Friday, November 29, 2024

How 160,000 Transcorp PLC shares saved my life.

As a kid growing up in Warri, my dad held/owned a post office box in the Effurun Post Office so whenever he picked up his letters I always saw either dividends, company brochures or company reports and this was how I got introduced to company shares.

While my dad never ever spoke to me about the specifics or encouraged me to buy shares, I started to buy shares as a university undergraduate. I remember that my first personal foray was OANDO shares and then I bought GT Bank and Zenith Bank IPOs even while I was an undergraduate student at the University of Benin. I paint this background to let you know, I was already on the come-up (Lol) when it comes to shares purchase.

As an engineering undergrad, I used to know how to use AutoCAD, Corel Draw and MS Ppt very well and did lots of jobs for final year engineering students who needed design drawings and power-point presentations for their final year projects (Oshey, tech bro.... Lol), add this to constantly starving myself to save and you will know how I got money to buy these shares.

I am not a big time stockbroker but sometime in June 2011, I was reading through some newspapers at work when I came across a news item that stated that Tony Elumelu, who had recently stepped down from being UBA CEO, was trying to buy out all other directors of Transcorp PLC. Knowing that the man was a very driven and successful business man, I looked at the price of Transcorp PLC and saw it was 95kobo. 95kobo? You don't say!!!

I was honestly surprised at the price but immediately funded my stock brokerage account and emailed my stockbrokers to buy me one hundred thousand shares (100000) of the said Transcorp PLC.

Purchase Instruction email

This transaction was completed over 2 purchases with the total sum still less than N100,000 for all 100,000 shares including taxes and fees.

In September, 2011 I added another 60,000 shares @ N1.03 per share before proceeding later that month to the UK for a Masters Degree.

Additional 60,000 Transcorp

Returning to Nigeria in late 2012 I got wind that Transcorp was bidding for some power assets and immediately understood why Tony Elumelu had acquired the majority holding of Transcorp on 2011.

I had held on to my 160,000 Transcorp shares and never traded them, I was always monitoring the price and impressed with its growth through 2013.

Transcorp Share progression

In May 2014 I was going to get married and by then the price crossed the N5 naira mark making Tony Elumelu get into Forbes list as one of Africa's richest while, yours sincerely sold 100000 of those shares to pay for some wedding expenses. I was getting 5 times my purchase cost for these 100000 shares and this saved my life them because despite having a well paying job, wedding expenses was choking.

Since last year, 2023 and after the elections, Transcorp shares have been on the rise and I have liquidated the last of my holdings, selling the last 5000 shares I was still holding on to last week for N43 per share.

While trading in shares may seem unprofitable, It is something I have continued to do as a long term saving strategy and this Transcorp shares have been the best performing among my holdings on the NSE and I'm grateful for that wisdom to buy that much in 2011.

Thursday, January 3, 2019

HOW I BOUGHT 3 GOLF CARS IN ONE DAY!

I shared this story on Facebook sometime in October 2018. Decided to migrate it here for keeps.....

Who remembers when people used to win N250,000.00 - N1,000,000.00 on Who Wants To Be A Millionaire and it looked that that amount could solve all your life's problems?
This was my thinking then and sometime in 2007, while hustling and waiting for NYSC, after graduating from UNIBEN the year before, I used ALL MY MONEY on MTN credit such that I was invited to be on the Who Wants To Be A Millionaire game show. Lol.
They had asked me to come with a friend so I went from Warri to Lagos with my main man Fufeyin Benaware.
Now, If you know Fufeyin Benaware well, then I'm sure you already know he's a genius and that's why I chose to go with him.
Benaware was going to be the guy on call for "Phone A Friend" when I get on the hot seat. I needed him close to me, man.
Another good friend, Onoge Tega Ben Otb, who was already doing NYSC in Lagos was going to meet us up. He will also be the one camera will pan to as "family" when I get on the hot seat.
So, on the bus ride from Warri to Lagos, me and Bena were just admiring cars on the road and settled on Volkswagen Golf as the car I was going to buy with my winnings. Choosing the color became the only contentious issue and we were still on this when we arrived Lagos and met with Onoge Tega Ben Otb at the hotel that we were assigned to.
In that year, I was sharing a run down Audi 80 passed down by my dad with all my siblings, so you have to understand that I had to win this money and drive back to Warri with my Volkswagen Golf.
Mind you, I didn't tell one single soul about the real reason why I was going to Lagos. Only Bena and Tega were in the know as they would be involved. I just wanted to surprise everyone with my Volkswagen Golf when I returned to Warri.
Yes, I was secretive like that.
It was a Friday night and I practiced QUESTIONS throughout the night with Bena and Tega. I only just wanted to win N1,000,000.00 and not even the grand price of N10million but with the way I aced the questions, Tega and Bena were sure that I will win the N10 million.
These guys hyped me so much that at this point I was already buying 3 Golf cars from Toyota Bus-Stop in Lagos. One for my mum, one for me, one for my girlfriend. (I can't even remember who was on board then. Lol )
Saturday morning came and 3 of us went to the studio with all the confidence in the world.
I DID NOT MAKE IT PAST "FASTEST FINGERS FIRST"
That is how I returned to Warri using Agofure Motors.
😂😂😂😂😂😂😂😂😂😂😂😂😂

Tuesday, January 1, 2019

I READ ONLY THREE BOOKS IN 2018

Happy new year to you.

I finished reading only three books in 2018.

1. Shoe Dog by Phil Knight (A memoir by the creator of NIKE)
2. Fighting Corruption is Dangerous by Ngozi Okonjo-Iweala (The stories behind the headlines)
3. FELA: This Bitch of A Life by Carlos Moore (The authorized biography of Africa's musical genius)

I sometimes call myself a bibliophile but as you can see my 2018 paints a very different picture. It is probably the year I have read the fewest books since I consciously decided to always read different books (2009).

.... so now I feel like a disgrace.

I do not restrict myself to these kind of 'serious' books in my quest for reading because I really love good fiction books as well but I find myself gradually avoiding fiction because I wanted stop creating fantasies in my head (Maybe it's age that is worrying me).

I usually try to know the books some prominent people would have read during the year: Barack Obama released a list of almost 30 books he read during the year 2018 and I began to wonder where a man like him with probably a really busy schedule found time to read that many books averaging two books monthly. His collection had several African titles which made me really proud.

Barack Obama's 2018 books


I consoled myself with the facts and some assumptions that he probably doesn't have to drive to Walmart to do his own shopping, he doesn't live with just his wife and two kids under four, he most importantly doesn't have to spend 9am to 5pm daily at an office to ensure his bills are paid, so I'm good.

Another prominent person whose book recommendations I try to follow is Bill Gates. The way he picks his books is very instructive and very thoughtful. I usually try to read one or two from his recommedations. He talks about the five (5) books he will be reading over the course of the holidays in this post from his GatesNotes blog.

The amount of learning you garner from books can't be obtained from lecture rooms or walled schools. I should point out at this point that I actually still have about 3 books open at different pages but the above 3 are the only ones I finished and I will try to describe.

1. Shoe Dog by Phil Knight (A memoir by the creator of NIKE)
This book is one very good book that has so much lessons about business and is laced with sublime humour. It is a book that young people, especially new graduates and college students should read.
It traces the author's life from his adolescent years to graduating school and how he discovered running shoes and then going on to create the brand NIKE.
He talks about his various experience traveling to several parts of the world and his several struggles across various fronts while building the brand. 
The book is also an eye-opener into how the American society mostly helps it's young people with opportunities. How a young man can just leave home, get a job that can help pay his bills and then save up to travel the world, discover new places, his passions and then a vision to build a brand. He also describes his struggles with raising capital and assessing credit as his business grew.

2. Fighting Corruption is Dangerous by Ngozi Okonjo-Iweala (The stories behind the headlines)
I was jolted to read this book when an excerpt of it revealing that former governor Donald Duke had persuaded Ms. Iweala not to take a job in GEJ's government was posted on social media.
It is book that talks about the high level scams and pilferage that goes on in Nigeria's top governmental hierachy. I wrote a proper review here.

3. FELA: This Bitch of A Life by Carlos Moore (The authorized biography of Africa's musical genius)
The first time I bought this book to read was in 2009. I was driving in Warri one day when the police stopped me at a check point and the officer immediately saw the book in the car and asked/begged for it. It was a very painful decision then but I gave him the book and pleaded with him to ensure to read it.
The book is Fela's only authorized biography and was in his direct words as the author, a journalist, was Fela's friend who visited Nigeria to live and interview Fela as he wrote it.
At some point while reading this book, tear drops would escape from my eyes feeling the pain and sacrifices Fela made to make government work for his people. He used his music to call attention to the ills of society, government mismanagement and call-out individual corrupt politicians. His house was raided, his mother thrown from upstairs, his wives raped and beaten so badly that some came back with mental issues.
Fela is about the last real activist alongside Gani Fewehinmi, Nigeria had.
He wasn't able to father any children with any of his 27 wives after the raid on his premises due to the brutality he experienced on that occasion.

Myself or my wife strive to read to our 3-yr old daughter everyday before bedtime. It has now come to the point that if you don't read to her then you probably don't want her to sleep. If you're tired and dare sleep off before her while reading to her, you will find that she's forcing/beating you to wake up and continue the reading. My brothers and sisters come and see me see BIG PROBLEM oh, BIG GOOD PROBLEM.

If you have kids, please encourage them to read by buying good books for them, reading to them and most importantly showing them the example of reading. Letting them see you read is the best way to boost the desire and love for books in them as well.

So, now you know that I feel like a disgrace reading only 3 books in one year. These books were very impactful and I would recommend them to you too.

Here's wishing you all a wonderful, book-reading 2019.

Cheers.

Tuesday, May 22, 2018

Book Review: Fighting Corruption is Dangerous by Ngozi Okonjo-Iweala.


Sometime in late April, 2018 I stumbled on a 2page extract of Mrs. Ngozi Okonjo-Iweala's (NOI) book on twitter and was absolutely stunned by its contents.

Ms. Ngozi, Nigeria's two-time minister of finance and former Managing Director of the World Bank in that extract had stated that Mr. Donald Duke, a "progressive" former governor of Cross-River State in South-South Nigeria, had called and visited her in Washington, trying to convince her not to accept serving in the newly elected government of Goodluck Ebele Jonathan (GEJ).
I have put the extract that stunned me here but I immediately went on Amazon to order the book.

Page 17


In this book Ms. Ngozi or NOI as her initials spell, tries to inform her readers about happenings, achievements, corrupt practices and how it was curtailed; and relationships to other government personalities in and around government during her tenure from 2011 - 2015 as it relates to her office as Minister of Finance and Coordination Minister of the Economy.
Some have posited that she is only trying to launder her image seeing that general elections are slated for February 2019 and she could be considered by any of the foremost presidential candidates as a running mate others think she released the book so as to expose the current president and possibly damage his chances at re-election. Which is it really? That’s why I read the book and wrote this review.
Did NOI convince anyone that she wasn't corrupt and fought against corruption in this book?

NOI goes straight into the book talking about the two events that concern her personally borne out of how she carried out her job and affected her ability to do the job.
One was the kidnap of her mother on December 9, 2012 and the other was getting information that a meeting was held where it was agreed that she should be maimed so she would "leave office in a wheel chair". While she captured reader’s attention with these stories in the very first chapter, I believe she should have written the book in a certain chronological order as these events happened almost two years into her tenure.
I see that as trying to hold the reader’s attention as well as build sentiments around her so one would know how difficult it was to hold that office and the various threats faced. Not that any of it was a lie because it surely is very difficult to hold such an office in a country like Nigeria.

In Chapter two she writes about how she got recommended for the job and several attempts to discourage her from taking the job. It was such an extract of page seventeen where she described how Donald Duke called and visited her giving her "friendly advice" not to take the job that made me buy this book. Donald Duke's attempt to discourage and his half-witted response to NOI's book just show the reader that Nigeria's politics is about "self-interest" and NEVER about the country's development. I have inserted Donald Duke's response here as well. If Donald Duke's presidential ambition was figuratively already a teenager in the University, NOI's revelation sent it back to being a diaper-wearing 3-month old baby. He can as well just forget about it now. **laughs scornfully**
While it is funny now, the revelation wasn't funny to me at all when I first read it. I couldn't believe that Donald Duke was capable of that but I guess that explains the selfishness of Nigeria's politicians.

Duke's Response


The underlying reason why NOI's mum was kidnapped on that December morning is the main subject of chapter 3: Confronting the Oil Scammers.
In it she describes how funds were being looted by certain companies/individuals who submitted subsidy claims of petroleum products not imported or used in Nigeria but expected the government to pay. Her team audited the claims and discovered that only about 30% of them were genuine and so they suspended the payments which resulted to her mother's kidnap and threat to her life. In my opinion it is clear that NOI was trying to be thorough with her audit and also supported discussing the "subsidy removal" in town hall meetings around the country before its eventual removal.
She also revealed here how GEJ was "convinced/rail-roaded" to announce the removal on January 1, 2012 by Babangida Aliyu, the governor of Niger state.
She also talked about the circumstances that led to the CBN governor's outburst that $50billion was missing from Nigeria's oil accounts.
She painted a picture that she was already aware of missing monies and auditing/investigating it when the news broke out that Sanusi Lamido has leaked a letter he sent to the president concerning the missing funds. How does one confirm that was true? She sure was been very sleek in those pages.

NOI, in the chapter about Nigeria's twisted budget process, writes about how the corruption around allocating funds to projects from Ministries, Agencies and Department to collusion with members of the National Assembly who then arbitrarily add funds and projects to the budget which they then siphon through disbursements. This has even become more terrible in the last two years resulting in the "Budget Padding" scandal as well as causing serious delays in the passage of budgets. As I type this on May 22nd 2018, Nigeria's 2018 budget hasn't been passed or signed.

Nigeria has gained a reputation the world over for being the base of "African Princes" who try to scam foreigners out of their hard-earned cash but in Chapter five NOI describes several scams/proposals that came from foreign lands and persons abroad trying to hoodwink the government into one deal or another.
These deals would have been bad for Nigeria and increased her debt profile if not for her vigilance/expertise and the democratic nature of GEJ who always sought her opinion when such proposals are brought to him. This brings to mind the need to have very intelligent and smart people in the corridors of power or else ineffectual leaders with sign away the entire country and people will think they still have a country.

One particular one that struck me was one where the foreigners came with the chief of Naval Staff and their unbelievably juicy proposal for a dockyard for all our naval ships. Upon further scrutiny and interviews it was all hogwash. So I ask myself, was the Naval Boss in on the scam from the get go or he himself just almost fell for it. Well the same naval boss was later arrested for misappropriation of funds with billions found in several of his bank accounts. My people, Ngozi was very 'woke'. She really helped to mitigate the scams that would have flown past GEJ's desk.

She then went on write about "Ghost Workers, Ghost Pensioners" within government payables and how she eliminated several during her first outing and now again during GEJ's government. As I read, all I could think of was that this "Ghost Worker" industry is probably the largest employer of labour in Nigeria. She wrote on the various resistances to her reforms and how she was only able to achieve deploying technology to stem all these due to the backing she got from the president.

As a female, Ngozi faced the challenge of being disrespected by several top politicians and presidential aides because of her gender. Some were even more envious just because she was named as 'Coordinating Minister of the Economy'. She writes about this and describes verbal assaults on her by the uncouth Osun state governor, Rauf Aregbesola and the pint-sized Edo state governor, Adams Oshiomole, who particularly started verbal attacks in the media against her person just because she refused to give her backing to loans he wanted. These loans would have further impoverished their states especially with their inability to pay.

Finally, this excerpt of the last chapter of the book gives a good idea of the circumstances just before GEJ called and congratulated PMB even before the results had been completely announced.

Page 127


The book is actually an eye opener on the inner workings of high levels of government and the high-wire politics that come with it. I believe it serves two purposes for her, which is to launder her image and nail the coffin of other politician’s ambitions, something I believe would have appalled her seeing that she knew the characters very well. She convinced me that she is smart, intelligent, and incorruptible and loves Nigeria. The book also does nothing to dent PMB's re-election chances as she didn’t knock the sitting government in anyway. It is quite objective in its language and delivery.

I will score the book a 7 over 10 overall and I recommend that young aspiring politicians and everyone interested in our National development read it to learn how to navigate their ways past corrupt bureaucracy and vested interests. It serves as encouragement as well to those who hold office to stand their ground against all corrupt odds.

GOD BLESS NIGERIA.
Reviewed by:
Ukpetenan Frank Obehi


Tuesday, June 7, 2016

SPORTS AND NIGERIA'S BOUNDLESS OPPORTUNITIES

On Sunday 5th June, 2016, I and a few friends [L-R: Nosa Ogbemudia, Dipo Adesina, Ahmed Saliu and myself] went to the Liberation Stadium in Port-Harcourt to watch the NPFL match between Rivers United of Port-Harcourt and Lobi Stars of Makurdi. The game ended with the home team winning by a lone goal.



It was my first time watching a live NPFL match at a stadium so during the match and on the way back home my mind was restless with thoughts of the numerous opportunities having a very functional and properly-run Nigeria would bring to its teeming population.


Thoughts of how teams could and would perform better and be properly funded if sponsorship and advertisement were gotten right crossed my mind. I thought about how each team in the NPFL could have really robust football academies, giving young and vulnerable teenagers the opportunity to channel their talents before they’re caught between joining Boko Haram, MEND or Niger Delta Avengers.


My mind also dwelt on transportation and how with a good and solid road, air and train network around Nigeria, fans could travel with their teams to watch, support and cheer them. Coincidentally, the Rivers United side was billed to play against Enyimba FC of Aba at mid-week but unfortunately, that PH-Aba road is so bad that a journey of 30mins would take 2hrs to complete. Now imagine the road was fantastic or the train really functional; I would close from work at 4pm quickly hop on the train to Aba, watch my ‘newly-beloved’ Rivers United and return home to my wife and daughter in PH before 7pm, like it’s NOTHING!

During the game at the stadium, a player from Rivers United took a knock on the head which had to be bandaged. While there was a stand-by ambulance with Rivers Government House inscription at the stadium, I began to imagine the opportunities for numerous first-aiders, nurses and doctors all over the country during periods when the NPFL would be ongoing and even much later after matches.

Lo, I even dreamt about sports medicine and research centers for sports related medical issues after all it was a Nigerian Doctor, Bennet Omalu who was the first to discover and publish findings of chronic traumatic encephalopathy (CTE) by examining American football players NFL. Now imagine that doctor didn’t have to travel out of Nigeria and utilizes his skills to bring about such discoveries and their solutions here in this our land!

I didn’t stop dreaming.

The stadium was half-full but I imagined what a full stadium would mean in terms of increased trade after matches have been properly advertised and security of attendees assured. The gate takings would sky-rocket and the facility managers would generate more money by leasing out spaces for shops and other activities within the complex.


The opportunities that abound only in sports are even beyond my imagination but ultimately I thought about the urgent need for Nigeria to wake up and make sure these opportunities don’t go to waste and are properly harnessed by putting in place the right environment.

It brought me back to our political leadership and how they all need to realize that putting these infrastructure in place: ROADS, AIRPORTS, TRAINS and POWER, would create more prosperity for the people thereby increasing opportunity again for increased tax revenues and even slightly more money for ‘stealing’ and diversion later, if that happens to be their calling. Basically, the more infrastructure, the more opportunities the people can create, the better prosperous they become and the more tax revenues government is able to accrue and make available to do MORE.

Having lived a greater part of my life in Warri, Delta state, I would use the government of James Ibori as an example because I find a similarity of ideas. Now, as governor of oil-rich Delta state, James Ibori, created so much opportunities for the state to develop with roads, schools and other projects. He empowered so many people, old and young with contracts and jobs such that till today he is seen as god-sent. Albeit, we all didn’t know that he was stealing so much too because we were blinded by the opportunities he was creating until he was arrested tried and convicted.

The same cannot be said of the government of his cousin that came after him. That government held on to most of the money claiming to be paying off debts incurred by Ibori, while creating opportunities for only very few people. If Ibori didn’t default on the loans he may have taken to execute those projects why not continue on that path and then the sustained and increased prosperity of the populace would generate more tax revenues to meet up with loan and interest repayments over time.

Back to the football match at the Liberation Stadium which brought about all this thinking; the stadium wasn’t looking it’s best but any effort to refurbish it by government would probably be priced at five times the ‘real’ cost, which will set the stage for waste and continued corruption down the chain to even the football kits that have to be replaced.

In conclusion, we see that the Nigerian politician is so selfish and greedy not realizing that his ability to delay gratification while actually doing the right things and putting the appropriate infrastructure in place would result to increased prosperity for ALL thereby making more money and power available to him to continue to dispense with as he/she pleases.

This is the school of thought we need to convince our politicians to move to, that a more prosperous population would ultimately translate to a wealthier and more powerful him. We need to teach our politicians and in fact teach ALL NIGERIANS that when we create opportunities for others to be prosperous we are actually creating opportunities for ourselves to become wealthier, happier and at peace with our environment.

I will continue to dream of a Nigeria where prosperity for ALL is possible because it truly is.

God Bless Nigeria....