₦airaland Forum

wonlasewonimi:
You get olosho for SE2?

U don start ni

Aphrodite007:
Some places ask for 6 months especially from international students because those students won’t have a guarantor. So I wouldn’t say that this person has been “had”.

They need reporting!

wallg123:
Who go wake u up ?. Go back to sleep Biko before u go raise hell

I nor sleep oh, I dey the other thread wey adult full CC The property Section and Autos Range and Bimas.

Swiftlee:
Who is in London? We plenty so?

Present sir/ma I rep N8 and Se2, let's go!

Aphrodite007:
The immense joy I get when I see fight on nairaland this lockdown has done me strong thing. It’s like watching reality tv

No worry U go enter ring just now

TheGuyFromHR:
Lol, not entirely correct.
As an "international form of identification", a passport is indeed solely intended for travel between countries.
Of course, some countries allow travel on other forms of identification, but when one goes to apply for a passport, the assumed intention is that borders are to be crossed therewith.

well, you also use it as ID. Two forms of ID mainly asked In the UK are Driver's License and Int Passport. nah the photo ID be at nothing more nothing less.

Mamatukwas:
Honorable minister off your mic �

Mamatukwas U dey para this evening wetin happen

If i talk now nah my shyte go smell pass dem go say I B OLD school and in reality many of dem senior me here, Green P worthless I rest my case!

Aphrodite007:
Sorry for being rude. What steps can a lawyer take towards finding information that a land has been previously sold, that a normal person can’t do? Abi lawyers in Nigeria have super powers? Or a land database that the common man doesn’t have?

In uk, you are advised to get a lawyer to handle the agreement so there aren’t delays. Not so the lawyer will magically smell fraud, because The same questions the lawyer will ask is the same you will ask when doing due diligence. The same database the lawyers check, you can check it too. It’s not by force to have a lawyer inspect the property. Lawyers are only important when it’s time to draft agreements/contracts- which is still optional. Why must it be different in Nigeria? Buying land should be straightforward.

You’re insulting people that have been swindled and glorifying hardship/suffering just to make a claim that a lawyer should be involved. there should be laws in the country to prevent the double sale or a database to allow the common man to do due diligence properly.

It wont be too wise for me to derv too far into this land issues here it would not be fair on others, can you bring this topic to the property section? we have seasoned lawyers there and people who are well placed to respond to you! and yes lawyers have far more reach to search than the ordinary persons.Just bring it to the property section pls.
here
https://www.nairaland.com/377377/dont-victim-investigate-every-property

Lexusgs430:
All in one..... Some pipu are new generation...... Not like some old skul là pep........


When money is available, bullshit works............

True dat, I dey ur backyard today ohh Abbey Wood

RalphJean:
I will keep drumming it into your 600-years in the UK head, until you understand.

Use of challenger banks is NOT equal to illegal immigrant.

I know U don't have work,but Im off today and have ur time,I don't know what you mean by challenger bank and there is no such word I n the financial world in the Ik, its ur ketu education coming into play here besides I really don't know why you are labouring this issue when I have the right to my own opinion n you yours

RalphJean:
I am quoting this again, for you to see.
See that bolded part?

That is pure Rubbish.

Folks on this thread can help us decide.

As U can see I said he was Legal, not illegal so what's ur problem with that figure of speech, you are at least 3 years old In the Uk, you should understand such figure of speech. Plus you are taking panadol for someone else's head ache

RalphJean:
Hello
Rubbish is when you don’t appear to understand that someone can have different bank accounts with different banks for different purposes, although the person is a LEGAL immigrant in the UK.
Rubbish is when someone is so naive to the point of thinking that the use of challenger banks is for illegal immigrants.

If you want to see rubbish, go back and read your assertion on why someone would use a challenger bank if such person is not illegal.
That, my friend is rubbish.

E dey pain you say we no be illegal and we dey use challenger bank?
Go rest, Oga Methuselah.

I can tell you are less than 3 years Old in the Uk, this is how you lot talk.If you check what I said I was only trying to understand the narrative within some subjecting themselves to such limited you are jumping up and down getting ur pants in a twist.

mimilyrics:
Different strokes for different folks. Some use it because it gets them easily set up upon getting to the UK, some because of the inbuilt transfer function to international accounts while others use it solely for online transactions or 3rd party payments as they wouldn't want to use their regular bank accounts in order to prevent their banking info from getting into the wrong hands.
Many people also don't do much offline cash transactions so it's not really a problem to them.

well true

RalphJean:
If I write exactly what’s in my mind as per the bolded part, Mazi Justwise will knack me ban.

Erico2k2:
I bank with the UK’s oldest bank....
I have NOT withdrawn nor deposit more than £1000 in cash at ANY time since 2015.

I have Monzo, and Starling. I am probably more legal in the UK than you are.

Biko, stop this nonsense about ‘illegal’ people are the ones using challenger banks.

Ta go and sit down there, una go just open unu mouth the type rubbish unto say we hide behind laptop, nah your fault?

Susom:
Hello Lexusgs430, I am back to say thank you for assisting me with the house search in the Kent area even though I couldn't land any. I eventually got somewhere in Hayes, they were willing to take 6months rent ahead of the Tenancy. Settling in the UK on a Sole Representative Visa for a Nigerian Company has been so tough but all is fine now. I wish I registered on the electoral register as a student during my master.

Thank you Thank you Thank you

At the bolded did you mean 6 months RENT?

mimilyrics:
True about a deposit limit but it's £1,000 cash deposit every 180 days. Unlimited inbound bank transfers. Outbound transfers have 24 hour limits of £10,000. ATM withdrawal is capped at £400 within 24 hours and £5,500 over 30 days. Daily bank transfer and card transactions is pegged at £10,000 each.

so in 6 months, I can only deposit £1k cash which means in one whole month you can only receive something like £155 cash in a month really?if you are legal in the Uk why would one wanna subject themselves to that? and u cant pay more than £10k a day wiv ur debit card and cant cash out more than £5500 in a month nahhhh

bigtt76:
They deposit to the banks' foreign position (eg US bank the Nigeria banks corresponds with) and the banks in turn sell to CBN by depositing it with CBN's foreign account. So unless CBN sells its available stock to the bank for Naira value, the banks don't get much to play around with ...I might be wrong but its also expensive for the banks to bring in the physical dollar cash into the country for example.

you are very right, some people seem to think the cash would be flown to Nigeria which is more expenssive

Excellent7:
This policy should have been in place long before now!

The dollars will eventually end up in the parallel market thus improving the supply. I think it came quite late to be very effective in an easily visible manner. If not for Coronavirus travel restrictions on travel into Nigeria, it could have been more effective.

However, I foresee some reduction in the rate of Naira fall against the dollar at least in the next 8-12 weeks. My prediction for USD: NGN is 500 plus or minus 50 NGN to USD. I am of the opinion that it could have surpassed 600 NGN per USD in this timeframe without this policy.

Sometimes I wonder how our policy makers come to the decisions they announce. It seems to me that these guys are either ignorant or know the right thing to do but do not due to pecuniary or conflicting interests.
Having said this, I will try to briefly highlight in a simple way the sources and evolution of this FOREX wahala specifically in the very recent past.

The Naira is and will continue to be under pressure as long as we continue to import much more goods and services than we export. However, this can be mitigated in the short term by policies that encourage citizens and corporates to lodge and/or invest foreign currencies in the country (non-oil-based FOREX inflows). A long-term strategy would be to increase local production of goods and services and aggressive export drive. Imagine the FOREX savings that will accrue if every litre of fuel consumed locally is produced locally!
In spite of these fundamental problems, ill-thought policies and policy summersaults have continually exacerbated the situation.

Firstly, around 2015 (I stand to be corrected), under the guise of fighting corruption the government started making issues about foreign currencies in domiciliary accounts. The impression was that government might move to confiscate foreign currencies in these accounts and/or force them to be converted to Naira at fiat rates. At a point the banks even stopped receiving foreign currency deposits! Fortunately, the “madness” did not materialize but a lot of people had become cautious. Consequently, many Nigerians in Diaspora who often keep part of their income in the country as FOREX in domiciliary accounts became wary and so did other players.

Secondly, the ban on beneficiaries of FOREX transfers receiving their payments in foreign currency but only in Naira together with the wide disparity in the exchange rates used by the banks in paying beneficiaries and parallel market rates (often in the range of 20-25% difference) ensured that in real terms the sender loses value (in the range of 20-25%) by making a transfer home as opposed to exchanging the funds at the parallel market. This and the continuous slide in Naira ensured that mostly “hot money” came from diaspora. By “hot money” I mean money for immediate and dire needs for family and dependents at home.

The government is already banking on increased remittances from the diaspora during the festive period to help with the recession but I have had my doubts. The significant difference in rates is a dis-incentive. In my opinion the difference if any, between the bank rates and parallel market rates should not be more than 5%.

So how are the banks getting the dollars vos frm what I can understand its people abroad they are asking this off cos we are the one remitting money via 3rd party companies to Nigeria. I will never ask to collect cash in dollars in Nigeria then go to aboki to change it why?

tushqueen:
Please how good is Monzo, I need to open a bank account and it was suggested to me. Is it reliable, efficient and do they give credit cards?

ahah If I talk nah dem go gather me wan beat, I heard that you can only deposit cash payment max 300 in every 180 days and its via pay point no physical bank

wallg123:
But sir Erico, is it really worth it?.
I’m sure you are aware a lot of people get killed, poisoned because they were busy fighting for land...
Sometimes it’s good to take 2 steps backwards to move forward...

Well if you got that ki and fear or thought in mind perhaps that line of business is not for you,if you remember I stated in my earlier post that sometimes we Nigerians jump into a brand of business we have no clue about all in the name of someone else is making money outta it, however, you int got the required strategy as that person. What I always say is this, we all have a passion, turn your own passion into a money-making business if you can start or if not like my father sticks to working .
I will explain I come from a family with the highest number of chatard account in the world , my Dad is chartered so is my younger brother, Now from growing up my Dad has tried his hands on loads of business I mean loads, from Rubber to timber to salt, to lands, cars, transport you name it. One day he sat down and realised that Business is not for all of us perhaps his calling is to use his work skills to better himself and others around him so he remained a civil servant!

Aphrodite007:
It’s very easy to sit on a fence and point out someone’s fault.

This isn’t the first land he has bought in the same state. If the king told my dad that he was the owner of the land, he would have told the lawyer the same thing. I don’t know the details of what transpired cos I was abroad then, but I’m sure my dad did his due diligence; the same way lots of people do due diligence when buying land but still get duped.

Im not one that belong to the school of sitting on a fence, in this.as a matter of fact I have bought land B4 from a community a very troubled o be at that, ask of Oghara people where Ibori is from then you will understand. This was how it was said it was the kings, No to bore you with details they have to give me a 200x200 to replace my 100x100. as I have started a hostel foundation and got materials to the site. Look land business is a dirty business if you ain't ready to get down and dirty don't go into it. There is not a Gentleman in it

Aphrodite007:
Please that’s the business I have in Nigeria.

You and Chukwuka16 can invest in me; since both of you are fearless.


I’m not joking. IRR is 1521% and ROI is 91%.

I was more talking about bing there in person!

Aphrodite007:
Land was in Anambra. Where do you want to start due diligence from?

P.S: the king sold the land. It’s the king that my dad sued. What’s more “due diligence” than trusting a Nigerian king?

(I didn’t say Prince)

Due diligence is paying a quality lawyer to do the investigation and all red tape for you! every land I have bought in Nigeria I have even at the point of inspection gone with my lawyer each time. Every stage is documented and filed! There is a sure way to buy land in Nigeria and if your lawyer sense foul play ahead he/she will advise you to leave it!

ILoveDemMANNA:
When you have more inflows into the country at dollar value it will help bring down the BDC rates,
it will also help solidify or unify the rates in the market so we don’t have multiple currency rates.


This new directive means when Nigerians living in diaspora transfer money to loved ones in the country, they can in turn withdraw the money in dollar cash and sell wherever they want to.

Now, Nigerians who recieve foreign transfers such as Western Union or Moneygram can withdraw it in dollars and then sell at the black market rate or wherever they want to.

And if the banks do not have enough dollars at the requested time? or you forget this money is wired electronically??

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 .

@ the Bolded, that is the only kind of business I DO!

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

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?

Aphrodite007:
No you didn’t disappoint me. If I’ll be honest, you blew my mind. You had great points about people investing in things they aren’t passionate about. That’s true, but this shouldn’t always be the case all the time, when doing business. Dangote I’m sure was not passionate about cement, he just saw/inherited the opportunity.

Besides I’m impressed you’ve done business for that long in Nigeria. Congrats. Finally, You seem unperturbed by the exchange rate, so I’m cool- I can’t cry more than the bereaved.

Thanks for ur honesty, U see wen I landed this Uk I was a young man in 2000, one guy my aunt friend came and was dancing after getting his red P after 16 years @ 2000.he was saying he was relocating the next year, I thought he was mad, I could not understand why on earth the guy was happy to go home. It was when I took 2 years out of the Uk to live in Nigeria I understood! where there is a population there is business. As per Dangote, check his history very well, he has trade experience in cement and commodities cos his lineage were traders as such

LagosismyHome:
N1MILLION in 2010 was about $5.5k, today it is $2k.

Something to Think deeply about .... while promoting nigeria investment.

This hasn't even factored in stress, wahala , instability ... we are just talking value of money .
So even if I doubled that 1 millon money to 2 million, it just back to my initial investment in terms of foreign currency as we are based abroad. Now how many investment in naija return 100% back

Talking about stress, there is stress everywhere even the stress in the UK and US can frustrate you and pack you back in Nigeria, some have killed their wives or husband due to stress here.
how many businesses of the world does the investor live to see 100% ROI? it's scarce, let's be realistic.
You used one word there based abroad this is true, Don't 4got some of us have the mentality of I work abroad but live in Nigeria sort of attitude.I see myself as that this is why my job these days contracts.I think and reckon I have lived in the Uk long enough to know for sure you truly do not own anything here even though you are mortgage-free,Im a strong believer of a person who sits down and thinks of what they could do that no one is doing to make money.By this I mean being dynamic and quick to change with the tide but still stay relivant.

Aphrodite007:
You can’t do business in an environment that doesn’t enable you to do business. The Nigerian govt makes it extremely hard to do legit business. Too hard. It’s unfair to collect order for hair from 10 of your clients at 20000 each, only to find out that the exchange rate has gone up, what do you do? Do you ask them for more money or run at a loss?

Then there’s the one where you want to go to your farm in Kaduna to check your fish, and that’s how men will kidnap you and ask for 10M to release you.

Wait is it the one that after buying land in Abuja from the FHA o, you will now hear that someone else owns the land and then you spend the next 5 years in court.

My friend started an agric business, that’s how his boys packed all his chickens and eggs one weekend. My uncle got a fish farm, that’s how one day he started complaining that fish feed had gotten too expensive and closed the business. My best-friends hair business, na fight I carry myself go fight for her money from all the people owing her— babe like me, chai! Right now she’s packing up that she no sell again.

You say one could give loans to akara sellers? Them never carry your money run before, change name on top- how do you want to track them?

Nigeria has harsh business policies and poor security.

If you’ve been lucky that you have family you trust or probably strong connect in government to protect you, mate, congrats but don’t mislead people ok.

The chances of succeeding (not sustaining/not managing, I mean succeeding) in business in Nigeria is 3:10. And that’s if you’re ready to keep some authorities in your pocket.

P.S: I’m a business analyst. Nigeria is the only place that I’ve done PESTLE on and written “by God’s grace” as my recommendation.

@erico2k2 this message is for you too.

Im going to disappoint you, I have been doing business in Nigeria since 2002.The problem with Nigerians is they invest in where they think the money is not what the are passionate and have a clue about.
You go and buy land of N5m and you cant spend N50k to do due diligence.
You open a fish farm and you have never ever done fishery or worked in one B4
Talking about trusted family and friends if you remember, Im always talking about the Nigerian way. Not everyone is cut out to do business, some people are destined to be workers and you can't force that. whether one has govt connection is irrelevant as I said b4, you got to do things the Nigerian way to survive your investment, now this takes a little bit of time to learn,I took 2 years out of the Uk to stay in Nigerian and study how it really works and I have friends who did same.
PS you do not have to buy land in ABJ, Im sure there are N500k lands not too far from you!I know a person who had 10 plot along NTA road in PH, it was worth roughly N500k 2004 , they were worth N12M each when he sold them

Chukwuka16:
Sincerely, you are entitled to your opinions but objectively speaking what makes you think that investments in Nigeria at the moment aren't worth it?

If you want sure and safe investments with minimal risks then try the money market funds (MMF) with their low RoI. If you want higher returns then you have to take risks. The problem with investing in Nigeria aside the government's own contribution centres on lack of preparedness on the part of the investor to understand both the political and technical and social and economic implications of society on such investments. It isn't just about putting in money. You've got work to do. You've got to identify the right persons, train them, equip them and empower them and monitor them.

It isn't uncommon for folks to think IT businesses will thrive in Nigeria when they fail to realise that there is low internet penetration among users and low IT knowledge among Nigerians. Imagine someone targeting investing in electric vehicles (EV) chargers in Nigeria because the government is championing renewables while failing to see that the government is very much invested in crude oil for the foreseeable future and folks lack the financial capital to sustain such businesses. As a matter of fact, our inverter batteries have been trapped at the Lagos port for over 4 months now while still incurring costs from financing that project. We aren't sad because we have diversified into other sources to hedge that risk. We know how the system works so we ensure we diversify to derisk risky aspects of our business.

Nigeria has an enormous amount of human capital and wealth domiciled within the country. However, one must be savvy enough to understand social strata, herd thinking and also familiar with the economic reality to really turn profit.

Isn't it strange that mama akara will prefer to collect loan of 30K Naira from LAPO at 10% every 30 days (translating to 120% per annum) than the bank around the corner because of the high barrier to accessing such credit from them (even cheaper at 15% per annum) and also because the banks are blind to the availability of capital that exists outside of TB's, oil coys, Dangote and corporate workers.

Why have all major brands in Nigeria started adopting the sachet method of packaging their products from toothpaste to milk to bournvita to drinks to detergent etc.? Isn't it funny that Emeka will prefer buying 2 satchet toothpaste weekly at 50 Naira each (100 Naira) compared to 1 big tube toothpaste for 300 Naira that can last 5 weeks. If you don't understand this way of thinking, you will be investing in products and services that are way above the reach of the average Nigerians and they are over 120 million.

Why do all mobile networks in Nigeria have options of purchasing recharge cards even as low 100 Naira? Why didn't MTN maintain their stance that per second billing was impossible?

There is a thinking of the peasants (apologies to James Scott of The Moral Economy of the Peasant) and understanding this is key to doing business in Nigeria. Indomie understands this and they have remained in the business. The satchet water guys understand this and have remained in business.

Government policies yes can cause issues especially with recapitulations and poor thinking, but 200 million people must feed at least twice daily - that's your market!

Bro say no more if anyone like vex but I stand to be corrected, its those in these categories that castigate people going to Invest in Nigeria
1 The lack the business environmental knowledge in Nigeria
2 never done any sort of business before, straight from Uni to the Uk or any abroad
3 have no money
4 have no papers
5 pretenders
6 kids
etc