Tag: Money

Money

  • A race to waste more money – By Pius Mordi

    A race to waste more money – By Pius Mordi

    There is race among state governors on who will build the most expensive and ineffectual and, perhaps, useless edifices. At first it was airports in their capital cities. It costs a lot of money to build one and only the federal government built new ones in the second republic. However, there is a new fad that has caught the fancy of today’s state governors – building new or renovating existing official residence for the governor usually called Government House.

    The new platform for extravagant and bogus projects was actually modelled by the federal government with the boisterous Minister of the Federal Capital Territory, Nyesom Wike, presiding. One of the first projects he initiated and executed as FCT Minister was to rehabilitate the official residence of the Vice President of the country at N21 billion. The amount involved at a time Nigerians were reeling from the effects of the economic reforms was roundly condemned.

    But trust Wike, he doubled down and went for an even more grandiose project. He decided to “renovate” the International Conference Centre (ICC) built in 1991 at a cost of ₦240 million by the military regime of Ibrahim Babangida. Wike did the job, the renovation, with N39 billion and renamed it after his boss, President Bola Ahmed Tinubu. Even though the Naira has lost value, that amount is a princely $23.4 million.

    The Wike playbook which was recently enriched with another venture, a new corporate headquarters for the Independent National Electoral Commission (INEC), was too juicy to ignore by state governors. Oyo State governor, Seyi Makinde, got approval from the Oyo State House of Assembly to “overhaul” the Government House in Ibadan at the cost of N63.4 billion ($39.6 million). Justifying the venture, the state said the current abode of the governor which Makinde has not lived in since becoming governor is “an embarrassment and an unbefitting facility.” This is coming two years to the governor completing his eight-year tenure.

    Amid poverty, David Umahi as governor Ebonyi State spent over N53 billion to build an airport in Abakaliki, a town just about 68 kilometres from nearby Enugu or about an hour’s drive. The exchange rate was not as bad then as now. It was ostensibly “commissioned” before he left office two years ago and became Tinubu’s Minister of Works.

    But it took Friday, June 13, 2025 at 10:30 am, more than two years after commissioning, for the first commercial flight to land at the Ebonyi airport named after late Senate President Chuba Okadigbo. Until then, the terminal building was essentially a worship centre for Pentecostal churches. It has duly reverted to a church! At least that keeps the terminal building busy to generate income for the state.

    Of the lot, Chukwuma Charles Soludo of Anambra State seemed to have been modest. He said it cost him N8 billion to complete a new Government House in Akwa which was started by his predecessors and which was commissioned with fanfare by Tinubu when he visited the state recently.

    Fanfare and a sense of accomplishment usually characterise the completion and unveiling of such projects. If the essence of government is providing security and welfare for its citizens, I wonder how governors think embarking on new official residences at embarrassingly outrageous costs will impress their people and improve their welfare. It seems there is lack of understanding of the essence of governance by most people that eventually occupy public offices through elections.

    Building airports at locations that are contiguous, to existing ones and less than an hour’s drive by road is unimaginative and shows lack of depth, no sense of prudent management as well as absence of prioritisation of needs of the people at times of economic challenges. In the midst of the challenges Nigeria is still contending with, more funds are being shared by states, giving them the muscle to execute projects and programmes that will uplift the living standard of the people. Fancy official residence for governors and exotic but unviable airports do not.

    While Wike bestrode the landscape as Rivers State governor, he left a trail of civil servants lacking motivation as they were denied promotions for years. He transferred the mentality to Abuja where he is initiating a number of high cost projects while pupils no longer go to school because teachers have downed tools for plausible reasons. Unlike their counterparts elsewhere, Wike still pays them the old salary structure where the minimum wage is N30,000, just 50 percent of the current minimum wage at a time workers are already agitating for upward review.

    Although No. 10 Downing Street, home of the British prime minister, is said to be over 300 years old with expansive interior comprising more than 100 rooms, no incoming leader contemplates building a new one or appropriate stupendous resources to “rehabilitate” the residence.

    The priority is to impress the citizens by executing projects that will make life and living more convenient for them. Those seeking the prime office state in clear terms what they will do for the people when voted into office. If they deviate or flounder, they know their party will lose the next election. Sometimes, the parties may not wait for the next general election. An internal “coup” within the party may be staged to oust a prime minister whose unpopularity may jeopardize their chances in the election.

    The absence of responsiveness and desire to woo the citizens by governors as well as the Presidency in Nigeria through good governance may be a fallout of how power is secured. To win an election, the endorsement and patronage of political godfathers and power brokers are essential.

    Voters and a credible electoral process hardly factor in the equation basically because the process will still be manipulated either during voting, collation of votes or at the courts after results may have been declared. If governors are mindful that if the projects they embark on will not win the approval of the citizens, they will subject such ideas to public scrutiny.

    The road to having responsive and responsible governors is by creating an electoral process where the people will vote and their votes count. Nigeria has not had one and there is little hope it can be done by the present administration.

  • Money supply hits historic high in Nigeria, sparking Inflation worries

    Money supply hits historic high in Nigeria, sparking Inflation worries

    Nigeria’s inflation could worsen as the country’s money supply (M3), measuring the total amount of money in the economy, reached an all-time high of N101.34 trillion in June 2024, according to recent data from the Central Bank of Nigeria (CBN).

     

    The data indicates that M3 increased by 56.15 percent, rising from N64.90 trillion in June 2023 to N101.34 trillion in June 2024. Financial analysts suggest that an increase in the money supply can lead to higher inflation.

     

    On a month-on-month basis, the money supply grew by 2.11 percent, up from N99.23 trillion in May 2024.

     

    This rise in M3 occurred despite the CBN’s efforts at monetary tightening. Since Olayemi Cardoso took over as governor in September last year, the CBN has issued over N1.5 trillion in Open Market Operation (OMO) bills to curb inflation and strengthen the Naira.

     

    As of June 2024, Nigeria’s core and food inflation rates were 34.19 percent and 40.87 percent, respectively, with interest rates at 26.75 percent.

     

    Analysts at FBNQuest commented on the M3 data, stating, “While the increase in CIC may suggest improved economic activity in nominal terms and higher consumer spending, it also highlights the risk of inflation, particularly if money supply growth exceeds real output growth.”

     

    Furthermore, the National Assembly recently raised the Nigerian government’s ways and means advance threshold from 5 percent to 10 percent. As of June 2024, Nigeria’s currency in circulation (CIC) rose to N4.05 trillion, up from N2.60 trillion in the same period last year.

  • I deserve money I earn, I didn’t steal it – Mbappe

    I deserve money I earn, I didn’t steal it – Mbappe

    Paris Saint-Germain star Kylian Mbappe has dismissed criticism of the money he earns.

    Off contract in Jun, it’s suggested Real Madrid are offering Mbappe €30m-a-year to move to Spain. PSG, meanwhile, are claimed to be willing to pay the striker €100m-a-year to stay.

    The truth is that I don’t know exactly…,” he responded when asked for his salary;. “At 12 years old, I also thought that there was too much money in football.

    “I deserve the money I earn. I didn’t steal it from anyone. That’s how the world works.”

    Mbappe’s lawyer Delphine Verheyden also said on Envoyé Spécial: “There is no guilt or shame. If we had been able to accept 10,000 million, we would have done it because it is the system that wants that.”

    Tribalfootball

  • NOVA Merchant Bank increases staff salaries by 50%, effective Nov 1

    NOVA Merchant Bank increases staff salaries by 50%, effective Nov 1

    …begins 2024 Graduate Trainee Program.

    NOVA Merchant Bank Limited, a leading merchant bank in Nigeria, has announced a substantial increase in staff salaries, effective November 1, 2023.

    The increase in salary by up to 50% across all staff categories by the Board of Directors is a strategic move which shows a resounding display of commitment to its workforce and comes few months after the Bank announced the approval of its shareholders to transition into a commercial bank, marking a new era.

    According to the Bank, the decision to up its salary structure comes after reviewing the impact of the escalating cost of living and dire global economic situations.

    Acknowledging the challenges presented by the prevailing economic conditions, the Bank has thus taken proactive steps to tackle these issues reaffirming its commitment in prioritizing employee welfare with an aim to guarantee their well-being and financial stability.

    In the same vein, the Bank has announced the commencement of its 2024 NOVA Graduate Trainee Program, set to begin in January 2024 in Lagos. This program is part of its commitment towards nurturing the next generation of banking professionals with relevant skills and knowledge required to drive innovation in the financial sector. The Program is also undertaken by the Bank to empower fresh graduates and equip them with relevant skills required for modern banking practice driven by cutting-edge technologies, fostering innovation while preparing them for leadership positions.

    Explaining further, Mr. Wale Oyedeji, the Managing Director/Chief Executive Officer, said, “following a comprehensive assessment of the current economic conditions and their impact on our esteemed staff, we have opted to realign our salary structure to reflect the economic realities. We recognize the implications of recent economic policy actions on costs and this adjustment is aimed at easing the financial burden borne by our staff and their families”.

    Mr. Oyedeji reiterated that the management places a premium on recognizing and promoting outstanding performance as integral to the Bank’s fundamental principles. He emphasized the belief that fostering a harmonious approach to both professional and personal growth, significantly enhances the overall well-being and satisfaction of its employees.

    While emphasizing the significance of the Graduate Trainee Program, he added, “The NOVA Graduate Trainee Program is a pivotal initiative for us. We provide participants with curriculum taught by best-in-class faculty to empower them to create superior value in the markets we serve. This aligns with our mission to drive the next revolution wave of banking, and we believe these trainees will play a crucial role in shaping the future of the financial services industry.”

    He emphasized that the NOVA Graduate Trainee Program represents the Bank’s dedication to investing in human capital, equipping trainees with essential skills and knowledge required to navigate their careers successfully.

    About 70 staff are set to resume as the Bank prepares to commence operation on its Commercial Banking license. Close to fifty of these new staff have been scheduled for the Graduate Trainee Program and the Bank will continue to attract talents to drive its vision in the commercial and retail banking space.

    Bede Alugbue, the Head of Human Capital and Culture Management at NOVA Merchant Bank, highlighted the rigorous selection process, saying, “Out of over one thousand applicants, we meticulously selected the best 49 candidates to undergo the intensive training and become banking professionals. The program offers valuable insights into the global banking business, providing essential skills and expertise to drive innovative financial solutions.”

    Mr. Alugbue added that the Bank remains committed to recruiting outstanding individuals who will contribute to creating value for our shareholders, governments, and all stakeholders, particularly as the Bank transitions into a commercial banking franchise.

    NOVA Merchant Bank Limited is an investment grade rated merchant bank in Nigeria that offers an integrated suite of financial solutions covering Financial Intermediation, Wholesale and Investment Banking, Asset and Securities Management, Trade Services, Cash Management, Transaction and Digital Banking. Just recently, the shareholders of the bank approved the convert to commercial bank.

  • Nobel Prize winners to receive more money

    Nobel Prize winners to receive more money

    Nobel Prize winners will receive one million Swedish kronor more in prize money this year, bringing the total to 11 million kroner (985,000 dollars), the Nobel Foundation has said.

    The extra cash is not as valuable as it might have been in the past, as the Swedish kronor has lost ground against the U.S. dollar and the euro in the last year.

    Nobel laureates will be announced from Oct. 2 to Oct. 9.

    Category medicine-physiology traditionally kicks off the awards, followed by physics, chemistry, literature, peace, and economics.

    The prestigious awards were traditionally handed out on Dec. 10, the anniversary of the death of the prize Founder and dynamite inventor Alfred Nobel (1833-1896).

    The Nobel Peace Prize is the only one that is not awarded in Stockholm but in Oslo.

  • Unrighteous money – By Femi Aribisala

    Unrighteous money – By Femi Aribisala

    Most Christians do not bother with the words of Jesus.  If they did, they would not be Christians. Churches carefully avoid Jesus’ words.  They are not words on which a large congregational empire can be built.  When the people heard the words of Jesus, they left in droves. When Peter understood the message of Jesus, he prevailed on Jesus to change it.  Jesus’ words provide the small gate and narrow road that leads to life that only a few will find. (Matthew 7:14).

    Money is not a currency of the kingdom of God. 

    Deceitful money

    So let us look at one of those weighty words of Jesus that Christians prefer to ignore.  Jesus refers to money tautologically as “unrighteous mammon.” (Luke 16:9).  This means money is fundamentally ungodly.  There is no “righteous mammon.”  According to Jesus, riches are deceitful. (Matthew 13:22).  They promise what they cannot deliver.  They promise prosperity but impoverish the soul. (Matthew 16:26).  They promise peace but bring anxiety. (Ecclesiastes 5:12).

    Money is man-made: it is not of God.  Indeed, it is an idol, the very antithesis of God.  Money rules over men, ensuring that it competes with God for human allegiance.  Therefore, our faith in Christ compels a choice.  Jesus insists: “No one can serve two masters. For either he will hate the one and love the other, or else he will hold to the one and despise the other. You cannot serve God and money.” (Matthew 6:24).

    Jesus never has any commendation for the rich or for earthly riches.  Instead, He warns: “Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal; but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. For where your treasure is, there your heart will be also.” (Matthew 6:19-21).

    Jesus’ position is that man’s heart is of limited capacity.  If our heart is set on worldly riches, we cannot at the same time have God; “the Desire of All Nations” (Haggai 2:7), as our heart’s treasure.

    Money is not a currency of the kingdom of God.  The currency of the kingdom is righteousness.  Jesus insists money does not even belong to the believer, who is redeemed without money. (Isaiah 52:3).  If it belongs to us, we will take it with us when we die.  We don’t because it belongs to someone else.

    Therefore, Jesus asks: “If you have not been faithful in the unrighteous mammon, who will commit to your trust the true riches?  And if you have not been faithful in what is another man’s, who will give you what is your own?” (Luke 16:11-12).

    False riches

    Money constitutes false riches.  The riches of this world belong to the wicked.  The psalmist declares: “Behold, these are the ungodly, who prosper in the world; they increase in riches.” (Psalm 73:12).  The wicked prefer the temporal to the eternal.  Therefore, God is content to make this vainglorious world their inheritance.  Thus, David talks of “men of the world who have their portion in this life.” (Psalm 17:14).

    What then belongs to the believer?  “The LORD is (our) portion.” (Lamentations 3:24).  When a man sought Jesus’ help to secure his inheritance, He replied: “Take heed and beware of covetousness, for one’s life does not consist in the abundance of the things he possesses.” (Luke 12:15).

    But how could the man have been guilty of covetousness when all he wanted was his portion of his inheritance?  The man failed to understand that Jesus’ doctrine makes us heirs of God and not of men.  He was guilty of insisting on what belongs to another man, while neglecting what is rightfully his portion in God.

    God is interested in who we are and not what we have.  He says: “I AM WHO I AM.” (Exodus 3:14).  He does not say “I am what I have.”  This life is not about ownership; it is about stewardship.  Worldly possessions are the believer’s stewardship.  We are managers of our finances, without the burden of ownership.

    In the Day of Judgment, God will require us to account for how we spent all the money that came into our hands.  Did we use it to secure our temporal “future” here on earth, or to safeguard our eternal future in heaven?  Jesus says sardonically: “Make friends for yourselves by unrighteous mammon, that when you fail, they may receive you into an everlasting home.” (Luke 16:9).

    It is not surprising then that God’s judgment is often proclaimed on those who handle money. (Zephaniah 1:11).  Rich men who are not prepared to give away their wealth to the poor cannot enter the kingdom of heaven and become heirs of God.  Instead of amassing earthly riches, Jesus counsels that we should endeavour to be rich towards God. (Luke 12:16-21).

    Blessing of God

    Men bless with money.  But Jesus says: “Not as the world gives do I give to you.” (John 14:27).  Therefore, money cannot be a blessing of God.  God blesses with His Holy Spirit. (Luke 11:13).

    What money buys is not of God, and that which is of God cannot be bought with money. (Acts 8:20).  The blessing of the LORD makes rich, and He adds no sorrow with it.” (Proverbs 10:22).  But money adds sorrow for the simple reason that it fails.

    Money failed in Egypt and in Canaan. (Genesis 47:15).  Check the current exchange-rate: money has failed in Nigeria.  Sooner than later, money grows wings and flies away like an eagle towards heaven. (Proverbs 23:5).

    Can we give money to God?  Jesus says no.  Unrighteous money belongs to Caesar; his image and inscription is on it.  “Render therefore to Caesar the things that are Caesar’s, and to God the things that are God’s.” (Matthew 22:21).

    What exactly belongs to God?  God’s image is on man, so man belongs to God.  We should give and dedicate ourselves to the Lord; while money should be given and dedicated to “Caesar.”

    Solomon says money answers everything. (Ecclesiastes 10:19).  That may be true technically; but money is not the answer to most things.  Solomon himself discovered that all that money gave him was vanity upon vanity.  He says: “He who loves silver will not be satisfied with silver; nor he who loves abundance, with increase.” (Ecclesiastes 5:10).

    Wisdom of God

    This is what I have learnt at the feet of the Lord.  Money is not valuable; we are always giving it away in one transaction or the other.  The most valuable things in this world are free.  The most important jobs in Christ are the ones for which we receive no wages whatsoever.  The poor are far more generous than the rich. (Mark 12:41-44).

    Martins Hile urgently needed to get somewhere, so he asked the Lord for money for transportation.  But the Lord said to him: “Stop asking me for money.”  The Lord told Martins to go and stand by the side of the road.

    As soon as he did so, a car pulled up in front of him.  “Martins, where are you going?” asked the driver, who happened to be someone well-known to him.  He then took Martins exactly where he was going.

    The Lord said to Martins: “You don’t need any money.  All you need is Me!”

  • NCoS speaks on officers borrowing money from inmates

    NCoS speaks on officers borrowing money from inmates

    The management of the Nigerian Correctional Service (NCoS) has dismissed as false and unfounded, claims that its personnel were collecting loans from inmates of custodial centres.

    The Service Public Relations Officer, Assistant Comptroller of Corrections Mr Abubakar Umar, dismissed the claim in an interview NAN on Monday in Abuja.

    According to him, NCoS personnel have more credible sources of obtaining loan facilities.

    Umar also said that the claim made in an online media, insinuating that the personnel were being paid less salaries than their counterparts in other paramilitary services in the ministry of Interior, was also false.

    It was gathered that a Correctional Officer was reported to have written to President Bola Tinubu to complain about alleged corruption and poor remuneration in the service.

    The aggrieved personnel claimed that they were being poorly paid and treated unfairly unlike their colleagues in other services under ministry.

    According to the officer, the situation had forced some of the personnel to now depend on inmates to feed their families.

    Umar, however dismissed the allegations, saying that those behind it wanted to distract the NCoS from the current reforms and transformations being undertaken by the management headed, by the Comptroller General, Haliru Nababa.

    He said it was important to set the records straight and clear whatever doubts the malicious report would have created.

    Umar explained that salaries of officers and men of the NCoS are fixed by the Revenue Mobilisation, Salaries and Wages Commission, just like other paramilitary services under the ministry.

    “It is therefore, ridiculous to say that staff of the NCoS receive less than their counterparts in other services in the ministry of interior.

    “Secondly, the infantile authors should know that salaries are paid directly to beneficiaries’ accounts, therefore, no Chief Executive, including the Comptroller General, has access to staff salaries and least to imagine deduction from same.

    “Without being immodest, evidence of significant projects aimed at improving the welfare of staff by the Comptroller General since his assumption of office, abound.

    “To the best of my knowledge, the allegation that personnel collect loans from inmates is not true as personnel have more credible sources of obtaining loan facilities, ” he said.

    The NCoS spokesman explained that the Service runs a Microfinance Bank which provides soft loans and financial services for staff to meet personal and family needs.

    He said this was in addition to the drive of the Comptroller General to shore up accommodation through the construction of new barracks, and reconstruction of dilapidated ones in several commands.

    “It is also on record that the Corrections Welfare Insurance Scheme has continued to provide succour and soft-landing to staff that sustained injury or paid the ultimate prize while on duty.

    “In addition, the Comptroller General, through the Corrections Cooperative Society, has floated a mass housing programme for personnel of the Service.

    “This will see staff own their own houses in any location of their choice in Nigeria.

    “Currently, construction of housing estates under the programme has commenced in Kuje and KYC estates in the Federal Capital Territory, Abuja, ” he said.

    Umar said the service had also constructed and renovated office buildings in various state commands to boost the morale of personnel to perform their duties effectively and efficiently

    “In the same vein, significant logistical support have been provided to promote efficiency among the personnel.

    “These include operational vehicles recently distributed to all Armed Squad Commanders in states to boost rapid response in and around our facilities nationwide,” he added.

    Umar enjoined the public to disregard the malicious reports as they are mere figments of the author’s imagination.

    The NCoS spokesman assured that service would not relent in improving the well-being of both staff and inmates.

    He enjoined the media to be professional and responsible, and endeavour to confirm the validity of information before publishing.

  • Billionaire daughter, DJ Cuppy speaks on importance of having money

    Billionaire daughter, DJ Cuppy speaks on importance of having money

    Florence, the popular daughter of billionaire Femi Otedola known as DJ Cuppy has opened up on the importance of money, urging her fans not to be deceived by those who downplay the value of money in life.

    DJ Cuppy maintained that in life, it’s very important to have plenty of money. She stated this via her Twitter handle recently while relishing her recent vacation.

    “Travel reminds me how important self-love is. Taking time for rest is ESSENTIAL, and there’s NOTHING like the feeling of being surrounded by INSPIRATION.

    “In short… having money HELPS. For SURE. Don’t let ANYONE lie to you,” she tweeted.

  • I can date any character for money – Bobrisky

    I can date any character for money – Bobrisky

    Nigerian transgender and socialite Idris Okuneye, popularly known as Bobrisky, has revealed that he can date a fraudster or even monkey.

    Bobrisky made this revelation while featuring on a show with host popular On Air Personality, Toke Makinwa.

    According to Bobrisky, he could date a monkey as long as he’s sure of getting money from it.

    Revealing the type of men he sought to have affairs with, Bobrisky said, “The kind of men I look out for are CEOs or politicians that can pay bills.”

    Toke further asked: “Would you date a fraudster?, Do you know that street guys are also very popular?”

    Bobrisky replied, “I’m not going to lie. As much as you are dropping money, I can date you. If you like, be a monkey.”

  • Kate Henshaw hails man for returning N10.8M mistakenly transferred to him (VIDEO)

    Kate Henshaw hails man for returning N10.8M mistakenly transferred to him (VIDEO)

    Popular Nollywood actress, Kate Amaka Henshaw, has hailed a Nigerian simply identified as Mr Timothy, who returned N10.8M naira that was mistakenly transferred to him.

    Praying for Mr Timothy on Twitter, the actress (Kate Henshaw) said: “God bless Mr Timothy, who returned N10.8M naira that was mistakenly transferred to him. You will not lack favour, peace, and long life.”

    See reactions as culled from netizens

    However, one TRUE AFRICAN HEROES said: “I go first use 800k for Uber than stop at any good restaurant chop like 2m , I believe the Oga house go far small , I need to lodge with 5m and use 3m for security, I go tell the Oga my story, I believe eh go touch am! Him fit tell me make I wire my aza make him run another one , What a smart leave.”

    Tessy Okereke, on her part, narrated how she mistakenly transferred one hundred thousand naira twice to her furniture guy, who confirmed receiving it but has not refunded her excess transfer.

    In her words: “God bless you Mr Timothy . Not everyone will do this oo. I transferred 100K twice to my furniture guy & he confirmed receiving it but he hasn’t refunded d 100K back to me. How do I want to start chasing this guy? It’s @ecobank_nigeria that I blame sha.”

    According to Kaykay Okeyinfu Ajayi; “have been in a situation before where I over-transferred money to a vendor. I did not get it back, and the original work that was commissioned was done very poorly. I applaud his honesty. It is rare.”

    A netizen, Ezinwa Johnlouis Ugwuegbu, pointed out last week Tuesday, someone transferred #1,581,500 into his account domiciled with Access Bank.

    “When my attention was called I said yes I got the alert and immediately they sent me their details I transferred back the money. The man called and thanked me,” Ezinwa said.

    Watch the video below