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Treasury Bills In Nigeria - Investment (1402) - Nairaland

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Re: Treasury Bills In Nigeria by Tobex4realTobex234(m): 2:52pm On Jul 13, 2020
I don't know if nairaland will ban me from posting links. The response was copied from [url]https://www.quora.com/How-is-life-like-for-Nigerians-living-in-Canada [/url]

1 Like

Re: Treasury Bills In Nigeria by DexterousOne(m): 3:04pm On Jul 13, 2020
Tobex4realTobex234:
I don't know if nairaland will ban me from posting links. The response was copied from [url]https://www.quora.com/How-is-life-like-for-Nigerians-living-in-Canada [/url]


Read this before
Re: Treasury Bills In Nigeria by Cyberknight: 3:09pm On Jul 13, 2020
Tobex4realTobex234:
I don't know if nairaland will ban me from posting links. The response was copied from [url]https://www.quora.com/How-is-life-like-for-Nigerians-living-in-Canada [/url]

Interesting link.
Anyone who is reasonably well-informed/travelled knows/should know this.
Integrating into a foreign country especially when you come from a developing one, is not easy.
The Canadian immigration scheme is basically meant to benefit the country by getting at least 2 generations of highly motivated people to contribute to their economy. In return, the country offers them a better life.

They select only the skilled, but they also know that some of them will end up filling unskilled positions native-born do not want, either temporarily as they work their way up, or permanently. This is reality.

They bank on the fact that immigrants are motivated (when you think of what you left behind in India, Nigeria, Bangladesh or whichever place you come from, that drives you to work hard), and also pass that motivation on to the second generation, so at least the Canadian economy is assured of enough doctors, engineers, IT staff etc, for decades to come (immigrants drive their children to read professional courses and related fields).

All in all, the Canadian immigration scheme is working as it's supposed to work.

3 Likes

Re: Treasury Bills In Nigeria by NL1960: 3:11pm On Jul 13, 2020
ahiboilandgas:
very true ...when i started my cement distribution business i forcast that i would have 20 branches after studing several business like kfc with low margins but several units to make good inflow....i ran into problems from the pioneer branch cos of theft of sale proceeds by sale boy....he intentional damage bags so as to sell in mudus , [b]he also collect stock outside and sell in my ware house...[/b]the place was generating a net of 180 k monthly and i have capacity to open 19 more ...i was paying salary of 30k and commission....but the Nigerian human resource is an impossible being

This is another big issue. Most of these sales people collect stock from outside and sell in the shop and when you come, they will say no sales and at month end, they expect salary to be paid to them.
Re: Treasury Bills In Nigeria by DexterousOne(m): 3:14pm On Jul 13, 2020
Cyberknight:


Interesting link.
Anyone who is reasonably well-informed/travelled knows/should know this.
Integrating into a foreign country especially when you come from a developing one, is not easy.
The Canadian immigration scheme is basically meant to benefit the country by getting at least 2 generations of highly motivated people to contribute to their economy.

They select only the skilled, but they also know that some of them will end up filling unskilled positions native-born do not want, either temporarily as they work their way up, or permanently. This is reality.

They bank on the fact that immigrants are motivated (when you think of what you left behind in India, Nigeria, Bangladesh or whichever place you come from, that drives you to work hard), and also pass that motivation on to the second generation, so at least the Canadian economy is assured of enough doctors, engineers, IT staff etc, for decades to come (immigrants drive their children to read professional courses and related fields).

All in all, the Canadian immigration scheme is working as it's supposed to work.


Yea

It is

I'm actually running the program on the side


Once it's all set

I'm out


I've had enough of the madness

I cant in good faith raise my kids in a country like this

But like I say
To each one his own

1 Like

Re: Treasury Bills In Nigeria by Cyberknight: 3:15pm On Jul 13, 2020
DexterousOne:


Yea

It is

I'm actually running the program on the side


Once it's all set

I'm out


I've had enough of the madness

I cant in good faith raise my kids in a country like this

But like I say
To each one his own

I don't discourage people who want out.
I see clearly that Nigeria is not livable for very many people.

1 Like

Re: Treasury Bills In Nigeria by DexterousOne(m): 3:16pm On Jul 13, 2020
NL1960:


This is another big issue. Most of these sales people collect stock from outside and sell in the shop and when you come, they will say no sales and at month end, they expect salary to be paid to them.

This one is rampant in Nigeria


Employees conniving to steal from the business


It's a very tough place out there

One nairaland member posted on front page months ago

How his colleagues are running his madam business down

And that she is a nice person and all

And does not know what he/she can do

Whether he /she should report and all that

The comments that followed were more shameful than even the opening post

Some of us here may have seen the post as at when it came out

7 Likes

Re: Treasury Bills In Nigeria by DexterousOne(m): 3:20pm On Jul 13, 2020
Cyberknight:


I don't discourage people who want out.
I see clearly that Nigeria is not livable for very many people.

I'm Nigerian born and raised

I can always cope

There were times in my life that all I had to eat for w whole day were two crackers biscuit and three sachets if pure water ( tho I am not from a poor home, on my journey towards standing as a man, I had my rough patch)


But all these rough life
I'm not sure I want my family absorbed into it.


I was also thinking the UAE residency program

That one I can also clearly afford

Some Nigerians are even going for EB 5 program for USA

I know one person remotely trying to run this package.

If I had that money
Maybe I would have tried EB 5 too.



You have said it all sha
Re: Treasury Bills In Nigeria by DexterousOne(m): 3:28pm On Jul 13, 2020
ojesymsym:
When I gave this a though recently, I realized that our health care and education, especially university education is subsidized compared to many of the countries we admire. No students loan here.
I read one guy's comment that he spent one night in a US hospital (probably didn't have health insurance, don't know) and spent an equivalent of almost 3million Nigerian naira.
When God puts on his prayer request session, the ones from Nigeria are likely to be full of negativity.
Healthcare and education is also subsidized in most of Europe


Tertiary education in germany for example is free for international students in germany (well most of the programs)

How do you think it will be for the local students


For France

The annual school fees in the uni is about €300 for public unis
That's applicable to foreigners too.


UK has NHS
Even tho tuition fees na die

It's the USA (another agbaya country) that has a wack health care system and a crininal tertiary education system


Just setting the records straight sha

4 Likes

Re: Treasury Bills In Nigeria by niyoni: 3:32pm On Jul 13, 2020
CsRockefeller:
The other day I was telling someone that corruption and fraud especially is ingrained in every Nigerian DNA. What few do is to fight that inbuilt trait, the remaining just live it out.

We are such a dishonest people. In an attempt to mask our evil acts we have legalized fraud and corruption into different forms.

A Nigerian doesn't even trust his fellow citizen so why should a foreigner do? Look at how high we build our fences like we are guarding against wild animals.


Lol at your closing remark.

1 Like

Re: Treasury Bills In Nigeria by DexterousOne(m): 3:32pm On Jul 13, 2020
CsRockefeller:
The other day I was telling someone that corruption and fraud especially is ingrained in every Nigerian DNA. What few do is to fight that inbuilt trait, the remaining just live it out.

We are such a dishonest people. In an attempt to mask our evil acts we have legalized fraud and corruption into different forms.

A Nigerian doesn't even trust his fellow citizen so why should a foreigner do? Look at how high we build our fences like we are guarding against wild animals.


I will speak for myself

I'm not a criminal

I have never stolen from any place I have worked
Or in business dealings I have done

I'm as upright as it comes (tho I'm not perfect)


And I'm sure that many of us in this chatroom here can beat his chest and say same.


However
The majority out there

They need to repent and change their ways.

3 Likes

Re: Treasury Bills In Nigeria by DexterousOne(m): 3:34pm On Jul 13, 2020
emmanuelewumi:



You now see the reason why busy executives are okay with portfolio Investments that will conveniently give them between 15% to 20% per annum and they will be okay on the long run


Mhmm

At least if you are trading stocks and building your portfolio with other asset classes


If the thing goes bust

You blame yourself
Cos you were the one that made the choices

But you see businesses in contemporary Nigeria?

That one is another beast in its own
Re: Treasury Bills In Nigeria by Cyberknight: 3:36pm On Jul 13, 2020
DexterousOne:

Healthcare and education is also subsidized in most of Europe


Tertiary education in germany for example is free for international students in germany (well most of the programs)

How do you think it will be for the local students


For France

The annual school fees in the uni is about €300 for public unis
That's applicable to foreigners too.


UK has NHS
Even tho tuition fees na die

It's the USA (another agbaya country) that has a wack health care system and a crininal tertiary education system


Just setting the records straight sha

Precisely.
The US is capitalism unbridled.
Their so-called "pull yourself up" thinking is obviously wrongheaded, given that this is the 21st century, not the 18th century when one could make something of themselves by dint of hard work alone.

Nowadays, everyone knows that the government has an input to make into the lives of those not born into wealth in order to level things up.
Re: Treasury Bills In Nigeria by GonFreecss1: 3:36pm On Jul 13, 2020
AnthonyAnderson:


Very brilliant.

Ordinary street protests against govt policy you wil see them chicken out. They always love to run down the country at the slightest opportunity. It is a thing of pride.

During elections they wont even vote but tell you who will win and lose hence they do not need to come out to vote....

Exactly! Hit the nail on the head.
Re: Treasury Bills In Nigeria by ahiboilandgas: 3:38pm On Jul 13, 2020
NL1960:


This is another big issue. Most of these sales people collect stock from outside and sell in the shop and when you come, they will say no sales and at month end, they expect salary to be paid to them.
sahad store lost 250m naira to fraudstars called staffs in the last audit ...staff plan with fake customers to loot items and pay for cheap ones are exit the super markets ,the ones in textile section collect goods and sell personally in the supermarkets or replaced sold items while pocketing the profits
Re: Treasury Bills In Nigeria by DexterousOne(m): 3:40pm On Jul 13, 2020
ahiboilandgas:
sahad store lost 250m naira to fraudstars called staffs in the last audit ...staff plan with fake customers to loot items and pay for cheap ones are exit the super markets ,the ones in textile section collect goods and sell personally in the supermarkets or replaced sold items while pocketing the profits


Chineke nna shocked
Re: Treasury Bills In Nigeria by DexterousOne(m): 3:41pm On Jul 13, 2020
Cyberknight:

Precisely.
The US is capitalism unbridled.
Their so-called "pull yourself up" thinking is obviously wrongheaded, given that this is the 21st century, not the 18th century when one could make something of themselves by dint of hard work alone.

Nowadays, everyone knows that the government has an input to make into the lives of those not born into wealth in order to level things up.

That's why I was and still am
A big big fan of Bernie Sanders
Re: Treasury Bills In Nigeria by ultron12345: 3:47pm On Jul 13, 2020
DexterousOne:

Healthcare and education is also subsidized in most of Europe


Tertiary education in germany for example is free for international students in germany (well most of the programs)

How do you think it will be for the local students


For France

The annual school fees in the uni is about €300 for public unis
That's applicable to foreigners too.


UK has NHS
Even tho tuition fees na die

It's the USA (another agbaya country) that has a wack health care system and a crininal tertiary education system


Just setting the records straight sha


Let's also mention the high taxes charged in those countries which fund those free public services. How many Nigerians pay taxes? The few that pay, what percentage do they pay?

Anyone can shout "Nigerians pay tax" sha, but statistics don't lie.

Nigeria has one of the lowest tax-to-gdp ratios in the world at 4-5%, France is at 48%, Germany is 44.5%. Even our neighbors with similar socioeconomic demographics collect more, Benin is at 15.4%, Cameroon is at 18.2%, Ghana is at 20%, Togo is 15.5%.

VAT in Nigeria is one of the lowest in the world, it has been 5%, only recently went up to 7.5% for some goods. VAT in UK and France are 20%. VAT is 12.5% in Ghana, 19.25% in Cameroon, 19% in Niger, 18% in Benin, 18% in Chad.

15 Likes

Re: Treasury Bills In Nigeria by ahiboilandgas: 3:48pm On Jul 13, 2020
DexterousOne:



Chineke nna shocked
one idoit cleaner hid inside the toilets and was closed in the mall ,in the night he stole expensive watches ,perfumes,lace material,..eat a lot of chocolates and milk ...he packaged everthing inside a huge cartoon in the cartoon sections for disposal...when the people buying empty cartoon came they saw one filled with goods ..so they called the manger thinking it was a consumer that forget .....a trap was set for the idoit and was caught ....a long serving staff that the owner dash a small house after serving 15 years

3 Likes

Re: Treasury Bills In Nigeria by Cyberknight: 3:51pm On Jul 13, 2020
DexterousOne:


That's why I was and still am
A big big fan of Bernie Sanders

The most ironic thing is that Sanders' is not advocating anything fundamentally different from what other, also rich and thriving European economies are already doing.

America's refusal to tax its people properly to pay for a reasonably comprehensive welfare state is strangely out of tune with the rest of the developed world. Remember when Warren Buffett pointed out that he pays a lower tax rate than his secretary because his money is working for him while she is working for hers.

2 Likes

Re: Treasury Bills In Nigeria by ahiboilandgas: 3:53pm On Jul 13, 2020
Workers at the two Kano branches of Sahad Superstore were as usual expecting their end of the financial year bonuses and many may have lined up plans on how to spend it, especially with the approaching Sallah festivities. Contrary to their expectations, at the end of the superstore’s financial year, a manager and about 74 staff working in the two branches of the store at Zoo Road and Mandawari area received dismissal notices.

With the massive sack news all over town, the public have shown mixed reactions on the issue as many see the sack as an act of injustice while others view it as a deterrent to future financial impropriety.


Daily Trust Saturday gathered that the decision taken by the management on July 4, 2019 was as a result of the outcome of the annual stock and account audit, which showed a significant gap in the store’s accounts which could not be accounted for in the audit report conducted.

Speaking to Daily Trust Saturday, Chairman of the superstores, Ibrahim Mijinyawa, confirmed the mass dismissal, adding that he cannot say anything more on the issue. “It’s true we have sacked some of our staff based on an issue of missing fund and please my friend, allow me to rest. I have been responding to this issue since the decision was taken and I am an old man; as you can see age isn’t on my side. I have said enough and I can’t say any more please,” he said.

However, it was gathered that all the sacked staff, including the manager have been replaced, and business has since resumed in the two affected branches. It was also revealed that the new manager has re-engaged some of the sacked staff. According to one of the affected staff re-engaged by the new manager, and who spoke to Daily Trust Saturday on condition of anonymity, they were told that the sack was due to the discovery of missing N250 million after the end of financial year audit.

“We were expecting to receive our annual motivational bonuses at the end of the store’s financial year, but we all received a sack notification and were later told that N250 million was missing after the audit, and that the management decided to sack all of us. Some of us were re-engaged while others are yet to be contacted,” he revealed.

Another sacked staff, who gave his name as Usman Babayo, revealed that he has been with the superstore for over 12 years and that nothing of such had ever happened in all the years he had spent working there. “It was indeed a tragedy to us because we have never experienced such incident.

I strongly believe that they did what they did because they had no option even though most of us affected knew nothing about what happened. Many of us have no direct contact with the superstore’s funds not to talk of misappropriating it,” he lamented.

1 Like

Re: Treasury Bills In Nigeria by Cyberknight: 3:55pm On Jul 13, 2020
ultron12345:


Let's also mention the high taxes charged in those countries which fund those free public services. How many Nigerians pay taxes? The few that pay, what percentage do they pay?

Anyone can shout "Nigerians pay tax" sha, but statistics don't lie.

Nigeria has one of the lowest tax-to-gdp ratios in the world at 4-5%, France is at 48%, Germany is 44.5%. Even our neighbors with similar socioeconomic demographics charge more, Benin is at 15.4%, Cameroon is at 18.2%, Ghana is at 20%, Togo is 15.5%.

VAT in Nigeria is one of the lowest in the world, it has been 5%, only recently went up to 7.5% for some goods. VAT in UK and France are 20%. VAT is 12.5% in Ghana, 19.25% in Cameroon, 19% in Niger, 18% in Benin, 18% in Chad.

The government has historically not been interested in tax revenue because it has had oil money to steal and otherwise squander.
That's why there have been a lot of subsidies in Nigeria, the government doesn't know what to do with money.

However, people in these countries you mentioned are not dutiful and enthusiastic taxpayers either, the rate of income tax avoidance and so forth is probably just as high among the self-employed as it is here.

Re: Treasury Bills In Nigeria by Cyberknight: 3:55pm On Jul 13, 2020
ultron12345:


Let's also mention the high taxes charged in those countries which fund those free public services. How many Nigerians pay taxes? The few that pay, what percentage do they pay?

Anyone can shout "Nigerians pay tax" sha, but statistics don't lie.

Nigeria has one of the lowest tax-to-gdp ratios in the world at 4-5%, France is at 48%, Germany is 44.5%. Even our neighbors with similar socioeconomic demographics charge more, Benin is at 15.4%, Cameroon is at 18.2%, Ghana is at 20%, Togo is 15.5%.

VAT in Nigeria is one of the lowest in the world, it has been 5%, only recently went up to 7.5% for some goods. VAT in UK and France are 20%. VAT is 12.5% in Ghana, 19.25% in Cameroon, 19% in Niger, 18% in Benin, 18% in Chad.



The government has historically not been interested in tax revenue because it has had oil money to steal and otherwise squander.
That's why there have been a lot of subsidies in Nigeria, the government doesn't know what to do with money.

However, people in these countries you mentioned are not dutiful and enthusiastic taxpayers either, the rate of income tax avoidance and so forth is probably just as high among the self-employed as it is here.

4 Likes

Re: Treasury Bills In Nigeria by emmanuelewumi(m): 4:01pm On Jul 13, 2020
Cyberknight:


The most ironic thing is that Sanders' is not advocating anything fundamentally different from what other, also rich and thriving European economies are already doing.

America's refusal to tax its people properly to pay for a reasonably comprehensive welfare state is strangely out of tune with the rest of the developed world. Remember when Warren Buffett pointed out that he pays a lower tax rate than his secretary because his money is working for him while she is working for hers.



Withholding tax is 10%. If you earned N10 million as investment income eg dividend, rent etc your tax is N1 Million.

Whereas if you earned N10 million as salary your tax will be around N2 million

2 Likes

Re: Treasury Bills In Nigeria by arduino: 4:04pm On Jul 13, 2020
ahiboilandgas:
very true ...when i started my cement distribution business i forcast that i would have 20 branches after studing several business like kfc with low margins but several units to make good inflow....i ran into problems from the pioneer branch cos of theft of sale proceeds by sale boy....he intentional damage bags so as to sell in mudus , he also collect stock outside and sell in my ware house...the place was generating a net of 180 k monthly and i have capacity to open 19 more ...i was paying salary of 30k and commission....but the Nigerian human resource is an impossible being
I can't forget what those wicked sales reps and others did to my mum's business. She was practically paying shop rent for them. The collect stocks from outside and sell theirs first. That aside asset stripping of the business and theft while stocking the personal kitchen from stolen goods from the shop.
The worst part was that she feeds those evil guys and ladies two sumptuous meals daily to keep the business running.
We have people without conscience roaming the streets under the guise of unemployment looking for who to exploit.

14 Likes

Re: Treasury Bills In Nigeria by DexterousOne(m): 4:06pm On Jul 13, 2020
ultron12345:


Let's also mention the high taxes charged in those countries which fund those free public services. How many Nigerians pay taxes? The few that pay, what percentage do they pay?

Anyone can shout "Nigerians pay tax" sha, but statistics don't lie.

Nigeria has one of the lowest tax-to-gdp ratios in the world at 4-5%, France is at 48%, Germany is 44.5%. Even our neighbors with similar socioeconomic demographics collect more, Benin is at 15.4%, Cameroon is at 18.2%, Ghana is at 20%, Togo is 15.5%.

VAT in Nigeria is one of the lowest in the world, it has been 5%, only recently went up to 7.5% for some goods. VAT in UK and France are 20%. VAT is 12.5% in Ghana, 19.25% in Cameroon, 19% in Niger, 18% in Benin, 18% in Chad.



Well you have presented your facts


And I cant argue with them

Cos i assume they are all credible

I know the tax net is not wide enough in Nigeria

But then
When I have this discussions with people

Many say they cannot pay taxes to an entity that

1) Is not accountable to anyone

And

2) Does not take care of the citizens


A great American once said

That Taxation without representation is FRAUD


And this aptly describes the sorry state of Nigeria

We have a mo.ron in Aso rock

His govt has bumped Taxation across board over the last 2 years thereabouts I'll wager

1) Stamp duty left and right

2) VAT on phone calls

3)Increment in VAT

4)Overhaul of the tax codes


YET
there is nothing tangible to show for it


Companies are being taxed to death in this country

I can tell you this as an accountant

And the supposed tertiary tax
What is it being used for?

On the one hand
Nigerians should pay more to the coffers

But on the other hand
I wont blame anyone who lays the argument of "why pay taxes to an entity that does not represent me or my interests?"


I have seen directors of govt agencies party with women of easy virtue, wasting govt money


I was not told

I saw it

You cant expect me to be happy with that

4 Likes

Re: Treasury Bills In Nigeria by DexterousOne(m): 4:09pm On Jul 13, 2020
Cyberknight:


The most ironic thing is that Sanders' is not advocating anything fundamentally different from what other, also rich and thriving European economies are already doing.

America's refusal to tax its people properly to pay for a reasonably comprehensive welfare state is strangely out of tune with the rest of the developed world. Remember when Warren Buffett pointed out that he pays a lower tax rate than his secretary because his money is working for him while she is working for hers.


But Bernie Sanders have started a movement


His surrogates (boys and girls) gradually are winning seats across the country...

The change I's coming

All thanks to Bernie



His boys and girls are winning primaries nationwide

More to come ahead

Regardless of who becomes president in 2021

I'm sorry for that president

Cos with the way the incumbents are falling

Giving way for these radicals

There is going to be some collisions

1 Like

Re: Treasury Bills In Nigeria by DexterousOne(m): 4:09pm On Jul 13, 2020
ahiboilandgas:
one idoit cleaner hid inside the toilets and was closed in the mall ,in the night he stole expensive watches ,perfumes,lace material,..eat a lot of chocolates and milk ...he packaged everthing inside a huge cartoon in the cartoon sections for disposal...when the people buying empty cartoon came they saw one filled with goods ..so they called the manger thinking it was a consumer that forget .....a trap was set for the idoit and was caught ....a long serving staff that the owner dash a small house after serving 15 years


Imagine this mess
Re: Treasury Bills In Nigeria by Nezzjnr: 4:15pm On Jul 13, 2020
DexterousOne:


This one is rampant in Nigeria


Employees conniving to steal from the business


It's a very tough place out there

One nairaland member posted on front page months ago

How his colleagues are running his madam business down

And that she is a nice person and all

And does not know what he/she can do

Whether he /she should report and all that

The comments that followed were more shameful than even the opening post

Some of us here may have seen the post as at when it came out
I saw that thread and that discouraged me from doing any business in Nigeria

I'll just stick to investment alone

1 Like 1 Share

Re: Treasury Bills In Nigeria by ahiboilandgas: 4:21pm On Jul 13, 2020
arduino:

I can't forget what those wicked sales reps and others did to my mum's business. She was practically paying shop rent for them. The collect stocks from outside and sell theirs first. That aside asset stripping of the business and theft while stocking the personal kitchen from stolen goods from the shop.
The worst part was that she feeds those evil guys and ladies two sumptuous meals daily to keep the business running.
We have people without conscience roaming the streets under the guise of unemployment looking for who to exploit.
Nigeria is filled with huspuppy and hushgrannies .the most difficult aspect of enterprise in Nigeria is the human resource ...the criminal mind set ,the stealing is not corruption attidude is now a pandemic In Nigeria.....how can you explain a banker at zuba branch organizing robbery gang against his bank .....if na employement he already got ..if na increased pay he should try another bank
....

1 Like

Re: Treasury Bills In Nigeria by GonFreecss1: 4:23pm On Jul 13, 2020
Cyberknight:


The most ironic thing is that Sanders' is not advocating anything fundamentally different from what other, also rich and thriving European economies are already doing.

America's refusal to tax its people properly to pay for a reasonably comprehensive welfare state is strangely out of tune with the rest of the developed world. Remember when Warren Buffett pointed out that he pays a lower tax rate than his secretary because his money is working for him while she is working for hers.

Exactly! People like Warren and Buffet have shown that you can be a capitalist and still want social welfare for others in your country.
Re: Treasury Bills In Nigeria by GonFreecss1: 4:28pm On Jul 13, 2020
Nezzjnr:

I saw that thread and that discouraged me from doing any business in Nigeria

I'll just stick to investment alone

This is heartbreaking sha. Chai!

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