₦airaland Forum

What's wrong with it?

Why do you want to sell it?

Moved to Jobs/Vacancies

Why are you specifically asking for an underaged female houseminder? Get a JAMBite and pay him/her well.

A Christian-owned secondary school in Ota, Ogun State needs Fine Art and Agricultural Science teachers.

The ideal candidates will be capable of teaching students to excel academically by truly understanding and applying important concepts instead of just cramming notes.  They should not tolerate or condone cheating and must be above engaging in any immoral behavior or abuse of power.  They should be dedicated and inspirational figures capable of motivating students to work very hard by persuasion rather than the undue use of force.

Teaching & marking experience (WAEC/JAMB/iGCSE) and relevant qualifications are very important. Salaries are competitive and successful candidates will need to start right away.

If interested, please submit your CV and application letter at the Ambassadors Schools, 2, Ambassadors Close, Opposite New Ota Market, Behind Total Petrol Station, Idi-Iroko Road, Ota.  Call the Chairman at 08055103318 or Mr. Shehu at 07042964401 to schedule an interview.

Please share this vacancy on Facebook if you have friends who might be interested.  Thanks!

13 year old girls seeking contraceptive implants are certainly not innocent. If the school starts notifying parents, the girls will stop asking for the contraceptives, because they don't want their parents to know. so they'll end up getting pregnant.

There's nothing newsworthy in this report. We already know everything from his biography.

i BEG TO DISAGREE, the camera embedded in de ATM is for security purposes and no one can ask yu to pay money to retrieve a data i can even retrieve from uyo here cos yu can access almost all de resources from anywhere.

This is nonsense. That she was asked to pay simply means the bank employee in question was corrupt.

Looks good but: 1.1m for a bike?

A GTB customer (not me) wrote this on Facebook:

Story, story, I was home on a saturday morning only to receive 4-text messages from GTB. The first was welcoming me to "a new service" - dollar mastercard. The second was a notice that the amount XYZ had been deducted from my meagre Naira account because of #1. The third was to inform me about a new account number created on my behalf. The fourth was information on the amount in US$ that was credited into my new account.

I thought the whole thing was 419, and even disregarded the text messages; only for me to appear in a GTB branch on Monday morning and explain myself. I showed the lady at the counter the text messages, she checked on her PC and with a smile, replied "yes sir, you are welcome to our new service". I had to cool my temper, filled up their complaint form and left the place as I was boiling with rage already, considering that I did not request for the service.

Long story cut short, I sent them several mails about the issue, but they stubbornly replied that they cannot reverse whatever was done, even if I didnt need the DollarMastercard.

Can you believe that a staff of GTB actually called me to suggest HOW TO AMICABLY RESOLVE THE ISSUE!. I was happy, thinking she was going to say something sensible. She said they were sorry about the "MIXUP", but that I could look at things positively. So I replied "how".

Her reply went something like this: sir you know, now that we have issued you a Dollar mastercard, at least the next time you go abroad, for example to the UK, you dont need to carry cash", etc. Then the silly lady even asked me if I had family members in the UK.?

I had to physically hold my phone in front of my eyes just to confirm the nonsense I had just heard. I was like, what tha?

Long story cut short, I wrote them a 5-page letter, threatening a serious law suit, called up / copied the letter to the ICPC, the EFCC, the police, a lawyer and an army officer contact.

I dont know what transpired between the ICPC/EFCC and the GTB, but I got a call from someone at the ICPC and then like 8-GTB staff/managers called me to apologize rainfall and deepwater. For the first time in my entire life, I felt as if Nigeria has hope.

Discrimination and Incompetence usually reinforce each other. If all the black investment bankers you know are incompetent, you'll be tempted to assume they are all incompetent, so incompetence leads to discrimination.  On the other hand, if blacks are consistently discriminated against, they won't be motivated to develop themselves like their white counterparts, so discrimination also leads to incompetence.  It's a positive feedback cycle. However, some blacks who are really exceptional will be able to break through, and they will be greatly respected (like Obama in politics).

If you try to use affirmative action to force those whites to hire more blacks, then the quality of the average black investment banker they come across will go even lower.  This will amplify the prejudice they feel against the blacks, and cause the blacks to relax since they now have guaranteed slots.  It will also lead to the hiring of less competent people because of their skin color, which is bad for the economy and bad for business.

How can we fix this problem without creating new problems?  We can make it easy for blacks to start their own investment firms by cutting out silly regulations. Those black-owned firms will not be prejudiced against black people, since their owners are black, but black investment bankers will still be motivated to work hard, because they would have to compete with white investment bankers for jobs in the black-owned companies.  Successful black-owned companies won't discriminate against blacks but at the same time they will hire whites if they are better. Once this is in place, and competent black people can find jobs that are non-discriminatory, I will consider the problem solved. Statistical parity isn't necessary: we don't consider it a failure of society that American sports are dominated by black people because whites who are truly good won't be turned down.

Great idea. If this is wrong, then it means you support teenage pregnancy.

obo_man:
Would you say the same about race, especially in societies where ethnic minorities have been subjected to consistent segregation in the past?

Yes. For example, if black kids in the US have lower test scores, the solution is not to lower admission standards for them, but to help them to improve their test scores. If black employees are under-represented in management, the solution is not to say X% of managers must be black. The solution is to develop more objective means of assessing managerial candidates and to encourage black employees to work harder on their management skills.

The Nigerian Police now has a twitter page!

Some entries from the Nigerian Police Twitter page:
- Police in Kano discovered 10 vehicles laden with explosives and over 300 coca-cola cans with IED
- MD Abubakar appointed Acting IGP
- Federal Government established committee chaired by Parry Osayande DIG (Rtd.) to reposition the Nigeria Police Force
- New IGP M.D Abubakar pledged to reposition the Police for effective service delivery, and will not tolerate corruption and inefficiency
- IGP M.D Abubakar affirmed that he want to lead a disciplined Police Force that will make every Nigerian proud, solicits the support of all
- IGP M. D Abubakar declared state of emergency on all Police Training Institutions, to set up committee to re-position the institutions
- "We will change the Nigeria Police Force for the betterment of the country", IGP M.D. Abubakar
- We must all join hands together to ensure positive change in the Nigeria Police Force, for the security of all, IGP M. D Abubakar
- IGP Mohammed D. Abubakar to unveil his transformation agenda. Send your contibutions to transformpolice@npf.gov.ng
- IGP Mohammed Abubakar addressed Junior officers and gives assurance for professionalism in the Police, round pegs to be in round holes
- "M.D Abubakar is the right man for the job of the IGP at this time of our national history"----IGP Sir Mike Okiro (Rtd.)
- IGP Mohammed Dahiru Abubakar urged the officers & men to brace for more work to tackle the security challenges facing the nation.
- The current stage of crimnality is of great conecrn to govt and all Nigerians. The Police is expected to do more to bring it under control
- One of my to goals is to ensure my officers have the best training tactics & equipment to keep themselve and community safe
- Nigeria Police will be recruiting communications specialists. details will soon be on npf.gov.ng
- News of corruption and extra judicial killings by some recalcitrant police men will not deter the transformation agenda of new IGP.
- The police is no doubt concern about the atitudes of recalcitrant men like ds, the wave of ongoing change of the new IGP will sweep them out
- We intent to give this country a Police service the citizen will be proud of, we need the cooperation and support of all, IGP M.D. Abubakar
- You can now contact the IGP directly via text only on this lines 08102555581 and 08077446699 TEXT ONLY

What do you think? https://twitter.com/policeng

manny4life:
Unfortunately, I'm not claiming pro women either, but I disagree with most of yall on here, women empowerment is very important because society treats them as "minority" which isn't right. That a certain % (probably single digit) is reserved for women candidates doesn't mean that there aren't women who are qualified to take up such position, it just means that it has been reserved for a certain group (women) who meet up qualifications.

It is not right to equate women with minorities because 50% of Nigerians are female. However, I agree with the idea of women empowerment. I think it's wrong to use a quota system to try to enforce equality in management or any other field.

A quota system might almost make sense if we assume that the only reason we don't see an equal number of women in senior management is because evil men refuse to promote competent female managers, but that's not true. The fact is that women don't aspire for leadership the way men do, because they think that is not their role in life.  Most women think womanhood is about looking good and making babies so they tend to sacrifice their careers for family life.  If a man gets a good job in a different city, his wife will resign from her job to follow him. If a woman gets the same opportunity, her husband will not resign to support her. Then there's maternity leave. Little things like that add up over time.

Even when a woman is trying to move ahead in the corporate world, other women will try to pull her back by branding her as a NaughtyWoman or spreading rumors that she must have slept with the boss. The few women trying to get ahead tend to rely more on their looks and the cuteness factor instead of concentrating on substance and performance, and it works for them to a point, but not to the very top. As a result, in banking and many other industrial sectors of Nigeria, the best candidates for top management roles are unlikely to be women.

This is not to say women don't have the ability to be great leaders. The problem is that they are not encouraged to develop their leadership potentials, so most of them don't do so.  As a result, a quota system mandating that a particular percentage of senior managers must be women is going to result in a lower quality of leadership.  It's not fair that women are not allowed to develop their potentials, but it's also not fair to shareholders if you prevent banks from appointing the very best senior managers they can find regardless of whether such candidates are men or women. An insufficiently competent senior manager can ruin any company, so you want the very best, male or female.

Such "pro-women" policies will also encourage female managers aspiring for top positions to relax.  If I know I'm the only female manager in a company and the company is forced to appoint 3 senior female managers by law, then why should I improve my performance? If a woman is guaranteed a slot at the very top by virtue of her gender then why should she strive to be better than men? Currently, women at the top are respected because we know they must be very good to have gotten there, but once such policies are in place, that will no longer be the case. Do we want that?

I would like to see more women in senior management, but the best way to achieve that is by encouraging women to work harder and take their careers more seriously. It's by commending women more for working hard and being smart than for looking good. It's by not telling women that they are supposed to be "submissive".  It's by helping your wife at home or hiring domestic helpers so she can work harder at her job. It's by celebrating women who are good at what they do for being good at what they do, and not for their beauty. By treating the disease and not the symptom.

Another effect of this sort of policy is that senior female managers of banks won't be respected anymore,
because people will feel they only got the job because their company was trying to fill the female quota.

I'm a feminist in many ways, but affirmative action is a big mistake. Women should not be hired just because you are trying to fill a certain quota. They should be hired because they are good. If we want more women in management, we should provide them with management training and career advancement training so they can convince their bosses to promote them on merit. Affirmative action is a lazy idea that doesn't help society.

Hmm

Why is Jonathan stealing the show when he was not involved in the construction of the plant??

Union Bank Rights Issue: Why I May Not Buy

Union Bank Plc, one of Nigeria's oldest banks has for over a month now offered for sale shares in its company to it's own shareholders by was of a rights issue. The bank if you recall was one of the banks that failed the stress test in 2009 leading to it being bailed out by the CBN with N120b of tax payers money. The bank was further given a lifeline by Amcon which bought its NPL's (non Performing Loans) valued at N370b for N228b. Even at that the bank is still underwater as it still has a negative shareholder funds of about N136b as at 2010. They are selling 1,407,291,667 at N6.81035 per share rasing about N9.584b in the process. As can be inferred that is not near enough to get them out of the woods.

Their Plan

The bank via a series of cancellation and readjustments of its share capital therefore decided to raise equity to help plug the gaping hole in their balance sheet. To achieve that they had in realising that the stock market wasn't going to be smiling at them, resorted to loking for institutional investors locally and abroad who will be willing to take the risk on them. They claim to have reached an MOU with a consortium called African Capital Alliance (ACA) under an Investment Vehicle called UGPL. (Amcon will also be investing via that vehicle) to invest tier one capital into the bank. This deal results in a sale of 11,008,274,206 and 3,394,407,265 ordinary shares to ACA and Amcon respectively given them 60% and 19% shareholding in the bank respectively. Original shareholders of Union Bank (assuming they fully subscribe the rights issueis left with 18% bringing the total outstanding shares of the company to 18,343,098,138. All of this it is believed will bring the company into positive territory and increasing their Capital Adequacy Ratio to 25%. The CBN currently ask for 15% I believe.

My Observations

» By giving the existing the Investors a combined 79% (ACA has 60%) of the equity of this bank controlling interest has obviously changed. The bank can as well delist itself from the NSE if it so wishes. This is also dicey as existing shareholders no longer have a controlling stake in the back and as such cannot influence decisions that affect the strategic direction of the bank,

» The prospectus strangely avoids any mention of 2011 Financial Statements. It does not give you their quarterly unadited accounts for that year which I believe should have been available.

» I am assuming that everyone gets to buy the shares at N6.81 thus generating a sum of N107,665,917,069.8 (15,809,973,138.00 shares at N6.81). Still not enough to plug the hole considering that we just have 2010 Accounts as the most recent and only available reference to historical figures.
The bank hope to generate profit after tax of N64b for the next 3 years, made up of N9.1b, N17.9b, N19.4b 2012, 2013 and 2014 respectively. Yet no mention of 2011. To put things into proper perspective, Zenith Bank for example reported an unaudited profit after tax of N42.5b as at third quater 2011. That is two thirds what Union Bank plans to make it 3 years.

» Zenith Bank currently trades at about N12 with a price earnings ratio of 7.8x (8.89 using their 2011 Q3 EPS). Union Bank using the 2012 projection has a PE of 12.7x, 6.85x and 6.04x for 2012, 2013, 2014 respectively. A seemingly attractive price if their projections are achievable. But then they are not. Stanbic Bank currently has a PE of 13.3x.

» The banks profit before tax projection for 2011 is a meagre 19% of the turnover, a considerable low profit margin for a bank like that.

» I also think there is still a likelihood of more provisioning for their non-performing loans. This is likely to impact on profit more.

» The bank has a related party loan of about N13b with most of them either unsecured or secured with shares or goods. Sahara Oil has a related party loan of about N4.1b though performing but secured on trust reciepts and goods. Notore Chemicals as N6.8b unsecured and non performing related party loans with the bank.

» As at 2010 their loan value was put at N254b with 49% representing short term loans of under 1month. Not large enough to make generate significant interest income imperative to their ability to meet their targets.

» Customer deposits is just N598b with nearly 90% held for just under one month. This shows customers have little faith in the bank to hold their month beyond one month explaining why most of their loans short term in nature.

I could go on and on but then without 2011 it is difficult to correctly estimate if the share price is worth it. It will take a lot to convince to exercise my rights and buy the shares based on my concerns above. There are a lot of other banks with lesser problems than Union Bank that seem a better alternative.

http://www.ugometrics.com/2012/02/why-i-may-not-buy-union-banks-right.html

Brutality is worse than corruption. We need fair, just, humane laws that are effectively enforced.