₦airaland Forum

Sincere9gerian:
Nice thread. But what is the best way of sourcing good fairly used Keke?

Mechanics, Vulcanizers and Keke drivers.

Watch out for keke with " FOR SALE " pasted on them..

Nice.

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Hi Young, saw a place in your payment terms about 100% after delivery. Is that possible for someone who does not have enough capital to fund the production? How were you so sure they're gonna keep to the terms and pay your full money?
Thanks.

Ymodulus:
[size=18pt]2016 , and the months ahead. My Plans[/size]


** I just concluded plans to enter fully into container Shipping Biz. We pay for a whole full container and resale the CBM at a high price. Those into sea importation will understand me.

** Currency Business Continues, Now i expanded have entered the into the U.S Marker and in coming weeks will start sending to Europe

** I have my Laundry Business on Going ( Katsina and Ibadan )

** Transport Business also.

** Go for Nysc and get a Job.


Some questions asked on some pages.

1. Can a student do this?


I saw a post about How can a student raise funds


Side effect on Academics


Why leave the importation business


How easy was it, in getting some contacts


If I plan to work in future



Advice for people this year

Naughtysite:
This period is not good for importation. To do well in keke biz, pray to get faithful drivers/operators.

I do (times 2) Hire purchase.

thanks

Ymodulus a beg how me see fit take invest in this your business?? Abeg in case you need investors. Don't forget me....[

Ymodulus:
[size=18pt]Conclusions[/size]



Finally, as I leave this thread I want to do the following:

1. Apologise for all typo errors, I just typed straight from my phone no proof- reading of any sort.

2. A big thanks to MizMyColi.


Thanks to you All and Bye.

oga you just leave thread like dat without to settle boys,
You no try oh ,

But anyways,
i wan be like you when i grow up,

Ymodulus:
[size=18pt]The Currency Business[/size]

The currency business, is the best business I have runned till date. And still running. In the currency business. It's the best thing ever to happen to my life.

Story
When I first start the currency Business I lost 1,126,000 and had to settle back using my savings.

The Idea

Funny the best business ideas I worked on, where all gotten when when driving. I started the currency business last year around September.

I noticed then that, a lot of Chinese importers pay as high as 245 naira per dollar to import goods or send money to china. This is the black market rate of the dollar.

Failure
I thought to myself why can't I generate a way to send the dollars to china at a very cheap rate? Then I tried and I and a nairalander who schools in china TdayoF we both agreed to send money via money gram. It backfired. I did another it backfired I lost heavily I ended up using the returns from my car to settle up my Chinese clients. I lost N1,126,000 approximately.


Some days later I heard on Nairaland from a close nairaland friend who I introduced into the importation business ( Jeff1506 ). I heard from him that a bank by name stanbic bank charges N199 / $1 to pay online. Then I quickly contacted my friend shinaf ( my business partner. Trusted, even though we have never seen till date ).

Aliexpress Platform
We contacted a Chinese friend , who is a Chinese. We told him then that we will pay for items on his store using our Naira Master Card. And that if we pay for an item, we will confirm the order and he uses the money to pay into any Chinese local account.

Note! Aliexpress requires 15 days after which orders are confirmed for seller to get his money. But we wanted the payment to be daily and so we needed someone who can trust us and will use his money pending the end of 15days.

Our seller was the right guy. He is very rich, as he has done official jersey and contract deal for Barcelona Fc , Under 23 Argentine football club, he runs other business.

Mathematical Breakdown
If we pay for an item of $1000 on aliexpress this is how the payment goes.

Chinese local Account = $1000
+
Aliexpress 5% = $50. ( those who are familiar with aliexpress knows that aliexpress takes 5% of any payment as profit. So I and my partner catered for it )

+

Chinese partner 1.5% = $15.

Total = $1065

Now when we want to pay into any Chinese account the sum of $1000 we will pay online $1065.

Now

$1065 * 199 ( stanbic rate for dollars as at then ) = N211935 / $1000= N211.935 / $1 ( exchange rate).

This means the rate at which the dollars gets to Chinese local account after all addictions and all expenses is N211.935 per dollar

Selling the Dollar

Now as at that time the Dollar in black Market is N245 / $1. And 98% of importers use black market rate.

In Lagos if you want to send $1000 for example and the rate is 245 per Dollar. The sending company charges you N3 per each dollar as sending fees. This means you are actually sending at N248 per Dollar.

Innovation
I and my partner sold ours at N235 / $1 . lol! We crashed the market and this got our phones buzzing.

Who were our clients?
When we started my partner shinaf ask us to focus on Nairaland Business. I refused, we even had misunderstanding over this. I told him that I want our customers to be the rich. Then he called me over ambitious fellow. So I made sure I handled marketing of the dollars. I used my connection with owners of big shipping companies in Nigeria and told them what I do. That way we sell to them N235 and they sell to end users 248. We build up our clients base.
Some of our clients include.

1. Major Wholesalers of Phone Accessories in Ikeja Phone Market.
2. Alhaji's and Hajiyas.
3. Importer of Toyota spare parts
4. Importers of Toyota cars
5. Major cargo importers.
6. Owners of shipping companies
7. Owners of BDC ( The biggest BdC in Minna, became my parley through this ).
8. We sent for some Nairalanders who were our close paddies.


Issues
* Every Stanbic card then had a limit of $5000 per card per day. And we always needed to pay up to $20,000 a day. We had to contact some nairalanders, and use up their limit for that day. If we contact a holder of stanbic and uses up his card limit for that day we give him 2Naira on every $1.

This means we pay the nairalander N10,000 just to load his account and make payment online. Our trusted fellows were jeff1206 and one other nairalander.

We had 4 Cards ( Ymodulus card , Shinaf, Jeff , Last nairalander ). Every day we pay $20,000 online.

Now profit.

For every $1000 we send to china we gain this.

Our selling price = $1000 * 235= N235, 000
-
Our getting price= $1065 * 199= N211,935
=
Gain. = N23, 065

We gained N23,065 per every $1000. And the lowest money we send a day is $3,500.

Note at worst, when we say we there is no market for that day we send $3,500.

So we continued like this in a day we made roughly N60,000 worst case scenario.

Funding
We started with N734,000. All Investors were nairalanders who I have done business with on close level.
We gave them 10% of their income at end of month. We never got to month end. At 3rd weeks we refunded all their moneys. And interest.

Sad Storie

Banks began misbehaving with the cars daily limit been $300 per day and rate going so high with black market rate. There was no way we could keep up. We withdrew and relax.


[size=18pt]Currency Business part 2[/size]

During December, we got a means where by we can send Dollars at a very cheap rate to china, the dollars arrived china at a rate which gave us a margin profit of N45 naira.

We made use of the opportunity and continued sending. We still made sure our clients were the rich and big guys. We still sell more.


In currency business 2. Some nairalanders where part. I employed some on contract basis of N4,000 a day. Also thanks to my close Banker friend who is also a nairalander. Thanks for your daily assistance. He gave us all necessary help and if I am to say he has like 30% of the business .

In currency business 2, we are making far far more than pattern 1.


[size=18pt]January 2016 and new way of currency Business[/size]

Due to the cbn regulations, my partner and I got to search for new ways of sending and we didbgot one.

We got a company in Chicago and new York that sends money for Nigerians to Nigeria. But they had a fault. When Nigerians goes to pick their money they get paid at bank rate of N198 / $1.

We cashed in on this contacted the company through someone I know ( its like person connect us to the oga at the top ). We told the company we can pay them at higher rate. They agreed.

So if they are to send $10,000 today from the United States to Nigeria. We will just pay their Nigerian contacts here. I don't want to state cost as I actively run this business.

Now all we require from them is to send our money directly to china. We cater for charges and all and our Chinese agent picks the money and keeps in his account for us.

This company now use us very well. And we do at least $2000 every day from them. And we make going to N80,000 from the $2K deal.



Competitors and Progress
At this point in time. I am now the official money transfer agent for 3 companies.


* ChinaWholeSale commodity. || He dropped a fellow company on nairaland here and am now his agent. I refused at first because I don't want to send below $1000. I want to keep that standard and record. But after much pressure from a friend who owns a shipping company in china. I had to agree


*I send for Aldor Mobiles. They are largest supplier of phone casing , earpiece , charger and accessories in wholesale for igbo guys on ikeja market.


* I still send for some Hajiyas / Alhaji business men.

*. I send for a big company call John Paul.

Success

My rate still outshines all. I play and underground facilitator while they shout to take the credit. But am happy as long as I make money and they make money.



***Photos***
I sent my seller $3749 on Dec 30 via our new way Currency 2.0

***second screenshot today: I sent our seller in china 983 from the united States of America.

His gain is $15. See him doing subtraction. We sold the $983 this afternoon around 1pm. Our gain is around N46k to be shared by my partner and I.


[size=14pt]Sorry I had to ensure that I don't release sensitive informations about this business, so I couldn't go into details about means and how I sent them. It's best it remains this way.[/size]

Ymod you are going places alreađy.
Let me quote this for reference purposes.

omogetoun1:
Ymodulus, I remembered, I asked for ur help on BBM or whatsapp, can't remember which means cos it's been a while but u didn't respond well. Though I felt bad but guess u just didn't want to help. Any ways keep up d good work

same

slim49z:
Intresting!

I have been looking for offline income streams, as all my income at the moment is solely online. This thread might just be the solution I'm looking for.

Thanks op!

Please show me the way to sincere online income.

Thanks for refueling my entrepreneurial spirit. Just what I needed for this new start and by the way the attached would be valuable for your cargo biz and is available for sale. Soar !!!

madenigga:
what kind of goods and where is ur location.

Some ladies jewelries like necklaces, ear rings and bracelets..

Ymodulus:
Last year, 2015 , is a year I won't forget too soon. It's one I in which I took the bold step to leave the importation business into other areas.

I would have loved to share my experience in full ( I.e 1 business per thread ), but won't be doing so as am getting lazy.

However I have decided to give a brief straight to the point summary of all Businesses I ran last year, my strong points and weak points.

I will try my best to ensure, each summary can be of help those intending to go into this business.

OK. Now let's go

pls what is the cost of shipping from minna to Lagos 40ft size

Wonderful indeed! I think I am glued to this for a life time! SURE THING! Kudos Ymodolus

Following

madenigga:
Yorubas dont use akamu its the igbos. the term yorubas use is ogi take note.

not `ogi' but `eko mimu'.

madenigga:
all the aspiring entrepreneurs shud know that u cant achieve most of these without capital.
Also notice that he started small no matter how little, so note every opportunity matters despite the profit it brings in at that moment.

fact

hungryboy:
oga you just leave thread like dat without to settle boys,
You no try oh ,

But anyways,
i wan be like you when i grow up,

How you want make I settle?

Lateefah06:
same

Please re-add me.

4. Import a New Keke or Buy Here in Nigeria

If you have the know how to import, I will advice you import keke Napeps. Keke napeps are produced in India. But you can get from china wholesalers wholesalers.

Keke Napeps spare parts are produced by Chinese and are more cheaper. Most importers import the spare part from china. In fact All keke spare parts are Chinese, Chinese sell the clone cheap better than India.

22Keke Napep will make 1 20ft Container. It cost approximately 98k to bring in on the average per one ( tax and government expenses + custom clearance + cost of getting form m and all).

Note: there are cheaper ways to bring in keke napep far way cheaper than what Nigerian wholesalers sell.

I can show you ways to bring in keke napeps at flat rate of 35k per piece. It's possible. Everything is legal.

The keke business is a sweet business if you know your way and I advice students to run this type of business.

Below is a second hand keke Napep I got some time back.





Bro please talk more on this, how to bring in keke with 35k@ Ymodule

tugrow:
4. Import a New Keke or Buy Here in Nigeria

If you have the know how to import, I will advice you import keke Napeps. Keke napeps are produced in India. But you can get from china wholesalers wholesalers.

Keke Napeps spare parts are produced by Chinese and are more cheaper. Most importers import the spare part from china. In fact All keke spare parts are Chinese, Chinese sell the clone cheap better than India.

22Keke Napep will make 1 20ft Container. It cost approximately 98k to bring in on the average per one ( tax and government expenses + custom clearance + cost of getting form m and all).

Note: there are cheaper ways to bring in keke napep far way cheaper than what Nigerian wholesalers sell.

I can show you ways to bring in keke napeps at flat rate of 35k per piece. It's possible. Everything is legal.

The keke business is a sweet business if you know your way and I advice students to run this type of business.

Below is a second hand keke Napep I got some time back.





Bro please talk more on this, how to bring in keke with 35k

Boss please discuss more on how to bring in keke napep,how to get a good seller+site to search for it

Ymodulus:


Yes. For mebi try to interact with my driver on a close level. For example, currently am managing a friends vehicle for her, she never wanted hire purchase and the driver frustrated her life.

She is a nairalander here.

I then took over management, changed the remittance pattern to hire purchase. I even hanged out with the driver yesterday, I went to the cinema he took me and he was to turn back I asked him to go in with me.

I paid. She was against it. But in all now she asked me why does the guy like me and not her?

So I think been friendly to your subordinate or workers goes a long way.


However never you pick a married man to drive your car or Keke. If not you are a Gunner for life.

Please i need you to enlighten me on some issues. I sent a mail, do reply, Thanks!

Ymodulus:
How you want make I settle?

My oga, You no dey play politics?, You no sabi how politicians dey settle boys?

Every corner corner way doesn't last and the end doesn't always justify the means. This isn't to say you are doing anything illegal per se and if you are, you have a better chance of getting away with it in Nigeria but your contacts in the U.S are definitely taking chances with the law here.
They are indirectly running their own remittance business without the legal licenses from FinCEN, SEC, IRS and co all in the name of making $15 per $1000. I'm not sure about the tax laws in China but the tax laws in the U.S are very strict and it's not something to joke with. If the tax laws in China are any good, that your Alieexpress Chinese seller will be forced to pay sales tax on all transactions every 4 months. So in essence, all that money you were sending him via fake alieexpress purchases will be reviewed as total sales and he will pay a hefty tax on it, so what sense does it make? If the scale of these transactions were really astronomical, it will result in a higher tax bracket which will be a huge loss for him.

There are reasons why financial institutions have licenses and employ that Know-Your-Customer rule whereby every customer must present with state issued government ID'S and other proofs of identity upon opening an account. These rules are placed to prevent money laundering which can result in the sponsorship of terrorism and other illegal activities. I'm particularly worried about those your American contacts because I can bet you the government is watching them from the shadows... they will think they are evading tax or money laundering (boko haram, hello).

I commend your entrepreneurial spirit, however I will advise you never to bend your morals for profit (like you did with your customization business). Like you, I like to try new things; I bought bitcoins in 2009 for less than $1 each then sold them in 2013 for $1085 each, this was pure luck and nothing else cos I actually bought and forgot about them. I'm now in the process of starting a Bitcoin Remittance Business which will allow people to send any amount of money anywhere in the world for pennies. You can view my only topic on Nairaland about this venture and i'm obtaining the required licences both in Nigeria and the U.S where I will have my company. It's been over a year now and by March of this year, if everything goes smoothly, we will be live and ready. Nothing stops me from running this company without the high legal fees and time required but I like to sleep on my bed with peace of mind, not worrying about the FBI knocking on my door.

Sometimes, making money in unconventional ways may cost you your freedom and 10X the money you made. Be wise.

hungryboy:
My oga,
You no dey play politics?,
You no sabi how politicians dey settle boys?

Oya account details

Ymodulus:
[size=18pt] Inter- state Transportation Business[/size].
There are two methods
1. Daily Balance
2. Hire purchase

Sorry the hire purchase, what's the duration to meet up with the 1.5mil (your deal with him), or there is none? Thanks

Well, now I get the message.since u are nt answering on BBM. I guess am a pest. Sorry about that.i won't bother you again

Ymodulus:
Oya account details

Ymodulus:
Oya account details

na so Chairman, you sabi am, 3351182055 =ecobank 0058509716=diamond, Account name na Michael, I no get my fidelity and Gtbank, and uba acct number off hand, In case you need am , i go find am bring come,
God bless you in advance, Oh sorry for that i forgot that you are an atheist, Maybe i Should just say May the force be with you

hungryboy:
na so Chairman, you sabi am,
3351182055 =ecobank
0058509716=diamond,
Account name na Michael,
I no get my fidelity and Gtbank, and uba acct number off hand,
In case you need am , i go find am bring come,

God bless you in advance,
Oh sorry for that
i forgot that you are an atheist,
Maybe i Should just say
May the force be with you

Sent to your diamond.

Bye

omogetoun1:
Well, now I get the message.since u are nt answering on BBM. I guess am a pest. Sorry about that.i won't bother you again

Hmmmm