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Stats: 2,864,487 members, 6,873,185 topics. Date: Saturday, 21 May 2022 at 06:28 AM
|Re: Treasury Bills In Nigeria by Nakedman: 10:19am On Jul 20, 2021|
Never mix Business with Emotions.. Never get into relationships with account officers. That's my piece of advice.
|Re: Treasury Bills In Nigeria by Cyberknight: 10:34am On Jul 20, 2021|
Of course it is not illegal to open an account in another country.
It is illegal to break the law of that country to do so.
Most countries require one to establish residence no matter how briefly there to have access to banking. In many African countries, that is not very difficult.
Getting a Kenyan Alien Card for instance, is not.
Mobile money accounts and even the SC basic one previously mentioned can sometimes be opened, but those work best if you just come and go and don't intend to move any significant volume of money.
|Re: Treasury Bills In Nigeria by NgHotGirls: 10:52am On Jul 20, 2021|
Cyberknight:hmmmmm, the Indians here that opened account without resident permit, how did they do it? Please explain
|Re: Treasury Bills In Nigeria by emmanuelewumi(m): 12:24pm On Jul 20, 2021|
Some of them are Nigerians
|Re: Treasury Bills In Nigeria by NgHotGirls: 3:57pm On Jul 20, 2021|
|Re: Treasury Bills In Nigeria by richforever123: 4:47pm On Jul 20, 2021|
Never loose focus and let emotions come into play, you should be very wary of people who know how much you have in your account, this is Nigeria, if you want friends there a millions of other people that can be your friends
|Re: Treasury Bills In Nigeria by emmanuelewumi(m): 5:52pm On Jul 20, 2021|
We have Indians and Lebanese whose great grand parents came to Nigeria over 100 years ago the Aswani, Vaswani, Chellerams families etc.
They came to Lagos, Ibadan, Kano etc many years ago as traders, artisans, technicians etc and have built multi billion dollars Businesses over the years.
|Re: Treasury Bills In Nigeria by Tobex4realTobex234(m): 6:21pm On Jul 20, 2021|
And which law are you breaking to get a job and open an account there or register a business and open an account there?
Also MPESA as I suggested isn't illegal. I still have my Kenyan sim with me like this and even though I have not used MPESA in several months, it's not illegal to keep the ownership except there's something you know that I don't know Sir.
I actually wished I opened like 3 bank accounts. I was paying over 100k KES monthly as taxes to that country, and one nigga here is saying it's illegal to open offshore account. Nairaland una no go tire me.
|Re: Treasury Bills In Nigeria by Cyberknight: 7:58pm On Jul 20, 2021|
Read and understand the post you quoted properly.
If one gets a job in a country, and has to go there to work, then one has obviously established residence there for the duration of their employment. I didn't think that needed to be spelt out.
I also stated clearly in English that there is nothing illegal about holding a bank account outside one's current country of residence. You actually quoted the comment in full, then drew the opposite conclusion.
This puts an end to this matter for me.
|Re: Treasury Bills In Nigeria by creategist: 3:00am On Jul 21, 2021|
But why are Nigerians themselves not replicating such business success in droves?
|Re: Treasury Bills In Nigeria by emmanuelewumi(m): 5:48am On Jul 21, 2021|
Those Indians and Lebanese are very frugal, they have the right attitudes, their children are expected to work in the family business after receiving the best education from any part of the world thereby sustaining the businesses and taking them to greater heights.
We have some Nigerian traders and business owners who were bigger than these Indian and Lebanese businesses some 80 years ago, but can't couuld not pass the test of time.
We have big European businesses about 80 years ago in Nigeria, that are now a shadow of themselves
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|Re: Treasury Bills In Nigeria by NgHotGirls: 7:35am On Jul 21, 2021|
|Re: Treasury Bills In Nigeria by NgHotGirls: 7:37am On Jul 21, 2021|
emmanuelewumi:one word corruption
|Re: Treasury Bills In Nigeria by emmanuelewumi(m): 8:36am On Jul 21, 2021|
Not only corruption.
Read " The making and makers of Nigeria's private enterprise" by Tom Forrest.
Most of the old money men were illiterates, they gave their children the best education outside the country. They believed trading or business was beneath the level of education and exposure of their children. The children became Professors, Judges, Lawyers, Engineers, Accountants, Civil Servants etc and the businesses of their parents died with the founders.
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|Re: Treasury Bills In Nigeria by LordPherule(m): 8:38am On Jul 21, 2021|
Don't forget I still buy funds and support with payment solution like Zelle, PayPal, eBay, and Payoneer funds at a sweet rate.
I redeem gift cards and e-code at first-hand rates as the foreign exchanger you give.
Tested and Trusted! Many transactions that many can vouch for me.
|Re: Treasury Bills In Nigeria by lavylilly: 8:43am On Jul 21, 2021|
Tobex4realTobex234:I laugh them. Many foreigners from other African countries have voters cards, NIN slip and drivers licenses and these foreigner have not even lived up to 10yrs in Nigeria. My Gate man is from Niger republic and his name is Mohammed and has both BVN &NIN. Remind me again what requirements is to open an account in Nigeria.
|Re: Treasury Bills In Nigeria by lavylilly: 8:45am On Jul 21, 2021|
emmanuelewumi:The business will die because the children refuse to learn the ropes of the business, the reason many businesses owned by Lebanese and indians continue to grow and outlive their founders.
|Re: Treasury Bills In Nigeria by emmanuelewumi(m): 8:54am On Jul 21, 2021|
About 80 years ago, the old money men found business or trading demeaning, they believed it was glamorous and prestigious to be the father of a doctor, lawyer, judge, Professor, Engineer than to be the father of a child who is working in the family business.
It is now that successful business people are introducing their children to their businesses
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|Re: Treasury Bills In Nigeria by lavylilly: 8:59am On Jul 21, 2021|
emmanuelewumi:Very few children especially Nigerians want to be in the family business except politics. For indians and Lebanese it's like a tradition or culture for them to be part of the family business.
|Re: Treasury Bills In Nigeria by afroxyz: 9:16am On Jul 21, 2021|
The children refused to learn the ropes or the parents refused to put them through? Is it not parents that would instil the tradition and culture to the children?
|Re: Treasury Bills In Nigeria by emmanuelewumi(m): 9:20am On Jul 21, 2021|
Because we didn't introduce them to it at a young age, if they worked in the family business during holidays and made to realize that it is the business that pays the bills, school fees, vacation etc. They will be interested.
I have a friend in the University, his illiterate mother was a big time textile trader on Lagos Island. His mother did not want him to come near her shops, she wanted him to be a banker. The guy studied Mathematics in the University and graduated with a second class upper
During the ASUU strike of 1993, when Universities in the country were closed down for over a year. Out of boredom the guy decided to go to the shop twice in a week.
He saw how his seniors in the University who are bankers were coming to her mother's business for deposits, the few 8 months he spent during the long holiday opened his eyes to the money making opportunities in the business.
When he graduated the following year, he did his NYSC with one of the new generation banks, he was retained by the bank after NYSC. He worked for just 2 years before he resigned to manage the family business and he has done so well for himself with Investments in real estate in Nigeria and outside the country, stock market and also expanded the business
|Re: Treasury Bills In Nigeria by LauraClasikVibe(f): 9:33am On Jul 21, 2021|
emmanuelewumi:Key word the bolded
|Re: Treasury Bills In Nigeria by LauraClasikVibe(f): 9:35am On Jul 21, 2021|
afroxyz:I have many friends who their family have a family business, they don't want to be part of it in any form. How many parents in Nigeria would teach their kids spare part business?
|Re: Treasury Bills In Nigeria by emmanuelewumi(m): 9:58am On Jul 21, 2021|
Come to ASPAMDA you will see a lot of graduates selling spare parts. Nduka my classmate in the University is now a big time importer of batteries, that was the business that financed his University education.
Where is the job sef, when you have a family business that is comfortably paying your bills, fueling your cars, paying for your vacation to Dubai, Europe or Asia
|Re: Treasury Bills In Nigeria by yazga: 10:18am On Jul 21, 2021|
|Re: Treasury Bills In Nigeria by afroxyz: 10:54am On Jul 21, 2021|
At what age did their parents try to introduce them to the family business? It is not when the child graduates and has his own view of the world that you want to introduce him to the family business, it wont work.
|Re: Treasury Bills In Nigeria by Lazyyouth4u: 11:13am On Jul 21, 2021|
I don’t know what all the fuss is about. Cyberknight is right. You need to have permanent residency or proof of business in the country to open an account outside your country of citizenship. You can’t just walk into any bank in a foreign country and open an account without these.
This is part of the KYC process of banks in every country and it has to do with taxation and anti money laundering and terrorism financing regulations. In the past, it was possible but today it is almost impossible in most countries. It still doesn’t mean that some people don’t find a way to do it illegally. Especially in corrupt countries
High net worth individuals are able to open offshore bank accounts in certain countries but this is very complex and not for the common man
|Re: Treasury Bills In Nigeria by emmanuelewumi(m): 11:25am On Jul 21, 2021|
|Re: Treasury Bills In Nigeria by ukay2: 12:09pm On Jul 21, 2021|
Like stories like this
|Re: Treasury Bills In Nigeria by ukay2: 12:13pm On Jul 21, 2021|
|Re: Treasury Bills In Nigeria by seunpinky(m): 12:31pm On Jul 21, 2021|
This scenario played out with a family friend. The father was a very big and successful biz man, infact was a major supplier of security doors for banks in Nigeria.
The man tried so hard to convince his son to leave the UK to take over the biz, the son refused and stayed put. The father died some years ago and now the son is back to take over the biz, guess what, d biz has not been d same ever since.. he missed d opportunity to learn directly under his father and their competitors have seized control of their market share.
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|Re: Treasury Bills In Nigeria by DaBogu: 12:34pm On Jul 21, 2021|
seunpinky:He made the mistake of coming back, he should have just stayed in the UK.
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