₦airaland Forum

visaclick:
POS has to be banned because they are fueling money laundering

No one even asks where the POS operator got his cash from. He could have gotten the cash from an armed robber, politician, drug dealer, kidnapper, or even terrorist.

Cash is very sensitive except in Nigeria.

Goke7:
Buhari is not smart, the guys benefiting from subsidy just need to be settled by diverting their business somewhere else by giving them another opportunity to make same money via another channel. Nigeria needs an intelligent president, GEJ and Buhari are not intellectual enough

Those people see what you and I cannot see.

If you remove subsidy, price of everything in Nigeria will triple within a week.

You noticed what happened when fuel price rose to 500 per liter? That's just an idea of what will happen when subsidy is finally removed.

We all think our leaders are stupid. Buhari also thought GEJ was a silly little man until Buhari entered Aso Rock and saw reality.

Nigeria was built on subsidy. Education, health, and energy have always been subsidized. Removing it will radically change the temperature of the country.

I feel sorry for whoever will win this presidential election. He won't be able to do anything serious because of sabotage.

Subsidy cannot be removed in the next 2 years by any president. Nigeria will just burn if that happens. The last few months have given us a hint to how volatile Nigeria is.

That's why Buhari didn't touch subsidy

Thatedoboy98:
Guy rest

Do I know you? Don't derail this thread

There is another twist/flavour to this same POS money laundering strategy.

Instead of setting up the POS businesses, one can choose to fund 10 independent POS businesses with 100k raw cash each, every day (1 million total), ask them ask them to keep the daily profit, and send the 100k to a designated bank account at the end of every working day.

Since the money is entering the bank from different sources, the bank wouldn't flag the account, right? Exactly. They keep operating under the radar.

I bet there are hundreds of POS operators seeking for how to source cash at no cost. That's where money laundering comes in

I was just chilling and my mind began to wander and it finally caught something really dark. Let's talk about POS money laundering strategy and the steps involved.

For those who don't know what money laundering means, according to Investopedia, "Money laundering is the illegal process of making large amounts of money generated by criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty, and the process 'launders' it to make it look clean".

It's so easy to launder 1 million naira a day in Nigeria through POS business without losing a penny from that 1 million. Normally, money laundering involves losing a fraction of the money. But not this method.

All you have to do is to:
1. Setup a business.
2. Use that business to open a business bank account.
3. Use that account to acquire 10 POS machines.
4. Open 10 POS shops and employ 1 person in each POS shop.
5. Give each of them 100k a day. That will be 1 million for 10 of the shops.
6. Charge 5% on each withdrawal.
7. They must not accept cash deposit.
8. Within hours, that 100k will finish and they will close shop for the day.
9. Congratulations, you now have CLEAN 1 million in your business bank account. Also, you have made extra 2.5% (let's assume, worst case scenario, bank charges take 50% of the 5% you charge per withdrawal).

Total profit of 25k. Each shop made 2.5k. Assuming 6 working days, in a month each shop will make 2.5k times 24, which is 60k. That 60k will be used as running expense for that shop.

I stand to be corrected, but there is no money laundering strategy more consistent, simpler and faster than this, ANYWHERE in the world. You can easily scale the operation up to launder more funds per day by deploying fronts. I doubt it will be difficult to launder 10 million a day with this method.

Welcome to Nigeria. I won't be surprised to hear that some people are currently doing this in Nigeria. I hope CBN, EFCC, etc see this and block the loophole.

If you know of any simpler, easier and faster money laundering strategy, kindly comment it.

EnterpriseMan:
Livescore people

Watch live match, you no go hear. Na replay you dey watch so

Used to be a Barca fan. When Messi left, I moved to Man City

Practically speaking, it has made vote buying cheaper. Since the people do not have cash and they NEED cash, they will accept 3k for their vote.

Anal fúcking.

Assnal with the ass

Petyprince:
We are all those fools who keep saying City ain't inform!

Na mistake cause the goal sha. Even the first goal

BlackAIIDay:
were you see goal

You still dey find the goal?

Gooaaalll.

Haaland the beast.

Mynd44:
Where do you people get your alternate facts from. As long as you do not abuse your batteries and try to make sure you do not discharge them up to zero, they will last.
The one I used before, I sold to a friend and he is still using them. This is the third year they have been in use

How is that even possible? Things dey happen for this life o. My own dropped drastically after one year. I still use it in the afternoon with panel but once sun go down, it won't last 30 minutes. Something that used to last 10 hours on my normal full load. It's going to 3 years now.

Some sellers I complained to told me that it doesn't usually last more than a year

bassdow:
mayBe na Alaba / inferior batteries you dey buy. I experienced such during my early days. e no go even complete 1-year sef

I don dey suspect o.

Compliant:
True talk but the mistake I made was buying 2 200amh dry cell battery should have gone for 2 200amh lithium battery as a friend said it's more powerful and easy to maintain or so

Was also told dry cell battery life span is around 2-3 years while lithium battery is around 5years but I dont know how true it is

Dry cell lasts about a year, not 2 years. After 1 year, it will start draining very fast. What used to last for 10 hours will start lasting for 2 hours. The only advantage is that it doesn't need maintenance.

You should have bought wet cell battery for the same price. That one needs regular topping of distilled water

Do not use dry cell battery. They do not last. Once it clocks 1 year, it will begin to drain extremely fast.

Use wet cell battery or lithium battery (if you can afford lithium battery). Wet cell needs regular topping of distilled water tho.

That 160k would have gotten you 220ah wet cell battery.

Meister:
These are real people boss, they're probably all those sales girls and boys in Tecno phone shops that are now given extra job of logging on to social media platforms to spread misinformation

Interesting. That's some serious job.

All these Tecno bots. I wonder who wrote the AI. Very clever design.

The owner should just make one change: stop making only Tecno comments. That's what gave you away. Comment in other sections that have nothing to do with phones or Tecno.

Over 20 minutes remaining.

Brentford score sharp sharp

Assnal lose lose lose lose lose!!!!!!

Are they not supposed to go through the high court before appealing to Supreme court?

The way these guys are rushing to Supreme court is becoming abusive

haybhi1:
It isn't. It's great in fact. It actually increases the lifespan of the battery by the function of the amount of solar panels you consider excess.

Too much power will destroy the charge controller and then the charge controller will allow excess power to destroy the batteries.

He's clearly using a sealed batteries which do not tolerate a lot. Most become basically useless after 1 year usually because of horrible charging

God1000:
Lol, feel jealous ke

I'm just raising the alarm

There is no alarm. They didn't loan them those buildings. So they don't owe China anything. If China loan you money, you definitely have to pay back. They can't just let you walk away with their loan. Every loan involves signing of documents clearly stipulating the terms. That's how it's supposed to be.

As a I said earlier, China is a civilised country.

Tell that guy that Nodejs is not a language

God1000:
In 2018, China threatened to take over Kenya’s main port over unpaid huge Chinese loan of $2.3 billion

Did you read that those buildings are loans? No.

China is a very civilised country. They're expanding their INFLUENCE. It's like when a guy is using money and gifts to off a girl's pants.

China is doing what US has done for ages. That's how US dollar became the most powerful weapon on earth. Don't feel jealous. Find your own way

seaboyzen:
.

That's exactly my apn setting

Mynd44:
A 5 K.V.A inverter plugged to 2 12V, 200Amps batteries powered by 8 320watts solar panels and you won't ask this question again.

Even petrol for generator wont matter

So my power supply is permanent

8 320watts panels is an overkill. I hope it's not damaging those batteries.

It's cheaper to make things in 3rd world countries. That's why big companies outsource to 3rd world countries to cut costs.

So making soft drink in 3rd world countries will also be cheaper than making it in 1st world countries. Cost of production determines selling price.

For those talking about abroad coke, every country has its standards. Coca-Cola, PepsiCo, etc have to follow the requirements of the country they're producing for.

But when it comes to pricing, production costs is the major factor influencing price. That's why clothes and shoes are cheaper in 3rd world countries even though they're made of the same material as the ones sold in 1st world countries.

seaboyzen:
Check your network apn

Check how?

Zikonna:
Watch your words please. Don't use that word to describe my girl.

That clearly looks like one of those hookup girls in hotel and shopping malls

Telekinetic:
That one doesn’t know what he’s saying.
What they’d have done is wire the money straight to an account in China and from there to Naija.

You're smart.