What he does is simple, buy companies who are cash strapped but asset rich. He then use the assets(asset value less depreciation) as collateral to get more money (cash) from banks. When the banks call on the loan, he lets them seize and auction the assets. He has no interest in building any business or improving anything in Nigeria. When he's tired, he sells off the assets and walks away.

He is the proverbial Business Pirate. He destroys and kills any business he gets his hands on, while enriching himself. Ask EAS Airways etc.

Lets watch out what will happen to Newswatch in the next 12-18months.

@Cactus: It's a pity my use of the broad term "open source" has misled you in understanding my point or the context of it.

Open source is surely the way to go, Facebook run's on open source, yes. I build on open source PHP etc.

My point was, not quite about the "open source" as it was about the fact that an off-the-shelf solution never really works for a huge portal. Check the world over and investigate the histories of the really BIG hits. I mean really big, not just a few hundred thousand hits.

I tried to use the context of Nairaland - Please educate me, if you will:
1. Why is it not available in multiple other channels? Mobile apps, Ipad, a mobile site, BB app etc?
2. Why have there been no 'real' upgrades/updates in the user experience
3. Why didn't I get a desktop app with it, plus a notifier to tag my interests?
4. Why is there no way of filtering a delivering to me (even if via RSS) topics I am interested in ONLY, and maybe people I choose to follow their comments etc?

I can keep going, and you can of course choose to take a defensive stance, or like many nairalanders, use abusive language, Your choice.

Open Source - I can conceptualize a car, have Ferarri build me an engine (my specs possibly), make the seats by some custom designer, get the windshields etc from another and the bumpers from China - cool, really cool. That's Open Source.

However, i will definitely have a problem if I buy a Kia Cerato, love-vendor it up, blah blah blah, some things - nah - lots of things, I cannot do anything about. - That's my point.

@papabrowne: Kudos, very well analysed.

If the elections turn out to be free and fair, there will be lots of surprises.

Indeed, GEJ has a different air from his pre-decessors. He surely doesn't look or sound like a tyrant, however, is it possible to truly know someone who spends his time trying to create an impression of himself to you? Same goes for Buhari/Bakare; what is the guarantee we have in that pair? or the magazine publisher, Momodu? or Ribadu?

@All: there is a real need for us to be tactical, empirical and very objective in our decisions when we cast our votes, not just following the bandwagon. Africans have always had a major flaw in this regard, we have always been reactive and not proactive; we think to a certain point, then just "men, this thinking stuff is too hard and complex!" so we cop out and  go with the flow, waiting to see results and then to react.

I always ask this: Why him? and Why not him? Any mathematical computation which leaves out or wrongly assumes any factor on the left side will always result in an erratic conclusion on the right side.

So, whichever bunch you choose, why them? what are the guarantees?

Hmm, i forsee a big problem when this site will need scaling and expansion to cope with growth - both it's own and industry wide. The social space keeps expanding and that's why Facebook keeps improving, adding new things, opening platforms for other businesses to connect and depend upon.

As for Yookos, the fact that it runs on open source, it may not be able to scale so quickly or at all. Further down the road, they will see these problems. As is often said, some level wisdom (phronesis) comes from experience.

E.g. Nairaland (though a Great and impressive work, kudos to Seun) is open source, hence, we have not seen much (or any) innovation and expansion in the past like 5years?

Like Tuface said, "Na community make us all". Without us the fans, they would all be nothing. I love Tuface's attitude and lifestyle. Money is not everything. There is something about kindred spirit that should bind us all (Nigerians) together, especially peeps like them who are also "Josites" if I may add.
It's sad that Mikel would be arrogant like that, dissing fellow nigerians - rich or poor. He didn't make himself, "WE" MADE him - GOD used US - the fans. Hope someone tells him how fleeting fan love is. One new star comes along, or one mistake and he loses his place instantly, unless he knows how to build relationships in his star moments. Tuface has already had a taste of it and he's mature enough to know that now.

Even if the song is not for Mikel - I dedicate it to him.

Tuface - big Ups to you jor, One love!

Hey Lawyer, God Bless you mighty good for all this insight.

However, I have a little question. I cam across this somewhere (http://www.aeandelegal.com/newsdisplay.asp?id=68)
It says:
(III) SUBLEASES UNDER 40 YEARS
To determine the consent fee
(a) Divide the assessment by 40,
(b) Multiply the dividend by the number of years of the lease.

Please where does this apply?
Specifically, I have property of 1,933 sq Mtrs around crown estate/farapark and I got pretty scared when I worked your figures, at N4,000 per sq. mtr and the consent came up N8,891,800.00

Please can you help?

Hello TicketBay-Nairalanders!

This is to say a really big thank you to all our TicketBay customers. We never expected the sort of traffic we got in our first month of operation.

We have also kept our word, our online booking system is up and running @ www.myticketbay.com. - I admit, it's not a finished work, but, it works! You can buy your ticket and pay online. We are working on all your other requests and we're going to re-release the website when we are ready, it will surely be a masterpiece, I promise.

Also, other transporters are coming on board. we are currently provisioning our servers and will keep you posted as we progress.

Thanks for patronizing us. We are here because of you. We love you all.

This is definitely not happening!
Layinx, you've made a crowned workaholic like myself spend time reading every single word of a post, which I have NEVER EVER done, anywhere and laugh myself to stupor as well!

Secondly, thanks for saving my ass, I was just about to buy a bellview ticket for a trip tomorrow. I've never flown bellview anyways, but I had just decided I'd give 'em a try last night. 'Saved by the bell, !"

As for Bellview, sorrio.

Hello all,

last time i checked, God is the same, yesterday, today and forever.

When someone spoke against His prophet, she became leprous. When another spoke, she was barren.

The bible says: Only a fool says everything in his heart.

My friends, be careful, words don't disappear, they just go into your future and lodge, waiting for you to get there, be circumspect in the issues you raise and what you say, especially men of God (whether you believe in them or not). The bible says the tongue is a small fire that sets a man's whole life ablaze!

Remember, the lady that becam barren was correct in her analysis, remember, Miriam was also correct in what she said about moses marrying outside the israelites tribe as God had commanded.

Don't act like Uzzah who died trying to help God. Let God decipher who are His. He's big enough, unless you think of yourself more highly than you ought and feel God is helpless, so you need to help Him.

Prosperity is not measured by financial wealth or monetary net-worth.

You can prosper in your health also!

Definition: - Prosperity is the condition of being successful or thriving;
Also known as (aka) - success, plenty, ease, well-being, good times, good fortune, the good life

The bible says: I desire that you prosper and be in health even as your soul(your mind) prospers!

Sex is wonderful! It is more spiritual than physical. It is good for spiritual growth!

If you're spiritually blind, you will just enjoy the physical motions, not knowing that it is a binding of spirits. Your spirit absorbs your mate's spirit and it's like a covenant. your mates successes become poured out into you and also their problems. Sex makes two into ONE. Their issues become yours!

If you have 10 mates, that means you will be carrying in you a bonding of the spirits of 10 different people. ouch!

That's why you are advised to have sex with only your spouse.

My God [/b]shall supply [b]all my needs, according to His riches in glory.

When you start asking people to supply you and promising them a breakthrough (in exchange) when they do, I don't know sha,

@poster/all
Points to note:
1. The synoptic gospels is not where to look for the examples of miracles, because, before Jesus died, there was no redemption. The power was with him alone, The reason why he told people to keep the miracles to themselves was because as He categorically said ", my time has not yet come, "

2. After He resurrected, he gave a commission to His disciples to go and preach(publish) the "Gospel" that is - Good News to all creation. Not a condemnation message, but a message of hope! What is good news to a sick person? Healing! What is good news to a poor man? Prosperity. THAT IS THE GOSPEL. (Mark 16:15).

3. Mark 16:17 - These Signs shall follow them who believe, in my name they shall lay hand on the sick and they shall recover. These are signs that should follow everyone, not just the pastors. problem is people think its such a big deal that's why the only ones that enjoy it are the pastors, because they have come to know

3b. John 14:12 ", greater works than these shall ye do also, because i go to my father, ". The miracles of Jesus were just a tip of the iceberg. He said we will do greater things than He did. If greater things are being done by us, expect more noise about it. By the way, the environment was different, now we have technology etc. No wonder when He said into all the world, he knew then, that be now, we can sit in Nigeria(one place) and talk to people in all the continents(all the world).

4. More miracles were performed in the book of Acts than in the synoptic gospels combined. Everytime the apostles performed miracles it was published in the city, that's why scriptures say ", and many were added to the church daily, such as should be saved, " Starting from Peter And John and the beautiful gate, all through to the book of Acts etc. Search through acts for the words: Signs, Wonders, Miracles.

5. Apostle Paul (formerly Saul) Started in the gospel by first experiencing a miracle. You may never appreciate God a,d talk anyhow you like till you're blind for 3 days, then he opens your eyes,

Are Miracles real? - people who doubt this have never needed one.
Wait till you're diagnosed with cancer and given a timetable,
wait till you have an accident and loose your eyesight,
wait till your baby brother has a hole in his heart,
wait till your wife is in an accident and you're told she'll never walk again,
wait till you wake up one morning and half your body is paralyzed,
wait till you eat something and find out the food was contaminated with rat poison and your intestines are burnt out,
wait till you tire bursts and the car somersaults and falls into the ditch,

Act like Thomas, wait till you need a miracle before you believe.

Its easy to talk anyhow. I earnestly pray you do not find yourself in need of a miracle, because if you do, you will know what the gospel is: healing or condemnation.

I have experienced a real miracle first hand. I speak from experience.

Thank you.

Hey folks,
I have been musing for a while and wondering why Nigerians do not shop on the internet.

Some say we do not have online shopping websites, but the advent of websites such as 234world.com have made a marked difference. Many Nigerians, mostly those who have been abroad are now shopping online, yet our online shopping traffic is still yet no way near that of Europe and America.

Any ideas or thought as to why? problems? fears? gains and pains?

Wow! Nice conversation going on here,

Omoita* incidentally i work for 234world.com and delivery for us is excellent. We deliver within 24-48 hours depending on which part of the country. About theft and all, well, i guess that's part of the risks in business. We have a refunds policy and tight audit and feedback processes. We have been doing this for about 2years now and had only one incident where a laptop was stolen, but of course, that had to be replaced immediately and also we investigated and the perpetrators were brought to book!

The problem we have here in Naija is we fail to follow principles. Life is about principles. Follow them and you'll definitely smile, break them and they will hurt you real bad. We run businesses haphazardly, live anyhow and without rules, then we want to get the results that europeans and americans get in an organized environment. 1+1=2 in every part of the world, Nigeria inclusive! What we have done at 234world.com is to organize our operations and implement standard procedures for both our external and internal (most importantly) operations, that way, we could easily trace the point at which the item was stolen and of course, we plugged it and everyone else in the chain had to sit up, knowing that the audit process etc that our bosses and consultants set in place actually work.

Anyway, like Lotachi rightly said, the only way to develop Nigeria's e-commerce is to use it, with caution - yes, but use it. We have to also look at ways of synergizing and not everybody jumping in and trying to be a solo superstar.

Seun: Nairaland is an excellent forum, just as I write this, I see very many ways of monetizing the traffic you have here, it's easy, very very easy. One of the ways may be integration with us at 234world.com - (That one, we will discuss in private, ha, ha, ).

We're waiting for all the nairaland visitors resident in Naija to visit us at 234world.coma and actually make purchases. One of the things the public does not know is that Interswitch has a complaints and reversal system/policy whereby if you buy anything online using their payment gateway and you dont get value for your money, you can get to them, submit your complaint and have the money reversed directly from the website back into your bank account! Knowledge is power - that's what we lack in Naija, people need to know their rights and the wealth of resources available to them.

omoita05:
i think its better for cash on collection and also leaving feedbacks on every transaction will also be good.

Well, cash on collection is good, but we have tried it and people make orders and when it arrives, they laugh and are like , "we just wanted to know if it was real, if your system actually works" You wish you could kill them, but you cant! That's Naija and, that's Naija.

Well, the best way to make these conveniences we see abroad come here is to encourage them when they are starting up. Somebody had to use ebay, someone had to be the first to signup, someone had to be #1 or #100 or #1,000 up till they now have millions of active subscribers,

Thanks all, I am on my way back to 234world.com, and I expect to see all of you there.

Hi All,

I understand all the fears and Like some people rightly stated, the key to access into your account is your PIN (Personal Identification Number).

I have been using ATM cards since day one and its how many years now and surprisingly I have never had issues with usinng my card. My cash has never been short and I have never been defrauded or overcharged.

5 Simple rules of thumb:
1. I never use ATM machines installed anywhere else apart from banks (preferrably the bank that issued my card).
2. Before you enter your PIN, check your surroundings. You have a right to demand for space if the guy behind you is too close. If it breeds a quarrel, then quarrel about it - why? Your life's work is worth that much. (I bust my as* every day going to work at 5:30 and coming back at 10pm, I work hard, I'd do what I have to do to protect my hard earned cash )
3. Before making a withdrawal, check your balance first! - why? If you can get your balance, that means connection to your bank is currently active (I believe its also a way of refreshing the connenction). Then go on and make your withdrawal. If you cant get your balance, dont try to make a withdrawal, you cant be sure what te outcome will be. If it says financial institution is unavailable, DON'T FORCE IT by tryingn over and over again. Just wait till later.
4. Never try a transaction more than once. If it fails the first time, chill and try later when the network connection is better. (dont forget all the communication is electronic - via the internet, so if there are network problems, data could easily get corrupted). Also when you do, start the process again, checkinng your balance first!
5. When transacting online - Be sure that your pin is entered while you're connected to the interswitch website ONLY.
THIS IS VERY IMPORTANT:: for online transactions on any InterSwitch approved website, when its time for payment, InterSwitch policy entails that the customer is transferred to the innterswitch web server where the url is something like: https://webpay.interswitchng.com , blah blah . Note that its interswitch(ng) not (nig) as some dudes came up with sometime ago. WHEN IN DOUBT, CALL YOUR BANK, CALL INTERSWITCH!

Incidentally, I work for a company where we sell stuff online. To my utter surprise, Nigerians are really buying stuff online, but I daresay some transactions I see, hmm, anyway, that's for another day.

If for any reason you enter your information and nothing happens, like if you buy stuff online or you buy recharge vouchers and you dont get it (maybe on a dummy website or something of the sort), immediately change your pin and contact InterSwitch and your bank.

Security is simple, but it takes commitment. Commit yourself to your security. Choosing not to know and criticizing it or totally opting out is not always the safest option. Like they say. sometimes, what you dont know can kill you as well.

cheers all!

Hey folks!
Check out this website: http://www.234world.com

its an amazing shopping mall, naija for lyf!

Everyday in life, people ask for signs. I wonder why someone would see the sign clearly and still ask for a sign. I guess for you - a handwriting on the wall is just not enough, you need a sign like that of the babylonian king that went into the bush and ate only grass for 7 years!

Where are your brains?! Like someone said - This is just a case of "juju". Dem don do remote login for your head, dey control u from God-knows-where.

Women can rape men. It happens frequently. Ask Dr Dawn Harper, she'll tell you men have a pressure valve which once pulled, it will trigger the penis into an erectile position. whether he wants sex or not, he will comply.

a large percentage of it has to do witht the brain, but _ i have met someone who was gang raped by girls. He'll tell you he can;t explain, but the bloody di*k just won't stay down. Even when he was fainting they'd smack him and pour water on him.

nyways - A Woman can Rape a man

Na wah, boca i siri gini?

Never attempt to associate the igbo tribe with your "Yahoo-Yahoo" business. Its an evil act that shows that u r morally bankrupt. Every right minded thinking igbo man thinks about how to contribute not just to his immediate environment, to Nigeria, but also on a global platform

If i had the chance, I'd spit on you, that's what we do to scum that try to pervade our very existence.

You're a shame to motherland. Igbo kwenu!

abeg, the list is whacked. It has no definitive bearing. what's your criteria or ure just talking out of the blue.

Which of the bank CEOs are statutorily rich? or maybe u meant to title your list as people with top 10 "plum" jobs/positions, which still will be inaccurate.

Dangote, Jimoh and Adenuga are definitely toppers based on any criteria. You have to measure wealth - not ill gotten (otherwise i can list 15 drug barons who are richer), contribution to the nations economy and other factors.

Go to forbes.com and see their criteria for determining the richest men.

I feel there are some things you "talk to someone" about others you don;t need to, U just read the handwriting onthe wall.

When you're dating and she's so demanding, I bet you she'll make your life a living hell when you marry her. Y u ask? While dating, she is not yet you "responsibility" and she creates so much financial burden on you, when she realizes that it's now your responsibility - well, you've got a timebomb in ya hands!

I think i support your action of bailing out while it's yet early. She may get to meet someone who those demands mean nothing to.

hey @lotachi

nice work you've got there. I just added your site to my favorites list.

I like the bidding concept. great job.

cheers

ditch


Shakira

Hey I have been there. I have faced basically the whole thing you wrote about. Mine lasted for over 7months, and surely i started thinking of a 9 to 5. Only thing is that I couldn't get round to doiong it.

My business was yielding over 5M annual turnover, but it really went bad and I grew thin, not just from fasting, but cos i didn't have food! I had to let go of all my workers and men it was crazy as hell, It was as bad as not having money for fuel.

In Nigeria, structuring your business to get money from the bank is not a walk in the park. Nigerian banking is basically no banking. Who do you have in banks today? Animal scientists, engineers, zoologists, doctors - what do they understand about banking, determininng business success probability or what? I remember a bank I went for a facility once and they preferred a guy bringing in cement - their logic? He has x amount of bags, bringing at y naira and selling at z naira, profit is w, well i asked the officer processing my facility, is that banking?You went to the university for years to learn what the average hawker on the road knows? You dont need special skillset to know that 1200-1000 gives a profit of 200 per bag! But that is not bankin, no professionalism

Anyways, there is a principle i used: seed-time-harvest, when i was in the valley all i tried to to was excite myself that I was closer to the harvest than when i had so much to sow, and of course, it took time, but the harvest started coming in.

Patience is a "must-have" for every entrepreneur. You must be a die-hard to survive business, especially if its a professional service you're offering.

of course!

In fact, he has already been issued his GSM license by NCC so he's rolling out his mobile services,

the guy is not stopping at anything! Soon he'll declare his political ambition, these things are natural. he just need to add on a few more years.

hahahahahahahahahahah