₦airaland Forum

Abeg caution your lawyer to allow your tenants to live in your house in peace, some tenants are really good and peaceful. Asking them to leave just because they have stayed more than 5yrs is inhuman, moving properties from one old apartment to a new apartment is a big challenge for many tenants, hence their decision to spend enough time in a good apartment, as long as they have peace and pay rent regularly.

Make we use sense find dis money, one day, we all gonna die and leave everything behind.

emmanuelewumi:
I don't ask my lawyer to give quit notice, he does the needful. He doesn't even want tenants to stay more than 5 years in the house, I am the one who tells him to take things easy

He gets more money by having new tenants after 5 years.

About 6%

NL1960:
For the rent increase which is almost after every 2 years, what percentage increase do you normally do?.

Yeah, like a family friend, anybody working for you diligently in Nigeria automatically becomes a family friend.

My lawyer is in charge of screening and getting in new tenants into the house, writing of receipts, increment of house rents (almost every 2yrs), giving of quit notice.

Repairing of facilities in the compound, though I have all kinds of artisans who repairs facilities in my properties, my lawyer has all their contacts, he just have to contact them to fix things while I pay their bills.

My lawyer also organise meetings with my tenants, twice every year, this is one of the most important aspect of it all, they all discuss pressing issues and how to live together in peace.

Most of these lawyers looking after properties don't like you sharing their jobs with others, they like doing it all alone, they really like it as a part time job, and sometimes prefer it to going to court rooms to defend a criminal in a country where almost everybody is a criminal one way or the other.

emmanuelewumi:
He is still a small lawyer or a family friend so the business terms are not well spelt out, what are the everything the lawyer does?

You are right Sir, my lawyer does everything, only house rents are paid directly into my account. I stopped dealing directly with my tenants ever since I discovered how complicated tenants could be, they always think they are doing me lots of favour by paying their house rents.

Tenants often complains of irrelevant issues once their house rents are about to expire.... My lawyer is up to their task.

Hmm I pray to get to that stage when I have to employ the services of law firms or property management firms to look after my properties, but for now, God is still working on my success, little by little.

On the other hand, I don't think it is belittling asking tenants to pay their rents, it is a normal thing in saner climes, just that most Nigerians don't like paying up bills/debts and taking full responsibility.

Tenants are humans though, I have seen some tenants who are really doing better in life than their landlords.

emmanuelewumi:
Deal with reputable Property Management firms or Law firms.

I don't advice having personal dealings with tenants, except you have just one Investment property and you don't have any other thing doing

I find it belittling asking tenants to pay their rents, I will delegate that dirty job to a third party

I was just laughing reading your message because the lawyer looking after my commercial house wanted to do same to me... He tried to convince me with every vocabulary he learnt in law school that having the tenants pay house rents into his account is more appropriate, I rejected his idea and increased his percentage for his job and he became quiet, till date.

Lawyers are very convincing, especially when it works in their own advantage, and most property owners don't do their home work and feel their tenants will be more compliant in paying their rents to lawyers instead of paying directly into their accounts.

A friend once told me that his lawyer became greedy and always delayed paying the huge sum his tenants paid into his account.

Money is very very tempting, not everybody has the discipline to stick to their initial promise/agreement, especially when huge sum are involved.

Lets be wise and well informed at all times.

Ugmama:
I don't know why HOUSE Owners meaningly rental tend to give their lawyers access to collect rentage into their accounts first, then remit to house owner later.

Please why do property owners do that?

That's a good point though, having your own house does not in any way prevent you from living anywhere of your choice if you have the resources.

Lazyyouth4u:
Some retirees prefer to have the freedom to move whenever they want to. Imagine retiring at 65 and then owning a house in a place that suddenly starts getting flooded, or the street fit suddenly turn to omila and agbero HQ. Then you are stuck with depression, fear and HBP until one dies

Also, by renting, some can even afford to live in places they cannot afford to buy a house in. A 65 year old retiree with grown up children and who owns financial assets and investments worth around 250m cannot afford to buy a house in Ikoyi but he can afford to rent there to enjoy a peaceful retirement

Having an investment that pays for your house is like owning your own house, but it is far better to complete your house payment before retirement and budget the profits or dividends from your investments for other things like health, fun, charity, etc.

The issue with having a business/investments that pays for your house mortgage is that, somethings could go wrong with your business and after retirement, you might not have enough strength and resources to bounce back on time.

In fact, it is often advised to be free of all kinds of debt or mortgage before retirement.

emmanuelewumi:
Having an investment that pays for it nko?

Having your own house before retirement should be everybody's number one goal, very little is needed to live comfortably and happily after retirement if you have your own house.

Paying house rents after retirement is terribly a bad idea, though many people who couldn't afford a house during their working years don't have a choice, but they have to rent a house in a very cheap area like Ikorodu and live below standard and economically, and this often shorten their life span.

emmanuelewumi:
Do you agree with this at retirement have a house or Investments to take care of housing costs?

I think having at least a house is better

Corruption and mismanagement destroyed the entire country.

emmanuelewumi:
Students rebate did not kill Nigeria Airways, corruption killed it.

Primero Transport carries students in uniform and handicapped people for free in Lagos. It depends on the corporate and social responsibility policy of the company

There was a country. Tears always run down my cheek whenever I remember those good old days in school in Nigeria.

We pray things gets better, though we might not enjoy such privileges and tranquilty in our life time in Nigeria again. The battle for a better Nigeria is for our children, not for many of us.

emmanuelewumi:
IBB opened doors for Civil Servants, maybe corruption was liberalised.

Decent senior civil servants between 1970 and 1990 were well paid, the economy was good, exchange rate was good.

You can conveniently take your family on vacation to Europe.

As a student at UNILAG, Nigeria Airways had an office on campus very close to the main gate

Students can save money from their pocket money and odd jobs to buy air ticket to travel to UK for vacation. It was normal for students to travel to UK to do odd jobs during holidays and bring the money made to school to flex for another session then the cycle will go on again

Lol, I will try to get it, thanks to the boss. You guys are seriously educating us all here, we appreciate.

Lazyyouth4u:
I recommend Aig’s book. ‘Leaving the Tarmac’

Oh Lord, bless me beyond my expectations, so that people will argue over my success and family background

Just imagine having someone like oga emmanuelewumi as your exam invigilator, your own don finish be dat.

You will still get confused even if you know all the answers to the exam questions.

Learn how to ignore some certain things in life, so that you can always be at peace with others. Lazyyouth who decided to ignore the insult isn't a fool, all you could do was to remind him of the insult he had decided to ignore, you only want to plunge this thread into another unnecessary fight that is gonna take days/weeks to resolve.

Its like you are not comfortable with the peace we are all having at the moment on this thread.

Now that rates are going up, lets focus our energies on how to invest profitably for the future.

Grupo:
I thought our resident oil and gas billionaire said you were the serial killer arrested in Akwa Ibom?

You guys are doing well. Financial discipline is a critical key to success. It is very difficult to save and invest money in Nigeria, because we all live in a society where everybody is secretly in competition with everybody, trying hard to live a life they cannot even sustain on a long term basis. And there is always a problem to solve with money, even before the money is earned.

Having loads of money doesn't make you a better person, spending it smart does.

Well, I read your post before you deleted it. I don't have any issue with Okonjo-Iweala's suggestions on how to move the country forward. OBJ is also proffering his own solutions, likewise GEJ and all our past leaders.

My question is, how come our leaders always know how to fix the country before they get into power or when they are no longer in power? And during their administrations they were all stupid and useless to the country.

ositadima1:

Our leaders don't even have to read this big big grammar before knowing what to do. Our leaders are very intelligent, in fact, you have to be intelligent to loot the way they are looting the treasury. Not that they don't know how to build strong institutions, but they are all profiting from the status quo, how do you expect them to change a system that is creating unimaginable wealth for them and their generations to come.

Our leaders are only greedy and self-centered in a devilish manner. Even some of the institutions the British helped us to build that were working effectively after independence were intentionally destroyed by our politicians and many of them became dollar billionaires overnight.

ositadima1:
Strategies for winning the fight against corruption - Ngozi Okonjo-Iweala

That corruption and poor governance are key factors holding back Africa’s development are notions deeply embedded in the literature and thought on Africa’s socioeconomic development. What is not so common is discourse and success stories about how to systematically fight this corruption. Though this may sound discouraging, I can tell you, from my experience, that it is indeed possible to fight corruption successfully with the right knowledge, patience, and commitment to transparency.

To fight corruption, we must first understand it. Underlying the various forms of corruption—grand, political, and administrative, which include public resource transfers to private entities, allocation of public resources to political allies, and misuse of public funds—are three important factors. The first is a lack of transparency of critical financial and other information central to economic development, in particular revenues and budgets. Second is the weakness or total absence of institutions, systems, and processes that block leakages. Third is the pervasiveness of impunity—limited political will to hold accountable and punish those found guilty of such corruption.

Between the three, the tougher problem is how to build strong and enduring institutions. Building institutions takes time and does not deliver the quick results that typically attract politicians or donors. But it is essential if Africa is to fight corruption systematically and ensure long-term stability. We are fortunate to now have technology that enables us to build electronic platforms to manage government finances, biometric systems to bring integrity to our personnel and government payment systems, and web-based platforms to provide transparency of government finances. We need to go even further to see how we can deploy blockchain and other emerging technologies to underpin our contract negotiations and procurement systems, a huge source of corruption and leakage in many countries.

We should combine these efforts with building strong and independent audit and justice systems, including a well-resourced judiciary and an oversight office to field complaints. We also need to create an environment that enables strong and accountable civil society organizations that provide oversight of government. Such strong and independent institutions have a salutary effect on political will as they exert the necessary pressure on politicians, even at the highest levels, to act. Such initiatives take patience and determination though, since building these institutions, systems, and processes may take a decade or more.

My experience in Nigeria showed that a decade spanning three administrations was necessary to build well-functioning technology platforms for managing the country’s finances. The savings in terms of blocked leakages, amounting to over a billion dollars, made it worthwhile.

We found that supporting institution building with openness and transparency of revenue and budgetary data provides a win that can be implemented quickly. The increasing accessibility of the inter net via mobile phones and various analytic apps makes it easier now more than ever to share with citizens information on revenues and expenditures. Publishing monthly data in national newspapers on local, state, and federal government revenues was unprecedented in Nigeria when we started in 2004, but it helped us gain public support for our initiatives going forward. It laid the basis for much more sophisticated analytics on the budget shared widely via the internet today.

Africa needs to focus its anti-corruption fight on long-term, high-return institution building activities, coupled with the justice infrastructure and political will to hold those who transgress accountable. This process should start by making key government statistics open and transparent, enabling citizens to keep on top of important information and build trust in their governments. Only with these pragmatic approaches can the continent record wins against corruption.

You are 99.8% correct, we are the biggest hypocrites on earth, fake and useless leaders, clergy men, Imams, and citizens everywhere, preaching what they don't practice. We might not be the most hopeless, but certainly one of the most hopeless and useless human beings on earth.

Like Sholapey wrote above, our mindset is horribly terrible. Not until we start saying things the way they are and find urgent and realistic solutions to our problems, we are doomed.

If you truly want to know how useless, hopeless and criminally minded Nigerians are, just open a small business and employ Nigerians to work for you.

Everybody goes to Church and Mosque to pray every Fridays and Sundays, yet, evils and atrocities in an unimaginable proportion is the order of the day.

There are still some good and honest Nigerians, though very very few, but their voice had been consumed by the evil ones.

Lazyyouth4u:
The problem with Nigeria is hypocrisy. We will tell lies, cheat and steal from our fellow human beings, support criminals, insult and abuse people and then go to church and mosque to pray. We will even do dry fasting during Lent and Ramadan and then start writing motivational quotes all over the place.

How won’t God continue to punish us? We are the most hopeless sets of human beings on this planet!

You are right Sir, I think Investment One should be reviewing rates more often rather than waiting every 6 months before review, though it has advantage and disadvantage, because if rates are low, you could still be earning high rates from old fixed rates on VGIF before it gets reviewed downwards after 6months.

However, no matter how smart you position your funds, you can't always have advantage in the market. I hope things really gets better in weeks/months to come. We are waiting patiently like our politicians are waiting for 2023 elections.

emmanuelewumi:
It won't be reviewed until end of June 2021.

I think United Capital Money Market Fund can get to 8% by end of June. It was 4% yesterday

Investment One VGIF is still 4.5%, I think it is still one of the best at the moment. Please contact emmasoft if you want to subscribe.

It is not too smart to tie down your money in 365days t-bills at the moment, because better options with good rates like new bonds or Sukkuk bond will show up before year end or early next year.

You have said it all.

AngelicBeing:
The life of God prepares us for paradise/ Heaven ( Godliness, Holiness, righteousness and the fear of God) but the principles of God( working smart, thinkers, doing the right thing at the right time, addressing injustice,
punishing crimes and criminality, equity, fair play, rewarding merits providing enabling environment for citizens to realize their God given potentials void of ethnicity, tribalism, nepotism and religion etc prepare us to live a productive life on earth, those nations we call Atheist countries or who don't subscribe to God are doing well because they subscribe to the principles of God and those principles are working for them, even if Satan comes out physically today and practice the principles of productivity and success, it will work for Satan

Don't leave God out of anything my brother, He is the essence of everything we do in life. Yes, it is very discouraging to see nations who don't even believe in God or go to church prosper more than those that strongly believe in Him. But who are we to judge, the matter dey tire everybody sha.

Japan is even good, at least they welcome and tolerate other religion. China is worse, they don't even want to see church with their eyes or any religious crusaders in their country, yet, same Chinese are prospering more than other folks. Life nor banlance at all.

afroxyz:
Boss abeg leave God for this matter. Japan has the highest number of atheists.

We have lots of big problems, but don't write off Nigeria yet, Nigeria is like an apple in God's eyes. We have survived so many challenges many thought impossible to survive, Nigera will bounce back, we just have to work harder and do the right things as quickly as practicable.

Even world bank and other international institutions couldn't believe how fast we exited recession. God is indeed listening to millions of Nigerians praying every day for a better Nigeria, but we have to move beyond prayers and act swiftly, we are already on the edge and very little time is left to rescue the country.

Even though our hopes are dashed and dreams shattered, we still hope for a better Nigeria.

AngelicBeing:
Nigeria is a failed state after the order of Afghanistan, Yemen, Syria, South Sudan, Libya and Somalia, regardless of what some patriotic Nigerians are saying about the country, the country is dead completely and I think beyond redemption, we can keep gloating of been the giant of Africa but all the indices of a failed and dead country is in Nigeria, next news jare

There should be special TV stations for youths and parents on how best to build and live in a sane society, Parental failure is one reason our society is so messed up with criminals.

I think there should be special programs or seminars in every learning institution to educate parents on how best to raise kids, most parents only know how to make babies and don't know how to raise them.

80% of our societal problems boils down to parental failures in raising their kids the right way. Years back, if you have money or spent money you didn't work for, you better have good explanations for your parents or you gonna be in trouble. But today, some of our parents even encourage their kids to go into crimes and doesn't question their excesses, and we want our govt to solely build a sane and enabling society for everything to thrive.

Wahala be like bicycle. Too many problems in Nigeria. You have made valid points. Our youths are systematically part of our problems in Nigeria, they want to take over, but don't have any agenda or road map to achieve that.

It is heart-wrenching that Nigerians are even considering crooks like Tinubu, Atiku and the rest to be our next president, same people who landed us in this misery we found ourselves today.

I will prefer Osinbajo to many of these political warlords like Tinubu, though Osinbajo had been turned into a vegetable and rendered useless.

Nigerians who have what it takes to bring us out of this agony don't have the resources or finance or connections to become president.

Come to think of it, don't you think we have the kind of leaders we truly deserve as a nation?

Where and how do you expect us to find honest leaders with integrity and vision in a dishonest country with thieves and manipulators everywhere?

It won't be easy to get things better in Nigeria anytime soon, because our next president might likely be one of those criminals who helped in destroying our system in the first place, because they have all it takes to win every election however they want it.

ahiboilandgas:
Chai within concern me am just a resident of Nigeria not a Nigerian

No need going into production as a business man when you cannot have a direct contact with your consumers. Your direct contacts with those consuming your juice will determine your level of success.

Once your business starts growing with more profits, it will be very very difficult for that your friend to be loyal to you and respect initial agreement.

Money has a way of turning men with good characters into something you cannot imagine.

No matter your agreement with your friend who has all the contacts with your custumers, you must find a way to also have direct contacts with your customers, and there are so many ways you can achieve that without betraying or offending your friend.

edoman2016:
I need a serious advice here. I own a NAFDAC approved juice factory. So we have test runned and did trial production which was very successful. The samples were liked by the supermarkets and customers we give it to.

Now the issue now is that we are commencing full commercial production this week. And I had an arrangement with a chdhood friend of mine who had access to about 400 supermarkets in Nigeria. He has always been in FMCG sales after NYSC days, well connected and well experienced in sales and distribution. He wants to be the distributor and the receiver of payment from the customers, he will deduct his commission and remit my due money from sales after 30 days of supply on credit to him

Now, do you think the arrangement will favour me as the manufacturer, investor and sole owner of the factory. Should I develop my own in house sales team? even though I am not well connected to supermarkets in Lagos like him. I believe he is saving me the stress of customer acquisition.

My fear is that most customers will know him as their supplier and not know anything about me as the business owner. What if in future, he raise capital and start his own factory and steal all my customers.

I need advice on the way forward

Bernie Madoff couldn't even take a dime to his grave, vanity. Some of his victims died of depression and frustration long time ago.

"The whole govt is a ponzi scheme" -Bernie Madoff

Lazyyouth4u:
Maddof, King of Ponzi dead

I know you are married to a foreigner, a Turkish precisely. If you are not a Nigerian and you know so much about Nigeria and Nigerians and even educate us about our country, I think you need an award.

We shall send a letter to Abuja to include your name in the next group of patriotic Nigerians for national honorary medals.

ahiboilandgas:
please am not a Nigerian

Hmmm Whats your nationality Sir?

ahiboilandgas:
please am not a Nigerian

Honestly, I think Lazyyouth4you is allergic to Ahiboilandgas. We all like ahiboilandgas and his contributions, he mustn't be attacked for expressing his views however he pleases.

Ahiboilandgas is very unique on this thread, because he is one of the few aboki with southern business acumen and can voice his views on so many areas without being biased.. He should be encouraged and not attacked.

We all know the challenges in the north, in terms of high level of illiteracy and poverty. So we should encourage one of them for joining us to talk about investments and innovations.

Lazyyouth4you, please sheathe your sword and live and lets live.

You are rich if you have over 50m net worth, and can generate a minimum of 5m anually from this 50m as passive income.

You are wealthy if you have over 250m net worth, and can generate a minimum of 25m anually from this 250m as passive income.

Though this is relative and doesn't have any statistical fact. But our high inflation rate could also be a threat as to how much you really need to be rich or wealthy.

However, there is a very big difference between rich people and wealthy people. If you know you know.

emmanuelewumi:
That takes us to another question, what is your definition of being wealthy?