₦airaland Forum

Buharifan:
please i need your advice. can I sue MMM if I failed to withdraw my money by 31 Jan 2017 and what type of court? I put in about 2m naira hoping to cash this December but got this sad news.

lalasticlala

Of course you can sue them in Nigeria, and in any jurisdiction they do business or have assets. You probably have a 100% chance of getting judgment in your favor. The problem is after you get judgment, what next? They probably don't have attachable assets lying around anywhere in the world. It is not like suing ExxonMobil.
On the same topic, I read on another thread that bank employees are facing termination for steering peeps to MMM. If you can actually prove that a bank employee, at the premises of the bank, advised you to invest in MMM, then you might possibly have a colorable claim against the bank under the vicarious liability doctrine. I know this is a long shot considering the primitive state of tort laws in Nigeria, but then it is in actual litigation of grievances that the law evolves. A class action lawsuit here might actually serve a beneficial purpose of furthering consumer protection.

Cromagnon:
+1 929 434 9860

Send message with faveibe so I know it's you

I sent you a txt message. Mt area code is 609

Cromagnon:
can we talk offline

We can, but I can no longer access the email I use for this account on Nairaland so drop whatever you are comfortable communicating with (email, phone number, whatsapp) and I will contact you.

Well, I am abroad and has farm (Livestock and Plantain) in Nigeria. We have been going for about 18 months now, and I have to be honest and say that the experience has been far from what I thought. But, of course with every business, there is a learning curve, so I do not regret the experience the past 18 months and I am actually motivated to push forward. Frankly, I believe what I have learnt about the business is definitely worth whatever I could have lost due to poor management or dishonest employees. A lot of people will advice that you don't start because people cannot be honest in your absence. However they refuse to look at it from the perspective that when you are abroad, you are mostly likely working and making much more money than you are losing at your farm in Nigeria either due to poor management or dishonest employees. For example, I make at least 3mm naira every month (using 450 naira per dollar), my manager and employees will need to be highway robbers to defraud me of even half of that in any given month. So what is better?
Of course some will advise you to keep your money until you are ready to come back and setup, but everyone knows it is not easy to just keep money like that. And more importantly in staring even while you are still away, you learn some very valuable lessons. You learn that theories hardly translate into practice; you learn what people to trust or not, you learn some production and management; you find out what works and what doesn't; you learn about other aspects of the farming value chain you never even thought about (for example, dabbling into poultry has thought me about the opportunities in both farming and storing grains).
My advice to you is there is no better teacher than experience. The best time to go in is actually when you are still abroad and still able to make the money to help replace the losses due to the inevitable learning curve. You should focus more on constructing and expanding your facilities such as buildings and machinery and less on production. Trust me no matter how fraudulent a poultry manager is, he will most likely not sell your pen houses or your feed mill or your tractors, etc.
So seriously, give it a try if you have a passion for farming.

how much do you pay for each bad laptop?

efembaba:
Bookshop!! But on a more serious note these books are great o if u can lay ur hands on some of them

What exactly is so great in those books? Actually, apart from Paolo Coelho's alchemist the rest are just the same crap peddling all manner of schemes to success.

Just say the name, Dangote. This is crony capitalism on steroids. The biggest impediment to development in Nigeria is that so-called government officials (who should have a fiduciary duty to the Nigerian people) are nothing but a bunch of self-serving vultures out to use their positions to enrich themselves and their cronies.
My biggest frustration with the so-called Buhari war on corruption is that he is driving with his rearview mirror. In as much as holding past office holders accountable is important, that pales in significance to the existential need to enthrone ethical rules to guide present and future conduct of so-called government officials.

Hahahahahaha.
This Alhaji Gwadabe sef na wah.
Actually the truth is that diaspora remittance is drying up. Buffeted by the low exchange rate being offered by the IMTOs and the fact that the major spike in remittance was largely due to people breaking their 401ks and their CDs for a one of transaction, the money the CBN and the BDCs and have been drooling over, is running out. All that Travelex and nonsense is just crap. The supply is running out and the dollar will now resume its march up.

Give us price list here na. Abi U dey sell different price to different peep?

Hahahahahaha!!
I guess this is supposed to make peeps feel good about their situation.

Exoticstan:
Yes. If you don't mind, why did you ask?

I am interesting in researching primary and secondary material for some writing ideas in my head. Would be wonderful if I can get assistance in that area. Nigerian history basically. Just ideas for now, but we can always discuss if you want

Exoticstan:
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If you happen to have too much work than you can handle, or need a reliable addition to your team, you can reach out to me. My areas include:
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Above all, I have excess time by my side; there's no gain in wasting it on small jobs. Feel free to outsource your jobs from me if you get choked up, or invite me when you need more hands on a mega project.
07038412535,
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Interesting. Do you do research? Like search for materials at the archives and libraries?

Kunlegzy:
GOOD that you went deep I don't have that time. World remit et all were blocked! Are u aware? In actual sense we are talking same. The issue now is bringing this guys under control and regulating them will obviously grow the naira. Or you have an objection to this?

The objective of the CBN is not "bringing this guys under control and regulating them" as you put it. The objective is to force me and other Diaspora Nigerians to sell our FX to the banks at the CBN manipulated inter-bank rate. My point is that provided there is a wide gulf between the official interbank rate and the black market, this policy is dead on arrival. Growing the naira as you put it I don't have any quarrel with, but that should not be put on the back of the Nigerians abroad who did nothing to contribute to the current crisis, and whose remittances, frankly is the one thing that is standing between the Nigerian economy and Armageddon. Ultimately it behooves the CBN to acknowledge that there is no way they can achieve their policy aim here, and actually there meddlesomeness is hurting the economy by reducing the FX supply.

Kunlegzy:
if you are conversant with what his happening abroad you will understand that, people outside naija doesn't post with Western Union or Money gramm as obtainable in those days.

They make use of these IMTs cos they exchange in the parallel market rate and and not the official which is very wrong! CBN couldn't monitor them cos they didn't register in Nigeria but have access to all the Abokis selling dollars and buying. The ban means they will register plus they will be under close monitoring. CBN will be able to appropriate how much that comes into the country, and those IMTs will exchange in the official and not parallel rate which kills the naira. People hardly understand this things but are always forming professor of economics over what they don't have ideas over.

You sound so officious but you hardly understand the nature of what you are talking about. Actually these IMTOs you talk about didn't have much to do with the Abokis as you claim as they didn't send much FX into Nigeria. What they did was bulk currency swaps and this is how they operated: they would first collect the FX from the thousands of people wanting to send hundreds and thousands of FX to Nigeria, then they go into swap deals with people in Nigeria that needed bulk FX overseas. The guys in Nigeria will pay naira into the IMTO Nigerian account, and the IMTO will in turn pay the FX into the designated foreign accounts of the Nigerian counterpart. Simple process! Now the IMTO is able to pay to the diaspora Nigerians something close to the black market rate because their Nigerian counterparties are happy to get the bulk FX they needed without going through the bottleneck of official FX transactions, and are therefore willing to pay the black market rate for that convenience. The IMTOs in turn make their money from the small transaction charges they get from the diaspora individual, and the very little difference between what they charge their Nigerian counterparties and what they pay the diaspora Nigerian.
Your can question the morality or patriotism of this practice, but that is an entirely separate matter. The fact is that most people make economic decisions based on self interest and not some woolly headed notions of patriotism. The environment that created this practice was not created by the IMTOs or the diaspora Nigerian. It was created by the policies of the CBN and the Nigerian govt which has fostered a situation of a wide gulf between the official inter-bank rate and the black market rate. Until the CBN works to eliminate or drastically narrow this gulf, this practices will continue, and it is actually detrimental to the economy for the CBN to try to curtail it as such endeavor only has the unintended consequence of reducing the supply of the FX supply to the economy.

Hmmmm
This CNB sef. The problem with the WU, MoneyGram only policy of a few weeks ago is not so much that they deny diaspora Nigerians of choice, but that it requires the money transfer companies to remit the hard currency to Nigerian banks at whatever inter-bank rate the CBN created through its manipulation. If the condition for licensing these new IMTOs is that they also remit the hard currency to Nigeria, then they can be sure it is not going to solve anything. It should be clear to CBN by now that provided that there is a wide difference between the inter-bank rate and the black market rate, Nigerians in diaspora will find ways to get the black market rate for their hard earned FX. And actually this is not difficult at all as there are always Nigerians with Naira ready to exchange for FX at or close to the black market rate. Just this week a friend in Nigeria needed $500 urgently in the USA, and all we did was that I paid the money into his designated US account, and he paid the Naira equivalent (at 400) into my designated Nigerian account. It didn't even take 30 mins!
The point here is that the CBN is deliberately ignoring the primary reason for the high demand of FX by Nigerians which is overwhelming either to pay for goods or services overseas. It doesn't make any sense to demand that the FX physically comes into a Nigerian bank before this requirement is met. Setting all these crap requirements only has the negative effect of reducing the FX supply to the economy.

Well, the first question ought to be - do the banks have the dollars to sell to the BDCs?
This policy is based on the assumption that once the CBN shut down the mushroom money transfer companies then diaspora Nigerians will have no choice but to give their hard earned FX to Western Union and MoneyGram who will now hand over to the banks who will in turn exchange the FX for whatever CBN manipulated inter-bank rate is for the day. Of course, like most all policies dictated by the CBN to deal with this FX crisis, it is a bone-headed idea based on nothing but an overbearing arrogance that they can wily-nilly confiscate private property without explanation and without justification.
Well, it is never going to work. Provided there is a wide gap between the inter bank rate and the black market rate, Nigerians in diaspora are never going back to handing their hard earned money to the banks through WU and MoneyGram. The CBN simply lacks the ability to shut down all the transfer loopholes, and they forget to factor in that the vast majority of the demand for FX in Nigeria is for use in the US and other countries. So what stops someone that has dollars and wants Naira from looking for someone with naira but needs dollars so they could do a simple swap at or close to the black market rate which simply eliminates the WU and the Nigerian banks? Nothing! And actually this is what people are doing for the most part now, and I don't see how the CBN is going to stop that too.

sexysophie:
Hmm. Okay. laiskinmusic @ gmail dot com

I sent you email

sexysophie:
Just mailed you.

Sorry I cant access any email sent to my account. If you don't want o drop your number is it possible you drop your email here. Sorry I am being kind of mysterious

Where can I reach you? Preferably whatsapp

How much?