From the Brown Roofs of Ogbomoso to the Skyscrapers of Dubai, then to ....

I saw a younger friend of mine Facebook-check into Dubai this evening and I went into our private channel of communication to ask him whether he had taken the job he sought my advice on few months ago.
The answer was in the affirmative. He resumed early this month in a Private Equity (PE) firm in Dubai, one of the top financial centers of the world. For the uninitiated, PE is one of the most lucrative jobs in the world of finance, nay in any field
He had sought my advice in October last year (2019) on whether to choose that Dubai-based PE firm he was talking to or stay where he was (another top finance firm in Nigeria with international capital backing) and move to Canada later this year to resume at a top Canadian
university for a highly rated MBA, which will also help his Canadian citizenship chase (citizens of North America and Western Europe are priced higher in the international job market). I advised him to quit his then job and take the Dubai offer even if he would resign later for
the Canadian MBA, because having such PE firm on his CV, no matter how short the stay is, will help his job return after his MBA in Canada.

He saw reason in my view but I didn't know he took it until I saw his "check-in" into Dubai this evening.
He was told about the Dubai job by his friend that works in another PE firm and he had a couple of interviews on phone before meeting their MD in London late last year.

Prior to this Dubai move, the young man had changed jobs 3 times (a Big 4, a local but well regarded IB and
the international capital backed finance firm - not counting the jobs he turned down, like with an oil company whose office building is arguably the most beautiful in VI!). This was a boy that was hustling as an undergraduate in Ogbomoso less than 8 years ago.
From under the brown roofs of Ogbomoso studying accounting in a university of technology (anomaly?), he is now analysing investments from the skyscrapers of Dubai, when he's not sent to do due diligence on a potential investment in Singapore or closing deal in Mumbai.
Remember the post I shared on the Investment Banker and the Blogger, PE job is similar to that depiction of the IB job.

Our paths crossed on Nairaland at a time he was a student and I an early-career online information father christmas. Interestingly, every single job move
(including the ones he turned down) he has made since graduating, he sought my advice, even when the quality of his experience might have overtaken mine at some point. He remained very humble enough to bounce his options off me as he did when he was a student.
His qualifications?

BTech Accounting, ICAN & CFA. CFA is the world's #1 finance qualification -makes you a globally competitive finance professional

Leading to the moral of the story: Don't let people deceive you that there is no hope for the common man without any connection
With right information (exposure) and good qualifications (and smartness, of course), many ordinary guys still do well for themselves in this country.

I have tens of stories like this.
PS: I wrote the above in 2019. I reproduce again as I opened LinkedIn this evening (Sep 2021) to be flashed with a notification that the young man just resumed at World Bank in DC. He quit his Dubai job to move to North America for an MBA as was advised in 2018. Copped WB after
Went back to the emails exchanged with him 2012 and 2013 and smiling.

Book (and seeking guidance) still does wonder in the life of a common man.

That's the journey of a young man from the brown roofs of Ogbomoso thru VI and Dubai to World Bank HQ in just 8 years.

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More from @Jarushub

10 Sep
I have seen this being brandished as proof that NNPC cooked books. Insufficient.

There is nothing wrong with impairment reversal. In accounting, a company is required to test its assets for recoverability at a certain interval or when certain economic activities relevant to
it (eg oil price in the case of an oil company) significantly change.

When the carrying value of the asset is higher than the recoverable value, the difference is booked as an impairment expense (not cash pls) to reduce the value of the asset in the balance sheet.
The corresponding entry is booked into P&L (that statement you're seeing up here) to reduce income.

In other words, when a company books an impairment, it reduces its asset value and reduces its profits (or increases it loss). Expense reduces profit (or increases loss),remember
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10 Sep
Summary of VAT decentralization

Law (constitutionality) ✅
Politics (federalism) ✅
Public finance ✅
Economics (ease of doing business) ❎
My recommendation as a pro-business analyst
- Don't decentralize VAT collection
- Amend the constitution to correct the legal oversight
- FG & states should renegotiate VAT revenue sharing eg states that don't allow alcohol consumption should not share in VAT from alcohol
Alternatively, VAT should be canceled and replaced with sales tax and collected at state level. US that operates a federal system like us does not have VAT, rather it has sales tax at state level. UK that has VAT is not a federal state. This problem doesn't arise in the UK.
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9 Sep
That is why it is value added tax. The supermarket has added "value" to it, that is why they are not selling at the price they bought it from Nestle. Ultimately, you as final consumer will be the bearer of the tax. This is how it works.

Let's use Milo as example. Nestle imports
cocoa from Cote D'Ivoire and pays import VAT. Let's say the unit cost of purchase is N50, Nestle pays VAT of N3.75 on the raw material purchase. As the consumer (ie user) of the cocoa, it suffered N4 VAT (payable to FGN being import VAT). It processes (adds value to the cocoa)
to become Milo and sells at N70. The buyer of the Milo (say distributor) pays N70 and VAT of N5.25 to Nestle. Nestle recovers the N3.75 VAT it paid on its input from the N5.25 it collects on its output (value added = output value - input value) and pays the N1.75 diff
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9 Sep
I've been inundated with requests to comment on this VAT debacle

Not sure I hav much to add as I have seen enough comments here that exhaustively dealt with it.

The issue has 3 aspects

- Law (constitution vs VAT Act)
- Public finance (fate of states)
- Politics (federalism)
I can't comment on the Law part as I'm not a lawyer but all indications seem to point to invalidity of VAT Act impose VAT. And this is why Rivers keep winning in courts. I don't know what magic FIRS lawyers want to pull to win in higher courts but we wait.
On public finance and politics, many analyses have been flying around which appear to make sense to me. But there is no need to rehash this.

But as a tax professional, I will personally prefer that FIRS continue to handle VAT. I have dealt with states and federal tax
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A friend in JP Morgan London sent this to me. You may find it helpful. They had 4 students from Nigeria get offers through the hackathon last year and hoping it could be more this year.

Pls help retweet

👇👇👇
Start your technology career at J.P.Morgan. Apply to attend our virtual Code for Good hackathon. You and your team will develop a technology solution for a nonprofit organization while working alongside our expert JPMorgan technologist.

lnkd.in/eamTBxtE
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Learn more: jpmorgan.com/codeforgood
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7 Sep
Memories of my First Day in Corporate Lagos (a pre-NYSC job in an investment management firm in VI)

Very strange to me. That was my first exposure to corporate Lagos as a fresh graduate. The environment looked too "artificial" with everyone speaking fonee.
Being someone that was raised in ilu oke (countryside), I was nervous on how to fit into the environment. I was shown around by an HR lady. My system was set up. I was given some materials to read. One or two persons in the department came to talk to me about the department.
During lunchtime, I was shown the lunch room. Free lunch. Sumptuous varieties. As if that not enough, dessert was served after lunch. Then in the evening, around 5pm, one lady was going around distributing chocolates and candies.
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