Posts Tagged ‘Nigerian Entrepreneurs’

How to Buy Gold and Avoid Scams

Tuesday, March 26th, 2013

The continent of Africa continues to be the world’s fastest gold-producing region. The history, and events of today as they pertain to the continent are quite telling as to gold’s monetary value regardless of market conditions. Mali and South Africa have been two of the world’s top gold-producing countries for quite some time. Gold prices have risen by more than 500 percent since 2002, and will continue to rise as the global central banks continue their policies of liberally printing and debasing the value of world currencies. Wealth attracts criminal opportunity as we’ve seen with the country of Nigeria unfairly targeted in the well-known “Nigerian prince” scam. The following are some tips on gold investing and how to avoid being scammed.

Gold Investment

Gold Investment

Mining

The Nigerian Minerals and Mining Act of 2007 prohibits “unauthorized” exploration and excavation of minerals from the ground, including gold. The federal government has issued permits and titles to several individuals and companies to begin mining. But the process has been slowed because villagers, who’ve lived on the lands for centuries, aren’t leaving quietly, according to the Global Post. Locals are well aware of the precious metal’s presence all around them, but in the past haven’t pursued mining because of small returns on their time investments. This has all changed now that gold is selling on international markets for about 10,000 Naira ($60 U.S.) per gram.

Nigerians are forming local associations and unions to pool resources and slowly buy back the right to mine their lands, according to Voice of America News. Lead poisoning is common, however, for miners who don’t take the necessary precautions. Any associations and unions looking to mine should invest in a supply of dimercaptosuccinic acid (DMSA), which removes lead from the body in case of poisoning.

Buy Bullion

Gold is now far too expensive for most Nigerians (and most others around the world) to buy at market prices, but is a great investment for those with the means. The main concern with buying gold bullion bars is, of course, being ripped off. A reputable online seller, such as US Money Reserve, will have disclosures and any risk factors on their website. The premium which any company charges over market value should never exceed five percent. The company should also have a verifiable address and phone number.

Gold Exchange Traded Funds

The best thing about gold ETFs (stocks) is that you can generally purchase shares for far less than on the per ounce gram basis bullion is sold. The Nigerian Stock Exchange added the NewGold ETF to its index in December 2011, which enabled investors to diversify without buying the physical metals. The fund has done relatively well in the subsequent 13 months after starting off slowly.

If you are trading in gold, do well to share with us in your comment. Cheers.

Your Business Mission

Thursday, August 25th, 2011

What is the Mission of your Business?

A Successful entrepreneur won’t have the same answer as you are having in your heart right now. Too many small business owners assume that the mission or goal of their business is to make money. If you set your eyes on making money, be rest assured that your business won’t last for long.

Businesses are practically packaged solution to people’s need. Businesses are meant to satisfy the need of individuals or organization. If that is the case, then making money cannot be the mission of a successful entrepreneur. An entrepreneur that aims at making money will only survive until an entrepreneur that aims at satisfying the need of customer comes around to dislodge him.

Customer Satisfaction Should Be Your Mission

Successful entrepreneurs often encourage their staff to aim for two things. First, attract customers. That is the whole essence of internet marketing and all the gimmicks internet marketers parade online. Everyone is trying to get the attention of customers. The competition for customers attention is very keen. Even though you have the capacity to satisfy the need of a market better than your competitor, your inability to attract the customer will make it impossible for you to prove that you are better!

The second goal is to satisfy the customer. Whatever you do, aim at satisfying your customers. A satisfied customer will safe you thousands of dollar in advertisement. His or her recommendation may earn you better return than you can ever get on paid advertisements. Also, a satisfied customer repeated patronage pays huge dividend which cannot be easily quantified. Instead of attempting to subtly grab a few hundreds of dollar from a prospect work at making the prospect a satisfied customer and watch him spend thousands of dollars in repeated sales while recommending your business to his friends.

Quality Customer Support Service Holds The Key!

Irrespective of how good a product or service is, poor customer support service will run the business down. People love to be treated with love, care and respect. Every human being is craving for attention. You will agree with me that everyone, including yours sincerely will love to be treated as Royalty.  When this fails, customer support service should come to the rescue.

To err is human, so it is not out of place for a business to fail in its bid to satisfy customers. However, whenever such failure occurs, customer support service personnel should spring into action to ensure that the mistake is remedied. Customer support service must ensure that the dissatisfied customer does not leave the business because of such failure. Everything should be done to redress and win back the customer’s confidence.

This is one area that small business owners in Nigeria need to look into. It has been discovered that too many big enterprises dump inexperience and ill-motivated personnel in their customer support service departments. Such personnel when attending to dissatisfied customers are often rude and abusive. Some even act as if they are doing such customers a favor. Instead of treating the customers as royalty, they actually demands subtly that the aggrieved customer be grateful that they are spending their precious time attending to such trivial complains. This is a golden opportunity for small business owners to tap into.

Give The Customer Royal Treatment and Watch Your Business Grow!

Since the market is already full of lots of aggrieved customers, take advantage of this! Build a first class Customer Support Service Department for your business. Ensure that the department is staffed with the best behaved, smooth talking, diplomatic, courteous staff you have. Explain to the personnel that they are the last hope of the company in retaining any aggrieved customer. So, their attitude should be such that a customer having come in contact with them will find it difficult to leave.

Get Feedback About Your Customer Service Department

If you really want to stay and grow in business. You need to get direct feedback from your customer on what your customer support service personnel are doing. You need to know if they are striving to keep customers for you or doing otherwise. Too many businesses have lost valuable customers because an aggrieved customer was not well attended to. Getting feedback from customer is not so difficult. You only need to be creative and you will be surprised that customers are willing to comment on how your staff treat them.

Reward Good Support Staff and Fire Bad Support Staff

It is your business, so be bold enough to reward good support staff and fire without hesitation any support staff that is killing your business. It is foolish to allow an arrogant and uncultured support staff to continue in your employment. Any staff that does not accept the fact that it takes the income from satisfied customer to keep the business running must be fired. Customers pay for satisfaction and it is the responsibility of any business that takes a customers money to provide such satisfaction or refund the money taken. As such, it is compulsory that every staff understand and agree to treat every customer like royalty.

This post was provoked by a recent experience I had with a business organization. Having failed in keeping their promise, their support service staff are acting as if they are doing me a great favor listening to my complain. If I were to have my way, I will recommend that the entire customer support service department of that business be overhauled, because their response to customers sucks!

Your business mission is to attract customers and satisfy them. Never forget that if you truly want to be a successful entrepreneur.

Do you have a story to tell about customer support service? Do you have a tip to share that will empower a small business owner? Please do so in a comment. Cheers 😉

Why Nigerians Suffer As Unemployed Internet Surfers

Tuesday, December 21st, 2010

Why do many Nigerian internet users surf the internet endlessly without improving their economic condition. Why are there tales of woes among the Nigerian youth who desire to make money online. This is a guest post from a Nigerian blogger, Micheal Mcneri, who leaves in United States. He started his online adventure right here in Nigeria. I belief you will enjoy this piece – Naijaecash

McNeri

Why We Suffer As Unemployed Surfers

The Internet is for surfing not for suffering. The internet is for information gathering, knowledge building and application of such knowledge for making money! It is not for suffering! So why do Nigerians suffer online. There are numerous sites where you see us (Nigerians) gathered and all we do is complain of our suffering online. I feel there is no need for that. In fact, when you have pain and you gain access to the web, all your sufferings ought to go away as you receive knowledge and help from the online community. Often, such knowledge and help are given free of charge!

I am based in the United States and I have been involved with post-secondary education up to the highest levels since 1988. I have numerous interests even though I have a full time job which pays my bills. It has however fascinated me since my days at Ibadan, UCH to be precise when we first learned of Cybercafés (Internet Cafes). That was in the days of NITEL internet and calling booths. At that time in 2000/2001, I got a glimpse of what the world wide web had in stock for us. Seas of information and oceans of characters. We browsed in a very different way then.

How I discovered the World Wide Web

In those days, I had to apply for a NITEL land line so that I could use NITEL internet. To get the line cost 13,000 naira ($87) to NITEL and another 25,000naira ($167) ‘egunje’ (bribe) to the thugs (staff) of the cursed company. It was like bleeding, but we did it. This afforded me the opportunity to become a web user as I browsed the internet by dialup. I opened “FREE” email accounts and searched with this new search engine called GOOGLE! All was going fine and I was feeling cool but a few months into this new adventure, the line suddenly stopped working!

Then I received a bill of 102,000 naira ($680)! I thought I was dreaming! I contested the bill because the phone was not working and I had not made any international or local call to warrant such a monstrous bill. Well, I was simply told that that is my bill and I have to pay it if I ever want to use the line again! To me that was fraudulent and I was not willing to pay for what I did not use. Well, that was the end of browsing from home, but I had learned that there was a huge world out there and I was going to be part of it.

Journey to Cybercafés

A few cybercafés sprang up in Ibadan at that time, but many of them had lousy speeds. I was already spoiled with my home dialup (NITEL internet) which was so fast at 24kbps! Eventually I found one in Bodija, Ibadan. It cost 500 naira ($3.5) for 5 hours of moderate speed browsing. I was happy. Then I would go and buy a pack of floppy discs (do they still exist?). Each one was 1024kb. Armed with the 10 in a pack I would go to the cybercafe and pay for 5 hours. As I surfed, I downloaded materials, usually articles of interest in the medical field, or web pages. I would just be saving them to the diskettes (for the younger readers, that is what they were called). Then when I got home, in the comfort of my home, I would re-browse them, that is if Nigerian Electric Power Authority, NEPA (another sick company) permitted (the company had the monopoly of supplying electricity, but does a terrible job of servicing the masses, I learned they have been re-branded as Power Holding Company of Nigeria, PHCN. In my humble opinion, Never Expect Power Always is better than Power Holding Company of Nigeria. Well, back to our main gist. It was at the cybercafés that I stumbled on my present career.

It was during my adventure in the cybercafés that I found out about the World Bank Scholarship and the Liverpool School of Tropical Medicine. That was how I ended up having papers in Croatia at the 7th World Congress of Pediatric Surgery. That is how I ended up here in United States, owning a website development company and helping other less advantaged organizations get their feet online.

Why all this personal story?

My story may be a bit long winded, but I want you to take from this a little lesson. It is still challenging to get online in Nigeria 10 years later, I wouldn’t have guessed. I have had some couple of youth send me letters asking me to help their helpless situations in Nigeria relating to unemployment and struggles. One of them named Tunde, does landscaping, but has no official qualification. He has worked in a cybercafe before. I encouraged him to simply put pen to paper in 5-10 short essays of what he does which is landscaping. Then I offered to help him get a website on, optimize it for search engines and even purchase some adverts for him. Then all he has to do is register his business name in Nigeria and we can hunt for business online since he was disadvantaged on the ground in Nigeria. It has been almost one year now and I have not heard from him.

I guess Tunde lacked the motivation to follow through with my proposal because he probably think it is too big a dream. It was a mistake on my part too, because I was dreaming big “for Tunde”. So I have ceased to dream for people. The message here is DREAM BIG AND YOU CAN GET THERE. It does not matter how ridiculous your dream is. What matters is whether you believe you can achieve it or not. There are many roads out here and that is why it is called the WEB. Read, Learn, Dream, Achieve.

After Tunde, I had another cold caller who contacted me through facebook. He had a similar story. Patrick is a teacher, but wants more. He complained that his meager income as a teacher wasn’t sufficient to support his poor family and there are several other financial challenges that he was struggling with. I asked Patrick what he knows and can really write about. He said poverty. I said okay, write five short essays and I will set you up as an online writer. Maybe we can get you something to supplement your poor teacher’s salary.

Two months later, I asked Patrick how far? I am still waiting. Please tell me if it takes Patrick 2 months to write 5 short essays on this first offer, how will anyone be willing to contract him? He will not deliver and in this fast-paced world, nobody has that kind of time. So the second big lesson is “STRIKE YOUR IRON WHILE IT IS HOT“. We are too lukewarm in Nigeria. We feel overwhelmed by the huge problems facing us and the lean resources available to us. However, if you want to make it to Heaven, you have to live like you are in Heaven here on Earth. Righteous, Holy and Worshipping the only true God, like the angels do in Heaven.

My Suggestion to You

I believe you should gear up and face the invisible if you want to rise out of that quagmire limiting you. Hold onto your faith, but also focus on your dreams. Yes, dear to DREAM BIG DREAMS! If you have no dreams, then you are going nowhere. Can a Man make heaven if he has not dreamed of Heaven?  Also, start NOW! People in the developed world have blogged their ways out of poverty. You too can make money online from Nigeria if you take action now. Get a blog, send a guest post to well established bloggers and become the person of your dreams. You’ve got to STRIKE YOUR IRON WHILE IT IS HOT! Stop procrastinating, start acting out your DREAM!

Micheal Mcneri is an Internet Marketer and a blogger. You can visit his website at Finance Is Personal. He also has a new one at I Be Naija.

NSE Crisis – Another Scary Story?

Friday, August 6th, 2010

Is the NSE Crisis another scary story for Nigerian Investors?

Many are yet to recover from the exposure of the rottenness that existed in the Nigerian financial sector by Sanusi. It is heartbreaking and worrisome that another bad news is making round that Nigerian Investors in the capital market are in for another shocker! Just like we were lied to when the banking crisis started, some people who claim to be experts are telling investors not to get worried because the crisis in the Nigerian Stock Exchange (NSE) will have no effect on the performance of the market.

Does one need a prophet to tell that there will be a negative effect? It is obvious that some innocent Nigerians who had trusted the leadership of NSE with their life savings are about to wake up to a bad reality. I won’t be surprised if after investigation and forensic audit is carried out, we discover that the ex-leaders of the NSE are found wanting!

Several people in and outside Nigeria has pointed out that Nigeria is blessed with everything except one critical item, GOOD LEADERSHIP. In every area innocent Nigerians have been made to pay dearly for crimes committed by LEADERS who are not accountable to the people. Our leaders reigns as demi-god who exist above the rule of law.

Activities of leaders are shrud in secrecy and crimes are committed and covered up. Atrocities only get discovered when it is too late and much damage has been done to the system. Unfortunately, even when the atrocities are finally discovered, the guilty ones still go unpunished because of the poor legal system we have in place. Cases of open looting of state and federal treasuries gets buried under bureaucracies and legal-webs that makes it difficult to obtain justice.

Now that the stock market has gotten another shock, wither shall the Nigerian Entrepreneurs go for investment?

Outrageous Bank Charges!

Wednesday, April 14th, 2010

Outrageous bank charges in my account, this is unacceptable! It is not often that I make  a post because I’m angry. But this post, Outrageous bank charges was inspired by the activities of my banker that I just discovered this morning. I wasn’t planning to make any post today, but I got angry enough to hit my computer keyboard, because I’m definitely going to reclaim those bank charges or look for a better banker. Here is the story and I will be glad to read your opinion.

I got a cheque from a foreign firm who places adverts on this website (I do make money online you know). The cheque was for $125. Small amount I know, but that’s what makes the big bucks when it comes from different streams. Well, with excitement, I deposited the cheque in my domiciliary USD account with my banker, one of the famous Nigerian Banks (some are no longer famous, if you care to know why, read this post, .

The cheque was credited into the account and I went home smiling that in another 21days (well, from experience that is what it takes before a foreign cheque gets cleared into a Nigerian domiciliary account),  I will have access to the fund. However, I was shocked to discover when checking my account online the following day that the figure credited into my bank account has been reversed. A new figure for $100 was now credited! That was so confusing. I’ve never heard of such before. What manner of accounting is that? At least the cheque figure should be credited and then whatever charges the bank wants to make can now be debited into the account with explanation. Well, that wasn’t the case.

Careless me, I forgot to take the issue up (I guess I was too busy chasing more money online). I forgot all about the transaction until this morning when I discovered that I have been charged another $10.50 for the same cheque (21days is accomplished, the cheque from the foreign firm has cleared). Also, another $20 was charged as handling fees for sending the cheque from Nigeria to the foreign firms banker! For crying out loud, it is just a piece of payer, almost weightless! Isn’t this courier charge outrageous!

Anaylsis of The Outrageous Bank Charges

A quick analysis of all the charges got me angry. First, $25 charged for unknown reason, another $10.5 charged for unknown reason and finally $20 charged as handling fees. That means a total charges of $55.5 out of $125! That is a whooping 44% of the cheque value. So, while I labor tirelessly trying to make money online legitimately, my banker is sitting in the comfort of his office and taking out 44% of the proceed without my authorization. And nobody deemed it necessary to offer some explanation on why my internet business proceed should be divided between me and my banker in a manner I consider unfair.

My Reaction To the Bank Charges

If they had taking 10% or 20% of the proceed, maybe I would have been too busy to notice, but they took 44%. Of course, that was too much for me to forget. I paused my online business activity and made a franctic call to my account officer, ready to express my grievance. Unfortunately, he was not available to pick the call. That did not disuade me from making more effort, 44% of my earning can’t just end-up in the banker’s pocket without me putting up a fight. I quickly drafted an email and fired same with a note of urgency to the customer care service of my bank. It has been over 30 minutes since then, but there has been no respond. My account officer called back and I narrated the situation, he too promised to look into it, but there has been no response till now.

Nigerian Entrepreneurs Doing Business Online Please Help

Am I using a wrong bank?

Is this what other Nigerian Entrepreneurs doing businesses with foreign firms go through?

Was it stupid to have agreed that the foreign firm issue a cheque in settlement of the service I rendered?

What are the best steps to take when disputing bank charges?

Can bank charges be reclaim in Nigeria? I know it is possible elsewhere.

I need answer to this because it was not a one time deal. Another payment will be due soon. (I’m still making money online legitimately though I live in Nigeria!) The foreign firm does not use AlertPay, PayPal, is yet to remove Nigerians from her blacklist. So, what other options do you suggest for receiving money from this online business client?

This is not the first time am dealing with a foreign cheque. I’ve not really been careful to determine if the bank charges was fair or not. However, this particular incidence is a good starting point. I may not have noticed the outrageous bank charges if the cheque was for a five digit figure! I need your opinion on this, especially naija online entrepreneurs. Are you experiencing outrageous bank charges?

Update: Poll added based on readers demand (credit goes to Willo and McNeri) 😉

[poll id=”1″]

Note: You can choose up to 2 answers.