DaBogu:
No sir, they own THAT building and are NOT TENANTS, they actually do it(Profit Sharing) NOT the bolded e.g KPMG Partners are not entitled to salary but profit sharing. A partner in KPMG goes with profit of 100m+ plus unit performance incentive and MUST stay on the Island. October 1 every year wardrobe allownace is give in the tune of 20m+. Vacation, travel allowance, and many more

Please send a private message, I will forward the current annual report to you.

We need to have all our facts before arguing.

The major asset of most auditing firm is their intellectual asset, reputation and goodwill.
Partners share profits and go home with hundreds of millions of naira after paying the rent of their offices. I stand to be corrected none of the big 4 auditing firms in Nigeria will invest billions of naira building a so called befitting head office.

I think it makes sense not to own such assets by these big firms.

emmanuelewumi:


Please send a private message, I will forward the current annual report to you.

We need to have all our facts before arguing.

The major asset of most auditing firm is their intellectual asset, reputation and goodwill.
Partners share profits and go home with hundreds of millions of naira after paying the rent of their offices. I stand to be corrected none of the big 4 auditing firms in Nigeria will invest billions of naira building a so called befitting head office.

9jatriot:
Like I said, if the link is correct. It is actually an interest to sell. See attached image.

From the current annual report it still belongs to UPDC REIT.

emmanuelewumi:


If you have up to N20 million you can buy FG bonds in the secondary market

You can buy through your Stockbroker.

Thanks bro, which stockbroker can you recommend? I will like to invest in the primary market

Good day gurus in da house... Someone ask some days ago if FBN eurobond (USD) investment capital is safe? Please I want to know if the capital is safe b4 investing into it. Thanks.

FGN Savings Bond January 2020 Offer Rate

2-year: 7.144 % per annum
3-year: 8.144 % per annum

https://www.nairaland.com/3658395/fgn-savings-bond

Whops!!!!!!!! I mean the building belongs to UPDC REIT.. Having KPMG's big signpost doesn't mean KPMG owns the building. Infact in the small signpost beneath KPMG, its written Victoria mall plaza by UPDC REIT.

9jatriot:
A sign board sir is not a confirmation that they own it. It simply means that they have an office there.

ojesymsym:
I think it makes sense not to own such assets by these big firms.

The partners can invest their own funds in real estate. You can't be a partner for life unless you are the founding partner. Partners grow old and retire and the money shared will stop, why should the current partners have a reduction in the profit sharing income because the firm invested billion building a Property.

It makes sense for them to get maximum payout from the firms profit and each partner can invest their money the way they deem fit.

The big banks pay an average of over N400 million ti get the big 4 auditing firms to audit their accounts
Banks like First Bank, Stanbic IBTC and FCMB that have a complicated holding structure pay between N500 million and N600 million

Akin3891:



Thanks bro, which stockbroker can you recommend? I will like to invest in the primary market

Since you have a money market fund with FBN Asset Management you can try their stock broking subsidiary FBN Securities . They are located in the same building at Keffi street south west Ikoyi Lagos

Oga, u de give us free mba course for here.
Recently, I started questioning companies that rush to build property assets just because they had one good financial year, I think we over estimate property ownership in this country. Just me thinking though.

emmanuelewumi:


The partners can invest their own funds in real estate. You can't be a partner for life unless you are the founding partner. Partners grow old and retire and the money shared will stop, why should the current partners have a reduction in the profit sharing income because the firm invested billion building a Property.

It makes sense for them to get maximum payout from the firms profit and each partner can invest their money the way they deem fit.

The big banks pay an average of over N400 mill to get the big 4 auditing firms to audit their accounts
Banks like First Bank, Stanbic IBTC and FCMB that have a complicated holding structure pay between N500 million and N600 million

Kolping:
FGN Savings Bond January 2020 Offer Rate

2-year: 7.144 % per annum
3-year: 8.144 % per annum

Too poor

Sorry, I misunderstood you.

seunpinky:
Whops!!!!!!!! I mean the building belongs to UPDC REIT.. Having KPMG's big signpost doesn't mean KPMG owns the building. Infact in the small signpost beneath KPMG, its written Victoria mall plaza by UPDC REIT.

Treasury Bills Rate Weakens to 3.5% as Demand Wanes - Business Post Nigeria
https://businesspost.ng/economy/treasury-bills-rate-weakens-to-3-5-as-demand-wanes/

the rate for the 91-day treasury bill was weakened to 3.50 percent from 4.00 percent, the 182-day tenor was slightly lowered to 4.90 percent from 5.00 percent, while the 364-day maturity marginally declined to 5.20 percent from 5.50 percent.

The CBN has continued to lower treasury bills rates at the primary market to spur lending in the real sector of economy, while those for OMO bills are left high to attract foreign investors so as to boost the nation’s foreign reserves, which dropped below $40 billion some weeks ago.

https://www.nairaland.com/3658395/fgn-savings-bond

emmanuelewumi:


Too poor

Kolping:
FGN Savings Bond January 2020 Offer Rate

2-year: 7.144 % per annum
3-year: 8.144 % per annum

One love.. My wife works there so i know quite alot about the firm.

9jatriot:
Sorry, I misunderstood you.

ojesymsym:
Oga, u de give us free mba course for here.
Recently, I started questioning companies that rush to build property assets just because they had one good financial year, I think we over estimate property ownership in this country. Just me thinking though.

That was how people were pressuring my Chairman to build a property for his company at Apapa instead of letting. He refused. When we started loosing business because of the chaotic and terrible Apapa traffic, we had to run away from there to go and rent an office in a cool area where prospective clients had no issues coming to. If the office was in a property owned by the company, it would have been difficult to relocate the office.

9jatriot:
Great idea. But, Nigeria has a peculiar problem of trust. You can't count the number of people that have had their hands burnt from such ventures

we are all players in industry at different level...some big ,medium,other small ...only one chap that INVESTED 50m (25 in the station ) and 25 in trucks (the guy get mind sha ) the trucks generated a net income of 11m for him in 2019...but the station zero cos it became operation on 1/2020......some 2 guys also partners to couple a truck ....one bought the head 6.5 the tank 5.5 ....they started in april they made about 5m (but they always have issues when sharing profits )

Exactly. Your business loses the ability to be mobile when you now have a fixed building. Even SPDC had to sell most of their assets in the ND.

NL1960:


That was how people were pressuring my Chairman to build a property for his company at Apapa instead of letting. He refused. When we started loosing business because of the chaotic and terrible Apapa traffic, we had to run away from there to go and rent an office in a cool area where prospective clients had no issues coming to. If the office was in a property owned by the company, it would have been difficult to relocate the office.

ahiboilandgas:
we are all players in industry at different level...some big ,medium,other small ...only one chap that INVESTED 50m (25 in the station ) and 25 in trucks (the guy get mind sha ) the trucks generated a net income of 11m for him in 2019...but the station zero cos it became operation on 1/2020......some 2 guys also partners to couple a truck ....one bought the head 6.5 the tank 5.5 ....they started in april they made about 5m (but they always have issues when sharing profits )

This is because they did not have a written agreement on profit sharing.

The model is getting more confusing. I thought you guys share the profit at the end of the day. If I understand what you just wrote here now, it will imply that each entity manages his own investment in the business and gets his profit or loss on the go. Is that correct?

ahiboilandgas:
we are all players in industry at different level...some big ,medium,other small ...only one chap that INVESTED 50m (25 in the station ) and 25 in trucks (the guy get mind sha ) the trucks generated a net income of 11m for him in 2019...but the station zero cos it became operation on 1/2020......some 2 guys also partners to couple a truck ....one bought the head 6.5 the tank 5.5 ....they started in april they made about 5m (but they always have issues when sharing profits )

I was wondering what the owner of next oil was thinking with that eye catching Building in Lagos island....that is supposed to be dangote group global head office not some oil servicing firm depending on ioc for fabrication....that my thinking sha

9jatriot:
The model is getting more confusing. I thought you guys share the profit at the end of the day. If I understand what you just wrote here now, it will imply that each entity manages his own investment in the business and gets his profit or loss on the go. Is that correct?

the station is jointly owned by 8 persons with various percentages .this determine what u get after expense ...among the 8 only 1 was not into oil and gas and he invested 25m in the station (joint ownership) then he own 2 trucks (100 percent ).....

Na so money de truck? 2 trucks gave 11M for that investor, that is 5.5M per truck.
The other 2 guys invested 12M in their truck and got 5M despite starting in April.
Hmmm, is this real "REAL" sector of the economy then?

ahiboilandgas:
the station is jointly owned by 8 persons with various percentages .this determine what u get after expense ...among the 8 only 1 was not into oil and gas and he invested 25m in the station (joint ownership) then he own 2 trucks (100 percent ).....

For trucks ever individual owns his fleet(100 percent) working under his contract or subcontract..example my main contract is Mrs oil plc but i still work for total and mobile ( through a subcontract)..in my main contract their is are 25 fleet some are owned by my partners...

9jatriot:
Na so money de truck? 2 trucks gave 11M for that investor, that is 5.5M per truck.
The other 2 guys invested 12M in their truck and got 5M despite starting in April.
Hmmm, is this real "REAL" sector of the economy then?

them no even try ....but the industries is saturated i beg no come join oooh ...plus it too challenging,capital intensive and Very risky (BE WARNED)...but very addictive and rewarding)....must oil and gas people cannot do any bussiness ....a trip to kano is 19.02 x45000 litres that around 1m gross income ....this very addictive like cocaine

Pascopele:
This is because they did not have a written agreement on profit sharing.

na just two friends young chaps am encouraging them

emmanuelewumi:


What makes KPMG different?

Akintola Delloite uses a rented building on Ozumba Mbadiwe

I have forgotten the name of another big auditing firm who is a tenant at UBA head office

Enst and Young

I understand your points.
I work with KPMG and i can categorically tell you that KPMG owns the TOWER...
KPMG is not DELOITE or AKINTOLA WILLIAMS.

Make I come make you encourage me too? I promise not to saturate.am abeg.

ahiboilandgas:
na just two friends young chaps am encouraging them

If that is the case that you work there, could you take a picture of the other sign on the building? The one seunpinky pictured wasn't clear but it does seem to say the building is owned by UPDC.

Gavrelino123:


I understand your points.
I work with KPMG and i can categorically tell you that KPMG owns the TOWER...
KPMG is not DELOITE or AKINTOLA WILLIAMS.

ojesymsym:
Make I come make you encourage me too? I promise not to saturate.am abeg.

no be me saturate am ...there are too many tankers with declining jobs....we are even scared of dangote monopoly....he currently assembling 800 trcuks in amamco....he can wake up one day..and say the 60m litres will be carried by this trucks he has capacity and cheap loan...the young chaps are working for Exxon mobil upstream..one was supply deseal b4 but his truck was bad and few jobs ..i updraged it to aviation fuels and his friend bought the daf head ...so i added it to my fleet ( for 5 percent commision) and give them steady jobs like 20 trips monthly ...apapa -aiport
..that the encouragement

Gavrelino123:


I understand your points.
I work with KPMG and i can categorically tell you that KPMG owns the TOWER...
KPMG is not DELOITE or AKINTOLA WILLIAMS.

You are not a partner and may not know everything about the company. I doubt if you have spent 10 years in the company.

The annual report of UPDC REIT Page 7 number 3 has Victoria Mall Plaza Aboyade Cole as one of their real estate portfolio.

The annual report described the tenant as an international auditing and consulting firm.

The tenancy is yearly.
Vacancy rate in the property is 0%.

Unlike Victoria Mall Plaza Phase 1 a residential property that has a vacancy rate of 100% as it was reported in the report.

The rental yield on the property where KPMG is located was reported as 7%

Again Dangote's pops up.

ahiboilandgas:
no be me saturate am ...there are too many tankers with declining jobs....we are even scared of dangote monopoly....he currently assembling 800 trcuks in amamco....he can wake up one day..and say the 60m litres will be carried by this trucks he has capacity and cheap loan...the young chaps are working for Exxon mobil upstream..one was supply deseal b4 but his truck was bad and few jobs ..i updraged it to aviation fuels and his friend bought the daf head ...so i added it to my fleet ( for 5 percent commision) and give them steady jobs like 20 trips monthly ...apapa -aiport
..that the encouragement

emmanuelewumi:


Since you have a money market fund with FBN Asset Management you can try their stock broking subsidiary FBN Securities . They are located in the same building at Keffi street south west Ikoyi Lagos

Oga Emma/ Oga Ahib,

Please I need help on this question no reply given since.

Good day gurus in da house... Someone ask some days ago if FBN eurobond (USD) investment capital is safe? Please I want to know if the capital is safe b4 investing into it. Thanks.