Prof Phil® - ACA
@philoffinance
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Deals and Business Advisory | I eat growth | Semi-perfect | Absolute over-thinker
Lagos, Nigeria
Joined September 2013
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Promotion alert: Assistant Manager
Pease wish me well!
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CBN aproves financial accommodation for Unity Bank and Providus Bank Merger.
What does this mean?
Permit me to explain this to you at no cost.
A thread>>>
CBN Approves Financial Accommodation for Unity Bank and Providus Bank Merger.
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Subsequent to the Central Bank of Nigeria's (CBN) approval, the merger is now pending approval from the Securities and Exchange Commission.
Let's see how this unfolds 👋
I hope this clarifies the proposed merger for you.
Please retweet, like and follow.
Thank you 🙏
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Stop overthinking what cost of capital means.
As the name suggests, it's simply the cost of obtaining capital to fund a business.
The weights in the formula account for the company's capital structure.
Let's demystify WACC together!
A thread >>>
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My first corporate job was an Assistant Finance Associate at a tax firm and I’m currently a Senior Deals Advisory Associate at one of the big 4
The difference 🤣
It’s Worker’s Day today!🥳
What was your first job vs What are you doing now?
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Let’s chew this in bits;
From the first paragraph - The Central Bank of Nigeria (CBN) has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank PLC and Providus Bank Limited.
Before we delve deeper, let's refresh our
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How I appeared for the 2024 ICAN Awards and Annual Dinner
I was advised not to spread my agbada outside 🤣
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Your wife is really smart o
I encountered her twice. The first time was on a project at PwC. Her unwavering support helped me scale through.
The second time was when I was training her and a group of people on financial modeling. She was my most active student in class.
Tolu joined PwC in 2016.
- In 2016, she was an intern that worked as executive assistant
- In 2017, she was a youth corper in the tax technology unit
- She transitioned into a tax analyst in 2018 and became an assistant manager in 2022
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Cardinal stone is recruiting Graduate Trainees. Apply if you are interested in Investment Banking.
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Lemme use my vibe to support you😎
Cashflow statement is one of the simplest accounting standards but somehow, some accounting professionals finds its challenging.
A thread!
I wanted to do a very simple thread on IAS 7 - Statement of Cash Flow earlier this morning but I don't know why I am not yet feeling the vibe. Like something really simple for anyone reading to understand.
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The CBN performs multiple functions as highlighted below:
1. Granting permission to banks before they would be able to operate, the same way we seek for permission before going out as a child excluding the stubborn ones that won't seek permission 😀 - Granting licences and
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The key to becoming successful overtime is staying a student.
The moment you believe you're above learning is when your chances of growth starts to decline.
A lot more to learn in the Finance Space.
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The CBN has committed to share the Pricing Managers' Index (PMI), the Business Expectation Survey (BES), the Inflaion Expectation (IE) Report and other macro-econonomic indicator reports.
What are these report all about?
Come with me, let’s deep dive!
A thread>>>
PRESS RELEASE: CBN re-introduces Publication of Key Economic Reports.
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Hi Everyone,
I'll be speaking for the first time on Twitter Space later this month and I'm thrilled to share my finance story.
@LekeOlushuyi
is the host and co-initiator and I will be sharing the mic with
@ImadeIyamu
and
@olayemijay26
.
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Moving on.......
The pivotal financial accommodation is to support the proposed merger between Unity Bank PLC and Providus Bank Limited.
What is financial accomodation in this case?
It is just providing cash to support the proposed merger. In simple terms, it is lending money
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The CBN also announced that the funds (money) will be provided as a 20-year loan with a 5-year moratorium at an interest rate of MPR minus 11 percent, subject to a minimum of six percent, with semi-annual payments expected.
If you're unsure what 'moratorium' means, it simply
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Follow me to the second paragraph..... Don't leave me pls!
It was noted that the merger is contigent on the financial support from the CBN, meaning that if CBN does not provide the NGN700bn for the new entity, the merger may not be able to take place.
Wait oh, what does the
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One of the advantage of having a big 4 experience on your Cv is the perception that you must have been a very smart person to work there.
Truth be told, it opens more ways beyond borders.
Irrespective, the onus is still on you to build your skillset to compete beyond the firm
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3. Adjusting strategies to control the fiscal and monetary policies in the country the same way our parents use different strategies to manage our excesses -This implies that they formulate monetary policyies (Don't confuse this with fiscal policies set up by the Ministry of
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Before we go into that, here is a little overview of Providus Bank and Unity Bank:
Providus Bank
Providus Bank is that bank that has fine building with some touch of yellow colour and which their ATM spill new notes (I don't know if this is still the case). The bank was founded
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Now, let's discuss what happens after the proposed merger:
1. Just like when a man and woman come together, the name "Providus" can be retained (assuming Providus Bank is the husband and Unity Bank is the wife) or a new name can be adopted to continue the business operations.
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Esther was black and broke but when Esther see money, Esta-Blish 😂
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Do not get addicted to running away from your challenges.
Face your shit diligently with the mindset to triumph.
No battle was ever won by those who continues to flee!
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I've been nominated for the Emerging Finance Leader Award!
Now, I need your help to seal the deal!
Please take a minute to vote for me:
Name: *Philip Bakare*
Award: *Emerging Finance Leader*
Link:
Thanks for your support!
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You're probably wondering why the CBN is taking this step. According to them, this strategic move aims to bolster stability in Nigeria's financial system. In essence, they want to prevent the bank from failing, and ultimately act as the BANKER's BANK they are known to be.
What
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Yesterday, I had the opportunity to volunteer for the
@lagosfoodbank
outreach in partnership with
@StanChart
We were able to meet the need of over 200 household, thereby contributing to the zero hunger goal of
@SDG2030
It is good to give always!
#volunteering
#lagosfoodbank
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This refinery must work!
Let's delve into the history of refineries in Nigeria and Dangote's unwavering determination to establish this refinery over the years.
A thread>>>
“In the refinery, we did not, and I repeat, we did not collect one single incentive from the Federal Government of Nigeria or even Lagos State.
“Yes, the Lagos State gave us a good deal but we paid $100m for the land. It wasn’t free land; we paid for it.” - Dangote On the issue
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I shared my insights as a panelist on 'Strategies for Wealth Generation and Investment in an Inflationary Market' at the Covenant University Finance Society's 2024 Conference
I was impressed by the students' eagerness to learn and interest to make impact in the world of finance
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Na my face be this 🤩
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I shared my insights at ACCESS 4.0 hosted by
@nuasa_unilag
on Navigating the Future of Accounting: Beyond Numbers, Unlocking a World of Opportunities through Digital Technologies
I stated that Tech is not a destroyer; it is an enabler that should be leveraged to make work easier
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I’ll be in class today!
How much is that company worth? Yes, how do you know how much you should sell that startup? Oh yes, how do you model how much you should pay for that company? Join us today as we discuss “Financial Modeling and Business Valuation” at Africa's largest business program, Tekedia
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Even if you don’t feel like doing the work, do the work!
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Go visible or go home!
Being visible at the place of work cannot be overemphasized.
I’ve seen it create more opportunity, real time.
However, being visible must not be substituted for quality work.
Go Visible or go home! - how to be visible in the work place.
The above mantra is one of the key messages I took from a leadership coach - Mute Efe.
I often belong to the school of thought that at work, let your work speak for you. In fact my mantra was a quote from Henry J.
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Four jobs I’ve had:
- Deals Advisory Senior Associate
- Management Consultant
- Financial Reporting Consultant
- Assistant Finance Associate & Tax Consultant
I travelled around before settling for the loml 😎
Five jobs I’ve had:
- Senior tax manager
- Group tax manager
- Tax manager
- Assistant tax manager
- Tax analyst
😎
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To everyone starting their ICAN exams today until Thursday, I extend my best wishes. May you have a sharp memory and the ability to excel, with God's grace 🙏
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Dear ICAN inductees, welcome to the status of many more expectation from employers and a lot more negotiating power during the interview stage.
Go and conquer the accounting and finance industry!
#Ican
#Aca
#Induction
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I think that the field of finance can still accommodate someone with this class of grade but there may be a need to get extra certifications like the CFA to be able to compete favourably.
Just know, you will make it, but with extra work!
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If you find this insightful, kindly share, follow and like 🙏
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@NudgeTM
I always knew you were a genius after reading your post at the early stage of my career.
G8 leader indeed! 🙌
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Going to the big 4 will create an opportunity to be affiliated with a global brand. In addition, you will be exposed to interesting clients with the mandate of solving important problems.
Just go for it without a divided mind and I’m happy to support you on this journey.
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Here are the top things to look out for when reviewing business opportunities:
- Market demand
- Competitive landscape
- Financial projections
- Business model
- Management team
- Industry trends
- Unique value proposition
- Risk assessment
Quick and effective evaluation.
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1/5 Calling all aspiring superheroes of the corporate world! 🦸♂️💼 The moment you've been waiting for has arrived – The gates to becoming part of a global problem solver are now open. The much-anticipated PwC Graduate Trainee opportunity is here. 🎉
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Challenges are gifts that force us to search for a new center of gravity. Don’t fight them. Just find a new way to stand.
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Yay, Sunday's almost over!
Tomorrow's Monday right?
Get ready for another exciting week of adulting! Can't wait to hit that snooze button repeatedly 🤣
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You can now agree with me that Cost of capital is a simple concept in finance 😜
I hope you find this post insightful 🤗
Please like and repost.
Thank you 🙏
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Upskilling will create a lot of opportunity that would make you choosy.
Since I become very strong with financial modeling and business valuation, my earning potential increased significantly 😎
The quickest way to earn more is by upskilling.
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Cash is king 👑
As a business owner, you must consciously ensure that cash flows into the business.
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Don’t be worried. The GT application will be out yearly. Please do the following ahead of your application next year:
-develop the skillset required for the unit you want
-connect with a current employee
-follow the company on all social media platform
-get relevant certificates
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The joy knows no bound >>>>>>
Seeing your parents happy because of your achievements >>>>>>
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Are you a fresh graduate with interest in exploring the finance industry?
A Lagos-based startup company in the logistics space is looking to hire 2 Project Accounting Interns for 12 weeks.
Please share with suitable candidates.
My DM is open to CVs.
Thank you 🙏
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As an investor/financial advisor, it is important to understand the valuation ratio that is relevant across industries and businesses. This will help to gauge if a stock is expensive or cheap relative to its peers or historical performance.
If you invest, you MUST understand multiples.
Here are 7 common valuation ratios:
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You’ve got to create a lot of opportunity for yourself
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Good positioning is about differentiation, not competition.
Be the best at what you do, not the cheapest.
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Consistency is key and difficult while complacency is dangerous.
Choose wisely!
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Why are you are thinking twice before giving me work.
Have you forgotten that I’m Jarus (J9) Protege?
My reference is super solid
If you are thinking twice before giving me work, have you forgotten I'm Sir Jarus Lawyer? My reference is super solid.
Your favorite and very popular Jarus(J9)
Just reminding you.
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1. The Purchasing Managers Index (PMI) is expected to be a monthly report that surveys private sector manufacturing firms to gauge the direction of economic trends in the manufacturing and service sectors, providing insight into current and future business conditions.
The PMI
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Monday is your weekly reset button. Press it with the enthusiasm of a child discovering a new toy, and watch the magic unfold.
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The future belongs to those who can imagine it, design it, and execute it. It isn’t something you await but rather create.
#theplatform35
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I remember reaching out to an older industry leader in early 2022, telling him of my availability to support him anytime he require my service. Immediately he saw my message, he replied that he is happy to have me on board as a faculty member in his venture. The rest is history.
Earlier last year, I landed a job as a Financial Reporting Manager for Sub-Saharan Africa at a British manufacturing company in NG. The focus of this post is not the job, but rather how I got the job.
It was on a Friday like this, an ex-colleague at KPMG was on vacation in the
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Your time is limited, so don’t waste it living someone else’s life.
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Componentization is important for assets that has multiple components with varying useful life & which the cost of replacing them independently are significant
E.g we don’t componentize motor vehicles because the cost of motor vehicle components may not be significant
A thread>
Dear Young Accountants, DID YOU KNOW?
Did you know that there is concept called COMPONENTIZATION OF ASSET UNDER IAS 16?
Come with me as I simplify the concept with this THREAD.
Promise you will retweet 🤭🤭🤭
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Permit me to echo your 8th point-
Continuous learning and staying updated with industry trends and technological advancements impacting accounting practices.
To enhance your technical expertise as an accountant, consider mastering skills such as:
1. Advanced Excel proficiency for data analysis, modeling, and financial reporting.
2. Knowledge of accounting software or ERPs like QuickBooks, Sage, or Xero. You can get one month free
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One of the decent mid-tier accounting firm that offers you a good learning experience.
Shoot your shot!
One of the mid- tier accounting firms that pay more than some big 4’s.
Apply if you are interested.
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Dreams are not what you see when you sleep, they are what keeps you awake - Philoffinance2024
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Many of the great work shown to the public is cooked in the private.
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To the financial modellers, the cashflow statement is a reason why many financial models is not balanced. You need to pay particular attention to it.
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Exactly a month ago, I finished in 90th place out of 90 in my
@OfficialFPL
fan footie
It's a well-deserved last place finish, and I should be awarded🏆
I was emotional in my player selections, choosing many from
@ManUtd
, hoping we would finish strong
Unfortunately, we didn't🥲
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Thanks for following me.
I hope this provides a bit of insights into the proposed additional report by the CBN.
Please retweet, like and follow.
Thank you 🙏
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Put your ears on the ground, dear accounting and finance enthusiast.
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Where are the Deals Advisory guys?
Abi na only financial modeling, DD and Valuation una dey do?
Make una mark that Idris guy wella abeg
KPMG Nigeria team releases squad list vs Jarus FC
Dem auditors go too chop 😎
💪💪💪
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When a major decision is gonna be made, it’s okay to be tensed.
Doing it afraid!
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2. The Business Expectation Survey (BES) is expected to measure businesses' attitudes and expectations towards the future economic environment. Ideally, it will provide insights to enhance business confidence, investment intentions, employment prospects, production plans, and
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3. The Inflation Expectation (IE) Report is poised to measure the expected future inflation rate, which is the rate at which individuals, businesses, or financial markets expect prices to rise in the future. The report typically surveys a representative sample of:
1. Consumers
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Financial models are great for business decisions. It is necessary for the model to address its primary needs.
What makes a great financial model?
• The users understands it
• It provides insightful summary statistics
• It is easy to update
How do you identify a bad
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The way you view the glass of water, either as half-full or half-empty, says more about you than it does about the glass.
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I was frustrated the day I attempted it.
I always opt for Sharepoint if there is a need to collaborate
Comrades, I have told you this thing before. Don't build any financial model using Google sheets.
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One interesting fact about investing in yourself is that the probability of a successful return lies with you.
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To clearly understand what cost of capital means, we need to start with the basics of how businesses are financed.
As you may know, there are primarily two methods of financing a business: EQUITY and DEBT.
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Job Alert!
Do you have 3-5 yrs experience in credit, debt capital markets, project finance or renewable energy?
Are you a strong financial modeller?
Pls send a DM to discuss an opportunity.
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@hedrees_ayinde
My Finance Story is coming your way soon. It’s an online career conversation on X (Twitter) for undergraduates and early starters interested in finance-related careers.
Here’s the link to the space: T
Please share and repost.
Thank you.
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I attended my first Board Meeting as a Board Observer today. The perspectives & decision making at that level is WOW
I look forward to attend more board meetings before the opportunity to attend
@TonyElumeluFDN
board meeting will be presented
Thank you for this post
@ndekekwe
If you are a mid-level manager with an ambition to move to the next level, make efforts to see if there are opportunities where you can serve as a Board Observer even on a pro-bono. In other words, you can attend board meetings without a voting right.
A Board Observer gets the
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It’s a new day.
God, please today must bring good news to everyone seeing this Tweet that believes in you 🤲
We need that financial breakthrough 💪
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