₦airaland Forum

if the payment is a one time one, how do they continue to make money from it when it becomes full?

NL1960:
For over 10 years now self. Prices differ as it depends on what you want. In the private cemetary, you have a hall for the funeral service. You just need to bring your pastor or priest and conduct your service and straight to the grave already purchased.

I think they have opened office on your guy's head.
He should tell them covid has affected him and send 800k as his share. When they make more noise he can add 200k.
I know many pastors are now greedy, but e never reach 200k for funeral service? Which church if I may ask? because I know it is mostly the orthodox churches that do burial and they can NEVER charge that amount.

ahiboilandgas:
from the list my friend send me on wasup is like everbody wants a pound of flesh from the burial....even pastors will be paid over 200k ....Africa is strange sha

Even when you gamble, you should always learn when to jump out when the odds are not going in your favor and to take profit when your aim has been achieved. The mastery of this emotion is what I believe differentiate profit takers from losers.

shogbenga:
Do you gamble in the stock market?

You only gamble if you don't have the knowledge of the market

You must know why you are buying any stocks

I guess, I have to ask uncle Google.

emmanuelewumi:
An African American

PresidentBuhari:
Nigeria from Ekiti

Where was the PA guy from?

emmanuelewumi:
As the PA he knows everything about his boss, his Investments, account balance etc. The PA has an entitlement mentality to his boss wealth...

He stole about $90,000 from his boss, he believed the guy should be able to write it off ..
People who worked for their money won't do that

The PA spent the money on frivolities, which is very common among us ie Africans

Na so this guy wan take from governor to senator to NDDC chairman to prison leader?

Oh okay, point noted.

emmanuelewumi:
You don't get it. It is a loan and interest must be paid.


The guy seeking for our advise is getting an interest on the N10 million.


Who gives an interest free loan of N10 million, with the associated risks involved. As bad as Treasury Bill is, he will still get like 250k on his money in 12 months

LOL... I was thinking since it is not really their money that we are starting the transaction with.

But your question is valid though, what do they stand to gain in all of these assuming the guy really pays before time. However, the game changes if he does not finish paying by the end of the tenor, don't you think so? since it will now be loan from the bank and no longer from the lender.

MrMcJay:
Interest-free loan for 12 months? I doubt if any financial institution would agree to this. They are also in business to make profit.

The principal and interest are calculated and a repayment plan not exceeding 12 months is agreed upon. Also, if he defaults, the bank won't give you the principal from their own pocket, they would only step in to recover. In fact, once he misses any payment, they would start showing him Hell.

emmanuelewumi:
How can a loan facilated through a financial institution be interest free?

What is the motivation for packaging the deal?

Yes, I now understand that I was thinking differently.
What I was thinking of is a scenario like this: Mr Tony my very good friend comes to ask me for 10M, I have that amount but I also know the risk of lending out that money even though Mr Tony is a good guy generally.
So, I tell him I cannot give him that kind of money directly but if he is sure he can pay, we can use a financial entity (microfinance bank or any arbitrator) as our gateway. I don't mind paying administrative fees
So, we approach this entity and if he says he will pay in 12 months, the loan will be interest free for those 12 months if he really pays. If at the end of the 12th month he does not pay, the financial entity pays me the money and then upgrade that friendly loan from me into a loan that they now directly gave Mr Tony. From that point, interest rates and harassment can now begin while I have my money intact. That was the kind of scenario I was asking exist.
I guess this is different from the scenario that MrJay is talking about.

emmanuelewumi:
You don't understand the scenario, he only used his influence to make sure the loan application was granted by the microfinance bank, even though he is the underground provider of the fund

Nice one.
but non be naija, when microfinance bank starts disturbing them, they will come with their wives and lie on the bare floor begging you to get the bank off their back by paying off the loan that they promise to pay.
They can also involve pastors, imams, mutual friends, elders etc to apply pressure on the person directly on even through your wife.
Except you are already getting known as a tough guy, and not one kind hearted gentleman, it is generally better not to loan out money at all and the best way to ensure this is to avoid having temptation money hanging around in your account otherwise they will put the fear of God in you and you will release the money even after swearing not to.

MrMcJay:
Do microfinance bank have this facility?
Not all, but some individuals approach banks to lend to specific persons through the MFB.
It's a private arrangement between the lender and the MFB. The bank makes money without investing a kobo. Besides, it increases the books.

Do they have an option of where the borrower says he will pay in 6 months, that their own loan kicks in at the expiration of the 6 months when the borrower said he was going to pay? This way, the MCFB will be serving as a sort of guarantor for the loan.

The idea behind this is to protect the lender from unserious borrowers. If the borrower knows the money belongs to the lender who is also a friend, he won't pay. But if he knows it belongs to the MFB and they would not hesitate to mess him up if he defaults, he would behave.

Do microfinance bank have this facility?
Do they have an option of where the borrower says he will pay in 6 months, that their own loan kicks in at the expiration of the 6 months when the borrower said he was going to pay? This way, the MCFB will be serving as a sort of guarantor for the loan.

MrMcJay:
Walk into a Microfinance bank and tell them you want to disburse a loan to someone but you wish to channel it through them and state how much you wish to receive as interest. Let them add their own interest to it and disburse. Give the money to the Microfinance bank, let them disburse the money to him based on their own terms.

If he meets the terms, fine. If he doesn't meet the terms, fine. If he gets mad at you, fine. You lost your friendship but you didn't lose your money.

Bros, enjoy yourself, do not border trying to justify your stands.

Barrytone:
Mind retardation might be right but am global with just my phone, others, no no, I am the proud king of the Jew that knows the power of jewism. I have groomed system men that don't doubt my efficacy in street matters and are always updating their new crew. In general, I have sympathizers, been with them close to half a century. In the peak of kidnapping, I was there with them and was a catalyst to reduction in armed robbery so why should I leave a place I made safe to an unsafe haven that I don't know bedrock of their ruggedity. Too old to run the streets for information, in my village information comes to me.

But you and I know that in a Nigerian setting, collecting collateral from a friend, brother, relations or colleagues is very hard, borrowers come with heavy sweetmouth most of the time.

Godbpraised:
Egungun be careful na express u dey go. The kind BP wey u go get hmmm. If he has a cars worth 15milon bro yes u can collect it as collateral. Or a building with documents in his name fine. My 2 kobo.

Exactly, your life and safety becomes at risk.

Sholapey:
People that borrow with no intention to pay back always set traps for their beneficiaries. Just like what end the life of founder of Gokoda.

I used to apply that principle until I asked myself one day, how much should and can I write off after working my butts out?
Don't forget all the write-off for different people add up. For those wondering why some still do TB, this is one of the reasons. It is very rare for anyone to liquidate his TB to give out as loan, yet when the money is your account and someone probably a dear friend seems to be in dire need, it becomes hard to say no.
If that 500k was on TB, asset will be preserved. Not advocating for TB though. I hate it when people borrow with no intension to pay back.

emmanuelewumi:
I will rather loan what I will write off.

Friendship and loan non de work, you are sure to loose both of them at the end of the day, yet sometimes it is hard to say no.

emmanuelewumi:
At the end of day he will have to decide if he wants his money back and end the friendship or write off the money in order to maintain the friendship

E be like say na that your friend get that moniker again, hope you realize?

ahiboilandgas:
the property is under utilized to it full income generation capacity

Are they a dividends paying stock?

Bjrokenhear003:
GUINESS still going low. In less than 6 months GUINESS has lost over N15

Will it rebound ?

Oh... I see what you mean. Naija matter don tire me. You mean someone is trying to spin him off 20M?
Jesus.
Thank you madam Shola for quickly coming out to clear the air.

Sholapey:
I am my brother's keeper, if he's interested I have also sent my direct number to him for verification.

Good point, you also edit your quote and remove the contact, so we do not inadvertently become spoilers for someone who solicited for advise.

Akin3891:
Shola, why did you post the advert here? Don't you think this can spoil the guy deal as others might develop interest and bid higher than him.

You may not know it, you just broke my heart.
Thanks for this info, it is also a reset button to re-evaluate one's strategy. You sure do a great job with your research and sharing.

DrAwo:
If you bought Zenith bank on 01/01/2010 using N100,000 and reinvested all dividends received to buy more zenith bank shares on 01/04 each year, how much would your investment be worth as at 01/04/2020?

Okay but what of the clause of immunity, does it also not apply here? The Bayelsa guy didn't enjoy immunity I believe.

seunmsg:


This baby lawyer thinks he knows more than Olanipekun and co. This is a pre-election matter and it will be decided up to the Supreme Court. Even if Obaseki wins and his inaugurated, the case will continue and Obaseki will be removed from office. Delay tactics is a wrong strategy for Obaseki. He needs this case disposed off as quickly as possible.

Obaseki should get his lawyer to say APC has no locus standi to tell INEC how to do their job and the court should throw out the case. They will probably lose that injunction but about to 3 weeks of time will be wasted on that.
Next, ask to court to disqualify itself because it has no jurisdiction to hear the case, that should waste another 2 weeks.
By the time the real case starts it will be two weeks to election. After the election continue to throw up all forms injunction here and there until innuguration.

Obaseki was in the financial world before politics, I doubt he will have certificate related issues.

TB was in full blast in 2016 when the dollar was running away, so low TB rates is not the cause of present USD rate.

fineguy11:
I get your point now.

Apparently, we should expect a great reduction in revenue for 2020 considering how this year has fared then, what do you think
?

DrAwo:
Good question...

They got some tax write-back from previous taxes paid in 2017 based on pioneer status exemptions obtained for their Ibese production lines 3 & 4 and Obajana production line 4.

This boosted their Profit after tax disproportionate to other years.

Why was the EPS of 2018 so high compared to the others?
Bros, u fit share the googlesheet of the raw file?

DrAwo:
Growing the Dangote Cement way...
#ConsistentGrowth...

Jesus!!! this is a new one.
Never imagined this possible. Sure this story is true?

Omooba77:
Very true my brother.. A tokunbo grade A Toyota Sienna grade was bought for transport business to the East, the driver went to mechanic workshop, changed the engine. Unknown to him, the engine number was well documented. After series of complain, the car was towed to Lagos, alas when it was dismantled alas it was not same engine. God will help us to amend our ways........................

It is a shame my brother. One of the reasons unemployment will continue for as long as possible.

Omooba77:
Many big businesses would have been born in Nigeria if we could engage in partnerships, but we cant because you can't trust anyone. This is one advantage the Indians and Lebanese have over us in Nigeria. They can pull resources together and do mega-business, unlike Nigerians that because only one person must do everything since we can't partner, end up with small, tiny businesses.

Start a poultry and they will be stealing your eggs. Some will even go
ahead to be killing the chickens so that they'll be allowed to take them home

A friend owned a poultry in PortHarcourt, he had to shut it down when liabilities became unbearable.
I know someone that owns a fashion home; one of the boys was stealing to play bet. One day he stole forty thousand naira meant for buying material and he never showed up in the shop till today.

Interesting that you should bring this up at this time, because it coincides with what some of us have been discussing in the investment part of this forum. Here is one experience by ultron12345, just to tell you the scale of how bad situations are now and how it is impacting on investments.

I can relate very well with your second paragraph.

I run a manufacturing business and a trading business.
The biggest challenge in my manufacturing business is not power, or infrastructure, the biggest challenge is getting honest staff. Everyone we hire is appears to be on a mission to steal as much as possible. Inflated invoices, recording less than the actual number of units produced. The worst part of it all is that all the fraud we've uncovered is not done by a single person, it's usually many staff who collude with each other, from production, to sales, to finance, even top management. There was a year I overhauled management 3 times in a year. But I've found a solution sha, I now use Indian management. So competent, so honest and so straightforward. I thought they were expensive at first with all the visa fees, accommodation, house staff, but now that losses due to staff theft have been reduced to a minimum, and efficiency increased, the Indian management has turned out to be cheaper than the previous Nigerian management. Now, all sensitive positions involving money go to Indians. Nigerians are only allowed in non-sensitive positions. I used to criticize companies like Dangote Group that hire so many Indians when there are many unemployed Nigerians, but now, I understand their decision.

My biggest challenge in the trading business is the same, getting honest staff. The form of trading occurs in the open market, and involves staff having access to huge sums of money running into a few millions. I know how much I pay to security companies to provide escorts for the staff, not to prevent robbery, but to ensure that the staff go straight to the bank to deposit the money after the day's sales and not disappear with my money. This money spent on security companies is even enough to be declared as profit. We have to spend on CCTV, biometric scanners and other things that wouldn't not be needed if staff weren't looking for the slightest opportunity to steal.

It got so bad at a point that my main criteria for employing staff was no longer conpaetency but honesty. At least, competency and skills can be learnt, but once you're dishonest, you're dishonest.

We always complain of the economy and how they are no jobs. I know people abroad who would have loved to set up job creating businesses in Nigeria but they can't because they can't get any trustworthy person to run it.

I know people in Nigeria with so much money, they want to start factories and other job-creating businesses but they can't because they are occupied elsewhere and can't get any trustworthy person to run the business. So instead of investing in the real sector and creating jobs, they'll just buy treasury bills, while the thieves are shouting no jobs.

Many big businesses would have been born in Nigeria if we could engage in partnerships, but we cant because you can't trust anyone. This is one advantage the Indians and Lebanese have over us in Nigeria. They can pull resources together and do mega-business, unlike Nigerians that because only one person must do everything since we can't partner, end up with small, tiny businesses.

Start a poultry and they will be stealing your eggs. Some will even go
ahead to be killing the chickens so that they'll be allowed to take them home.

Start an entertainment/viewing/game center and they'll be pocketing
your money. On the days you're around at the business, the money
realized will be x10 of the money realized when you're not around.
Because they're eating your money.

Lease out a vehicle to a driver to use and watch as he'll finish you.

Start a restaurant, the same thing will happen. More than half of the
total food ingredients will end up in their personal kitchens.

Even ordinary provisions shop, they will find a way to steal.

You'll see them with that their evil, wicked saying "na where person dey work, na there e dey chop, na e make dem dey callam workchop/workshop"...... Just imagine, justifying theft at work.

And you'll see these people point their crooked fingers at politicians when they're not any different. I usually say the reason most Nigerians haven't stolen billions of government money, is simply lack of opportunity.

Nigerians are the problem of Nigeria.

An opportunity for teachers that studied English, have access to a computer and can proof read documents, they can apply for a part time job here.

An opportunity for such teachers that studied English, have access to a computer and can proof read documents, they can apply for a part time job here.