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 Business › Re: Dangote Remains Africa’s Richest Man – Forbes by Truth234(op): 8:27am On Mar 02, 2016 |
tsephanyah:Nigeria seems like the host to me |
| Business › Dangote Remains Africa’s Richest Man – Forbes by Truth234(op): 8:13am On Mar 02, 2016 |
The president of Dangote Group, Aliko Dangote, retained his position as Africa’s richest man and the 51st richest man in the world, according to Forbes 2016 Billionaires list released on Tuesday. Dangote’s net worth rose to $15.4bn from $14.7bn in 2015, when he was ranked 67th in the world. The list, which contains 1,810 billionaires, also featured four other Nigerians; Chairman of Globacom, Dr. Mike Adenuga, whose net worth was put at $10bn, was ranked 103rd on the global list; while Chairman of Forte Oil, Mr. Femi Otedola, with a net worth of $1.8bn, was ranked 1,011th. Famfa Oil Limited, Mrs. Folorunsho Alakija, estimated to be worth $1.6bn, came in the 1,121st position, while Chairman/Chief Executive Officer, BUA Group, Abdulsamad Rabiu, was ranked the 1,577th billionaire in the world, with a net worth of $1.1bn. While, Dangote, Adenuga, Otedola and Rabiu moved up on the 2016 list, Alakija dropped to 1,121st position from 949th last year. Despite global economic crisis, the billionaires were able to increased their combined net fortunes by $7bn (N1.4tn) to $29.9 bn this year, up from $22.9bn last year. http://investorsking.com/dangote-remains-africas-richest-man-forbes/ |
| Politics › Re: 1966 Coup: “the Igbos Now Vindicated And Exonerated” Obasanjo. by Truth234(m): 8:36am On Feb 29, 2016 |
MonPro:No, that was Ojukwu mistake and wickedness, he asked the only Yoruba, Banjo, among them to lead half baked soldiers from East to Lagos, knowing quite well that he has to pass through Ibadan where Obasanjo was stationed. After taken middle-west, he contacted Obasanjo begging him to allow them pass to Lagos but Obasanjo refused, saying he is an enemy of state. Ask yourself how could he have faced Obasanjo with less than 1000 soldiers (half-backed) and still head to Dondon barack? Ojukwu resulted to killing him saying he purposely refused, a statement Obasanjo said was a mistake that Banjo actually planned to hit Lagos but knew he couldn't succeed if he is to confront both Ibadan and Lagos with the same men. Hope you know Ojukwu killed other Biafran soldiers accusing them of planning coupe. 1 Like |
| Politics › Re: 1966 Coup: “the Igbos Now Vindicated And Exonerated” Obasanjo. by Truth234(m): 7:56am On Feb 29, 2016*. Modified: 8:22am On Feb 29, 2016 |
AntiMahdi:Nobody is saying you are an Igbo but don't distort the truth. Awolowo was smarter than his peers and rose above everyone including Azik, when he returned from England, he restructured disarray political establishment of western Nigeria and reunite his people to give NCNC run for their money. Politics is a game of number! Ojukwu on the other hand, declared war without proper consultation with elders, not even Azik. If I may ask why did you think there were coupe within Biafra camp during the war? 2 Likes |
| Business › Re: Nigeria Imports At All Time Low by Truth234(op): 7:33am On Feb 29, 2016 |
wasiudvd:How did you know he was lying? In business anything is possible |
| Politics › Re: 1966 Coup: “the Igbos Now Vindicated And Exonerated” Obasanjo. by Truth234(m): 7:29am On Feb 29, 2016 |
AntiMahdi:Bolded, explained Ojukwu better according to Achebe. 1 Like |
| Politics › Re: 1966 Coup: “the Igbos Now Vindicated And Exonerated” Obasanjo. by Truth234(m): 7:07am On Feb 29, 2016*. Modified: 12:22pm On Mar 06, 2016 |
Why is everything stated different from Achebe's account? |
| Business › Nigeria Imports At All Time Low by Truth234(op): 7:02am On Feb 29, 2016 |
The high foreign exchange rate is hitting hard on the Nigerian economy and forced over 12,000 importers to seek alternative means of livelihood pending rebound. The importation of foreign products, especially used vehicles, popularly called Tokunbo has dropped because of low patronage. Importers across the country are saying these are not the best of times for dealers in second-hand vehicles due to continuous falling of the naira against the world’s major currencies. A survey of the Berger Automobile Market in Lagos, shows activities are currently at their lowest, one of the dealers, Nnadiekwe said “Importation of vehicles is no longer profitable. It does not matter whether you are importing from Europe or through the Seme border. The current exchange rate has caused the naira to crash against every major currency”. “You spend so much money importing a vehicle into the country only to pay an additional 35 per cent duty. Who is going to buy the vehicle? As it is, we are unable to increase the prices of our vehicles. Things are so bad that when clients come to buy, they price the cars below the cost price and we are forced to sell at a loss.” He further stated that no car dealer is currently importing vehicles as they are yet to sell old stocks due to poor patronage. “We implore the Federal Government to do something about the situation. Go round the market, there are empty lots all over. Already, some of us are divesting our stock in order to raise capital for other businesses. If things continue like this till June, we will have a crisis,” he said. The Public Relations Officer of the PTML Area Command of the Nigeria Customs Service, Steve Okonmah, said the command now examine one container daily compared with 98 containers daily in the previous year. “Only 66,000 vehicles were imported through the PTML in 2015, while 224,000 was imported in 2014,” Steve added. http://investorsking.com/nigeria-imports-at-all-time-low/ |
| Business › Re: How Has/ How Will Nigeria Benefitted From Devaluation by Truth234(m): 3:12am On Feb 27, 2016 |
Devaluation was done based on Nigerian economic situation as at the time. For instance, prior to oil discovery, Nigeria was a huge exporting nation, we export timber, cocoa, rubber, etc. and our tourism was good, I mean tourists across the world travel to Nigeria and spend money that help sustained our foreign exchange but after independence and the war that lasted for over 3 years. Things changed but not that much as we've started increasing our oil export. In 1973, Nigeria devalued naira for the first time by 10% because US had gone ahead and devalued dollar by 10% to boost their exports, so it is normal we do the same since naira was too strong and our exports was hurting. The result was satisfactory, our foreign reserves grew by 773.5% in 1974. One notable factor that contributed to such result was the Arab-Israeli war. After which the government and private sector focus on increasing oil production, which skyrocket oil contribution to export from 32.7% in 1966 to about 94% in 1976, but because oil prices fluctuate depending on global market we were unable to maintain stable foreign reserves, hence, foreign reserves plummeted. In 1982, in an effort to contain the situation and our love for import/finished goods. Shehu Shagari passed Economic Stabilization Act to restrict imports and encourage local manufacturers, but that didn't work as most Nigerians have started enjoying imported goods, because it was cheaper. Only few people capitalized on the situation and built Business Empire, one of them is Aliko Dangote. Devaluation like every monetary policy is a tool to help sustain manufacturing/export dependent economy by lowering currency value to increase exports but because we don't really have much to export now, it may not be the right tool and I don't think it will ever be until we diversify and develop other sectors to generate multiple foreign exchange. To your question, if we didn't devalue, market forces (scarce foreign exchange, lack of exports, etc) will devalue for us, like we are seeing now. So devaluation was borne out of necessity due to lack of long-term strategy and foresight, it’s near impossible to build an empire on an unstable income. 1 Like 2 Shares |
| Politics › Re: Buhari Admininistration: A Government Of Failure, Tears And Disappointment by Truth234(m): 1:03pm On Feb 25, 2016 |
senatorbayor:They are even right to use $38 as at the time, the OP just doesn't understand how the calculation works. Oil was $33 a barrel when the budget was drafted but on a 3 months weighted average, its around $42 a barrel since it fluctuate depending on global market. Nobody anticipated $26 a barrel of 11th Feb this year, and it has since gone back to $32. So in a long-run, I believe they will still average $38 or something close. 10 Likes 1 Share |
| Politics › Re: Falana Drags CBN To Court Over Forex Liberalisation by Truth234(op): 12:16pm On Feb 25, 2016 |
chernest2002:Maybe not entirely, some people are just greedy by nature. |
| Politics › Re: Buhari Admininistration: A Government Of Failure, Tears And Disappointment by Truth234(m): 11:41am On Feb 25, 2016*. Modified: 10:49pm On Feb 25, 2016 |
The economy is not in the best shape but when you compared the state of Nigerian economy to similar nations, generating 90% of their foreign revenue from oil you will agree with me that Nigeria is not doing bad at all. Currently, among such nations, Nigeria is the best in terms of investment destination. When you look at emerging-economies, Nigeria is second after China, the 2nd largest economy in the world. Mind you, China has lost over $4 trillion this year, Brazil two years ago was most thriving emerging economy and currently relegated to junk by credit rating, same with Venezuela, Argentina, etc. In Africa, South Africa is regarded as business powerhouse, but this year alone South Africa has suffered from global financial slowdown and Rand lost about 30% against the US dollar, 2016 economic growth forecast was cut to 0.9% from 1.7%. The same thing happened to Angola, even after devaluing her currency, Kwanza, slides 40%. Russia, Kazakhstan, Turkey, Asia-Pacific (Malaysia, Singapore, Thailand, Indonesia, New Zealand, etc) are all suffering from global financial crisis but somehow Nigeria has been able to manage it better. Please note that this situation is similar to what happened in 2008 (recession), with even lower oil prices but because of 2008 experience, financial institutions, Central banks, etc. are making adjustments to their monetary policies just like this administration is doing. Even at that, Abenomics developed by Abe, Japan Prime Minister has failed. So Nigeria situation is not unique. This administration is not A Government Of Failure, Tears And Disappointment but of hope, determination and strength, even in the face of global pressure to devalue and succumb to IMF cabal, We stand and soon we will all reap from this administration. Stay positive. 242 Likes 50 Shares |
| Politics › Re: Mr. Godwin Emefiele’s Report: by Truth234(m): 8:47am On Feb 25, 2016 |
Op please add the source |
| Politics › Falana Drags CBN To Court Over Forex Liberalisation by Truth234(op): 5:30am On Feb 25, 2016 |
Human rights activist lawyer, Mr. Femi Falana (SAN), has dragged the Central Bank of Nigeria (CBN) to court over forex liberalisation. In the suit filed before the Federal High Court, Abuja, the human rights lawyer asked court to stop CBN from allowing speculators "market forces" to determine the exchange rate of the Nigerian naira to dollar. The senior advocate argued that while the CBN claimed it had fixed the exchange rate at N199 to a dollar, and President Muhammadu Buhari’s persistent vow never to devalue the naira, the apex bank “had allowed market forces to increase the exchange rate to over N400 to a dollar.” The lawyer said the apex bank has dollarised the economy to the extent that the US dollar is gradually becoming legal tender as school fees, payments and others are now being charged in dollars, and without enough dollar to service the economy this create economic constraints in the country and allow certain people to profit from the situation at the detriment of the nation's economy. According to Falana, “The monetary policy of the defendant (the CBN) has led to a situation whereby too much naira chase few dollars thereby making the naira weaker in relation to the dollar and instigating an adverse multiplier effect.” “The monetary policy of the defendant has also led to increasing costs, rapidly rising inflation and interest rates, closure of factories and the attendant high level of unemployment.” “Whether the monetary policy of the defendant which allows market forces to fix and determine the exchange rate of the naira is not a violation of section 16 of the Central Bank of Nigeria (Establishment) Act 2007 and section 16 of the 1999 Constitution as amended,” he contended. http://investorsking.com/falana-drags-cbn-to-court-over-forex-liberalisation/ |
| Business › Re: N200 Per Dollar Proposal: Ifeanyi Ubah Stakes N500bn Assets by Truth234(m): 1:09pm On Feb 24, 2016 |
naijathings:Do you think Donald Trump has not done business with the good, bad and ugly?, but that does not validate his approach or policy, If he is doing business in what capacity? Do you want to compare his $2 billion asset, not verified, to the Nigerian economy? The biggest economy in the entire Africa? If he is that good, he should be the richest man in Africa. 1 Like |
| Business › Re: N200 Per Dollar Proposal: Ifeanyi Ubah Stakes N500bn Assets by Truth234(m): 6:41am On Feb 24, 2016 |
This man is only speculating, once a prominent person voice his/her opinion regarding economic of a nation, its normal for the market to react because investors are risk averse. Last week, Cameron campaigned for Britain Eu support, pound surges and when Mayor Boris Johnson, a prominent politician said on Monday he will campaign for britain exit come June 23 (referendum) pound falls and still falling. The truth is what Ubah said or hes saying has no verifiable effect on the economy, until government take a proactive approach by formulating policies to curtail both fuel importers and banks involved in sabotaging the economy, nothing will happen. Ubah is just another voice of the same cabal profiting from the system. 8 Likes 2 Shares |
| Business › Re: CBN Should Sanction Nigerian Banks For Ridiculous Gain From Exchange Rate by Truth234(m): 5:40am On Feb 24, 2016 |
Strahovski1:How do you mean? Banks get dollar at interbank market for 199/$, why selling it 285 and buying it 189.92/$? |
| Business › Nigerian Inflation Rate Remains Unchanged At 9.6% by Truth234(op): 3:49am On Feb 15, 2016 |
The National Bureau of Statistics (NBS) in its monthly report released on Sunday, said Consumer Price Index (CPI) that measures inflation rate remains 9.6 percent in January. The report highlighted slower increases in major divisions such as Housing, Water, Electricity, Furnishings & Household Equipment Maintenance, Gas and other Fuels as the cause of stagnant inflation, while other divisions such as Food and Non-Alcoholic Beverages, Clothing and Footwear, etc are said to have increased at faster pace in the same month. The pace of increases in food prices recorded in January remain the same, 10.6 percent, as in December, while all major food groups which contributed to the Food sub-index increased at a faster pace during the month under review. According to NBS, “The percentage change in the average composite CPI for the twelvemonth period ending in January 2016 over the average of the CPI for the previous twelve-month period was 9.1%, marginally higher from 9.0% recorded in December.” “The corresponding twelve-month year-on year average percentage change for the Urban index increased from 9.1% in December to 9.2% in January, while the corresponding Rural index also edged higher from 8.9% in December to 9.0% in January.” http://investorsking.com/nigerian-inflation-rate-remains-unchanged-at-9-6/ |
| Politics › Re: Achebe And Soyinka At Dodan Barracks In 1986 To Beg IBB To Spare Vatsa by Truth234(m): 10:03am On Feb 12, 2016 |
cuvox:Yet Achebe didn't mention it in his last book? He praised the man for his moral and courage, please get "There was a country" before you go on misleading people. |
| Webmasters › Re: Facebook Affirms Nigeria As Its Biggest Market In Africa by Truth234(op): 10:36am On Feb 08, 2016 |
Slyr0x, adewasco2k |
| Webmasters › Facebook Affirms Nigeria As Its Biggest Market In Africa by Truth234(op): 8:45pm On Feb 07, 2016 |
Facebook on Friday reaffirmed Nigeria as its biggest market in Africa. As internet users in Nigeria shot up, so is the popularity of social media giant, Facebook in the last three years. New data released by Facebook while celebrating its 12 years indicates 16 million people in Nigeria visit Facebook every month. Edging out South Africa 12 million monthly users and Kenya 4.5 million. The report shows 7.2 million users from Nigeria visit Facebook on a daily basis, with 97 percent of them accessing the platform via mobile devices. “Nigerians are sophisticated mobile users and this sophistication is increasing fast—people are ahead of businesses,” said Nunu Ntshingila, head of Africa for Facebook. Nigeria’s rapid internet growth is expected to continue to open up opportunities to generate substantial revenues for both Nigerian entrepreneurs and Facebook, as a result the social network giant is looking to deepen its partnership with Nigerian businesses. According to Nunu Ntshingila “This is the year we deepen our partnerships with Nigerian businesses. We’re committed to Nigeria, and during this visit we shared insights with our business and agency partners on how to deliver personalised marketing, at scale, where people are – on their mobile phone. We want to make sure Nigeria – its people, its agencies and its businesses – realise the opportunity that technology and mobile bring. We know the mobile platform people use the most in Nigeria is Facebook and up to 77% of Nigerians on Facebook use their mobile device to discover new products and services. Nigerians are sophisticated mobile users and this sophistication is increasing fast – people are ahead of businesses, and we’re here to help businesses create mobile-first solutions to grow their business.” Though Facebook is popular in Nigeria and Africa as a whole but its revenues are still modest according to Facebook’s fourth quarter earnings for 2015. Africa and South America generate revenue of just $1.22 per user, while Facebook generate 11 times that amount in North America. The social media giant is hoping to increase its users in the continent through its widely publicized internet.org initiative of using satellite to beam internet to users. http://investorsking.com/facebook-affirms-nigeria-as-its-biggest-market-in-africa/ |
| Business › Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Truth234(op): 10:23pm On Jan 26, 2016 |
The Monetary Policy Committee (MPC) on Tuesday, once again voted against the widely speculated Naira devaluation. The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, said interest rates would instead be reduced to further ease the liquidity in the economy. Explaining that the current global oil glut is expected to remain for a long time and as such it is imperative to prepare for longer period of low government revenue from oil sources. According to the governor, the 12 member committee voted unanimously to keep the rated unchanged. Monetary Policy Rate (MPR) remains 11 percent, while Cash Reserve Requirements stood at 20 percent and liquidity ratio 30 percent. The Naira will continue to exchange at the official rate N197-N199 to the dollar, but parallel market rate is expected to rise above N300 as a result of CBN refusal to devalue the Nigerian Naira. However, the governor defended the forex restrictions, insisting its working as local manufacturers, especially locally produced food had witnessed increase sales since the policy was implemented. "It has been positive," he said. “There is wide room for optimism about the medium to long term macro-economic prospects… especially given the clarity in the policy direction of the administration, the various interventions in the real sector, gradual improvements in the power sector and the reinvigorated fight against corruption.” International Monetary Fund (IMF) director, Christine Largade, during her visit to Nigeria advised CBN to devalue in order to ease the tension in the economy by adjusting its policy to accommodate the current gap created by lower oil prices. But CBN insisted it would rather reduce interest rates to encourage borrowing and job creation. http://investorsking.com/naira-will-not-be-devalue-instead-rates-would-be-reduced-cbn/ 4 Likes |
| Celebrities › Re: Tekno Poses With His Car In New Photo by Truth234(m): 3:33pm On Jan 26, 2016 |
kstyle2:In the City |
| Crime › Re: Nigerian Dies Swallowing Drugs In South Africa To Avert Arrest (Photos) by Truth234(m): 4:10pm On Jan 23, 2016 |
dust88:Because there was no evidence he swallowed drug, police seems to have use that as a cover up after killing him. 1 Like |
| Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 10:04pm On Jan 22, 2016 |
allen0000:Yesterday |
| Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 6:37pm On Jan 22, 2016 |
allen0000:Its 1200 Myr ($300) per day and $1000 per month for GTB card users, UBA $2000 a month. |
| Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 2:21pm On Jan 22, 2016 |
Nellso:1.00 MYR=46.3916 NGN Check xe.com next time |
| Travel › Re: Ask Me Anything About Malaysia And I'll Give You A First Hand Information by Truth234(m): 10:50am On Jan 22, 2016 |
Jayne2014:Any ministry of education close to you |
| Politics › Re: Okonjo Iweala Article Hacked, Threat Message Left (pix) by Truth234(op): 12:53pm On Jan 20, 2016 |
Setaje: |
| Politics › Re: Okonjo Iweala Article Hacked, Threat Message Left (pix) by Truth234(op): 2:28am On Jan 20, 2016 |
krysTein:How? |
| Politics › Okonjo Iweala Article Hacked, Threat Message Left (pix) by Truth234(op): 11:56pm On Jan 19, 2016 |
An article titled Poor Economic Decision by Okonjo Iweala, published on September 13, 2015 and shared here https://www.nairaland.com/2597768/jpmorgan-poor-economic-decision-okonjo The said article has attracted attacks since published but was eventually hacked and the photo caption edited from "Former Nigerian Finance Minister Ngozi Okonjo-Iweala. Photographer: Drew Angerer/Bloomberg" to “You forecast at your own risk, but it seems to me that we should be regarding this as a permanent shock,” Ngozi Okonjo-Iweala. Photographer: Drew Angerer/Bloomberg A warning/threat, not sure what to make of it. Here is a link to the article http://investorsking.com/jpmorgan-poor-economic-decision-by-okonjo-iweala/ 1 Like 1 Share
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