₦airaland Forum

Increasing poverty is making Nigerians more corrupt, it is a proven fact that people are nicer and happier when they are comfortable, a brother that i have really helped had to dupe me of 30k in getting a cook when i wanted to visit Nigeria, cook charged 70k but he billed me 100k..this is what financial insecurity can cause..many Nigerians living in Nigeria are like this

topsquino:
Nigerians were not fantastically corrupt 2-3 decades ago. I just don't know how we metamorphosed into this new unethical behavior.

This year alone, I was scammed of almost 100k.

Nigerian police asking me for more money to implore Eco bank to freeze the account of the criminal.

What sector would you advise someone who wants to invest with nine figures to go into?

rmx:
Interesting

At times I feel Nigerians have the most boldness on the planet when it comes to committing financial impropriety , the sheer scale and audacity at times is numbing

I have had indians working for me for the past 15 years in my manufacturing operations , while nobody is perfect what the bring is good work ethics , Technical know how ,discipline and focus on the job - less distractions, issues you might have is when they start looking for better paying jobs elsewhere in Nigeria , or encourage a rich colleague from there local community to start the same business line


I have had frauds running into 9 figures over the last 15 years , is it outright forging of bank tellers , stealing of goods from the warehouse and depots, sales reps absconding with sales proceed , gang up of account , audit and sales staffs , forging of signature on companies cheques , stacking of empty cartons when audit goes to remote places for stock taking , some northern depots to be precise, inflation of invoices , collusion with suppliers etc etc

I Cover most of nigeria thru 9 depots , about 45 reps apart from distributors, tried all sorts of guarantorships , lawyers agreement , collecting original certificates , collecting open dated cheque with guaranteed amount , prosecution etc
For me way forward/ strategy has been growing my distributors base to make them account for more of my sales and less should come thru reps , targeting 80%, presently at 55% , coming from 5-10 % , where it was 15/ 20 years ago, I do independent audit of stocks, accounts etc by an independent consultant on a quarterly basis , started using mds warehousing in some of my operations as against coy managed and staffed warehousing , my processes are much better than 5/10 years ago but not fool proof , we are a very ingenious lot . Reminds me of the cashier that brought her own Pos to shoprite and was diverting payments some years ago , my point is even big global businesses must find solutions and adapt to our peculiarities when they get here

Business is war is what I say a lot , and it’s a puzzle you must keep solving , you must keep coming up with solutions and not be static , you must be fully on ground , there are good people maybe 1 in 20 , when they come along you must encourage and keep them. Business especially manufacturing in Nigeria is serious work and a calling , not for the faint hearted . You need a good amount of God’s grace too

Regardless of all above challenges , For me nigeria is still a land of enormous opportunities and a question I have been asking for the past 20 years is why do the Indians and Lebanese keep coming , and the Chinese of recent , obviously they are seeing opportunities we are not seeing or willing to take especially in some sectors of the economy

Check commercial paper if you bank with FBN or FBN Quest, your funds is safe like Tbills

fireback:
please recommend

Wrong investment, it must not be tbills oga..why still invest in tbills of 3.5% when you can earn 5.5% in other investments similar to tbills

Barrytone:
I still invest every month though rate is low.

A jealous friend which you are better off may try to borrow money from you, in his mind he have concluded not to pay you back even before borrowing the money. If the amount is big they may try to eliminate you so that nobody will ever ask them of the money. Never borrow huge sum to whosoever as this may put your life in great danger.

We are wired differently, there are people who can simply understand others by their facial expression, body language, words e.t.c. This group can understand their friends easily and know when to call it a quit. If you dont fall in this group it is always better to listen to your mind and know when to keep a distance. The bottom line is never to keep an envy and jealous friend as this may lead to a big loss, big problem or even death. This is from a personal experience.

It is always advisable to invest it, but weither you invest or leave it in your dorm account you are still advantaged.

Olaide1295:
No one know can really predict this. If you buy Naira when it's stable, do you just keep it in your account or invest?
Since you have to invest it, you might not be liquid when instability arises.
Even if instability is right in the horizon, you cannot predict what CBN will do. They might just start expending the reserves.

At what interest rate?

ahiboilandgas:
uba of all banks called me that i quality for 4m naira customer loan without visting the bank ...payments is 164 k over 36 months

FBN Quest Commercial paper was 5% for 273 days last week thursday, 5.5% for 364 days

emmanuelewumi:
FBN Quest Asset Management is also below 5%.


It depends on what the fund managers have in their portfolios. They usually have cash, Treasury Bills, Commercial papers, short term corporate and FG bonds in their portfolio.

..and you make a kill on each devaluation too

topsquino:


It's simple. Buy when naira is stable and sell when it's unstable. And then convert it back when it's stable.

I think it depends on your risk appetite, i cannot keep more than 200 dollars at home!

chyima:
Is it advisable to keep the dollars in dorm account or at home

Keeping your idle cash in dollars in a country like Nigeria which the economy is not stable is the best thing ever, i bought more than 300k dollars march this year at the rate of 359, if i sell same today at the rate of 440 everybody knows how much i will be making, if i have left thesame money in naira and wanted to convert it to dollars today....your guess is as good as mine. Keeping your idle cash in dollars in Nigeria is the KING!

Thisnut:
when a country is dependent on import, dollar becomes her currency by default.

My sister bought audi 80 at 350k naira about 10years ago, today that car is being priced at 500k naira. Does it mean the value of the car went up? Absolutely no, it's the value of naira that went down.

Truth be told sir, dollar is Nigeria's first currency, while naira is her second currency. From airline booking, vacation, electronic, furniture and other household goods, transportation, clothing, food items are all controlled by dollar. The other day, a lady was telling a market woman selling garri that the price was too high, the market woman responded that " madam dollar don go up.

If you kept dollar at one dollar to naira @180 in 2014 without single investment and sell at 455 naira today you would have made 152.7 percent increase. 455-180/180*100.


True, America don't use naira, even benin Republic next door don't use it either.

I received mine few hours before i shared it here, maybe you need to call them.

Akin3891:
Just checked, mine hasn't drop, maybe it's done in batches, which I doubt.

I dont know if it was done by batch,maybe you need to wait a little bit more or put a call to firstcontact if not received until tomorrow morning.

damilola1978:
na wa o...i never see anything o

Savings interest of some people may be higher than tbills interest of some tbills investors!

NL1960:
Chai. See as guys dey do per second monitoring of savings interest like say na TB upfront interest or bond interest payment dem dey monitor.

First bank savings interest have dropped few hours ago.

Thank you for this!

topsquino:
I prefer the former option if I can get 6%

I put a phone call to firstcontact yesterday, June interest have not been paid!

damilola1978:
is it just me or is there another person who has not received interest payment from First Bank

I can get, i am not an average investor.

Mills55:
where did u get bond of 12%? what type of bond is it?

Hi guys, is it better to convert naira to USD and earn 4-6% or invest in high yielding bond of up to 12% and convert the coupons to USD?..
Your inputs is appreciated.

Thanks @ayosat, your opinion is the reality and is in order. #appreciate!

ayosat:
@Xiaoli , why not get someone experienced enough as a manager, instead of a consultant. At least the manager can be on ground Everytime. You can even call him to get the state your farm is at anytime. And in case of emergency he can act fast , instead of waiting for any consultant to tell them what to do... In catfish business, fast thinking and acting fast can save millions of naira.
You need to be very wise in your investment cos it will run into millions and that's not an investment to joke with.
From fingerlings / juveniles you intend to get. To the water you use on them , the space, the drugs, sorting, to the marketing , to the selling space (where buyers should stay at) to the scale to use .. and more, nothing should be left untouched.
That's my opinion anyway.

South Korean Won to US dollar rate may look high but i can tell you that Won has alot of value in South Korea!

DexterousOne:
The Japanese yen exchange more units for the dollar than say the ZAR or GHS

The Korean Won exchanges even more units for dollars than the ZAR or GHS


I have dealt with Korean won years ago

10000 won was exchanged for less than 2k naira


I know what I am saying

Oga please stop misleading people about Japan and South Korean currencies, those currencies are strong! If you have been to those countries you will understand, forget what you read somewhere.
Can you also say that Singaporean Dollar and Malaysian Ringgit are weak? If you want to talk about weak currencies in Asia then talk about Vienam Dong and Myanmar Kyat..still Vietnam Dong is strong and has value in Vietnam!

DexterousOne:
Japan has one of the weakest currencies on earth

South Korea own is even weaker


Its weak

But somewhat stable.

I read the comment from NSE thread

The border closure was unfortunate
But then

That does not take anything still away from Ghana

The production plant was sited there to service the Nigerian market
And that was the mistake


I'm sure the industrial space at TV Africa thaf focuses on the Ghanaian market is not as badly hit as this CEO.


As for the bolded

Hahahahahahaha

That's all I'll do

Laugh out Loud

You have spoken well but Japanese Yen is not weaker than Naira and not one of the weakest currencies in the world.

DexterousOne:
That is not the point

Many Nigerians dont seem to get it

It has nothing to do with currency

And every thing to do with LEADERSHIP ans POLICY.


Japan has one of the WEAKEST currencies on the planet

Its weaker than NGN ZAR and GHS

However, the Japanese GDP is bigger than the whole of africa put together

And USA is owing Japan to the Tune of $1.1 trillion and counting

So its not about currency or adding or removing zeroes.


Nigerians we think we are all that
That has always been our problem

(AND AMERICANS ALSO HAVE THIS ISSUE)


Nigeria is making its strides

OTHERS ARE MAKING THEIR OWN STRIDES TOO

Thank you @amba2017

amba2017:
40 30 30 is a fair deal. 40 to you , 30 to him, 30 to the company.

@Nnamz there is something i would like to know, i sent you a dm, reply pls.

@emmanuelewumi FBN Quest is offering 5.5% for 273days Naira denominated CP. Do you think this is a good deal?

What is your basis of saying that someone who wants to start big can start because SE and SS consume alot of cat fish, have you ever sold catfish in the SE market? Or do you know about cat fish marketing in the SE?

FMCASH:
I've once managed a 20,000 capacity catfish during my service year in Agudama, Yenogoa, Bayelsa state. But currently managing vegetables, poultry and piggery in South west. We do catfish here to but my boss has yet to stock another batch.

Thanks!

atoleybaba:
then ur consultant isn't experience afterall...if not he will know there are times whereby fish go plenty for market and u won't sell all ur fish at d stipulated time u want to sell it, thereby affecting future plans...my brother, build ur market first before stocking big else u will run into debt... profit in fish farming isn't fully on what u stock ooo it is how u stock and management practice. Have u thought about cases whereby one batch of fish stock might have a disease and u need to dispose them. Will u stock again inside that pond without treating? My brother taste the water before diving fully into it ooo...start small, make ur first sales and grow little by little from there

Thank you all for your advise, i tried all the peaceful ways advised here to resolve with the tenant but none worked since she is a very troublesome person, I'm glad to finally announce that @Barrytone's advise below worked perfectly without much stress and begging. Our people say when an animal learn to run without stopping the hunter will learn to shoot without targeting, this is a pure example of it!

Barrytone:
I grew up in the streets but I don't encourage this any longer but its inevitable where a tenant things you must suffer after the initial suffer to build a house. Go to court, pay the clerk and officials and get a notice, paste on his door in his absent and snap then take notice off. Make some other person appear in court in his stead as a proxy tenant he transferred tenantship to without your consent and get a verdict and evict him immediately as the unpreparedness will rock his life for ever. He can continue the fight from outside your house. The person that appeared is the person you have been seeing around the house and you don't know him. Simply put, he alone can provide that person.

Thank you for this advise, are you into catfish farming in south east or south south?

FMCASH:
He can start big so far he had an experienced consultant. No time to waste. East and south south consume catfish wella

Oga calm down, devaluation will not help us for now without adequate infrastructure and security, if you devalue to start manufacturing will you run your machines on diesel? Im sure you have been to countries that do alot of export,do you realize the companies work day and night and even most goods are taken to the seaport from 6-7pm till dawn, where is the security to protect this workers which might be going to work at night and and where is the security to protect the valuable goods which might be taken to the seaport at night? I can go on and on...

Theconglomerate:
GDP $446B.
Oil revenue;$50B tops which is subject to fluctuations.
Use this statistic to tell yourself which sector of the economy is insignificant.
Also,ask yourself it is wise to keep subsidising the rest of the economy with oil revenue that is this small and subject to fluctuations.
Don't quote me again,I really hate people that are slow.
Thanks