₦airaland Forum

Nezzjnr:
I saw that thread and that discouraged me from doing any business in Nigeria

I'll just stick to investment alone

You saw the thread?

At least someone can bear witness.


This stories keep popping up
Again and again and again

DexterousOne:
You saw the thread?

At least someone can bear witness.


This stories keep popping up
Again and again and again

They were telling the dude to keep quiet so as not to get his colleagues sacked and some idiots liked the posts

The worst part is that even as this thread is, many people bring and sugar coat business ideas in order the mindset of scamming prospective investors. We all dey for God sha.

Nezzjnr:
They were telling the dude to keep quiet so as not to get his colleagues sacked and some idiots liked the posts

Just imagine

God bless you real good for this well written post, nothing more to add, you nailed it.,

DexterousOne:
Just imagine

ultron12345:
I can relate very well with your second paragraph.

I run a manufacturing business and a trading business.
The biggest challenge in my manufacturing business is not power, or infrastructure, the biggest challenge is getting honest staff. Everyone we hire is appears to be on a mission to steal as much as possible. Inflated invoices, recording less than the actual number of units produced. The worst part of it all is that all the fraud we've uncovered is not done by a single person, it's usually many staff who collude with each other, from production, to sales, to finance, even top management. There was a year I overhauled management 3 times in a year. But I've found a solution sha, I now use Indian management. So competent, so honest and so straightforward. I thought they were expensive at first with all the visa fees, accommodation, house staff, but now that losses due to staff theft have been reduced to a minimum, and efficiency increased, the Indian management has turned out to be cheaper than the previous Nigerian management. Now, all sensitive positions involving money go to Indians. Nigerians are only allowed in non-sensitive positions. I used to criticize companies like Dangote Group that hire so many Indians when there are many unemployed Nigerians, but now, I understand their decision.

My biggest challenge in the trading business is the same, getting honest staff. The form of trading occurs in the open market, and involves staff having access to huge sums of money running into a few millions. I know how much I pay to security companies to provide escorts for the staff, not to prevent robbery, but to ensure that the staff go straight to the bank to deposit the money after the day's sales and not disappear with my money. This money spent on security companies is even enough to be declared as profit. We have to spend on CCTV, biometric scanners and other things that wouldn't not be needed if staff weren't looking for the slightest opportunity to steal.

It got so bad at a point that my main criteria for employing staff was no longer conpaetency but honesty. At least, competency and skills can be learnt, but once you're dishonest, you're dishonest.

We always complain of the economy and how they are no jobs. I know people abroad who would have loved to set up job creating businesses in Nigeria but they can't because they can't get any trustworthy person to run it.

I know people in Nigeria with so much money, they want to start factories and other job-creating businesses but they can't because they are occupied elsewhere and can't get any trustworthy person to run the business. So instead of investing in the real sector and creating jobs, they'll just buy treasury bills, while the thieves are shouting no jobs.

Many big businesses would have been born in Nigeria if we could engage in partnerships, but we cant because you can't trust anyone. This is one advantage the Indians and Lebanese have over us in Nigeria. They can pull resources together and do mega-business, unlike Nigerians that because only one person must do everything since we can't partner, end up with small, tiny businesses.

Start a poultry and they will be stealing your eggs. Some will even go
ahead to be killing the chickens so that they'll be allowed to take them home.

Start an entertainment/viewing/game center and they'll be pocketing
your money. On the days you're around at the business, the money
realized will be x10 of the money realized when you're not around.
Because they're eating your money.

Lease out a vehicle to a driver to use and watch as he'll finish you.

Start a restaurant, the same thing will happen. More than half of the
total food ingredients will end up in their personal kitchens.

Even ordinary provisions shop, they will find a way to steal.

You'll see them with that their evil, wicked saying "na where person dey work, na there e dey chop, na e make dem dey callam workchop/workshop"...... Just imagine, justifying theft at work.

And you'll see these people point their crooked fingers at politicians when they're not any different. I usually say the reason most Nigerians haven't stolen billions of government money, is simply lack of opportunity.

Nigerians are the problem of Nigeria.

All of you saying human resource is the reason why you can't do business in Nigeria were never businessmen in the first place.
If SPAR and other giant retail outlets can be profitable,I wonder what's holding you.
Any money anyone makes from me is because I want you to have it,not that you are so smart.
I am not greedy,when my business grew a bit I reduced my variety I deal in and stopped retail not because I am lazy or don't like money or feeling "big" but I did that so I could control my business better.
It's better to safeguard what you make than loose what you have chasing the whole world.

Good evenging all,
I have idle cash sited in bank with nothing to use it for.... is it advisable i invest in MTN commercial papers and how safe is it....
Your input is needed.

ultron12345:
I can relate very well with your second paragraph.

I run a manufacturing business and a trading business.
The biggest challenge in my manufacturing business is not power, or infrastructure, the biggest challenge is getting honest staff. Everyone we hire is appears to be on a mission to steal as much as possible. Inflated invoices, recording less than the actual number of units produced. The worst part of it all is that all the fraud we've uncovered is not done by a single person, it's usually many staff who collude with each other, from production, to sales, to finance, even top management. There was a year I overhauled management 3 times in a year. But I've found a solution sha, I now use Indian management. So competent, so honest and so straightforward. I thought they were expensive at first with all the visa fees, accommodation, house staff, but now that losses due to staff theft have been reduced to a minimum, and efficiency increased, the Indian management has turned out to be cheaper than the previous Nigerian management. Now, all sensitive positions involving money go to Indians. Nigerians are only allowed in non-sensitive positions. I used to criticize companies like Dangote Group that hire so many Indians when there are many unemployed Nigerians, but now, I understand their decision.

My biggest challenge in the trading business is the same, getting honest staff. The form of trading occurs in the open market, and involves staff having access to huge sums of money running into a few millions. I know how much I pay to security companies to provide escorts for the staff, not to prevent robbery, but to ensure that the staff go straight to the bank to deposit the money after the day's sales and not disappear with my money. This money spent on security companies is even enough to be declared as profit. We have to spend on CCTV, biometric scanners and other things that wouldn't not be needed if staff weren't looking for the slightest opportunity to steal.

It got so bad at a point that my main criteria for employing staff was no longer conpaetency but honesty. At least, competency and skills can be learnt, but once you're dishonest, you're dishonest.

We always complain of the economy and how they are no jobs. I know people abroad who would have loved to set up job creating businesses in Nigeria but they can't because they can't get any trustworthy person to run it.

I know people in Nigeria with so much money, they want to start factories and other job-creating businesses but they can't because they are occupied elsewhere and can't get any trustworthy person to run the business. So instead of investing in the real sector and creating jobs, they'll just buy treasury bills, while the thieves are shouting no jobs.

Many big businesses would have been born in Nigeria if we could engage in partnerships, but we cant because you can't trust anyone. This is one advantage the Indians and Lebanese have over us in Nigeria. They can pull resources together and do mega-business, unlike Nigerians that because only one person must do everything since we can't partner, end up with small, tiny businesses.

Start a poultry and they will be stealing your eggs. Some will even go
ahead to be killing the chickens so that they'll be allowed to take them home.

Start an entertainment/viewing/game center and they'll be pocketing
your money. On the days you're around at the business, the money
realized will be x10 of the money realized when you're not around.
Because they're eating your money.

Lease out a vehicle to a driver to use and watch as he'll finish you.

Start a restaurant, the same thing will happen. More than half of the
total food ingredients will end up in their personal kitchens.

Even ordinary provisions shop, they will find a way to steal.

You'll see them with that their evil, wicked saying "na where person dey work, na there e dey chop, na e make dem dey callam workchop/workshop"...... Just imagine, justifying theft at work.

And you'll see these people point their crooked fingers at politicians when they're not any different. I usually say the reason most Nigerians haven't stolen billions of government money, is simply lack of opportunity.

Nigerians are the problem of Nigeria.

Daddy Boss I greet you warmly.

Please asisas your faithful with a job ��

Thank you sir

ahiboilandgas:
very true ...when i started my cement distribution business i forcast that i would have 20 branches after studing several business like kfc with low margins but several units to make good inflow....i ran into problems from the pioneer branch cos of theft of sale proceeds by sale boy....he intentional damage bags so as to sell in mudus , he also collect stock outside and sell in my ware house...the place was generating a net of 180 k monthly and i have capacity to open 19 more ...i was paying salary of 30k and commission....but the Nigerian human resource is an impossible being

Why would anyone collect cement from other distributors to sell in your warehouse?
For what gain when almost all retailers are selling for the same price?
Or does he now buy from plants too?
Either you were too greedy and put price so high that he can collect from a cheaper dealer and sell in your facility or
The boy is really slow and don't know business
Or
This business is all lies
I know bartenders smuggle their own drinks to sell in clubs for the high margin between outside and inside club but cement?
Nah...

Benzboys:
All of you saying human resource is the reason why you can't do business in Nigeria were never businessmen in the first place.
If SPAR and other giant retail outlets can be profitable,I wonder what's holding you.
Any money anyone makes from me is because I want you to have it,not that you are so smart.
I am not greedy,when my business grew a bit I reduced my variety I deal in and stopped retail not because I am lazy or don't like money or feeling "big" but I did that so I could control my business better.
It's better to safeguard what you make than loose what you have chasing the whole world.

Do you think one can play around with those Indians in Spar, misappropriate just one of their naira and come out happily to tell the story?
Or the Lebanese in LG or Sims?
Have you seen the way they are always in their places of business as a group, keeping a sharp eye on their employees and how they guard their money?
Don't criticise those who don't have the resources to do that.

Cyberknight:
Do you think one can play around with those Indians in Spar, misappropriate just one of their naira and come out happily to tell the story?
Or the Lebanese in LG or Sims?
Have you seen the way they are always in their places of business as a group, keeping a sharp eye on their employees and how they guard their money?
Don't criticise those who don't have the resources to do that.

Why can't you guide your business like the Lebanese.
What's stopping you?

Benzboys:
Why can't you guide your business like the Lebanese.
What's stopping you?

Business can't be a side hustle. Some have their jobs and set up businesses as side hustles to make more money and create employment for people

emmanuelewumi:
Business can't be a side hustle. Some have their jobs and set up businesses as side hustles to make more money and create employment for people

True,you can't run a new business as a side hustle,except an already established one by the person.
If you want to do business,quit your job and go into it fully,nothing like side hustle

Benzboys:
True,you can't run a new business as a side hustle,except an already established one by the person.
If you want to do business,quit your job and go into it fully,nothing like side hustle

You now know why such people prefer real estate or portfolio Investments.


Nobody should say such people have more than N40 million in shares, bonds, Treasury Bill or money market funds, but failed to invest in the real sector

emmanuelewumi:
You now know why such people prefer real estate or portfolio Investments.

And I have no problem with that.
Where I have issues Is discrediting business in Nigeria whereas the proprietor failed or will fail because he or she is I'll prepared for it.That I do not support.
Business is good in Nigeria,Very very good.
Low tax rate,cheap fx,large market,etc...People simply fail because of poor preparations

Precisely the point - the peculiarity of the Nigerian situation; it is difficult to combine employment with such endeavours because your full attention is required, not necessarily to provide direction or guidance, but to prevent theft.

Benzboys:
And I have no problem with that.
Where I have issues Is discrediting business in Nigeria whereas the proprietor failed or will fail because he or she is I'll prepared for it.That I do not support.
Business is good in Nigeria,Very very good.
Low tax rate,cheap fx,large market,etc...People simply fail because of poor preparations

Human resources is a major problem, those Indians and Lebanese have more than 50 years experience managing such family businesses in Nigeria and they know all the tricks. They also have their own nationals who are in charge of strategic departments of the business

emmanuelewumi:
Human resources is a major problem, those Indians and Lebanese have more than 50 years experience managing such family businesses in Nigeria and they know all the tricks

So if you are there,how will they trick you?
If I own a trucking business for instance and I own an office/warehouse where people come and keep their load for transport and pay ticket and I am the one managing the premises,how will my workers steal from me?
But if I give the vehicle to a driver to bring weekly balance,have I not just made the driver very rich?
Even In the USA human resource is a problem,but people come up with ways to mitigate risks.
Why should Nigerians wait for a messiah to resolve their human resource problems?

Benzboys:
So if you are there,how will they trick you?
If I own a trucking business for instance and I own an office/warehouse where people come and keep their load for transport and pay ticket and I am the one managing the premises,how will my workers steal from me?
But if I give the vehicle to a driver to bring weekly balance,have I not just made the driver very rich?

There are tricks to such business, they have operations in more than one locations.

Tell me how you will manage your business if you have 5 warehouses in different locations, if you don't have a mechanism to manage, lead , organize and control the workers

emmanuelewumi:
There are tricks to such business, they have operations in more than one locations.

Tell me how you will manage your business if you have 5 warehouses in different locations, if you don't have a mechanism to manage, lead , organize and control the workers

When you start one and learn the ropes,the mechanism you created to manage your branch is what you will use to manage other locations.
It's not magic,most of my dealings are mostly remote so I know what I am saying well.
Where it becomes difficult is if the owner has no damn experience and rely fully on workers

Benzboys:
And I have no problem with that.
Where I have issues Is discrediting business in Nigeria whereas the proprietor failed or will fail because he or she is I'll prepared for it.That I do not support.
Business is good in Nigeria,Very very good.
Low tax rate,cheap fx,large market,etc...People simply fail because of poor preparations

When I hear folks like you talk


All I do is LAUGH OUT LOUD





"Business is very good in Nigeria, very very good"


Hahahahahahahahahahaha



Lmao

DexterousOne:
When I hear folks like you talk


All I do is LAUGH OUT LOUD





"Business is very good in Nigeria, very very good"


Hahahahahahahahahahaha



Lmao

Yes o,very very good.
Or would you rather tell me where is better without problems or difficulties?

Benzboys:
Betting too is a business,more like buying stocks.
So if you can advise people to buy shares they have no control of its pricing and trend,I see no reason why you should have a problem with him investing in "sure odds".
What's the difference?dividends?

You are comparing betting to buying stocks?


That's very interesting

Benzboys:
Yes o,very very good.
Or would you rather tell me where is better without problems or difficulties?

To be very honest


I have nothing to tell u

**Breaking news***
The Fed Govt. is likely to defer maturing foreign debts, if you invested in EuroBonds or any foreign debt instrument contact your account manager.

With the devaluation and unification of exchange rate, meeting the foreign debt obligations has never been this uncertain.

DexterousOne:
You are comparing betting to buying stocks?


That's very interesting

Aren't they the same things?

PresidentBuhari:
**Breaking news***
The Fed Govt. is likely to defer maturing foreign debts, if you invested in EuroBonds or any foreign debt instrument contact your account manager.

With the devaluation and unification of exchange rate, meeting the foreign debt obligations has never been this uncertain.

Sounds fake though.

DexterousOne:
To be very honest


I have nothing to tell u

Yeah,a lot of people don't actually,especially when they can be slammed with blueprints and not excuses.
It's not easy to do a business anywhere in the world,but that don't make it impossible.

Really, we don't want to quarrel with you, what we just want to know is how to handle the HR and people problem as it relates to business. Just give us a blueprint of what works for you or perhaps practical suggestions.
We can start with the example of the guy that says the staff were stealing eggs and killing the chicken in his farm, what could he have done differently for example, that is what I am particularly interested in.

Benzboys:
Yeah,a lot of people don't actually,especially when they can be slammed with blueprints and not excuses.
It's not easy to do a business anywhere in the world,but that don't make it impossible.

9jatriot:
Really, we don't want to quarrel with you, what we just want to know is how to handle the HR and people problem as it relates to business. Just give us a blueprint of what works for you or perhaps practical suggestions.
We can start with the example of the guy that says the staff were stealing eggs and killing the chicken in his farm, what could he have done differently for example, that is what I am particularly interested in.

Yes, practical examples. Especially when you have poultry farms in different locations and you can't be everywhere at the same time. How does one handle such?

9jatriot:
Really, we don't want to quarrel with you, what we just want to know is how to handle the HR and people problem as it relates to business. Just give us a blueprint of what works for you or perhaps practical suggestions.
We can start with the example of the guy that says the staff were stealing eggs and killing the chicken in his farm, what could he have done differently for example, that is what I am particularly interested in.

I am in trading and I have no business with agriculture or livestock so I wouldn't know about chickens.
I would have had some clue if we were talking trade,not raising birds.

Benzboys:
Aren't they the same things?

Not the same thing ooo