₦airaland Forum

DigitalMallam:
Caveat Emptor. Latin for "let the buyer beware." A doctrine that often places on buyers the burden to reasonably examine property before purchase and take responsibility for its condition. Especially applicable to items that are not covered under a strict warranty.
It simply places the onus on the buyer to do his due diligent before making purchase decision/commitment.

You will be a very good lecturer. Very succinct delivery.

seye4nii:
which means the information given by first contact is accurate

Yea. I am having similar experience here too. In my local branch here, I am told the government said from now, no bank debtor will be eligible for TBs. I submitted my bid(sec mkt) since Monday. But I'm told they need to check with my bvn to ascertain my debt-free status as I claimed. I'm also told until d report is ready, I shld keep checking back .

The bitter truth is Patriotic Nigerians are very few. Most of us are saboteurs. God will help us in this country

healthserve:
Its the exactness in expectations that stifles the ability to explore and break into new frontiers which many businesses never break into. Giving this ordeal, Nigerians don't know how to do business. That's why industries don't make budget for R & D, cause we all believe in exactness and see no need for experimentation with the results of the hypothetical experience as the gains. I'm the C.e.o of an agritech company, ive spent over 10 years carrying my research to people to invest in, but thank God today, I found a few faithfuls who chose to dare next year watch out for my brand.

The Nigerian value chain is too chaotic....
Go and read the story of the Zimbabwe farmers that came to Nigeria.....
Most of them left Nigeria as the business environment is too hostile....
The few ones that came back is into broiler business...
And they owned the whole value chain...
From Hatchery... Day Old .....Feeds.... Abattoir, cold room & deliver to consumer directly....
Its difficult to go into business that have 5% chances of survival....
I rather keep my money safe than waste it in the name of doing business
If CBN shut down TBills... we will move to FGN Savings Bonds, FGN Bonds and CP.....

Willie2015:
The Nigerian value chain is too chaotic....
Go and read the story of the Zimbabwe farmers that came to Nigeria.....
Most of them left Nigeria as the business environment is too hostile....
The few ones that came back is into broiler business...
And they owned the whole value chain...
From Hatchery... Day Old .....Feeds.... Abattoir, cold room & deliver to consumer directly....
Its difficult to go into business that have 5% chances of survival....
I rather keep my money safe than waste it in the name of doing business
If CBN shut down TBills... we will move to FGN Savings Bonds, FGN Bonds and CP.....

I'm a producer setting up my own manufacturing plant after working over time for people. Its not as you painted here. This is just here says Sir


Break it down you'll see there's massive profits in each chain of the sector let alone have them in combination under a single umbrella Sir. Of things are that bad why do we have boli sellers doing businesses for years, printers, pure water sellers, food sellers

Find the intelligent coefficient of how businesses are sustained and not complain is what we should do. Didn't Nairaland grow from Nigeria? And so many other businesses thriving here?


Ive personally engaged in the setup of 15 businesses all succeeded except for friends who sabotaged my efforts. Guess what I'm setting up three companies now at the same time with personal funds, yet we're in a negative society. We can do better than whine and complain Sir. People do businesses daily.

ahiboilandgas:
stupid and criminals have been using cbn agric loan. ,bank of industries loans given to customers at 3 to 8 percent to buy up t.b at 12 making 5 percent and killing agric and industries....those 500 bn used to place bid is false ,unfunded , intervention loans ....419 people ....all t.b bid mist funded from real hustle

I won’t call them criminals and stupid. These are smart people taking advantage of loopholes and it is not illegal. I’d rather blame cbn for taking this long to notice these loopholes or rather I want to believe cbn has long been aware of this and only acting now to save Nigeria economy from collapsing at this critical stage.
People really made serious money off this, I wish I was aware lol

chigo4u:
I won’t call them criminals and stupid. These are smart people taking advantage of loopholes and it is not illegal. I’d rather blame cbn for taking this long to notice these loopholes or rather I want to believe cbn has long been aware of this and only acting now to save Nigeria economy from collapsing at this critical stage.
People really made serious money off this, I wish I was aware lol

Those are not smart people.

I always say it, what Nigerians call smartness is cutting corners.

Now, the "smartness" of those people is affecting Tbills investment.

Recover your missing shares and dividends

healthserve:
I'm a producer setting up my own manufacturing plant after working over time for people. Its not as you painted here. This is just here says Sir
Break it down you'll see there's massive profits in each chain of the sector let alone have them in combination under a single umbrella Sir. Of things are that bad why do we have boli sellers doing businesses for years, printers, pure water sellers, food sellers
Find the intelligent coefficient of how businesses are sustained and not complain is what we should do. Didn't Nairaland grow from Nigeria? And so many other businesses thriving here?
Ive personally engaged in the setup of 15 businesses all succeeded except for friends who sabotaged my efforts. Guess what I'm setting up three companies now at the same time with personal funds, yet we're in a negative society. We can do better than whine and complain Sir. People do businesses daily.

Hearsay...whine and complain ..... Haba !
Google Zimbabwe farmers in Ilorin and read their story...... its on the net....
I expect you to ask basic questions.... not all these boli sellers, pure water stuffs analysis...
Why is the CBN Governor forcing banks to lend to entrepreneurs, individual and startups ?
Why are banks running away from lending to the real sectors & and yet give loan to salary folks...
Simple ...those banks knows that that they might not get their capital and interest back from entrepreneurs individual and new start up....
Check the books...their huge non performing loans shows the same trend....
If businesses are doing well..... then bizs are likely to employ....
Since jobs are largely created by the private sector.....
Check Nigeria unemployment rate with NBS..... we have a steady increase since 2016 till date....
Thats a basic indication that bizs are not doing well......
Even those that are collecting loans from banks are investing in Treasury Bills.........
You are in the Agric line ...... a simple analysis is here for you.....
It cost =N=40,000 to import a tonne of maize from India to Nigeria.....
And yet our Nigerian farmers will produce the same tonne of maize btwn =N=100,000.00 to[b] =N=125,000.00[/b]
Assuming you are owner of a manufacturing feedmill outfit that uses maize as a major input...
Pls tell me how you intend to compete with a competitor that import maize from India at =N=40,000 per ton....

Willie2015:
Hearsay...whine and complain ..... Haba !
Google Zimbabwe farmers in Ilorin and read their story...... its on the net....
I expect you to ask basic questions.... not all these boli sellers, pure water stuffs analysis...
Why is the CBN Governor forcing banks to lend to entrepreneurs, individual and startups ?
Why are banks running away from lending to the real sectors & and yet give loan to salary folks...
Simple ...those banks knows that that they might not get their capital and interest back from entrepreneurs individual and new start up....
Check the books...their huge non performing loans shows the same trend....
If businesses are doing well..... then bizs are likely to employ....
Since jobs are largely created by the private sector.....
Check Nigeria unemployment rate with NBS..... we have a steady increase since 2016 till date....
Thats a basic indication that bizs are not doing well......
Even those that are collecting loans from banks are investing in Treasury Bills.........
You are in the Agric line ...... a simple analysis is here for you.....
It cost =N=40,000 to import a tonne of maize from India to Nigeria.....
And yet our Nigerian farmers will produce the same tonne of maize btwn =N=100,000.00 to[b] =N=125,000.00[/b]
Assuming you are owner of a manufacturing feedmill outfit that uses maize as a major input...
Pls tell me how you intend to compete with a competitor that import maize from India at =N=40,000 per ton....

I know about the Zimbabwean farmers who were brought in during OBJs tenure

Never heard of maize sold at 40,000 Naira per ton my entire life


I own a farm tech company and let me share a secret. Even if I bought maize at 125,000 Naira per ton, and buy like ten thousand tons, I'll still churcn out over 500% after ive channeled it into productive use


Let's rather not passout information that isn't theoritized thoroughly. I'll be producing eggs, meat, milk, yoghurt and poultry and my comprehensive report doesn't states all these negativities you've highlighted so far. Plus I worked in varieties of agro producing companies before now that are still functional and productive. All these are fear talks bro that inhibits practice

Our banking system is flawed which is why they will only lend oil company service firms or salary earners because they don't want to be held responsible in the event of loss of ffunds which NDIC and CBN in a healthy environs should be responsible for.

Do you recall why firms have R and D departments, why hypothesis and experiments are important and countries invest highly in it? Because there's a measure of exploring that may not be productive at a time but hold critical immense value.

So I recommend not to experiment personal funds with people but on ourselves. Let's setup businesses, try new things, fail and stand back up than to whine and look for exactness before we make a move, its multiple shades of wrong. Of father Abraham or the faithfuls waited for God to show them everything before they made a move, they would never have achieved anything.


Since investor funds are insured, and the flow of funds through multiple streams like payment stamps avails, our financial institutions need to lean less on the exactness posture. I hate seeing many young men carry blueprints but have no where to turn to for funding for their dreams. Its painful.


I manage my sisters mini supermarket

My.in-laws supply chain business

A friends logistics business


My brother, people are succeeding if we fold up our sleeves.

Grupo:
Those are not smart people.

I always say it, what Nigerians call smartness is cutting corners.

Now, the "smartness" of those people is affecting Tbills investment.

They are smart people. Why didn’t cbn block the loophole from the start? This one is not about Nigerians, it’s about people profiting off a bad system

Grupo:
Those are not smart people.

I always say it, what Nigerians call smartness is cutting corners.

Now, the "smartness" of those people is affecting Tbills investment.

Same way the same smartness crashed our capital markets. Whatever smartness exists, it begins with the bigger players who manipulate the systems. Until we have functional and sound institutions that can nail anyone regardless of status, status quo remains. Manipulatable.

ahiboilandgas:
stupid and criminals have been using cbn agric loan. ,bank of industries loans given to customers at 3 to 8 percent to buy up t.b at 12 making 5 percent and killing agric and industries....those 500 bn used to place bid is false ,unfunded , intervention loans ....419 people ....all t.b bid mist funded from real hustle

Nigeria for you. Nigeria and cutting corners are 5 & 6

healthserve:
Nigeria for you. Nigeria and cutting corners are 5 & 6

every bid 600 bn will be chasing few tb on offer ...must unfunded (speculating ) will other using several billions warehouse in banks as agric ,mortgage loans offered at 7 percents by the cbn to buy up then resell at the secondary market we don't have banks in Nigeria but scamming organisations they can't offered loan long term facility,They can't mobilise loan term deposit.....na only atm maintenance charge, withdrawal charge,ussd charge

healthserve:
I know about the Zimbabwean farmers who were brought in during OBJs tenure
Never heard of maize sold at 40,000 Naira per ton my entire life
I own a farm tech company and let me share a secret. Even if I bought maize at 125,000 Naira per ton, and buy like ten thousand tons, I'll still churcn out over 500% after ive channeled it into productive use
Let's rather not passout information that isn't theoritized thoroughly. I'll be producing eggs, meat, milk, yoghurt and poultry and my comprehensive report doesn't states all these negativities you've highlighted so far. Plus I worked in varieties of agro producing companies before now that are still functional and productive. All these are fear talks bro that inhibits practice
Our banking system is flawed which is why they will only lend oil company service firms or salary earners because they don't want to be held responsible in the event of loss of ffunds which NDIC and CBN in a healthy environs should be responsible for.
Do you recall why firms have R and D departments, why hypothesis and experiments are important and countries invest highly in it? Because there's a measure of exploring that may not be productive at a time but hold critical immense value.
So I recommend not to experiment personal funds with people but on ourselves. Let's setup businesses, try new things, fail and stand back up than to whine and look for exactness before we make a move, its multiple shades of wrong. Of father Abraham or the faithfuls waited for God to show them everything before they made a move, they would never have achieved anything.
Since investor funds are insured, and the flow of funds through multiple streams like payment stamps avails, our financial institutions need to lean less on the exactness posture. I hate seeing many young men carry blueprints but have no where to turn to for funding for their dreams. Its painful.
I manage my sisters mini supermarket
My.in-laws supply chain business
A friends logistics business
My brother, people are succeeding if we fold up our sleeves.

Fear ke.... Haba
We dont use that word in bizness...
We call it risk....
If the risk outweigh the benefit .. you cancel the project...... basic risk analysis...
Thats what banks do....
If you have lost millions of naira and life savings doing business in Nigeria.....
You will not have the luxury of experiments and hypothesis...
I wish you well....

ibechris:
How will u even ask how he graduated.
Is it the biggest market in Africa yet Anambra is not rank among the richest state in Nigeria. Come to Abuja and specifically,Emab plaza,u need 20million naira to take over from another person shop in case the person is no longer interested in business anymore. I mean,u are not buying the shop,it's just sub let. And I can assure u that 10million will buy u more shops in that Ochanja than any where else in Nigeria.

Being the biggest does not translate to progress. After all,it can be big for nothing compare to Wuse market in Abuja.

10m would buy you a shop in Ochanja. you must be dreaming

eniorisha:
Yea. I am having similar experience here too. In my local branch here, I am told the government said from now, no bank debtor will be eligible for TBs. I submitted my bid(sec mkt) since Monday. But I'm told they need to check with my bvn to ascertain my debt-free status as I claimed. I'm also told until d report is ready, I shld keep checking back .

The bitter truth is Patriotic Nigerians are very few. Most of us are saboteurs. God will help us in this country

Thank god my interest has drop after vetting because i was told by my account manager that cbn need to vet my name to be sure have not been taken loan so by 5pm i got the Alart of my interest which means all clear very funny will get ready for another vetting next week one of my TB 364 days will finished end of the month so another vetting time soon LOL thanking yo
u all for the information

chigo4u:
I won’t call them criminals and stupid. These are smart people taking advantage of loopholes and it is not illegal. I’d rather blame cbn for taking this long to notice these loopholes or rather I want to believe cbn has long been aware of this and only acting now to save Nigeria economy from collapsing at this critical stage.
People really made serious money off this, I wish I was aware lol

They are not diff from yahoo yahho guys

chigo4u:
I won’t call them criminals and stupid. These are smart people taking advantage of loopholes and it is not illegal. I’d rather blame cbn for taking this long to notice these loopholes or rather I want to believe cbn has long been aware of this and only acting now to save Nigeria economy from collapsing at this critical stage.
People really made serious money off this, I wish I was aware lol

Many people are mentally crippled and only know how to steal. Those people aren't smart, you should have the decency not to endorse that nonsense by calling it smartness.

You collected government money for a specific purpose and diverted it into another purpose for profit. That's dishonesty and misappropriation of funds.

Let them try this nonsense in China and see if they won't behead them for economic sabotage.

Willie2015:
The Nigerian value chain is too chaotic....
Go and read the story of the Zimbabwe farmers that came to Nigeria.....
Most of them left Nigeria as the business environment is too hostile....
The few ones that came back is into broiler business...
And they owned the whole value chain...
From Hatchery... Day Old .....Feeds.... Abattoir, cold room & deliver to consumer directly....
Its difficult to go into business that have 5% chances of survival....
I rather keep my money safe than waste it in the name of doing business
If CBN shut down TBills... we will move to FGN Savings Bonds, FGN Bonds and CP.

If you are not good with business and you like saving in a liquid investment you can keep hedging your fund against inflation with treasury bills.

Wickedtruths:
Many people are mentally crippled and only know how to steal. Those people aren't smart, you should have the decency not to endorse that nonsense by calling it smartness.

You collected government money for a specific purpose and diverted it into another purpose for profit. That's dishonesty and misappropriation of funds.

Let them try this nonsense in China and see if they won't behead them for economic sabotage.

Nations and economies don't (or shouldn't) run on emotions. All this name-calling is completely irrelevant.

It might be immoral, but it's certainly not illegal and it's not stealing.

If anyone is at fault, it is the government; for not properly vetting the people to whom they were releasing funds and for leaving the contractual language open enough to allow the diversion of the funds.

koonbey:
Nations and economies don't (or shouldn't) run on emotions. All this name-calling is completely irrelevant.

It might be immoral, but it's certainly not illegal and it's not stealing.

If anyone is at fault, it is the government; for not properly vetting the people to whom they were releasing funds and for leaving the contractual language open enough to allow the diversion of the funds.

A spade should be called a spade. If that is not stealing or illegal, then can u give me one reason why yahoo yahoo boys should be arrested by EFCC. Pls that is pure stealing and illegal, infact they deserve to perish at sambisa forest. We have to learn to know what is evil and accord a proper punishment to it.

koonbey:
Nations and economies don't (or shouldn't) run on emotions. All this name-calling is completely irrelevant.

It might be immoral, but it's certainly not illegal and it's not stealing.

If anyone is at fault, it is the government; for not properly vetting the people to whom they were releasing funds and for leaving the contractual language open enough to allow the diversion of the funds.

If it isn't stealing, it is what? Moving abi?

So, if I get a grant from the government to build hospitals for women of schools for children and I refuse to build it but divert the sums to buying Tbills, it isn't illegal but only immoral? Well done.

Do you have an idea of the kind of precedent terms and conditions upon which the funds were released to the beneficiary?
Or you think you can try that nonsense in developed societies?

That is misappropriation of funds and anyone who engages in this is a thief.

You may find it unpleasant to your ears but that's your own problem. Someone has to tell you the bitter truth.

Wickedtruths:
If it isn't stealing, it is what? Moving abi?

So, if I get a grant from the government to build hospitals for women of schools for children and I refuse to build it but divert the sums to buying Tbills, it isn't illegal but only immoral? Well done.

Do you have an idea of the kind of precedent terms and conditions upon which the funds were released to the beneficiary?
Or you think you can try that nonsense in developed societies?

That is misappropriation of funds and anyone who engages in this is a thief.

You may find it unpleasant to your ears but that's your own problem. Someone has to tell you the bitter truth.

Please keep all these your fake emotions to yourselves, do you think cbn has not been aware this is happening? Blame the cbn for creating this loophole not people that benefitited from it. Comparing this to yahoo is stupid too. Yes it is immoral but not illegal and yes these kind of things also happen in developed countries.
We have seen billionaires in developed countries using every trick in the book to avoid paying taxes, including Donald Trump, many create offshore accounts to avoid taxes, what do you call that? Stealing? Yahoo? Also many billionaires in Nigeria owe billions in bad debt to banks and yet some even get more loans while it’s difficult for the average Nigerian to get new ones!
If the cbn rolled out the policies it is doing now much earlier no one would have benefited from this loophole, the problem with most Nigerians is being too sentimental and not knowing where to apportion blames.
The self righteous people who mostly did MMM are now calling names to others who benefitted from a weak irregulated system

chigo4u:
Please keep all these your fake emotions to yourselves, do you think cbn has not been aware this is happening? Blame the cbn for creating this loophole not people that benefitited from it. Comparing this to yahoo is stupid too. Yes it is immoral but not illegal and yes these kind of things also happen in developed countries.
We have seen billionaires in developed countries using every trick in the book to avoid paying taxes, including Donald Trump, many create offshore accounts to avoid taxes, what do you call that? Stealing? Yahoo? Also many billionaires in Nigeria owe billions in bad debt to banks and yet some even get more loans while it’s difficult for the average Nigerian to get new ones!
If the cbn rolled out the policies it is doing now much earlier no one would have benefited from this loophole, the problem with most Nigerians is being too sentimental and not knowing where to apportion blames.
The self righteous people who mostly did MMM are now calling names to others who benefitted from a weak irregulated system

MMM indicated that u should stake money that u can afford to loose. Very different from the above discussion. The disclaimer is on their dashboard.

needful:
MMM indicated that u should stake money that u can afford to loose. Very different from the above discussion. The disclaimer is on their dashboard.

So how then did many people lose their life savings and monies they couldn’t afford to lose? Because they wanted quick money and saw that as an easy way!
See I can give several instances of people benefiting from a weak system in Nigeria, you people are just crying over this because you think it’s what’s affecting tbills rate lol
Is it not in this country that people get free billions in oil subsidy? They increased fuel price, said they will end subsidy but subsidy is still being paid. Please!

chigo4u:
Please keep all these your fake emotions to yourselves, do you think cbn has not been aware this is happening? Blame the cbn for creating this loophole not people that benefitited from it. Comparing this to yahoo is stupid too. Yes it is immoral but not illegal and yes these kind of things also happen in developed countries.
We have seen billionaires in developed countries using every trick in the book to avoid paying taxes, including Donald Trump, many create offshore accounts to avoid taxes, what do you call that? Stealing? Yahoo? Also many billionaires in Nigeria owe billions in bad debt to banks and yet some even get more loans while it’s difficult for the average Nigerian to get new ones!
If the cbn rolled out the policies it is doing now much earlier no one would have benefited from this loophole, the problem with most Nigerians is being too sentimental and not knowing where to apportion blames.
The self righteous people who mostly did MMM are now calling names to others who benefitted from a weak irregulated system

Let me make some things clear to you. I'll be very blunt.

1. I didn't partake in MMM, i don't do ponzi schemes or 2+2=5 nonsense.
2. What you call exploiting the system is actually a crime. If you don't understand what misappropriation of funds is, that's your business.
3. If I, you or anyone engages in it, such a person is a thief.

You are taking about offshore accounts to avoid paying taxes. You definitely do not understand how taxes work. Tax evasion is a crime, tax avoidance is not. I bet you can't tell the difference. If I tell you contract splitting is a crime now, you'll start shouting.

So, my friend, I'm not speaking out of emotions, it's my integrity and conscience as a law abiding citizen. The fact that everyone commits a crime doesn't legitimise crime.

Wickedtruths:
Let me make some things clear to you. I'll be very blunt.

1. I didn't partake in MMM, i don't do ponzi schemes or 2+2=5 nonsense.
2. What you call exploiting the system is actually a crime. If you don't understand what misappropriation of funds is, that's your business.
3. If I, you or anyone engages in it, such a person is a thief.

You are taking about offshore accounts to avoid paying taxes. You definitely do not understand how taxes work. Tax evasion is a crime, tax avoidance is not. I bet you can't tell the difference. If I tell you contract splitting is a crime now, I'm sure you'll start shouting.

So, my friend, I'm not speaking out of emotions, it's my integrity and conscience as a law abiding citizen. The fact that everyone commits a crime doesn't legitimise crime.

You ended up making it about your self and your integrity so that’s why we said it is immoral and not illegal!
Tax evasion is a crime, tax avoidance is not?

Anyway tax avoidance or whatever you call it is also immoral

And please these are loans that are repayable, it does not mean they get the money for free!

chigo4u:
You ended up making it about your self and your integrity so that’s why we said it is immoral and not illegal!
Tax evasion is a crime, tax avoidance is not?

Anyway tax avoidance or whatever you call it is also immoral

And please these are loans that are repayable, it does not mean they get the money for free!

You obviously don't understand what I've been saying.

You're arguing that it is immoral and I'm telling you that based on our laws, it is fraudulent and illegal. Or is fraud immoral but not illegal?

It’s also just like someone getting BDC license from cbn and selling to another person. Is it stealing? I can list several similar instances of these

Wickedtruths:
You obviously don't understand what I've been saying.

You're arguing that it is immoral and I'm telling you that based on our laws, it is fraudulent and illegal. Or is fraud immoral but not illegal?

What laws makes it illegal? While haven’t cbn seized those monies instead of now regulating it since it’s illegal?