Crime / Re: Nigeria Lady Beating Her Underage Househelp Goes Viral by Tmany(m): 6:48am On Dec 22, 2019 |
I hope this animal is arrested, I can't even imagine what the woman will do to the girl in private if she can do this in public. |
Autos / Re: Free Vin Checks And Reports Sponsored By Auctionexport.com by Tmany(m): 8:22am On Jul 13, 2016 |
Well done boss. kindly assist.
2T1BR32E85C897719. |
Business / Re: The Risks Of Selling On Konga And Jumia by Tmany(m): 9:51am On Jul 06, 2016 |
All the OP listed are the current challenge of Market place in Nigeria and it will be good for the OP to also indicate the advantages.
Every bussines has its challenges, how you able to handle this challenge is what really matters. |
Business / Re: Brief Summary Of All My Business Encounters Last Year - I Take A Bow by Tmany(m): 2:55pm On Jan 03, 2016 |
Ymodulus: [size=18pt]The Currency Business[/size]
The currency business, is the best business I have runned till date. And still running. In the currency business. It's the best thing ever to happen to my life.
Story When I first start the currency Business I lost 1,126,000 and had to settle back using my savings.
The Idea
Funny the best business ideas I worked on, where all gotten when when driving. I started the currency business last year around September.
I noticed then that, a lot of Chinese importers pay as high as 245 naira per dollar to import goods or send money to china. This is the black market rate of the dollar.
Failure I thought to myself why can't I generate a way to send the dollars to china at a very cheap rate? Then I tried and I and a nairalander who schools in china TdayoF we both agreed to send money via money gram. It backfired. I did another it backfired I lost heavily I ended up using the returns from my car to settle up my Chinese clients. I lost N1,126,000 approximately.
Some days later I heard on Nairaland from a close nairaland friend who I introduced into the importation business ( Jeff1506 ). I heard from him that a bank by name stanbic bank charges N199 / $1 to pay online. Then I quickly contacted my friend shinaf ( my business partner. Trusted, even though we have never seen till date ).
Aliexpress Platform We contacted a Chinese friend , who is a Chinese. We told him then that we will pay for items on his store using our Naira Master Card. And that if we pay for an item, we will confirm the order and he uses the money to pay into any Chinese local account.
Note! Aliexpress requires 15 days after which orders are confirmed for seller to get his money. But we wanted the payment to be daily and so we needed someone who can trust us and will use his money pending the end of 15days.
Our seller was the right guy. He is very rich, as he has done official jersey and contract deal for Barcelona Fc , Under 23 Argentine football club, he runs other business.
Mathematical Breakdown If we pay for an item of $1000 on aliexpress this is how the payment goes.
Chinese local Account = $1000 + Aliexpress 5% = $50. ( those who are familiar with aliexpress knows that aliexpress takes 5% of any payment as profit. So I and my partner catered for it )
+
Chinese partner 1.5% = $15.
Total = $1065
Now when we want to pay into any Chinese account the sum of $1000 we will pay online $1065.
Now
$1065 * 199 ( stanbic rate for dollars as at then ) = N211935 / $1000= N211.935 / $1 ( exchange rate).
This means the rate at which the dollars gets to Chinese local account after all addictions and all expenses is N211.935 per dollar
Selling the Dollar
Now as at that time the Dollar in black Market is N245 / $1. And 98% of importers use black market rate.
In Lagos if you want to send $1000 for example and the rate is 245 per Dollar. The sending company charges you N3 per each dollar as sending fees. This means you are actually sending at N248 per Dollar.
Innovation I and my partner sold ours at N235 / $1 . lol! We crashed the market and this got our phones buzzing.
Who were our clients? When we started my partner shinaf ask us to focus on Nairaland Business. I refused, we even had misunderstanding over this. I told him that I want our customers to be the rich. Then he called me over ambitious fellow. So I made sure I handled marketing of the dollars. I used my connection with owners of big shipping companies in Nigeria and told them what I do. That way we sell to them N235 and they sell to end users 248. We build up our clients base. Some of our clients include.
1. Major Wholesalers of Phone Accessories in Ikeja Phone Market. 2. Alhaji's and Hajiyas. 3. Importer of Toyota spare parts 4. Importers of Toyota cars 5. Major cargo importers. 6. Owners of shipping companies 7. Owners of BDC ( The biggest BdC in Minna, became my parley through this ). 8. We sent for some Nairalanders who were our close paddies.
Issues * Every Stanbic card then had a limit of $5000 per card per day. And we always needed to pay up to $20,000 a day. We had to contact some nairalanders, and use up their limit for that day. If we contact a holder of stanbic and uses up his card limit for that day we give him 2Naira on every $1.
This means we pay the nairalander N10,000 just to load his account and make payment online. Our trusted fellows were jeff1206 and one other nairalander.
We had 4 Cards ( Ymodulus card , Shinaf, Jeff , Last nairalander ). Every day we pay $20,000 online.
Now profit.
For every $1000 we send to china we gain this.
Our selling price = $1000 * 235= N235, 000 - Our getting price= $1065 * 199= N211,935 = Gain. = N23, 065
We gained N23,065 per every $1000. And the lowest money we send a day is $3,500.
Note at worst, when we say we there is no market for that day we send $3,500.
So we continued like this in a day we made roughly N60,000 worst case scenario.
Funding We started with N734,000. All Investors were nairalanders who I have done business with on close level. We gave them 10% of their income at end of month. We never got to month end. At 3rd weeks we refunded all their moneys. And interest.
Sad Storie
Banks began misbehaving with the cars daily limit been $300 per day and rate going so high with black market rate. There was no way we could keep up. We withdrew and relax.
[size=18pt]Currency Business part 2[/size]
During December, we got a means where by we can send Dollars at a very cheap rate to china, the dollars arrived china at a rate which gave us a margin profit of N45 naira.
We made use of the opportunity and continued sending. We still made sure our clients were the rich and big guys. We still sell more.
In currency business 2. Some nairalanders where part. I employed some on contract basis of N4,000 a day. Also thanks to my close Banker friend who is also a nairalander. Thanks for your daily assistance. He gave us all necessary help and if I am to say he has like 30% of the business .
In currency business 2, we are making far far more than pattern 1.
[size=18pt]January 2016 and new way of currency Business[/size]
Due to the cbn regulations, my partner and I got to search for new ways of sending and we didbgot one.
We got a company in Chicago and new York that sends money for Nigerians to Nigeria. But they had a fault. When Nigerians goes to pick their money they get paid at bank rate of N198 / $1.
We cashed in on this contacted the company through someone I know ( its like person connect us to the oga at the top ). We told the company we can pay them at higher rate. They agreed.
So if they are to send $10,000 today from the United States to Nigeria. We will just pay their Nigerian contacts here. I don't want to state cost as I actively run this business.
Now all we require from them is to send our money directly to china. We cater for charges and all and our Chinese agent picks the money and keeps in his account for us.
This company now use us very well. And we do at least $2000 every day from them. And we make going to N80,000 from the $2K deal.
Competitors and Progress At this point in time. I am now the official money transfer agent for 3 companies.
* ChinaWholeSale commodity. || He dropped a fellow company on nairaland here and am now his agent. I refused at first because I don't want to send below $1000. I want to keep that standard and record. But after much pressure from a friend who owns a shipping company in china. I had to agree
*I send for Aldor Mobiles. They are largest supplier of phone casing , earpiece , charger and accessories in wholesale for igbo guys on ikeja market.
* I still send for some Hajiyas / Alhaji business men.
*. I send for a big company call John Paul.
Success
My rate still outshines all. I play and underground facilitator while they shout to take the credit. But am happy as long as I make money and they make money.
***Photos*** I sent my seller $3749 on Dec 30 via our new way Currency 2.0
***second screenshot today: I sent our seller in china 983 from the united States of America.
His gain is $15. See him doing subtraction. We sold the $983 this afternoon around 1pm. Our gain is around N46k to be shared by my partner and I.
[size=14pt]Sorry I had to ensure that I don't release sensitive informations about this business, so I couldn't go into details about means and how I sent them. It's best it remains this way.[/size] @young I dey watch u in 5D, Currency 2.0 1 Like |
Jobs/Vacancies / Re: Jobs/vacancies Section Chatroom by Tmany(m): 5:17pm On Jan 01, 2016 |
Happy New Year, Best wishes 1 Like |
TV/Movies / Re: Which Was Your Favourite Cartoon As A Kid? (pictures) by Tmany(m): 9:45pm On Jul 21, 2015 |
Loved Jimbo Voltron - the Defender of the Universe! Sure favorite |
Technology Market / Re: Shop U.S/eBay/Amazon $3.75 per lb U.S To NIGERIA, No Commission. by Tmany(m): 8:15pm On Jul 18, 2015 |
Dieumerci:
You need to understand how he operates. The goods will leave for the airport this afternoon and depart Texas for lagos on Monday, your invoice will get to you before the goods are cleared at the lagos airport. You don't need to beg for your invoice or get worked up. Most of us here are equally expecting our invoices. So in a case he forgets to send my package or their is a discrepancy in the invoice, I done enter OYO ....the last time I used his service he sent invoice before your package leave for the airport (that was around the first two month of this Thread). In any Biz, Good customer service is key |
Technology Market / Re: Shop U.S/eBay/Amazon $3.75 per lb U.S To NIGERIA, No Commission. by Tmany(m): 7:06am On Jul 18, 2015 |
Tmany: OP, Kindly send the invoice for this package 1Z7R3F941297260401
Op hope this package will be on its way to Lag tomorrow, cause for over a week have been begging for the invoice all you said is, you have a shipment scheduled for this Friday. Not pleased with your service. |
Technology Market / Re: Shop U.S/eBay/Amazon $3.75 per lb U.S To NIGERIA, No Commission. by Tmany(m): 4:17am On Jul 15, 2015 |
OP, Kindly send the invoice for this package 1Z7R3F941297260401 |
Music/Radio / Re: Top Five Hit Songs Not Written By Artistes Who Sang Them by Tmany(m): 4:09am On Jul 15, 2015 |
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Technology Market / Re: Shop U.S/eBay/Amazon $3.75 per lb U.S To NIGERIA, No Commission. by Tmany(m): 2:51pm On Jul 11, 2015 |
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Politics / Re: FG Stops Paying The School Fees Of N’delta Students In Foreign Universities by Tmany(m): 9:30pm On Jun 30, 2015 |
This country na wire ooooo, so militants got scholarship to Foreign University, what Wrong with all the University in Nigeria? They should come and continue their studies in Nigeria jor, but this whole Amnesty of thing how long will the FG continue paying some selected few ridiculous amount of money monthly instead of investing in the development of this area ...... Sooner or later they will still go back to the creek cause FG will not pay them forever. |
Business / Re: Entrepreneurs: Born Or Made Or Lucky ? -lets Discuss by Tmany(m): 9:16am On Jun 21, 2015 |
They are Made but there is that factor of LUCK there. |
Business / Re: How To Build A Profitable Online Store in Nigeria (My Story with BuyMart.com.ng) by Tmany(m): 7:35am On Jun 05, 2015 |
Hmmmm, see guys chopping money when i dey fire suit for rain. Nice job Op |
Business / Re: Excuses Graduates Give For Not Starting Their Own Business by Tmany(m): 7:21pm On May 19, 2015 |
Nigeria Graduate are this are that. Some of this reason are the same reason the employed/under-employed wait till they get the axe before they start working on that idea that has been on their mind for years. |
Business / Re: Thread For Dollar To Naira Daily by Tmany(m): 7:16pm On Mar 18, 2015 |
Oga banks no dey follow this rates ooooo. Even black market is cheaper than online payment rates for today |
Computers / Re: Inverter Users : Lets Have Your Experience by Tmany(m): 7:51am On Mar 18, 2015 |
From the experience of most people here Seems most of this inverter life cycle is just a year, then you start changing parts. I think I will stick to my generator till I can get someone that can give me 2 years warranty on the Batteries (seems they first get faulty before other parts). |
Business / Re: Do It Yourself Importation Guide Free - Season 2 by Tmany(m): 6:12am On Mar 17, 2015 |
francawilson: My 2nd problm is:I bought an expensive men's wristwatch on aliexpress and its not working and I don't know what to do.
I remember I opened dispute sometym ago when someone sent me a gown that was below standard (rubbish material, rubbish faded colour; rubbish evrythng)&she said I shld send it back then sh wil refund me so I thought abt d process of sending back&d little money involved ($25) and decided to forgo it
But this watch I got it for $95 plus shipping fee of $8.
I intended to giv this watch out as a val present but it took ages to arrive. My anger is dat I went to Silverbird yesterday and saw exactly d same watch for just 28k;working&in good condition. I was so angry at myself. Although this is my 1st bad experience..
Anyway,now,how do I go abt this whole thng? Has anyone had such experience with aliexpress? What was d solution? Hi can you kindly post a picture of the watch or the watch brand name / model number. Regards |
Properties / Re: 1 Plot Of Land For Sale At Owode Yewa(#500k Only ) + Documents by Tmany(m): 5:41pm On Mar 10, 2015 |
Oga when u start land Biz , where owode dey? This kind land go good for duplex ooooo |
Business / Re: What To Expect As A Merchant On Konga. Ask Me Any Questions! by Tmany(m): 4:53pm On Mar 06, 2015 |
iMerchant:
You can use Konga.
Build your e-commerce site powered by WooCommerce on wordpress.
Start a Facebook page, do facebook ads for "Shop Now" and "Page Likes" target your market.
You can use Kaymu.com.ng (Although I have stop) and you can also use Nairaland if your target market are here.
Best of Luck Hi, how is the payment integration system like? For a e-commerce site powered by woocommerce |
Phones / Re: OAU Student Purchases Iphone6 That Uses Nokia Battery by Tmany(m): 8:08pm On Feb 24, 2015 |
Which kind yeye online site, its only on Olx this kind of scam can work. 8 Likes 1 Share |
Jobs/Vacancies / Re: Jobs/vacancies Section Chatroom by Tmany(m): 10:49am On Feb 24, 2015 |
@ datechman I like my own pay but I don't like my job. How we wan do am like this? Masters also on my mind. 2 Likes |
Education / Re: Your WEIRD Boarding House Experiences. by Tmany(m): 2:54pm On Feb 18, 2015 |
emusmith:
I remember how we use to eat indomie..lolllzzz.
You soak it and when it gets soft, you add you add the spice Chai So una no cook better concoction rice for mid night using smuggled stove and electric cooker. Cold water indomie after eating all those watery beans, your intestine strong oooo |
Education / Re: Your WEIRD Boarding House Experiences. by Tmany(m): 2:14pm On Feb 18, 2015 |
Which kind hostel una go, wa Na so so spirit walking and talking experience una get. No skipping prep story. No illegal cooking story. No unexplainable provision and cash robbery. Hostel was like 90% fun for me, the topic said "WEIRD" story Sha |
Technology Market / Re: Shop U.S/eBay/Amazon $3.75 per lb U.S To NIGERIA, No Commission. by Tmany(m): 9:14pm On Feb 16, 2015 |
@chinosxl From the details on the front page you charge $10 per watch, I want to send about 20 new wristwatch all in box, to your address for onward forwarding to lagos. Will the shipping cost be calculated $10 *20=$200 or will you use the actual weight of the package? the first option wouldn't be realistic. |
Career / Re: Audit Jobs For Male Graduate Trainees In An Investment Bank by Tmany(m): 8:58am On Feb 16, 2015 |
davide470: cc: Tmany, luvola Boss I really appreciate, but seems am under qualified for the job. B.sc Statistics + M.sc in the tunnel I will surly send my cv. |
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Politics / Re: Nigerian Got Executed In Indonesia by Tmany(m): 9:08am On Jan 18, 2015 |
boofydon: At least, we can place a ban on things imported from indonesia or any country that executes a Nigerian. why are you wasting your time, a country where hundreds die daily from things as simple as inability of paying treatment bills for sickness which the mortality rate is lower than 1% in other countries, death due to child delivery is a norm, a country where no one has been arrested in connection to the youth corp members killed during the post election violence in 2011. Even if a Nigerian is excuted for other reasons apart from drug trafficking nothing will happen cause even Nigerian at home are worthless to the Government. |
Business / Re: Do It Yourself Importation Guide Free - Season 2 by Tmany(m): 8:33pm On Jan 11, 2015 |
Hi I need a logistics company that can provide pay on delivery service in Lagos, Abuja and P.H, am based in Lagos. BBM:79755686 |
Jobs/Vacancies / Re: 13 Major Reasons Why Nigerian Graduates Are Unemployable by Tmany(m): 11:45pm On Jan 03, 2015 |
Story for Ogun |
Jobs/Vacancies / Re: Sobbing After Looking At Various Jobs I Have Lost by Tmany(m): 2:52pm On Dec 21, 2014 |
All this your day will come soon story is good but bro in the main time sharpen your entrepreneur skills, you said you want to become a entrepreneur someday why not start now, today is a good day to start. I don't know your age but surly you not getting younger and automatically getting disqualified for some job. The fact is that is not all of us that would use this certificate to get a job. Owo ni koko |
Jobs/Vacancies / Re: Access Bank Calling For Aptitude Test (entry-level) (2014) by Tmany(m): 6:10pm On Nov 24, 2014 |
Khumaloh: Tinka say na only me oo. Make access contact me nw,ma 2m don ready i like your style, the 2m na the koko the rest is just pure luck. |