rationalmind:


If she is not a full staff after 8 years in first bank then it's 100% her fault and not of the bank.

The FBN conversion process from contract to core staff is one of the easiest in the industry.

There's a yearly conversion exam that she has to write and pass. The bank has also given them the grace of writing three times. If she writes the first time and fails, writes the second and third time and still failed, then she only has herself to blame.

Many others are writing and passing the same exam.

ok ...na wa me they their they hate first bank....so the recently sacked 1000 workers didnt pass ?

NL1960:


Are they trying to catch a falling knife as we normally say in stock investments when somebody is trying to average down on a falling stock.

Some lost their shirts. While others swam naked

ahiboilandgas:
ok ...na wa me they their they hate first bank....so the recently sacked 1000 workers didnt pass ?

Technology will render some workers jobless.

First Bank has the highest personnel expenses in the industry, that is N99 billion per annum and made profit after tax of about N50 billion.

While GTB had a personnel expenses of N38 billion and profit after tax of N185 billion. Zenith has a personnel expenses of N76 billion and profit after tax of N204 billion.


So I expect more retrenchment in First Bank, going forward.

Among the 5 biggest bank. That is First Bank, Access Bank, UBA, GTB and Zenith.

First Bank makes the biggest revenue of over N600 billion but barely convert 10% of the revenue to profit after tax . FBN generates the lowest profits among the 5 biggest banks in Nigeria

emmanuelewumi:



Technology will render some workers jobless.

First Bank has the highest personnel expenses in the industry, that is N99 billion per annum and made profit after tax of about N50 billion.

While GTB had a personnel expenses of N38 billion and profit after tax of N185 billion. Zenith has a personnel expenses of N76 billion and profit after tax of N204 billion.


So I expect more retrenchment in First Bank, going forward.

Among the 5 biggest bank. That is First Bank, Access Bank, UBA, GTB and Zenith.

First Bank makes the biggest revenue of over N600 billion but barely convert 10% of the revenue to profit after tax . FBN generates the lowest profits among the 5 biggest banks in Nigeria

fbn na civil service.....poorly run with village branches

I feel really blessed knowing about this forum. I have really gained a lot of financial education here free of charge just by been a dedicated reader.
In the quest for financial freedom and to liberate my self from been dependent on salary, I started my financial saving journey since January last year, using both TB & MMF. I started with about 1m then, and have grown it to over 2m. This all happened with financial prudence and drastic cut down in unnecessary spending.
Am currently have all my savings in MMF as TB is no longer juicy. looking at saving up to the 0m and invest into FGN bonds, don't know if that's a good idea. I have decided not to go into building of houses to rent again, cos even the once I have, to see rent collect from tenants na war.

Thanks to the elders in the house (Oga Ahib, Oga ewumi, Oga conglomerate just to name a few) that have being dishing out this advice and sharing investment opportunities.

Any advice on how to preserve this little change wey to done gather is highly welcome.

ahiboilandgas:
fbn na civil service.....poorly run with village branches

Shareholders are complaining

emmanuelewumi:



Shareholders are complaining

na there children and relative full there

mikylon:
I feel really blessed knowing about this forum. I have really gained a lot of financial education here free of charge just by been a dedicated reader.
In the quest for financial freedom and to liberate my self from been dependent on salary, I started my financial saving journey since January last year, using both TB & MMF. I started with about 1m then, and have grown it to over 20m. This all happened with financial prudence and drastic cut down in unnecessary spending.
Am currently have all my savings in MMF as TB is no longer juicy. looking at saving up to the 50m and invest into FGN bonds, don't know if that's a good idea. I have decided not to go into building of houses to rent again, cos even the once I have, to see rent collect from tenants na war.

Thanks to the elders in the house (Oga Ahib, Oga ewumi, Oga conglomerate just to name a few) that have being dishing out this advice and sharing investment opportunities.

Any advice on how to preserve this little change wey to done gather is highly welcome.

Commercial real estate is not bad, you should not have a direct dealings with the tenants.


Stanbic IBTC bank can assist you with bond investment with the fund you have with you through the secondary market

Oga Ahib I greet you specially.However, I think this Canada/Diaspora journey is very relative according to individuals.For some people its been a mistake while for others its highly rewarding..I relocated to canada this year after living and working in Nigeria as a project engineer..Bros, my salary in 9ja was 150k per month but in Canada I make #1.2M net salary per month. Imagine a project engineer working in Lagos and earning 150k per month, I still have colleagues in 9ja earning 100-120k per month..in addition to my income here in Canada I get access to affordable quality health service and live in a sane environment where things are done the right way..But there are no free money in canada, everyone puts in the hours..I can confidently say relocating is the best decision I have made so far.

For people who are doing extremely well financially in 9ja it mayb be better for them to remain in Nigeria..

ahiboilandgas:
most Nigerian that migrated dont have better quality of life cos cant imagine moving from a deplux in wuse to a condo of 1000 dollars permonth as my life improving or moving from 34 degree to 0 degree or moving from a brand manager to an uber driver or security man or from eating natural organic Africa food to genetic foods or living according to my income to living on debt of 30 years....

ahiboilandgas:
ok ...na wa me they their they hate first bank....so the recently sacked 1000 workers didnt pass?

To answer your question, yes.

The sack was in two phases. First was for staff who have spent 5 years in the bank and have not been able to pass the conversion exam to make them core staff.

This exam is an aptitude test similar to gmats and the likes. Those who would rather give excuses claim the exam is supposed to test their current knowledge of the job, others will say they only convert Yoruba people so no need to bother. The few ones that are serious will burn midnight candles, scale the test and make it to training school.

The second phase of the sack affected core staff around 50 years of age who are not yet on manager grade. A couple of them who recently got promoted as AMs also got disengaged.

emmanuelewumi:



Commercial real estate is not bad, you should not have a direct dealings with the tenants.


Stanbic IBTC bank can assist you with bond investment with the fund you have with you through the secondary market

Appreciated sir,
Would give that a try. I attempted it with ARM in January, they just wasted my time for a whole month citing excuses that they could not pull funds together to make up the 50m. And they adviced I buy from primary market once I can raise 50m.

mikylon:


Appreciated sir,
Would give that a try. I attempted it with ARM in January, they just wasted my time for a whole month citing excuses that they could not pull funds together to make up the 50m. And they adviced I buy from primary market once I can raise 50m.

.


Stanbic IBTC is very good with Investments be it Treasury Bills, bonds etc

rationalmind:


To answer your question, yes.

The sack was in two phases. First was for staff who have spent 5 years in the bank and have not been able to pass the conversion exam to make them core staff.

This exam is an aptitude test similar to gmats and the likes. Those who would rather give excuses claim the exam is supposed to test their current knowledge of the job, others will say they only convert Yoruba people so no need to bother. The few ones that are serious will burn midnight candles, scale the test and make it to training school.

The second phase of the sack affected core staff around 50 years of age who are not yet on manager grade. A couple of them who recently got promoted as AMs also got disengaged.

very clear....thanks ....i got the full picture now

In canada there are times I go out at 2am and never have cause to fear for my safety.Matter of fact on days I dont drive, I walk dowñ to train/bus stations..Lets not even make a comparison with 9ja..�

pluto09:



For me the biggest problem is the level of insecurity.
My encounter with victims of kidnappers and armed robbers in recent times have changed my perception about Nigeria.

ahiboilandgas:
what isbthe use of dollars reserve?drive to the refinery in lekki is there

Nothing is happening there, if you’re so sure, tell us the take off date for the refinery. Only the fertilizer is working for now

zohan101:
Oga Ahib I greet you specially.However, I think this Canada/Diaspora journey is very relative according to individuals.For some people its been a mistake while for others its highly rewarding..I relocated to canada this year after living and working in Nigeria as a project engineer..Bros, my salary in 9ja was 150k per month but in Canada I make #1.2M net salary per month. Imagine a project engineer working in Lagos and earning 150k per month, I still have colleagues in 9ja earning 100-120k per month..in addition to my income here in Canada I get access to affordable quality health service and live in a sane environment where things are done the right way..But there are no free money in canada, everyone puts in the hours..I can confidently say relocating is the best decision I have made so far.

For people who are doing extremely well financially in 9ja it mayb be better for them to remain in Nigeria..

correct Migration with clear progress next time u come najia an to.handle dangote refinery project at a consultant on 100m annually......the Lagos stress can kill

Most people on this thread looking to invest are diasporans so if anyone is asking you not to relocate over Nigeria will be better false hope then it’s your call..

chigo4u:

Nothing is happening there, if you’re so sure, tell us the take off date for the refinery. Only the fertilizer is working for now

Really,??

I can assure you that by the end of 2021.

chigo4u:

Nothing is happening there, if you’re so sure, tell us the take off date for the refinery. Only the fertilizer is working for now

u must be dreaming the catalyst fractionation columns has be installed....i no get strength ....dont even waste your time to envy Aliko dangote he is rear human ....according to otedola aliko wonder land ...he earning 200bn next month

emmanuelewumi:



Really,??

I can assure you that by the end of 2021.

oga pls leave the guy...i do contract in the place ...belmari

chigo4u:
Most people on this thread looking to invest are diasporans so if anyone is asking you not to relocate over Nigeria will be better false hope then it’s your call..

say who...must wealthy Nigerians are in Nigeria ....facts

ahiboilandgas:
u must be dreaming the catalyst fractionation columns has be installed....i no get strength ....dont even waste your time to envy Aliko dangote he is rear human ....according to otedola aliko wonder land ...he earning 200bn next month

He’s currently focusing on his fertilizer plant, I don’t believe the refinery will be functional by next year but I want to be wrong anyway but anyone saying the refinery with drag rates to 300-330 is a joker

ahiboilandgas:
say who...must wealthy Nigerians are in Nigeria ....facts

How come most Nigerians depend on remittances for survival
https://nairametrics.com/2020/01/11/nigeria-receives-17-5-billion-diaspora-remittances-in-2019/

ahiboilandgas:
oga pls leave the guy...i do contract in the place ...belmari

E go do am like film
Maybe the guy made one dollar investment that won't mature till 2022,so he doesn't even want to hear anything naira appreciation.
Maybe that's why he is so emotional and adamant to the whole thing weh CBN go soon change am for am

Most houses and asset in Nigeria are owned 100 percent ...with zero loan....i dont have any bank loan and am in Nigeria and am wort over 100m without steping outside the shores of Nigeria ...several of my friends have exceed capital base of 100m without loans or mortgage....if i die today no bank is repossing any thing even toothpicks paid in cash ...

chigo4u:

He’s currently focusing on his fertilizer plant, I don’t believe the refinery will be functional by next year but I want to be wrong anyway but anyone saying the refinery with drag rates to 300-330 is a joker

I am the one that said it and I know I am not a joker.
The moment that refinery open it's doors,dollar dey go to the 300-330 range ASAP.
They've given you numbers yet you no want gree,
No one is forcing you.
We all dey here

chigo4u:

Nothing is happening there, if you’re so sure, tell us the take off date for the refinery. Only the fertilizer is working for now

Nothing is happening there? I have some property interests in Idasho Town. That is the community directly opposite Dangote gate. I suggest that you take a trip to that area and see things for yourself.

While you are inside your house hiding from Coronavirus, work is currently going on in the refinery and other Dangote projects in that area.

chigo4u:

How come most Nigerians depend on remittances for survival
https://nairametrics.com/2020/01/11/nigeria-receives-17-5-billion-diaspora-remittances-in-2019/

u are confuse the nigerian economy is 500bn dollars what 17.5 billion in the size of the economy....compare with how much Nigerians spent on import ...over 100bn dollars ....u remittance is for your family or to build your house or earn better return compared to west ....cbn dey share remittance

chigo4u:

How come most Nigerians depend on remittances for survival
https://nairametrics.com/2020/01/11/nigeria-receives-17-5-billion-diaspora-remittances-in-2019/

MOST Nigerians depend on remittances for survival? Are you speaking from personal experience or you just want to talk?
Did you even read the link you posted?

Remittances have been steady and rising slowly for over a decade but. They are still a small fraction of FX inflows.

Remittances have increased but it's still a small piece of the pie.

chigo4u:

How come most Nigerians depend on remittances for survival
https://nairametrics.com/2020/01/11/nigeria-receives-17-5-billion-diaspora-remittances-in-2019/

Some of the remittance are for Investments

Another thing you should take note of is the fact that most of this Forex, Nigeria earns by exporting crude oil. Nigeria exports about 2M barrels a day of crude oil. If Dangote refinery starts functioning, most of the crude oil Nigeria exports to earn Forex would be channeled to Dangote refinery, thereby reducing our ability to earn Forex. Dangote refinery states that it can process about 650,000 barrels a day. So once it starts functioning, we would also be losing about 650,000 barrels worth of Forex we could have exported. There is always an opportunity cost. Nigeria cannot increase production of crude oil by an extra 650,000 barrels so fast.

Theconglomerate:
Reports show that Nigeria use to spend up to 300-400m dollars anually on rice imports when it was still legal.
Same reports say Nigeria spends between 7-10 billion dollars(subsidy inclusive) anually on petroleum imports.
So are you saying the effect of taking off a $400m forex demand and that taking off a $10B fx demand from the Nigeria economy will have the same stress pattern(effect) on local currency?
Don't you see that Dangote refinery will crush approximately a $10B fx demand anually the moment it goes operational?
Take away that demand and dollar will drop immediately.
I personally is looking at an exchange rate of N300-330/$1 come next year.

naijaoyibo:
Another thing you should take note of is the fact that most of this Forex, Nigeria earns by exporting crude oil. Nigeria exports about 2M barrels a day of crude oil. If Dangote refinery starts functioning, most of the crude oil Nigeria exports to earn Forex would be channeled to Dangote refinery, thereby reducing our ability to earn Forex. Dangote refinery states that it can process about 650,000 barrels a day. So once it starts functioning, we would also be losing about 650,000 barrels worth of Forex we could have exported. There is always an opportunity cost. Nigeria cannot increase production of crude oil by an extra 650,000 barrels so fast.

I don't understand,is dangote going to get the crude from Nigeria for free or is he going to buy it from NNPC in naira?
Oil is an international commodity na.