay you a given stipend as salary, before you can determine the profitability of the business. Most especially if you have been running this business for 2 years and above

Most SMES dont separate there accounts into personal and business , most am sure even run most of there business thru there personal accounts , the rest that have enterprise and Limited coy accounts don’t keep all the books and don’t Chanel payments thru them ,the reason is simple , most do not want to pay tax or other government fees etc , for some it’s a question of don’t want to put up or pay for the structure that will enable this , accountants , store officers , auditors etc ,

I know a lot of traders , there turnover will be in excess of 500m , a few over 1b . Most operating from personal accounts or a few using combination of personal and enterprise account

I have 2 ongoing projects , one for 16m for the builder/engineer fees , he provided his personal account , when we were about to start the second project which is much bigger , I insisted I wanted a company account , reluctantly he provided one and said oga the tax people might disturb me later smiling

What advice will you give along this line

seyisanya:
In my opinion, the best time to let them know about the financial position of your school was when you paid the April salary. Telling them now is late but informing them by month-end would be too late. Please, if it's possible, kindly pay 50% or less this month then let them know about the situation of things moving forward.

About the best advice I read on the matter

He should have communicated immediately to his staff early April on the situation of things and downsized immediately or given most leave without pay while retaining just a few on reduced salary say 30 to 50 %

The reality is most smes don’t have reserves or liquidity and if they have its little and probably being used up for the next phase of business expansion

How we give advice to keep paying when we can see what even bigger companies in Nigeria and worldwide are doing is beyond me , you can say that’s capitalism and u won’t be wrong . I have over 400 staffs but in an essential industry, nothing has changed yet but for people in non essential industry or industries affected by shut down , most will be laying off staffs, furloughing staffs (giving leave without pay) and reducing salaries , no 2 ways

@ Oracle , Not surprised at your advice , you be potmoto Investor

Let’s wait from July upwards even a lot of states won’t be able to pay salaries, it’s then you will know that even our govt does not have reserves

twinskenny:
He is base in lagos we’ve done a couple of project together... highly recommended

This is Kenny right ? Favos ? We spoke about a month ago , u never come ibadan since that time abi

That’s the thing with you lagos peeps , u are so occupied , to Comot lagos Na problem

Gave out electrical / and most of the mechanical aspect of the first project , hoping they do a good job , close to what I see here

Jejebabaa:
This is the correct source http://www.nse.com.ng/dealing-members-site/Top%2010%20Broker%20Performance/April%202020/TOP%20TEN%20STOCKBROKERS%20FOR%20THE%20WEEK%20ENDED%2030-04-2020.pdf

Assuming this is for a week and the article was for a month transaction

Jejebabaa:
Stock brokerage is not that profitable. Imagine Morgan capital despite making 3rd best broker by volume and 9th top broker by value with total value of 750,720,603.74 naira. At 0.5% brokerage fee amounts to just 3.75M naira for the month. They better have other source of income and not only this brokerage thing.

I thought 5.6billion was quoted for Morgan in the article

olaleye2real:
We are here for you quality and affordable plumbing job..
We can manage your project for you...

Our previous during this lockdown.

Your job looks good , where are u based ?

I have 2 commercial projects , malls to be precise under construction in ibadan , might be interested in your services

emmanuelewumi:
Skye Shelter currently selling for N62.00 paid a dividend of N7.00 last year.


UPDC currently selling for N3.50k paid a dividend of 58k last year from EPS of 99k. And also bought Kingsway building from UPDC for N3 billion in 2019 wihout getting into debt.

UPDC REIT paid a dividend of N900 billion to UPDC in 2019.

Also paid property management fees of N150 million to UPDC.


Not a stock for JIJO, but for cash flow Investors

900 million u meant ?

[quote author=Theconglomerate post=88970718]I didn't say import,I said buy locally from giant merchants(importers) here,all naira transactions.
Buying any commodity in foreign currency is very risky now!!![/

Ok

True , u can make money that way as most importers or manufacturers have not fully priced in dollar at current rates in there costing

Reminds me of something that happened today , one of my distributors wanted 1000 carton of a particular product We have been rationing because the price was low , told my warehouse mgr to give him 20 cartons as the price would be going up by 15% on Friday 1st May

Theconglomerate:
Inflation is yet to set in or atleast,not to its optimum degree to this new exchange rate.
Trust me it is still coming.
If I were you,I will use all of that naira liquid in my account to purchase now and fill my warehouse and cut my losses now rather than later cos its gonna get worse.

There is only so much you can do , depending on your scale of operations might not be possible to change all funds to dollars or stocks , you will need naira for operational expenses , purchase of some local inputs , salaries , diesel etc

You might need some naira to take advantage of local opportunities that will eventually arise and for emergencies

Even importers will need naira for custom duty , shipping , terminal duties , other clearing charges etc

Buying dollars now at 460 might be risky , nobody knows what will happen , might be lucky if you are an importer and you get your goods down to Nigeria quickly and there is scarcity . Scarcity happens in uncertain times like this because some people will stop importation

All the best to everyone , things definitely not looking good for the economy, hardship and serious inflation due to devaluation is coming if not already here , it’s deja vu all over again

naijaoyibo:
This is the best thread on Nairaland.

Meanwhile I would like to hear your views on the following below distinguished senior colleagues:


I have some money in one of this Agro-Tech platforms, about 10M Naira. The return on investment is 20% in 9 months. The investment would mature only in October and return 12M Naira. The Naira is on extreme pressure and I believe this 2020 might be worse than 2016 when it was devalued from 150 to 360 Naira per dollar. I fear that a serious devaluation may occur before October when my fund matures. If I withdraw the investment now, I get only my capital of 10M, however, I have the opportunity to change the Naira at 390 - 400 Naira per dollar and cut my losses.

I want to minimize losses but perplexed on the step to take.


I would like to hear your views senior Investors.

The naira is already at 460 at the black market and might rise further , let’s even assume there are lots of speculations and the true value is say 420/430 when devaluation fully sets in and is official , you have already lost close to 19% already in dollar terms from the initial starting point of 360 in feb when u did the transaction

The rate you are still getting 390/400 is excellent ,do they allow partial liquidation of the investment so that you withdraw 50% and hedge With this $ purchase , tough call

You should have asked this question in feb , would have told you to buy dollars immediately ,people should have hedged most of there loose naira months ago in dollars or stocks as in goods if you are trader , raw /packaging materials if you are manufacturer etc

Meanwhile I admire the courage of people investing in this agriculture technology space , una get liver wella

All the best bro

emmanuelewumi:
The other time I highlighted the importance of having cash reserves, it is important for individuals, businesses and countries. Companies like Zenith bank have over N500 billion in reserves, Apple has over $120 billion, Warren Buffet has almost $100 billion. While Nigeria with over 200 million people has less than $40 billion. I doubt if the state governments have any reserves at all

Assuming our country has enough cash reserves, workers who have been paying tax for a minimum of 12 months ought to be given at 50% of their monthly salaries as palliatives because of the pandemic.

Airline companies won't pay April salaries to their workers.

I got a rude shock from the Internal Revenue Service about 2 weeks ago, asking why I have not forwarded the March PAYE tax of my workers to them.

FG might not have money to share to the states as from May. Unfortunately it is businesses that the state governments will tax and stress in order to get enough funds to pay civil servants and manage the states.

The current or expected recession is going to affect workers, businesses, business owners, self employed, traders, citizens, governments, tithers, non-thithers, pastors, parishioners, side chicks, sugar daddies, tenants, landlords, celebrities, fans, political, poor, rich, old , young, urban dwellers, rural people, students, the list is endless.

May God help us to put an end to this, so that the economy will start looking up.

It will definitely require a big miracle for Lagos not to be locked down for beyond 2 months which is 8 weeks

Nigeria is a country of contradictions , with a lot of wrong priorities . we are in my estimation a poor country although they like to sugarcoat it by saying we are a middle income country , gdp per capital of around 2k dollar , the new poverty capital of the world with close to 90m people living below the poverty line

We live beyond our means , we have some of the highest paid politicians in the world , the average nigeria is not left out . No savings , nothing

We are not a very productive nation , bringing nothing to the table of world commerce and economy except raw produce like crude oil and agric produce , no value addition most times only to reimport refined/ value added products

Add to that the colossal waste of our meagre national resources due to mismanagement and outright incompetence by our political and economic leaders over the past decades and you can begin to see the kind Of serious trouble we dey . Not mentioning corruption and Population growth that are still among the highest , problems boku

More Serious winter is coming

I join my faith to yours to hope for the miracle that will happen but at the same time I will prepare for winter

emmanuelewumi:
Hello guys can we share investment or money management lessons we learnt during this lockdown.

I learnt three major lessons.

1. Cash is king

2. Live below your means

3. Be cautiously optimistic

Cash is king takes on its fullest meaning during downtime /recession and when opportunities abound . Good assets real estate , stocks etc will become cheap then

The importance of having liquid reserve cannot be overemphasized, it’s for times like this . Am particularly excited and alert in times likes this simply because of the opportunities that will open up


For me as a manufacturer with over 400 staffs , will tell you how I always come out stronger during economy crisis or depressions for the last 15 years , and the crisis of 2016/17and 2008/10 comes to mind .same thing I have been doing for this crisis . some of those years my sales went up 25 to 45 %

Moving into stocks both raw and packaging materials way before the manifestation , been moving into both 3 to 6 month ago , similarly in 2015 etc

This allows you to have converted all your loose cash to stocks at prevalent exchange rates and allows you to produce fully when others don’t have stocks say because of dollar shortage or increase and at a reasonable markup

It requires you to be proactive and liquid

To me it has been obvious that devaluations was coming since 2nd Quarter last year , converting part of loose funds to dollars was a no brainer if you do a lot of importation

3rdly this year , doing something I had always advised people to do but never did because of many reasons which is to hedge recession and devaluation by playing and buying right in the stock market

Lockdown due to panic and fear , recession , low oil price Resulting to devaluation , economy slow down and inflation etc could be mitigated against . We are in interesting and rewarding times for those that are prepared

All above can be done simply by having cash/liquid reserves . Being conservative in good times and being aggressive in times like this when opportunities open up . Cash is truly king

Sholapey:
Are you interested in the said property? If yes, I can refer you to the owner because the offer came after I left Nigeria and I had bought one around ashi bodija for office use while on grand.

Not interested at all madam , have many offers for residential in the same bodija ,residential is Just not my thing

Theconglomerate:
e be like you want go buy the property for her back at 20m
Lol,no mind me ooo

, only do commercial for now