tkb417:

that has to be lebara

but gimme 5 mins
ill get back to u on that

Ahhhh the good old urban 'myth'!
Actually, its not really a myth - T-mobile did offer this deal a few years back when they were trying to capture market share. Then they added all the constraints that Sauron pointed out, later reduced the minutes to 3000 and eventually phased out the deal. I am pretty sure they dont have this deal anymore, those that are still on it have been on it for ages but you will not get it on a new contract.

It actually explains why a lot of students and Nigerians are on T-mobile in the UK. Back then it was regarded as cheap/value for money. But read between the lines and you will realise you are spending way more than if you were on o2 or orange (not Vodafone though cos thats just way too expensive!) and if you want BB/Iphone, you gast be on o2 or orange really!

@kobo, so your point exactly is, ?
If I remember correctly it wasn't the line you r now trying to tow - the MASSES!
Tkb was just stating that people will buy houses at exhorbitant prices, hence you can make a sizable profit if you get your maths right.
Not entirely such what that has got to do with what the fact that not all will be able to afford this - its obviously the niche-super rich market he was alluding to!

Just becos you can't comprehend something or its currently above your reach doesn't mean its untrue.
Fact is people pay big sums for houses in lagos especially in choice areas. Lagos - in particular most of the Island - was recently profiled as having one of the most expensive places to buy real estate.
It makes sense really, lagos is too small for the number of big boys/men that want to floss!

Kobojunkie:

ah!! Na that one be the NEW lOCATION of the goal post?

Blame tkb, he taught me all the tricks I know

~Sauron~:

Earning quality measured by one's salary is NOT the key determinant of one's credit score.
Credit Score is all about PAYING your bills/debt in TIME.
Some people make 6-figures but they are careless with their credits.

Oya, letz kiss and make up.

MINT!!!!!!!!!!
Tomorrow is Friday - It's like a carnival there every friday after work.
Bemster(if you are listening), there's no escaping for you tomorrow.

Ahhh catch me if you can!

~Sauron~:

I agree with you 100%
Loads of kick-backs come into play with anyone(with a good credit score) earning that amount.
I remember escorting a FRIEND of mine to HSBC cos he needed to open a current account - He got one with a 5000 GBP overdraft.

So? Students get £3500 interest-free overdraft,
And I believe your earning quality measured by your salary is the key determinant of your credit score, so we cant keep looking at credit score like its an independent variable.

tkb417:

OK OOO

ese adupe for all inputs

fight don finish

I agree, lets kiss and make-up

buzugee:

25 pounds an hour is like 1000 a week which is 52000 pounds a year. after tax you are on like 40 k. this equates to about 10 million naira. shytttt you cant even buy a hut for that in lagos. so i dont know how yall come about all these assets you mentioned. sounds like a lie to me. someone who is washing yansh is definitely not a big time business man. sounds like a small time guy with maybe a little business on the side. maybe like his wife has naija restaurant in peckham.

anyway no matter how you dissect it, it still does not add up. american express does not give you unlimited credit limit because you earn 52 k. those kind of limits are for ceos, robbie williams, jay z, liam gallagher etc. at most amex will give you 30 grand credit limit.

yall aint ready yet.

Co-signed!!!

dayokanu:

What you stated above looks more like a Income and Expenditure statement for the year, Have you considered other income(Biz in naija)

In the guys balance sheet, have you considered balance brought forward from prior yr, Account receivables from his debtors in naija etc

I thought this was greenfield o, where's the account rec coming from now

tkb417:


are we talking about debt financing or mortgages here?
lets be clear

Exactly,

You need to get the mortgage first and no bank in their right mind will loan money to buy 5 reasonably priced houses to someone on just £48k p.a Fact! He needs to crawl before running now!

I know people on six-figure salaries and they dont even have 3 houses talk less of 5 houses. I'm sure a lot of the people posting here might be earning at least half of that sum i.e. £24k. How many of you have 2.5 houses? Lets not forget that the average mortgage payment for a small house in London is at least £1000

Let's just forget the numbers for a minute and think about it practically. IMHO, you can only have 5 houses in the places you guys mentioned and still live comfortably if you are on at least £150k - but we all have our idea of what living comfortably entails

dayokanu:



Hey bemster, You come highly recomended from Smith Barney.

My name is Dayokanu and I dont know tkb, Sauron or eldee can I,

I'm amazed at your impressive investigative powers
Can you, what though?
I will suggest that you make your response PG, else TKB might claw your eyes out


@every pseudo-math-head that has posted so far, have I missed it or has everyone ignored the fact that if the so-called £4000 a month-earning-dude has these 5 houses all over the globe (that are debt financed), there's no way he's going to be able to service all the debt based on his take home pay alone.
Yes, in the UK and US you can get cheap credit, but at what price? And not forgetting that if you are in the upper echelons as the dude arguably is, your NI and tax is about 40% and if you are in finance industry, its virtually knocking on 50%,
I don't mean to be pedantic o, but these are salient points that you math-heads have failed to touch on IMHO

~Sauron~:

Mortgage nor dey Naija abi what are you talking about?
Anyone making 4000GBP a month in the UK can take out loans, credit cards and scores of different credit facilities.
Everything doesn't have to be CASH!!!!

Old hag, no one works less than 40 hours a week on FULL-TIME.
For men that love working Saturdays, they go 40+/50+ hours so stop spewing fuckery.

I am aware you always try so hard to be intelligent but your creeping neurosis is a stumbling block.
When intellectuals are discussing, stay at the back. . .ABEG!!!

He also told me something i can only share in private.
Can i come to your crib tonight and deliver the message?

Ahhhhh, TKB and his astuteness! He told me YOU will say that

tkb417:

LOL

have we met b4

I dont know, have we? Sure I'll remember something like that!

~Sauron~:

Stop displaying your ignorance on a public forum. . . . .

Anyone making 20 quid per hour working 50 hours a week makes 1000 GBP a week(4000GBP a month)!!!
With such income, his credit score is in the top echelon and he can actually buy properties without down payments- In case you haven't heard, there are 110% mortgages in the UK and in Europe.
Grab a book instead of bitching yourself about on a forum like a dejected soul.

Hello, Bemster.
I have been expecting you on this thread. TKB said you are the coolest Naija chic in Europe.

tkb said that? but I do agree with him though

tkb417:

lol; sure thing

@tkb, I dont remember appointing you as my love-vendor oh!

@OP and all others that think if you live in the UK you are jealous of visiting Nigerians and vice versa, change your parade!!!

Find new peeps to hang out with because if you hang with the right people, surely it wont be jealousy you will be spewing but rather you will be inspired to move up the ladder

tkb417:

hehe
Of course, if im supposed to open an IB shop right now, the best biz model will surely be to focus on emerging markets. Friends in high places?
when u land in 9ja, u'll know how the HNIs value their IBs. Ive done deals and it makes sense to have met or done one or 2 things with the 'players' in the IB space 9ja. We are not plenty
the AFricInvest, Chapelhill, StanbicIBTC, Rencap, ARM, BGL, ACTIS peeps are still the same peeps doing the deals. and oh yeah, my friends are in Lagos IFC office. Youve spoken to everybody there?

you know Chi . EG?
dont be my handbag o

ill pass my email to you , so we can talk later
cheers

Pardon my ignorance but what does HNIs mean?
And yeah I've spoken to Chi. EG. I hear he's quite the whiz-kid, although all the OAU guys ve met lately seem to be of similar calibre - it must be something in the water over there
So I got an offer from P&G as a fin analyst and while I'm not keen have heard the pay is really good. Really tempted but feel like I should wait for my first love (IFC) but who knows when they will make up their mind!!!!

What do you know of Travant Capital? It was set up by some ex-Oando peeps

Will be waiting patiently for your email address, and the strap to your handbag

tkb417:

Okie dokie

u know where i work? LOL. I know some top peeps in Actis and i think they are a bit active presently. IFC is a good place even in Nigeria and presently, i have 2-3 deals im doing with them and Intel Capital. IFC will be good if you can squeez urself in and at least 3 of my friends have moved there in the last 3 years.

5-6m is achievable for u and oh yeah what stories did u hear? u wanna share?

Of course I figured where u work! What sort of analyst will I be if I didnt work that one out?
I love love Actis, they have such good rep and have that emerging markets focus thats a big attraction to me but I missed the boat on this year's recruiting. Are your IFC friends in the Nigerian office? I feel like I've spoken to almost everyone there. Btw, you seem to have 'friends' in high place, can I be your handbag?

Re stories,

tkb417:

Good

come and work in our company
How much do u want?

PE firms? and have u thought about Citi Nigeria?

Just might ;-) Was looking into 'your company' somewhile back cos I am very big on CEE stuff etc but wasnt sure what their foothold is in the market although you guys seem quite entrepreneurial which I like. PE firms was looking at Actis and Travant except latter isnt doing much on the PE side, they are more advisory atm. I am neck deep in talks with IFC (my dream place!) but I really dont know how they are in Nig. Got friends that work for them in DC but I dont know if the atmosphere is different in Nig and its such a long-winded recruiting process!!!
I am not very expensive and I know London salary wont be translatable at my level (I've heard stories!!!) but will just like to know ballpark figure. In your esteemed opinion, will it be <5m or >5m?!

Hello all,

I'm new to NL but this has been a very informative read. Really enjoyed reading erudites like tkb, Jarus and sagamite et al's insights! I'm currently wrapping up an Msc in IB and Emerging Markets at a top ten UK university. Prior to that I was working at Citigroup in London as a junior in Equity Research. I am looking to move back to Nig, hopefully by beginning of Q4 this yr. I am currently in talks with firms both PE and IB. Can anyone shed light on how much comp will be at such an organisation for someone at my level?

B