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Wednesday, July 24, 2024

Things you MUST DO now to overcome Post COVID-19 impact

I do not see AMCON being in a position to bail out any failed bank at this very crucial time of global economic stagnation induced by the dreaded COVID-19.

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By Chris Ogbonnaya

As it stands NDIC may have to take back their place after being over shadowed by AMCON for almost a decade. I do not see AMCON being in a position to bail out any failed bank at this very crucial time of global economic stagnation induced by the dreaded COVID-19.

Let’s not forget that AMCON is still struggling to recover the over 5 trillion Naira used in bailing out those banks that went under.

The act establishing NDIC has not been reviewed for some time now. This will put every depositor at the risk of losing their funds in any failed bank if such funds were in excess of N500,000.

In the light of this, it then behoves on everyone to take adequate caution when making decisions on which bank to transact with. It is better to stay with the big five or at worse any of the big ten for now until the economic direction post COVID-19 is ascertained.

Better to err on the side of caution than being sorry. That said.

Moving forward, this is what you should do for now. If you have shares, please sell substantial part of it and either buy dollars or go into essential goods trading. The capital market will crash in no time from now.

Most profession are under serious threat, do not wait for this threat to crystallise before making a decision. Learn a trade or a skill in line with today’s needs. It’s going to be your life saver.

This is not the time to lose any of your valuables. Get Insurance on your properties if you don’t already have one. You own a house, insure it against fire, you own a car, please do a comprehensive insurance, with as little as 3.5% of value you can get a comprehensive cover. There’s no money out there to replace any lost or damaged item.

The only safe form of investment for now is real estate, and only for the purpose of “Store of Value,” Not for rent or resell; just for store of value.

A distress sale is what you should look out for, for now. Purchase and hold, COVID-19 will blow away in say two to three years time when it is expected for the global economy to open up fully and just maybe things will get back to normal. After which you can put back the property for sale and make a tidy reasonable margin.

Are you an employee? Get serious with your job. Become an asset to your employer. Upgrade your technical skills, some skills will no longer be needed moving forward. By all means, upgrade yourself.

Finally, the reality is yet to dawn on us. Not yet. Things are still a bit normal. It will kick in fully by the beginning of the next quarter when the second quarter GDP is announced and quoted companies release their results. It will flow down to the rest of us as decisions that were kept in view will be taken, whether for good or bad.

Please stay safe, the world will beat this. Nature has always won its battles but not without consequences. Try not to be part of that consequences.

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