NewStats: 3,263,201 , 8,179,388 topics. Date: Thursday, 05 June 2025 at 03:49 AM 1ej5g

Theflint1:
Exactly, it's why Izzou's story of the guy that produces locally selling cheaper then starts to add up. Anybody wey choose to do local production when they can import most likely dey do so because it's more profitable or they have an ace up their sleeves...very few would on profit because of ion/social good.

I can't say what that Izzou's guys margins would be like, but him selling cheaper and stronger stuffs compared to the competition is an edge.

If producing locally was more profitable, believe me that many people importing would have switched

Producing locally has headache

You bother about business registrations, licensing if necessary and tax guys would mark you down

You bother about machines, location, quality control, power, security, marketing and staff

You bother about everything

Whereas your headache in importation is mostly marketing. Many don't pay tax sef.

To produce requires a lot of courage

izzou:


We are saying the same thing, sir

Impotation is where the money is, and that is what he did.

So if he is saying he wants to improve local production, he never put his money where his mouth is.

I heard Obi is the major importer of Heinze Ketchup (I don't know if it is true). It may interest you to know that Ketchup is produced locally here.

And i am sure the local manufacturer cannot lace Obi's shoes in wealth, so why can't this guy do it here?

You don't have to produce locally to know that producing locally would be better for the country

As an importer sef, it gets you to studying margins and knowing the margins from import and local production. And you will definitely be thinking that if Govt just do X and Y, you can make more profit locally. Some will even take that to Govt to get that X and Y implemented and switch from import to local production

As a President, he would be wearing a different hat that favours local production and will know those X and Y that he needs to implement

Ibime:


You don't have to produce locally to know that producing locally would be better for the country

As an importer sef, it gets you to studying margins and knowing the margins from export and local production. And you will definitely be thinking that if Govt just do X and Y, you can make more profit locally. Some will even take that to Govt to get that X and Y implemented and switch from import to local production

As a President, he would be wearing a different hat that favours local production and will know those X and Y that he needs to implement

Obi left governance on 2014. Can he show us a local bakery that he set up here?

The man is chanting "Local production" because he needs to be president. That’s the truth.

All these X and Y does not cut anything.

BUA produces flour here even with a stiff competition of Dangote and FMN. People with lesser wealth are producing here.

He has every resource to establish one local manufacturing plant here but he didn't. People with less resource are still doing it till tomorrow

izzou:


If producing locally was more profitable, believe me that many people importing would have switched

Producing locally has headache

You bother about business registrations, licensing if necessary and tax guys would mark you down

You bother about machines, location, quality control, power, security, marketing and staff

You bother about everything

Whereas your headache in importation is mostly marketing. Many don't pay tax sef.

To produce requires a lot of courage

I get you bro, but that guy most likely has an ace up his sleeve, what he's doing is akin to research and development, it looks like a waste on face value, but opens doors of opportunities down the road. The things he's learning doing what he's doing, the guys doing simple import won't learn those things. I can't say exactly what it might be, but he at the back of his mind beleives what he's doing would pay-off down the road...doesn't make him any less deserving of his flowers.

izzou:


Obi left governance on 2014. Can he show us a local bakery that he set up here?

The man is chanting "Local production" because he needs to be president. That’s the truth.

All these X and Y does not cut anything.

BUA produces flour here even with a stiff competition of Dangote and FMN. People with lesser wealth are producing here.

He has every resource to establish one local manufacturing plant here but he didn't. People with less resource are still doing it till tomorrow

Obi is a Banker. Already a bank is involved in all sectors of the economy including dozens of bakeries

Ibime:


Obi is a Banker. Already a bank is involved in all sectors of the economy including dozens of bakeries

Was Obi a banker, when Abacha gave him the head of TinCan port?

Theflint1:
I get you bro, but that guy most likely has an ace up his sleeve, what he's doing is akin to research and development, it looks like a waste on face value, but opens doors of opportunities down the road. The things he's learning doing what he's doing, the guys doing simple import won't learn those things. I can't say exactly what it might be, but he at the back of his mind beleives what he's doing would pay-off down the road...doesn't make him any less deserving of his flowers.

I know.

He is definitely making his profits.

izzou:


Was Obi a banker, when Abacha gave him the head of TinCan port?

I'm just telling you na. You want him to be a baker now, when via the banks he chairs, he has capitalised dozens of bakeries and all sorts of local businesses

Ibime:


That is definitely where he hit it big, that's why he's keeping quiet about his rise from millionaire to billionaire

That's what I thought too. No way he became a billionaire by trading. I saw someone say there are many billionaires in computer Village Ikeja and I just laughed.

There are not many traders who became billionaires by just trading.

Important to note that having a turnover of a billion naira does not make anyone a billionaire. Having assets in billions is what counts.

Ibime:




I'm just telling you na. You want him to be a baker now, when via the banks he chairs, he has capitalised dozens of bakeries and all sorts of local businesses

I know he has a bank. I have not doubted that he is a large employer of labour.

Itsrm:


That's what I thought too. No way he became a billionaire by trading. I saw someone say there are many billionaires in computer Village Ikeja and I just laughed.

There are not many traders who became billionaires by just trading.

Important to note that having a turnover of a billion naira does not make anyone a billionaire. Having assets in billions is what counts.

Hahahaha...jokes on you bruv, and no, I'm not talking turnover. There are billionaires in Computer Village, some of whom I know personally.

Some of these persons are persons that have been doing business for over 20 years, people that store laptops in thousands, no reason am.

Theflint1:
Hahahaha...jokes on you bruv, and no, I'm not talking turnover. There are billionaires in Computer Village, some of whom I know personally.

Wow

Lucky you.

I doubt if i have seen a billionaire before

izzou:


Wow

Lucky you.

I doubt if i have seen a billionaire before

E get some persons for Computer VIllage wey people generally know say dem don crack the billion mark importing gadgets. The guy that owns Slot for example, wetin Itsrm go reason say e worth?

Theflint1:
E get some persons for Computer VIllage wey people generally know say dem don crack the billion mark importing gadgets. The guy that owns Slot for example, wetin Itsrm go reason say e worth?

That guy fit worth am

izzou:


That guy fit worth am

The guy go worth am well. The major markets in Lagos sef, the top guys for most go don crack that number, not to mention a Peter Obi that enjoyed monopoly on importing several household items used across the country and probably neighbouring countries.

Theflint1:
E get some persons for Computer VIllage wey people generally know say dem don crack the billion mark importing gadgets. The guy that owns Slot for example, wetin Itsrm go reason say e worth?

Did you not just say there are several billionaires in computer Village? You should be able to list 20 of them for starters.

I never said no one made it to the billionaire mark by trading. I said they are not as many as you claim.

Again, I'm not talking of turnover.

Theflint1:
The guy go worth am well. The major markets in Lagos sef, the top guys for most go don crack that number, not to mention a Peter Obi that enjoyed monopoly on importing several household items used across the country and probably neighbouring countries.

Omo, e no easy to crack am oh.

1 billion in sales sef na dream for 98% of these guys

People wey go use 70k dollars import market, still dey get HBP on top

Itsrm:


Did you not just say there are several billionaires in computer Village? You should be able to list 20 of them for starters.

I never said no one made it to the billionaire mark by trading. I said they are not as many as you claim.

Again, I'm not talking of turnover.

Yes, there quite a number of people worth over a billion in Computer Village that have made their business primarily from importing gadgets. I didn't give an exact number, and they might not even be up to 20 and No, I can't start calling people's personal business on a public forum.

izzou:


Omo, e no easy to crack am oh.

1 billion in sales sef na dream for 98% of these guys

People wey go use 70k dolls import market, still dey get HBP on top

70K dols is a lot, I don't know how many times they'd successfully turn that over sha, but people that have been doing business for over 20 years in capital-intensive businesses can crack that number...also, gadgets (phones and laptops) no dey consume space as much as car parts, yet they hold huge values.

Theflint1:
70K dols is a lot, I don't know how many times they'd successfully turn that over sha, but people that have been doing business for over 20 years in capital-intensive businesses can crack that number...also, gadgets no dey consume space as much as laptops or phones, yet they hold huge values.

Even turnover for 20 years no fit easily reach that level

You no dey spend anything from the turnover?

1 billion no be beans oh. I no fit count one billionaire wey i know for Trade fair.

Despite them bringing in containers, dem never reach that mark

Recently constructed mega road in Ikire by Adeleke. Same Governor some Obidients are hailing as new Awolọwọ few weeks ago.

Thank God he is not remitting shishi to Burdillon, otherwise the Road wouldn't be standard and solid.

Theflint1:
5 million Nigerians in Sudan sounds like a very big lie...population of Sudan is about 46 million persons.

I don't believe the number too.

izzou:


Even turnover for 20 years no fit easily reach that level

You no dey spend anything from the turnover?

1 billion no be beans oh. I no fit count one billionaire wey i know for Trade fair.

Despite them bringing in containers, dem never reach that mark

Sure, e no go dey easy, and you go dey spend from the capital, but let's say minus personal expenses and all, doing business across 20 years at 15% increase year on year, you'd be worth a hefty sum, even with a startup capital of #1m.

I don't know which is the more valuable market between Tradefair and Computer Village, but I want to imagine the average trader in Computer Village is worth more than the average trader in Tradefair. Most likely who go get serious insight on this thing wey no go sound like trust me bro, go be BlueRayDick, since he's in the banking sector and would likely have seen what your "average" business man's balance sheet is like.

Theflint1:
Sure, e no go dey easy, and you go dey spend from the capital, but let's say minus personal expenses and all, doing business across 20 years at 15% increase year on year, you'd be worth a hefty sum, even with a startup capital of #1m.

I don't know which is the more valuable market between Tradefair and Computer Village, but I want to imagine the average trader in Computer Village is worth more than the average trader in Tradefair. Most likely who go get serious insight on this thing wey no go sound like trust me bro, go be BlueRayDick, since he's in the banking sector and would likely have seen what your "average" business man's balance sheet is like.

Maybe what u should’ve just said is there are multi millionaires who are traders in Computer village and Alaba markets .

BlueRayDick:


Maybe what u should’ve just said is there are multi millionaires who are traders in Computer village and Alaba markets .

Exactly

Theflint1:
Yes, there quite a number of people worth over a billion in Computer Village that have made their business primarily from importing gadgets. I didn't give an exact number, and they might not even be up to 20 and No, I can't start calling people's personal business on a public forum.

Billionaire in Obis time is not the same as billionaire now. To be a billionaire then, you need to crack $10m. Now cracking $1.5m makes you a billionaire

Ibime:


Billionaire in Obis time is not the same as billionaire now. To be a billionaire then, you need to crack $10m. Now cracking $1.5m makes you a billionaire

Exactly, in Nigeria of today 1 billion isn't that much like that, especially in capital intensive businesses where you can do serious volumes.

izzou:


Exactly

I think Nigerians generally look at wealthy people , size them up and assign billionaire or millionaire status to them as the spirit leads .

For example u will see a man who has a viable business like haulage/logistics engaging in the business of carrying products for multinationals like Cadbury , Unilever etc . The man can decide to buy let’s say 150 trucks at once with each truck costing like 30 million naira . It’s typical for Nigerians to assume the man is a billionaire cos he just bought trucks worth 4.5 billion .

What u won’t know is the man may have gotten an asset financing facility from his bank the of which he is expected to contribute just 30% while the bank contributes 70% to the purchase of the trucks . (That 1.35 billion baba dropped sef is almost all his sweat of many years ). You as an outsider will not know these details , u wouldn’t even know the trucks are ed in the name of the bank/customer to show they are tly owned until the man eventually liquidates his facility if business is good and no unforeseen circumstance changes the tide of things .

Trust the MD/CEO of the company , he will surely live up to the hype and make people believe he’s as rich as people are assuming in the society . It’s when the loan goes bad and AMCON takes over we will start knowing baba no really hold like that

Theflint1:
Exactly, in Nigeria of today 1 billion isn't that much like that, especially in capital intensive businesses where you can do serious volumes.

Also consider that in Obi's time, it was easier to hit the million dollar mark because the competition was less

When i was young, one of the importers of royal furniture was a man called Ausken. He lived in Festac then, and there was little competition for him. He could have easily hit 2 million dollars in his time

Today, go to Alaba, and see how everywhere is flooded with Chinese furniture.

The competition is too high for you to cruise to 1 billion.

Maybe na competition sef make Obi leave Tincan, go open Fidelity bank sef

izzou:


Also consider that in Obi's time, it was easier to hit the million dollar mark because the competition was less

When i was young, one of the importers of royal furniture was a man called Ausken. He lived in Festac then, and there was little competition for him. He could have easily hit 2 million dollars in his time

Today, go to Alaba, and see how everywhere is flooded with Chinese furniture.

The competition is too high for you to cruise to 1 billion.

Maybe na competition sef make Obi leave Tincan, go open Fidelity bank sef

I haven't been talking in of USD sha, it has been strictly Naira, same way it's easier to hit 1 million Naira today is same way it's easier to hit 1 billion today, compared to say 17 years ago.

BlueRayDick:


I think Nigerians generally look at wealthy people , size them up and assign billionaire or millionaire status to them as the spirit leads .

For example u will see a man who has a viable business like haulage/logistics engaging in the business of carrying products for multinationals like Cadbury , Unilever etc . The man can decide to buy let’s say 150 trucks at once with each truck costing like 30 million naira . It’s typical for Nigerians to assume the man is a billionaire cos he just bought trucks worth 4.5 billion .

What u won’t know is the man may have gotten an asset financing facility from his bank the of which he is expected to contribute just 30% while the bank contributes 70% to the purchase of the trucks . (That 1.35 billion baba dropped sef is almost all his sweat of many years ). You as an outsider will not know these details , u wouldn’t even know the trucks are ed in the name of the bank/customer to show they are tly owned until the man eventually liquidates his facility if business is good and no unforeseen circumstance changes the tide of things .

Trust the MD/CEO of the company , he will surely live up to the hype and make people believe he’s as rich as people are assuming in the society . It’s when the loan goes bad and AMCON takes over we will start knowing baba no really hold like that

Lol

That is why i told him that it is not as easy as he is saying it.

For spare parts, a 20ft container can carry goods worth 30 million naira.

Let us assign 2 months for it to leave China to Apapa. That means an importer can do about 5 a year

Thats 150 million. Remove his profit inside, and tell me how many years he needs to do turnover to hit 1 billion.

Multi millionaires full everywhere. But billionaires scanty well well

Theflint1:
I haven't been talking in of USD sha, it has been strictly Naira.

Convert what i typed to naira, and it is still the same thing.

The people who started importing Tokunboh cars obviously cashed out.

Today, everybody knows the road to Copart and IAAI.

Men dey use 100k sef sell Corolla.

Obi's time was more favorable