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Bola Tinubu: How I Made My First Million

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Bola Tinubu: How I Made My First Million
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Bola Tinubu: How I Made My First Million

Former Lagos State Governor and a leader of the ruling All Progressives Congress, APC, Bola Tinubu, has narrated how a working trip he made while serving as an auditor for auditing giant, Deloitte and Touche, made him an “instant millionaire”.

Mr. Tinubu first served as a senator in the short-lived third republic and later as governor of Lagos State between 1999 and 2007. He has been accused of making a fortune from politics.

“At Deloitte and Touche, I chose to travel more than 80 per cent of my working years there. And that is because if a staff chose to travel, he would make more money because he would get travel allowances,” Mr. Tinubu said in a lengthy interview he granted TheNews Magazine on March 29 about his journey through life as he celebrated his 64th birthday.

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Bola Tinubu: How I Made My First Million

Mr. Tinubu said he was sent on an assignment to help set up a an accounting and auditing system for a joint-venture between National Oil and Aramco in Saudi Arabia but by the time he returned to the United States, he discovered that his account had been credited in millions.

Mr. Tinubu said he was sent on an assignment to help set up a an accounting and auditing system for a joint-venture between National Oil and Aramco in Saudi Arabia but by the time he returned to the United States, he discovered that his account had been credited in millions.

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“We had gone there to set up their accounting and auditing system. It was while on that service that I got my financial break. When I returned to the United States, my employers gave me a huge bonus, which instantly turned me into a millionaire.

“The bonus was $850,000, before taxes. My salaries were also being paid into the bank and I was not touching them. At the time, my salary deposits in the bank had risen to about $1.8 million.”

Asked if he was not frightened by the development, Mr. Tinubu said, “No. This is because I had a strong grasp of financial matters. I was happy. I bought a house from the money and invested the rest in the U.S. I was living well. I was living in one of the most affluent neighbourhoods in the south of Chicago.”

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Mr. Tinubu said he stayed back working for several years in the United States after completing his degree in Chicago. He worked in Deloitte and Touch before returning to Nigeria to serve as an accounting executive for Mobil.

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First time in three months Oil price hits $85 a barrel

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First time in three months Oil price hits $85 a barrel
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First time in three months Oil price hits $85 a barrel

On Wednesday, Brent crude futures, the global benchmark, rose 1.66% to $85.11 a barrel by 19.06 GMT+1, while West Texas Intermediate (WTI) crude futures increased 2.25 percent to $83.05 a barrel.

The price of Brent crude had crossed the $85 mark on October 15, 2021.

Last week, the Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided to increase oil output by 400,000 barrels per day.

Morgan Stanley, a multinational investment bank, had predicted that Brent crude would climb $90 a barrel in the third quarter of this year.

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The bank added that it expects oil prices to “overshoot” to $125 a barrel this year and $150 in 2023.

In the 2022 budget, President Muhammadu Buhari earmarked $62 per barrel as the oil benchmark, up from the $57 per barrel in 2021.

Rising oil prices would translate to an increase in Nigeria’s oil revenue.

However, Nigeria has been ploughing its oil revenue into fuel subsidy shortfall payments, which stripped the country of more than N1 trillion last year.

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We Have Disbursed Over ₦117 Billion Loans Since Inception – Fairmoney

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We Have Disbursed Over ₦117 Billion Loans Since Inception – Fairmoney
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We Have Disbursed Over ₦117 Billion Loans Since Inception – Fairmoney

FairMoney team have expressed the importance of serving the unbanked and underbanked which according to the bank is “stemmed from a burning desire to bridge the lag between developing African countries, Nigeria inclusive, and the new age of banking enjoyed in developed countries.

The FairMoney team stated this at the media parley held last Friday, as they stated that the bank was founded with an overarching vision to be the leading digital bank driving financial inclusion for the average Nigerian.

The strategy was said to be premised on the need to cater to the majority, stating that FairMoney was birthed to cater to the predominant needs of the Nigerian market – small & medium scale enterprises, through quick & seamless loans.

The management further stated that, based on the strategy, over the past 4 years of operation, FairMoney MFB is said to have grown its customer base to over 5 million users, and 2 million bank accounts through relentless positioning as the “New Bank for the masses”.

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According to Laurin Hainy, Co-Founder/CEO, FairMoney, “FairMoney is positioned to support our customers across their various financial service needs even as we work to maintain our current position as the leading digital bank in Nigeria. Our mission has always been to serve the needs of as many Nigerians as possible. Our approach to doing this involves providing millions of Nigerians with loans and capital to meet their immediate needs and in some cases, to grow their businesses, and so far, we have disbursed over N117billion loans since inception.”

We Have Disbursed Over ₦117 Billion Loans Since Inception – Fairmoney

“Our goal ultimately is to use technology to bank the 60 million Nigerians currently excluded from the financial ecosystem. We have also introduced secure and innovative technology processes to improve our lending operations, as well as a strong privacy protection policy, and a comprehensive loan collection policy which has been successfully deployed in the last 4 years,” Laurin added.

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FairMoney maintains that it has finely niched a reputation as a leading driver for financial inclusion in Nigeria, with millions benefiting from its numerous financial services & features, through its strong lending service offerings. Some of the services include quick loans without collateral, free debit cards & free inter-bank transfers to support SMEs & MSMEs by alleviating common expenses issued by traditional banks through account maintenance charges.

Amongst the many offerings of FairMoney is the digitization of general banking procedures through the app by making bill payments accessible without needing to visit banking halls & introducing consumer empowering initiatives like the recently concluded FairMoney Transact & Win Black Friday engagement which had lucky winners go home with 10 smartphones, 5 generators & a delivery motorcycle; not to mention the ongoing ’12 Days of Fair giveaways’ Christmas giveaways all in the bid to offer equal opportunities for all and stay true to their promise of Fair banking for all.

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Speaking at the Media Parley, Nengi Akinola, Head Marketing & Branding reiterated FairMoney’s commitment to supporting Nigerians. “To us at FairMoney, the goal is to see a world where everyone has equal financial opportunities and support to reach their financial goals, however great or wide it may be. We will continue to build on our offerings, so that we can continue to meet the growing needs of the average Nigerian customers” she said.

“We can’t wait to share all the interesting new features we’re bringing to the FairMoney app in the new year” Nengi added.

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CBN’s Quarterly Forex Intervention Has Been Reduced By $930 Million

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CBN’s Quarterly Forex Intervention Has Been Reduced By $930 Million
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CBN’s Quarterly Forex Intervention Has Been Reduced By $930 Million

The Central Bank of Nigeria’s foreign exchange intervention in the economy fell by $930 million in the third quarter of 2021, to $4.03 billion from $4.96 billion in the previous quarter.
This was disclosed by the CBN in its report on forex supply for the third quarter of 2021.

Its intervention in the Investors & Exporters, SMEs, and invisible markets increased from $2.97 billion in Q2 to $3.3 billion in Q3, while interbank intervention increased from $540 million to $730 million.

According to the report, the CBN intervened in the Bureau de Change market for $1.43 billion in Q2, but there was no intervention in Q3.

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The apex bank had stopped selling foreign exchange to BDC operators in July of last year.

Godwin Emefiele, Governor of the Central Bank of Nigeria, stated at one of the Monetary Policy Committee meetings that the MPC noted with disappointment and great concern that the BDCs had defeated their purpose of existence, which was to provide forex to retail users.

He claimed they had turned into wholesale and illegal dealers.

He stated that commercial banks would be monitored to provide forex for the legitimate use of Nigerians when announcing its decision to discontinue the sale of forex to them in July.

CBN’s Quarterly Forex Intervention Has Been Reduced By $930 Million

ABCON President, Alhaji Aminu Gwadabe, stated in a recent statement that the BDC subsector has been in a coma since the July 2021 MPC meeting, when the CBN suspended weekly dollar interventions to the BDCs.

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He advised the CBN to de-risk BDC operations in order to provide operators with access to foreign exchange from autonomous sources in 2022 and beyond.

While BDCs are licensed to offer retail forex sales and over-the-counter forex transactions, he believes they also contribute to Nigeria’s economic development.

He stated that the BDCs, among other things, ensured order and confidence in the forex market by providing data for monetary policy and channels for CBN intervention in the retail forex market, as well as creating over 15,000 jobs.

Gwadabe stated that the BDCs subsector’s annual transaction volume of over N1 trillion was under threat, while massive capital investment was becoming redundant, gradually eroding, and winding down.

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He advised that, just as the apex bank de-risked the agricultural sector by making it easier for farmers to access cheaper loans at single digit interest rates from banks, the BDCs’ operations could be de-risked to allow them to receive diaspora remittances through International Money Supply Operators and deepen foreign capital flows to the economy.

“ABCON understands the apex bank’s challenges due to dwindling foreign reserves, declining oil output and oil theft, COVID-19-induced economic pains, fiscal policy challenges, debt burden, and election spending, which make it difficult for the CBN to sustain weekly dollar interventions to BDCs,” he said.

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