Stats: 3,189,362 members, 7,937,101 topics. Date: Sunday, 01 September 2024 at 01:24 PM |
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LAFARGE/WAPCO 2012 RESULTS - DIVIDEND OF INVESTMENT Lafarge Plc released its 2012 Full year audited accounts with revenues increasing 40% to N87.9billion. Operating profit also doubled to N25.7billion when compared to 2011 when profits where N13.35billion. Operating profits margin at the end of the year was an impressive 29% up from the 21% posted a year earlier. Pre tax tax also more than doubled to N21.2billion whilst Profit after tax was N14.7billion resulting in a profit margin of 17%. Return on average equity at the end of the period was a 23% or 11% when adjusted for inflation. The market off course has responded positively with share price rising sharply by 6.1% to N74.29 (from N70)at the close of business 27th March 2013 and that is after loosing N3.99 a day before. The result is an indication to most investors, as it is evidence that their expansion programs is now beginning to yield fruit as revenues have continued to increase despite total assets remaining unchanged and expenses also staying nearly flat. In fact the Return of Assets of 17% was ably boosted a higher asset turnover of about 58% compared to operating profit margin of about 25.7%. The company is presently enjoying a ride as their investment are now boosting profits. Things are however not so rosy cash flow wise for WAPCO/Lafarge. They currently have a negative working capital of N8billion and still end of spending almost all of the N22billion generated in operating cash flows in paying down loans and dividends (N22billion) as well as another N5billion on Investment leaving them with a negative cash generated of N2.2billion. Nevertheless cash carried forward from the prior year still provides enough buffer helping them end the year with about N8.8billion in the bank. A dividend pay out of N3.6billion (N1.2 per share) for the over 3billion outstanding shares is fully covered. One could opine it only amounts to a payout ratio of just 25% of profits which in itself is not bad. Last year dividend was 75kobo or 27% of profits and so achieving that same payout ratio would have cost them an additional N300million. On a flip side, this years dividend payment is N1.3billion higher than 2011 and their share price has seen a capital appreciation of almost 89%. So buckle up and cement your positions, the share price is about to take off even higher. http://www.nse.com.ng/Financial_NewsDocs/LAFARGE%20%20CEMENT%20WAPCO%20NIG%20PLC%20YEAR%20END%20AUDITED%20RESULTS%20DECEMBER%202012.pdf |
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CADBURY - CANDY..OU PLEASE PAY MORE DIVIDEND? Cadbury Plc released its 2012 Full year audited financial statements with revenues slightly dipping 1.76% year on year to N33.5billion. Operational profit was N4billion (12% operational profit margin) compared to the N4.6billion posted a year earlier. Profit after tax at the end of the period was N3.45billion compared to N3.67billion a year earlier. You can either view this flat result as half empty or half full after all profit margin was 10% compared to 11% a year earlier. In addition, the challenges the company is facing has been discussed in an earlier post on my Blurb page . Currently, revenue stability will be accepted in the absence of growth in these harsh competitive environment leaving me to worry about something more pertinent. Why is Cadbury proposing to pay just 50kobo per share as dividend when it has over N15.7billion in cash (it was N10.5billion in 2011)? A 50kobo per share dividend amount to a total dividend payout of just over N1.5billion or just 10% of total cash available. A whopping N5.2billion in extra cash was generated this year after spending N1.8billion in investments. Working capital is N9.2billion and tax liabilities of N662 million is just 4% of cash held. Shareholders of Cadbury have enjoyed quite a bullish run in the value of their shares. The stock has returned is N34.8 compare to just over N12 a year before. That is a massive 188% return. But the price is obviously riding on a bubble and can last too long. A trailing P.E ratio of 24.7x and a current one of about 31.6x is nothing I'd be crazy about. Growth prospects for Cadbury can't justify such price highs making the company appear sweeter than it taste. But still shareholders are in a candy store Cadbury will make the argument that return on equity averaged 18.7% this year so why should shareholders be bothered. But return on average equity is down 24% from the year before and adjusted for inflation is back to 6.7%. The proposed dividend per share of 50kobo provides a yield today of about 1.4% (the market pays an average 5%). Ex div (after dividend payment) may rise by another 50% and still not up to average. But why all the complaint anyway after all Cadbury is 75% owned by Kraftsfood and 25% is owned by Nigerians who are in the minority who are very well compensated with capital appreciation? Oh well tell that to a kid in a candy store!! Cadbury Nigeria Plc audited accounts for 2012 can be found on the website of the NSE |
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REVIEW: UPDC REITS OFFER - TO BUY OR NOT Offer Value - N30billion Offer Price - N10 per unit Opening Date - February 19 Closing Date - March 28 Fund Promoter - UPDC Fund Manager- FSDH Asset Management Ltd The Deal Synopsis? UPDC has been into property development for years holding major property assets in Nigeria. The company which I reviewed sometime last year has had to deal with rising operational expenses as well as debt. As such it does not surprise me that the basis of the offer is to flog some of the assets that they have in exchange for cash ostentatiously funded by the proceeds of the offer. UPDC plans to raise about N30billion from the sale of 3billion units of shares in a Real Estate Investment Trust (REIT) at N10 per unit. As the promoters of the REIT they will also subscribe to shares in the REIT even though they will not be stumping up any cash. They will own 40% of the REIT via an exchange of assets and shares. So in exchange for about 40% of the REIT (N12billion), they will be selling some of their choice properties for a value of N12billion. In other words, by subscribing to the REIT the utilization of N4 of your N10 share in the REIT is already determined. Another N8.8billion out of the N30billion will also be used to purchase properties already owned by UPDC as detailed in the offer. Unlike the N12billion which was exchanged for shares, the N8.8billion cash will be paid to UPDC. After the exchange of shares and cash payments subscribers to the deal will also expect to incur an additional cost of N673.7million as offer cost (2.2%) and another N1billion as VAT. The VAT amount is based on 5% of the asset cost of N20.8billion. For those who wonder whether VAT should be paid on sale of properties, I guess VAT is paid here because UPDC holds those properties as stock in its balance sheet rather than as Assets. Thus necessitating the VAT payment. Whilst this may seem logical, there is a reason to challenge this payment, and I expected UPDC to offer explanatory notes explaining the basis for charging VAT on this exchange. At the end of this the REIT will have about N7.4billion in investable fund and based on the fund managers allocation proposal, the rest might be invested in some Fixed Income Securities such as Bonds. Actually 10% of the N30b raised will be invested in liquid assets/cash. Interestingly, the assets would be transferred under a Declaration of Trust structure (DOT). The D.O.T basically involves a system of transferring beneficial ownership of assets to a trust without actually transferring title thus avoiding taxes and statutory fees associated with the sale of assets. This perhaps is where the VAT fees arose since an exchange of beneficial interest will surely be seen as vatable. An uncanny way of transferring taxes to the buyer rather than the seller right? How did they value the assets and what assets are they selling to the REIT? UPDC has some choice properties scattered all over Nigeria which has earned them rental income over the years. However, they are only selling 5 properties. One of the properties on sale the Victoria Mall Plaza on Aboyade Cole VI, is currently occupied by KPMG. See below; UPDC has placed the combined "Open Market Value" of the assets at about N21.9billion and will be transferring to the REIT at about N20.8billion offering discount of about 5% on the asset value. They also claim the assets generate a combined N1.297billion in average annual income historically representing yield of about 6.26%. To make the investment look good they project the revenue will rise to N1.6billion or about 7.7%. The problem with this valuation metric is that cap rates in Nigeria is mostly 10% at least which would place the average vale of the combined assets at about N12billion instead of the N20billion transfer value. What are the risk? The offer prospectus outlines some risk for investors in the REIT which includes obvious ones such as political risk, market risk etc. However, one that comes to mind is the very unpredictable nature of the Nigerian market. Real Estate in Nigeria today is currently over valued due to a mixture of higher than normal construction cost, inefficiency in management of projects, high cost of taxes, and over bloated land cost. This stand the risk of a huge correction should the market find better and cost efficient way of construction thus bringing down values of properties including older ones which were built at a higher cost. The ability for businesses to continue to pay high rental cost is also a huge factor in determining the viability of income projections. However, this may not be enough to deter investors who have an exit option should they sense a likely softening of the market in future. Shares on the REIT are tradable on the floor of the NSE. What do I benefit from this? Basically, you get to own part of a pool of real estate assets which will be managed by experienced managers. The assets is expected to generate income and the promoters project 7.8% payout yield at the ned of the first year and then 8.4%, 9.7% for the second and third year respectively. This essentially means for every N10 you invest you will be getting 78kobo per annum. Surely, you could get better returns in a government debt but the surely at 7.8% you get a better dividend yield than the 5% the stock market pays out on an average. You can also make capital gains on the sale of the units in the event that the Net Asset Value of the REIT goes up. Should I buy That depends on how deep your pockets are. REITs are an attractive investment for Pension Funds and large mutual funds who depend a lot of a fixed stream of income to fund periodic payment obligations. In Nigeria, most pension funds are mandated to invested on Real Estate businesses with a purely rentable model and as such buying into a REIT is a no brainer. For individuals who sort of fall into the category of those with deep pockets and looking to invest in the future then this may also seem like an attractive investment outlet. This REIT however posses some doubts as to the verifiability of the value placed on the assets being transferred by the promoters UPDC. In addition, REITS are relatively unknown investment outlets in Africa making the assumed liquidity of the trust units somewhat illiquid. Whats the point investing in an traded equity that can't be easily sold or exited. For me though, I could certainly generate better yield on my investment without investing in a REIT. But then, portfolio diversification is always welcome. Finally, REITS are an increasingly essential option in investing in Real Estates. Its very popular in the middle east and is gradually increasing its footprint in Africa. Nigeria certainly needs more of this to create a deeper market helping investors make better informed decisions. The Nigerian Stock Exchange only has two RIETs the Sky Shelter Fund (which I reviewed recently) and the Union Homes fund and they both witness minimal trade by volume and have a combined market value of about N14.5billion. The inclusion of UPDC's REIT takes the number of REITs to three with a potentially combined value of about N44billion still about 0.09% of the combined market value of the equities on the NSE. For now though, this is a good development for the Real Estate Market in Nigeria. 3 Likes |
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As we all now know, 2007/2008 was the year the Nigerian Stock Exchange bottomed out making Nigerians looses trillions of Naira. A lot of us have even vowed never to near that market again. However, last year the NSE All Share Index rose about 33% year to date making investors believe the stock market is now back to the good old days. While this is good, some of the problems and mistakes we made when we all went out to buy stocks are still there and will always be so far we still run capitalism. But that is not why we must not buy shares. Warren Buffet once said the best time to buy stocks is when every one is afraid of buying and vice versa. People are still making millions even after crash. You only have to look to the fundamentals and open your ear to all the plethora of market information we come across everyday . For example, news that Government has eliminated duty and tax on Cement importation is bound to affect the business of local cement manufacturers, probably a sign to dump their shares. On this thread, i will be posting my analysis and opinion of results of that have been released by companies quoted on the Nigerian Stock Exchange. I hope my analysis will help the uninformed and those that are investment savvy, my perspective on the the fundamentals of companies and what other factors may determine my decision to buy, hold or sell their shares. My articles will be very short, interesting and revealing to ensure you are not bored will too much financial grammar. I will also love to see your comments and perspective as to one can claim knowledge of everything. Some of us who have specific information about companies that can help eliminate asymmetry will be most welcomed. This will help put forward a better and concise analysis of companies that we review. So guys, lets have some fun. 7 Likes |
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Most advanced economies have as their backbone great businesses that have become part and parcel of the heritage of the country and one that has come to affect the very well being of the citizens and government. Most of these businesses have their roots in the family and entrepreneurial tradition. Walmart, Ikea, Heinz, JP Morgan, Microsoft, Apple to name a few. They were all started by the vision of one or more persons and ended up as a world-class congolomerate. Nigeria has also not lacked in having its own business built on pure family attributes. The Abiola’s, Ibru’s, Doyin’s, Dangote’s and Ibeto’s of this world come to mind. The difference however is that unlike those of the western world, most if not all of these businesses have failed to expand their might and reach beyond the shores of Nigeria. They have either fallen out of existence or grappling with ownership squabbles following the demise of their patriarch. The reason cannot be far from the need for a diverse ownership structure that ensures continuity long before the founders have passed on. It is also because they have lacked the financial muscle that can take them far and beyond the aspirations of their founders. Incidentally, both can be achieved by simply taking the companies public, helping in attract equity investments from Nigerian both locally and in diaspora. It is no coincidence that of the lot, Dangote is probably the most popular homegrown business in Nigeria that is well known around the world. This happened when he decided to take his companies public. Today, he is the riches businessman in Africa. It is of this view that I decided to make a list of ten companies/businesses that I one day will like to see go public. These businesses either currently affects the way one day or we live will shape the way we carry out our daily livelihood as responsible citizens of Nigeria. Main Street Technologies - Main Street Technologies the owners of Main One Cable and began operations in 2007 pioneering the submarine cable system in West Africa. Funke Opeke a 1981 Elect Elect Graduate of the Obafemi Awolowo University founded the company. Before founding the company she worked for Verizon Communications in the US and then returned to Nigeria to work for MTN and then Nitel (between 2005-2007) After setting up the company she went on to raise about $240million (N38.4billion) from the African Finance Corporation and some Nigerian banks which they used to build the first private submarine cable system in West Africa - Main One Cable. By providing the backbone for which fast internet connectivity is run in Nigeria and West Africa the company is very well positioned to tap into the huge infrastructural gap and earning potential of the information technology industry. Soon, more funding will be required to continue its huge expansion drive and Nigerians I expect will be on the waiting lines to help out as equity providers. ARM Group - Deji Ali formed this great Nigerian enterprise starting out in an apartment owned by his Father's back in 1994. Today the company has over N300billion in assets under its management. The company’s interests span Real Estate, Equities, and Pensions etc. The company is also known to have pioneered the execution of Infrastructural projects based on PPP (Public Private Partnership) following the 30 year concession of the rehabilitation and maintenance of the Lekki-Epe Expressway valued at about N46.8billion. There is far more infrastructural development to be carried out in Nigeria such as dual carriage intra state roads, railways, seaports, residential estates, shopping malls etc. All of these require huge capital, which at some point will be sought from the capital markets. ARM is very well poised to succeed in an initial public offering stemming from its track record of remarkable success, experience and expertise. A public offer is an inevitable proposition, which I surely won't miss should it come my way. Nairaland - Nairaland was founded in 2005 ( a year after Facebook was founded) by renowned Geek Seun Osewa. Just 7 years down the line it is Nigeria's biggest online forum with over one million registered users to date. The website also generates millions in page views monthly and is the most visited website (owned by a Nigerian) in Nigeria ranking no 1 on Alexa Index. Only Google, Facebook, Yahoo, Youtube and rank higher. The website makes money via advertising and just recently broke away from Google Ads, a move that enables it avoid sharing ad revenue with the likes of Google. It boast over 30million ad impressions on mobile and computers monthly, a figure that surely translates into millions in ad revenue. Whilst being a sustainable business over the years, its ability to grow revenues akin to its potential probably only depends on the appetite of the owner. By going Public Nairaland I believe will raise enough capital to spread its reach to the millions of Nigerians. The site also has the potential to grow into a very influential network like Reddit where leaders in public and private enterprises can interact more with everyday Nigerians. Other areas such as online market listings and information gathering remain a huge untapped market for the business. With Information Gathering such as those being mined by Google and Facebook, Nairaland may someday have the largest database of personal information Nigerians all over the world. With additional capital investment in income generation techniques that can help build huge income generation potential will propel the company to someday be the Google of Nigeria. This is one business I surely will want to be part of. Wakanow - Wakanow is an online travel agency and portal owned by Zeep Travel. Obinna Ekezie, a former NBA Basketball player, founded the company in 2008. Despite massive publicity campaigns largely funded by Mr Ekezie, the company only started making in roads when it had exclusive reseller for the 2010 World Cup in South Africa. By going public, the company can raise enough capital that can be used to enhance it operations, expand its reach and take its innovative model to higher grounds. A business model like this if encouraged and well funded has the potential to create jobs and spur new smaller businesses that can feed on its massive economies of scale. An investment in travel and tourism is certainly one I can’t let pass me by. Channels TV - If you are looking to confirm authenticity of news in Nigeria, whether it’s reporting political stories, business news, sports, metro news etc. then Channels TV is surely the place to be. Channels Television began transmission in 1995 as a private broadcaster giving viewers an alternative view from those propagated by Government media outlets. John Mommoh, a former Nigerian Television Authority Employee founded the company. The company currently makes most of its money via advertising on its outlets on TV and on Yotube. Channels has in the last decade grown organically. Aided with a staff strength of about 200, it has gradually expanded its reach to the far corners of Nigeria and in the process reached well over 20 million people. But there is more to be achieved if it is to be compared to the likes of CNN, Sky and even SABC. I believe the next frontier for Channels is developing robust program content, spread its news reporting to regional countries and enhance breaking news ability. These require funding which inevitably may have to be sourced by going public. AIT has blazed the trail in this regard in the past but so far failed to deliver, perhaps a reminder that not all public offers yield the desired results. I believe Channels presents a different proposition going by their management style. Sahara Oil & Gas - Back in 1996 three friends sat in corner of their clothing shop looking to close for the day. A man walked in, bought some clothes and promised to pay back the next day. He made do his promise and left a business card and the rest they say is history. Sahara Oil and Gas was born and today is a multi-billion dollar business. The company is in the business of Trading Crude Oil & refined products, Gas Marketing and marketing of LNG and LPG and off course Oil & Gas Exploration. They have over 500 employees and operate in 14 countries. Whilst Oando who before them went Public hasn't yet fulfilled its lofty ambitions a conversion to a publicly listed enterprise will surely do no harm to their rapid growth and propel them to be one of the leading indigenous conglomerate in the country. I want to be part of this should the opportunity arise. Silverbird Group - Silverbird has been synonymous with entertainment for over 30years in Nigeria. They started by inviting big stars of the 80's such as Shalamar, Earth Wind and Fire, Cool and the Gang etc into Nigeria before adding Beauty Pageants to their list of businesses. Today they own one of the biggest media franchises in Nigeria with the Silverbird Television and Rhythm FM radio stations entertaining Nigerians for almost a decade. They have also expanded into brick and mortar entertainment running Silverbird Cinemas as well as shopping malls, which deliver entertainment venues to teeming Nigerians. The sky is the limit for the Silverbird Group and for them to become the Disney of Africa must be courageous enough to diversify their capital base. Nigerian cities need a lot of Cinemas which in-turn generates massive revenue for the billion dollar entertainment industry. Silverbird has the expertise and experience to deliver this. Entertainment is big business and probably ranks fifth to Power, Health, Oil and Gas, Telecoms as the biggest business in the world. Nothing stops Nigeria from becoming a financial regional powerhouse in this aspect except funding. The music and movie industry has done very well largely without much help but to provide the windfall in cash that it potentially can generate, it will have to ride on the economies of scale which the likes of Silverbird can provide and to a larger extent Nigerians who seek an equity stake. Jumia - Of all the businesses listed up here this probably ranks as the youngest at just under 2 years old. It also is not a novel business as well as many have come before them. But Jumia has the economic fluke most Startups need to break ground. Facebook had it over Myspace just as Amazon had over Buy.Com or Biggie over Kool G Rap etc. It’s the magic that makes a business thrive where others did not despite deploying similar business models. Most associate that with timing and luck. For a bunch of 30year olds who both set up the company building an online shopping mall wasn't their first try. They had done online business before and probably recognized the need for strategic marketing as well as a track record to show that revenue growth is indeed exponential in its potential. Today thanks to the over $26million in Private Equity funding their footprints is on every street corner, website banner, tv and radio ad well into the hearts and minds of Nigeria. At some point in the nearest future, early risk takers in Jumia will seek to divest and sell to stock thirsty equity investors in the stock market. Surely, I want to be part of that too. Punch Newspaper - This is probably the oldest of the lot on my list and could very well have been replaced by the likes of Guardian and Thisday. But Punch has been around since the seventies and by far is the most popular Newspaper in Nigeria. Owned by the Aboderin's, the news daily probably sells on average about 50,000( Dailymail sells about 1million daily) copies daily generating an estimated N7.5million in newspaper sales alone. Ad placements and PR reporting also contribute to top line revenue and by my estimates bring in another N3million daily. Apart from its print, the newspaper is also online and ranks as the third most visited website in Nigeria after Nairaland and Vanguard. Despite its longevity the paper still has a lot to prove if it is to get close to the likes of Nytimes (US), Dailymail 9UK) and the Daily Mirror (UK). These newspapers have worldwide appeal and have leveraged on a massive network of reporters to bring in a stack of news and opinion pieces both on print and online. For a young fledging democracy, as is Nigeria, no other time in our nascent survival do we need a strong, well-funded and independent media to help political and economic growth. Print media abroad are mostly owned by large corporations for reasons probably more than just commercial interest. They also face dwindling revenues amidst increasing competition from blogs and the spread social network. But Nigeria is a different market with a lot of potential for growth as the young and emerging middle class yearn for quality and unbiased news reporting. Punch and indeed Thisday and Guardian can fill this void if only their owners shed off the lust of Kin Proprietary. By divesting part ownership Nigerians will co own a proven business model and inject needed funds that will elevate to a world-class daily expanding reporting beyond the shores of Nigeria and into West Africa. Globacom – Globacom is the second largest GSM network in Nigeria by subscriber base. Their coming into the GSM market is renowned for crashing down prices and is also a major source of sponsorship and endorsement for the local entertainment industry. The company is owned by the Charismatic Mike Adenuga, and employs thousands of Nigerians. It is hard to determine accurately how much the company makes per annum as their results are not published (being a private company) but going by MTN’s results, the company I estimate makes over N300billion in revenue every year. But unlike their other rivals, it is not quoted on any stock exchange and is basically a family business. To ensure the business continues to operate long after its Patriarch is gone, a transition into public ownership should be a likely course of action. Globacom, I believe when they decide to go club, may just be the biggest IPO in the history of Nigeria and I should be a part of the early purchasers of its stock. Note: The above list is in no particular order and is based on the opinion of the writer. Whilst these businesses appear great on plain eyesight, their financials when made public will surely influence the decision to invest or not should the opportunity arise. http://web.ugometrics.com/top-ten-nigerian-businesses-i-want-to-see-go-public/ |
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Latest data from the NCC reveals Nigerians spent a total of 42,746,775,754 (42.7b) minutes making phone calls in 2011 alone. 20.8billion of that was for outgoing calls and 21.9billion for incoming calls. According to the data obtained from the NCC Nigerians called the most in 2010 talking for a total of 58,365,930,436 minutes. The staggering stats above reveals just how much Nigerians spend talking on the phone and buttressed the view of telcom operators that Nigeria is one of the highest countries with high Average Revenues Per User in the world. Its hard to figure out what influences the call habits of Nigerians from this figures as the five year period cut through an era of easy credit, financial crisis and harsh economic environments. For 2010 which seemed like the odd one out here, the only reason I can give was the National elections 2011 – 42.7billion 2010- 58.3billion 2009 – 41.2billion 2008 – 48.8billion 2007 – 37.3billion 2006 – 25.1billion http://ugometrics.com/2013/02/17/nigerians-spent-42-75billion-minutes-talking-on-the-phone-in-2011/ |
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Nigerian Breweries has in recent years remained one of the most consistent performers in the Nigerian Stock Market. It has continued to improve on its revenues and earnings ensuring that shareholders receive steady dividends annually. Revenue Revenue increased 23.87% to N136.51 in the first half of the year compared to the same period last year. However, over 50% of their revenue was eaten up by cost of sales. Cost of Sales was N74b for the period higher than the N56.79b incurred in the first half of 2011. Gross Profit Margin therefore was 45.8% lower than the 48% last year. This indicates a highly competitive business environment as well as reflecting increase in price of raw materials. Continue reading here==>> http://ugometrics.com/?p=1275 |
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In a press statement released by Airtel today (see todays Guardian Page 20) they stated categorically that "AIRTEL DOES NOT EMPLOY CASUAL STAFF AND DID NOT SACK EMPLOYEES'. Well that's good news, so what happened to the employees then?? According to Airtel the outsourced all their Call Center Services to Tech Mahindra and Spanco, "seamlessly outsourced" their Information Technology (IT) department to IBM and Network Services department to Nokia Siemens, Huawei and Ericsson as well. Just what else is left then ![]() |
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Some have suggested the next CBN Gover nor should be female. You can't blame them can you. Nigerian women have proven track records and are in fact running our economy at the moment. Meet some of them here http://www.ugometrics.com/2011/10/meet-women-running-nigerias-economy.html |
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This is not so much about trying to stir up controversy. A Ugometrics we try to question the norm and look at issues that affect our lives from multiple perspectives. To understand issues about life, especially ills, it is often good to take a multidimensional approach. See what we might be missing and what we can learn from it. When some guy suggested the earth orbited the sun some centuries back people thought he was been crazy. As per 419, it was one of Nigeria's darkest era band that we know. The question you should ask is, if Nigerian youths did so well at cyber crime does that not mean with a little support from the government we might just produce a generation of Mark Zuckerbergs. Ironically Mark himself was once suspended at Harvard for hacking into the schools database. An obvious crime! But now he is much celebrated as one of America's finest. So are many other hackers working for the CIA and FBI today. 1 Like |
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Yup!! Happened yesterday in Ikeja |
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In an apparent twist of fate Police officers at the Police College in Ikeja yesterday got a rude shock when they learnt that their salaries has been stolen by robbers. This happened when the staff of the micro finance bank where they work got to the office in the morning and discovered that the vault had been opened and the money inside disappeared. More here http://www.ugometrics.com/2011/10/robbers-steal-police-salary.html |
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I have always thought there was probably a good side to worst image a country can ever get "419'. In my blogpost below, i tried to analyse the probable gains of it. You might find it provoking but do feel free to pass a comment ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Ifeanyi had just graduated from one of the notable Federal Universities in Eastern Nigeria. He like many others had no jobs. Being the first of a family of six a lot rest on his shoulders. He meets an old friend Archo who impresses him with his neat "Honda Holler". Archo eventually invites him to the "office" and introduces him to the 419 business. After 5 years of scamming people, he quit and used his funds to start "Oil and Gas" business somewhere in Lagos. Wale, just got out of secondary school and was looking forward to be a student of Unilag. However, the school fees and high cost of accommodation threatened to ruin his dreams. He had no where to go to. There were no Student Loans and he had no scholarship. On one of his trip to the school he meets Damte an old pal who was driving a Honda and look flashy. Damte introduces him to his world giving Wale the opportunity to fund his fees and even more. Wale is now a graduate and after quitting the scamming business sells cars to earn a living. The above helps illustrate , check http://www.ugometrics.com/2011/09/did-419-help-reduce-unemployment-in.html for the rest. |
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