NL1960:


I saw that topic and was shocked. Salary of 35k per month and 2k daily allowance with him living within the area and he is still stealing 50-60k weekly. Seeing this, who wants to go and invest in the real sector?. Like i always say that if you are not physically available to manage your business yourself, there is no point setting up one.

After running the business for about 5 years, the owners might decide to stop the business if he doesn't break even. The workers will be the losers on the long run.

ultron12345:
Take a look at this topic that made front page few days.

https://www.nairaland.com/6021726/juju-scare-should-quit-job

Like what we were discussing the other time.

Salary: 35K per month
Daily Allowance: 2K daily (40k- 48k per month)
Yet, he's stealing 50-60K weekly (200-240k per month) from his employer, and he said he's not the only one. Imagine they are up to 4 or 5 engaged in this act. The business is loosing N1M to theft monthly.

And the owner will be thinking buhari or village people are the reason her business isn't doing well, not knowing its the witches and wizards that she employed.

Nigerians are wicked. If this business fails now, you'll see the theives shouting "No job, No job". When they've killed all the businesses that were supposed to create jobs.

Another surprising thing is that such theft has even been normalized in the society. He said it so proudly, without a single iota of shame, and apart from one or two people, the majority of those commenting didn't even say anything about the theft. They're telling him to pray, and even him after stealing is still claiming to be a Christian. Another irony is how Nigerians can be so religious yet so wicked, evil and fraudulent.

Nigerians are the problem of Nigeria.
The reason most Nigerians haven't stolen billions of government money is simply lack of opportunity.
The population of Nigerians waiting to steal is greater than the population of those currently stealing.
The only reason Nigerians are angry at corruption by politicians, is because they're not the one benefiting from it.

It shall never be well with that OP. Hopefully, that his leg injury will turn into cancer and kill him. Bastard.

My goodness
Person business

Cyberknight:


Unfortunately, I think Nigerians are not eligible for the $20,000 investment program. They're eligible for the $80,000 program.

This life no just balance for naijeriya peoples

Greenvaiper:


This life no just balance for naijeriya peoples

The green passport is a red flag.

Greenvaiper:


This life no just balance for naijeriya peoples

lol

emmanuelewumi:



After running the business for about 5 years, the owners might decide to stop the business if he doesn't break even. The workers will be the losers on the long run.

The workers are not thinking of the long term implications of what they are doing. To them, they are smart. When the business now folds up, they will be the first to start abusing the government for not providing jobs for the youths.

NL1960:


The workers are not thinking of the long term implications of what they are doing. To them, they are smart. When the business now folds up, they will be the first to start abusing the government for not providing jobs for the youths.

Even Dangote lost billions of Naira from the transport division of his business, a lot of sharp practices by the managers of that division.

Gander:

Sharrap there

You be ode

emmanuelewumi:



It took a friend four years to realize that his BRT bus driver bought 2 BRT buses while working for him and his monthly salary was actually paid into the driver's side chick bank account, since he claimed not having a bank account.

Goodness me

NL1960:


The workers are not thinking of the long term implications of what they are doing. To them, they are smart. When the business now folds up, they will be the first to start abusing the government for not providing jobs for the youths.

And the most interesting thing
Is that
They dont use the thing for anything sensible

Its squandered money

Cyberknight:


The green passport is a red flag.

It actually is

For good reason

Many Nigerians are people you should be wary of

DexterousOne:


Goodness me

Too late to realise that the N14 million he used in buying a new BRT bus in 2010, would have bought a house or fixed income Investment since his job as an Investment banker will not give him the time to monitor the business effectively

emmanuelewumi:



Even Dangote lost billions of Naira from the transport division of his business, a lot of sharp practices by the managers of that division.

Na wa o. Even Dangote.

Somebody that drives a rickety Keke Napep has been begging my wife to talk to me to buy him a 7-seater bus popularly called Korope bus to drive to replace the rickrty Keke Napep. I no gree o. Too many stories from those drivers.

emmanuelewumi:


Too late to realise that the N14 million he used in buying a new BRT bus 2010, who have bought a house or fixed income Investment since his job as an Investment banker will not give him the time to monitor the business effectively

Its better to just do your portfolio investments in peace
Buying your shares and all that

I am not giving 1 kobo to anyone to do business for me

Lest I forget
There is a piece of information I would like to share to the house
That would especially help newbies who seek to begin their journey in this investment world


Elders like @emmanuellewumi and co should please vet and add their own input...

This will be for anyone who is scared of equity investment, on how to do it safest and best..

I'll be back with the info

Please bear with me

Same issue crashed my former MDs biz.

In fact, he went from a millionaire to a debtor within the space of 3 months.

Who wasn't stealing from him? From the manager to the logistics personnel to d lady in charge of invoice/procurement.

Funny thing is that he knew they were stealing but Baba just relax say money too much. The site engineers were doing haphazard projects.

Day of reckoning came, our client a top mobile telecommunication co sent their project inspectors, the level of substandard projects were too grave too ignore and bribe couldn't work this time.

By October, we were blacklisted. I had just resumed there in August. Pay was okay, all my plans came crashing down, haven't recovered since then as a staff not to talk of the owner.

Last I heard of him, he is in serious debt. The Banks are after him, the engine of his N20m jeep bought last year has knocked. I really feel pity for him.

Man took his feet of the gas and everything came crashing down.

Modified: The Fmr Manager, a man I heard he took from grass to grace has opened his own solar company from d proceeds of his theft.

Some people here raised the issue high exchange rate in favor of Dollar as the parallel/black market has continued to edge towards 500/$1. This should be great source of concern to all, if no radical economic measures are put in place, the fate of Naira will be same as some other currencies like Zimbabwe dollar, Lebanese lira, Venezuela Bolivar and other failed currencies. Naira going toward 1000/$1 means more and more people will lose hope in Naira as means of Exchange, leading to adoption of dollarization.
The below link gives a graphical representation of situation in Lebanon.
https://www.forbes.com/sites/tatianakoffman/2020/07/09/lebanons-currency-crisis-paves-the-way-to-a-new-future/#782703436a17
CBN as a matter of urgency needs to strengthen naira by curbing the activities of currency speculators and black market operators. Restoration of people confidence on naira will stop panic buying of dollars for the preservation of their savings/investment.

Has CBN started selling to BDC?

civilserva:
Some people here raised the issue high exchange rate in favor of Dollar as the parallel/black market has continued to edge towards 500/$1. This should be great source of concern to all, if no radical economic measures are put in place, the fate of Naira will be same as some other currencies like Zimbabwe dollar, Lebanese lira, Venezuela Bolivar and other failed currencies. Naira going toward 1000/$1 means more and more people will lose hope in Naira as means of Exchange, leading to adoption of dollarization.
The below link gives a graphical representation of situation in Lebanon.
https://www.forbes.com/sites/tatianakoffman/2020/07/09/lebanons-currency-crisis-paves-the-way-to-a-new-future/#782703436a17
CBN as a matter of urgency needs to strengthen naira by curbing the activities of currency speculators and black market operators. Restoration of people confidence on naira will stop panic buying of dollars for the preservation of their savings/investment.

emmasoft:


You can be part of the owners of any company telecommunications inclusive by buying their shares. For example you can be part of the owners of mtn if you buy the shares of mtn and you will benefit from the money they are making.
Shareholders of mtn will collect N3.5 by 24th of August 2020 as interim dividend.

Will do so. Thanks

It is not easy to open a business in Nigeria and have Nigerians work for you without theft being a big problem. I remembered how I was frustrated when I newly opened a bakery and a hotel in Benin, it was a very huge challenge. The issue of theft is a problem you cannot completely eradicate. If you want to be successful in your business, you must be on ground 24/7 and set up a strategy that would enable all your workers police each other, and you must try to compensate them from time to time, never be a greedy employer and ensure that your workers have a conducive working conditions.

From experience, I have also observed that some tribes in Nigeria are more honest and loyal than some, like the Efiks ( Calabar) or Hausas, I can trust many from these ethnics than many other ethnics. If you can succeed as a business man in Nigeria, you can succeed in business in any part of the world.

ojesymsym:
Has CBN started selling to BDC?

I think not Sir.....but when is the right time to step in....is it till scarcity pushes it to #800..

Hmmm, the way I see it, if CBN see USD collect from you sef, they will be happy. Not sure inflow from crude oil has improved yet and I also do not believe the fundamentals support this price rate, it is more of speculation which can be crashed down in 1 hr like it was in 2016.
Just one news on one Friday evening on Monday, they will a stampede.

Tochex101:

I think not Sir.....but when is the right time to step in....is it till scarcity pushes it to #800..

ojesymsym:
Hmmm, the way I see it, if CBN see USD collect from you sef, they will be happy. Not sure inflow from crude oil has improved yet and I also do not believe the fundamentals support this price rate, it is more of speculation which can be crashed down in 1 hr like it was in 2016.
Just one news on one Friday evening on Monday, they will a stampede.

It can be crashed, but we all wonder why CBN isn't doing so, or intervening.
Perhaps because they've promised the IMF they'd unify the exchange rates to get their latest loan.
Perhaps because they really can't afford to open up the taps and sell dollars to the BDCs and exiting investors as before.

DexterousOne:


Tho like I said before
I get to travel from time to time
But I am still principally based in Nigeria

One thing I promised myself is NOT to be an illegal immigrant anywhere
So overstating a Visa is out of it

I'll rather do things the proper way.
I started out with Express entry but University Of Lagos is still yet to sort out my transcripts (testament of the uselessness of Nigeria) two years running

So I don lose interest in that one
Was looking forward to processing the UAE 2 year residency visa option
Its something I can readily afford
But then
Some delay and them covid has removed my mind from that side for now


I am also looking towards picking one of those citizenship by investment passports in the Caribbean
Afterall most caribbean countries are black majority countries, and if I am holding the passport, or staying there, I wont look out of place, cos I am in a black majority country
That's the opposite of a black man holding a Chinese passport (if that is even possible)
That will shock anyone

But the wahala is that the citizenship by investment is quite pricey
And naira devaluation is not helping matters either

There residency by investment, then waiting it out for sometime before getting the passport is also on the table and is kinda cheaper
But I dont have much time for that lol.....

And no
I dont take offence
I'm not the typical Nigerian who is hiding his affairs because he is scared of his shadow
I discuss my affairs freely with no fear whatsoever

I don't know where you are in your journey in life, but if you're still below 60, there is an easier route to the kind of life you so much desire.

I've been following your posts, and I think you might be working in a highly competitive sector/industry in Nigeria. Why not get an international job from Nigeria, and become an expat abroad? Before you say easier said than done, it's very doable! I'm not necessarily referring to the USA, Canada, Europe where most Nigerians go to ''hustle''.

I know Doctors, Engineers, Bankers etc who had their University education in Nigeria. Worked for a while in Nigeria, applied for jobs from Nigeria, interviewed via Skype, got a contract via email and the rest is history.

In fact, I know a few professionals across different sectors in Nigeria who have worked and lived in all the continents of the world in just 14 years but still carry a Nigerian passport. They travel back to Nigeria every summer with their family, and by September they are back in their country of residence.

ahiboilandgas:
at 3.5 the tb is better than the saving interest..the real rate of return on the tb will be around 5

How come? After 10% tax cut on savings accounts interest, the end result is as good as 3.4% interest on TB.

emmanuelewumi:


Too late to realise that the N14 million he used in buying a new BRT bus in 2010, would have bought a house or fixed income Investment since his job as an Investment banker will not give him the time to monitor the business effectively

No be small something.

NL1960:


When money is in savings, there is the tendency to go and withdraw it for frivolous spending or frivolous request. Such money is no longer available when it is in TB.

Only the immature investors will do that, some unserious investors will even terminate a 91 days TB investment. For me, I spend the profits generated, eventhough it's small, I will rather reduce my monthly budget than to dig into my capitals.

seyisanya:


I don't know where you are in your journey in life, but if you're still below 60, there is an easier route to the kind of life you so much desire.

I've been following your posts, and I think you might be working in a highly competitive sector/industry in Nigeria. Why not get an international job from Nigeria, and become an expat abroad? Before you say easier said than done, it's very doable! I'm not necessarily referring to the USA, Canada, Europe where most Nigerians go to ''hustle''.

I know Doctors, Engineers, Bankers etc who had their University education in Nigeria. Worked for a while in Nigeria, applied for jobs from Nigeria, interviewed via Skype, got a contract via email and the rest is history.

In fact, I know a few professionals across different sectors in Nigeria who have lived in all the continents of the world in just 14 years but still carry a Nigerian passport. They travel back to Nigeria every summer with their family, and by September they are back in their country of residence.

Thanks for the advice
I'll put this in mind

Tho I would still like to have both passports sha
For flexibility

.

Very difficult for us to end like these countries, but not impossible. We still have all the chances to turn things around by making the right monetary policies, just one or two right moves by CBN could bring back naira to 360 within 48hrs, but our fear now is that, we don't know the kind of agreement CBN had with IMF before they gave us that loan to stimulate our economy. Lots of things are not just clear in our monetary policies at the moment, lets hope and pray we survive these economical battles in due time..

Manwarrior55:


Can Nigeria ever end up like these countries?

Most of these problems - stealing, dishonesty, greedy employees, disasters both natural and man made etc are what some people don't put into consideration to think that fixed income investors are wasting time settling for between 5 to 12% ROI. I have always said it here when it comes to investment generally safety of your capital is paramount. Look at Okomu for instance people like me don't even have what it takes to cultivate up to a plot but I benefit from a cultivation of hectares of land by Okomu, many don't even understand fully well all the economic terms but they are relaxed and compounding their investment in mutual funds like VGIF without even a degree in finance because they gave all those headaches to some people they call fund managers. So let's always consider different angles when it comes to building wealth. Do what is best and comfortable with you and don't downplay what others are comfortable doing to create and preserve wealth. God bless all our hustles.