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Hell Is Earth, Heaven Is Death
Showing posts with label business. Show all posts
Showing posts with label business. Show all posts

The Law, And The Implementation Of Value Added Tax (VAT) In Nigeria

Since General Buhari became the president of Nigeria, the country has gone from one constitutional question to the other. The question today is, who has the authority to collect the VAT generated in the states of the federation?

A Federal High Court sitting in Port Harcourt has already determined that the Rivers State Revenue Service (RSRS) and not the Federal Inland Revenue Service (FIRS) has the constitutional authority to collect the value added tax (VAT) generated in Rivers state.

Plutocratic Nigeria Is Failing Even As The Plutocrats Are Indifferent.

“Plutocracy is a government controlled exclusively by the wealthy, either directly or indirectly. Only the wealthy rules...” - Investopedia Nigeria is an example of a plutocratic system of governance.

In fact, it will be easier for a Camel to pass through the eye of a needle than for a poor man to win an election in Nigeria.

Well, Senate President Lawan, one of the Nigerian plutocrats, stated recently that Nigeria didn’t become failed state under Jonathan, and so, it won’t be failed state under Buhari.

Corruption: The Reason For Nigeria’s Foreign Exchange Instability

The effect of covid-19 on the world economy resulted to fewer demand for crude oil, which in turn affected the foreign exchange (Forex) earnings of the Nigerian government.

As there are virtually no Foreign Direct Investment (FDI) into Nigeria, the government started looking for other sources of Forex.

Air Peace Nigeria - Grounding of Boeing 737-MAX-8; Heaven Helps Those Who Help Themselves.

Soon after the Ethiopian airlines crash, The Ethiopian and so many other world’s airlines grounded their Boeing 737-MAX-8.

Even the British government went as far as banning the operation of the airplane (Boeing 737-MAX-8) within its airspace.

As for Air Peace Nigeria, the company has issued a statement that it is not planning to ground its own Boeing 737-MAX-8.

What Happens When A Sleeping Economic Giant Wakes Up?

Once upon a time there was a country that couldn’t feed its population, over a billion people. This country’s inhabitants were ingenious, waiting for the freedom to exhibit their creativity.

But they couldn’t express themselves because of the type of government as well as the economic system they embraced. That country was China; the government and economic system were communism.

Fooling The Fools: Nigeria’s 30,000 Naira Minimum Wage

Yesterday, 22/January/2019, president Buhari gathered some old rich men to approve a minimum wage of N30k for the poor young Nigerians. Apparently, the Nigeria’s constitution permits so, which it calls council of state meeting.

These old men were past Nigerian presidents, past Chief Justices of Nigeria, etc. The past presidents included Obasanjo and Jonathan excluding Yar’Adua (RIP) – the faces of PDP 16 years misrule. Does it really make sense?

Fighting Corruption

photo created by nigerianmemo.com
“Corruption Perceptions Index, which ranks 180 countries and territories by their perceived levels of public sector corruption according to experts and businesspeople, uses a scale of 0 to 100, where 0 is highly corrupt and 100 is very clean.” - Transparency International

Meanwhile, New Zealand is the least corrupt country according to the 2017 index. The country scored 89/100. This shows that no country is 100% clean. Thus, there will always be fight against corruption.

“The Imperfect Man” And His Fears

Mark Twain wrote: “If you pick a starving dog and make him prosperous, he will not bite you. This is the principal difference between dog and man.”

It’s not only a dog that behaves in this manner. An African (Igbo) proverb states; a fowl does not forget the man who plucked her feathers during the raining season.

Besides, I saw a certain lioness hugged and kissed a woman who rescued and nurtured her when she was a motherless cob. The lioness and the woman were meeting themselves several years after. Yet, the lioness didn’t forget the kindness shown to her.

Money: From Medium of Exchange To Medium of Influence - The Nigerian Example

Money (banknotes & coins) is a medium of exchange. But some African politicians and particularly the politicians in Nigeria are gradually redefining money as a medium of influence. 

These politicians steal millions of dollars of public funds, not because they want to buy bread and butter, but to control those people who are willing to sell their days for gold – apologies to Kahlil Gibran.

Chinese In Africa: Colonialism Is About Repeating Itself

The 2-day China-Africa summit ended on 4/September/2018. About 50 Africa’s heads of state attended the summit held in Beijing. Mr Xi – Chinese president promised a total of $60 billion to finance projects in Africa “in the form of assistance, investment and loans over the next three years.”

China continues to present itself as a better partner to Africa than EU and US. Well, China can never be better than EU, at least EU observes human rights, which China doesn’t care about.

BitCoin Is Like MMM - Bubble Waiting To Bust

Africans, especially Nigerians like getting involved in what they don’t thoroughly understand, as long as there is money to be made.

In 2016, people from West to East and to South of the African continent got enmeshed in the Ponzi scheme created by 3 Russians; Sergey Mavrodi, Vyacheslav Mavrodi, Olga Melnikova (MMM). They promised as much as 50% monthly interest on deposits.

In particular, those in financial difficulties sold everything they could lay their hands on to muster enough deposits in order to take advantage of the unbelievable 50% interest on offer. The early birds got rewarded, which was designed to be an advertisement to gain more participants.

Nigeria’s Economic Recession: The Problem Has Only Started; Next Stop – Depression

In 1964, the bankers’ magazine published an adage, which it rephrased as, "let me tell you about the law of holes: If you find yourself in a hole, stop digging." This came as an advice to financial services professionals, especially to traders on the floor of stock exchange around the world. The message was simply, if you are loosing money stop and reconsider your strategy.

From Obama to Buhari: you are doing a good job; what good job?

The duties of a country’s foreign mission (embassy) includes spying on its host country, albeit covertly. That is what the leaks by Wiki-Leaks suggest. And the most culpable of this clandestine move is every US Embassy.

Nigeria and the shortage of US Dollar: the way forward

Foreign Exchange (FOREX) market operates differently from other financial markets. 

In equity market for instance, shares are bought or sold depending on the performance of that company.

OPEC and the benefit that wasn’t there

In 1951 when Iran nationalised its oil industry controlled by BP, an international embargo was placed on the country. But, in order to allow Iran’s oil back to the international market, the U.S State Department suggested that a consortium of major oil companies should be formed.

Saudi Arabia’s oil price war: relying on low cost of crude oil production

Saudi Arabia is at war on different fronts. The kingdom is fighting the shale oil and gas producers in North America so as to maintain market share. Saudis are also fighting Iran in order to maintain the dominance of Sunni Islam.