Chukwuka16:
LoL. You guys/ladies are very funny.

Yeah, let’s get this right – first, business is a risk. That’s fact.

Second, let’s not get too sentimental so that we can be objective. Nigeria never banned car imports, she banned importation of cars through the land borders. Cars still came in through Lagos but now the right rates had to be paid. That threw many businesses who were cheating the system off track.

It has also become imperative to highlight what erico2k2 earlier alluded to. Most Nigerians need to learn how to do business.

For instance, I’m not God and do not know the future, however, when I invoice customers, I ensure that my costing can accommodate FX fluctuations as well as inflation. That’s in Nigeria. The UK is simpler – cost and VAT.

Take business A which installs and runs solar inverters for SMEs. We own all the installations (panels, batteries, chargers etc.) and are only paid a fixed amount for a length of time – usually 3-4 years (renewable). When coming up with monthly costs, we ensured that our capital, labour, admin & profit costs where all lumped together and multiplied by inflation over the contract duration. Another thing we incorporated was to ensure that by month 18, we were cash flow positive (CPI benchmarked). That was our safe way of hedging losses. We have had hiccups along the way but overall, we are cool.

Nobody says you should package cars as sachet water. What we are suggesting is know your business environment and don’t be afraid to cost goods and services appropriately. Why should the ban of cars import through land borders bother your oga if he was legally importing the right age of cars through Lagos port and paying the right dues?

How do you bill customers for hair without understanding FX fluctuations, FX availability and even customs/fines/levies. I moved capital from the UK to invest in Nigeria and my worst-case scenario planning is 1000 Naira/£1. I have 2 dependant fees to pay here in the UK and Nigeria supplies their fees. I can’t afford that here in the UK.

Fish farming – LoL. Permit me to quote from the Bible. For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him.

I also have a large catfish farm and it cost me millions monthly feeding them. Just within 2 weeks, 2mm fish feed (Blue Crown) has jumped from 6500 Naira to 7800 Naira to 8400 Naira per bag (15kg). That’s a huge differential on a monthly basis. I did not start the journey without considering all these. They form part of my planning. What’s the range I can survive and that’s what determines my stocking. I will start producing my feeds next year God willing (to cut down on feed cost). However, the current farmer-herder conflict means that raw materials (groundnut, corn, soyabeans, garri etc.) may be expensive. I have to start thinking and calculating the cost-benefit for their bulk purchase early next year versus other months of the year and continuing jejely with Olam fish feeds.

I am not speaking theoretically as opined by Ace2013. Yeah, I have a PhD but that’s even in CS. Today, my spare time is spent understanding how the majority of Nigerians think and looking at how to extract something from them by offering them value (meeting some needs). In fact, my greatest barrier to being an entrepreneur has been my education. I’m not an armchair investor. We dey ground dey find money.

I do not invest for people. Even me dey find startup with potential to put money inside. Just take time to understand what need you want to meet, learn thoroughly about it, get dirty and carefully invest in a diversified way to hedge losses. Take losses as learning curves and build momentum from them. At least I now know that my business accounts won’t EVER be open with fintech banks in Nigeria – that was a 1 million Naira lesson. If it isn’t main street banks, forget it.

Well said. Thank you for the free insight and lessons.

wallg123:


Me too go need your services oh. ... land wey I reluctantly buy since 2010 dey court since .... me sef done tire leave am.... but now I get hope say help is at hand

Hahaha!!

Since 2010? Wow that’s a long time sha.

Aphrodite007:


Hahaha!!

Since 2010? Wow that’s a long time sha.

Ye they sold the plots I bought to multiple persons and decided to give me somewhere else but I refused and we’ve been in court.... I’m thinking of taking up there offer now with certain conditions so I can move on....... I’m too young to be having these headache make I no come die before my Elders

Chukwuka16:
.. At least I now know that my business accounts won’t EVER be open with fintech banks in Nigeria – that was a 1 million Naira lesson. If it isn’t main street banks, forget it.

Care to elaborate, boss?

..and thank you for the write-up.

Chukwaka16 - Would you deem Alat, a fintech bank? Would you bank with Alat?.....

Aphrodite007:


Hmm my dear, just last week I was analysing an investment in Nigeria. After all my calculations I was wondering why The effort was too high. I then changed the country to America and gbam just like that, I needed half the effort to make 15% more than what Nigeria was giving me.

I just hissed!

Two years ago I opened a bakery in Lagos with all mod cons. I just sold it all at a big loss couple of months ago. The economy of Nigeria is too harsh. It makes some people result to unethical means to survive. From what I found out I know I can never eat bread from any Nigerian bakery because of all the poisonous and banned chemicals that they use to enhance their profits. It’s only God that can save that country. In my eyes it’s finished.

davide470:
Care to elaborate, boss?

..and thank you for the write-up.

Ah, let's not shame anyone today. I still believe said company will get it right. I remember calling up my lawyers to find out the cost implication of setting up such a service and when I saw the CBN capitalisation base of something in the realm of 100 Million Naira for even basic services, I jump and pass.

My major grouse with them was that there was no one I could pick up the phone and call and abuse and shout and threaten when we couldn't access our funds. They didn't even have a physical address considering that their office address is a work space! Our major issue centred around cash inflow to a business account. Their system shut off access when our balance hit 5+ M few hours after the account was opened. It means if my business blows tomorrow and someone makes a payment of 100 M, they would collapse. Today I now know why companies ask for your share certificate for your company and gives you contract based on that - capacity. There is a reason it is called Mobil Producing Nigeria UNLIMITED. Only the main street banks can handle business transactions for now. These willy-willy fintech banks should focus on susu and onidara.

Lexusgs430:
Chukwaka16 - Would you deem Alat, a fintech bank? Would you bank with Alat?.....

Yes. I would say Alat is a fintech bank - they incorporate financial services with technology (https://www.quora.com/Is-PayPal-a-fintech-company). I WOULD NEVER BANK WITH THEM for the foreseeable future. Today I bank with the Main Street banks in Nigeria. I have an account officer for all my businesses and my lawyers can call her private number anytime of the day to complain. That's what makes banking quite seamless for businesses. If e no be main street banks, pls avoid them. These willy-willy fintech banks seem to have a low threshold/tolerance for what makes for suspicious transactions because of CBN's hawkish and micromanaging stance.

marylandcakes:


Two years ago I opened a bakery in Lagos with all mod cons. I just sold it all at a big loss couple of months ago. The economy of Nigeria is too harsh. It makes some people result to unethical means to survive. From what I found out I know I can never eat bread from any Nigerian bakery because of all the poisonous and banned chemicals that they use to enhance their profits. It’s only God that can save that country. In my eyes it’s finished.

Sorry about that. It is also ironic because during the lockdown period in Nigeria, bakery owners made astronomical profits. Any lessons from your bakery journey? Have you discussed your investments and findings with a thriving bakery owner and a financial analyst (street savvy)?

Chukwaka16 - But Alat is just a baby of Wema bank.... Wema been an old generation bank from the high street(according to erico2k2).....


So invariably, Alat is Wema....

Any update from people who submitted there application between 1st to 9th and haven't got a response yet....

Please can we all query this people together

Please does anyone know how I can recover my funds from a crypto scam? I was made to believe I was trading in crypto with a UK registered company but now they are refusing to payout my capital and "profits". Is there a way I can recover my funds? I am tempted to drive to their office address but they may not be there as it may be a fake address. They are registered with company house. Anyone with similar experience?
Thank you.

5gee:
Please does anyone know how I can recover my funds from a crypto scam? I was made to believe I was trading in crypto with a UK registered company but now they are refusing to payout my capital and "profits". Is there a way I can recover my funds? I am tempted to drive to their office address but they may not be there as it may be a fake address. They are registered with company house. Anyone with similar experience?
Thank you.

Similar experience. I bought a flight ticket from London to Lagos from Medview Airline 2017. Flights cancelled on Christmas eve. Medview Airline japa with my money and other passengers money from UK. I have video evidence. Raised the issue with my local MP and Civil Aviation Authority (CAA) but the Airline no even acknowledge any of the mails from CAA or my MP. Na do they close my chapter ooo.

Please what are the genuine payment outlets to send pounds to naira. Afripay has good rate but poor customer care. They don't pick their calls. Has anyone tried using lycaremit? How is their service and how is the payment made to them?

famzynet:
Please what are the genuine payment outlets to send pounds to naira. Afripay has good rate but poor customer care. They don't pick their calls. Has anyone tried using lycaremit? How is their service and how is the payment made to them?

Lycaremit is good. I can now recommend them. My first transaction with them was a nightmare. It took calling them out on trustpilot before they attended to my request after 2 days. I guess it was due to verification delays.

All my subsequent transactions with them have been wonderful. Beneficiaries get credited within 10mins of transaction. So, thumbs up to them.

Moneyfex is also good.

famzynet:
Please what are the genuine payment outlets to send pounds to naira. Afripay has good rate but poor customer care. They don't pick their calls. Has anyone tried using lycaremit? How is their service and how is the payment made to them?

I now use moneyfex

What is Afripay and lycaremit current rate ?

5gee:
Please does anyone know how I can recover my funds from a crypto scam? I was made to believe I was trading in crypto with a UK registered company but now they are refusing to payout my capital and "profits". Is there a way I can recover my funds? I am tempted to drive to their office address but they may not be there as it may be a fake address. They are registered with company house. Anyone with similar experience?
Thank you.

If it's the same company I am thinking about..... I raised my concerns on the thread, created on nairaland some months ago.......

Does one of the directors, claim to be a lawyer?......

I presume you paid via bitcoin too.......... You simply have been had...... Use this experience as paying school fees, into the never never school of scamotology..........

The scammers have 5G'ed you......

Lexusgs430:



If it's the same company I am thinking about..... I raised my concerns on the thread, created on nairaland some months ago.......

Does one of the directors, claim to be a lawyer?......

I presume you paid via bitcoin too.......... You simply have been had...... Use this experience as paying school fees, into the never never school of scamotology..........

The scammers have 5G'ed you......

My chest

LagosismyHome:


I now use moneyfex

What is Afripay and lycaremit current rate ?

Afripay is 637, lycaremit is 640 . Both have charges of about £3 each

Elderss:


Lycaremit is good. I can now recommend them. My first transaction with them was a nightmare. It took calling them out on trustpilot before they attended to my request after 2 days. I guess it was due to verification delays.

All my subsequent transactions with them have been wonderful. Beneficiaries get credited within 10mins of transaction. So, thumbs up to them.

Moneyfex is also good.

Thanks.

Lexusgs430:



If it's the same company I am thinking about..... I raised my concerns on the thread, created on nairaland some months ago.......

Does one of the directors, claim to be a lawyer?......

I presume you paid via bitcoin too.......... You simply have been had...... Use this experience as paying school fees, into the never never school of scamotology..........

The scammers have 5G'ed you......

I don't think it's the same. These ones seem to have used fake details to register with company house. starts with T and until recently had excellent (fake) reviews on trustpilot. I am about to report to fca but any other idea on hoe or who to report them to?

famzynet:


Afripay is 637, lycaremit is 640 . Both have charges of about £3 each

Thanks... cant seem to get Afripay website to open

Kindly advise if you received such mail and got visa lately. Thanks

today make it the 18th day since my biometric

Chukwuka16:



Sorry about that. It is also ironic because during the lockdown period in Nigeria, bakery owners made astronomical profits. Any lessons from your bakery journey? Have you discussed your investments and findings with a thriving bakery owner and a financial analyst (street savvy)?

The bottom line is that you need a physical presence. Apart from the government pressures, the bakery manager was stealing seriously from me he even built his own house from the proceeds of his crime.

You see, it's not surprising. Common man = common thief as well.

marylandcakes:



The bottom line is that you need a physical presence. Apart from the government pressures, the bakery manager was stealing seriously from me he even built his own house from the proceeds of his crime.

Please what’s a good recommendation for life insurance ?

marylandcakes:

The bottom line is that you need a physical presence. Apart from the government pressures, the bakery manager was stealing seriously from me he even built his own house from the proceeds of his crime.

There hardly any business you can do in Nigeria without physical presence , if not the workers will so steal from you . Even relatives can steal from you

It's a shame really. We complain about the government but really the problem is almost everybody .

LagosismyHome:


There hardly any business you can do in Nigeria without physical presence , if not the workers will so steal from you . Even relatives can steal from you

It's a shame really. We complain about the government but really the problem is almost everybody .

Yes, it’s such a shame especially when you are trying to help people build something for the future and all they can think about is the here and now. This person was my uncle who claimed to be A God fearing Christian. Any way, that’s a story for another day.

marylandcakes:


Two years ago I opened a bakery in Lagos with all mod cons. I just sold it all at a big loss couple of months ago. The economy of Nigeria is too harsh. It makes some people result to unethical means to survive. From what I found out I know I can never eat bread from any Nigerian bakery because of all the poisonous and banned chemicals that they use to enhance their profits. It’s only God that can save that country. In my eyes it’s finished.

Wow my heart is breaking. Even bread has poison in it? No wonder cancer is rising in Nigeria. I bless God that our body system is stronger than that of the white people, otherwise, we for don die finish.

One time like that, I ate plenty roadside akara, I was fine o. My husband ate just one and wanted to die from purging

he was saying his vows to me at the registry and holding his bumbum.

Worst wedding ever!

wallg123:

Ye they sold the plots I bought to multiple persons and decided to give me somewhere else but I refused and we’ve been in court.... I’m thinking of taking up there offer now with certain conditions so I can move on....... I’m too young to be having these headache make I no come die before my Elders

They did the same thing to my father. He bought land for 10 mill, and spent 4 mill settling police to help him arrest the bastard that duped him. 5 years later, we still don’t have that land.

E no concern me sha, I be girl; it’s my brother’s cup of tea. �

Lexusgs430:



If it's the same company I am thinking about..... I raised my concerns on the thread, created on nairaland some months ago.......

Does one of the directors, claim to be a lawyer?......

I presume you paid via bitcoin too.......... You simply have been had...... Use this experience as paying school fees, into the never never school of scamotology..........

The scammers have 5G'ed you......

I recently had a client that called me to be his BA for a crypto business he wanted to start. I ended the call.

All online coins are not regulated or monitored so if you lose money or get scammed, you’re on your own.

I can imagine the faces of the police men or FCA agents you report being scammed of crypto currency to. They would just laugh and end the convo.

Lexusgs430:
Chukwaka16 - But Alat is just a baby of Wema bank.... Wema been an old generation bank from the high street(according to erico2k2).....


So invariably, Alat is Wema....

U don start again abi?

RetiredHoodlum:
Kindly advise if you received such mail and got visa lately. Thanks

today make it the 18th day since my biometric

Haha, we dey lockdown now.. relax. You will hear soon.

Aphrodite007:


They did the same thing to my father. He bought land for 10 mill, and spent 4 mill settling police to help him arrange the bastard that duped him.

5 years later, we still don’t have that land. E no concern me sha, I be girl; it’s my brother’s cup of tea. �

could have spent far less to do due diligence to know the real stat of the land.if you go to the property section of Nairaland there is a dedicated page on this issue