Boeing meets FG over national carrier

The globally renowned aircraft manufacturer, Boeing, has met with the Federal Government to discuss the setting up of a national carrier for Nigeria.

Although the government did not disclose if it had chosen Boeing as its partner for setting up an airline for the country, it stated that the meeting with the aircraft manufacturer was in furtherance of its resolve to establish “a new carrier soon.”

The Minister of State for Aviation, Hadi Sirika, who disclosed this in his most recent tweet, noted that the meeting between the Federal Government and the team from Boeing was held in his office in Abuja.

On his Twitter handle, @hadisirika, the minister stated that on Friday afternoon, “in my office, I met with the Boeing team in furtherance of our resolve to set up a new carrier soon.”

In November last year, the Federal Government announced that two major internationally renowned aircraft manufacturers, Airbus and Boeing, had indicated interest in Nigeria’s national carrier.

Sirika had stated that the manufacturers expressed willingness to discuss their interest with the government.

The minister had said, “Boeing said they can’t wait to discuss their proposal for the Nigerian national carrier. Will sign a MoU at the IWAF (ICAO World Aviation Forum).”

In another tweet, he stated, “Airbus signified interest in our national carrier and our MRO (Maintenance, Repair and Overhaul). Will discuss further during the upcoming ICAO forum.”

On several occasions, Sirika had announced the Federal Government’s determination to establish a national carrier as well as a facility for the MRO in order to reposition the country’s aviation sector.

Transaction advisers for the national carrier and the MRO had since been announced and unveiled by the Federal Government.

How to apply for unsecured business loans

Unsecured business loans are finance options, such as credit cards and lines of credit, that require no collateral. Unsecured business loans tend to be much easier to get than bank loans, which require extensive documentation of business activities as well as company and personal assets.

But interest rates on unsecured business loans tend to be considerably higher than on other types of business credit, says smallbusiness.chron.com.

The report offers the following guidelines.

  • Obtain applications for unsecured business credit by speaking to a representative at your bank. Your banker can help you sort through the options and explain the difference between business credit cards and business credit lines.

Your bank may also be able to help you determine whether you are eligible for lower-interest, secured business credit.

  • Put together the bank account information you need and complete the applications. These applications will usually just involve filling out a few lines providing contact and bank information, as well as your social security number.
  • Apply for unsecured business credit as part of an overall financing plan that also includes other types of credit options, such as bank loans and personal loans.

Save money on interest payments by using lower-interest alternatives for longer-term debt, such as major start-up and build-out costs that will take more time to pay off. Whenever possible, use your higher-interest, unsecured business credit to pay for short-term expenses such as inventory that you will turn over quickly.

If you can, transfer balances from unsecured business debt to secured financing options to lessen the amount you spend on finance charges.

Advantages and disadvantages of an unsecured business loan

If you start a new business or you want to expand an existing one, you may consider third-party financing, such as a business loan. There are two types of business loans: secured loans and unsecured loans.

While a secured business loan is backed by collateral, an unsecured business loan is not. Obtaining an unsecured business loan has advantages and disadvantages.

About unsecured business loans

Lenders who offer unsecured business loans will not require your business to pledge any collateral to obtain the loan. However, you must still meet income and credit requirements. Some lenders may also offer businesses a revolving line of unsecured credit.

Advantages

Unsecured business loans are easier to obtain than secured business loans because your business does not need to supply collateral. While lenders can seize the collateral if your business defaults on a secured loan, a lender cannot take any of your business’ property if you default on an unsecured business loan unless he obtains a court order.

Finally, if your business files for bankruptcy, the court may discharge unsecured loans, but it will not typically discharge secured ones.

Disadvantages

Because unsecured loans are more risky for lenders, they usually include higher interest rates than secured business loans, which means your business will pay more over the life of the loan than it would have paid for a secured loan of the same amount.

Higher interest rates also cause the individual loan payments to be higher and more difficult to afford. Finally, unsecured business loans are harder to qualify for. If your business has a poor or nonexistent credit history, the lender may not approve your application.

Considerations

Defaulting on any type of business loan, including an unsecured one, will affect your business credit rating. Though a court may discharge an unsecured loan in bankruptcy, it will not discharge it if the creditor has already obtained a judgment against you. Some lenders may offer partially secured loans, which are secured with collateral that is not worth the full value of the debt.

Pros and cons of a conventional loan

Down Payments

One point disadvantage of a conventional mortgage loan is that equity builds faster because of the higher down payment expected upfront.

On the other hand, the higher down payment makes it more difficult for some consumers to obtain a conventional loan.

With the larger down payment expected on a conventional mortgage loan, as much as 20 per cent in many cases, the lender may not require the borrower to have private mortgage insurance, which can be a plus. Conversely, if the borrower does not have a significant down payment, the PMI will likely be required and the borrower must then meet the requirements of a mortgage insurance provider, which is essentially like applying twice for loan approval.

Concerning conventional mortgage loans, down payments may need to be authenticated as belonging to the borrower, showing the lender that the applicant has saved to obtain the loan or that the down payment is a gift from someone and not a loan that person expects to be paid back.

Interest rates

A disadvantage of conventional loans for borrowers with lower credit scores means higher interest rates and fees often become part of the loan terms.

The lender may also demand a higher interest rate if it is allowing the borrower to include part of the closing costs into the loan. Conventional loans may carry higher interest rates than some government loan programmes.

Lenders generally offer conventional loans with a choice of fixed or adjustable interest rates, with many having fixed rates for a predetermined number of years. This can be a plus for borrowers. On the downside, adjustable-rate loans can result in fluctuating monthly payments.

Terms and Conditions

A plus to conventional loans is that lenders may be more willing to negotiate terms and conditions than with a government-backed loan where the lender must follow standard guidelines.

In addition, conventional loans, on average, are processed faster than any government-backed mortgage. But borrowers may be required to pay a non-refundable fee at the time of applying for the loan.

And if approved, the terms of a conventional loan may include a stiff prepayment penalty, meaning the borrower will be subject to this charge if the loan is repaid early.

Creditworthiness

With a conventional loan, the decision on qualification belongs solely to the lender and there may be fewer restrictions on the applicant’s personal financial situation than a government-backed loan.

On the other hand, a bankruptcy or home foreclosure in the past can significantly decrease a potential borrower’s chances of obtaining a conventional loan. Many lenders require a long waiting period in which the consumer will be expected to repay credit.

For a conventional loan, lenders consider the applicant’s debt-to-income ratio, the relation between the amount of money required to meet debt obligations each month such as auto loans and credit card payments and the amount of monthly gross income earned. The lower the debt-to-income ratio, the better terms the borrower may be offered

Mercy Johnson Bereaved As She Loses Mother

The 33-year-old mother of three, who shared the tragic news via Instagram on Thursday, said she is “deeply saddened” by the development.

“It deeply saddens me to say that my beloved mother is gone,” she wrote.

Johnson urged fans and well-wishers to pray for her family and asked that their privacy should be respected as they mourn.

“This is a trying time for my family and we would appreciate your prayers, even as we plead for our privacy at this time. Thank you,” she added.

Here is what she shared

Don jazzy is dancing his way to finding a new wife

Mavins Record boss, Don Jazzy has hinted his fans on his new trick to find a wife soon! He took to his social media page to announce that he attended a wedding recently with the intention of finding a wife with his dance moves. Sadly everyone at the wedding venue was engaged. Sharing the video on his Instagram page, he wrote: “If you ever think you can’t dance. Just remember this. You can’t be that bad. I decided to start going out more. Came all the way to this wedding maybe I will see wife ‍♂️. Everybody was taken sha. But dear future wife, just know that I will embarrass u with my dance moves forever. Take me as I am. I don talk my own. ”

Don Jazzy attends wedding in search of wife

In reaction to his post, his fans took to his comment section to commend his dance steps. Nigerian singer, Banky W also acknowledged Don Jazzy saying the day he gets married, he won’t only break the internet but cause an earthquake. Don Jazzy replied saying he doesn’t want the internet to break but just witness pure happiness adding that he will soon join the married gang.

Argentina Goalkeeper Sergio Romero Ruled Out Of 2018 World Over Knee Injury

The 31-year-old Manchester United player has won 94 caps for the country and played in the 2014 World Cup final defeat by Germany.

Chelsea’s Willy Caballero, with two caps, and River Plate’s Franco Armani, who is uncapped, are Argentina’s reserve goalkeepers.

Tigres’ Nahuel Guzman has been called into the squad as Romero’s replacement.

Argentina’s Football Association said Romero will have surgery on his injured right knee.

Argentina begin their World Cup campaign against Iceland on 16 June before games against Croatia and Nigeria in Group D.

‘I Wasn’t Divorced From Aisha Abimbola ‘Omoge Campus’ -Husband

Ibrahim Okunola, Husband of late actress, Aisha Abimbola aka Omoge Campus has opened on her painful death adding that they were still legally married till her demise.

In a recent chat with Saturday Beats, Okunola said, “It is a lie that we had divorced. We had not lived together for about seven years but we were still legally married till she died. The reason we were separated is a family issue. I would miss her till I die because she was a virtuous mother and a go-getter. I gave her the nickname, Magic Aisha because she had a way of achieving her dreams and goals. She was someone that would give you her shoulder to lean on and her listening ears no matter what you are going through. Even when she was not in my house again, if I had any issue in life, I always called her.”

Also a thespian like his wife, Okunola said that it was his late wife’s wish not to alert the public about her battle with cancer. He said that his hands were tied as he had to respect her wish.

Okunola described his wife as a fighter whom he believed would win the battle against cancer but sadly, she lost the fight. “The late Aisha was my wife and her death has made me very sad. I knew she had cancer but we did not see her death coming. I thought she was going to survive the battle against cancer because she was a fighter and she really fought cancer. Though most people did not know about her ailment, she gave cancer a good fight before she died. She did not tell people that she had cancer because she did not want people to pity her neither did she want to beg the public for money. Aisha was someone that respected my opinion and vice versa. Whenever she said something, I normally agreed with her. We discussed the issue of telling the public about her illness but she refused to open up to the public and I had to respect her opinion.

The last time I saw her was a week before she travelled out of the country and if I am correct that would be December 23, 2017. She wanted to travel with our children to America and she needed some documents so she asked me to come with the documents she needed because for about seven years, we had not been together but we were still legally married. We actually met in Femi Falana’s office for her to get the documents. After I had given her the required documents, I told her that she looked so lean, the next thing she did was to look at me and begin to weep. I had to comfort her and tell her that I would be with her in America the following year because I believed she was going to survive the illness being the fighter that she was. Sadly, she did not win the battle against cancer,” he said.

CBN mandates BDCs to access foreign exchange window thrice weekly

Central-Bank-of-Nigeria-Headquarters-e1480992190126.jpgCentral Bank of Nigeria

The Central Bank of Nigeria (CBN) has made it mandatory for all the Bureau de Change (BDCs) operating in Nigeria to access Foreign Exchange from it thrice a week.A statement from the CBN acting Director, Corporate Communications, Mr Isaac Okorafor, on Sunday indicated that the new directive would allow eligible travellers more access to foreign exchange and allow more liquidity to the market.

“All BDCs shall henceforth access forex from the CBN on Mondays, Wednesdays and Fridays.”It is compulsory that all BDCs access forex at least three times weekly.”Any BDC that fails to access the forex window at least three times weekly shall have its licence reviewed by the CBN,” Okorafor said.

According to Okorafor, the CBN has also authorised all commercial banks to buy and sell foreign exchange to travellers whether they operate an account in the said bank or not.

He said that the banks were mandated to do this once a customer or non-customer presents relevant, valid travel documents such as visa and travel ticket.“All travellers shall be attended to immediately at the banks’ counters. Any contravention shall be sanctioned by the CBN,” he said.

This new directive is coming after the CBN announced on Wednesday that some banks were turning back customers that come to purchase Foreign Exchange for Personal and Business Travel as well as for pilgrimage.

According to the CBN, it has supplied enough dollars to the banks to meet needs in the invisible segment.

Customers were enjoined to report any bank that refuses to attend to their legitimate demands within 24 hours.

Reacting to the new directive on BDCs, Alhaji Aminu Gwadabe, President, Association of Bureau de Change Operators in Nigeria (ABCON) said it would further increase the existing rate multiplicity in the market.

“Our immediate response is to call for an emergency meeting of the National Executive Council to put up our demand for clarifications. It is totally unfair to the BDC sub sector.“Our recommendation is that the thrice market days for BDCs per week should be reviewed to twice with only the amount being reviewed up from 20,000 dollars to 30,000 dollars per market day.

“Also, both the banks and BDCs transaction rates should be merged to be the same. We also demand that BDCs should be allowed to return their unsold position to the CBN as is the practice by banks,” he said.

Gwadabe said that the association would schedule a meeting with the CBN to get more details about the new directive.Top on the list, he said would be the trading rates under the new directive and also if the same compulsion of thrice bidding per week by BDCs also apply to the banks.

Meanwhile, the Naira had begun to depreciate against the dollar in the BDC segment.It went from N363 to a dollar last Monday to N367 dollars as of close of market on Friday

PLANNING A NIGERIAN WEDDING

SO YOU JUST GOT ENGAGED AND YOU’RE ABOUT TO START PLANNING A NIGERIAN WEDDING…

First of all, congratulations because now all the “when will you marry?” questions can finally stop.

But don’t celebrate too quickly because remember, you’re Nigerian/marrying a Nigerian/in the vicinity of Nigerians.  The planning is about to start and as someone who has experienced the trauma trials joys of planning a Nigerian wedding, I feel the need to share some survival tips so you won’t be too surprised as time goes on.

TIPS FOR PLANNING A NIGERIAN WEDDING – PT 1

1. RELAX, THIS IS NOT REALLY YOUR WEDDING

Remember that feeling of happiness when you got engaged? Multiply that by 1,000,000,000 and that’s how your parents feel. Because FINALLY, their time has come and they will shine.

When bae and I got engaged, one of the questions our parents asked was “what do you envision for your wedding day?”. In my mind, this was an opening for us to express ourselves and the dreams we had for the wedding. But alas, as time went on, it became clear that the question was just for formality sake. Don’t be fooled, your parents have a vision of what they want the wedding to look like, who they want to invite, music they will dance to, food they will eat, and aso ebi they will wear. Whether you show up or not, they will turn up with their friends.

Best Practice = Pick your battles. Most things aren’t worth fighting for – I say this now, but it was a hard lesson. Plus, on the wedding day, you should be so busy turning up with bae and friends that you won’t notice the little things you were crying about during the planning process.

2. NIGERIAN VENDORS WILL CALL RIDICULOUS AMOUNTS OF MONEY

It is when you start planning a wedding that you will fully understand the mindset of your fellow Nigerians. Everybody wants to hammer [to make it big; hit the jackpot] and for vendors, every wedding is an opportunity to do just that. I once got a quote for bridesmaids bouquets and the price that this vendor called for a single bouquet…

 

Lowkey, I think when vendors have their annual meeting, this is their agenda:

Best Practice = Start planning the wedding with a certain budget in mind. If it’s not an essential item, don’t get it or look for a much cheaper alternative.  If it’s essential, still look for a cheaper alternative or bargain like your life depends on it – because it just might.

 

3. “RUDE” IS ONE OF THE LANGUAGES YOU’LL LEARN

There’s no other way to explain this than with a true story.

My maid of honor and I started a group chat with a potential designer that would sew the bridesmaids dresses. We had never met the person nor seen much of her work before, so naturally we were full of questions because we needed make sure she was the right person for the job. I mean, this was going to be one of the biggest days of my life so of course I wanted my girls to look fabulous. We asked for some samples of her work, a price quote, whether she’d be able to make alterations within a day (some bridesmaids were flying in a day before the wedding) – but apparently, we were asking for too much because she sent this message shortly after:

Honestly. What is customer service?

I think what cracked me up was the fact that she left the group chat. Like she said her thing and then she was like *drops mic*. Shocked doesn’t even begin to describe my emotion. But at that point, I had acquired my PhD in ignoring and moving on so I did just that. After all, there are many fish in the sea.

Anger cannot sew dress abeg

Best Practice = Call on Jesus. He’s the only one that can save you from cursing these people out.

 

4. “On Time” is a relative term

We all know that Nigerians and being late are like this:

But when it comes to wedding planning, the frustration can get real if something isn’t ready on time. We had to substitute some items on the day of because they weren’t ready on time.

Best Practice = Order/buy/sew/rent everything well in advance. In fact, tell vendors your wedding is 2 months before the actual date. But if something is late or taking too much time, don’t sweat it, find an alternative.

 

5. “NATURAL MAKEUP” IS ALSO VERY RELATIVE

There are a few things in life that annoy me.

  1. Burnt plantain
  2. No plantain
  3. Instagram brows & caked makeup

Caked makeup seems to be the specialty of some makeup artists in Nigeria. I had a bridal consultation with one makeup artist and the first thing I said was that I wanted very natural makeup for my wedding. Actually, the first thing I really said was “what are you doing?” because she just started painting my face without asking me what I wanted. I’m actually so confused about why people don’t ask what you want before starting the work but that’s a different story. Anyway, the makeup artist nodded – you know that nod they give when they’re going to do whatever the hell they want anyway?

After this disaster session – which happened the day before my wedding by the way – I booked a new makeup artist. There was no time for a consultation with the new person so I put my trust in her Instagram page – because after all, everything is real on Instagram right?

LOL.

Let’s just say I shed some real tears on my wedding day.

Best Practice = Always have a bridal consultation and insist on the look you want. If they have to wipe your face and start from scratch, so be it. After all, it’s your day and you’re allowed to be a diva. But don’t shout too much oh! Before they design your face and leave. I have warned you.

Watch this space for the continuation in my next blogpost. Till then, happy wedding planning!

Zainab Balogun shares photos from honeymoon in Thailand

Come check out some of the photos this newly wed is posting.

They are mouth watering

Seems she is really enjoying her trip..

Delay in budget passage will have some impact, says Adeosun

images (1)

The Minister of Finance, Mrs Kemi Adeosun, said the delay in passage of the 2018 budget would have some impact on the nation and cause some adjustments in implementation.She said this during a news conference on Friday in Abuja, adding that the impact was because markets change and the cost of money in the market changes too.

Adeosun, however, said that the Federal Government would try to mitigate the effects of the delay

“Honestly, we may need to realign some of the priorities now because what we thought we would be doing in January is now different from what we are going to do.

“So, we are going to have to look very closely to see where we would realign and re-prioritise, but we will carry on because most of the capital projects are multiyear projects so we will just continue.

“We are going to try and mitigate that impact as much as possible and focus on completing projects.’’

The minister said the fact that the 2017 budget cycle began late in the year had helped a great deal.

“What has helped us is the fact that the budget was passed late last year, and what we did was we just carried on with those projects, we will close this year’s budget with capital expenses in excess of N1.5 trillion which is higher than last year.

“Many of these projects are multiyear projects, so hopefully, there will not be too much disruptions.’’

Adeosun said that the financial systems were not closed on Dec. 31, 2017 to allow for projects implementation to continue.

She, however, said she was optimistic that the 2018 budget would be passed soon.

On tax, she said the Federal Inland Revenue Service (FIRS), and other tax authorities were doing a lot on enforcement of payment.

She said that the Voluntary Assets and Income Declaration Scheme (VAIDS), had helped in increasing the number of taxpayers captured in the tax base of the nation.

She said that the Federal Government recovered N13.8 billion from taxes through whistle blowers who gave useful tips about companies that deliberately underpaid their taxes.

“That is different for us because most of the whistle blowing in the past have been about stolen money, but with the extension of VAIDS and our general narrative about tax, we are getting far more tips on tax evasion.’’

She added that the 14 whistleblowers would be paid N439, 276 million in May.

According to her, cases are being prepared for prosecution for companies and individuals who refused to use the VAIDS window to remit their taxes once it closes on June 30.

Adeosun said that the Federal Government also sent out teams to visit some of its foreign missions to verify assets, adding that more than 108 landed properties were identified in various countries.

She said the properties do not necessarily belong to some of its foreign missions but that some of its agencies had some unrecorded properties abroad.

“Some have been abandoned and some are even in the process of being sold off but we have been able to stop them and we are going to revise procedures in that regard,’’ she said.

The minister also commented on the recent stalemate in revenue generation between the Federation Accounts Allocation Committee (FAAC) and the Nigerian National Petroleum Corporation (NNPC).

She said that it was not healthy for the process as it showed the level of scrutiny by all parties concerned to ensure that the nation got the right revenue figures.

Adeosun also said the Federal Government would not allow revenue leakages anymore, adding that it was working to ensure that those leakages were blocked.

“We should not be too alarmed when there is a stalemate because it is all in the public interest to make sure that the monies that we are expecting into the federation account come in and we account for them properly.’’

On the issue of Nigeria’s debt profile, Adeosun said there was no cause for alarm as the nation’s debt to Gross Domestic Product (GDP) ratio was 20 per cent and one of the lowest in sub-Saharan Africa.

“Where we do have a challenge is debt service to revenue which is because the interest cost was quite high and this is a function of two things.

“One is that most of the debt was short term so you are paying interest and compounding it.

“However, we have been refinancing treasury bills in the domestic market and replacing them with long term debt in the international market and that is reducing our cost of borrowing.

“This time last year, Nigerian government was borrowing at an average cost of about 18 per cent but now it is 13 per cent. So we are working very hard on the debt service cost and of course revenue.’’

She said that presently, borrowings are tied to capital projects which would still be useful for many years to come.

“So, there is no cause for alarm as far as Nigeria is concerned. It is a well managed, very conservative debt strategy and we continue to be very focused on concessional borrowing.’’