Stats: 3,186,742 members, 7,930,538 topics. Date: Saturday, 24 August 2024 at 09:03 PM |
Nairaland Forum / Klas's Profile / Klas's Posts
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jaxxy: You are really confused. Even with a layman example of spare parts dealer that I gave, you still couldn't comprehend how subsidy work. If the landing cost of petrol at the Nigerian port is N282 per litre, at that stage, the refiners had already been paid fully by the importing marketers and subsidy is not yet involved. After clearing and adding other domestic costs and marketers profit margin, the price comes to around N340. In the absence of subsidy, the marketers will sell directly to the consumers at that price. In the subsidy regime, the government and the consumer split the N340 between themselves and pay the marketers. Still the marketers collect N340, no more, no less. Subsidy benefits the consumers (who pay less than the market price while government balance up), not the marketers, talkless the refineries. |
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jaxxy: The bolded part is an uninformed view of how subsidy works which is common among the so-called educated Nigerians. Sellers don't benefit from subsidy. It is the final consumption that is being subsidised. If you are spare parts seller and you already computed the selling price of your goods based on landing cost and projected profit. If a customer walks in but can only afford to pay 60% of your price, what will you do? You will turn him away for sure. What if a good samaritian offer to pay you the balance of the 40% on behalf of the poor customer? Have you benefited beyond what you would have gained if you sell to another customer that is able to afford your price? Sure no. The samaritian has only subsidised the customer, not you. Same with refineries. Currently, fuel marketers pay the foreign refineries fully before lifting products to Nigeria. The headache of subsidy is between the marketers, consumers and Nigerian government, not that of refineries. 3 Likes |
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KaluwisxPRO: The list being contested is the electoral committees at local governments and wards level that will organise direct primary election at those levels |
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NimrodEndOfDays: “It is praiseworthy to be brave and fearless, but sometimes it is better to be a coward. We often stand in the compound of a coward to point at the ruins where a brave man used to live.” — Chinua Achebe 6 Likes 1 Share |
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Beremx: Really? Who was the governor of Niger state when Jonathan had to declare a state of emergency in the state over boko haram? |
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FreeStuffsNG: @bolded. FMN Plc does not currently control the flour industry. Even the combination of FMN and Honeywell (whenever it is finalised) is still below Olam. Olam has a capacity of 11.14 MT per day and 44% market share. FMN currently has 32% market share and after combination with Honeywell, its capacity will increase to 9.6 MT per day. I agree that BUA Foods appears to be overvalued given that its current flour capacity is just 1.6 MT per day which it plans to increase to 4 MT within the next one year. |
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luizpippo: I thought I was the only one who couldn't see the relationship between the question and the answer he gave. That answer is more appropriate if the question is about how the budget proposal will pass through the national assembly, not how a passed budget would be implemented (by the executive which he heads). 3 Likes |
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Macphenson: PrinceOfLagos: delzbaba: According to the account of the event given by Uche Nwosu himself, Adamu Shaba was not present at the scene but he suspected that Shaba ordered his arrest because the policemen were briefing Shaba by phone after he was arrested and even sent a picture of him to Shaba to confirm that they got the right person. |
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yMcy56: Sorry Ma. ![]() E ku holiday 2 Likes |
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yMcy56: Is this the intended referenced statement? The statement was released on 22 November 2021. Not new |
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tutudesz: The mall has its own firetruck permanently packed there |
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These journalists can ask dumb questions atimes. Garba Shehu said the President has communicated his decision to the National Assembly and they were asking if it is yes or no. Does he need to communicate anything to the National Assembly if it is yes? The yes is just to assent the bill into law. It is when he vetoes the bill that he writes to the lawmakers. 1 Like |
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wirinet: False? What you read as history, I witnessed and partook in as current affairs. At the auction held in Jan 2001, Four (not 3) licences were sold at $285m (not $275m) each. The successful bidders were Mobile Telecommunications Networks (now MTN), Econet Wireless (presently Airtel), Communications Investment Limited (later resurfaced as Globacom) and Nigerian Mobile Communications (now Ntel). The licence of Nigerian Mobile Telecommunications, a subsidiary of Nitel now Ntel was paid for by the government because it was government owned up to 2015. Before, the companies could bid, each was required to deposit $20m in bank bond. If you bid and don't win, your bank bond would not be called in but if you win, your bank bond would be called in immediately and you are to pay the balance of $265m within 3 weeks otherwise you forfeit the deposit of $20m. Those of United Networks and Celtel were never called in because they didn't win. Communications Investment Ltd owned by Adenuga won but later found out within the 3 weeks that it was to pay its balance that the particular frequency sold to it was being contested in court by another company - Motophone owned by Chagourys, that claimed it was already sold to it by Abacha. CIL instructed its bankers - BNP Paribas to inform Nigerian government banker - Chase Manhattan that payment would be released to Chase if govt issued indemnity to CIL. On February 9 2001, Ndukwe of NCC announced that as at deadline on that day, Chase Manhattan had not received the balance from CIL and thus the license is cancelled and the deposit of $20m forfeited. Even with hues and crying of the public, NCC and government maintained its stand and the forfeiture stood. CIL was allowed in 2002 to bid as Global Communications limited to win an all encompassing second national carrier license on the same litigious frequency of 2001 but this time, government gladly gave an indemnity. 2 Likes |
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emmykk: Glo was registered the same time. It won the license just like mtn but it found out that the spectrum that it was given was a subject of litigation having been previously allocated to another company under Abacha. It conveniently forfeited the $20m it deposited for the license 1 Like |
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ivolt: MTN was less than 7 years when it came to Nigeria. Same with Econet (now airtel) from Zimbabwe. How old was globacom when it first won the license in 2001? |
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loswhite: MTN Nigeria shares have been available to the public before, but MTN Nigeria has never sold shares to the general public before because it has no need. How? You may ask. When MTN Nigeria was set up in 2001, it was a private company owned by South Africans and some high netwoth Nigerians like Col Bello, Pascal Dozie, etc. In 2014, the South African group partly sold 12% of their shares to another South African company, but MTNN still remained a private company.. When MTNN went public in May 2019, it did so by “introduction” which means that it did not issue new share to the public but allowed existing shareholders to sell their shares to anyone they like on the stock exchange. Note that a shareholder in a private company cannot sell share to just anyone without the approval of other shareholders. That restriction was removed when MTNN go public. The bulk of the shares of MTN Nigeria (MTNN) almost 80% was held by South Africans. During the “introduction” on the stock exchange, the South Africans sold very few. That is why, MTN shares available to the public called “float” is very few till now. Now the South Africans have decided to sell more to the public from their holdings but because of the sheer high volume which Nigerian Stock Exchange is not yet matured enough to handle on the floor without significantly depressing the price of MTN, the novel way of marketing direct to the public by the owners was adopted making it look like it is an “offer for subscription” (I.e. new shares issued by the company itself and that the proceeds go the company) rather than “offer for sale” (I.e. sold by existing shareholders from their current holdings and the proceeds go to them). The current sale is series 1, there are still series 2 and 3 coming before they would be able to sell the total volume they targeted after which the the holdings of South Africans in MTNN will reduce by about 12% to just over 60% 5 Likes |
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li2pac1717: The money raised today ($273m x2) is licence fees and goes to government pocket 100%. The winners are now going to look for another funds to build and roll out the 5g infrastructure. It doesn’t concern government. 5 Likes |
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dawnomike: MTN Nigeria cannot use the money for company’s transactions. It is an offer for sale, not new share issue which means the shares are being sold by an existing shareholders (though a major one) and the proceeds will go to the seller, not the company. If MTN Nigeria needs money, it has to either borrow or issue new shares to be sold, not the one it has sold in the past which the then buyers are now cashing out by selling. 6 Likes |
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Jymsyno: Online Application Process Visit https://primaryofferng.com/ on your web browser or download "PrimaryOffer" from the Google Play store or Apple store. Create an account with your BVN and date of birth. Create a password and verify your account with the One Time Password (“OTP”) sent to you. Login with your email address and password. Select MTN Nigeria Offer and “Purchase”. Specify the number of desired units and select “Pay now”. Enter your CSCS, clearing house number and bank details for verification. If you do not have a CSCS account, indicate “No, I don’t” and select “Proceed” to fill the required fields to create a CSCS account. Input your bank account details and re-insert your password for verification. Select “Yes” when asked if you have a stockbroker and select a stockbroker that you want as your preferred stockbroker to open your CSCS account. Review the subscription summary, submit, and make payment as directed. On successful payment, a notification is sent to your email. |
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festacman: 1. He wasn't denied pdp ticket, he contested the election and lost to ANPP's candidate in 2003. Kwankwaso, the seating pdp governor then, similarly lost to Shekarau of ANPP. 2. He is a closet pro-north fanatic who doesn’t really fancy southerners as president of the country. He cowtowed before Atiku, the VP but held Obj in disdain. That was why Obj also fought tooth and nail to render him politically irrelevant 5 Likes |
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Bamzyriches451: Yes. Married to Prince Adeniyi Olukoya |
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Leverage2021: Leverage2021: Toyin Saraki is the daughter of Adekunle Ojora. Adekunle Ojora is a Muslim. 3 Likes |
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joinnow: Where did you get the market research report that you so confidently quoted? This is persistence in ignorance. Name one mall that Shoprite ever built anywhere in the world. The simple fact is that Shoprite does not build malls, it only rent just like other tenants in the mall. It is called anchor tenant because it will commit to leasing the property even when the property is still being developed. It only open shops wherever there are malls that meet its specifications. It is lack of available malls that constrained its expansion in Nigeria as contained in its 2014 Annual Accounts. Galaxy Mall Kaduna is a PPP project of Kaduna state markets development company and Amsalco Industries Ltd. It was originally conceived by UACN Property Development Co in 2015 but the project stalled and Amsalco replaced them. |
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medinho: Either 1. Liaise with your stockbroker and fill a commitment form for the number of shares you want. Or 2. Fill in the required information to buy on the special mtn offer portal. Google for it |
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freeman67: Mind you, the bonus is limited to the first 5,000 shares, beyond that, no bonus. ![]() 1 Like |
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MTN retail offer price is N169 Offer opens 1st December, closes 14th December Minimum subscription is 20 shares and additional in multiples of 20. There will be a bonus of 1 share for every 20 purchased, subject to maximum of 250 bonus shares provided you retain your purchased shares for one full year before selling. 2 Likes 2 Shares |
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brandsoncharlie: How many years? That is the multistorey car park of the domestic terminal 2. It was built around 2009. 2 Likes |
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Kingcalls: The person you quoted was referring to TB Joshua not Maduka. 4 Likes |
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But this is August 2019 news. Why is it being posted here as fresh news? |
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discusant: Soludo is already elected even if he scores zero in the remaining local governments. He has the highest votes currently that is more than the combined votes of the two runners-up. He also needs 25% in only 14 local governments but he has 18 already. |
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Pamelayoung: If you had bought at 0.89 then, No, you won’t be vacationing in Caribbean now. Yes, you will be in Nigeria rueing your loss for the school fees you paid to NSX ![]() 5 Likes 1 Share |
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