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What Is Your Worst Business Investment And How Much Did You Lose? - Business (8) - Nairaland

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How Much Did You Lose Trying To Return The Old Naira Notes To Banks? / Share Your Worst Business Experience / Share Your Worst Broke Moments Experiences In Life (2) (3) (4)

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Re: What Is Your Worst Business Investment And How Much Did You Lose? by Agp19(m): 7:49pm On Nov 19, 2018
spiritedtete:


My brother... We are all equal forget about money now... My mentality and approach to money is different... I am not disperate too... The only thing that bit me everyday is how to better the people around me... This is my only worry and fear in life.

Otherwise personally there is nothing absolutely nothing in this world

On the 1m usd it was suppose to be a loan/share to a friend building a refinery... Which was supposedly a processing fee to secure bank guarantee from a foreign bank. But at last it was yahoo boys that was manipulating him...
true talk!! Just my kind of mentality.
Re: What Is Your Worst Business Investment And How Much Did You Lose? by Grupo(m): 7:49pm On Nov 19, 2018
generationz:


please what's his name

Greg preece
Re: What Is Your Worst Business Investment And How Much Did You Lose? by bedfordng(m): 7:51pm On Nov 19, 2018
hmmm

1 Like 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by generationz(f): 7:52pm On Nov 19, 2018
Grupo:

Greg preece
thanks

2 Likes

Re: What Is Your Worst Business Investment And How Much Did You Lose? by seegi(m): 7:53pm On Nov 19, 2018
wow. what a nice thread. am here to Learn cuz am an aspire Entpreneur(Netpreneur tn b precise). as a struggling student i do many sort of business (hustling).
but a business i always do is buying and selling of phone. but i go bankrupt recently after i buy a phone then it was stolen anoda one is buying a phone wit d hope of selling it get some cash to survive as usual but d phone get fault bynd repair. even am typing dis message with a JAVA Phone am left wit cuz i loose all my money on dat phone i still owe some people moni.

So plz i don't mind if any one can volunteer to mentor me on all dis online buz(dropshipping and co) and my major challenges on pursuing dat dream are no adequate knowledge, and i dont ave d required gadget (Phone and Laptop) i dnt mind help from any one. thanks

6 Likes 4 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by OyiboOyibo(m): 7:53pm On Nov 19, 2018
ololadeking:
buhari, I lost everything
Re: What Is Your Worst Business Investment And How Much Did You Lose? by HardMirror(m): 7:54pm On Nov 19, 2018
Gaspardd:


You prolly do not follow charts, i use blockfolio and coinmarket app, i dont really day trade but its about entrying at d right time
what ever you do. NEVER do day trading you are smart. cc loj

1 Like 3 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by gbosah91(m): 7:57pm On Nov 19, 2018
Invested over one million in transport business... Lost everything so sad

5 Likes 2 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by sircrabo: 7:57pm On Nov 19, 2018
oneluv11:
.

I can give u 2odds every day.
.

just try me bro



99.9% sure


Let me try your 2 odds broda, I had stopped anything Bet but I will like to give 2 odds a try. send number pls

Re: What Is Your Worst Business Investment And How Much Did You Lose? by sircrabo: 7:58pm On Nov 19, 2018
oneluv11:
.

I can give u 2odds every day.
.

just try me bro



99.9% sure





Let me try your 2 odds broda, I had stopped anything Bet but I will like to give 2 odds a try. send number pls
Re: What Is Your Worst Business Investment And How Much Did You Lose? by ponti93(m): 7:59pm On Nov 19, 2018
1Ronaldo:
.Won't really call it business sha and also, am not d business kinda person...
I already contriburlted in the other thread.
And the lost wasn't too big cos I could do without it then...
Lost 50,000 naira from my account on betting on 2 odds... Over 1.5 man u vs sevilla first leg...
Next one was losing 40k last two weeks atletico Madrid vs Dortmund (gave Dortmund 2ahead)... This one was actually a rollover kinda money so wasn't as painful as d other one...

Tried selling my lenovo laptop to a friend for 80k.. He said he was gonna pay me in a weeks time but that I should first give him d system... Baba said system was stolen. Mum n dad said I should just leave him.


Modified: how can I forget Hernandez gaisha that duped me of 125,000 thousand last two months on fixed games.
are you serious about the geisha... The one on Facebook?
Re: What Is Your Worst Business Investment And How Much Did You Lose? by Ndubuisipaul1: 8:00pm On Nov 19, 2018
HardMirror:
This is in response to this wonderful thread https://www.nairaland.com/4852491/how-old-when-made-first

After going through the thread i realized that many had made money but lost all or a good chunk.

This is my own story.

Abattoir Investment

As a student in Futa, i usually patronized a butcher called Nurai at the abattoir behind Chicken Republic at FUTA Junction. The guy was very nice to us and always gave us extra meat to what we bought. When i had my first major breakthrough, this guy was the first person that came to my mind.

I gave Mr. Nurai 500,000 naira as investment into the business. The man lost all the money within a few months. I still like him and i know he did not do it intentionally but it was a big blow to my finances when i needed a backup source of income.

business agreement with a nairalander i wont mention his name, but i had an agreement with a nairalander, but i suspect he diverted the money into mmm. Long story short he still owes me 400k after refunding about 600k to me.

Ministry of works contract
Never take a contract during elections. Goodluck Jonathan awarded lots of contracts a few months to the 2015 elections. I got several road furnishing contracts November 2014. Unfortunately we had to borrow money to do the Job. Lost about N7million there. Government still owing us 54million (i did it in partnership with another company in Abuja) it was a massive blow and my worst mistake in life not just business.

What is your own story? Be honest and detailed so we can learn from each other.


After reading you comment tears roll through my eyes .
How can a young man like me be mentioning that he lost this huge amount of money in this same country that I have struggled all through my life.

unless you are lying but if not, you must be from a well to do home. or you are one of those few lucky ones .because for me the maximum investment that I lost in my 30th year of age is less than 10000 ( ten thousand) I invested on selling phone charger
in fact I have never had 50000 ( fifty thousand ) whole as my money in my account for the first time in my life.
I know some people case are even worse.

40 Likes 2 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Tallesty1(m): 8:01pm On Nov 19, 2018
HardMirror:
wow!!! Seems mmm did a lot of people in. Whenever you get scammed dont bother fighting the scammer, learn your lesson and move on. I have never reported any case to the police. It does not worth it
Eberechi24:


Sad story. More reasons I don't pity fraudsters/scammers when they are caught. They don't have conscience.
MMM was another disaster to investors
May God keep u strong.


They're not fraudsters really, reputable company with branches in many states. They're still in operation.


What I discovered was that two people were supplied the same pins but the first person distributed it first so I was on the losing side. More like an error from the sales department and they don't wanna own up to the truth.

I lost because it was written in the signed agreement that they're not responsible for whatever happens to the pin once they're delivered to your inbox so they kept saying that my email was compromised and stuffs like that but that's not true. I marked every read email containing the pins as unread and I changed my password after every successful download.

These orgs have smart lawyers that got their backs at all times.

5 Likes 2 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by koolaid87: 8:03pm On Nov 19, 2018
Buying transcorp shares

7 Likes

Re: What Is Your Worst Business Investment And How Much Did You Lose? by samuelonyewueny(m): 8:07pm On Nov 19, 2018
baakus:
Never start a business with loan especially a new one you have no first hand experience.

I obtained a loan of N300k (short term) to finance a long term project which really backfired that i had to pay back with the interest and still unable to execute the project proper.
But with proper and accurate preparation,calculative risk and high level of investment decision,i'm making my first million in few months time.


Never give up!!!

God bless you for your first sentence... I learnt deep from it..

2 Likes

Re: What Is Your Worst Business Investment And How Much Did You Lose? by skyhighweb(m): 8:09pm On Nov 19, 2018
Andrew202:
I have carefully gone through your posts. Really touching and informative. I hope we learn from our mistakes.

Meanwhile I also have my own story. Last yr I invested over 5million naira in establishing a new record company. Avalon okpe shot the video of our Artist, spent over 1.5 m in equipping our music studio to world class standard. After all said and done, Artist no blow, record label studio turned commercial studio did not even pay from Artist recording.
It was a big mistake, huge loss and regret.

I am an IT guru and computer programmer. My regret is not investing in my field of specialization. I invested in music biz bcus of someone close whom I felt could handle and manage it well but did not.

My lesson learnt is to invest my money is a business that is related to my profession or area of specialization. This way you will be able to handle your business personally and effectively. Only you can do it better.

Follow our cryptocurrency news channel on Instagram @cryptonews9ja


hi i run a recording studio house 10 studio
i had artist trying to sweet talk me into promoting them n signing and all i just told them point blank d best i could do was give them free recording sign n agreement with them also

u should have invested in marketing d studio not in artist

never shoot expensive videos if u not known yet, shoot moderate videos n promote with d remaining money

artist are lazy dey find it difficult promoting d studio dey work like somone else will come n. record for free n. take der spot.

anyway its all good na struggle things till we find our footing.

11 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Purplekush(m): 8:09pm On Nov 19, 2018
spiritedtete:
Trusting and investing in people and their businesses

Lost 1 m USD
80m naira
30m
16m ... And the least goes on and on down to even 150k.

Never will I trust anyone with my money Never not even my Father (even when I know his is a good man)

This thread just brought the anger in me.

Awon oloriburuku!!!

Big bro, pls what business niche are you in?

3 Likes

Re: What Is Your Worst Business Investment And How Much Did You Lose? by agarawu23(m): 8:09pm On Nov 19, 2018
I lost heavily in transportation business In 2013. embarassed Lost over 2.3m cos I wasn't available to monitor the business myself. Total remitted was below my investment and I sold the buses at a loss.

Don't get it twisted, I started the business again while I am around and it's going smoothly. Drivers are crazy......so u need to come down to their level and kick their ass. cool

55 Likes 2 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Paulpaulpaul(m): 8:10pm On Nov 19, 2018
Bit more than I could chew in 2014. Just graduated, waiting for NYSC mobilisation and I borrowed money to set up a block industry in Abuja. The demands to pay back, my brother-friend lifesaving on the line and some other factors I still don't understand crumbled the business. I lost about 350k. I still live with the pain of losing someone's money.

Bought a commercial vehicle in Lagos in 2015/16 while serving but wicked drivers and personal carelessness cost me that too. Now in a private school doing A for Apple, B for Ball till I get enough capital to venture into another business. God help me

94 Likes 4 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by olexjay(m): 8:13pm On Nov 19, 2018
egwekwe:

As the market is going, na only God and whale get sure contact grin
You're free to contact me tho sad
I swear... Na pray I dey pray
Re: What Is Your Worst Business Investment And How Much Did You Lose? by olatuneji: 8:14pm On Nov 19, 2018
spiritedtete:


My brother... We are all equal forget about money now... My mentality and approach to money is different... I am not disperate too... The only thing that bit me everyday is how to better the people around me... This is my only worry and fear in life.

Otherwise personally there is nothing absolutely nothing in this world

On the 1m usd it was suppose to be a loan/share to a friend building a refinery... Which was supposedly a processing fee to secure bank guarantee from a foreign bank. But at last it was yahoo boys that was manipulating him...

Bro God bless you for saying this.You sincerely hit the main point.
There is nothing absolutely new in this world.nothing will forever remain permanet.
one can hit a jackpot of #30million tonight and lost everything within 24hrs.one can make a profit running into billions of naira from a contract and in the next 20yrs turn beggar.
Anyone who is a deep thinker will reason with me that our primary aim of coming to this world is to make IMPACT. No doubt money gives comfort,gives good life and will enable one to feeds fine.
Surely,there would be wealthy class of people during Michael Faraday era,but how many do you and i know.
My approah and view to money is different.i'm equally not desperate.I'm in my late 20s,unemployed.When i read the thread,"how old were you when you made your first million." last night i was never in a way moved.I dont wish evil and lost to all those who shared their wonderful experience on that thread,but if all of them should in anyway go back to that thread in the next 20-30yrs,you will see that not all will......

35 Likes 4 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by atomicstructure(m): 8:15pm On Nov 19, 2018
2 years ago I invested ₦400,000 into a betting business but I didn't do my feasibility studies because I went to open SUREBET instead of BET9JA.

As I was still furnishing the betshop, customers were already telling me it must be BET9JA but I insisted it's going to be SUREBET because of the livebet and highest odds they operate with.

Immediately I opened the shop, people were just asking for BET9JA instead of the SUREBET I opened.

People will come and watch free match with BET9JA tickets and go.

I paid for 2 years rents in the shop.
2 systems and 4 monitors, a printer(Lazer Jet), a thermal ticket printer, fan, electrical, furniture and Generator(7kva) which wasn't part of the ₦400,000.

2 months after, I closed the shop because a BET9JA shop opened 2 houses away beside me.

27 Likes 2 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Agp19(m): 8:17pm On Nov 19, 2018
richie9093:


Instead of going for the software unlock, you could have just bought a chip to be using on the iPhones.

a chip costs just ₦5,000 in computer village. and even cheaper sef if you buy in bulk (total cost would be spread to about ₦3k5 to ₦4k)

Anyhow sha, I'm sure you didn't know about that. We learn everyday
Bro I need u to enlighten me on the use of this chip and how I can get it.
I have attached what a SIM chip looks like.
Re: What Is Your Worst Business Investment And How Much Did You Lose? by Wiinnd(m): 8:19pm On Nov 19, 2018
Phyde:
Credited a bitcoin dealer bank account of 23k and failed to credited my wallet.
Lose 40k to one online forum called esteemtraders.
Lose 135k to winthrills.
Gained 15k from Xpressinvestment before it crashed and Final Bet9ja put a smile on my face with 1.158m recently.
Baba, how you take win that bet9ja money? How much u take play am? Show me the way?
Re: What Is Your Worst Business Investment And How Much Did You Lose? by oghenerunoh(m): 8:22pm On Nov 19, 2018
oneluv11:
.
I can give u 2odds every day. .
just try me bro


99.9% sure


how can i get ur 2odd everyday
Re: What Is Your Worst Business Investment And How Much Did You Lose? by qanda: 8:23pm On Nov 19, 2018
Following
Re: What Is Your Worst Business Investment And How Much Did You Lose? by aboyaji(m): 8:25pm On Nov 19, 2018
I had to put mine up for the sake of service to mankind. I have been looking for a way of putting my sad experience to writing all these years.

I started importation business in 2014 when I lost my job. I started importing watches, Jerseys, Phones, anything that moves fast. I joined it with dropshipping too as I reside in the Eastern part of Nigeria where goods are also cheaper and affordable. Everything were going simultaneously as I introduced local online shopping from Konga and JUMIA and the businesses were running smoothly. I had no shop at the moment and had no intention of getting one cos I was making it that way. It was faster.

My younger sister would call from school and place orders and I send them across while she remits within the week. I had bigger plans for the business that I started making contacts with the international markets and also updating myself with the Nigerian shipping companies. Visited a number of them then like KINGSOO group in Trans Amadi in portharcourt for my Maiden shipping. I was focused...

Not until sometime almost at the end of the year, I lost all. I got in contact with a brother who lives in another state and told him about my business and the goods I deal in, he got interested as he was financially buoyant. We fixed day and time for me to travel to his state. He made his orders and I delivered as more orders came from him for other people which I still delivered. I was oblivious of the fact that family should be kept away from business as my friend warned me before I embarked on that journey of no return.

I kept asking for the money for months which took years and now, more years to even pay for at least for one single item out of a whole lot of items delivered.

It dawned on me later that he had no intention of paying me at all. So many measures were taken to get the money back which wasn't fruitful.

29 Likes 4 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Spain007(m): 8:26pm On Nov 19, 2018
Paulpaulpaul:
Bit more than I could chew in 2014. Just graduated, waiting for NYSC mobilisation and I borrowed money to set up a block industry in Abuja. The demands to pay back, my brother-friend lifesaving on the line and some other factors I still don't understand crumbled the business. I lost about 350k. I still live with the pain of losing someone's money.

Bought a commercial vehicle in Lagos in 2015/16 while serving but wicked drivers and personal carelessness cost me that too. Now in a private school doing A for Apple, B for Ball till I get enough capital to venture into another business. God help me

U got me laughing out loud with ur words A for Apple, B for ball... However it's well bro, No Pain no Gain.

28 Likes 1 Share

Re: What Is Your Worst Business Investment And How Much Did You Lose? by TechCapon(m): 8:26pm On Nov 19, 2018
hahn:
What happened to me this year sef just get as e be.

So I was finally making N25k daily from my website and saved more than N1m and decided to hire a professional SEO company to handle my seo so that I can rank for more keywords and make more money. My target is to make 100k+ daily which is actually what my competition make.

The SEO company charged N150k per month and on the first month we found out that Google had penalized my site because of a Yoast plugin issue. With the Yoast plugin new update they was an option which was usually turned off by default but was on with the new update and thus pages were created automatically using images and no content. Coincidentally Google's new algo or whatever just came out and in it included a rule against pages with only images. And thus I was bleeped.

You can read more about the Yoast issue here https://charlesfloate.co.uk/yoast-mess-up. Many people were affected by this issue. If you go through the comments you will see one guy complaining about how he went from $1,000 per month to $100 because of his drop in traffic.

Also the seo company discovered that for some reason my backlinks created to my website were being removed so now I had to pay for on-site seo and also backlinks. To cut the long story short I spent all my savings trying to resolve this issue and I am still working on building more backlinks.

Daily income has gone down to N5k-N10k daily and yes I am royally bleeped because I have to fuel my gen and run it for 24 hours as we barely have power here. Nepa did not even blink the light throughout the weekend and as I write this the generator is on and making noise. Data, feeding, diapers, baby food etc sef dey there but we are managing.

I don't even know what to call this one. Whether bad investment or simply bad luck but thought to share.

By the way, based on the kind of person I am due to the low traffic I was getting and free time I got I used that spare time to build 3 new websites and now I am working on building them to profitability. Man never back down cool
my brother. I read your story and was touched and inspired at the same time. Obviously you're an expert in blogging. Take a look at my blog because I don't know why Google haven't approved my adsense. Another thing is please drop ur whatsapp number cos there are some blogging questions I want to ask you about. Thanks
Re: What Is Your Worst Business Investment And How Much Did You Lose? by timsucess(m): 8:27pm On Nov 19, 2018
spiritedtete:


My brother... We are all equal forget about money now... My mentality and approach to money is different... I am not disperate too... The only thing that bit me everyday is how to better the people around me... This is my only worry and fear in life.

Otherwise personally there is nothing absolutely nothing in this world

On the 1m usd it was suppose to be a loan/share to a friend building a refinery... Which was supposedly a processing fee to secure bank guarantee from a foreign bank. But at last it was yahoo boys that was manipulating him...

Nice knowing they are people around who prioritizes helping people
wish I can get such a helper

1 Like

Re: What Is Your Worst Business Investment And How Much Did You Lose? by Confussion2: 8:29pm On Nov 19, 2018
(1) I got employed with relatively good pay. Saved up to 3m. So one man close to my house whom I have done biz with before told me about dredging biz. Me and him and two other guys teamed up together to do the biz bcuz it is capital intensive. We contributed 3m each or so I thought. We have already secured a massive water front where we will get the sharp sand. Construction Companies were already promising us patronage wen we finally start. Being that i'm working, most of the running around was done by two guys ( my friend and one other guy).
This my friend-older than all of us is the front guy in the biz. He is from Rivers man and knows quite alot of people.So he was the one that got us the contact for the water front. We entered agreement with the owner of the water front. infact we had to even pay him 400k to ward off one Italian company that wanted to take the biz from us. Time to look for dredger and this other guy went and brought his relative rickety dredger. When the owner of the water front saw the dredger we brought he said we are not serious. And that was how he cancelled the contract and gave it to intalian company. Nowtime for me to collect my money and this my friend started giving me stories. I never knew the money he was using to buy me bolle and fish na my money. Bcuz we have not signed the contract before sending d money, my money went fiam till date partly bcuz I was not alwys with them running around for the biz.

(2) One guy i met during nysc and have remained friends with since then brought one biz about helping hands.One of the organizers of the scheme had told him we can make 9m if we invest 4m. 1m again down the drain.

Wont even talk of small ones like 600k for trucking which I only made 200k.

All in all, the experience here is that one needs indept knowledge of whatever u want to get iivolved with. And dont ivest in biz u wont have time to manage.

52 Likes 4 Shares

Re: What Is Your Worst Business Investment And How Much Did You Lose? by timsucess(m): 8:30pm On Nov 19, 2018
baakus:
Never start a business with loan especially a new one you have no first hand experience.

I obtained a loan of N300k (short term) to finance a long term project which really backfired that i had to pay back with the interest and still unable to execute the project proper.
But with proper and accurate preparation,calculative risk and high level of investment decision,i'm making my first million in few months time.


Never give up!!!


Help a brother
introduce me to your business
Am a fresh graduate

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