₦airaland Forum

olabrinks:
I never understand why people abroad always want to desperately buy land in Nigeria. The money you use to buy a property in naij, why not use it for a mortgage, eventually pay off the mortgage and get onto the property ladder in the country you reside. Set up generational wealth for your children. I mean unless you want to eventually move back to Nigeria, I see no point of this and it’s just a waste of money. I guess it’s a status symbol for most.

@ bolded- roots, identity, belonging, home-when-the-chips-are-down, etc
Less status symbol than the above

olabrinks:
I never understand why people abroad always want to desperately buy land in Nigeria. The money you use to buy a property in naij, why not use it for a mortgage, eventually pay off the mortgage and get onto the property ladder in the country you reside. Set up generational wealth for your children. I mean unless you want to eventually move back to Nigeria, I see no point of this and it’s just a waste of money. I guess it’s a status symbol for most.

Some want to do both, for whatever personal reasons

merahki:
@ bolded- roots, identity, belonging, home-when-the-chips-are-down, etc
Less status symbol than the above

if you want to stick to your roots, then stay in Nigeria and hustle it out. Home when the chips are down, if you use that money to get a mortgage, rather than wasting money on a useless house in Nigeria, you will have less ‘down days’. Unless you plan to move back to Nigeria, it is simply a status symbol, to show people in your hometown that you are ‘successful’. You are buying houses in Nigeria, Yet you are struggling and renting abroad where you are raising your kids. Your children will not enjoy the property so what’s the point?

quote author=sexylassie2 post=89827253]

Before you type learn to read to understand rather than read just to comment.

I never wrote that people abroad dont buy houses in Nigeria.

What i wrote about is the financial laws, with the way the US or many developed country is set up, sending 60k dollars to nigeria will alert authorities and invite them to your house for money laundering investigation.

In most countries, there is a limit of outbound transfer for an account that is run by a private individuals.[/quote]If the source of the money is genuine, you can send any amount to Nigeria or any part of the world. Spoke with a BOA branch manager recently and he told me he just wired $250k to Nigeria. Yes, there’s going to be a red flag but you don’t have anything to worry about if the source of income is legit. We have medical doctors here that earns over $250k per annum so also we do have legit business men and women.
Lastly, most banks would have done a mini due diligence to ascertain the flow of the funds before they venture into such transfer. I hope this helps

Gbabe2:
If the source of the money is genuine, you can send any amount to Nigeria or any part of the world. Spoke with a BOA branch manager recently and he told me he just wired $250k to Nigeria. Yes, there’s going to be a red flag but you don’t have anything to worry about if the source of income is legit. We have medical doctors here that earns over $250k per annum so also we do have legit business men and women.
Lastly, most banks would have done a mini due diligence to ascertain the flow of the funds before they venture into such transfer. I hope this helps.





quote author=sexylassie2 post=89827253]

Before you type learn to read to understand rather than read just to comment.

I never wrote that people abroad dont buy houses in Nigeria.

What i wrote about is the financial laws, with the way the US or many developed country is set up, sending 60k dollars to nigeria will alert authorities and invite them to your house for money laundering investigation.

In most countries, there is a limit of outbound transfer for an account that is run by a private individuals.

Not true, every transaction is reported to the CBN by commercial banks and you can be fined, you can't just wire money anyhow even if your money is legit, things have change

sexylassie2:
Not true, every transaction is reported to the CBN by commercial banks and you can be fined, you can't just wire money anyhow even if your money is legit, things have change

My sister, do you know how much in foreign currencies foreigners transfer home? Please google it up to have an idea of how much. In some countries, it is another source of income to those countries. My beloved sister, foreign currency dey enter Naija and no be cents. They will do their due diligence as a safeguard against money laundry and fraudulent transactions but once the source is genuine, money dey enter oooo. Can I tell you something, a dollar is now 460+naira...... which means foreign currency dey enter everyday. There is no rule of thumb that restricts transferring fund to any country of its fine through the right channel and source is genuine.

sexylassie2:
This story looks cooked up but I am not saying it doent happen but the 60k dollars is unreal

How do you send 60k dollars to Nigeria without the FBI looking Into your affairs.

The amount alone is large to alert the authorities to start investigating you for money laundering.

Auntie, you can easily keep sending funds in batches and it adds up to 60k... And based on your ignorant question, I am in the funds transfer business, I've recieved payments for services over 100k at a go. It all depends on your method of receiving the funds and the reasons stated...

The law in the US is that if you do any transactions over 10k you submit a CTR a currency transaction report... As long as it is filed you can send 1m if you please

sexylassie2:
Not true, every transaction is reported to the CBN by commercial banks and you can be fined, you can't just wire money anyhow even if your money is legit, things have change

To burst your bubble sista mi. I know a Nigerian lawyer that represented a company with an international court. After a long time, the case was won in their favor and he got his commission in dollars. I am not talking of $1 million USD. I am talking of real dollars. He wired part of the money to his USD dom Acct with GTB, transferred tranches of funds to different recipients and living large. The caveat is.... once the source of fund is legit and transferred properly, there is NO law that forbids it. Thank you

Gbabe2:
[color=#006600][/color]

My sister, do you know how much in foreign currencies foreigners transfer home? Please google it up to have an idea of how much. In some countries, it is another source of income to those countries. My beloved sister, foreign currency dey enter Naija and no be cents. They will do their due diligence as a safeguard against money laundry and fraudulent transactions but once the source is genuine, money dey enter oooo. Can I tell you something, a dollar is now 460+naira...... which means foreign currency dey enter everyday. There is no rule of thumb that restricts transferring fund to any country of its fine through the right channel and source is genuine.

I don't want to argue abeg, I no get time


Just go and read CBN financial guidelines on inward and outward transfer of fx, every domicillary accouny holder has a limit of receiving and sending dollars. And also every transaction is reported to the cbn

Nigeria is making sure they are not banned from using the international banking systems that is why there are limits.

sexylassie2:
Before you type learn to read to understand rather than read just to comment.

I never wrote that people abroad dont buy houses in Nigeria.

What i wrote about is the financial laws, with the way the US or many developed country is set up, sending 60k dollars to nigeria will alert authorities and invite them to your house for money laundering investigation.

In most countries, there is a limit of outbound transfer for an account that is run by a private individuals.

As long as a CTR is filed at your bank, you will have no issues... and that's if you decide to do transactions over 10k

Gbabe2:
quote author=sexylassie2 post=89827253]

Before you type learn to read to understand rather than read just to comment.

I never wrote that people abroad dont buy houses in Nigeria.

What i wrote about is the financial laws, with the way the US or many developed country is set up, sending 60k dollars to nigeria will alert authorities and invite them to your house for money laundering investigation.

In most countries, there is a limit of outbound transfer for an account that is run by a private individuals.







If the source of the money is genuine, you can send any amount to Nigeria or any part of the world. Spoke with a BOA branch manager recently and he told me he just wired $250k to Nigeria. Yes, there’s going to be a red flag but you don’t have anything to worry about if the source of income is legit. We have medical doctors here that earns over $250k per annum so also we do have legit business men and women.
Lastly, most banks would have done a mini due diligence to ascertain the flow of the funds before they venture into such transfer. I hope this helps

Eeeppp us tell Auntie SexyLassie

TheEnlightenedO:
Auntie, you can easily keep sending funds in batches and it adds up to 60k... And based on your ignorant question, I am in the funds transfer business, I've recieved payments for services over 100k at a go. It all depends on your method of receiving the funds and the reasons stated...

The law in the US is that if you do any transactions over 10k you submit a CTR a currency transaction report... As long as it is filed you can send 1m if you please

Thank you my brother. Yes, the goal of such due diligence to is to serve as a safeguard to money laundering and to prevent funds that are channeled into terrorism. Yes, yahoo yahoo guys might have issues doing this, but folks with genuine source of cash can wire anything to anywhere. Yes, it will be reported to appropriate channels via diverse means but that does prevent your legit transactions.

Gbabe2:
[color=#006600][/color]


To burst your bubble sista mi. I know a Nigerian lawyer that represented a company with an international court. After a long time, the case was won in their favor and he got his commission in dollars. I am not talking of $1 million USD. I am talking of a real dollars. He wired part of the money to his USD dom Acct with GTB, transferred tranches of funds to different recipients and living large. The caveat is.... once the source of fund is legit and transferred properly, there is NO law that forbids it. Thank you

You have started again, first you know someone that send 250k out of nigeria, now you know a Nigerian lawyer, where you there when they were sending it.

olabrinks:
if you want to stick to your roots, then stay in Nigeria and hustle it out. Home when the chips are down, if you use that money to get a mortgage, rather than wasting money on a useless house in Nigeria, you will have less ‘down days’. Unless you plan to move back to Nigeria, it is simply a status symbol, to show people in your hometown that you are ‘successful’. You are buying houses in Nigeria, Yet you are struggling and renting abroad where you are raising your kids. Your children will not enjoy the property so what’s the point?

Maybe you stay at the airport and drag them back when they want to leave for whatever reason ? (And I crack myself up on that ).
It is NOT SIMPLY A STATUS SYMBOL. This assumption is overly simplistic.
Then the last bit of your post is extraneous.
However I will end my argument with “people living away/outside build houses in Nigeria. “We” must deal with it”.

Eyah

sexylassie2:
You have started again, first you know someone that send 250k now a Nigerian lawyer, where you there when they were sending it.

Haha...... I don die. Do we have the same exposure? LMAO.... Please try and learn to be more civil with an attentive ears. This is a faceless forum with different folks with different background and exposures. I don’t want to stoop so low but it is preferable to learn from others and keep quiet if people with superior point of view and exposure weigh in on some things. That way, you will learn better and have a wider perception of things. Just my one cent.

TheEnlightenedO:
Auntie, you can easily keep sending funds in batches and it adds up to 60k... And based on your ignorant question, I am in the funds transfer business, I've recieved payments for services over 100k at a go. It all depends on your method of receiving the funds and the reasons stated...

The law in the US is that if you do any transactions over 10k you submit a CTR a currency transaction report... As long as it is filed you can send 1m if you please

You have to report that you earn so and so monthly to the govt. Or you think you can be sending 10k in bashes to Nigeria without the govt knowing. there is the Suspicious Activity Report in the US, that give banks the powers to open an investigation

Money laundering may be done by breaking up large sums of money and making transfers to avoid federal detection or simply smuggling cash into another country and depositing it in a financial institution, such as an offshore bank

Gbabe2:
[color=#006600][/color]


Haha...... I don die. Do we have the same exposure? LMAO.... Please try and learn to be more civil with an attentive ears. This is a faceless forum with different folks with different background and exposures. I don’t want to stoop so low but it is preferable to learn from others and keep quiet if people with superior point of view and exposure weigh in on some things. That way, you will learn better and have a wider perception of things. Just my one cent.

There is nothing to learn from you, you that don't understand that there are limit in sending and receiving money from abroad.

Your stories are lies to be true with you

sexylassie2:
There is nothing to learn from you, you that don't understand that there are limit in sending and receiving money from abroad.

Your stories are lies to be true with you

Ok ooo. What is the limit o? I want to wire $80k usd to Nigeria. I dont have much time to educate you since you have decided to follow that path. Whether you like it or not........ I am more knowledgeable than you in this aspect. I just shared 2 out of my multiple experiences and exposures I have had in time past. I have wired funds to Nigeria and not through all these apps and WU. If you like accept, if you don’t, Na you sabi. Let me allow you to wallow in your ignorance. Cheers

sexylassie2:
There is nothing to learn from you, you that don't understand that there are limit in sending and receiving money from abroad.

Your stories are lies to be true with you

This is an excerpt of the guidance/ instruction you were referring to ——-Nigeria doesn't cap incoming foreign transfers. The Central Bank of Nigeria does impose a limit on outgoing transfers of $2,000. That isn't to say you'll be able to send as much as you like all at once. While there aren't legal limits, most transfer service providers set their own.Feb 12, 2020.... see link ....
https://www.finder.com/taxes-regulations-on-large-money-transfers-to-nigeria


Let me educate you a bit. Nigeria procures almost all everything abroad. Nigerians needs dollars as a means to procure refined petroleum products, fish, chicken, raw material and what have you. Nigerians needs dollars to effect those transactions abroad. There is inadequate amount of dollars to transact businesses abroad. Nigerian government is no longer willing to defend dollar- naira relationship, hence, devaluation and scarcity.

In conclusion for someone that didn’t pass English or lacks comprehension and not willing to learn, Nigerian government is willing to accept as all USD inflows as longer as they are legitimate so as to make them available via diverse means——Parallel market, BDC to meet their obligations. I rest my case.

Gbabe2:
[color=#006600][/color]

This is an excerpt of the guidance/ instruction you were referring to ——-Nigeria doesn't cap incoming foreign transfers. The Central Bank of Nigeria does impose a limit on outgoing transfers of $2,000. That isn't to say you'll be able to send as much as you like all at once. While there aren't legal limits, most transfer service providers set their own.Feb 12, 2020.... see link ....
https://www.finder.com/taxes-regulations-on-large-money-transfers-to-nigeria


Let me educate you a bit. Nigeria procures almost all everything from abroad. Nigerians needs dollars as a means to procure refined petroleum products, fish, chicken, raw material and what have you. Nigerians needs dollars to effect those transactions abroad. There is inadequate amount of dollars to transact businesses abroad. Nigerian government is no longer willing to defend dollar- naira relationship, hence, devaluation and scarcity.

In conclusion for someone that didn’t pass English or lacks comprehension and not willing to learn, Nigerian government is willing to accept as all USD inflows as longer as they are legitimate so as to make them available via diverse means——Parallel market, BDC to meet their obligations. I rest my case.

you didnt even make one sense...good luck

sexylassie2:
There is nothing to learn from you, you that don't understand that there are limit in sending and receiving money from abroad.

Your stories are lies to be true with you

All arguments aside doe, Gbabe2 is kinda right because I can categorically say if you wish to wire 1million as long as you can prove the legitimacy of the funds, you will not have too much issues, you may have to submit paperwork proving legitimacy but you can wire lump sums...

I personally have recieved a one time single wire of 220k USD (legitimate funds) on behalf of my business, it was credited through WemaBank and I only had to inform them a couple of days before of the incoming wire, my Acct Officer handled the rest...

You need to understand that sometimes we don’t know certain things as relatively easy unless we have the immediate need to carry them out...

For example many people will tell you you cannot send WU out of Nigeria, heck for years I believed this even while in school in the States but I came to find out I could send WU out of Nigeria only issue is there’s limits to how much and how frequently depending on the bank, some banks don’t allow it but a lot do...

[color=#006600]

sexylassie2:
you didnt even make one sense...good luck

I didn’t make sense? Which one didn’t make sense to you? Small time you will call yourself a high school leaver or in some cases a graduate. This is an example of a Nigerian school leaver that lacks comprehension. Below is the CBN guidance/ directive ——- to save you time, read pages 9-10/ 17 ( references 3.60 - 3.67)

https://www.cbn.gov.ng/Out/2014/BPSD/Guidelines%20on%20International%20Money%20Transfer%20Services%20in%20Nigeria%20Approved%20d.pdf

My advice to this generation is that please be willing to learn from others. We can’t know it all and once we goof, let’s accept and move on. The slowpoke didn’t know I deal with these instructions as part of daily livelihood. There are faceless individuals here that have attested to the possibility of transferring legitimate funds with no CAP to Nigeria, yet, she chose me as an easy target.

If you continue with this attitude of yours, you ain’t getting anywhere.

sexylassie2:
You have to report that you earn so and so monthly to the govt. Or you think you can be sending 10k in bashes to Nigeria without the govt knowing. there is the Suspicious Activity Report in the US, that give banks the powers to open an investigation

Money laundering may be done by breaking up large sums of money and making transfers to avoid federal detection or simply smuggling cash into another country and depositing it in a financial institution, such as an offshore bank

We practically saying the same thing however it is called a CTR

olabrinks:
I never understand why people abroad always want to desperately buy land in Nigeria. The money you use to buy a property in naij, why not use it for a mortgage, eventually pay off the mortgage and get onto the property ladder in the country you reside. Set up generational wealth for your children. I mean unless you want to eventually move back to Nigeria, I see no point of this and it’s just a waste of money. I guess it’s a status symbol for most.

Status symbol..

Maybe to some..

An investment piece yes



.

wisdomiskey:
This all started 3 years ago, when I committed $60000 into the hands of my older brother to commence a building project in Nigeria on my behalf as I am based in the States. This project was to be watched over & managed by my mother and two of my brothers (one older, one younger).

Problems arose when I began noticing that the pictures they were sending me were very different from the architectural design we had planned – this led to numerous bitter arguments which eventually left me ostracised from my own building project with my brother insisting that the “project must go on” with or without my approval. I eventually got frustrated and so my wife suggested I make an unannounced visit to Nigeria to find out the true situation of things…

On my arrival to Nigeria, I found out that nothing was done on my land at all.. and all this while, my siblings had been sending me pictures of another person’s project! In fury, I reported the matter to the Nigerian Police Force and had my older brother arrested hoping to eventually recover so of the money he fraudulently took from me. However, much to my surprise, I eventually got wind that the police had released my brother 4 days later – police that I stupidly even paid money to ensure justice is served.

Shortly afterwards, I received a call from the police demanding that I come to the police station immediately as it has been reported that I threw an axe at someone’s car in an attempt to kill the person – something I never did!

I informed a friend of mine of this new accusation and he immediately got me a lawyer who contacted the police directly to get to the source of these allegations. We eventually found out that my mother was in fact, responsible for going behind my back to pay off the police to release my brother and had also bribed and instructed the police to invite me to the police station on a wrong accusation in order to have me imprisoned and to also confiscate my passport so as to prevent me from travelling back to the States.

I called my wife and informed her of my terrible ordeal and she pleaded that I return to the states immediately for my own safety. I eventually had to abandon everything including the massive debt and loss my siblings had subjected me to, thus running back to the States to protect my life and sanity.
Heartbroken and betrayed, I changed my contact and cut off my family members and for the past 3 years, I’ve had no contact with any of them whatsoever.

However, to my surprise, I recently received WhatsApp messages from this same brother and mother who had the audacity to now ask me for financial assistance due to the “ongoing global pandemic”. I was beyond shocked that they would pretend as if all that transpired 3 years ago never happened! No apologies for not only scamming me of my life savings and attempting to have me wrongly imprisoned, no concern for my well-being and that of my family, just a direct demand for my financial support. It’s like a healing wound has just been re-opened and I’m really struggling with the level of betrayal from my own family members.

Culled from a saddened subscriber to Phrankleen (YouTube) Link:
https://www.youtube.com/watch?v=axQyKbuT54M

Just ignore them for now

sir..are you sure that woman is your mum?

Saintbusco1:
sorry for your ordeal man... in this country there's trust issue, you don't entrust people with a project of over 18m and pay fully at a go! Instead give bit by bit...

I still don't know why your elder brother, younger brother and even your mother can conspire against you

I want to believe you are the bread winner... For them to reach you at this time means they are passing through hard time... If what they are demanding from you won't affect you in anyway, just do it and leave the whole situation to God...

Blood they say is thicker than water

You won't leave your mother in hunger

God forbid

Gosh I feel so sad for him.
This would make me cry myself to sleep every night.
Not about the lost money (which is also a big deal) but the betrayal from one’s own mom.

olabrinks:
I never understand why people abroad always want to desperately buy land in Nigeria. The money you use to buy a property in naij, why not use it for a mortgage, eventually pay off the mortgage and get onto the property ladder in the country you reside. Set up generational wealth for your children. I mean unless you want to eventually move back to Nigeria, I see no point of this and it’s just a waste of money. I guess it’s a status symbol for most.

People have mortgages here and still build at home.
For some it’s about having a nice place to stay whenever you visit. And also when your kids visit after they are grown.

doggedfighter:
How many times will you even sleep in that house they're forcing you to build if I may ask?

Betrayers !!

That’s what some unreasonable people don’t understand.
If they help him successfully build it, they can benefit by living rent free while using a tiny part of the money they could have spent on rent to keep up maintenance on the house so the value doesn’t go down.

Everyone wins