Posts Tagged ‘Nigerian’

Incorporate Your Business

Friday, February 20th, 2009

Why should I incorporate my business?

There comes a time when an entrepreneur begins to consider whether or not he should incorporate his business. I will be looking at What Incorporation is, Benefits of Incorporation and reasons people give for not incorporating their business.

What is Incorporation?

It is a legal process by which a business receives a governmental legal permission to operate as a distinct and unique legal individual (entity) different from its owners. The business is thereafter seen as an individual that can own property, earn income, pay taxes, incur liabilities, sue and be sued.

So What Benefit Can I Derive From Incorporating My Business?

Well, there are several benefits that you as an entrepreneur can derive from incorporating your business. I will share seven benefits with you. There are of course several others.

1. Limited Liability

Limiting the liability of an entrepreneur to what he has invested in the business is the major reason why entrepreneurs are encouraged to incorporate their business. Unlike the sole proprietorship, where the business owner assumes all the liability of the company, when a business becomes incorporated, an individual shareholder’s liability is limited to the amount he or she has invested in the company. I listened to a sermon preached by Pastor Ashimolowo during the IGOC 2008 conference. In the course of the sermon he gave a pathetic testimony of an entrepreneur who almost went bankrupt because of one of his business was sued. The business was registered with the Corporate Affairs Commission of Nigeria as a sole-proprietorship business and not incorporated. So when the business was sued, the entrepreneur did not only loose what he invested in that particular business, but his other businesses and also his personal assets. (more…)

FREE JONATHAN ELENDU NOW!

Friday, October 31st, 2008
Jonathan Elendu

Jonathan Elendu

Some days ago, I wrote about Jonathan Elendu’s. He is a Nigerian blogger who lives in US. He was arrested by the Nigerian State Security Service, SSS and detained for days. Recent news from his family has it that he has been released from SSS custody and is currently undergoing medical treatment.

I wish to use this post to express my gratitude as a Nigerian to all those who contributed to the pressure that led to his release from detention. May the Lord bless you all for adding your voice to cry out for justice for this blogger.

Unfortunately, Mr. Elendu is not yet totally FREE since his traveling documents are yet to be returned to him. He is currently stuck in Nigeria while his wife and child are in US where he reside. Nigerian bloggers at home and abroad have been creating awareness on this issue and have done much to attract the attention of the international community to the plight of Elendu. (more…)

What is Nigeria’s Business in Obama 2008?

Friday, August 15th, 2008

I have been trying till now to keep my nose out of what is none of my business. I am not a politician and I am not one to spend time debating on political issues. However, I am a businessman, anything that has to do with Nigeria and doing business in Nigeria is my BUSINESS!

I was minding my business and going about my online research when I noticed an article from Loy of StartUpsNigeria announcing that Google has launched Google News for Nigeria of course I was thrilled and I decided to check it out. (more…)

Forex Trading In Nigeria: Who Is Making The Money?

Tuesday, August 5th, 2008

Online Forex Trading In Nigeria

The rush to join the online millionaire club is as high as ever in Nigeria. No thanks to the present economic hardship being faced by the populace. Nigerians are tired of waiting endlessly for the promised Dividends of Democracy. Too many are complaining that the only evidence of democracy they have so far is their empty pockets. Therefore, any magic formula to solve the problem overnight is highly welcomed. So, Online Forex Trading in Nigeria to the rescue!

David Ajao did an unbiased post about Online Forex Trading about a year ago. The post Forex Trading In Nigeria: Your link to Fabulous Wealth? addressed some issues which any wise Nigerian investor will need to thoroughly consider before committing fund into Forex Trading. Unfortunately, not so many have learned anything from that post. A look at the recent comments on the post reveals that too many are still IGNORANT of the issues surrounding FOREX trading.

If I did not learn anything from my little romance with Online Forex Trading, at least I learned the following:

Success in Forex Trading is possible when you take time to learn the business (it does not come overnight, it is HARDWORK!). Forget about the Magic Automated Forex Trading Softwares, they will only make a fool of you. Hey, buddy, put on your thinking cap, if those software are real, why will anyone tell you about them?

Just as it is possible to make fabulous wealth from Forex Trading after getting the required skill (which does not come cheap) so you can also loose so much and become bankrupt in a matter of seconds (So, many half-baked forex traders have paid dearly for their ignorance). Have you bothered to ask,  Why all the hype about the fantastic amount you can make daily, and nobody is talking about the loss you can incur in seconds? You want real testimonies from people who have lost good money, I have some. Ok, enough of the ramblings, lets answer the question.

Who Is Making The Money Trading Forex in Nigeria?

First, the educated forex traders who have acquired the necessary knowledge on how the Online Forex Market works. Note, they are not many, and they do not boast about their success. One of such trader testified that he spent 3years learning the rudiments and playing with demo accounts before using real cash. Do you have such patience? Are you prepared to pay the sacrifice of learning the Trade? You must learn the trade before the tricks, else you will only get tricked by scammers.

The second set of earners are the scammers who are making a lot of money by tricking ignorant Nigerians. There are thousands of self-certified Online Forex Trading Professors in Nigeria. They offer short courses on how to become a millionaire by trading forex. Their charges ranges between $40 to a whooping $1,200. As far as they can see, the only prerequisite to making money via forex trading is the ability to move a computer mouse! What a promise! Yet the newspapers and how-to-make-money magazines are filled with their advertisements.

I promised you a real testimony, here it is. About a year ago, two close friends of mine paid One Hundred and fifty Thousand Naira each (about $1,282) each for a one week training on Online Forex Trading. My friends and I were sincere and genuine in our quest for knoweldge, and the promised education looked real enough. I was meant to participate in the training, but I failed to raise the course fee before the deadline.  After the training, my friends recounted how it was a huge success and they wished I was there. Well, poor me, I tried to “parasite” from the knoweldge they acquired by reading the materials given to them and practicing online with the demo softwares provided.

Unfortunately, it turned out that the so called teachers were economical with the truth. We were not informed that it is not possible to start trading and earning good return after a one week crash course in Forex Trading! It did not take a long time for us to discover first hand that the training was actually a scam because it was just an introduction to a business that requires detailed and consistent learning, non-stop! If they had told us the truth, we will not be willing to buy the course even at a discount of 90%! All the material and software they gave are actually available for free online. We were just scammed (never mind that I didn’t take the course, if the cash was available, I would have paid, so I was gullible just like my friends, no need pretending that I was smarter).

It pains my heart that one year after that close call I had, I still see a lot of Nigerians falling prey for this cheap scam. To start with, the infastructural facilities on ground makes it very difficult for an average Nigerian to participate in live online fx trading. Too many are using dial-up internet connections that are epileptic. The few that are using VSAT still suffer poor connection whenever the weather becomes cloudy especially in rainy seasons.

That factor alone is enough to make an average Nigerian think twice before committing so much money in Forex Trading. I decided to discountinue the venture because of the high risk due to the epileptic internet connection. I can easily recount how on several occassions I had loose some minutes work online due to electricity failure or epileptic internet connection.

This post is not meant to discourage you from going into Forex Trading. Neither am I classifying Online Forex Trading as a no go area for Nigerians. Rather it is just a personal testimony of my sincere observations. Belief it or not, only two sets of people are making money from Forex Trading in Nigeria. The few educated and skilled forex traders make money from Forex Trading while the fake forex trainers make money from greedy and ignorant wannabe forex millionaires! Unfortunately, the scammers are more in number.

If you have a different opinion, place your facts and figures in the comment section for everyone to verfiy. I welcome constructive criticisms. Please, note that unverifiable claims that is meant to further lead people astray will be pointed out as such or better still deleted, SCAMMERS BEWARE! For free future updates to this post Forex Trading In Nigeria: Who is making the Money, subscribe to my RSS.

How To Protect Yourself From Fraudsters

Tuesday, July 29th, 2008

Online scams, con artists and other fraudsters poses a great danger to the success of any  online business venture. Too many start-up online entrepreneurs have lost huge amount of money or indeed their entire business to criminals who disguise as genuine online businessmen.

Of recent, I have been receiving lots of unsolicited emails from complete strangers. They use differs kind of tricks and make lots of fantastic promises. They always pretend they want to do business with me. While some of the emails sounds genuine some are outright ridiculous. I guess the con artists are unaware that I constantly educate myself on how to protect myself and my business online.

Like it or not, you cannot shy away from using the internet for business. So the only option left for you is to get yourself educated. You must learn how to protect yourself from online scams while carrying out your legitimate business. (more…)