I wonder how people think most of their medium to semi-large businesses grew, especially in their early growth phases...maybe they think they grew by adding 10% to their startup capital year on year

i dey enjoy the discussion

izzou:
Wisdom demands that we ask the business the person did, that converted 200k to 400 million.

Maybe e use 200k open company, then chopped government contracts and became a funnel for laundering..

I have seen someone make 10 million in a day, by adding his markup to some items purchased.

Until you know what the person did, no need to dey argue blindly

na so we see am. My wife had a friend who literally shared the same office space with her

the woman went onto medical tourism and in under 3 years was driving range rover up and dan.

my wife was theoretically their legal officer but she was not seeing any shishi from the largesse

i think i told her that she should disconnect from the business

anyway, one day out of the blue after long time no hear, the woman calls my wife. she is in a big fix. apparently she did some wayo with an SE govt and got paid big contracts where work was not done. maybe a new admin came in or something, but efcc was on her case.

my wife hooked her up with a lawyer that works efcc cases - first order of day was 'you are in trouble bribe'

i remember madams shock at the time - that efcc was after all the noise, your typical naija shakedown geng

i dont know how it ended - but i guess the woman must have settled a lot of people

i dey fear govt job - because most of the time - their goal is to funnel the money and not deliver any value. if you do that kain work - when shit hits the fan, you may be the one left holding the bag and being paraded on TV.

Theflint1:
I wonder how people think most of their medium to semi-large businesses grew, especially in their early growth phases...maybe they think they grew by adding 10% to their startup capital year on year

Regardless of how it/they grew, none did #200 thousand to #400 million (200,000% growth in 8 years - EIGHT YEARS).

Even OpenAI which is currently the fastest-growing startup in the world has done 8700% growth from 2015 to 2023, from the initial $1 billion funding by Microsoft to $87 billion valuation.

Even if it goes on to hit the $1 trillion valuation mark by 2025 or 2027 as projected, it'd still be 100,000% rise in 10 to 12 years. Still under the 200,000% rise the Chide guy claimed.

It's a lie. Plain and simple.

Theflint1:
People can turn their lives dramatically around over a pretty short period. I know some persons who forrayed into the gadgets business with zero capital, stand as middle man, collect small choppings here and there and build capital slowly...some of them have crossed 9 figures in assets, and all of this in a space of 6-7 years, within same Buhari economy.

The above scenario won't be the same for the overwhelming majority of Nigerian businessmen, and even for the guys in the above scenario, things are starting to take a nose-dive with FX rates but that doesn't mean those numbers weren't done and aren't still possible. It's generally easier to scale a business from zero to 10 million than it is to scale from 10 million to 20 million (the more capital you build, the harder it becomes to beat the market significantly, it's why guys like Buffet are seen as geniuses)...don't use growth metrics of already established businesses to judge small businesses.

i like to call nigeria an ignorance/wayo economy

as an example - businesses in the west esp us, get rid of laptops every four years. they basically have to dispose of them. so if you have the hook up, you can get a ton of 2019 thinkpads for free. ship them to nigeria and then sell them off at 50 to 100k a piece to resellers . resellers will now put hefty markup on top. same applies or used to apply to cars. there is serious wayo in car selling as people will take accidented cars and sell as lightly used, roll back odometer or even sell used car as brand new. i was in pc village on Saturday. i planned to buy a monitor. i eventually got a stopgap monitor for like 60k. it is not bad 24 inch dell with multiple inputs and in fair condition. but the monitors year is 2014/2015. that thing should not be more than 30k.

donj talked about black market fuel. a lot of things old here are also stolen. three years ago i got a very good deal on a mini pc i had been looking for for years. amazon price was like 600k. and i got it in naija for 300k. it was suppose to have some freebies that you get from buing it, so i wrote the manufacturer to ask. long and short - they told me the item is reported stolen.

GloriousGbola:


i like to call nigeria an ignorance/wayo economy

as an example - businesses in the west esp us, get rid of laptops every four years. they basically have to dispose of them. so if you have the hook up, you can get a ton of 2019 thinkpads for free. ship them to nigeria and then sell them off at 100 to 150k a piece to resellers . same applies or used to apply to cars. there is serious wayo in car selling as people will take accidented cars and sell as lightly used, roll back odometer or even sell used car as brand new. i was in pc village on Saturday. i planned to buy a monitor. i eventually got a stopgap monitor for like 60k. it is not bad 24 inch dell with multiple inputs and in fair condition. but the monitors year is 2014/2015. that thing should not be more than 30k.

You have an idea how it goes, but it goes way beyond this example you're giving, and won't say it's a Nigerian thing alone.

My point is simple really, business in their early growth phase have room for loads of growth and it's kinda naive to compare such businesses to your now conventional startup. Size of capital relative to size of market + competitive advantage is what gives those ridiculous numbers, and it's numbers "common" for businesses in early growth phase.

For context:

kad199:
That true with 20m in Bunkering business here in Delta you go make that kind money na.

I was waiting for this on kpofire mandate we shall stand

DissTroy:


Regardless of how it/they grew, none did #200 thousand to #400 million (200,000% growth in 8 years - EIGHT YEARS).

Even OpenAI which is currently the fastest-growing startup in the world has done 8700% growth from 2015 to 2023, from the initial $1 billion funding by Microsoft to $87 billion valuation.

Even if it goes on to hit the $1 trillion valuation mark by 2025 or 2027 as projected, it'd still be 100,000% rise in 10 to 12 years. Still under the 200,000% rise the Chide guy claimed.

It's a lie. Plain and simple.

The problem is the examples you're thinking of only lie in the documented startup space, which most, even at startup, are already medium sized businesses...I'm talking small scale businesses (mostly brick and mortar), that are often undocumented, but you see them growing to an impressive level right in your eyes. These business won't grow to medium scale respecting the market dogma of 10-20% year on year.

Just imagine you giving an example with a business that had startup capital of 1 billion, come on na...how much room for growth is there for a business with that capital at startup

KingTom:

I was waiting for this on kpofire mandate we shall stand

These ones sef dey.

Theflint1:
You have an idea how it goes, but it goes way beyond this example you're giving, and won't say it's a Nigerian thing alone.

My point is simple really, business in their early growth phase have room for loads of growth and it's kinda naive to compare such businesses to your now conventional startup. Size of capital relative to size of market + competitive advantage is what gives those ridiculous numbers, and it's numbers "common" for businesses in early growth phase.

For context:

I Don't like to talk about tech firms because imho it is all smoke and mirrors. VCs are hoping on the next Microsoft or Apple and will drop fdi. No one really understands what is going on

It is 90% the charisma of the founder or ceo carrying the game. For all intents and purposes it is a confidence/hype game that may or may not give results

Look at bankman and theranos as examples.


Meanwhile within our setting cunny cunny Nigerians with all the controls VCs have put in place are still finding ways to steal the money which then impacts on company performance

donjazzet:



You are still missing my point by a very wide margin and doing the exact same thing I'm talking about.


We're not arguing the merits and demerits of emigration (japaing). And indeed they are. But when you can accept the simple fact that not every single nigerian can or will emigrate out of the country, then perhaps you begin to see the point I'm making. Nigeria will always exist and there will be people here to make Nigeria whatever it will be.

The mindset that Nigeria WILL NEVER WORK is a hugely insulting fallacy to all of us. Because we have seen with our eyes countries that transformed from very poor nations to wealthy nations in the twinkle of an eye. India is estimated to be a 20 trillion economy within the next 2 decades, Singapore is the 12th richest country, South Korea has no natural resources but became very rich by technological innovation and industries. China used it's human resources to be the manufacturing hub of the world with a third of global industries having their factories there and lifting them out of poverty.

Also, there are soo many nigerians who have lived fruitful lives, I will use my own parents as example. I look at my parents and I see very comfortable people above their 50s who are living very comfortably. With a business earning them some millions and some landed properties. They live in an estate with constant light, they eat whatever they want and I'm sure they would tell you they have lived a blissful fulfilled life together. These were government civil servants who rose steadily through the ranks and pulled their resources together.

I think that a lot of nigerians are like my parents who have also lived relatively good and comfortable lives. The country is failing but it is not a failed state yet and can be turned around.


Stop inserting the discuss of japa when we talk about the state of the nation.
Japa could very well be a splendid advice but ultimately meaningless to the vast majority of nigerians who can't and those who won't japa.

It is not any insulting fallacy ; at least not to me.

I have seen enough of this country to know Nigeria will not work if things keep going the way it is. Nigeria has shown glaring evidence of a potential failed state. You have corrupt civil servants populating the civil service, you have government officials entering into unfavorable contracts on behalf of the country thereby exposing the country to serious judgement debt(Like the case of PI & D), tribalism, favoritism and nepotism is well entrenched in our system, there are individuals and corporate entities that are above the law, there's high crime rate, criminals practically escape from custody, police and soldiers shoot at each other in broad daylight in a battle for superiority, there is terrorism in some parts of the north and the east, there's economic sabotage in the south south where few people conspire to steal crude that should be for the benefit of all.

They say if a Sunday will be a good one, u will already have an idea starting from Saturday. If Nigeria did not work when the economy was relatively stable, shey na now e go come work?

There's nothing wrong in u being optimistic and hopeful things will turn around for the better, but one can also be realistic, wake up and smell the coffee. Yes not all Nigerians can japa but the wise ones with the means should plan their way and move . Nobody will force anybody to japa or stay, na personal decision wey get consequence whichever side u decide to lean towards.

izzou:
Until the guy tells us the "How", there is nothing to dispute.

Nigeria has a lot of illegal, wayo formulas to cash out.

It is us here that is looking at bitcoin and Paystack. People dey wey dey pick millions monthly without any forex added.

I can never argue when someone says they made something. Just tell us how.

400 million in 8 years is 50 million a year.

Men wey dey act as front for Cabals and politicians can make that in one year.

In onyeama voice - we made the money from real estate investment

izzou:
Until the guy tells us the "How", there is nothing to dispute.

Nigeria has a lot of illegal, wayo formulas to cash out.

It is us here that is looking at bitcoin and Paystack. People dey wey dey pick millions monthly without any forex added.

I can never argue when someone says they made something. Just tell us how.

400 million in 8 years is 50 million a year.

Men wey dey act as front for Cabals and politicians can make that in one year.

Abi now.

Shebi na person be Akpobolokemi's tailor that had N546m NIMASA money laundered through his corporate account for a contract that was never awarded nor executed.

Emaprince:
Na wa o.

I don't know about others.... but this is NOT true.

Depends on the person's work/ business sha..

How many Nigerians in salary earn 20million in 10years?

Many Nigerians are earning 20million yet they are complaining

Theflint1:
The problem is the examples you're thinking of only lie in the documented startup space, which most, even at startup, are already medium sized businesses... I'm talking small scale businesses (mostly brick and mortar), that are often undocumented, but you see them growing to an impressive level right in your eyes. These business won't grow to medium scale respecting the market dogma of 10-20% year on year.

Just imagine you giving an example with a business that had startup capital of 1 billion, come on na...how much room for growth is there for a business with that capital at startup

Even 20% year-on-year wouldn't give you #400 million in 8 years from the initial capital of #200 thousand.

And Indomie should be doing more in profit. They've been in business since forever, have market dominance which is also diversified, and definitely not #200,000 capital.

200,000% increase in 8 years from just business? In Nigeria? Forbes should do a piece on the 'businessman' then. Not for the business worth, but growth rate. That's crazy. But it's all illusionary.

But if it's a front for something else, or a conduit for siphoning public funds, that's understandable. And even at that, it's no longer a business - just a conduit.

joseph1832:
Now this is where many of you get it wrong. I don't need that amount of milli9ns to build a house in my village, or even in Alakuko area of Lagos, do I?

People should learn curb their 'long throat' and know how to cut their coat according to their cloth size.

Me carry almost half a billion go buy house, when I never mad. Now I know why many abroadians are rushing to build houses in their villages.

And that’s it, you become a village boy
Abrodians build houses in the village because the can afford to as they also buy houses abroad as that’s the real investment.
My former naija landlord will soon retire free many years here and probably move to Nigeria, he’s already selling those properties and cashing in big time.

Before you respond, make a million dollars and tell me where you’ll build your house or how much you spend on it.

DissTroy:


#200K in 2015 to #400 million in 2023. Just 8 years.

That's 2000 times increase or 200,000% rise. It's a lie.

Even PayStack which was the fastest-growing startup in Nigeria and got sold at $200 million had a 200 times yield or 20,000% rise from its initial $1 million seed-raise.

Flutterwave had a similar trajectory, and both are unicorns. None did that multiple increase.

200,000% rise under the Buhari administration in 8 years? Come on!

don't speak with such certainty.just know what you know and leave what you don't know.many has hacked the art of making money in their field, and they protect the secret with all they have.

DissTroy:


Even 20% year-on-year wouldn't give you #400 million in 8 years from the initial capital of #200 thousand.

And Indomie should be doing more in profit. They've been in business since forever, have market dominance which is also diversified, and definitely not #200,000 capital.

200,000% increase in 8 years from just business? In Nigeria? Forbes should do a piece on the 'businessman' then. Not for the business worth, but growth rate. That's crazy. But it's all illusionary.

But if it's a front for something else, or a conduit for siphoning public funds, that's understandable. And even at that, it's no longer a business - just a conduit.

By your logic, any and every business that starts with 200K at startup at 20% year on year should have a maximum growth of no more than 860K by the 8th year

This thing is arithmetic sha, and you don't have to check Y Combinator to see examples, simply ask Mama Nkechi who grew her single hot rice and beans stand to 4 extra stands in your community, and with 8 staffs to help with serving after 4 years what her year on year profit was.

Theflint1:
People can turn their lives dramatically around over a pretty short period. I know some persons who forrayed into the gadgets business with zero capital, stand as middle man, collect small choppings here and there and build capital slowly...some of them have crossed 9 figures in assets, and all of this in a space of 6-7 years, within same Buhari economy.

The above scenario won't be the same for the overwhelming majority of Nigerian businessmen, and even for the guys in the above scenario, things are starting to take a nose-dive with FX rates but that doesn't mean those numbers weren't done and aren't still possible. It's generally easier to scale a business from zero to 10 million than it is to scale from 10 million to 20 million (the more capital you build, the harder it becomes to beat the market significantly, it's why guys like Buffet are seen as geniuses)...don't use growth metrics of already established businesses to judge small businesses.

you got it completely....all this are not hearsay...the gadgets business with the right timing and information...many will make it

chidekings:
you got it completely....if u follow mike well,the person in question is chief ebuka...all this are not hearsay...the gadgets business with the right timing and information...many will make it

I know Chief Ebuka well, those wey know know and I really wish it was hidden cause there's a plethora of examples from other types of businesses, just take a walk down your street FFS

chidekings:

their are many stories like that....i have someone very close to me,he started in 2015 with 200k,now his business is worth 400m....and their are countless examples,and this dudes are not even in lagos or abuja.....i beleive japa is never really about the money for most middle and upper class.its all about peace of mind.

I am interested in knowing the business that person invested N200k in 2015 that has now grown to N400m.

OasisX:


I knew an Igbo guy in Osogbo, a close buddy by the way. He is into building materials business.

He started the business with ₦2m facilitated by my Brother [a Banker] 6yrs ago, today he is a landlord in Osogbo and the business now worth atleast ₦50m.

Disstroy, what was year-on-year for the above business?

Theflint1:
By your logic, any and every business that starts with 200K at startup at 20% year on year should have a maximum growth of no more than 860K by the 8th year

This thing is arithmetic sha, and you don't have to check Y Combinator to see examples, simply ask Mama Nkechi who grew her single hot rice and beans stand to 4 extra stands in your community, and with 8 staffs to help with serving after 4 years what her year on year profit was.

when business men talk it is easier to know.they believed everything is theory.i have seen people do more than that.in Nigeria,their are so many legal and illegal money,one with the right information can make without even making it to the news.

Theflint1:
I know Chief Ebuka well, those wey know know and I really wish it was hidden cause there's a plethora of examples from other types of businesses, just take a walk down your street FFS

.thank you,it is him am talking about...their are many many who has done way higher than him.how come people don't see this.

BlueRayDick:


I am interested in knowing the business that person invested N200k in 2015 that has now grown to N400m.

gadget sales...laptops specifically.

chidekings:
.thank you,it is him am talking about...their are many many who has done way higher than him.how come people don't see this.

I want to imagine it's them not understanding the context of the discussion sha, cause it seems obvious enough what's being referred to.

Theflint1:
Dis.stroy, what was year-on-year for the above business?

#2 million to #50 million is 6 years is plausible and I believe him. That's 2500% increase.

Now compare that with #200 thousand to #400 million in 8 years which is 200,000% increase.

Nobody here is in Kindergarten.

There's a reason the Chide guy is being evasive with how his acquaintance made the assumed money.

iamoyindamola:
Rip ma
I use to dread this woman back in the days because once it's 9 o clock it's time for that boring nta news and Sadiq daba

R.I.P to her. Beautiful woman. Always on her clean hijab. she do normally anchor NTA weekend file & NationWide. Kudu Abubakar & Cyril Stober them for don retire

Theflint1:
I want to imagine it's them not understanding the context of the discussion sha, cause it seems obvious enough what's being referred to.

the content of the discussion just changed.was trying to highlight that most travel not only because of money but peace of mind and other personal reasons.

chidekings:
gadget sales...laptops specifically.

Liar! #200 thousand to #400 million in just 8 years from gadget sales? Laptop sales? Who do you think you're fooling?

DissTroy:


#2 million to #50 million is 6 years is plausible and I believe him. That's 2500% increase.

Now compare that with #200 thousand to #400 million in 8 years which is 200,000% increase.

Nobody here is in Kindergarten.

There's a reason the Chide guy is being evasive with how his acquaintance made the assumed money.

oga all u do is just to argue,know what u know and leave what u don't know. never believe u know it all.go out on the streets and asking successful business how it all happened.