₦airaland Forum

The anti-Nigerian business stance of Ghana is taking a huge toll on Nigerian businesses in that country as no fewer than 83 shops belonging to Nigerian traders have been shut down by the authorities in the past seven months, while 550 others will follow soon, BusinessDay can now reveal.

Under the instructions of the Ghana’s Ministry of Trade and Industries in tandem with the Ghana Investment Promotion Centre (GIPC), on April 29 a task force shut 44 shops belonging to Nigerians on the ground that the businesses were not duly registered as required by the host country’s laws.

Against the ECOWAS protocol on free trade and movement of people, Ghanaian authorities see Nigerians and their businesses as foreigners and should register their business with a minimum of $300,000. Meanwhile, Nigeria’s foremost telecom operator, Globacom, confirmed to BusinessDay in Accra yesterday it planned to leave the country if the authorities could no longer guarantee the safety of its installations and equipment.

Jasper Emenike, secretary general, Nigeria Union of Traders Association, Ghana (NUTAG), told BusinessDay on telephone from Accra that 1,000 Nigerian businesses in Ghana are threatened as the authorities are planning to shut them down in the coming weeks.

“If the rumour we are gathering is anything to go by, not less than 550 new Nigerian shops will be closed nationwide next week, then the upper week will complete the first phase of the closing exercise to bring the
John Attah Mills, President, Ghana
number to 1,000 shops nationwide”, Emenike told BusinessDay.
John Attah Mills, President, Ghana

A breakdown of number of the shops shut, according to Emenike, is as follows: Tamale in the Northern region 21 shops; Kumasi in the Ashanti region 19 shops; and Accra in the Greater region four shops. This brings the number to 44 shops. This is in addition to the 40 others shut down on November 28, last year.

Though a top level Nigerian delegation led by Odein Ajumogobia, minister of foreign affairs, and Josephine Tapgun, minister of state for commerce and industry, was in Accra on Monday to see the Ghanaian authorities on the issue and work out an amicable solution, a source close to the meeting told BusinessDay last night that not much may come out of the parley. “I don’t see anything meaningful and helpful to our cause coming out of the visit,” the source said.

Emenike also confirmed to BusinessDay that besides the $300,000 required by law for registration of businesses by foreigners under which Nigeria has been classified, “there is the allegation that Nigerian security agencies extort money from Ghanaian traders who come to Nigeria to do business. While we are not in a position to dispute this claim the traders are appealing to the governments of both countries to bury their differences in the interest of regional integration and the traders”.

In a related development, a senior executive of Glo Mobile Ghana has confirmed that if the frustrating challenges that the telecom operator is facing since it embarked on its infrastructural construction and deployment continues, it would consider the option of pulling out of Ghana. Derek Obuobi, a Ghanaian and Globacom executive in the country who spoke to BusinessDay on phone after the story broke early this week, said that the “frustrating” development had gotten to that level that requires a review of the company’s venture in the country.

After series of difficulties which started right from the unusual long delay in receiving its mast construction permit from the Environmental Protection Agency (EPA) in 2009, to the recent ban on further mounting of masts by the Ministry of Environment and the accompanying vandalism and destruction of the company’s spectacular and environmentally beautifying Glo light boxes mounted at strategic points on the streets of Accra, Derek said that they could not help but feel frustrated at the developments.

“Indeed, the best word that could describe what we feel is frustration,” Obuobi told BusinessDay. “The vandalism of our Glo boxes and other properties has happened on too many occasions and we fell this should not continue to happen. We had made reports to the police but nothing was done to protect our properties.” Following media reports and the subsequent tinge the story took, which included accusations of sabotage by highly placed interests, the Ministry of Environment yesterday in a statement signed by Omane Boamah, deputy minister, distanced itself from any such perceived sabotage.

The ministry dismissed suggestions that the temporary ban on the construction of masts was targeted at Glo Mobile. Rather, the statement went on, “government would not hesitate to take decisions aimed at protecting the citizenry from the hazards of indiscriminate and poorly constructed telecom masts”. A source told BusinessDay last night the Ghana’s top government officials including five ministers have intervened and held series of meetings with Globacom officials persuading the telecom operator not to leave their country. “The officials include five cabinet ministers, head of the police and other top security officials”, the source told BusinessDay.

Reacting to the Ministry’s press release, Derek Obuobi said: “I am a Ghanaian and nothing would please us most to give Ghanaians the best of telecom experience. However, quitting is an option being considered because we were being led to think that the environment is not good enough for us. But since we have been told that the ban will soon be lifted, we are hoping for the best.”

As a build-up to their eventual simultaneous national launch, Glo mobile has beautified the streets of Accra and other major cities with billboards of various types and sizes with images of leading Ghanaian artists adorning them. The general public’s expectation of the commencement of Glo’s operations has been so high that it was with a palpable sad feeling that Ghanaians received the news of Glo’s possible pull-out.

http://www.businessdayonline.com/index.php?option=com_content&view=article&id=11368:ghana-in-tacit-anti-nigerian-business-stance&catid=1:latest-news&Itemid=18

@Unikman,
i was on phone with some guys @ kakawa discount house (www.kakawa.com)
they have all kinds of investment products, i was told the interest on treasury bill investments is ridiculously very low.
He made mention of an investment that has to do with something MPR+4% , according to the lady i spoke with current value of the MPR IS 6% though that comes to 10% per year,you can call them when you check on thier website to find out about thier contact phone nos.
Am really surprise at those we call bankers, they actually know nothing about investment products bank offers.

can someone provide answer to this guy's question, i have idle fund of about 5million naira with gt bank , the interest rate is really bad now, very very bad.

Thank you all,
the business currently on hold,

@zoelife
Rates have crashed across board,no matter how huge is the sum i doubt if u can get above 5% per annum.Learnt Nigerians are moving thier fund to ghana, gambia, benin republic for rates as high as 14 to 15% by the same banks in nigeria in those countries.

The poster may be right after all.I live in the north central part of Nigeria where we have 12 to 16 hours of light everyday in the last 5 years. We generally dont have light only if there is no power generation in Nigeria.

@franky044 ,
There is enough information on nairaland regarding ice block business and the machines.
Please go through the thread below
and get in touch with a particular guy with username nuclearboy i have never met him before but all his post shows he is very knowledgeable about the construction of the machines and it work.

https://www.nairaland.com/nigeria?topic=238196.msg4101398#msg4101398

http://www.sunnewsonline.com/webpages/features/living/2010/apr/10/living-10-04-2010-003.htm


Sinners in Christ Embassy
•Steal millions of naira in church’s bank
By CHIOMA IGBOKWE
•Miriam and Mabel
• Photo: The Sun Publishing
Living index

Saturday, April 10, 2010
•Miriam and Mabel
• Photo: The Sun Publishing
Living index


The bid by Christ Embassy, one of the popular Pentecostal churches in the country, to help its members inculcate the culture of saving and thrift is now becoming a thing of sorrow, as sinful members of the church have done something that has turned the house of God into a den of thieves.

In a bid to be among those who testify in church over speedy progress, four members of the church engaged in fraudulent activities in the microfinance bank, popularly known as ‘Parralex,’ established in the church’s premises in Lagos. These bad eggs have systematically diverted over N60 million into two dedicated personal accounts and shared it among themselves.

The bubble, however, recently burst for them, as operatives of the Special Fraud Unit, Ikoyi, Lagos swooped on them. They are now cooling their heels in detention, awaiting trial. Among those arrested are Chinelo Ezeagwuna, Essien Mabel Ufonabasi, Keneyinboh Miriam Eneyi, Orie Nwakego Felicia and Bassey Bassey Charles.

On the facts of the case, Commissioner of Police, SFU, Moses Saba, told Saturday Sun that the suspects conspired and opened several accounts with the bank, using fake names. He said that the leader of the group, Chinelo, sold the idea to her colleagues, who joined.

According to the police chief, the fraudulent accounts bore the names, Akinsola Yinka and Akinsola Favour, which were used to divert about N60million. What the fraudsters did was to always debit the bank’s general ledger and transfer same sum of money to the various fraudulent accounts. This evil action started in 2008 and continued until last February when the fraud was uncovered, the CP said.
On how the fraud was detected, CP Moses stated that an external auditor was called in to audit the bank’s account and discovered that money was missing. He said that the suspects were confronted and they confessed to the crime.

When Saturday Sun spoke with the suspects, they showed remorse and revealed why they went into the evil act.

Chinelo on how it started
Chinelo, 21, told Saturday Sun that she wanted to be among those who cued into the prophecy of Pastor Chris Oyakhilome. According to her, the pastor always talked about speedy prosperity propelled by making the use of available opportunities.

She said: “It’s all about prosperity, increase in speed. That is what Pastor Chris taught us in church. That is my own interpretation of what I did. My mind convinced me to toe that path, since I have been seeing all kinds of fraudulent people in the church, and know how they get rich. I thought that if actually they got rich through all these means, I could also get rich doing what I did.”
Chinelo explained that she got the inspiration through the fat accounts of their former Managing Director, Pastor Foluke.

According to her: “Our madam sent Miriam to check her balance, using the ATM machine. She came back and told me that she saw N4million each in two of her accounts. I wondered why my madam, whose salary is N62, 000 a month, should have such an amount in her account. I remembered that she had been telling me to transfer money from accounts. She also collected money from me when I was handling cash in the bulk unit, saying she was doing investment. I now realized what she had been doing with all the money she asked me to withdraw and give her. I never knew what it was all about, but when I checked I got answer. I told Miriam of my plans and she agreed.

“We opened accounts and transferred money into them and thereafter shared it among ourselves. When Mabel discovered what we were doing, I also advised her to join us or die as a pauper, since we were being paid N25,000 a month. She agreed and we continued withdrawing till the fraud was discovered.”

Chinelo, a Guidance and Counselling graduate, revealed that such fraud has been going on undetected because the bank is not well structured. Also, she said that none of the staff had banking experience.
The lady said: “The bank is not well-structured. They do not have any professional running the bank. We run the bank ourselves. Our madam, who is about 32 years, does not have any working experience.

We all started the bank together in November 2008. We were employed through a memo sent to our pastors that they needed hands at the bank. We did not go for any banking training. The madam of the bank does not know anything about banking. We read books to learn about banking.
“I got the job as a volunteer staff of Christ Embassy and my primary assignment was to work in the bank. By that time, we were not even given a licence by CBN to start running the bank. I have confessed and asked God to forgive me and I believe He has. My parents are aware, as they asked me to come and report myself and confess everything that I have done.”

Miriam’s story
Miriam, 24, who claimed to have repented from her sins, pleaded with Pastor Chris to forgive them. “I know that I am an embarrassment to the GO and he will be ashamed of me right now. I am begging God now for forgiveness and I know that I am wrong. Pastor Chris, wherever you are, if you are seeing me, I am sorry, but if we had everything in place in the bank, people wouldn’t have gone this far.”

Miriam, who is a Geography graduate, told Saturday Sun that when she saw the account of her boss she wondered where she got all that money.
She said: “I have been working with the microfinance bank since 2008 and cannot boast of N100, 000. When I checked the balance of my boss, my mind told me to do what to I did. I sold the idea to Chinelo. We opened two accounts and transferred money to them.

“It was the devil and greed that pushed me into this act. My family is not poor at all. I still blame myself; that is why I can come out boldly to confess what I did. I have admitted my wrong and I am suffering from it.”

Mabel’s bombshell
Mabel blamed Pastor Foluke for her involvement in the act. According to her, the former bank manager never treated her well.

She said: “I will blame Pastor Foluke, who never showed me love ever since I was transferred to the bank from the healing school. If she had been nice to me I would have reported to her when I noticed the loophole. Any little thing she would burst out and hit me. Part of the reason I did not tell her was that she was capable of roping me into that problem. I wasn’t part of the deal initially, but when I noticed it and confronted them, I had no choice but to join them, since they got the inspiration from Pastor Foluke

“If they are just discovering this, that means their financial reports had been faulty all along. Sometime CBN and auditors came. I don’t know what they audited if since they did not detect such little irregularities. The most pathetic situation is that I did not use the money for any particular investment. I have been with Christ Embassy for the past nine years. I am sorry because I have a conscience. I want to use this opportunity to tell Pastor Chris that we are sorry. We are his children and he remains our father. He should please find a place in his heart to forgive us.”

Felicia denies involvement
Felicia, the cashier in the bank, denied involvement in the act. She insisted that her boss, Foluke, included her name because she is an Igbo woman.
According to her, “I am not a staff of the bank. We are just there. For three years, there was no training, including for the MD. We are even more educated than her. We were the ones that taught her the job. I am not involved in the fraud. They just accused me because they felt that I am from another tribe. They just want to indict me. It is her sister, Moji, who opened the account and has been posting money for her. Moji admitted that she is the one. How can you open account without the necessary things, like identity card, signature?

“If the Madam Foluke claims that she knows nothing about this, then the report she is sending to CBN is not correct. How can she claim to be making profit of N100million while some of these things are happening in the bank? Any time CBN came, she would carry the cashbook and give Moji to hide. The auditor came and has been asking for the cashbook. She would be changing figures. They always bought new cashbooks for this. I am the one they send to submit the monthly report to CBN.”

Bassey gave the clincher
Bassey, a deacon in the church, got himself into trouble when he decided to heed the advice of a pastor in the church to withdraw money through a fraudulent account. The pastor told him that it was not a big deal, as the bank’s MD was involved.

Bassey said: “In one of the events at Oregun, I met one of my customers, who happened to be a pastor in the church. He saw me greeting Foluke and asked whether I knew her. I told him yes. Pastor Jude told me she was the MD of the bank and did all kinds of dubious business deal with her sister. He said that Foluke used to send the sister to collect money for her. There was a time she withdrew N20million and paid into her account.

“The only regret I have is that I have embarrassed Pastor Chris and the church of Christ. I feel so embarrassed, judging from my position in the church. I pray that the pastor will find a place in his heart to forgive me. Pastor Chris has a message that blesses people. It is just that people they have put in place to manage the church are not the right people. They are fraudsters.”
When contacted, one of the bank’s managers, who identified himself as Emmanuel, told Saturday Sun on phone that he was aware that such an incident happened but did not have the details.
“You need to talk to those in authority. I have heard of the incident, but I do not know the details. Most especially, I am not in the position to talk to the press,” he said.

http://www.sunnewsonline.com/webpages/features/living/2010/apr/10/living-10-04-2010-003.htm

Sinners in Christ Embassy
•Steal millions of naira in church’s bank
By CHIOMA IGBOKWE
•Miriam and Mabel
• Photo: The Sun Publishing
Living index

Saturday, April 10, 2010
•Miriam and Mabel
• Photo: The Sun Publishing
Living index


The bid by Christ Embassy, one of the popular Pentecostal churches in the country, to help its members inculcate the culture of saving and thrift is now becoming a thing of sorrow, as sinful members of the church have done something that has turned the house of God into a den of thieves.

In a bid to be among those who testify in church over speedy progress, four members of the church engaged in fraudulent activities in the microfinance bank, popularly known as ‘Parralex,’ established in the church’s premises in Lagos. These bad eggs have systematically diverted over N60 million into two dedicated personal accounts and shared it among themselves.

The bubble, however, recently burst for them, as operatives of the Special Fraud Unit, Ikoyi, Lagos swooped on them. They are now cooling their heels in detention, awaiting trial. Among those arrested are Chinelo Ezeagwuna, Essien Mabel Ufonabasi, Keneyinboh Miriam Eneyi, Orie Nwakego Felicia and Bassey Bassey Charles.

On the facts of the case, Commissioner of Police, SFU, Moses Saba, told Saturday Sun that the suspects conspired and opened several accounts with the bank, using fake names. He said that the leader of the group, Chinelo, sold the idea to her colleagues, who joined.

According to the police chief, the fraudulent accounts bore the names, Akinsola Yinka and Akinsola Favour, which were used to divert about N60million. What the fraudsters did was to always debit the bank’s general ledger and transfer same sum of money to the various fraudulent accounts. This evil action started in 2008 and continued until last February when the fraud was uncovered, the CP said.
On how the fraud was detected, CP Moses stated that an external auditor was called in to audit the bank’s account and discovered that money was missing. He said that the suspects were confronted and they confessed to the crime.

When Saturday Sun spoke with the suspects, they showed remorse and revealed why they went into the evil act.

Chinelo on how it started
Chinelo, 21, told Saturday Sun that she wanted to be among those who cued into the prophecy of Pastor Chris Oyakhilome. According to her, the pastor always talked about speedy prosperity propelled by making the use of available opportunities.

She said: “It’s all about prosperity, increase in speed. That is what Pastor Chris taught us in church. That is my own interpretation of what I did. My mind convinced me to toe that path, since I have been seeing all kinds of fraudulent people in the church, and know how they get rich. I thought that if actually they got rich through all these means, I could also get rich doing what I did.”
Chinelo explained that she got the inspiration through the fat accounts of their former Managing Director, Pastor Foluke.

According to her: “Our madam sent Miriam to check her balance, using the ATM machine. She came back and told me that she saw N4million each in two of her accounts. I wondered why my madam, whose salary is N62, 000 a month, should have such an amount in her account. I remembered that she had been telling me to transfer money from accounts. She also collected money from me when I was handling cash in the bulk unit, saying she was doing investment. I now realized what she had been doing with all the money she asked me to withdraw and give her. I never knew what it was all about, but when I checked I got answer. I told Miriam of my plans and she agreed.

“We opened accounts and transferred money into them and thereafter shared it among ourselves. When Mabel discovered what we were doing, I also advised her to join us or die as a pauper, since we were being paid N25,000 a month. She agreed and we continued withdrawing till the fraud was discovered.”

Chinelo, a Guidance and Counselling graduate, revealed that such fraud has been going on undetected because the bank is not well structured. Also, she said that none of the staff had banking experience.
The lady said: “The bank is not well-structured. They do not have any professional running the bank. We run the bank ourselves. Our madam, who is about 32 years, does not have any working experience.

We all started the bank together in November 2008. We were employed through a memo sent to our pastors that they needed hands at the bank. We did not go for any banking training. The madam of the bank does not know anything about banking. We read books to learn about banking.
“I got the job as a volunteer staff of Christ Embassy and my primary assignment was to work in the bank. By that time, we were not even given a licence by CBN to start running the bank. I have confessed and asked God to forgive me and I believe He has. My parents are aware, as they asked me to come and report myself and confess everything that I have done.”

Miriam’s story
Miriam, 24, who claimed to have repented from her sins, pleaded with Pastor Chris to forgive them. “I know that I am an embarrassment to the GO and he will be ashamed of me right now. I am begging God now for forgiveness and I know that I am wrong. Pastor Chris, wherever you are, if you are seeing me, I am sorry, but if we had everything in place in the bank, people wouldn’t have gone this far.”

Miriam, who is a Geography graduate, told Saturday Sun that when she saw the account of her boss she wondered where she got all that money.
She said: “I have been working with the microfinance bank since 2008 and cannot boast of N100, 000. When I checked the balance of my boss, my mind told me to do what to I did. I sold the idea to Chinelo. We opened two accounts and transferred money to them.

“It was the devil and greed that pushed me into this act. My family is not poor at all. I still blame myself; that is why I can come out boldly to confess what I did. I have admitted my wrong and I am suffering from it.”

Mabel’s bombshell
Mabel blamed Pastor Foluke for her involvement in the act. According to her, the former bank manager never treated her well.

She said: “I will blame Pastor Foluke, who never showed me love ever since I was transferred to the bank from the healing school. If she had been nice to me I would have reported to her when I noticed the loophole. Any little thing she would burst out and hit me. Part of the reason I did not tell her was that she was capable of roping me into that problem. I wasn’t part of the deal initially, but when I noticed it and confronted them, I had no choice but to join them, since they got the inspiration from Pastor Foluke

“If they are just discovering this, that means their financial reports had been faulty all along. Sometime CBN and auditors came. I don’t know what they audited if since they did not detect such little irregularities. The most pathetic situation is that I did not use the money for any particular investment. I have been with Christ Embassy for the past nine years. I am sorry because I have a conscience. I want to use this opportunity to tell Pastor Chris that we are sorry. We are his children and he remains our father. He should please find a place in his heart to forgive us.”

Felicia denies involvement
Felicia, the cashier in the bank, denied involvement in the act. She insisted that her boss, Foluke, included her name because she is an Igbo woman.
According to her, “I am not a staff of the bank. We are just there. For three years, there was no training, including for the MD. We are even more educated than her. We were the ones that taught her the job. I am not involved in the fraud. They just accused me because they felt that I am from another tribe. They just want to indict me. It is her sister, Moji, who opened the account and has been posting money for her. Moji admitted that she is the one. How can you open account without the necessary things, like identity card, signature?

“If the Madam Foluke claims that she knows nothing about this, then the report she is sending to CBN is not correct. How can she claim to be making profit of N100million while some of these things are happening in the bank? Any time CBN came, she would carry the cashbook and give Moji to hide. The auditor came and has been asking for the cashbook. She would be changing figures. They always bought new cashbooks for this. I am the one they send to submit the monthly report to CBN.”

Bassey gave the clincher
Bassey, a deacon in the church, got himself into trouble when he decided to heed the advice of a pastor in the church to withdraw money through a fraudulent account. The pastor told him that it was not a big deal, as the bank’s MD was involved.

Bassey said: “In one of the events at Oregun, I met one of my customers, who happened to be a pastor in the church. He saw me greeting Foluke and asked whether I knew her. I told him yes. Pastor Jude told me she was the MD of the bank and did all kinds of dubious business deal with her sister. He said that Foluke used to send the sister to collect money for her. There was a time she withdrew N20million and paid into her account.

“The only regret I have is that I have embarrassed Pastor Chris and the church of Christ. I feel so embarrassed, judging from my position in the church. I pray that the pastor will find a place in his heart to forgive me. Pastor Chris has a message that blesses people. It is just that people they have put in place to manage the church are not the right people. They are fraudsters.”
When contacted, one of the bank’s managers, who identified himself as Emmanuel, told Saturday Sun on phone that he was aware that such an incident happened but did not have the details.
“You need to talk to those in authority. I have heard of the incident, but I do not know the details. Most especially, I am not in the position to talk to the press,” he said.

http://www.sunnewsonline.com/webpages/features/living/2010/apr/10/living-10-04-2010-003.htm

@jazzsoul,
Fixed deposit rates in Nigerian banks for a very long time has been btw 10 to 20% depending on the amount for a very long time.

@poster,
I read it too in the papers.
Is a very serious issue with all this abracadabra by sanusi.
If banks in Ghana can be offering 14% i see no reason why people should not move their cash out of Nigeria.

@Dumsky , Please can you be more explicit on the issue of Primary mortgage institution

@ lawyer,
I think we need your views and opinion on this.I know you have very valuable information. I personally needed information on how to access the NHF LOAN. Base on my experince it took me about 2 and half years to build 4 units of 2bedroom apartments, i want to start another 4 units again, but want to cut short the lenght of time involve .

@coollove,
Nigerian Govt is scamming its own citizens, it all but a shameful scheme called NHF.
I think it should be scrapped.

@perfectbuy,
with 300,000 naira what toyota product can i buy from your end.

My DAd contributed to the NHF up to 13 years before his retirement, he was unable to access the loan.
Sometimes i wonder what realy work in this country,Govt. will have good intentions but people at helm of affairs will fustrate you .

Please if you have any information about the NHF Loan pls share it with us.

@osikhueme , i dont think that information about gtb doing 3% per month is true.Pls give us further information on that

@zabutt, i am interested in this as i run a internet cafe somewhere in the middlebelt of Nigeria.
please send details to netaccesswireless@gmail.com

When i started my building project at a stage, i got discouraged and fustrated as things went slow initially(in terms of finances). I approached about 5 banks including the federal morgage bank, all is story story. The NHF fund is difficult to access .Based on my findings most banks will tell you they have their own in house facility but the interest rate is hovering around 21 to 22%

You have personally given him your opinion which is a good one.
Just like someone said that common sense is not common.
I recently build 4 units of 2 bedroom apartment for about 10million naira under 2 and half years, when i started i did not have more than 300k at hand ,though land was aleady purchased, but i anticipated the expansion from my biz will fund the building project.Today flats is generating 800k per year.
I found this link on nairaland some 3 years back, most nigerians who live in the UK will have same opportunity as this guy but will rather give flimsy excuses.
Please read.
http://www.telegraph.co.uk/property/3345791/Building-a-fortune-out-of-beer-money.html

@poster,
The fund with you in Nigeria standard is a lot of cash, please play safe with it. I was once in this type of dilema, What ever advice you will finally take and act on , make sure it is the one that you can recover your fund back with good interest or something close to cash intact.Me while i belive you can get good deal from Fixed deposit from GT bank while you think of what to do with the cash.Doing business in Nigeria is realy challenging, there are two many processes which your fund can develop wings,think twice if you will do business that has to do with nepa, you will make money but the likes of Otedola's and Co are waiting for you(Diesle Lords).
Consider advice from  @"Funk stein" .
I personally build 4 units of 2 bedroom apartment for about 8million naira some where in the north central of Nigeria. this exclude the cost of the land, this rent for about 200k per year, am considering selling the units for an offer of 14million naira.
The fund used for this project is from cur@poster,
The fund with you in Nigeria standard is a lot of cash, please play safe with it. I was once in this type of dilema, What ever advice you will finally take and act on , make sure it is the one that you can recover your fund back with good interest or something close to cash intact.Me while i belive you can get good deal from Fixed deposit from GT bank while you think of what to do with the cash.Doing business in Nigeria is realy challenging, there are two many processes which your fund can develop wings,think twice if you will do business that has to do with nepa, you will make money but the likes of Otedola's and Co are waiting for you(Diesle Lords).
Consider advice from  @"Funk stein" .
I personally build 4 units of 2 bedroom apartment for about 8million naira some where in the north central of Nigeria. this exclude the cost of the land, this rent for about 200k per year, am considering selling the units for an offer of 14million naira.
The fund used for this project is from current business but things have realy slow down.
Mewhile i have invested money in all kinds of businesses and all gone without any trace.But i think i got right with real estate.
Just think twice before investing a penny in any businessrent business but things have realy slow down.
Mewhile i have invested money in all kinds of businesses and all gone without any trace.But i think i got right with real estate.
Just think twice before investing a penny in any business

Terror watch on Nigeria: Borno Commissioner denied U.S. visa ‘over surname’
Written by Isa Umar Gusau, Maiduguri
Sunday, 10 January 2010 05:41
The United States of America may have begun stringent visa restriction as part of its planned terror surveillance on Nigeria because Borno State’s Commissioner for Commerce and Industry, Alhaji Mohammed Imam, who was billed to accompany Governor Ali Modu Sheriff to attend an annual World Agricultural Expo in Orlando, northern Florida in the United States has been allegedly denied visa for bearing ‘Imam’ as his surname, Sunday Trust gathered.

The US embassy in Abuja also told a Special Adviser on Housing to Governor Sheriff that he had no business attending the expo because his schedule of duties had no link with the event. The embassy equally denied visa to Sheriff’s Special Adviser on Agriculture for reasons not disclosed. The embassy, however, granted visa to Borno Commissioner for Agriculture, Alhaji Kashim Shettima and another official. It was not clear if the governor already had a valid visa or was issued after the US placed Nigeria on its list of countries to be watched over terrorism.

Alhaji Imam, along with the two Special Advisers, all of whom were denied entry into the U.S attended VISA interviews December 28, 2009, which was three days after, Umar Faruk Mutallab allegedly made attempts to bomb a US bound aircraft on 25th December, 2009.

The officials were recommended to the US embassy in Abuja by the Borno State government to take part as delegates in the world agro expo which holds annually in different states of United States with the US Chamber of Commerce usually involved in the organisation of the event. The expo is expected to begin on 12th January, 2010 and will last for some days. Governor Sheriff and the two officials granted visa were scheduled to depart Nigeria via Lagos by between yesterday (Saturday) and today (Sunday).

Sources told our correspondent that the commissioner for commerce, whose ministry equally has dealings with Borno government’s participation in the expo, was merely denied visa because he has ‘Imam’ which is a title for a Muslim cleric that leads prayer in the mosque as his surname. The commissioner comes from a popular family in Borno which has produced leading Islamic scholars including chief Imams who lead prayers in mosque. His father is a retired Grand Khadi of the Shari’a court. The commissioner is known to have in the past, been granted visa into different countries, including the United Kingdom.

When contacted on phone, the commissioner said he wasn’t told by the embassy that he was denied the visa because of his surname. He said the embassy officials only told him that his application was going through administrative procedures, politely denying him entry to the US.

However, the commissioner insisted, “The issue of visa is not a right but a diplomatic privilege. Every country, including Nigeria decides who comes into the country at what time, may be the US is regulating the number of entries into its country, probably worldwide or even controlling the population for the expo we were going to attend. Millions of Nigerians are probably denied visa on daily basis to many countries, while millions are also granted visa. Its just a normal procedure

http://www.sunday.dailytrust.com/index.php?option=com_content&view=article&id=2543:terror-watch-on-nigeria-borno-commissioner-denied-us-visa-over-surname&catid=41:latest-news&Itemid=26

Glamour and spirituality as Pastor Odukoya takes new wife
By Taiwo Ogundipe Published Today News Unrated

It was a blend of glamour, fun and spirituality as the senior pastor of The Fountain of Life Church, Pastor Daniel Taiwo Odukoya exchanged vows with his new wife, the former Miss Rosemary Simangele Zulu, a South African.

The event, incorporating the wedding service and reception, took place at the classy Grand Banquet Hall of the Civic Centre, Victoria Island, Lagos.

The event was graced by a retinue of who is who in what is known in Christendom as the vineyard of the Lord.

The occasion also had in attendance the deputy governor of Lagos State, Mrs. Sarah Sosan as well as the first lady of the state, Mrs. Fashola. Some of the very top ministers officiated at the wedding service. The London-based Pastor Mathew Ashimolowo of KICC announced the proceedings of the service. Bishop Mike Okokwo of The Redeemed Evangelical Mission Church (TREM), whom Pastor Odukoya always professes to be his father-in-the-Lord, conducted the exchange of vows by the new couple.

An exhortation which was thought-provoking was delivered by Bishop David Oyedepo of the Winners Chapel. The General Overseer of the Redeemed Church of God, Pastor Enoch Adeboye pronounced the final blessings on the couple.

The service was marked by a medley of musical renditions climaxing with the classical Hallelujah Chorus by a selected group of members of the choir of The Fountain of Life Church.

The bridal train was a nuclear family affair. The two daughters of Pastor Odukoya, Tolu and Tobi were the bridesmaids with the elderly one serving as the chief bridesmaid. Jimi, Pastor Odukoya’s only son so far, was the best man.

The reception ceremony was pervaded by an air of conviviality as the ministers of God who waited for it let down airs, cracking jokes and bantering. The groom, Pastor Odukya was assiduously grilled by the master of ceremony, Akin Oshibajo who is the attorney-general of Ogun State and a pastor in The Fountain of Life Church. He insisted that Pastor Odukoya should repeat the kissing session which he said was done rather perfunctorily during the wedding service.

Pastor Itua Ighodalo who supervised the cake-cutting session also got the audience reeling with laughter and Pastor Odukoya squirming, as he made some obliquely risqué jokes allowed in a setting of that nature.

Pastor Paul Adefarasin who proposed the toast also riveted the audience with his account of how Pastor Odukoya agonized over how to chase his new wife.

Pastor Odukoya in a fuller measure thrilled the gathering with an account of the courtship period.

Other guests at the ceremony included some members of the church, friends and family members including relations of Pastor Odukya’s late wife, Bimbo.

http://thenationonlineng.net/web2/articles/31917/1/Glamour-and-spirituality-as-Pastor-Odukoya-takes-new-wife/Page1.html

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Glamour and spirituality as Pastor Odukoya takes new wife
By Taiwo Ogundipe Published Today News Unrated

It was a blend of glamour, fun and spirituality as the senior pastor of The Fountain of Life Church, Pastor Daniel Taiwo Odukoya exchanged vows with his new wife, the former Miss Rosemary Simangele Zulu, a South African.

The event, incorporating the wedding service and reception, took place at the classy Grand Banquet Hall of the Civic Centre, Victoria Island, Lagos.

The event was graced by a retinue of who is who in what is known in Christendom as the vineyard of the Lord.

The occasion also had in attendance the deputy governor of Lagos State, Mrs. Sarah Sosan as well as the first lady of the state, Mrs. Fashola. Some of the very top ministers officiated at the wedding service. The London-based Pastor Mathew Ashimolowo of KICC announced the proceedings of the service. Bishop Mike Okokwo of The Redeemed Evangelical Mission Church (TREM), whom Pastor Odukoya always professes to be his father-in-the-Lord, conducted the exchange of vows by the new couple.

An exhortation which was thought-provoking was delivered by Bishop David Oyedepo of the Winners Chapel. The General Overseer of the Redeemed Church of God, Pastor Enoch Adeboye pronounced the final blessings on the couple.

The service was marked by a medley of musical renditions climaxing with the classical Hallelujah Chorus by a selected group of members of the choir of The Fountain of Life Church.

The bridal train was a nuclear family affair. The two daughters of Pastor Odukoya, Tolu and Tobi were the bridesmaids with the elderly one serving as the chief bridesmaid. Jimi, Pastor Odukoya’s only son so far, was the best man.

The reception ceremony was pervaded by an air of conviviality as the ministers of God who waited for it let down airs, cracking jokes and bantering. The groom, Pastor Odukya was assiduously grilled by the master of ceremony, Akin Oshibajo who is the attorney-general of Ogun State and a pastor in The Fountain of Life Church. He insisted that Pastor Odukoya should repeat the kissing session which he said was done rather perfunctorily during the wedding service.

Pastor Itua Ighodalo who supervised the cake-cutting session also got the audience reeling with laughter and Pastor Odukoya squirming, as he made some obliquely risqué jokes allowed in a setting of that nature.

Pastor Paul Adefarasin who proposed the toast also riveted the audience with his account of how Pastor Odukoya agonized over how to chase his new wife.

Pastor Odukoya in a fuller measure thrilled the gathering with an account of the courtship period.

Other guests at the ceremony included some members of the church, friends and family members including relations of Pastor Odukya’s late wife, Bimbo.



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My people, there has been good contribution from since this thread started.
I refer a friend to read through all the comments here becuase he just lost his job at intercontinental bank(though cross from uba to intercontinental, he regrets his actions) am surprised he rides honda EOD 2005 i think still resides in a 300k apartment, now he is broke want to start cafe biz.
My people the truth of the matter is that it is not easy for people who earn good salary to leave their comfort zone and start something small, but my friend is learning in a hard way now.

@Dr Kitaun ,
I actually send a mail to duzz to see if is coming has machine that can recylce waste pure water nylon .
He said the machines are not economical.
I am seriously looking for machine that can recycle waste of purewater nylon.
The thing is a serious issue in Nigeria as a whole.
Waste recycling is good money spiner if one has good technology to implement it.

@duzz
I sent you a mail regarding pure water nlylon waste recycling machine.

Cecilia Ibru paid N225m for living in own house

By Our correspondents, Published: Thursday, 31 Dec 2009



Mrs Cecilia Ibru



OCEANIC Bank International Plc paid N225m to companies owned by the sacked managing director, Mrs. Cecilia Ibru, as rent for her Ikoyi mansion, where she lives, investigations have shown.

Investigations showed that the bank paid about N5.6bn as rent for branches and unutilised guest houses owned directly by Ibru or her associates.

Our correspondents learnt that the bank maintained 115 guest houses across the country, including an “executive guest house” at 20, Queens Drive, Ikoyi, Lagos, alleged to be Ibru‘s personal residence.

For Ibru‘s residence, the total amount paid for a five-year lease, beginning from October 25, 2008 was N88m, paid to Ogekpo Estate Managers.

A document obtained on Wednesday, showed that the bank also paid N137.5m to Casi Properties Limited for another five-year period, for the former managing director‘s residence, beginning from October 25, 2012 to September 25, 2017, bringing the total amount to N225m.

Ibru was said to have also received a hefty housing allowance during her tenure.

The bank, according to the document, is also paying heavily for 20 buildings owned mainly by Ibru‘s companies, being used as business locations in Lagos, Delta and Abuja.

It paid N80m to Casi Properties Limited, owned by Ibru, for a property at Block D33, Games Village, Abuja; while N60m (10-year lease) was paid to Ogekpo Estate Managers for an executive guest house at Ndanuba Street, Maitama, Abuja.

Ibru, according to the document, also occupied the guest house.

Another N33m was paid to Ogekpo Estate Managers on a two-year lease, commencing from August 25, 2009 to January 2011, for a property at Ali Akilu Crescent, Asokoro, Abuja.

The bank‘s Apongbon branch at 60, Marine View, Apongbon, Marina, Lagos, owned by Dele Oye and Associates, costs N1.243bn for five years, among others.

According to law enforcement sources, the agency fees also went to companies owned directly by Ibru, and in some cases, by her associates.

A source in the bank, who spoke on the condition of anonymity, said that apart from the fact that the rents, in most cases, were far above industry rate, about 80 per cent of the guest houses were not being used.

According to him, the houses were being used, largely, as avenues to make money for the former managing director’s companies. No official of the bank was, however, willing to comment on the matter.

Fresh non-performing loans were discovered recently in the bank, bringing the total to N235bn. About N160.7bn was reported to have been given by Ibru at ridiculous terms to cronies and family members.

According to reports, she also ”unethically” paid N825m to a company owned by her daughter as a 10-year rent on a property along Ikorodu Road, Lagos.

The Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, had, during a closed door meeting with the Senate, revealed that the bank, under its former management, had been reckless with credit.

A senator, who spoke on the condition of anonymity, had quoted Sanusi as saying that Ibru gave out N235bn unsecured loans; had two jets and had paid for additional two before her removal from office.

He said that Sanusi wondered why a bank chief would give out N235bn loans when the bank had a capital base of N300bn.

The CBN governor had alleged that part of the money was used by the bank chief to acquire two private jets.

When contacted, the Head, Corporate Affairs, CBN, Mr. Muhammed Abdullahi, said, ”We are aware that after the CBN appointed MDs had assumed office, startling revelations had been made, most of which have to do with disregard for the code of corporate governance, and in some cases, outright fraudulent activities.”


http://www.punchontheweb.com/Articl.aspx?theartic=Art200912312104815