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How I Lost My Life Savings To A Business - Business - Nairaland

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How I Lost My Life Savings To A Business by olanreyman(m): 9:33am On Jul 02, 2022
Good day nairalanders.
Actually it's a bad day for me as I lost my life savings to a nylon recycling business I've been into for over 3 years. Let me go straight to the point.

A client i met recently came to my place to source for materials (pure water sachet and packing bag waste) . He saw exactly what he was looking for. We agreed that he will pay 60k for me to transport the materials from ibeju lekki to sango ota and he will also pay a certain amount for the materials after scaling it. I arranged for the supply the following day and made it to his factory at sango. I called, but he was not answering his calls . He would eventually call me back after 4 frustrating hours. For some reasons I don't understand he redirected us to another factory where I met the person he asked to attend to me. The attendant told me this is not the exact materials they were expecting from me. I was like what? But this is what your oga ordered for. He insisted that they don't need the type of materials I brought and they will only accept it at 50% price we bargained, also they won't pay for the transport as agreed.

I called the client and told him to talk to his attendant on the agreement we had. To my great surprise he said the attendant has the final say because, he's the manager in charge of receiving materials. That was when it dawned on me that I'm in for a serious problem. I told the driver I want to return the materials back to my place, he said that means the total money I will pay him is 120k. 60k to sango, 60k to take it back. An outright loss of 120k if I resolve to take my materials back. 50% pay cut plus 60k loss if I decide to give them the materials anyway. It was frustrating as hell.

Long story short, I supplied the materials. The money I received in the end couldn't even cover up for the capital and expenses on the materials. I lost everything I had. Funny enough I intended to pay my house rent from the proceedings but now everything is gone!

I later realised I was tricked. This life is full of evil and wicked people.

Please sorry for the typos. I'm shedding tears as I typed this.

Lalasticlala

1 Like

Re: How I Lost My Life Savings To A Business by Mide3367: 9:38am On Jul 02, 2022
embarassed
Re: How I Lost My Life Savings To A Business by Seniorwriter(m): 9:39am On Jul 02, 2022
Sorry fellow Nairalander....this is becoming a re-occurring decima for a while now for OP and so many other Nairalanders that come on here to relate their financial ordeal.

I think it's high time I create a online credit line organ or group of Crowdfunders strictly for Nairalanders(Entrepreneurs) that need financial help or Funding for new and existing businesses.
If you are reading this and have a philanthropic heart and you are ready to lend a helping hand financially with just $1(or it's naira equivalent) monthly then kindly mention me.
Moreso if you earn via online alike as a Freelancer or via your online activities then do same so we can have an interactive session here to build a financial back up for cases like this.
I'm looking @creating a group of @least 500 Nairaland donors (peeps)...If OP gets just $1(or it's naira equivalent) from us I'm sure bouncing back financially is possible.
olanreyman:

Oga I didn't create this thread for this please
So what do you want from the forum haven narrated your case? SMH.
ATEAMS:



Haafa I can't reach you on WhatsApp Twitter or .....


I have a deal for u
Okay kindly drop your Facebook ID I'll reach you.

@ATEAMS are you on Facebook?


@Seniorwriter
Re: How I Lost My Life Savings To A Business by olanreyman(m): 10:00am On Jul 02, 2022
Seniorwriter:
Sorry fellow Nairalander....this is becoming a re-occurring decima for a while now for OP and so many other Nairalanders that come on here to relate their financial ordeal.

I think it's high time I create a online credit line organ or group of Crowdfunders strictly for Nairalanders(Entrepreneurs) that need financial help or Funding for new and existing businesses.
If you are reading this and have a philanthropic heart and you are ready to lend a helping hand financially with just $1(or it's naira equivalent) monthly then kindly mention me.
Moreso if you earn via online alike as a Freelancer or via your online activities then do same so we can have an interactive session here to build a financial back up for cases like this.
I'm looking @creating a group of @least 500 Nairaland donors (peeps)...If OP gets just $1(or it's naira equivalent) from us I'm sure bouncing back financially is possible.

@Seniorwriter
Oga I didn't create this thread for this please
Re: How I Lost My Life Savings To A Business by ATEAMS: 1:31pm On Jul 02, 2022
Seniorwriter:
Sorry fellow Nairalander....this is becoming a re-occurring decima for a while now for OP and so many other Nairalanders that come on here to relate their financial ordeal.

I think it's high time I create a online credit line organ or group of Crowdfunders strictly for Nairalanders(Entrepreneurs) that need financial help or Funding for new and existing businesses.
If you are reading this and have a philanthropic heart and you are ready to lend a helping hand financially with just $1(or it's naira equivalent) monthly then kindly mention me.
Moreso if you earn via online alike as a Freelancer or via your online activities then do same so we can have an interactive session here to build a financial back up for cases like this.
I'm looking @creating a group of @least 500 Nairaland donors (peeps)...If OP gets just $1(or it's naira equivalent) from us I'm sure bouncing back financially is possible.

So what do you want from the forum haven narrated your case? SMH.

@Seniorwriter


Haafa I can't reach you on WhatsApp Twitter or .....


I have a deal for u
Re: How I Lost My Life Savings To A Business by Zidoh(m): 2:53pm On Jul 02, 2022
olanreyman:
Good day nairalanders.
Actually it's a bad day for me as I lost my life savings to a nylon recycling business I've been into for over 3 years. Let me go straight to the point.

A client i met recently came to my place to source for materials (pure water sachet and packing bag waste) . He saw exactly what he was looking for. We agreed that he will pay 60k for me to transport the materials from ibeju lekki to sango ota and he will also pay a certain amount for the materials after scaling it. I arranged for the supply the following day and made it to his factory at sango. I called, but he was not answering his calls . He would eventually call me back after 4 frustrating hours. For some reasons I don't understand he redirected us to another factory where I met the person he asked to attend to me. The attendant told me this is not the exact materials they were expecting from me. I was like what? But this is what your oga ordered for. He insisted that they don't need the type of materials I brought and they will only accept it at 50% price we bargained, also they won't pay for the transport as agreed.

I called the client and told him to talk to his attendant on the agreement we had. To my great surprise he said the attendant has the final say because, he's the manager in charge of receiving materials. That was when it dawned on me that I'm in for a serious problem. I told the driver I want to return the materials back to my place, he said that means the total money I will pay him is 120k. 60k to sango, 60k to take it back. An outright loss of 120k if I resolve to take my materials back. 50% pay cut plus 60k loss if I decide to give them the materials anyway. It was frustrating as hell.

Long story short, I supplied the materials. The money I received in the end couldn't even cover up for the capital and expenses on the materials. I lost everything I had. Funny enough I intended to pay my house rent from the proceedings but now everything is gone!

I later realised I was tricked. This life is full of evil and wicked people.

Please sorry for the typos. I'm shedding tears as I typed this.

Lalasticlala
Well, life is full of lesson and i belive you have learnt another one in your line of business. My advice is that you shouldnt give up and instead brace up because from experience a career like give you happy ending in life. You have a product company is in need of then you have a good career. Just get up and let you products get more awareness and i promise you will smile someday.

1 Like

Re: How I Lost My Life Savings To A Business by olanreyman(m): 3:20pm On Jul 02, 2022
Zidoh:
Well, life is full of lesson and i belive you have learnt another one in your line of business. My advice is that you shouldnt give up and instead brace up because from experience a career like give you happy ending in life. You have a product company is in need of then you have a good career. Just get up and let you products get more awareness and i promise you will smile someday.
Thanks I really appreciate this comment

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