₦airaland Forum

calmnquiet:
Guys, please what are the research tools or platforms to join for research, analysis and forcasting?

There is a Telegram thread for that

DenreleDave:
My best frnd

Do you have shares in UBA?

Tectono:
I cannot believe that this man is still 58. This implies that he was less than 40 when he acquired the controlling shares in UBA as the MD of Standard Trust Bank. Check out my signature to master how you will be making millions of naira from export business.

Check my signature to acquire free shares of either Dangote Cement or GTBANK

Don't miss out, offer valid till month end

Ekejoestar:
Great men are born on march

So also are great Stocks, sign up with my signature and we both get FREE shares of Dangote or GTBank

[quote author= post=100113105]From all of us @[/b] : Happy Birthday Tony.
Many more Happy Returns.
Eat some Barbecue and enjoy your day.
[b]YOLO.[/quote]Yes o eat barbecue and enjoy yourself but first na MONEY we go use buy am, how do we get this money check my signature and we both get FREE shares of Dangote or GTBank and more purchase if barbecue

Zzor:
Hbd to a real man,a man in every sense of it,a real definition of an alpha man,a generous philanthropist and a man with a good heart,llnp God bless you always

Hi! Do you have shares with them?

This is beautiful, where you based?

Blissful042:
Light up your home /office

Rubbish with the nosense dividend he paid

Abeg make una check my signature we both get FREE shares of Dangote or GTBank

AN EXPOSITION ON THE CHALLENGES AND PROSPECTS OF REAL ESTATE INVESTMENT TRUSTS IN NIGERIA

Introduction

Globally, there has been a surge in property investments in the past few decades. As of the early 2000s, property investment accounted for the second largest investment sector in the US, next only to fixed-income securities, but larger than shares and the money market[1]. This surge could be explained by the unique benefits offered to property investors such as income stability, capital growth, tax reduction and hedge against inflation which most other traditional investment options such as shares, and bond do not provide.

A REIT is a form of a property/asset backed collective investment scheme which itself constitutes a part of the larger concept of securitization. Essentially, a REIT is a company that owns, and operates income producing real estate asset or properties such as office buildings, residential buildings, shopping malls, tourism related facilities, healthcare facilities, industrial facilities, infrastructures, and warehouses, whose shares are publicly traded in a way similar to any other stock.[2] Simply put, a REIT is a company or a trust that pools fund from individual investors, acquires and operates income generating real estate, and distributes the income derived from their owned properties as dividend.[3]

The origins of REITs is traceable to the United States of America where the US congress in the 1960’s created the  legal framework for REITs with a view to providing affordable access to investment in commercial property to all investors. Over the years, many countries around the world have come to adopt the REITs structure as a component of their securities market. As at 2011, there were 22 countries and territories around the world that have established REIT regimes.

In Nigeria, the enactment of the Investment and Securities Act, in the year 2007 paved the way for the introduction of REITs. That same year, the first ever REITs in Nigeria – the N2bn (US$10m) Skye Shelter Fund, was launched following the issuance of guidelines for registration and requirement for operation by the Securities and Exchange Commission (SEC). There are presently three registered REITs in Nigeria namely: Skye Shelter fund, Union Homes, and UACN Property Development Corporation (UPDC).

Within the African REIT context, Nigeria’s REIT market since 2007 rank amongst the oldest. This has however not translated into growth and acceptability of REITs in the country. In fact, other African countries that subsequently introduced REITs have record more successes than Nigeria in terms of acceptability and capitalization of REITs. It is against this backdrop that this article intends to examine and provide insights on the performance of Nigerian REITs, as well as provide recommendations on how to further improve REITs performance in the country

Legal Regime for the Registration of REITs in Nigeria

The Investment and Securities Act 2007[4] (ISA) along with the subsidiary rules made pursuant thereto,[5] constitutes the statutory framework for the registration and regulation of REITs in Nigeria. Accordingly, Section 193 of the ISA defines REIT as:

A body corporate incorporated for the sole purpose of acquiring intermediate or long term interests in real estate or property development [and] may raise funds from the capital market through the issuance of securities.

 Similarly, Section 194 of the Investment and Securities Act 2007 states that:

A real estate investment company or trust may be registered by the commission if it:

(a) is a body incorporated under the Companies and Allied Matters Act.

(b) has a capital and reserve as prescribed by the commission from time to time.

(c) carries on business as a collective investment scheme solely in properties.

(d) complies with the requirement prescribed by the Commission through its rules and regulations made from time to time.

 

However, for a REIT to be registered by Securities and Exchange Commission (SEC), at least 50% of its total shares subscription must have been subscribed.[6]

 

In the same vein, Rules 511-542 of the consolidated SEC Rules 2013 make elaborate and specific provisions on the registration of REITs by the Securities and Exchange Commission.

 

 

Under the present legal regime, the following are the major categories of REITs:

Publicly Traded REITs/ Private REITs

Public REITs are REITs that are fully registered and regulated by the Security and Exchange Commission. They are typically listed on the Nigerian Stock Exchange and their securities/units of investments are publicly traded.

On the other-hand, Private REITs are privately owned REITs that are not listed nor traded on the Nigerian Stock Exchange. They are also not permitted to offer their securities to the public and only rely on private placement directed at high net-worth individuals in raising funds.

Equity REITs/Mortgage REITs

Equity REITs invest primarily in the acquisition and ownership of real estate such as residential apartments, malls/retail outlets, hotels, office/industrial complex, and rely on income generated from the collection of rent, and sales of these properties. Under the consolidated rules made pursuant to the ISA, 75% of the funds held by an equity REIT shall be in real estate, while the remaining 25% may be in real estate related asset.[7]

Mortgage REITs advance loans to mortgage institutions and even individuals for the financing of mortgages. Sometimes, they purchase existing mortgages and mortgage backed securities. At least 75% of the funds held by a Mortgage REIT must be in mortgage assets, while the remaining 25% may be in real estate related assets.[8]

For both Equity and Mortgage REITs, not more than 10% of their total assets shall be in liquid assets.[9]

Parties to a REIT

The following are the primary parties to a REIT transaction:

Issuer/Promoter: This could either be an individual(s) or a company who envisions and registers the REIT. With them lie the powers to appoint trustees for the REIT. The promoter may become an investor by investing his land or asset into the REIT.

Unitholder/Investor: These are private individuals or members of the public who hold equitable interests in a REIT. They are entitled to receive periodic distribution of income and participate in any capital appreciation of the properties that make up the REIT.

Trustee: The trustee is responsible under the Trust Deed for the safe custody of the Assets of the REIT and holds the assets in the name of the REIT. Furthermore, the trustee oversees the activities of the manager and ensures the manager undertakes reporting and disclosures as per the trust deed and relevant regulations.

Manager: The fund manager is appointed to manage and administer the REIT in accordance with the objectives of the REIT as stated in the trust deed. The manager also identifies and recommends investment opportunities to other stakeholders.

Custodian: They are entrusted with the Title documents of the properties that form a REIT for safe keeping.

Property Manager: The property manager is appointed by the REIT manager and is in charge of the daily management of the properties that constitute the REIT and ensuring the properties are in good repairs.

Factors that Adversely Impact REITs Performance in Nigeria

There are broadly two classifications of factors that adversely impact on the performance of REITs, these are: formal factors which are the economic and market factors; and informal factors which encompass socio-political and operating environment.[10] In Nigeria, the following are some of the peculiar factors that impinge REITs performance:

Capitalization (size)

There is a direct correlation between the size in terms of capitalization of a REIT and its viability/potentials for increased revenue. This is hinged on the principle of economies of scale that may favor large REITs in terms of low operational costs and sufficient funding. More so, large REITs are better able to absorb economic shocks and manage economic downturns due to the availability of sufficient capital at their disposal which they can deploy as a buffer. Unfortunately, all of the registered REITs in Nigeria are medium scale REITs in terms of their capitalization. For example the combined market capitalization of the three REITs in Nigeria is US$131 Million,[11] while in the United States, the combined market capitalizations of REITs stands to the tune of US$898.41billion.[12] This hampers the ability of REITs in Nigeria to respond adequately to economic upheavals.

Economic factors

Up until recently, Nigeria was enmeshed in economic recession which contracted the economy by more than 1%.[13] This fact is compounded with the high inflation and interest rates effective in the country. The resultant effect of this economic state of affairs is that there is low liquidity in the country for investments in REITs by potential investors. This may explain the reason why the Haldane McCall REIT was unable to be listed after failing to reach the minimum 50% subscription from the initial public offer. Top Services Limited has also proposed a N20 billion REIT but same is yet to be fully launched. Furthermore, not a few of the properties under REITs are fully occupied. This is because of the decreased earnings of the average Nigerian who many a times find those properties unaffordable.

Infrastructural Challenges

There is no gainsaying that the value of a property is enhanced by the availability of the necessary infrastructural amenities such as good roads, electricity supply, water supply, amongst others. In Nigeria, where such amenities are neither readily available nor accessible, the value of most properties are diminished and this impacts on income derivable either as rent or gains from those properties that constitutes a REIT.

Property Transactions Costs

The cost of perfecting interests/Title in real estate is very expensive in Nigeria. Similarly, the process involved in seeking and obtaining Governor’s consent on transactions bordering on the transfer of legal interests in real estate as provided under the Land Use Act is rigorous and frustrating.  Inevitably, these factors impact adversely on REITs performance, since the primary object of REITs centers on real estate transactions including sale and purchase of real estate assets.

Low Investor Awareness

Many individual investors are oblivious of REITs as an investment option with many associated benefits. Even the few institutional investors who are knowledgeable about REITs still have a poor perception about it and are generally disinclined to invest fully in the scheme. It would have been more desirable if these institutional investors were a little more receptive of REIT investments, as their investment decisions may not only help instill confidence and give credibility to REITs, but also spur other individual investors to follow suit.

Prospects of REITs in Nigeria

Notwithstanding the above highlighted challenges, investment in REITs portends a lot of benefits not just to the investor alone, but to the larger society. Some of these benefits include:

High and Reliable Returns

Returns is essentially the profit derived from an investment and is of three types: income; capital appreciation; and value gain. It has been proven through numerous studies that returns from REITs investment most times combine the three types of returns. [14] For example, an investment in income generating property such as a residential apartment let out to tenants, incorporates the three types of measurable returns. Furthermore, the average global dividend yield for REITs was about 4.3% in September 2012 far above some other traditional investment options.

Tax Benefits

Though there is some sort of ambiguity on the tax regime for REITs in Nigeria,[15] it is generally agreed that the tax treatment for REITs is very advantageous compared to that of other investment options. Income distributed as dividends are exempt from companies income tax, while a withholding tax of 5% is applicable to dividends received by investors. However, undistributed income will be taxed at the corporate tax rate.[16]

 

 

Liquidity and Diversification of Investment Portfolio

Real Estate is classified as an illiquid asset. However, investments in REITs have made it possible to hold liquid interests in real estate which can be transacted on the stock exchange rather than buying properties directly. Furthermore, REITs afford investors the opportunity to invest their funds in different property types across various geographical spread thereby reducing risks and volatility of investment.

Economic Growth

Nigeria presently has a housing deficit of 17 million.[17] Investments in REITs can help reduce this deficit by providing affordable housing to the teeming populace. More so, the real estate industry is intricately connected with other pivotal sectors of the economy such as the construction, service, and consumer industries. Accordingly, a viable and robust real estate investment industry will create jobs and distribute wealth across the country.

Hedge against Inflation

REITs provide an effective and formidable hedge for investments against inflation. This is because real estate income tends to increase in proportion to a corresponding increase in inflationary rates.

Conclusion

A dispassionate assessment of REITs in Nigeria reveals under-performance. This is evident in the number of registered REITs listed on the Nigeria Stock Exchange. Since 2007, when the first REIT was registered, Nigeria presently can only boast of 3 registered REITs. This can be compared with a country like South Africa, where despite the fact that the REIT legislation was passed as recent as 2013, currently boasts of 31 REITs with a combined value of over $31.42 billion.[18] This leaves much to be desired. Similarly, almost all of the 3 registered REITs in Nigeria have been struggling with decreased revenue, and decline in profits distributed as dividends to investors.[19] This has also contributed to the palpable apathy by investors in investing in REITs securities. In the light of the foregoing, the following recommendations are apt:

Adoption of Favourable Economic Policies by Government

The government should endeavor to implement policies that will occasion economic growth. This may include reducing the monetary rates and the cash reserve ratio of banks so as to consequently reduce interest rates and make more money available in circulation. The government should also adopt measures to reduce inflation.

Reduction of Property Transaction Costs

Property transaction costs such as consent fee, registration fee, and capital gains tax should be reduced so as not to erode the income of REITs. Also a special REIT registry may be created and dedicated to handling all REIT related property transactions.[20]

Improved Awareness on REITs

There should be concerted efforts by existing and Prospective REITs on sensitizing investors and the public at large on the immense benefits of investing in REITs securities. This will help stimulate interests in REITs and ultimately improve the capitalization of the REIT market.
Article by Olayinka Alao LLM (Lagos), BL (Abuja), LLB (Lagos)

Kingdemu:
Dumping means it's crashing, right? Pls pardon my JJC-ness

Gbamsolutely but it another great opportunity to buy, if your fundamentals are good about it and DD has been done.

Kingdemu:
Thank you for the detail explanation, Yazga. I've also just signed up on Trove using the link on your signature. I'm following the processes as you've explained. God bless

Edit: I hope when funding wallet by adding a Naira Card, my bank won't mistake it to see the transaction as a cryptocurrency transaction and I my account get blocked?

Thank you for using my link, I really appreciate you time and effort.

No sir, as long as you are not using it to transact CryptoCurrency, it will not be blocked.

I always say this, while helping your faves accomplish their goals, don’t forget about yours. Actually, your goals should come first. Prioritize yourself first before them because they will always do the same.

Erica Joined Trove & why not join and we'll both get shares of either Dangote Sugar or GT Bank FOR FREE. Sign up with my link on my signature

ONE is dumping

Yes, but you must have a payoneer master card

PuZZyNegro:
Please, someone should help me with information regarding buying on Binance using payoneer.


Has anyone successfully done that without issues?

Have you sent a mail to tomi as regards this?

layzie86:
Total search result for Trove is 4,115. They really need to make more US stocks available for clients to trade. It's really annoying to see a tradable opportunity on a stock, only for it not to be available on Trove.

check you mail

TBadd:
Chianumbatochi@gmail.com

Yes, it is. I am happy you are learning

Kingdemu:
I guess Kucoin is nother exchange, right? I'm learning a lot. Thanks

Thank you for using my link, have you been verified?

emorodili:
Registered with your link on trove, how do I buy shares & go about it?

To buy stocks on the Trove app, you need funds in your wallet. There are two wallets in your trove account. The Naira wallet is for buying Nigerian stocks, bonds, while the Dollar wallet is for your foreign transactions. At the moment, Trove only accepts adding a Naira card and a Naira bank account to your profile.

In order to trade US equities, you will need to add your desired dollar amount through your dollar wallet. Your Trove account will ask that you indicate how much in dollars you’d want to fund your wallet with, and give you the naira equivalent to pay.
You can only start trading after your account has been verified.

Buying Stocks
1. Upon account verification, your overview screen will empty (as shown below) because you have not purchased any stocks yet.

2. Click the + to get started, you will be redirected to an “All Assets” page, where you can search for any particular stock.

3. The All Assets page is categorized into the following;
Nigerian Stocks
Foreign Stocks
ETFs
Bonds
Using the search function you can look for any stocks listed on the Trove app. There’s also a Market status update that lets you know when the Market is open and closed for Trading. Open means you can buy and sell stocks, while closed means the stock market is closed for trading. Any purchase made when the market is closed will be executed the next day when the market opens.
For this example, Let’s buy some Dangote Sugar shares. Search for Dangote Sugar and select it.

An Aluminium company headquartered in Abeokuta is looking for somebody to manage its operations in Akure.

Salary is about 150k net monthly with an increase upon confirmation. Role is based in Akure.

Ideal candidate should have a minimum of 3-5 years experience in marketing and leadership.

Experience in the construction or banking sectors would be an added plus.

Where the successful candidate does not currently reside in Akure, temporary accommodation for 1-2 months will be provided while the candidate looks for accommodation.

Sebd Cv to TJIrecruitments@gmail.com

The Market:
S&P futures up about 0.25%, Nasdaq futures up about 0.8% as of now. Market is likely to be volatile throughout the week - historically increased volatility in the days after quad-witching, inflation data late in the week, and a lot of movement will depend on which way the bond yields go.
- SPY closed right above next support at $389 on friday, if it breaks below and doesn’t hold friday’s lows likely to fill down to next support at $386. If it holds above $389 support, immediate resistance levels to watch for at $391, $393

What’s gonna move the market this week: keep an eye on bond yields (google 10-year treasury and ‘marketwatch’ has a great chart to use), Powell testifies in congress twice this week, and inflation data will be released at the end of this week.
Earnings i’m watching: $KERN, $HUYA/$DOYU, $BNGO, $GNOG, $HOME, $GRWG, $RH, $BLNK, $MOMO, $BOXL

Swing Plays for Today:
*Reminder: my buy/sell alerts is just what I’m doing and should just be used for ideas. Not every entry/exit will be perfect timing.

$V: dropped 6% friday from antitrust news, watching for it to hold $205 support for a quick bounce back. Most likely just a short term issue and doesn’t affect much. Option premiums cheap, would be targeting move back to $215-220 if support holds.

$RIDE: holding $13 for potential triple bottom, want to wait for confirmation of reversal before getting in since earnings call was bad and didn’t have good response to short-report. Would be looking for quick bounce to $15+

$U: inverse head and shoulder setup, if it can hold $100 as higher-low breakout would happen on a move over $110 for move back up to $120.

$GILT: highly likely to be included in ARK space ETF, is their fourth largest holding in israel etf. Watching for $12 to hold as higher-low support and has tons of upside on catalyst.

$PSTH: getting close to strong historical support at $25, likely has sold off on impatience and the fact that Stripe valuation pretty much makes them out of the running. Whatever happens, Ackman is gonna get a great deal and still some really hyped potential targets out there. Best SPAC share structure and benefit of getting PSTH II at NAV price when it goes public. Great price to be adding

$MA: sold off in sympathy to V news, nothing affects them and very likely to be an overreaction. Watching $350 to act as support moving forward and move back up to $370 as a target. Call options cheap

$UBER: formed longer term ascending triangle which makes a strong breakout more likely, breakout would happen on a move above $60 and target $64.

$TSLA: watching $650 to hold as support, likely to get some hype after ARK’s new price target. Breakout of inverse head & shoulders happens over $700 for potential move up to $780

$HYLN: watching for it to breakout of falling wedge and move up quick to $15 as short-term target

$POSH: starting to find support at $43-44 range, beatdown over 50% from IPO price and had solid earnings recently. Watching support to hold for potential reversal
- Trading safe and managing risk will be important this week with all the upcoming volatility. Make sure not to over-leverage in any positions.


Technical Charts for Swing Plays:


Day Trade Setups for Today:
*Reminder: Day-Trading is very risky and only for those who understand the risks and how to read technical analysis!
$RIOT:
Long Above 62 Targets: 62.50, 62.96, 64, 64.93
Short Below 59.50 Targets: 58.87, 58.34, 57.08, 56.37

$MARA:
Long Above 44 Targets: 44.37, 44.53, 45, 45.68, 48.38
Short Below 42 Targets: 41.67, 41.57, 41, 40.26

$AAL:
Long Above 25.50 Targets: 25.65, 25.88, 26, 26.26
Short Below 24.50 Targets: 24.29, 24.20, 24, 23.68, 23.43

$NIO:
Long Above 45 Targets: 45.36, 45.50, 46.52
Short Below 43.50 Targets: 43.25, 43.08, 42.81, 42.54, 42.40

$CCL:
Long Above 28.80 Targets: 29, 29.14, 29.32, 29.50, 29.66
Short Below 27.50 Targets: 27.30, 27.12, 26.87

$TCT +126% from entry.

Took profit and move to $QSP

Do not curse your contry

Richy4:
Na Wetin? Abi we dey quarrel?

We are recruiting to fill the position below:

Job Title: C.R.S / Yoruba Teacher

Location: Iperu-Remo, Ogun
Employment Type: Full Time

Requirements

Bachelor of Arts Degree in relevant subjects.
A Master's Degree will be an advantage.
Minimum of 2 years cognate teaching experience in a reputable college
Should be able to communicate well.

Note: For more information, please call .08069196620

While I prep the plays, take a few minutes to use the link to register we both get FREE coins

https://www.binance.com/en/register?ref=71948646

Best way is to transfer USDT from Binance to KuCoin.

1. Click Assets on KuCoin, select Deposit and select USDT.
2. Make sure you select TRC20 Network and then copy the wallet address.
3. Go Bitcoin, select Withdraw, use USDT(You must have USDT in your wallet), Paste the wallet address you copied from KuCoin, select TRC20 if it's not automatically selected for you.
Enter the amount of USDT you want to withdraw.

And click Withdraw.

If successful, you would receive the USDT in your KuCoin wallet in few minutes.

4. Transfer the USDT from your asset wallet to trading wallet on KuCoin and trade for any coin of yours.


Do not use ERC20 network because of high transfer fees!

Lool..yh Erica has a Trove account and you don't, common now, it 2021, we support with all and everything we have got.

You have free stocks waiting! Join #Trove and we'll both get FREE shares of either Dangote Sugar or GT Bank FOR FREE. Sign up with my link on my signature

Dear NLers,

This is celebration of Life.

You have free stocks waiting! Join #Trove and we'll both get FREE shares of either Dangote Sugar or GT Bank FOR FREE. Sign up with my link on my signature


You can also check out my Thread on CryptoCurrency

*LETTER FROM THE GRAVE*
LEE KUAN YEW’S OPEN LETTER TO NIGERIAN LEADERS

Dear Nigerian leaders, I want to appreciate your condolence messages to Singaporeans since my death on Sunday, March 22. Having died at the age of 91, I would not say I died young.

In fact, life expectancy in Singapore, which I led as prime minister for 31 years, is 80 years for men and 85 for women. You may even say I spent an overtime of 11 years. I would say I lived a good life which I devoted to the progress of my country.

I can confidently say that everything I did — including that for which I was heavily criticised for being “highhanded” — was for the benefit of my people, not for personal gain. I died a fulfilled man with no regrets whatsoever.

May I briefly tell you the story of Singapore so that you can understand why it is often told with admiration all over the world. We were a small, hopeless Island.

We thought we were so poor it was impossible to survive on our own. We decided to go into a union with other countries to form Malaysia in 1963.

But because of ethnic riots, we were expelled from the union in 1965, and I broke down in tears because I did not see how we were going to survive as a country. It was so bad we had no potable water. We relied on other countries for water to drink!

We had no natural resources. No oil, no gold, no solid minerals, nothing. All we had were human beings — and ports.

Dear Nigerian leaders, we did not give up. We decided to pick the pieces of our lives. We resolved to turn our fortune around.

Today, our story has changed completely. So you know, we are no longer a Third World country.

We are one of the four Asian Tigers — so-called because of our incredible development story.

Singapore is the only Asian country with the top AAA rating by all credit rating agencies. We are the fourth largest financial centre in the world. We have one of the five busiest ports in the world.

Manufacturing accounts for around 30% of our GDP. And Singapore has the third highest per capita income in the world.

Permit me some more immodesty. Unlike Nigeria, we don’t have a single drop of crude oil on our land.

But also unlike Nigeria, we are one of the biggest exporters, not importers, of petroleum products.

Our country is in the top three of oil-refining centres in the world, yet we don’t have oil! We have some of the biggest refineries in the world.

Meanwhile, Nigeria, the sixth largest oil producer in the world, has been importing petrol, diesel, kerosene and engine oil for decades!

Let me shock you: we are the largest oil-rig producers in the world! The World Bank ranks us as the easiest place to do business in the world. I’m blushing, even in death!

Let me explain how we attained these feats. We are no magicians. We are no angels.

We are human beings like you, dear Nigerian leaders.

The first thing we recognised is that quality leadership is non-negotiable.

I understand that ordinary Nigerians get all the blame for Nigeria’s problems under the pretext that if the followers are bad, then leaders will be bad. I disagree.

{THE LANGUAGE OF MAD NIGERIAN - slowpoke}

If the leaders are good, the followers will be good.

The leaders take the critical decisions and show direction. That is why they are called leaders.

It is the dog that should be wagging the tail, not the tail wagging the dog.

Don’t blame passengers for bad driving. Countries are transformed by good leadership.

Why does a country need competent and exemplary leaders? Development starts from visioning.

No country develops by accident or co-incidence. Development is planned.

The leader, who must understand the critical issues, puts together a team, shares his vision with them, assigns them responsibilities and leads them from the front.

That is where it starts. It is when you have a vision of society that you will know that education is key, electricity is key, health is key, infrastructure is non-negotiable. It is when you have this vision that you know where to direct your energy and resources. You know the kind of people to put in charge of key ministries and agencies.

Furthermore, leaders must not be obsessed with instant gratification and personal comfort. That is one of the biggest problems you, Nigerian leaders, have.

*_You are too obsessed with the perks of office that you have forgotten why you were elected in the first instance._*

I understand that you have a presidential fleet of the latest jets in town, and that your governors also own jets or fly in chattered jets. What a waste. I will share a story with you, which you can read in my book, From Third World to First.

The story is on pages 363-364 and it had to do my trip to Ottawa, Canada, for the Commonwealth meeting in 1973.

The Bangladeshi Prime Minister, Sheikh Mujibur Rahman, arrived in style in his own aircraft.

When I landed, I saw a parked Boeing 707 with “Bangladesh” emblazoned on it. When I left, it was still standing on the same spot, idle for eight days, getting obsolescent without earning anything.

As I left the hotel for the airport, two huge vans were being loaded with packages for the Bangladeshi aircraft. At the conference, Mujibur Rahman had made a pitch for aid to his country.

Any public relations firm would have advised him not to leave his special aircraft standing for eight whole days on the parking apron. You want aid but you are showing opulence to the world.

Presidents of Kenya and Nigeria also arrived in jets. I wondered why they did not set out to impress the world that they were poor and in dire need of assistance.

Our permanent representative at the UN explained that the poorer the country, the bigger the Cadillacs they hired for their leaders.

So I made a virtue of arriving by ordinary commercial aircraft and thus helped preserve Singapore’s Third World status for many years.

However, by the mid-1990s, the World Bank refused to heed our pleas not to reclassify us as a “High Income Developing Country” — giving no Brownie points for my frugal travel habits. We lost all the concessions that were given to developing countries.

_Dear Nigerian leaders, I understand that you are very, very religious._

*_The Muslims among you pray five times day, go for lesser hajj so often, fast during Ramadan and mention the name of God as punctuation for every word and every sentence. The Christians among you are always speaking in tongues or eating communion, paying fat tithes and heavy offerings and holding prayer sessions at home every morning._*

*_Yet, I am told you loot your state treasury without compassion or compunction, inflate contracts recklessly, operate killer squads, and watch — without conscience — as your citizens struggle without clean water and good hospitals._*

Unfortunately, I died an agnostic. I neither denied nor accepted that there was a God.

Though two of my younger brothers, Freddy Lee and Lee Suan Yew, are members of the Anglican and Methodist churches respectively, I was not a churchgoer. Don’t misunderstand me: I am not saying you should not believe in God.

But I only wonder: how can you say you believe in God and fail so woefully in what the Holy Bible and Holy Qu’ran teach about loving your neighbour, caring for the needy and showing responsibility as a leader? I cannot understand it.

You guys never cease to amaze with how you can conveniently combine religion with greed.

On a final note, I appreciate that you are mourning my death and describing me as great. Thank you very much.

But I want you to know that you too can become great by putting the welfare of your citizens above your personal comfort.

Nigeria too can produce a Lee Kuan Yew. I go to my grave a happy man.

Ask yourself: will you go to yours fulfilled? Adieu!

just2endowed:
Is the Chaka app good in buying local reit

Are naija REITs listed on Chaka?