I'M FREEEEEEEEEEEEEE
Today was my last day at work. I worked with a great bunch of people for just over 2 years (some of who will probably be reading this blog) but it was still a great feeling to walk out that door and into my new life.
Rather like when one was in school after finishing your last exam and you felt like you had just been set free from prison. Now I can concentrate fully on getting myself ready for the move. Fly out Friday night, come into Lagos Saturday morning, start work Monday morning.
My new people asked when I am coming in, so I asked them if they are sending a limo to pick me up - they probably don't know if I am serious or joking. They are probably thinking that these people from abroad are more trouble than they are worth.
On a more serious note, we have had our North London flat on the market now for 3 months with about 1 viewing a month. Not good at all. I've been well and truly bitten by the credit crunch monster. We'll probably have to put the flat back to rent. Not good considering that I put in a new kitchen and extended the lease so am carrying considerable debt on the property.
The money would have been useful for buying my way into Nigerian high-society but it's probably better that the money stays invested rather than spending it to buy my way into Nigerian high society. We'll just have to cut our coat and take things gradually.
Wednesday, 30 April 2008
Sunday, 27 April 2008
Skiing down a mountain...
Recently for my 40th birthday present, I went skiing for the first time, along with my brother who had already been a number of times.
Part of this skiing experience was lessons with a very nice but firm Austrian ski instructor. After 4 days of gruelling ski lessons (which I thoroughly enjoyed) and dropping from a group of 10 of us to just 2, our ski instructor decided we were ready to ski down the mountain.
Ski lift up and at the top of the mountain I looked down and my heart leapt into my mouth. Don't forget that by this stage I was physically and mentally exausted. I wanted to give up but you can't ski back up a mountain.
It became a case of not looking at the loooong loooong slope down but rather just looking at my ski instructor and copying everything that she did. She wiggled her toe, I wiggled my toe (apart from when I was coming down on my bum). I hadn't been so scared since I was a kid.
The moral of the story is that I didn't look at the slope, which would have overwhelmed me. I looked at what I could focus on and do - copy my ski instructor. I have never been so scared for a long long time but I got down in the end (and staggered to the bar for a brandy) and after that I was skiing reds and even a black.
I find myself in the same position once again as I try not to look at the enormity of the task involved in transporting myself and my family to Nigeria and setting up our new life. But as we say in Nigeria, "God dey".
Part of this skiing experience was lessons with a very nice but firm Austrian ski instructor. After 4 days of gruelling ski lessons (which I thoroughly enjoyed) and dropping from a group of 10 of us to just 2, our ski instructor decided we were ready to ski down the mountain.
Ski lift up and at the top of the mountain I looked down and my heart leapt into my mouth. Don't forget that by this stage I was physically and mentally exausted. I wanted to give up but you can't ski back up a mountain.
It became a case of not looking at the loooong loooong slope down but rather just looking at my ski instructor and copying everything that she did. She wiggled her toe, I wiggled my toe (apart from when I was coming down on my bum). I hadn't been so scared since I was a kid.
The moral of the story is that I didn't look at the slope, which would have overwhelmed me. I looked at what I could focus on and do - copy my ski instructor. I have never been so scared for a long long time but I got down in the end (and staggered to the bar for a brandy) and after that I was skiing reds and even a black.
I find myself in the same position once again as I try not to look at the enormity of the task involved in transporting myself and my family to Nigeria and setting up our new life. But as we say in Nigeria, "God dey".
Friday, 25 April 2008
6 Days to go...
Friday evening and I am a bit tired. A lot of box ticking required in getting ready to move across. I have a dinner this evening in a Nigerian restaurant with a lot of the guys I have been close with while in the UK. Unfortunately, no ladies at this dinner tonight. A boy's night out.
Yesterday evening, I went for this really good CPD Seminar on negotiation held by Gary Oakley of INS Limited. I really got into it and was intrigued with the psychology involved in negotiation.
He mentioned some points such as;
1) when negotiating, we are rarely aspirational enough. You should always pitch your entry level as high as you can make it as long as you have a credible reason why it should be so high.
2) Invoice clients based on value provided rather than on cost
3) Your walk-away figure should not be at break-even but rather at the point where it equals the best alternative.
Really good stuff. It gave me food for thought to use going forward in my negotiations...
Yesterday evening, I went for this really good CPD Seminar on negotiation held by Gary Oakley of INS Limited. I really got into it and was intrigued with the psychology involved in negotiation.
He mentioned some points such as;
1) when negotiating, we are rarely aspirational enough. You should always pitch your entry level as high as you can make it as long as you have a credible reason why it should be so high.
2) Invoice clients based on value provided rather than on cost
3) Your walk-away figure should not be at break-even but rather at the point where it equals the best alternative.
Really good stuff. It gave me food for thought to use going forward in my negotiations...
Thursday, 24 April 2008
Why Nnobi House?
Why Nnobi House?
I was born in London years and years ago. With time, we moved out of London to Essex and my dad missing Nigeria, decided to name our new house in Essex after his village, Nnobi. Hence an outpost of Nnobi appeared in the middle of Essex.
We returned to Nigeria when I was 8 and I never forgot our house, Nnobi House or my time in England. I came back to the UK after University seeking further opportunity and now that I have been in the UK for quite a number of years, it is time for me to return home and give something back to my society.
This journey home is the subject of this blog. My return from Nnobi House in the UK to Nnobi, where they have been looking for me for a long time to pay my dues for the building of the church roof and pay for my wife in her village…
About Munachi Okoye
Munachi Okoye has a first degree in Architecture from The University of Lagos, Nigeria and a Masters degree in International Securities, Investment and Banking from The University of Reading, UK.
He has worked in London in Investment Banking, structuring debt derivative products for clients before transferring his skills to Real Estate to work with some of the biggest and most prominent land owners and property developers in the UK. His background in Investment Banking and Real Estate provide him with an in-depth perspective on how to exploit value focused opportunities in Real Estate and associated asset classes.
He is returning to Nigeria as an Investment Banker to invest these skills in the local economy to the benefit of himself, the bank and the local economy (that’s the idea anyway).
I was born in London years and years ago. With time, we moved out of London to Essex and my dad missing Nigeria, decided to name our new house in Essex after his village, Nnobi. Hence an outpost of Nnobi appeared in the middle of Essex.
We returned to Nigeria when I was 8 and I never forgot our house, Nnobi House or my time in England. I came back to the UK after University seeking further opportunity and now that I have been in the UK for quite a number of years, it is time for me to return home and give something back to my society.
This journey home is the subject of this blog. My return from Nnobi House in the UK to Nnobi, where they have been looking for me for a long time to pay my dues for the building of the church roof and pay for my wife in her village…
About Munachi Okoye
Munachi Okoye has a first degree in Architecture from The University of Lagos, Nigeria and a Masters degree in International Securities, Investment and Banking from The University of Reading, UK.
He has worked in London in Investment Banking, structuring debt derivative products for clients before transferring his skills to Real Estate to work with some of the biggest and most prominent land owners and property developers in the UK. His background in Investment Banking and Real Estate provide him with an in-depth perspective on how to exploit value focused opportunities in Real Estate and associated asset classes.
He is returning to Nigeria as an Investment Banker to invest these skills in the local economy to the benefit of himself, the bank and the local economy (that’s the idea anyway).
Naija Jobs
I came across this site this morning although I believe I had seen it before. It gives you an idea of the entry to mid level jobs available. Look further down towards the right
http://najiajobs.blogspot.com/
http://najiajobs.blogspot.com/
Wednesday, 23 April 2008
e-mails
This is an idea of the emails I am currently sending
Sent: 23 April 2008 14:43
Dear all,
For those who have not heard, the time has come for me to pack my things, pick up my blackberry and go forth and expand my empire into the emerging markets of Nigeria/Africa.
To celebrate my leaving next Wednesday, please join me for drinks at a very nice posh pub (found thanks to Pavlina) called the xxx(it is does have a pub in it, honest) for next Tuesday evening the 29th from 5pm or thereabouts. It’s at xxx which is the road just before the Novotel heading towards xxx .
In addition…
I’d just like to say that I’ve really enjoyed working with all of you, you are a great bunch of professional people and I wish you all the best in whatever your choice of endeavour (if that doesn’t bring you over, nothing will…)
Chris
Sent: 23 April 2008 14:51
Chris,
I doubt if your blackberry will work in Nigeria though.
Nice one. I will be there by the Grace.
Regards
Sent: 23 April 2008 15:03
My brother,
I took the thing in to a phone shop to get it unlocked and the guy told me that of all the phones, he had never heard of anyone being able to unlock blackberry. Ah ah!, when I was in Nigeria in September, I didn’t take my blackberry, thinking that they would steal the thing on the same day I come in, I now go with the people I am staying with to pick up their little boy from school (Grange in Ikeja) and look at all the mummies pulling up in their 4x4’s with their blackberries glued to their ears while I was walking round with a kpako phone. After that every time I wanted to take a call I would cover my kpako phone with the whole palm of my hand and start to make excuses that it wasn’t my phone…
Look forward to seeing you man
Sent: 23 April 2008 14:43
Dear all,
For those who have not heard, the time has come for me to pack my things, pick up my blackberry and go forth and expand my empire into the emerging markets of Nigeria/Africa.
To celebrate my leaving next Wednesday, please join me for drinks at a very nice posh pub (found thanks to Pavlina) called the xxx
In addition…
I’d just like to say that I’ve really enjoyed working with all of you, you are a great bunch of professional people and I wish you all the best in whatever your choice of endeavour (if that doesn’t bring you over, nothing will…)
Chris
Sent: 23 April 2008 14:51
Chris,
I doubt if your blackberry will work in Nigeria though.
Nice one. I will be there by the Grace.
Regards
Sent: 23 April 2008 15:03
My brother,
I took the thing in to a phone shop to get it unlocked and the guy told me that of all the phones, he had never heard of anyone being able to unlock blackberry. Ah ah!, when I was in Nigeria in September, I didn’t take my blackberry, thinking that they would steal the thing on the same day I come in, I now go with the people I am staying with to pick up their little boy from school (Grange in Ikeja) and look at all the mummies pulling up in their 4x4’s with their blackberries glued to their ears while I was walking round with a kpako phone. After that every time I wanted to take a call I would cover my kpako phone with the whole palm of my hand and start to make excuses that it wasn’t my phone…
Look forward to seeing you man
Tuesday, 22 April 2008
Credit Crunch or "Can't sell the house"
When the whole liquidity/credit crunch thing got underway, it was interesting to observe things from a distance and toy with the idea of going to pick up cheap US property.
I now find myself with a London property on the market for sale and no buyers. No liquidity, no mortgages, no buyers = my property not selling. Who would have thought that the credit crunch would travel all the way to London and come and bite me on the backside. There you go. Not location, location, location but now liquidity, liquidity, liquidity. The equity from the property would have been useful to set up in Nigeria.
However the good side of the story is that I'll go in counting my pennies and whenever the property is sold, I'll be in a much better informed position to make a wise investment.
I now find myself with a London property on the market for sale and no buyers. No liquidity, no mortgages, no buyers = my property not selling. Who would have thought that the credit crunch would travel all the way to London and come and bite me on the backside. There you go. Not location, location, location but now liquidity, liquidity, liquidity. The equity from the property would have been useful to set up in Nigeria.
However the good side of the story is that I'll go in counting my pennies and whenever the property is sold, I'll be in a much better informed position to make a wise investment.
10 days and counting
I thought I was going to use this blog to talk about really worthy and interesting stuff. But I can't think of any really worthy and interesting stuff so maybe if I blog about everyday life as I prepare to go, it may all add up to something really worthy and interesting. So I am going to blog about my last days in London before flying out to Nigeria. I'm leaving next Friday, the 2nd of May 2008. Me first and then the family once I get things sorted out.
I met up with my dear coz today for lunch at Wagamamas on Wigmore Street, off Oxford Street. By the way, check out this restaurant called Ayoush, 58 James, London, they do North African food - www.ayoush.com. I had seen it before but had forgotten where it was. I'll see if I can take my other half there before I leave.
Anyway, I digress...
I was telling my coz how I was going to Nigeria to be an investment banker, and how my remit was to invest the bank's money in anything that moves and how this would be a great experience to gain insight into what drives the economy and how as much as we were aware of the issues around water, power, security and traffic problems that Nigeria was still the better place to be. We both got really excited and got a bit giddy. It's easy to romantizise things while in good old London but I'm sure that when you are in the thick of things in Lagos, it will be a different kettle of fish.
But, only positive thoughts...
I think I'm in a bit of mourning period for my 17 years in London drawing to a close. We've had a love / hate relationship, (love in summer, hate in winter).
I met up with my dear coz today for lunch at Wagamamas on Wigmore Street, off Oxford Street. By the way, check out this restaurant called Ayoush, 58 James, London, they do North African food - www.ayoush.com. I had seen it before but had forgotten where it was. I'll see if I can take my other half there before I leave.
Anyway, I digress...
I was telling my coz how I was going to Nigeria to be an investment banker, and how my remit was to invest the bank's money in anything that moves and how this would be a great experience to gain insight into what drives the economy and how as much as we were aware of the issues around water, power, security and traffic problems that Nigeria was still the better place to be. We both got really excited and got a bit giddy. It's easy to romantizise things while in good old London but I'm sure that when you are in the thick of things in Lagos, it will be a different kettle of fish.
But, only positive thoughts...
I think I'm in a bit of mourning period for my 17 years in London drawing to a close. We've had a love / hate relationship, (love in summer, hate in winter).
Sunday, 20 April 2008
Schools for the Children
Having done our research on the web (Nigerian schools, please take yourselves on line so that those of us coming in from abroad can get to know you in advance) and talked to a number of people, we have been told of some good schools including;
1. MeadowHall
2. Pine Field
3. Corona
4. St Saviours
School will depend on where one finds a house as you one does not want to spend an hr+ travelling from home to school to work in Lagos.
1. MeadowHall
2. Pine Field
3. Corona
4. St Saviours
School will depend on where one finds a house as you one does not want to spend an hr+ travelling from home to school to work in Lagos.
Friday, 18 April 2008
Where to live?
We currently live in a nice leafy suburb in North London. We aim to keep the house when we move over to Lagos, let it out and go and let in Lagos for a while before seeking to buy or build.
I am informed that a rental in a nice part of Lagos on the Island is going to cost from N2.5M - N4.5M per annum / £10.5k - £17k / $21k - $33k / £900 - £1,400 per mth depending on where (how far you have to travel to the CBD), whether serviced (water and power) and how big (flat, semi-detached duplex or detached house).
It is quite impressive that Lagos rents are matching London rents and I wonder how expensive Lagos now is on a cost-of-living index.
Just checked the figures for 2007.
London is in the No.2 position, just after Moscow. Lagos is at No.37 from No.31 last year. 2008 will probably show Lagos moving up as a costly city. You can see the figures here:
http://www.mercer.com/referencecontent.jhtml?idContent=1095320
I am also informed that you have to pay 2 years in advance compared to the 1-2 mths advance you pay in London. Interesting...
I am informed that a rental in a nice part of Lagos on the Island is going to cost from N2.5M - N4.5M per annum / £10.5k - £17k / $21k - $33k / £900 - £1,400 per mth depending on where (how far you have to travel to the CBD), whether serviced (water and power) and how big (flat, semi-detached duplex or detached house).
It is quite impressive that Lagos rents are matching London rents and I wonder how expensive Lagos now is on a cost-of-living index.
Just checked the figures for 2007.
London is in the No.2 position, just after Moscow. Lagos is at No.37 from No.31 last year. 2008 will probably show Lagos moving up as a costly city. You can see the figures here:
http://www.mercer.com/referencecontent.jhtml?idContent=1095320
I am also informed that you have to pay 2 years in advance compared to the 1-2 mths advance you pay in London. Interesting...
Wednesday, 16 April 2008
Heading Home
I currently work for Network Rail Infrastructure Limited as an Investment Manager here in London. I handed in my notice a couple of weeks ago having taken up an offer to work for the Investment Banking arm of a Nigerian Bank. This is the chronicle of the journey back to Nigeria and the diamonds of investment wisdom that I will hopefully uncover and reveal to you on my journey to success as an investment banker in Nigeria.
I am sure a number of you have read this post by Godson Offoaro, but for those who haven't it's as good as any an introduction to my blog and the reason why so many of us are heading home!
http://www.africanevents.com/Essay-GOffoaro-101ThingsToNigeria.htm
I am sure a number of you have read this post by Godson Offoaro, but for those who haven't it's as good as any an introduction to my blog and the reason why so many of us are heading home!
http://www.africanevents.com/Essay-GOffoaro-101ThingsToNigeria.htm
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