Harsh Economic Recession (Common Man Experience)

Hi Everyone,

The latest slogan you hear out there this days in the street of Lagos is  "In this change Period'

I got to office early last week  Friday (16th Sep 2016) . In my Usual Manner  I  normally eat before  starting the day work so  to 're-fill my tank', i headed straight to Togolese food seller.Very close to my Office Building. That was when I was stopped by a Middle aged woman. in a very low tone but with a very sad face asked for financial assistant. I respectfully replied that i did not have much on me. Since i was only with Money food my Breakfast.

Fast forward,  i finished eating just trekking a little way distance back to the office ... this was when i was shocked. Another lady was talking to our Security at the entrance of the gate. The Hausa Man had no understanding of what she was saying quickly but gladly pointed to my direction. at first i taught the lady in question was looking for direction of some sort... Only to exchange Pleasantry in 'Yoruba' and AGAIN asked for financial help! two middle aged woman withing twenty five minutes. at this point, i was sad and disappointed in my inability to render help on both occasion.

could this be the adverse effect of economic recessions been currently experienced in Nigerian Society?

Something Urgently need to be done to cushion the effect of hash economic condition of ordinary people else the general populace will soon turn into a beggar society.

God bless Nigeria.

Before AMCON TAKES OVER NIGERIA

Asset Management Corporation of Nigeria
 is a body established by the Act of the National Assembly of Nigeria of July 2010 with an intended 10 years life Span. The concept is in consonant with the operation of the National Asset Management Agency of the Republic of Ireland and Malaysia Pengurusan Danaharta bid. The body acted as the buyer of banks for the Nigerian Government by acquiring the Non-performing loans. The original book value of the acquired NPLs was ₦4.02trillion at a price of ₦1.76trillion with a commensurate issue of Zero Bond for the NPL acquired.

The other day, it was all over news media the take over or purported takeover of Bar. Jimoh Ibrahim assets. Due to a bad debt of about =N=120B debts. If not for his audacious move by the gentle man, alas it will have been too late to remedy the situation. Whoever sign off the loan should face the music squarely!

In the recent past AMCON  whose responsibility and primary aim is to buy back debt ridden private company alike is sudden waken up to its primary responsibility. But there is a need thread softly in doing so.

Many of such companies will be taken over by AMCON in the nearest future, going by the long list of debtor

http://www.amcon.com.ng/documents/List-of-AMCON-Debtors-100.aspx

The move by AMCON to recover these money from debtors should not be Politicized

 Ifeanyi Uba led  Capital oil and gas industries limited had been shot down  by AMCON because of =N=104.80B debt. This  is still a shock to many people. Considering the important role of the Company in Down stream sector one would have wish for amicable solution to the problem. The fate of thousands of workers whose living wages has been threatened.


Only yesterday 22nd June 2016 the news of  AMCON taking over Silverbird group properties over debt of =N=11B which led to many young people calling themselves out on  social media . In-fact it was trending topic for most part of the day

While no one is encouraging debtor to renege on their pledge to payback bank loans. But one is curious to ask some the factor leading to inability of business to honor their financial obligations

Bellow are some the reason for bad debts, in Nigeria for instance, there is little or no difference between interest rate for long term loan and short term loan thereby leading to many company going Under.

• High rate of interest
• Government policy
• High rate of inflation
• Corruption and Nepotism 
• Global economic recession 

It is therefore our view that AMCON should define a means of taking over these debt ridding companies in other to avoid National employment crises. Government need to create more jobs.
a stitch in time saves nine    

BLACK FRIDAY MADNESS

They say Picture is worth thousand word  please compare and contract the picture above and bellow

while the above spent Million of Naira on advertisement about the great day (Black Friday)

The Company bellow made sure that buyers actually got stuff to buy alas at a cheaper rates as the advertised

one wonders if "Na by force'' to do same here in Nigeria. one of the most discussed trend on twitter right now is #Jumia, #Konga the unsuspecting public are complaining about their inability to shop items earlier advertised by this online retail out let . How could a sane person offered 90% off an items he or she did not produce? "You wan still am?'' abeg enough of this shenanigans