Fleet Admiral Group

This is a Private Residence,
Not a Hotel or a Resort.

It's the
PALACIO DE OKEOWO.

It's the Lagos Home of Ijebu Born Billionaire; Dr. Clem Olu Okeowo.

Located in Ikoyi Lagos,

It was Built in the Style of the French Château De Versailles.

It Sits on 5 Acres of Sand Filled Water Front Lying Between Park View and Banana Island Estates,

Standing on 3 Floors,
It Contains 16 Luxury Suits,
With Each Having Appurtenances of a Modern Apartment.

It has Indoor Swimming Pools,
Cinemas and Club Rooms.

There's a Sports Arena with Squash, Lawn Tennis & Volleyball Courts in the Compound.

To Accommodate the Chapel, Large Size Swimming Pool & Jetty,
An Additional 5,000sqm of the Sea had to be Bought and Reclaimed for $3m.

It Took 11 Months of Work to Complete the Mansion.

According to Ovation Magazine,
Building, Finishing & Furnishing the Mansion Cost him $12m.

Ma Yemi Taiwo Alabi Just Told me the Organ in the Chapel Cost Almost N100m.

Dr. Okeowo is Chairman of Gibraltar Constructions Ltd,
He is One of Nigeria's Biggest Real Estate Players Aside Other Endeavors,

He has Interests Ranging from Steel Rolling & Foundering, Shipping & Maritime Services.

He & his Brother Constructed Most of the Edifices in Banana Island, Park View & Several Other Estates on the Lekki Corridor.

Good Morning.

Education is very important to enable you scale higher in life. So many teens have neglected the importance of education, and they still nurture the idea of "EDUCATION IS A SCAM" in their heads.

But that's totally wrong. Our Lord God Almighty is vast in knowledge. We can see evidences in His creation.

If you can't afford Formal Education, at least you can still become successful in life by opting for Self-education like ex American president "Abraham Lincoln."

You might say Mr. Mark Zuckerberg didn't finish his HARVARD studies, so there's no need for you to take Education seriously, but you must understand that that man reads more than most Havard students.

What about Mr. Musk? Of course building a satellite requires in-depth studies. So, you see, you shouldn't push education aside.

It's time for Africa to wake up, and embrace education - even if it's Self-education. It'll help build the kind of Africa we'll be proud of.

Thank you!

Joby Aviation is a California company leading the next frontier of flight: zero-emission aviation.

Our world-leading climate action relies on the tech advances & pioneering spirit of the private sector. Creating jobs & cutting pollution—that’s the California way.

Your Brand Positioning is worthless without genuine desire to serve people, even if it means under-promising, and over delivering.

Corporate - Heirs Holding - Report:

Incredible news from the business world! Tony Elumelu, the renowned Nigerian billionaire and philanthropist, has made some groundbreaking appointments within Heirs Holdings and its subsidiaries.

But what exactly are the positions they have been given? And who are these individuals who have caught the eye of one of Africa's most successful businessmen?

It's clear that Elumelu has big plans for the future of Heirs Holdings and its subsidiaries, and these appointments are just the beginning.

We won't give away too much, but let's just say that if you're interested in business, finance, or the future of Africa's economy, then you won't want to miss out on this exciting news.

To read more about these game-changing appointments and what they mean for the future of Heirs Holdings and Africa's economy, click the link in the comments below. https://bit.ly/3LVTAA0

China's Economy

Yuan Overtakes USD As China’s Top Cross-Border Trade Currency

Official data shows that for the first time, China’s native yuan overtook the US dollar as the most-used currency for cross-border trade in March after hitting a record $549.9 billion in March from $434.5 billion a month earlier.

The yuan was used to complete 48.4% of all cross-border transactions, while the dollar's share declined to 46.7% from 48.6% a month earlier.

The greenback remains by far the most-used currency in global terms, though, accounting for 83.7% of all international trade, compared to the yuan’s share of just 4.5%

Economic Report:

The Central Bank of Nigeria (CBN) has released an exposure draft of guidelines for the management of dormant accounts, unclaimed balances, and other financial assets in banks and other financial institutions in Nigeria.

The draft guidelines are being issued in response to requests from banks and other stakeholders for further clarification on the procedures for managing dormant and inactive accounts.

The guidelines mandate that the CBN shall open and maintain an account called “Unclaimed Balances Trust Fund Pool Account” to warehouse unclaimed balances in eligible accounts. The funds in the account will be invested in Nigerian Treasury Bills (NTBs) and other securities as approved by the “Unclaimed Balances Management Committee.”

Accounts affected
The scope of the guidelines covers all financial institutions (FI) under the purview of the Central Bank of Nigeria (CBN) and applies to eligible accounts that have been dormant for a period of 10 years and beyond.

Selah!

SVB Asset Acquisition Report:

First Citizens Bank CEO & Silicon Valley Bank

After a period of stress in the sector, things are looking up, as First Citizens Bank announces its purchase of a large portion of Silicon Valley Bank's assets, totaling around $72 billion.

Frank Holding, Chairman and CEO of First Citizens Bank, joined the discussion to talk about the acquisition and its implications.

Holding sees this move as an opportunity to instill confidence in the deposit system, and for regulators and banks to come together to protect deposits. First Citizens Bank has a lot of experience in acquisitions, including their most recent completed acquisition in early 2022.

Holding feels excited about this new transaction, and the stability and expertise that his bank can bring to it, adding stability to the industry.

When asked about the short amount of time it took to complete the acquisition, Holding acknowledges the FDIC for its leadership and recognizes the challenging process. He feels that the outcome was positive for all parties involved.

As for the business that Silicon Valley Bank was in, Holding believes that his conservative relationship bank has much in common with Silicon Valley Bank's passion for customer service. They look forward to learning and listening to the venture market and adding associates to expand their capabilities.

However, this acquisition does not include SVB's private banking business, which the Feds are still looking to sell.

Yesterday - 23rd March - marked the 60th birthday of Nigerian Economist, Banking Guru & Philanthropist ; Mr Anthony Onyemaechi Elumelu.

He was born in Jos, Plateau State. He hails from Onicha-Ukwu in Aniocha North LGA, Delta State. He is an Alumni of Ambrose Alli University, Ekpoma, Edo State.

He holds a Bsc Degree in Economics & a Masters of Science Degree in Economics from University of Lagos - also known to many as Uni Lag.

He began his career in 1985 as a , before joining All States Trust Bank where he rose to become a manager in the bank.

In 1997 he & some investors acquired Crystal Bank & renamed it Standard Trust Bank.

By 2005 the bank had become very profitable, it was used to carry out one of Nigeria's biggest banking sector . Standard Trust Bank acquired United Bank for Africa(UBA).

He served as UBA's MD/CEO from 2005 to 2010. He expanded the bank's operations outside Nigeria to 20 African Countries,
UK, USA & France.

He serves as Chairman UBA Group,
Heirs Holdings & Transcorp Group.

In 2020 he was named as one of 100 most influential people in the world by time magazine.

According to Forbes, he has cash & assets worth $700m. He has successful built not just wealth for himself, but relationships with the powerful, which is very much important to drive commerce opportunities.

He is also a member in The Tony Elumelu Foundation & friends with Bill Gates.

Happy birthday Mr. Forbes!

From -

Silicon Valley Bank - Market Watch:

No bank in any country, or continent will ever find it easy when its customers - - withdraw almost all their savings from the bank. Especially, when they're counting 90 percent. Even 50 percent is still dangerous. Very dangerous.

It's a difficult time for the Silicon's - Silicon Valley Bank. The bank had a huge asset worth trillions. It collapsed after customers withdrew N19trn in 42 hours.

Their insurance couldn't help much because the customers came in their numbers to the bank.

Banks survive by the number of customers who deposit savings in their banks. Then, they invest into assets, or lend those savings to individuals, companies, and even the government, in exchange for certain percentage - interest. Insurance companies also follow the same pattern which is legal under the law globally.

Many Silicon Valley startups parked their money here. I'm not talking about a few thousand dollars or the $250k that the insures, but rather millions of VC funds raised to create what's next. Towards the end of this week, many founders stood in line to withdraw their money and with some unable to get it, you can bet millions—maybe even billions—have now vanished.

The collapse only took three days, but took at least a year to materialize. As the raised interest rates over the past year, things like became more expensive. Investments (anyone try to buy a house lately?) also became expensive, which led to layoffs around tech. In a last second effort to preserve capital, Silicon Valley Bank tried to raise $2 billion this week. It could not, despite claiming to be strong.

The that Silicon Valley Bank supported were the bright spot amid a very dark time in the technology industry. Many scooped up FAANG workers to blunt the force of layoffs, and now that wall is gone.

Investors became spooked when the share price began to tank. The FDIC has since setup a separate entity, where it will payout insured deposits (only) up to $250,000US. For the rest of the SVB’s customers, they may receive a dividend as assets are sold off.
This is an exact repeat of the years 1929 - 1932 when 8000 banks collapsed in the US. This led to the inevitable collapse of the US dollar in 1933, and signals the narrative for what we are about to see.

It's indeed a tough time for the Tech giant bank, plus Mr. Musk proposing to buy & turn the bank into a digital bank.

Int'l - Offshore - Stock Market:

Wall Street Business

Why does the stock market always seem so detached from what's going on in the economy? This article is a great example!

To start, the title is unbelievably misleading... Prices are not "starting to fall" at Costco. What's falling is the rate of price increase. There's a VERY big difference.

"The warehouse beast told analysts on its earnings call late Thursday that inflation in the most recent quarter was in the 5%-6% growth range, which marked a slowdown from the 6%-7% level seen in the preceding quarter."

So, last quarter prices were 6%-7% higher than they were the year before. This quarter, prices were 5%-6% higher than a year before. Does that mean price is coming down? NO. It means price is not rising quite as fast (also known as Disinflation).

Wall Street sees disinflation as a positive and stocks rally but, in the real world, prices of virtually everything are still going up!

Personal Finance Advice:

The Season of is for great men, not the naive ones. That's the time they build capacity to power their future city. That's the time they learn from mentors, so that they can become inventors. That's the time they experience most of their shames, so that they can be empowered to win the Game of Life. That's the time they fail, so that they can prevail.

Men like Abraham Lincoln followed this sidewalk. Grew up in Kentucky, as a peasant farmer. Attended school - not more than 730 days in his whole life. But, his determination for education - self education - empowered him to become one of the best lawyers, until he became the president of the .

Your parents are late shouldn't be an excuse for you to be limited. Neither the fact that you came from a poor background. You are only as big or small as you consider yourself to be.

Drink, eat now - seek knowledge & build Faith. The journey is far. Apply the "Compounding Effect" of Shekels when you start earning salary. When your savings are enough to invest, seek advice from prosperous merchants in the field you desire to venture into. When you finally get your business running, keep doubt away, & welcome Faith - belief, confidence that you'll win - with a royal carpet. "According to your Faith, be it unto you."

That's the secret of every great corporation. Incorporate these strategies into your commerce, and watch how you'll command your universe. The code is "Faith."

Thank you!

Finance & Economy:

Pakistan has agreed with the Monetary Fund on the conditions to release $1.1 billion in critical funding, Finance Minister Ishaq Dar said on Friday, adding that the payout was delayed due to "routine procedures".

Below are the key points Pakistani authorities say they have already reached agreement on with the IMF: The government will implement fiscal measures, including taxation, to raise Rs170 billion worth of revenue.

The government's existing commitments to increase petroleum levies will be completed. Diesel levies will be raised twice by 5 rupees per litre each time on March 1 and April 1.

Energy reforms suggested by the IMF will be discussed and approved by Pakistan's cabinet. This would include Pakistan completely slashing its circular debt - a form of public debt that builds up in the power sector due to subsidies and unpaid bills.

Eliminating circular debt entirely was not an immediate requirement. In the meantime, Pakistan would not add any circular debt related to gas.

For more, visit: https://tribune.com.pk/story/2400797/1

What has Pakistan agreed with IMF? | The Express Tribune Government to raise Rs170 billion in taxes, clamp down on circular debt in an effort to unlock $1.1 b tranche

Ignorance Conceives Errors.

I remember reading a book written by - former President of the United States. He made a statement that shocked me. I considered him too proud. He said, "I don't believe in luck. I create my own luck."

Fast forward, the believe in luck have really done more harm than good. Our producers make matters worse by promoting luck instead of diligence, craft, & creativity.

A young village girl leaves the village, prays for some days, & then a young rich prince comes in, & gets married to her. Those who mocks her are now ashamed & so on. Women without such luck, are considered bewitched & must pray against ancestral curses. Instead of advising them to work together with their spouse to build their own family wealth.

You can tell the dangerous effects of this across Africa, leaving the society in decadence.

What if they create a movie where a youth prays, learns some hard technological skills - against all criticisms. Successfully presented it, but failed. Almost gave up, but persisted. Then through dedication, a company found his proposal very useful & signs a contract with him. This will promote enterprise in the minds of the youths. The next generation will shun yahoo & turn to enterprise.

Diligence & competence have been replaced with ignorance & greed. These days, people do illegal things to get money & they'll almost hate you when you tell them they're on the wrong side.

I am always intentional in whatever I do. Thanks to religious & business mentors who sincerely told me it wasn't all about prayers, but faith & knowledge.

In our Nollywood movies, a young man just leaves the village to the city - no knowledge or skill. Then after sleeping under the bridge for 3 days, he meets a billionaire who gives him N40 million to start up a business. He goes on to write a book titled "the Power of 3 Days Under the Bridge." Like a proven formula for wealth. Life is not luck. Be to win.

It will be very difficult to change this generation from fraud - only can.

But, we can prevent the influence on the next generation - 4 to 15 years age groups - by promoting enterprise through our medias, instead of superstitious luck that ruins the subconscious mind.

The religious organizations should train their children classes - 4 to 15 age groups - about the benefits of enterprise & the dangers of crime. Allow them to grow with that consciousness. One solution here.

Thank you!

Industrious Men.

A Lagos Big Man & His Toy.

Mr Tolu Gbadamosi & his Rolls Royce Cullinan.

Mr Gbadamosi is the country's director for
Rolls Royce Nigeria. Most of the brand new Rolls Royce used in the west African sub region passes through him to get here.

Even if you don't buy through him,
in cases needing serious mechanical - technical - assistance from Rolls Royce, you'll need him to get their attention for the specific assistance needed & faster.

Mr Tolu drives in the rolls Royce Cullinan. Some other times in the Rolls Royce Ghost, Rolls Royce Wraith & sometimes Chauffeured in Rolls Royce Phantom.

All that don't come cheap. They'll set one back by almost a billion naira.

Mr Gbadamosi is close friends - network - with some of the wealthiest people in Nigeria, around the west african sub region & the African continents. He gets to cater for their luxury needs often.

Ike Madu. Good evening!

Personal Finance Advice.

Debt becomes good or bad depending on who pays for it. Bad debt comes out of your pocket. Good debt is paid by the asset purchased.

Large Family. Small Purse:

He is not a lazy man, not at all. In fact he works long hours only to make more money than his peers & spend them on child tuitions.

The children he brought into this world must get good education if they should ever compete in the labor market - gaining education takes time & financial resources.

He is a salary earner with an income of N200,000, but with a family of 12 to carter for. While most of his friends have to carter for 12 - 15 family members each.

They wake up before 5 a.m to beat the traffic to work, only to sleep with pains & frustrations - what the bible calls "vain to wake up early in the morning only to eat the bread of sorrow."

He & his friends got to know about Financial Planning when they were 50 years of age.

They know the sorrows of coming up from a poor background. Limited education, had to hawk to feed, & their parents had larger families, but shorter purses.

Unfortunately some of his friends lost their parents at a very young age, which led to child labor.

Life, to them, is like the Eagle Slain With the Arrow Made from its Own Wing.

The children grew up watching papa struggle to feed. After high school, they decided to abandon education, to support papa.

90% went into crime, & became big boys overnight & poor men in their 50s. Life no balance.

The 10℅ who became craftsmen by learning, became builders of well respected brands.

Like the two sons with a drunk dad. One became a drunkard, the other a decent man in the society.

The sons were asked, "why they chose their respective life patterns?"

Their responses were the same. "I watched my father."

Your perspective about life determines your future.

Advice From One of the Men with Large Families, Small Purses. Now 75:

"According to my life's experiences, to cure an empty purse, thy liabilities must never exceed thy income. Neither should thy liabilities weigh 50 - 50 with thy income.

Thy youth should be an investment. Draw closer to thy God in thy youth to give thee ancient wisdoms to live a Financial Healthy Life.

10% for thy GOD, 10% for thyself (savings). When thou intend to invest in wheat, take advice from a prosperous wheat dealer, not from a Jewelry merchant. For flour, meet a flour dealer, or take advice from one who is an expert in Financial Matters.

Man is born looking like his parents - ignorant or wise, but he dies looking like his life's knowledge & decisions. Make right life choices regularly."

Thank you!

Behind every home, there is a story attached to it. Sometimes, one should go on a vacation to explore, relax, and meditate.

The hottest vacation spots in Lagos are in Lekki Scheme One and Lekki Scheme two, Ajah, Victoria Island, Ikoyi Banana Island, and most in the mainland.

This festive period, we're experiencing high occupancy rates, and less vacancies.

Here is one, its a 3 bedroom Luxury water front apartment, which is also known by our prospects and clients as "Rome."

Rome signifies leadership, authority, and it carries the aura of ancient power, very well respected and regarded by all today.

It's located in Lekki phase One - also known as Scheme One when you're entering the multi billion dollar estate in the Island.

To note a few, some of the mind blowing features that makes this property a hot destination for vacation lovers are:

- 24/7 light
- WiFi
- DStv
- Snooker board.
- Table Tennis 🏓
- Ludo, chessboard ♟, scrabble , Jenga and Monopoly
- Netflix
- Prime Amazon
- Swimming pool
- Water view
- Secured environment
- Daily cleaning
- All rooms en-suite

So, whenever you're thinking of any Luxurious property to spend time with your loved ones, spouse, come to Rome.

Like you know, Lekki Phase One is well protected, and police patrols are active 24hrs, aside private securities who are fully armed hired by Real Estate owners in the estate to guard their properties.

Come to "Rome" anytime. We will love to host you soonest.

Thank you!

Banking and Finance:

Xi Jinping views reliance on the American-backed global financial system as a chronic weakness for China.⁠
⁠
So the buzz around the e-CNY, China’s central-bank digital currency, has been loud. A national roll-out looks set to pick up pace in 2023. ⁠
⁠
The rest of the world is watching its experiment closely. ⁠
⁠
The usefulness of the digital yuan in international markets is a hotly debated topic. But read why you should not expect any big moves abroad yet: https://econ.trib.al/MD0yaUg

Tax and Finance:

Tax Clearance Certificate, Now Available In “One Click” Says

The Federal Inland Revenue Service (FIRS) has announced that taxpayers can now get their Tax Clearance Certificate in a single click via its flagship Taxpro Max solution.

The TaxPro Max, a tax administration solution introduced by the apex tax authority in June 2021 is a one-stop-shop for taxpayer registration, tax returns filing, tax payment, tax clearance certificate requesting, among other functionalities.

The Service made this announcement on Tuesday via its social media pages on Twitter, Facebook, and Instagram where it stated that the generation of Tax Clearance Certificates, which used to be issued within a period of two weeks would now be available on a single click by the taxpayer.

This innovation is coming on the heels of wide-scale technological reforms that the Service has embarked on in its bid to achieve hundred percent automation of its tax administration functions.

Commenting on this development, the Executive Chairman of the FIRS, Mr. Muhammad Nami explained that this functionality was in line with the objectives of the Service to make the lives of taxpayers easier and ensure the ease of doing business in the country.

“One of our objectives as a Service is to build a Customer-Centric institution,” he stated.

“That means an institution that has the customer at the heart of its innovations and solutions. It is for this reason that we have tuned the operations of our TaxPro Max solution to be able to deliver Tax Clearance Certificates in the shortest possible time to taxpayers. At the click of a button, a taxpayer will get their Tax Clearance Certificates, as long as they have no outstanding liabilities.

“This would impact in no small measure on the Ease of Doing Business in Nigeria,” Mr. Nami stated.

"This is a good development, and its welcomed," some tax payers said.

Thanks to the federal government of Nigeria.

Finance and Budgeting:

PRESIDENT SIGNS N21.83TR BUDGET INTO LAW, SAYS ADEQUATE PROVISIONS MADE FOR 2023 GENERAL ELECTIONS, TRANSITION PROGRAMME, OTHERS

President Muhammadu Buhari on Tuesday in Abuja signed the 2023 Budget of N21.83 trillion along with the 2022 Supplementary Appropriation Bill into law.

Speaking at the signing of the eighth and final annual budget of this Administration, the President said the aggregate expenditures of N21.83 trillion, is an increase of N1.32 trillion over the initial Executive Proposal for a total expenditure of N20.51 trillion.

The President explained that the 2022 Supplementary Appropriation Act would enable the administration to respond to the havoc caused by the recent nationwide floods on infrastructure and agriculture sectors.

As is customary, he said the Minister of Finance, Budget and National Planning will subsequently provide more details of the approved budget and the supporting 2022 Finance Act.

''We have examined the changes made by the National Assembly to the 2023 Executive Budget proposal.

''The amended fiscal framework for 2023 as approved by the National Assembly shows additional revenues of N765.79 billion, and an unfunded deficit of N553.46 billion.

''It is clear that the National Assembly and the executive need to capture some of the proposed additional revenue sources in the fiscal framework. This must be rectified.

''I have also noted that the National Assembly introduced new projects into the 2023 budget proposal for which it has appropriated N770.72 billion. The National Assembly also increased the provisions made by Ministries, Departments and Agencies (MDAs) by N58.55 billion.''

President Buhari said his decision to sign the 2023 Appropriation Bill into law as passed by the National Assembly was to enable its implementation commence without delay, considering the imminent transition process to another democratically elected government.

Canada Bans Foreigners From Buying Houses

A ban on foreigners buying residential property in Canada took effect on Sunday, aiming to make more homes available to locals facing a housing crunch.

Several exceptions in the act allow individuals such as refugees and permanent residents who are not citizens to buy homes.

In late December, Ottawa also clarified that the ban would apply only to city dwellings and not to recreational properties such as summer cottages.

The temporary two-year measure was proposed by Prime Minister Justin Trudeau during the 2021 election campaign when soaring prices put home ownership beyond the reach of many Canadians.

“The desirability of Canadian homes is attracting profiteers, wealthy corporations, and foreign investors,” his Liberal Party said in its election plank at the time.
This is leading to a real problem of underused and vacant housing, rampant speculation, and skyrocketing prices. Homes are for people, not investors.”

Following their 2021 election victory, the Liberals quietly introduced the Prohibition on the Purchase of Residential Property by Non-Canadians Act.

Major markets such as Vancouver and Toronto have also introduced taxes on non-residents and empty homes.

Despite a recent heyday, the country’s real estate market has cooled for sellers as mortgage rates followed the Bank of Canada’s aggressive monetary policy in a bid to rein in inflation.

According to the Canadian Real Estate Association, average home prices have fallen from a peak of more than Can$800,000 (US$590,000) at the start of 2022 to just over Can$630,000 (US$465,000) last month.

Source - Vanguard Nigeria!