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Nairametrics
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Nairametrics 41m
CBN channels financial inclusion drive on women, MSMEs, others
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Ugodre 8h
Replying to @ugodre
Our friendship remains in tact and when we get together often we remember the transaction and laugh our sorrows away. EM pushed for another round claiming we had learned our lessons and will win big next time. EZ and I wanted none of it. End
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Ugodre 8h
Replying to @ugodre
To make money as an “importer exporter” you need to be able to roll up your sleeves and go dirty. Plenty headwinds. Custom officials, clearing agents, trailer drivers, police men, purchasers, security, bad roads etc.
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Ugodre 8h
Replying to @ugodre
The second batch we thought we will import to Naija as per Igbo traders 🙄. We learned a lot of lessons on that transaction. You never understand how rotten this country is until you have things to do with clearing agents. Trade is not for white collar folks
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Ugodre 8h
Replying to @ugodre
Finally, EZ and I had to get buyers. That’s how I started carrying diapers in my truck and going from supermarket to supermarket to sell. At the end of the day we barely recovered 80% of capital. In fact, some diapers still remain in EZ house in the US.
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Ugodre 8h
Replying to @ugodre
We just imported diapers without doing any proper market research. EM who we thought had done this before apparently didn’t know either. This was just another set of wahala. I had to offload the diapers as the storage I paid for was expiring.
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Ugodre 8h
Replying to @ugodre
Eventually, we got a friend to help. He went and discovered the agent basically used out money to bury his dad. We were back to square one. To cut a long story short, we ended up paying up to 4 times the original duty cost. By then our profits were wiped out.
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Ugodre 8h
Replying to @ugodre
Eventually, our wives got involved and settled our infighting. They basically helped us understand money don loss and that we should just take it like “adults” and move on. But we still had to clear the goods as quickly as possible.
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Ugodre 8h
Replying to @ugodre
At some point the arguments intensified over the phone, that’s when madam now overheard. I tried to hide it from her but she found out. She laughed her heart out and was like “Ugo, you, trader?” I would never had approved this and you know it.
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Ugodre 8h
Replying to @ugodre
I said me, Dre, leave work begin to port? Who send me this kain investment bikonu? We had a shouting match over the phone. EZ weighted in and insisted we had to sort this out as “investors” with same goal. I still refused and insisted I wasn’t going to the port
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Ugodre 8h
Replying to @ugodre
From being told we only had to pay duty for cars, agent now claimed they opened the container and saw diapers and other items so we must pay. 🤦🏽‍♂️ Anyway, we ended up paying up but yet we couldn’t clear the goods. EM calls me instructing me to head to the port and sort things out
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Ugodre 8h
Replying to @ugodre
Terminal charges, ex factory, shipping company waiver, examination report, DIU, gate PR. Am like dafuq is this?? 🙆🏽‍♂️🙆🏽‍♂️ EM said it was straight forward, so why all this wahala. From N850k, I was told to give additional N300k and then N500k and then N450k. Demurrage cost piled
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Ugodre 8h
Replying to @ugodre
See eh, you have to respect importers and the hassles they go through to sell to us goods we love to buy. After budgeting about N859k to clear the car(goods) the story changed. I started hearing terms I never heard in my life before.
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Ugodre 8h
Replying to @ugodre
A few weeks later diapers arrived and I waited excitedly to make some cash. I already planned what to do with the profit sef. I quickly arrange storage for the diapers (another responsibility of mine). Soon, trouble started.
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Ugodre 8h
Replying to @ugodre
So I flew back into Naija feeling like an Igbo trader. At least I can proudly say I rep my heritage. I didn’t want to tell madam about the deal cos you know women. They have a way of sniffing trouble. I wanted this to be on my CV sha. Well.....I should have known better.
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Ugodre 8h
Replying to @ugodre
We also had clear responsibilities for everyone. Mine was to handle the bookkeeping. EM was to arrange clearing of the diapers. CN was to arrange off takers and also to move it from Costco to EZ house. EZ was to store the diapers in his house ahead of shipping.
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Ugodre 8h
Replying to @ugodre
So, we called up another friend who had capital and another who had contacts we could sell to. The guy who brought to idea who I will call EM, said he done it before so he knew the ropes. So we pulled close to $50k
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Ugodre 8h
Replying to @ugodre
Basically, you import cars with the diapers and then pay duty for the cars and not the diapers. That way you sell the car to cover for duty cost and then make sweet margin on the diapers. It felt sweet.
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Ugodre 8h
Replying to @ugodre
The dude who brought up the idea said all we had to do was go to Costco, order cartons of diapers at near cost price and then ship to Naija. I asked about custom duties and all and he said that wasn’t a problem either.
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Ugodre 8h
Replying to @ugodre
Sometime in 2014 I was in the states with some friends so we got talking about diversifying into trade. I mostly invest in equities and securities but they felt it was time to venture into trade. So they mooted this diaper business.
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