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  • Re: State of the Nation Post #279282
    Posted at: 12:43 pm, 26th May 2016
    by waaan5. SMN Forum Moderator. Joined: 14th June 2007. Thanked 397 times.


  • Re: State of the Nation Post #279281
    Posted at: 12:22 pm, 26th May 2016
    by duduspace. SMN . Joined: 13th February 2007. Thanked 306 times.

    Salida;279275 wrote:
    Sir Gengen, you have made some salient points. Fashola and Dangote are two personalities that I respect their drive. However, I will not just take their words for it the way you have painted.

    1. You have only made points from Dangote's loss or gain perspective, what about public safety and principles entrenched in acts or guidelines for Public sector projects?

    2. From Govt's side, while I see this as a good initiative, the details are still sketchy. I will rather wait to get more details on this in the future before applauding it. You are already talking about huge discount, can you share with us the independent assessment (not linked to either parties) that actually computed those cost elements before we start saying it is a good discount?

    I don't even want to go into your point about bitumen importation because we have that in abundance in the country already just the same way we have limestone.

    I think Ondo State is starting to make some inroads in producing Bitumen.


  • Re: Economicwatch Post #279280
    Posted at: 12:17 pm, 26th May 2016
    by waaan5. SMN Forum Moderator. Joined: 14th June 2007. Thanked 397 times.


  • Re: Economicwatch Post #279279
    Posted at: 12:12 pm, 26th May 2016
    by waaan5. SMN Forum Moderator. Joined: 14th June 2007. Thanked 397 times.

    migiets;279274 wrote:
    How long is it going to take the CBN to come out with this Flexible Forex Policy?. Does it mean that they had not yet thought of how this policy will work before they rush to press to announce it?. Na wa for the managers of this Contraption.

    You dont see the president without appointment. it takes time to get one, so lets be patient :)


  • Re: State of the Nation Post #279278
    Posted at: 12:01 pm, 26th May 2016
    by Dicobody. SMN . Joined: 21st September 2009. Thanked 70 times.


  • Re: State of the Nation Post #279277
    Posted at: 11:53 am, 26th May 2016
    by migiets. SMN . Joined: 1st March 2008. Thanked 274 times.

    Salida;279275 wrote:
    Sir Gengen, you have made some salient points. Fashola and Dangote are two personalities that I respect their drive. However, I will not just take their words for it the way you have painted.

    1. You have only made points from Dangote's loss or gain perspective, what about public safety and principles entrenched in acts or guidelines for Public sector projects?

    2. From Govt's side, while I see this as a good initiative, the details are still sketchy. I will rather wait to get more details on this in the future before applauding it. You are already talking about huge discount, can you share with us the independent assessment (not linked to either parties) that actually computed those cost elements before we start saying it is a good discount?

    I don't even want to go into your point about bitumen importation because we have that in abundance in the country already just the same way we have limestone.

    Also just the same way we have crude oil and refineries


  • Re: MarketWatch Post #279276
    Posted at: 11:46 am, 26th May 2016
    by Salida. SMN . Joined: 11th July 2010. Thanked 311 times.

    Toure;279272 wrote:
    Oga Emma, I cant find a copy of the financial report on the CSCS website but I took a quick look at the result presentation slides from the site. CSCS looks like a company with serious mote. They have the monopoly of facilitating transactions on the NSE, NASD and FMDQ so, any growth in the activities in these areas will be tremendous upside for the stock.
    My only problem is that 41% of the revenue if from interest income. This is proportionally to high for a non-bank or non-financial company. I will rather have an adjusted P/E using the operating revenues only. I will assume a P/E of about 12 since the bulk of the interest revenue is from non taxable or low tax instruments like treasury bills and federal government bond.

    What is your take on this since you probably have more info from the full annual report?


    Sir Toure, here is a link to the Full annual report for CSCS https://www.cscsnigeriaplc.com/documents/1174203/CSCS%20Annual%20Report%202015.pdf


    Happy Investing!!!


  • Re: State of the Nation Post #279275
    Posted at: 11:41 am, 26th May 2016
    by Salida. SMN . Joined: 11th July 2010. Thanked 311 times.

    Gengen;279254 wrote:
    We cannot argue that Dangote is an extremely successful businessman.
    He has survived in a terrain that most businessmen ran away from.
    I do not intend to go into the argument of how or morality. Some agree and some do not.
    When Dangote (and Fashola?) take decision on an issue, think TWICE. This is a Win - Win arrangement.

    Dangote's side
    • Dangote has secured an important road to prove his concept. There are other less unimportant concrete roads. As a GOOD businessman, he SHOULD only take this loss for a MAJOR road.
    • He does the job at a loss for extremely FUTURE major gain.
    • Imagine if successful, the impact of this on his "Nigeria/African Cement Empire". Is there also a "Dangote Concrete road construction company" in the making?
    • He has campaigned that Concrete paved roads (wrongly called Cement roads) are NOW competitive with Asphalt roads. Concrete roads are not new. The initial cost used to be high. However, long time maintenance is low. This made the total cost (initial capital and maintenance costs) to slightly cheaper than Asphalt roads. Dangote's push is that NOW that the Cement costs are now lower, the initial capital cost is now further reduced.

    Government's (or Fashola's) side
    • Road is done at reduced initial capital cost (compared to Asphalt road)
    • Road construction will probably be done fast due to Dangote's eagerness to prove concept.
    • If proved, TOTAL cost (initial and maintenance cost) of roads go down.
    • Government (or Fashola) cannot be accused of favouring Dangote since the job is a huge discount (>50% ?)
    • If concept is proved, it opens an avenue for alternative ways of road construction which the TOTAL cost is cheaper.
    • Other (minor) cement manufacturers also gain.
    • Import bill (Fx) goes down. Although natural deposits exists here, Nigeria currently imports most part of the Bitumen (used to make Asphalt) it uses.
      (Nigeria: Govt to Scale Down U.S.$1.96 Billion Bitumen Import Bill)


    Sir Gengen, you have made some salient points. Fashola and Dangote are two personalities that I respect their drive. However, I will not just take their words for it the way you have painted.

    1. You have only made points from Dangote's loss or gain perspective, what about public safety and principles entrenched in acts or guidelines for Public sector projects?

    2. From Govt's side, while I see this as a good initiative, the details are still sketchy. I will rather wait to get more details on this in the future before applauding it. You are already talking about huge discount, can you share with us the independent assessment (not linked to either parties) that actually computed those cost elements before we start saying it is a good discount?

    I don't even want to go into your point about bitumen importation because we have that in abundance in the country already just the same way we have limestone.


  • Re: Economicwatch Post #279274
    Posted at: 11:36 am, 26th May 2016
    by migiets. SMN . Joined: 1st March 2008. Thanked 274 times.


    How long is it going to take the CBN to come out with this Flexible Forex Policy?. Does it mean that they had not yet thought of how this policy will work before they rush to press to announce it?. Na wa for the managers of this Contraption.


  • Re: State of the Nation Post #279273
    Posted at: 11:21 am, 26th May 2016
    by Salida. SMN . Joined: 11th July 2010. Thanked 311 times.

    oyo;279256 wrote:
    How are you sure of the bold?:)


    As a reminder, this is even not the first time roads are being built in Nigeria:).....and back in the day, the stretch from Tinubu Square to Tom Jones (now Nnamdi Azikiwe Street), Lagos, was paved with concrete.

    Again, the BRT lanes on Ikorodu Road, Lagos are currently being replaced by paved concrete as an experiment following the "failure" of ashphalt paving.

    On another hand, Julius Berget pioneered the inter-locked pavement on Western Avenue several decades ago, and LASG has now being building roads with such in swampy/water catchment areas as a policy using sharp sand as base as against laterite which collapses easily under ashphalt crack and quickly forms a pot hole.

    Sir Oyo, yes this is not the first time paved road are built in Nigeria.These facts are known. However, the terrain you have listed as examples are different compared to where this project is planned.
    Sections of roads in Lekki and some places Sir Oracle mentioned are built with concrete pavings but I have serious concerns with that on a major highway considering the hilly terrains and the kinds of vehicles that will ply the road.
    In the construction world nothing is impossible, and I know companies like JB can deliver.
    However, you might need to check your facts on the assertion that maintenance of such roads are not expensive.


  • Re: MarketWatch Post #279272
    Posted at: 11:13 am, 26th May 2016
    by Toure. SMN . Joined: 15th May 2015. Thanked 6 times.

    emmanuel ewumi;278656 wrote:
    PE is currently 6.

    Dividend yield is 4.8%.

    EPS = 89k

    Dividend= 26k


    Current price of CSCS on NASD is N5.39.

    The company had 531 shareholders as at 31st December 2016.

    Oga Emma, I cant find a copy of the financial report on the CSCS website but I took a quick look at the result presentation slides from the site. CSCS looks like a company with serious mote. They have the monopoly of facilitating transactions on the NSE, NASD and FMDQ so, any growth in the activities in these areas will be tremendous upside for the stock.
    My only problem is that 41% of the revenue if from interest income. This is proportionally to high for a non-bank or non-financial company. I will rather have an adjusted P/E using the operating revenues only. I will assume a P/E of about 12 since the bulk of the interest revenue is from non taxable or low tax instruments like treasury bills and federal government bond.

    What is your take on this since you probably have more info from the full annual report?


  • Re: State of the Nation Post #279271
    Posted at: 11:03 am, 26th May 2016
    by waaan5. SMN Forum Moderator. Joined: 14th June 2007. Thanked 397 times.

    "Outraged at the increasing threat that militants in the Niger Delta posed to the economy, the Nigerian Military declared war on them yesterday.

    The Chief of Defence Staff (CDS), Gen. Gabriel Olonisakin, the service chiefs from the Nigerian Navy (NN) and the Nigerian Army (NA), Vice Adm. Ibok Ette-Ibas and Lt. Gen. Tukur Buratai, respectively, made the declaration of war at different military functions in Lagos."

    Military vows to crush Niger Delta militants » The Guardian Nigeria

    Who are the militants? Is this another way to make life unbearable for the suffering innocents of the Niger Delta? This will not solve any thing but rather compound things. Dialogue remains the best solution.


  • Re: State of the Nation Post #279270
    Posted at: 10:55 am, 26th May 2016
    by waaan5. SMN Forum Moderator. Joined: 14th June 2007. Thanked 397 times.

    Nigeria to sign visa-free pact with 8 countries – Daily Post Nigeria

    So Africa is still the 'center piece of Nigeria's foreign policy'? Talk about a country in denial :)


  • Re: State of the Nation Post #279269
    Posted at: 10:51 am, 26th May 2016
    by waaan5. SMN Forum Moderator. Joined: 14th June 2007. Thanked 397 times.


  • Re: State of the Nation Post #279268
    Posted at: 10:42 am, 26th May 2016
    by waaan5. SMN Forum Moderator. Joined: 14th June 2007. Thanked 397 times.


  • Re: State of the Nation Post #279267
    Posted at: 10:38 am, 26th May 2016
    by waaan5. SMN Forum Moderator. Joined: 14th June 2007. Thanked 397 times.


  • Re: State of the Nation Post #279266
    Posted at: 10:33 am, 26th May 2016
    by wanaj0. SMN . Joined: 9th April 2007. Thanked 362 times.

    Oracle;279231 wrote:
    Simply groove the road surfaces at bends and areas susceptible to skidding.

    Onne FLT and FOT shows that concrete roads are cooler than asphalted ones.

    The Roads inside Nigercem Nkalagu are all concrete roads, Can't remember having any difficulty with the maintenance.


  • Re: Economicwatch Post #279265
    Posted at: 10:33 am, 26th May 2016
    by waaan5. SMN Forum Moderator. Joined: 14th June 2007. Thanked 397 times.


  • Re: State of the Nation Post #279264
    Posted at: 10:28 am, 26th May 2016
    by duduspace. SMN . Joined: 13th February 2007. Thanked 306 times.

    Oracle;279246 wrote:
    Nah.. Nothing like that will happen. It is either in the interest of the country or the interest of the militant. Amnesty had been done and there shouldn't be this resurgence. The next is a blow!

    Believe me the blow will be precise. Maybe the use of drones will be prevalent in the regions where the military cannot comb. And you and me know that it work well with less human damage.

    That is also partly why the Americans are supplying the Super Tucanos, apparently they can hover in the air for over 6 hours while using less fuel than the bigger jets and come armed with rounds of bullets stored in the wings and also have night surveillance capabilities. Some of those pipelines will be getting 24 hrs surveillance in the very near future.


  • Re: World Politics Post #279263
    Posted at: 10:27 am, 26th May 2016
    by oyo. SMN . Joined: 6th January 2013. Thanked 78 times.

    Oracle;279237 wrote:
    Do you really want Trump to win? It is funny that a presidential aspirants would insult, curse and make fun like a kid. How will america look when her president can't control anger?


    Its a behaviour that turns into a Kindergatten Presidency:) Having a loose cannon at the White House,.... the world may witness another activation of nuke weapons at the slightest anger:mad:


  • Re: Economicwatch Post #279262
    Posted at: 10:23 am, 26th May 2016
    by waaan5. SMN Forum Moderator. Joined: 14th June 2007. Thanked 397 times.


  • Re: State of the Nation Post #279261
    Posted at: 10:23 am, 26th May 2016
    by duduspace. SMN . Joined: 13th February 2007. Thanked 306 times.

    overload;279244 wrote:
    Metuh agrees to return N400m received from ex-NSA Dasuki

    https://www.today.ng/news/national/127668/metuh-agrees-return-n400m-received-nsa-dasuki




    Why didn't he return the money as soon as he was accosted by EFCC like others did?

    Media Trial and APC propaganda kontinus...:p


    Eeyah, so after vomiting and stooling all his food, he is now ready to vomit and stool our N400m ? Okay, the Judge should tender justice with mercy.......10 years 'pere' should be enough. :D


  • Re: World Politics Post #279260
    Posted at: 10:17 am, 26th May 2016
    by waaan5. SMN Forum Moderator. Joined: 14th June 2007. Thanked 397 times.

    Oracle;279237 wrote:
    Do you really want Trump to win? It is funny that a presidential aspirants would insult, curse and make fun like a kid. How will america look when her president can't control anger?

    Oga, what a question. As a republican, lover of freedom and free enterprise, I want Trump to win.

    Trump is what America and indeed the world need at this time. Forget all the liberal media onslaught. The American voters are not deceived. Trump is the real deal.

    And just so you know, Trump is not cursing and insulting people. You can accuse him of not speaking politically correct english at the primaries, but he needed to do that to weed off the other wannabes.

    America must be great again with Trump :trytofly:


  • Re: State of the Nation Post #279259
    Posted at: 10:16 am, 26th May 2016
    by oyo. SMN . Joined: 6th January 2013. Thanked 78 times.

    Gengen;279254 wrote:
    We cannot argue that Dangote is an extremely successful businessman.
    He has survived in a terrain that most businessmen ran away from.
    I do not intend to go into the argument of how or morality. Some agree and some do not.

    When Dangote (and Fashola?) take decision on an issue, think TWICE. This is a Win - Win arrangement.

    Dangote's side
    • Dangote has secured an important road to prove his concept. There are other less unimportant concrete roads. As a GOOD businessman, he SHOULD only take this loss for a MAJOR road.
    • He does the job at a loss for extremely FUTURE major gain.
    • Imagine if successful, the impact of this on his "Nigeria/African Cement Empire". Is there also a "Dangote Concrete road construction company" in the making?
    • He has campaigned that Concrete paved roads (wrongly called Cement roads) are NOW competitive with Asphalt roads. Concrete roads are not new. The initial cost used to be high. However, long time maintenance is low. This made the total cost (initial capital and maintenance costs) to slightly cheaper than Asphalt roads. Dangote's push is that NOW that the Cement costs are now lower, the initial capital cost is now further reduced.

    Government's (or Fashola's) side
    • Road is done at reduced initial capital cost (compared to Asphalt road)
    • Road construction will probably be done fast due to Dangote's eagerness to prove concept.
    • If proved, TOTAL cost (initial and maintenance cost) of roads go down.
    • Government (or Fashola) cannot be accused of favouring Dangote since the job is a huge discount (>50% ?)
    • If concept is proved, it opens an avenue for alternative ways of road construction which the TOTAL cost is cheaper.
    • Other (minor) cement manufacturers also gain.
    • Import bill (Fx) goes down. Although natural deposits exists here, Nigeria currently imports most part of the Bitumen (used to make Asphalt) it uses.
      (Nigeria: Govt to Scale Down U.S.$1.96 Billion Bitumen Import Bill)


    Abi o, ....to the bold:shakehands:


  • Re: Economicwatch Post #279258
    Posted at: 10:16 am, 26th May 2016
    by duduspace. SMN . Joined: 13th February 2007. Thanked 306 times.

    wanaj0;279248 wrote:
    The situation is WORSE than you think. Government is already OVER lifting their entitlements. Debts owed to IOC's is crippling. Expect production to continue to fall except something is done!

    Oga mi, I'm not making any predictions, just saying the FG needs to be able to swim and look around at the same time. I'm not suggesting it will be easy, only that it has to be done for the sake of us all.


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