Join the Talk on “ROMANCE & FINANCE” :- Relationships and Money Compatibility || Saturday 23rd February 2019

When we talk about compatibility in a long term relationship, we usually consider issues such as a natural chemistry, core values, faith, socio economic and educational background. ___

Sadly, couples seldom give their financial compatibility the attention it deserves given the fact that one of the leading causes of friction,

Our Youths want Money without Hard Work — Onaolapo

Mr. Jide Onaolapo is the Managing Director/Chief Executive Officer of Hakonix Technologies Limited, an outfit that provides technology consulting, systems integration and capacity-building solutions to public and private sector organisations, with headquarters in Abuja and offices in Enugu and Lagos. In this chat with Financial Vanguard, Onaolapo, a business analyst and information systems architect tells his story and regrets that today’s Nigerian youth is not ready to put in the hard work needed to excel. Excerpts:

Background:

Jide Onaolapo… If you don’t know something, 

research it, know it and own it

According to Onaolapo, his background is in urban city project management, networking and database administration. “I studied at the Ahmadu Bello University, Zaria and then started work with an organisation that built Lagos State’s Oracle Financial system and from Lagos, I came to Abuja and joined another technology company.

I started out as the technology resource person and was later picked to perform project administration and management roles, and graduated into advisory role, developing strategic plans for organisations like the EFCC, and financial units of some institutions like the West African Telecommunications Regulators Assembly. “I was involved in a lot of public agencies’ start-up development.

I paid Dasuki $322m from Abacha fund- Former Minister Okonjo-iweala

Former Minister of Finance Ngozi Okonjo Iweala yesterday said she had paid former National Security Adviser to the President, Col Sambo Dasuki (rtd) $322m (about N63billion) from recovered Abacha funds to finance military operations.

 

She was reacting to online media reports that accused her of illegally diverting the Abacha funds to the office of the former NSA. The money was returned to Nigeria in January 2015.

The statement signed by her Media Adviser, Paul C Nwabuikwu, said the attempt to link the former minister to any misuse of the funds for any purpose other than security was baseless.

Old Rules- Over, The New Rules of Money------

I believe that it’s no longer news that the value of our currency continues to depreciate. In fact most currencies have experienced a downward plunge in their values when you analyze developments in the last decade or so.

In simple terms this means that what One Naira could buy ten years ago is not what it can purchase today. One useful analysis we can make is to compare the exchange rate of the Naira to the dollar for the last ten years. In 2005 the Naira exchanged for around N130 to the Dollar; today it is currently valued at around N210, a loss in value of around sixty-two percent.

 

While the Naira’s value has depleted significantly incomes have not gone up substantially in the last ten years for most people. This means that no matter the increases earned in the last decade it cannot compare to the losses made. In actual fact you need to earn at today’s value at least sixty-two percent more in order to afford what that same amount could purchase ten years ago.

Thus the impact of inflation and eroding currency values cannot be overlooked. How is one going to be able to create wealth while the value of money is constantly declining? The only way is by playing by a different set of rules – the new rules of money.

Now the credit goes to Robert Kiyosaki, author of the Rich Dad, Poor Dad book series for the term, “The New Rules of Money.” In his bestselling book, “Rich Dad’s Conspiracy of the Rich: The Eight New Rules of Money,”Kiyosaki posits that economic systems of the world equips and empowers the rich to continue getting richer, at the expense of the poor. He advocates a series of eight new rules, to help the poor or less advantaged build their way to wealth.

Reliance on existing “old” rules like getting a job, saving, diversifying your investment portfolio, avoiding debt, owning your own home can only take one so far in these days of plunging currency values and government bailouts.The new rules are:

Bill Cosby, got Damon Wayans defends, refers to some Victims as 'Unrapeable'

Outspoken actor Damon Wayans made a series of controversial comments Friday in defense of scandal-scarred comedian Bill Cosby.

Damon

During an appearance on Power 105's "The Breakfast Club" radio show, Wayans revealed he doesn't believe the dozens of women who claim Cosby sexually assaulted them — and then went on to condemn the women making the accusations.

50 Cent files for Bankruptcy on Day of Financial Testimony in Sex Tape Suit

He's worth an estimated $150 million, but 50 Cent says he doesn’t have two pennies to rub together.

A bankruptcy filing says 50 Cent has$10 million to $50 million in assets, and $10 million to $50 million in debt.

Lawyers for the “Get Rich or Die Tryin" star filed for personal bankruptcy Monday — the same day he was called to testify about his finances in a lawsuit brought by a woman whose sex tape he posted online.

International Montary Fund to help Improve Tax System in Developing Countries

The World Bank and the International Monetary Fund (IMF) have said they would establish an initiative to help developing countries strengthen their tax systems ahead of the Financing for Development conference scheduled in Ethiopia.

 

According to a recent joint statement carried by their official websites, the two bodies vowed to deepen the dialogue with developing countries on international tax issues with an aim to help increase their weight.

Cashless Policy: Banks Implement Charges on Cash Withdrawals Nationwide

Deposit money banks in the country have commenced implementation of charges on cash withdrawal in excess of the stated limit.

CASHLESS POLICY

This is following the end of the suspension of charges on withdrawals for both individual and corporate account holders in 30 states of the federation till July 1, 2015.

The Central Bank of Nigeria had in June 2014 explained that the waiver was to give banks time to deploy adequate infrastructure needed to support the and sensitisation of bank customers on the importance of the policy.

Eurozone rules out talks until after referendum

Greeks will be asked to accept or reject proposals made by creditors last week, with Prime Minister Alexis Tsipras urging a "No" vote.

Finance Minister Yanis Varoufakis accused the creditors of blackmail.

But he pledged a deal would be reached soon after the vote and that current limits on bank withdrawals would ease.

Nigeria’s CBN adjust peg again, naira falls

The Central Bank of Nigeria adjusted its exchange rate peg on Tuesday to 196.95 naira against the dollar from the 196.90 set last week, data on the bank’s website showed.

Would You Sell Your Private Sex Tape to a Porn Company??

So like thousands 

(and maybe millions) of couples in the world, you made a sex tape. And now you’re wondering, should I share it? Not with friends or family. But maybe with strangers. Maybe millions of strangers. Just like that proverbial question—if a tree falls in the woods alone, does it make a sound?—if no one sees your sex tape, did it really happen? 

 

There’s another way to describe a sex tape: amateur porn. And people making sex tapes have been selling them as amateur porn—complete with multi-channel distribution—since 1982.

Why you must start early to expose your children to money

One of the reasons many of us have financial challenges is because we don’t have an understanding of money. Our parents never taught us about it, and the schools totally overlooked this field of study. Our children therefore deserve better so we must commit to providing financial training for them.

 

Various experts differ regarding when to start training

Give your Spouse that Treat on a Checked Budget

Those in the know believe that aside the period of dating and actual marriage, another important moment in the life of any couple especially the bride is the period shared during the honeymoon.

 

It has also been observed that this period provides the new couple the needed opportunity to further advance their romantic relationship in a very a relaxed location away from the distraction of family member and relatives.

Assets, liabilities of discount houses decline by 20.4% to N135.2bn

Total assets and liabilities of discount houses stood at N135.2 billion at the end of February 2015, showing a decline f 20.4 percent below the level at end-January 2015, Central Bank of Nigeria (CBN) has said.

 

The development was accounted for, largely, by the 80.2 percent and 10.9 percent fall in claims on banks and Federal Government, respectively.

Correspondingly, the decrease in total liabilities was attributed to the 76.1 percent and 14.0 percent fall in borrowings and money at- call.

BoI recovers N2.9bn from debtors as NPLs fall to 4.09%

Owing to an aggressive loan recovery exercise and an improved risk management framework, the Bank of Industry (BoI) has cut down its Non-Performing Loans (NPLs) portfolio to 4.09 percent by end of March 2015.

When last did you review your “next of kin” form?

Thirty-year-old Charles was a brilliant young engineer at Denver Engineering. He was married to Charity and they had two lovely children, three-year-old Cynthia and her brother Christopher who just celebrated his first birthday. On a trip to Ibadan to attend his best friend’s wedding Charles was in a head on collision with a bus that ran out of control. He was killed instantly.

 

Since she and Charles were married, 28-year-old Charity had not worked and was totally dependent on her husband’s income for all the family’s needs. Charles died intestate; that is, without a will. When he joined the Denver six years ago, he had completed the required documentation and since he was a bachelor, had designated his father as his next of kin.

Fidelity Bank plc: 2014 Impressive Results Validate Growth Strategy

Fidelity Bank plc is a Nigerian-based company. The bank’s offering includes personal, private and corporate banking services, as well as Diaspora banking. It also supports small, medium and large-scale agricultural establishments within the Fidelity Agri-Nigeria Project.

From January 1, 2006, the Bank merged its assets, liabilities and undertakings, including real and intellectual property rights with that of FSB International Bank Plc and Manny Bank Plc. The Bank was quoted on the Nigerian Stock Exchange in 2005.

Strong interest earnings driven by loan growth

Technical glitch may affect Nigerian bond trade

Trade in Nigerian bonds was affected by a technical fault that traders said may persist to next week.

 

Trade on local debt was stalled after the glitch affected central bank’s trading platform, traders said, adding that they were concerned the problem that started on Wednesday could run into next week, threatening bond settlement in the interbank.

Deutsche Bank in record $2.5bn fine over interest rate manipulation

Deutsche Bank has been fined $2.5bn (£1.66bn) by US and UK regulators for trying to manipulate interest rates.

The German bank will pay more than $2bn to US regulators, while the UK's Financial Conduct Authority (FCA) has imposed a £227m fine.

The fine relates to manipulation of the Libor and Euribor inter-bank rates.

The penalty is a record for such misconduct because Deutsche tried to mislead regulators and could have hampered the investigation.

In 2012, Switzerland's UBS agreed to pay $1.5bn in a global settlement, while the UK's Barclays paid $453m.

'Deeply ingrained'

NSE All-Share Index records marginal growth

 

The All-Share Index of the Nigerian Stock Exchange (NSE) on Wednesday recorded marginal growth, appreciating by 0.06 per cent after two-day consecutive loss.